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CVLG on NYSE

Covenant Transport

Logo: ctgcompanies.com4

American shipping company

Covenant Logistics Group, Inc. (formerly Covenant Transport, Inc.) is an American company focused on truckload shipping. The company is headquartered in Chattanooga, Tennessee, and is publicly traded on the New York Stock Exchange. The company provides temperature controlled trucking, regional delivery, and longhaul team driver delivery.3 Its shares trade on NYSE under the symbol CVLG.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

$1.2BRevenue, fiscal 20255
$7.2MNet income, fiscal 20255
1986Founded1

Compare with Marten Transport, UNIVERSAL LOGISTICS HOLDINGS, INC. or Heartland Express, or pick any stock.

  • TickerCVLG on NYSE1
  • Industrytransport1
  • HeadquartersChattanooga1
  • Founded inChattanooga1
  • Websitewww.ctgcompanies.com
  • Incorporated inNV6
  • Business address400 Birmingham Highway, Chattanooga, Tn 374196
  • Filer categoryAccelerated filer6

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Covenant Logistics Group, Inc. (formerly Covenant Transport, Inc.) is an American company focused on truckload shipping. The company is headquartered in Chattanooga, Tennessee, and is publicly traded on the New York Stock Exchange. The company provides temperature controlled trucking, regional delivery, and longhaul team driver delivery.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

0.3%Operating margin5
0.6%Net margin5
2.9%Revenue growth, 20255
1.8%Return on equity5
0.58×Debt to equity5
-$33.9MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Cargo and Freight brought in 91% of the revenue Covenant Transport broke down this way in fiscal 2025.

  1. Cargo and Freight$1.1B591%up 4% from 2024
  2. Fuel Surcharge$105.2M59%down 10% from 2024
  3. Other Revenue$637.0K50%
Products and services by year
Products and services202320242025
Cargo and Freight$970.5M$1.0B$1.1B
Fuel Surcharge$133.1M$117.5M$105.2M
Other Revenue$0$0$637.0K

Business segments

Dedicated brought in 58% of the revenue Covenant Transport broke down this way in fiscal 2025.

  1. Dedicated$403.2M558%up 11% from 2024
  2. Managed Freight$286.8M542%up 15% from 2024
  3. Other Operating$637.0K50%
Business segments by year
Business segments202320242025
Dedicated$320.3M$364.4M$403.2M
Managed Freight$258.9M$248.9M$286.8M
Other Operating$0$0$637.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs99¢$1.2B
  • Income tax0¢$1.2M
  • Profit1¢$7.2M

Out of $1.2B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending77¢$147.6M
  • Dividends paid4¢$7.2M
  • Share buybacks19¢$36.6M

Out of $113.6M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue8910115$1.2B in 2025+32% since 2018
0$500.0M$1.0B$1.5B2018: $880.4M$880.4M20182019: $885.4M$885.4M2019+1%2020: $838.6M$838.6M2020−5%2021: $1.0B$1.0B2021+25%2022: $1.2B$1.2B2022+16%2023: $1.1B$1.1B2023−9%2024: $1.1B$1.1B2024+3%2025: $1.2B$1.2B2025+3%
Operating income8910115$2.9M in 2025−95% since 2018
-$50.0M0$50.0M$100.0M$150.0M2018: $55.4M$55.4M20182019: $8.8M$8.8M2019−84%2020: -$14.0M-$14.0M20202021: $67.2M$67.2M20212022: $120.7M$120.7M2022+80%2023: $58.8M$58.8M2023−51%2024: $44.8M$44.8M2024−24%2025: $2.9M$2.9M2025−93%
Net income8910115$7.2M in 2025−83% since 2018
-$50.0M0$50.0M$100.0M$150.0M2018: $42.5M$42.5M20182019: $8.5M$8.5M2019−80%2020: -$42.7M-$42.7M20202021: $60.7M$60.7M20212022: $108.7M$108.7M2022+79%2023: $55.2M$55.2M2023−49%2024: $35.9M$35.9M2024−35%2025: $7.2M$7.2M2025−80%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenue$1.2B$1.1B$1.1B
Salaries, wages, and related expenses$433.2M$423.3M$400.5M
Fuel expense$112.3M$116.0M$133.3M
Operations and maintenance$69.6M$61.7M$63.8M
Revenue equipment rentals and purchased transportation$286.7M$254.3M$271.9M
Operating taxes and licenses$13.8M$12.0M$13.4M
Insurance and claims$70.1M$59.8M$50.1M
Communications and utilities$6.4M$5.4M$5.0M
Other Cost and Expense, Operating$59.2M$66.1M$49.4M
Depreciation and amortization$92.7M$86.5M$69.9M
Write-down of held-for-sale assets$6.5M$0$0
Loss (gain) on disposition of property and equipment, net$337.0K$1.6M-$12.6M
Impairment of goodwill$10.7M$0$0
Total operating expenses$1.2B$1.1B$1.0B
Operating income$2.9M$44.8M$58.8M
Interest expense, net$12.1M$13.6M$8.0M
Income from equity method investment-$14.7M-$14.7M-$21.4M
Income before income taxes$5.6M$45.9M$72.2M
Income tax expense$1.2M$10.6M$17.6M
Income from continuing operations$4.4M$35.3M$54.6M
Income from discontinued operations, net of tax$2.8M$600.0K$600.0K
Net income$7.2M$35.9M$55.2M
Income from continuing operations (in dollars per share)$0$1$2
Income from discontinued operations (in dollars per share)$0$0$0
Net income per basic share(1) (in dollars per share)$0.28$1.37$2.12
Income from continuing operations (in dollars per share)$0$1$2
Income from discontinued operations (in dollars per share)$0$0$0
Net income per diluted share (in dollars per share)$0.27$1.30$2.00
Basic weighted average shares outstanding (in shares)25.6M shares26.3M shares26.1M shares
Diluted weighted average shares outstanding (in shares)26.9M shares27.7M shares27.7M shares

Compare Covenant Transport with another company

Corporate structure

Covenant Transport sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Covenant Transport

  • T. Rowe Price Investment Management, Inc. Filed SCHEDULE 13G on Covenant Transport, latest May 15, 2026
  • David R. &. Jacqueline F. Parker Filed SCHEDULE 13D/A on Covenant Transport, latest Feb 24, 2026 (4 filings since Nov 14, 2022)
  • BlackRock Filed SCHEDULE 13G/A on Covenant Transport, latest Apr 23, 2025 (6 filings since Feb 1, 2022)
  • LSV ASSET MANAGEMENT Filed SC 13G/A on Covenant Transport, latest Nov 13, 2024 (2 filings since Feb 9, 2024)
  • DIMENSIONAL FUND ADVISORS LP Filed SC 13G/A on Covenant Transport, latest Feb 9, 2024 (3 filings since Feb 8, 2022)
  • Covenant Transport Chattanooga

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Covenant Transport reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$753.7M5 Dec 31, 2025$729.4M5 Dec 31, 2024+3.3%
Accumulated depreciation$204.6M11 Dec 31, 2024$177.9M11 Dec 31, 2023+15.0%
Property and equipment, net$524.8M11 Dec 31, 2024$514.7M11 Dec 31, 2023+2.0%
Finance-lease assets$2.8M5 Dec 31, 2025$4.6M5 Dec 31, 2024−39.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$4.9M5 Dec 31, 2025$35.6M5 Dec 31, 2024−86.1%
Stakes in other companies (equity method)$85.5M5 Dec 31, 2025$77.4M5 Dec 31, 2024+10.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$80.5M5 Dec 31, 2025$78.9M5 Dec 31, 2024+1.9%
Finite-lived intangibles, gross$149.8M5 Dec 31, 2025$123.6M5 Dec 31, 2024+21.2%
Accumulated amortization$44.2M5 Dec 31, 2025$33.4M5 Dec 31, 2024+32.2%
Finite-lived intangibles, net$105.6M5 Dec 31, 2025$90.1M5 Dec 31, 2024+17.2%

Inventory

ItemLatestA year beforeChange
Supplies$6.3M5 Dec 31, 2025$5.6M5 Dec 31, 2024+12.3%

Properties, in its own words

Our corporate headquarters and main terminal are located on approximately 180 acres of property in Chattanooga, Tennessee. Also, we own or lease administrative offices, warehouses, and truck terminals (which provide a transfer location for trailer relays on transcontinental routes, parking space for equipment dispatch, facilities for recruiting and orientation, and sales offices) throughout the continental United States, none of which are individually material.

Item 2 of the 10-K filed Feb 27, 2026.18

The story

Covenant was founded in 1986 by David and Jacqueline Parker, with 25 trucks and 50 trailers.

In July 2018, Covenant Transport acquired Landair Holdings Inc., the parent of Landair Transport and Landair Logistics.

