Dedicated was Covenant Logistics’s largest segment in fiscal 2025, bringing in $354.63M of $1.06B (33%).
| Segment | FY 2013 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Truckload | — | — | — | — | |||||||
| Highway Services | $355.36M | $343.78M | $346.70M | $317.22M | |||||||
| Dedicated | $291.20M | $268.47M | $317.79M | $354.63M | |||||||
| Managed Freight | $320.99M | $258.90M | $248.94M | $286.81M | |||||||
| Warehousing | $78.85M | $99.36M | $100.52M | $99.95M | |||||||
| Factoring | — | — | — | — | |||||||
| Other Operating | — | — | — | $637.00K | |||||||
| Other Segments | — | — | — | — | |||||||
| Total | $1.05B | $970.51M | $1.01B | $1.06B |
Covenant Logistics brought in $1.06B from its five segments in fiscal 2025, the year ended December 31, 2025. Covenant Logistics regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $1.01B. Dedicated was the largest at $354.63M (33.5%), ahead of Highway Services at $317.22M (29.9%) and Managed Freight at $286.81M (27.1%). The other two segments brought in $100.59M combined.
Compared with fiscal 2024, Managed Freight grew fastest, up 15.2% to $286.81M, while Highway Services fell the most, down 8.5% to $317.22M.
Covenant Logistics began breaking out Other Operating in fiscal 2025, when it brought in $637.00K.
Subtotal Operating Revenue was Covenant Logistics’s largest product and service line in fiscal 2025, bringing in $403.18M of $919.76M (44%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cargo & Freight | $355.36M | $343.78M | $317.79M | $354.63M | ||||||
| Subtotal Operating Revenue | — | $258.90M | $364.41M | $403.18M | ||||||
| Fuel Surcharge | $97.35M | $80.04M | $187.30M | $161.31M | ||||||
| Other Revenue | — | — | — | $637.00K | ||||||
| Total | $452.71M | $682.72M | $869.50M | $919.76M |
Covenant Logistics brought in $919.76M from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That is less than the $1.06B it reports by segment, so these lines do not cover all of its revenue. Subtotal Operating Revenue was the largest at $403.18M (43.8%), ahead of Cargo & Freight at $354.63M (38.6%) and Fuel Surcharge at $161.31M (17.5%). The remaining line, Other Revenue, brought in $637.00K.
Compared with fiscal 2024, Cargo & Freight grew fastest, up 11.6% to $354.63M, while Fuel Surcharge fell the most, down 13.9% to $161.31M. Some of that change comes from Covenant Logistics regrouping its lines.
Covenant Logistics began breaking out Subtotal Operating Revenue in fiscal 2023 and Other Revenue in fiscal 2025.
Expedited was Covenant Logistics’s largest segment in fiscal 2016, bringing in $370.69M of $670.65M (55%).
| Subsegments | FY 2016 |
|---|---|
| Expedited | $370.69M |
| Refrigerated | $170.38M |
| Brokerage | $66.87M |
| Dedicated | $60.15M |
| Factoring | $2.56M |
| Total | $670.65M |
Covenant Logistics brought in $670.65M from its five segments in fiscal 2016, the year ended December 31, 2016. Expedited was the largest at $370.69M (55.3%), ahead of Refrigerated at $170.38M (25.4%) and Brokerage at $66.87M (10.0%). The other two segments brought in $62.71M combined.
Covenant Logistics (CVLG) reports its revenue by segment, by product and service and by subsegments. In fiscal 2025, Dedicated was its largest segment, bringing in $354.63M (33.5% of the total), followed by Highway Services at $317.22M (29.9%).
Dedicated was Covenant Logistics' largest segment in fiscal 2025, bringing in $354.63M, or 33.5% of the $1.06B total across its five segments.
Subtotal Operating Revenue was Covenant Logistics' largest product and service line in fiscal 2025, bringing in $403.18M, or 43.8% of the $919.76M total across its four product and service lines.
Every figure comes from Covenant Logistics' annual financial filings, as reported. Each line keeps the name Covenant Logistics gives it, and years follow its fiscal calendar.
Covenant Logistics' revenue by segment goes back to fiscal 2013, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.