Dedicated was Covenant Logistics’s largest segment in fiscal 2025, bringing in $403.18M of $1.16B (35%).
| Segment | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Truckload | — | — | — | — | |||||||||||
| Expedited | — | $423.82M | $416.46M | $373.29M | |||||||||||
| Highway Services | $452.71M | — | — | — | |||||||||||
| Dedicated | $363.00M | $320.29M | $364.41M | $403.18M | |||||||||||
| Managed Freight | $320.99M | $258.90M | $248.94M | $286.81M | |||||||||||
| Warehousing | $80.16M | $100.56M | $101.66M | $100.56M | |||||||||||
| Other Segments | — | — | — | — | |||||||||||
| Factoring | — | — | — | — | |||||||||||
| Intersegment Eliminations | — | — | — | — | |||||||||||
| Consolidation, Eliminations | — | — | — | — | |||||||||||
| Total | $1.22B | $1.10B | $1.13B | $1.16B |
Covenant Logistics brought in $1.16B from its four segments in fiscal 2025, the year ended December 31, 2025. That was up 2.9% from $1.13B in fiscal 2024. Dedicated was the largest at $403.18M (34.6%), ahead of Expedited at $373.29M (32.1%) and Managed Freight at $286.81M (24.6%). The remaining segment, Warehousing, brought in $100.56M.
Compared with fiscal 2024, Managed Freight grew fastest, up 15.2% to $286.81M, while Expedited fell the most, down 10.4% to $373.29M.
Covenant Logistics began breaking out Expedited in fiscal 2023, when it brought in $423.82M. Covenant Logistics stopped reporting Highway Services as a separate segment after fiscal 2022, when it brought in $452.71M.
Cargo & Freight was Covenant Logistics’s largest product and service line in fiscal 2025, bringing in $1.06B of $1.17B (91%).
| 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 | $1.05B | $970.51M | $1.01B | $1.06B | ||||||
| Fuel Surcharge | $170.46M | $133.06M | $117.54M | $105.24M | ||||||
| Other Revenue | — | — | — | $637.00K | ||||||
| Total | $1.22B | $1.10B | $1.13B | $1.17B |
Covenant Logistics brought in $1.17B from its three product and service lines in fiscal 2025, the year ended December 31, 2025. Covenant Logistics regrouped these lines after fiscal 2024, so the total does not compare directly with that year's $1.13B. Cargo & Freight was the largest at $1.06B (90.9%), ahead of Fuel Surcharge at $105.24M (9.0%) and Other Revenue at $637.00K (0.1%).
Compared with fiscal 2024, Cargo & Freight grew 4.5% to $1.06B, while Fuel Surcharge fell 10.5% to $105.24M.
Covenant Logistics began breaking out Other Revenue in fiscal 2025, when it brought in $637.00K.
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 $403.18M (34.6% of the total), followed by Expedited at $373.29M (32.1%).
Dedicated was Covenant Logistics' largest segment in fiscal 2025, bringing in $403.18M, or 34.6% of the $1.16B total across its four segments.
Cargo & Freight was Covenant Logistics' largest product and service line in fiscal 2025, bringing in $1.06B, or 90.9% of the $1.17B total across its three product and service lines.
Among Covenant Logistics' segments that make up at least 2% of revenue, Managed Freight grew fastest in fiscal 2025, up 15.2% from $248.94M to $286.81M.
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 2011, 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.