COVENANT LOGISTICS GROUP, INC.

Covenant Logistics Group, Inc. (NYSE: CVLG) operates as a diversified transportation and logistics company providing comprehensive freight services throughout the continental United States. Founded in 1986, the company has evolved from a specialized expedited freight carrier operating 25 tractors to a multi-service platform managing approximately 2,315 tractors and 6,611 trailers as of December 2025.

The company operates through four primary reportable segments. The Expedited segment, representing approximately 30 percent of freight revenue, operates roughly 800 tractors primarily driven by two-person teams handling time-sensitive, high-service-standard freight. The Dedicated segment comprises approximately 33 percent of freight revenue and operates approximately 1,500 solo-driven tractors providing committed capacity to customers under multi-year contracts. The Managed Freight segment accounts for approximately 27 percent of revenue and includes freight brokerage and transportation management services. The Warehousing segment represents approximately 9 percent of revenue and provides day-to-day warehouse management services.

Covenant maintains a modern fleet with an average tractor age of approximately 2.0 years, significantly newer than the industry average of 6.3 years. The company employs approximately 2,900 drivers and 1,800 non-driver personnel while engaging 110 independent contractor drivers. The company's fleet is equipped with advanced technology including electronic logging devices, satellite tracking systems, aerodynamic fuel efficiency systems, and safety technologies such as collision mitigation and lane-change warning systems.

The company's strategic acquisitions have shaped its current platform, including the 2018 acquisition of Landair Holdings, the 2022 acquisition of AAT Carriers specializing in government freight, the 2023 acquisitions of Lew Thompson & Son Trucking and Sims Transport Services, and the 2025 acquisition of Star Logistics Solutions. Additionally, Covenant maintains a 49 percent ownership stake in Transport Enterprise Leasing, LLC, a tractor and trailer leasing company and used equipment reseller.

The company serves diverse customers including parcel freight forwarders, less-than-truckload carriers, third-party logistics providers, manufacturers, retailers, and food and beverage shippers. Top ten customers accounted for approximately 44 percent of total revenue in 2025.