Covenant Transport rebranded as Covenant Logistics in 2021 following its acquisition of Landair Holdings.

In April of 2023, Covenant Logistics acquired Lew Thompson & Son Trucking, a company based out of Northern Arkansas that specialized in live haul transportation.

From Wikipedia’s article on Covenant Logistics, shared under CC BY-SA 4.0.7

Leadership

Who has led Covenant Transport, and when. Pick a name to see everywhere that person has worked.

President

  1. James F. Brower Jr.2006–2016
  2. Joey B. Hogan2016–2022
  3. John A. Tweed2018–2021
  4. Paul Bunn2023–now

Chief financial officer

  1. Joey B. Hogan2006
  2. Richard B. Cribbs2008–2020
  3. Paul Bunn2020–2021
  4. James S. Grant Iii.2022–now

Chief operating officer

  1. Michael W. Miller2006
  2. Joey B. Hogan2007–2020
  3. Samuel F. Hough2014–2020
  4. James F. Brower Jr.2016–2020
  5. Justin A. Smith2016
  6. Paul Newbourne2016–2019
  7. William Joseph Cartright2017–2020
  8. John A. Tweed2019–2021
  9. Paul Bunn2021–2024
  10. Dustin Koehl2024–now
1990200020102020
Board members and other officers (34)

Products and brands

The company now jointly operates over 3,000 trucks and 7,000 trailers with sister companies Southern Refrigerated Transport, Inc. (Texarkana, Arkansas), Star Transportation Inc. (La Vergne, Tennessee) and Landair Transportation, Inc. (Greeneville, Tennessee). The four companies have shared terminals in Chattanooga, Hutchins, Texas, Pomona, California, Texarkana, Arkansas, La Vergne, Allentown, Pennsylvania, Orlando, Florida, and Greenville.

In addition to the four asset-based companies, CTG owns a freight brokerage company, Covenant Transport Solutions, and an accounts receivable factoring company for smaller trucking companies, Transport Financial Solutions, both based in Chattanooga. CTG has a 49% stake in Transport Enterprise Leasing, a tractor and trailer leasing company that caters to smaller fleets and captive owner-operator programs, in addition to used tractor and trailer sales.

From Wikipedia’s article on Covenant Logistics, shared under CC BY-SA 4.0.7

Former names

  • COVENANT TRANSPORTATION GROUP INCMay 24, 2007 to Jun 19, 20206
  • COVENANT TRANSPORT INCNov 6, 1996 to May 10, 20076

Timeline

  1. Aug 17, 20268-K Other events71
  2. Aug 7, 20268-K Executive or director change72
  3. Jul 29, 20268-K Results of operations73
  4. Jun 23, 20268-K Entered a material agreement74
  5. May 15, 20268-K Executive or director change; Shareholder vote; Other events75
  6. Apr 23, 20268-K Results of operations76
  7. Feb 10, 20268-K Other events77
  8. Feb 9, 20268-K Other events78
  9. Jan 29, 20268-K Results of operations79
  10. Dec 22, 20258-K Executive or director change80
  11. Nov 21, 20258-K Other events81
  12. Oct 23, 20258-K Results of operations82
  13. 1986Founded Founded in Chattanooga1

Calendar

Coming up

  1. Oct 29, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.44 a share, on Oct 22, 2025.83

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results73
  2. Apr 23, 2026Reported quarterly or annual results76
  3. Jan 29, 2026Reported quarterly or annual results79
  4. Oct 23, 2025Reported quarterly or annual results82
  5. Jul 23, 2025Reported quarterly or annual results84
  6. Apr 23, 2025Reported quarterly or annual results85
  7. Jan 23, 2025Reported quarterly or annual results86
  8. Oct 23, 2024Reported quarterly or annual results87

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

317 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 64 major events, 185 insider forms, 16 large holders, 32 other. The latest 20:

  1. Aug 17, 20268-K EDGAR
  2. Aug 7, 202610-Q EDGAR
  3. Aug 7, 20268-K EDGAR
  4. Jul 29, 20268-K EDGAR
  5. Jul 6, 20264 EDGAR
  6. Jul 6, 20264 EDGAR
  7. Jul 6, 20264 EDGAR
  8. Jul 6, 20264 EDGAR
  9. Jun 29, 202611-K EDGAR
  10. Jun 23, 20268-K EDGAR
  11. Jun 1, 20264 EDGAR
  12. Jun 1, 20264 EDGAR
  13. Jun 1, 20264/A EDGAR
  14. May 27, 20264 EDGAR
  15. May 27, 20264 EDGAR
  16. May 27, 20264 EDGAR
  17. May 19, 20264 EDGAR
  18. May 15, 2026SCHEDULE 13G EDGAR
  19. May 15, 20264 EDGAR
  20. May 15, 20264 EDGAR

The 317 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

56 open-market trades by officers, directors and large owners since October 2021: 1 buys and 55 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 1, 2026Ballard JoeyEVP, Chief People & Safety OffSale4,000$40.15$160.6KForm 4
May 27, 2026HOGAN JOEY BDirectorSale12,800$39.18$501.5KForm 4
May 26, 2026Ballard JoeyEVP, Chief People & Safety OffSale3,718$38.00$141.3KForm 4
May 22, 2026Ballard JoeyEVP, Chief People & Safety OffSale4,282$37.40$160.1KForm 4
Apr 29, 2026KRAMER D MICHAELDirectorSale2,650$34.72$92.0KForm 4
Apr 28, 2026HOGAN JOEY BDirectorSale14,700$34.76$511.0KForm 4
Apr 20, 2026Grant James S IIIEVP and CFOSale22,388$30.75$688.4KForm 4
Feb 20, 2026PARKER JACQUELINE F10% ownerSale30,400$29.18$887.1KForm 4
Feb 19, 2026PARKER JACQUELINE F10% ownerSale55,000$29.38$1.6MForm 4
Feb 18, 2026PARKER JACQUELINE F10% ownerSale65,000$29.34$1.9MForm 4
Feb 17, 2026PARKER DAVID RAYChairman and CEOSale100,000$29.67$3.0MForm 4
Feb 13, 2026PARKER DAVID RAYChairman and CEOSale15,000$28.46$426.9KForm 4
Feb 12, 2026PARKER DAVID RAYChairman and CEOSale20,000$29.02$580.4KForm 4
Feb 11, 2026PARKER JACQUELINE F10% ownerSale27,400$29.35$804.1KForm 4
Feb 10, 2026PARKER JACQUELINE F10% ownerSale70,000$29.05$2.0MForm 4
Feb 9, 2026PARKER JACQUELINE F10% ownerSale56,000$28.66$1.6MForm 4
May 21, 2025KRAMER D MICHAELDirectorSale2,200$22.80$50.2KForm 4
Jan 28, 2025Long MatisseChief Accounting OfficerSale2,114$28.96$61.2KForm 4
Nov 12, 2024HOGAN JOEY BDirectorSale8,700$60.83$529.2KForm 4
Nov 12, 2024MOLINE BRADLEY ADirectorSale3,000$60.47$181.4KForm 4

All 56 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025David R. Parker,$753.0K$1.8M93
2025M. Paul Bunn,$654.9K$1.7M93
2025Tripp Grant,$425.1K$942.0K93
2025Dustin Koehl,$425.0K$878.9K93
2025Joey Ballard,$360.1K$802.0K93
2024President$618.5K$2.3M93
2024CEO and Chairman of$804.7K$2.0M93
2024EVP and CFO$405.5K$1.2M93
2024EVP and COO$261.5K$906.3K93
2024EVP and CPSO$348.2K$879.8K93
2023President$538.0K$1.8M93
2023the Board$799.6K$1.4M93
2023EVP and CFO$364.1K$935.1K93

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,031,091$89.7M0.0%+53,642
Dimensional Fund Advisors LP1,339,144$59.2M0.0%−49,335
American Century Companies Inc859,565$38.0M0.0%+177,556
First Eagle Investment Management, LLC717,864$31.7M0.0%+469,710
Vanguard Capital Management LLC677,352$29.9M0.0%+13,591
Patton Albertson Miller Group, LLC584,866$25.8M2.6%+4,338
Next Century Growth Investors LLC551,906$24.4M1.3%+257,038
State Street Corp443,667$19.6M0.0%+15,164
Geode Capital Management, LLC388,369$17.2M0.0%+25,488
Royce & Associates LP354,647$15.7M0.1%+12,779
Russell Investments Group, Ltd.329,390$14.6M0.0%−67,444
Charles Schwab Investment Management Inc258,440$11.4M0.0%−33,233
Algert Global LLC240,319$10.6M0.1%−34,182
Ranger Investment Management, L.P.236,658$10.5M0.7%+63,948
Bridgeway Capital Management, LLC232,696$10.3M0.2%−28,659
4D Advisors, LLC225,000$9.9M3.8%+90,000
CastleKnight Management LP216,500$9.6M0.3%+73,500
Bank of New York Mellon Corp173,975$7.7M0.0%+1,521
Northern Trust Corp173,473$7.7M0.0%+18,685
Two Sigma Investments, LP167,280$7.4M0.0%+57,253
Anchor Capital Management Company, LLC161,078$7.1M7.3%New
Goldman Sachs Group Inc160,313$7.1M0.0%+66,490
Empowered Funds, LLC147,072$6.5M0.0%+6,517
Vanguard Portfolio Management LLC138,541$6.1M0.0%+32,845
Arrowstreet Capital, Limited Partnership129,148$5.7M0.0%−1,109

