HTLD HEARTLAND EXPRESS INC

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in only 1/4 quarters. Q3 2025: $0M, Q3 2024: $0M, Q3 2022: $16M, Q2 2022: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $5M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Missing buyback or cash flow data

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 1,200,000 shares = 1.5% of 77,445,000 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

4 open-market purchases by 2 insiders

• SPALDING DAVID P () bought 2,000 shares at $15.69 on 2026-06-10
• GERDIN MICHAEL J (Chief Executive Officer) bought 24,798 shares at $8.19 on 2025-08-18
• GERDIN MICHAEL J (Chief Executive Officer) bought 3,888 shares at $8.20 on 2025-08-15
• GERDIN MICHAEL J (Chief Executive Officer) bought 1,314 shares at $8.20 on 2025-08-14

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

4 insider purchases but company buybacks inactive

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $0M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected