Heartland Express is a short-to-medium haul truckload carrier, moving dry van freight — primarily non-perishable goods — for retailers, manufacturers, and parcel carriers across the U.S. About 77% of loads are under 500 miles. The company also offers temperature-controlled truckload services and cross-border Mexico logistics, though these are a minor part of the business. Heartland Express operates under four brands — Heartland Express, Millis Transfer, Smith Transport, and CFI — across 26 terminal facilities in the contiguous U.S. and one in Mexico. The company targets customers with high freight density and time-sensitive, just-in-time shipping needs, positioning itself as a premium service provider rather than competing on price. Its top 25 customers represent about 63% of revenues. Revenue is driven by miles driven, rate per mile, and fleet utilization. Fuel is a major cost, partially offset through fuel surcharge pass-through agreements with most customers. Heartland Express owns its tractors and trailers outright rather than leasing, giving it flexibility to trade equipment opportunistically. Driver costs are the other major expense; the company competes on pay and benefits to keep turnover below the industry average, which is critical given a persistent industry-wide CDL driver shortage. To address this structural constraint, Heartland Express operates two in-house driver training programs. The company has grown historically through acquisitions — ten since 1986 — and is currently focused on paying down debt taken on to finance the 2022 CFI and Smith Transport acquisitions before pursuing further M&A.