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Covenant Transport is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCOVENANT LOGISTICS GROUP, INC.2
  • CIK0000928658
  • Employer ID (EIN)88-032015418
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company18
  • Incorporated inNevada18
  • Fiscal year endsDecember 312
  • Industry code (SIC)4213 Trucking (No Local)2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address400 Birmingham Highway, Chattanooga, TN 374192
  • Phone42382112122
  • Shares outstanding20,383,043 Common Class A shares; 4,700,000 Common Class B shares as of Feb 25, 202618
  • Public float$399.3M as of Jun 30, 202518
  • AuditorGrant Thornton LLP, Charlotte, North Carolina PCAOB ID 248; it also attests to the company’s internal control over financial reporting18
  • On EDGAR sinceAug 13, 19962
  • Filings1,630 in all: 4 (828), 8-K (275), SC 13G/A (95), 10-Q (91), SC 13G (46), 3 (35), 11-K (31), DEF 14A (30)2
    All 42 form types

    10-K (29), 4/A (24), 5 (16), ARS (16), UPLOAD (14), 8-K/A (11), CORRESP (11), S-8 (11), SC 13D/A (9), S-8 POS (7), 10-Q/A (6), S-3 (6), 10-K/A (4), EFFECT (4), 3/A (3), PRE 14A (3), S-3/A (3), 144 (2), 424B5 (2), SC 13D (2), SC TO-I/A (2), SCHEDULE 13D/A (2), 10-K405 (1), 25 (1), 424B4 (1), 8-A12B (1), CERT (1), DEFR14A (1), FWP (1), NT 10-K (1), POS AM (1), SC TO-I (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Apr 10, 2026
    Latest 8-K (8-K) Aug 17, 2026

Securities registered for trading

ClassSymbolExchange
$0.01 Par Value Class A common stockCVLGNew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks Covenant Transport names in Item 1A of its 10-K filed Feb 27, 2026: 41 risks under these headings, as written.18

