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Side-by-side financial comparison of HEARTLAND EXPRESS INC (HTLD) and Industrial Logistics Properties Trust (ILPT). Click either name above to swap in a different company.
HEARTLAND EXPRESS INC is the larger business by last-quarter revenue ($179.4M vs $113.9M, roughly 1.6× Industrial Logistics Properties Trust). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -10.8%, a 9.3% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs -26.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-44.2M). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs -18.5%).
Heartland Express is an American trucking company headquartered in North Liberty, Iowa. The company offers truckload shipping services across the United States.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
HTLD vs ILPT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $179.4M | $113.9M |
| Net Profit | $-19.4M | $-1.8M |
| Gross Margin | — | — |
| Operating Margin | -12.7% | -22.1% |
| Net Margin | -10.8% | -1.6% |
| Revenue YoY | -26.1% | 3.1% |
| Net Profit YoY | -949.2% | 92.6% |
| EPS (diluted) | $-0.24 | $-0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $179.4M | $113.9M | ||
| Q3 25 | $196.5M | $110.9M | ||
| Q2 25 | $210.4M | $112.1M | ||
| Q1 25 | $219.4M | $111.9M | ||
| Q4 24 | $242.6M | $110.5M | ||
| Q3 24 | $259.9M | $108.9M | ||
| Q2 24 | $274.8M | $110.6M | ||
| Q1 24 | $270.3M | $112.2M |
| Q4 25 | $-19.4M | $-1.8M | ||
| Q3 25 | $-8.3M | $-21.6M | ||
| Q2 25 | $-10.9M | $-21.3M | ||
| Q1 25 | $-13.9M | $-21.5M | ||
| Q4 24 | $-1.9M | $-24.1M | ||
| Q3 24 | $-9.3M | $-25.0M | ||
| Q2 24 | $-3.5M | $-23.2M | ||
| Q1 24 | $-15.1M | $-23.4M |
| Q4 25 | -12.7% | -22.1% | ||
| Q3 25 | -3.7% | -29.4% | ||
| Q2 25 | -5.9% | -30.8% | ||
| Q1 25 | -6.8% | -26.9% | ||
| Q4 24 | 0.4% | -31.1% | ||
| Q3 24 | -2.7% | -33.5% | ||
| Q2 24 | 0.1% | -32.4% | ||
| Q1 24 | -5.3% | -31.7% |
| Q4 25 | -10.8% | -1.6% | ||
| Q3 25 | -4.2% | -19.4% | ||
| Q2 25 | -5.2% | -19.0% | ||
| Q1 25 | -6.3% | -19.2% | ||
| Q4 24 | -0.8% | -21.8% | ||
| Q3 24 | -3.6% | -22.9% | ||
| Q2 24 | -1.3% | -20.9% | ||
| Q1 24 | -5.6% | -20.9% |
| Q4 25 | $-0.24 | $-0.02 | ||
| Q3 25 | $-0.11 | $-0.33 | ||
| Q2 25 | $-0.14 | $-0.32 | ||
| Q1 25 | $-0.18 | $-0.33 | ||
| Q4 24 | $-0.03 | $-0.37 | ||
| Q3 24 | $-0.12 | $-0.38 | ||
| Q2 24 | $-0.04 | $-0.35 | ||
| Q1 24 | $-0.19 | $-0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $18.5M | $94.8M |
| Total DebtLower is stronger | $154.1M | $4.2B |
| Stockholders' EquityBook value | $755.3M | $489.7M |
| Total Assets | $1.2B | $5.2B |
| Debt / EquityLower = less leverage | 0.20× | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.5M | $94.8M | ||
| Q3 25 | $32.7M | $83.2M | ||
| Q2 25 | $22.9M | $58.6M | ||
| Q1 25 | $23.9M | $108.0M | ||
| Q4 24 | $12.8M | $131.7M | ||
| Q3 24 | $30.7M | $153.9M | ||
| Q2 24 | $23.9M | $146.2M | ||
| Q1 24 | $23.8M | $128.4M |
| Q4 25 | $154.1M | $4.2B | ||
| Q3 25 | — | $4.2B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | $187.9M | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.3B |
| Q4 25 | $755.3M | $489.7M | ||
| Q3 25 | $775.6M | $494.1M | ||
| Q2 25 | $786.7M | $519.1M | ||
| Q1 25 | $807.7M | $539.5M | ||
| Q4 24 | $822.6M | $562.0M | ||
| Q3 24 | $825.7M | $585.9M | ||
| Q2 24 | $836.8M | $618.3M | ||
| Q1 24 | $848.8M | $643.2M |
| Q4 25 | $1.2B | $5.2B | ||
| Q3 25 | $1.3B | $5.2B | ||
| Q2 25 | $1.3B | $5.2B | ||
| Q1 25 | $1.3B | $5.4B | ||
| Q4 24 | $1.3B | $5.4B | ||
| Q3 24 | $1.4B | $5.5B | ||
| Q2 24 | $1.4B | $5.5B | ||
| Q1 24 | $1.5B | $5.5B |
| Q4 25 | 0.20× | 8.56× | ||
| Q3 25 | — | 8.49× | ||
| Q2 25 | — | 8.09× | ||
| Q1 25 | — | 7.96× | ||
| Q4 24 | 0.23× | 7.65× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | — | 6.96× | ||
| Q1 24 | — | 6.70× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $14.9M | $60.7M |
| Free Cash FlowOCF − Capex | $-44.2M | $42.0M |
| FCF MarginFCF / Revenue | -24.6% | 36.9% |
| Capex IntensityCapex / Revenue | 33.0% | 16.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-66.9M | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.9M | $60.7M | ||
| Q3 25 | $27.5M | $22.7M | ||
| Q2 25 | $21.0M | $18.4M | ||
| Q1 25 | $25.8M | $11.4M | ||
| Q4 24 | $37.8M | $2.0M | ||
| Q3 24 | $35.6M | $-3.4M | ||
| Q2 24 | $40.0M | $10.8M | ||
| Q1 24 | $31.0M | $8.0M |
| Q4 25 | $-44.2M | $42.0M | ||
| Q3 25 | $-12.2M | $17.6M | ||
| Q2 25 | $-12.8M | $15.2M | ||
| Q1 25 | $2.3M | $5.0M | ||
| Q4 24 | $-45.5M | $-3.7M | ||
| Q3 24 | $24.6M | $-5.9M | ||
| Q2 24 | $29.4M | $9.4M | ||
| Q1 24 | $26.3M | $5.9M |
| Q4 25 | -24.6% | 36.9% | ||
| Q3 25 | -6.2% | 15.9% | ||
| Q2 25 | -6.1% | 13.5% | ||
| Q1 25 | 1.0% | 4.5% | ||
| Q4 24 | -18.8% | -3.4% | ||
| Q3 24 | 9.5% | -5.5% | ||
| Q2 24 | 10.7% | 8.5% | ||
| Q1 24 | 9.7% | 5.2% |
| Q4 25 | 33.0% | 16.4% | ||
| Q3 25 | 20.2% | 4.6% | ||
| Q2 25 | 16.1% | 2.9% | ||
| Q1 25 | 10.7% | 5.7% | ||
| Q4 24 | 34.3% | 5.2% | ||
| Q3 24 | 4.2% | 2.3% | ||
| Q2 24 | 3.8% | 1.3% | ||
| Q1 24 | 1.7% | 1.9% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
