COVENANT LOGISTICS GROUP, INC.

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

CVLG$32.74+0.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31,2025, 2024, and 2023

2025 · 2024 · 2023
Cash flows from operating activities:
Net income		$7,239		$35,921		$55,229
Adjustments to reconcile net income to net cash provided by operating activities:
Reversal of losses on accounts receivable		(157)		(23)		(258)
Reversal of gain on sales to equity method investee, net		(12)		(40)		(16)
Depreciation and amortization		92,726		86,529		69,943
Write-down of held-for-sale assets		6,495		-		-
Impairment of goodwill		10,698		-		-
Deferred income tax benefit		2,780		4,483		18,701
Income tax expense arising from restricted share vesting and stock options exercised		(348)		(1,190)		(2,226)
Stock-based compensation expense		3,570		3,691		7,100
Equity in income of affiliate		(14,709)		(14,713)		(21,384)
Return on investment in affiliated company		6,615		3,675		9,800
(Loss) gain on disposition of property and equipment		(2,600)		1,630		(12,585)
Changes in operating assets and liabilities:
Receivables and advances		(9,710)		2,749		(22,416)
Prepaid expenses and other assets		(3,354)		(3,006)		(3,997)
Inventory and supplies		(678)		(800)		(317)
Insurance and claims accrual		5,771		8,401		(3,542)
Accounts payable and accrued expenses		9,322		(4,414)		(9,191)
Net cash flows provided by operating activities		113,648		122,893		84,841
Cash flows from investing activities:
Acquisitions, net of cash acquired		(27,053)		(4,556)		(107,934)
Other investments		(956)		(597)		(2,204)
Acquisition of property and equipment		(147,570)		(152,962)		(217,607)
Proceeds from disposition of property and equipment		35,518		50,440		91,824
Net cash flows used by investing activities		(140,061)		(107,675)		(235,921)
Cash flows from financing activities:
Cash dividend		(7,162)		(5,796)		(5,781)
Proceeds from issuance of notes payable		101,307		119,391		154,093
Proceeds from exercise of stock options		399		1,756		236
Repayments of notes payable		(84,755)		(74,822)		(30,390)
Repayments of finance lease obligations		(750)		(2,949)		(5,619)
Proceeds under revolving credit facility		109,214		57,421		139,837
Repayments under revolving credit facility		(79,214)		(69,000)		(128,258)
Payment of minimum tax withholdings on stock compensation		(1,397)		(871)		(4,792)
Payment of contingent liability		(5,331)		(7,023)		(9,187)
Common stock repurchased		(36,571)		-		(25,430)
Net cash flows (used in) provided by financing activities		(4,260)		18,107		84,709
Net change in cash and cash equivalents		(30,673)		33,325		(66,371)
Cash and cash equivalents at beginning of year		35,619		2,294		68,665
Cash and cash equivalents at end of year		$4,946		$35,619		$2,294
Supplemental disclosure of cash flow information:
Cash paid (received) during the year for:
Interest, net of capitalized interest		$13,142		$5,674		$5,319
Income taxes		$4,672		$7,268		$4,186
Non-cash transactions during the year for:
Equipment acquired under finance leases	$	-		$815		$5,938
Equipment acquired under operating leases		$7,324		$13,753		$3,992
Contingent consideration associated with acquisitions		$5,158	$	-		$11,802
Non-cash debt reduction	$	-		$26,240	$	-
Insurance and claims accrual		$13,960		$635		$1,300
Other contingent liabilities		$(835)		$(800)		$(800)

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