  • STRATEGIC RISKS
  • We may not be successful in achieving our strategic plan.
  • We derive a significant portion of our revenues from our major customers, and the loss of, or a significant reduction of business with, one or more of which could have a materially adverse effect on our business.
  • We operate in a highly competitive and fragmented industry, and numerous competitive factors could impair our ability to improve our profitability, limit growth opportunities, and could have a materially adverse effect on our results of operations.
  • We may not grow substantially in the future and we may not be successful in improving our profitability.
  • We may not make acquisitions in the future, or if we do, we may not be successful in our acquisition strategy.
  • Global conflicts could adversely impact our business and financial results.
  • COMPLIANCE RISKS
  • Litigation may adversely affect our business, financial condition, and results of operations.
  • We self-insure for a significant portion of our claims and have exposure outside of our insurance coverage, which could significantly increase the volatility of, and decrease the amount of, our earnings.
  • Our self-insurance for auto liability claims and our use of a captive insurance company could adversely impact our operations.
  • We have experienced, and may experience additional, erosion of available limits in our aggregate insurance policies. Furthermore, we may experience additional expense to reinstate insurance policies due to liability claims.
The other 31 risks
  • We operate in a highly regulated industry, and changes in existing regulations or violations of existing or future regulations could have a materially adverse effect on our operations and profitability.
  • If our independent contractor drivers are deemed by regulators or judicial process to be employees, our business, financial condition, and results of operations could be adversely affected.
  • Developments in labor and employment law and any unionizing efforts by employees or employees of related businesses could have a materially adverse effect on our results of operations.
  • The CSA program adopted by the FMCSA could adversely affect our profitability and operations, our ability to maintain or grow our fleet, and our customer relationships.
  • Receipt of an unfavorable DOT safety rating could have a materially adverse effect on our operations and profitability.
  • Compliance with and changes to various environmental laws and regulations upon which our operations are subject may increase our costs of operations and non-compliance with such laws and regulations could result in substantial fines or penalties.
  • Changes to trade regulation, export controls, duties, or tariffs, caused by the changing U.S. and geopolitical environments or otherwise, may increase our costs and materially adversely affect our business.
  • Regulatory changes related to climate change could increase our costs significantly.
  • Conflicting views on environmental and societal matters may have a negative impact on our business, impose additional costs on us, and expose us to additional risks.
  • OPERATIONAL RISKS
  • Increases in driver compensation or difficulties attracting and retaining qualified drivers could have a materially adverse effect on our profitability and the ability to maintain or grow our fleet.
  • Our engagement of independent contractors to provide a portion of our capacity exposes us to different risks than we face with our tractors driven by company drivers.
  • Fluctuations in the price or availability of fuel, the volume and terms of diesel fuel purchase commitments, surcharge collection, and hedging activities may increase our costs of operation, which could have a materially adverse effect on our profitability.
  • We depend on third-party providers, particularly in our Managed Freight reportable segment where we offer brokerage and other logistics services, and service instability from these providers could increase our operating costs and reduce our ability to offer such services, which could adversely affect our revenue, results of operations, and customer relationships.
  • We depend on the proper functioning and availability of our management information and communication systems and other information technology assets (including the data contained therein) and a system failure or unavailability, including those caused by cybersecurity breaches internally or with third parties, or an inability to effectively upgrade such systems and assets could cause a significant disruption to our business and have a materially adverse effect on our results of operations.
  • If we are unable to retain our key employees, our business, financial condition, and results of operations could be harmed.
  • Seasonality and the impact of weather and climate change and other catastrophic events affect our operations and profitability.
  • The effects of a widespread outbreak of an illness or disease, or any other public health crisis, as well as regulatory measures implemented in response to such events, could negatively impact the health and safety of our workforce and/or adversely impact our business, results of operations, financial condition, and cash flows.
  • A large-scale outbreak of avian flu or related illness among the nation’s poultry flock may adversely affect the revenues of LTST.
  • FINANCIAL RISKS
  • Our Third Amended and Restated Credit Agreement (our "Credit Facility") and other financing arrangements contain certain covenants, restrictions, and requirements, and we may be unable to comply with such covenants, restrictions, and requirements.
  • In the future, we may need to obtain additional financing that may not be available or, if it is available, may result in a reduction in the percentage ownership of our stockholders.
  • Our indebtedness and finance and operating lease obligations could adversely affect our ability to respond to changes in our industry or business.
  • Our profitability may be materially adversely impacted if our capital investments do not match customer demand or if there is a decline in the availability of funding sources for these investments.
  • Increased prices for new revenue equipment, design changes of new engines, future uses of autonomous tractors, volatility in the used equipment market, decreased availability of new revenue equipment, and the failure of manufacturers to meet their sale or trade-back obligations to us could have a materially adverse effect on our business, financial condition, results of operations, and profitability.
  • Our 49% owned subsidiary, TEL, faces certain additional risks particular to its operations, any one of which could adversely affect our operating results.
  • We could determine that our goodwill and other intangible assets are impaired, thus recognizing a related loss.
  • Our Chairman of the Board and Chief Executive Officer and his wife control a large portion of our stock and have substantial control over us, including as a result of our concentrated leadership structure, which could limit other stockholders' ability to influence the outcome of key transactions, including changes of control.
  • Provisions in our charter documents or Nevada law may inhibit a takeover, which could limit the price investors might be willing to pay for our Class A common stock.
  • The market price of our Class A common stock may be volatile.
  • We cannot guarantee the timing or amount of repurchases of our Class A common stock, or the declaration of future dividends, if any.
  • Changes in taxation could lead to an increase of our tax exposure and could affect the Company’s financial results.
  • If we fail to maintain effective internal control over financial reporting in the future, there could be an elevated possibility of a material misstatement, and such a misstatement could cause investors to lose confidence in our financial statements, which could have a material adverse effect on our stock price.

Legal proceedings

Information about our legal proceedings is included in Note 16, "Commitments and Contingencies" of the accompanying consolidated financial statements and is incorporated by reference herein.

The opening of Item 3, Legal Proceedings.18

Sources

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