As the Q1 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the ground transportation industry, including Covenant Logistics (NYSE: CVLG) and its peers.

The growth of e-commerce and global trade continues to drive demand for shipping services, especially last-mile delivery, presenting opportunities for ground transportation companies. The industry continues to invest in data, analytics, and autonomous fleets to optimize efficiency and find the most cost-effective routes. Despite the essential services this industry provides, ground transportation companies are still at the whim of economic cycles. Consumer spending, for example, can greatly impact the demand for these companies’ offerings while fuel costs can influence profit margins.

The 15 ground transportation stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 2.1%.

Luckily, ground transportation stocks have performed well with share prices up 11.4% on average since the latest earnings results.

Covenant Logistics (NYSE: CVLG)

Started with 25 trucks and 50 trailers, Covenant Logistics (NASDAQ: CVLG) is a provider of expedited long haul freight services, offering a range of logistics solutions.

Covenant Logistics reported revenues of $307.2 million, up 14% year on year. This print exceeded analysts’ expectations by 6.9%. Overall, it was a very strong quarter for the company with a solid beat of analysts’ revenue and adjusted operating income estimates.

Chairman and Chief Executive Officer, David R. Parker, commented: “Our first quarter earnings were $0.17 per diluted share or $0.26 per diluted share on a non-GAAP adjusted basis. These results fell short of our expectations, largely as a result of severe weather shutdowns and fuel cost headwinds in January and February."

Covenant Logistics scored the biggest analyst estimate beat and fastest revenue growth of the whole group. The stock is up 31.5% since reporting and currently trades at $41.03.

Is now the time to buy Covenant Logistics? Access our full analysis of the earnings results here, it’s free.

Best Q1: Heartland Express (NASDAQ: HTLD)

Founded by the son of a trucker, Heartland Express (NASDAQ: HTLD) offers full-truckload deliveries across the United States and Mexico.

Heartland Express reported revenues of $176.3 million, down 19.7% year on year, outperforming analysts’ expectations by 2.6%. The business had a stunning quarter with a beat of analysts’ EPS and EBITDA estimates.

The market seems happy with the results as the stock is up 34.1% since reporting. It currently trades at $15.53.

Is now the time to buy Heartland Express? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Universal Logistics (NASDAQ: ULH)

Founded in 1932, Universal Logistics (NASDAQ: ULH) is a provider of customized transportation and logistics solutions operating throughout the United States and in Mexico, Canada, and Colombia.

Universal Logistics reported revenues of $367.6 million, down 3.9% year on year, falling short of analysts’ expectations by 1.3%. It was a disappointing quarter as it posted a significant miss of analysts’ adjusted operating income estimates.

Universal Logistics delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 25.8% since the results and currently trades at $16.62.

Read our full analysis of Universal Logistics’s results here.

RXO (NYSE: RXO)

With access to millions of trucks, RXO (NYSE: RXO) offers full-truckload, less-than-truckload, and last-mile deliveries.

RXO reported revenues of $1.43 billion, flat year on year. This print surpassed analysts’ expectations by 5.9%. It was a very strong quarter as it also produced EBITDA guidance for next quarter exceeding analysts’ expectations.

The stock is up 37.4% since reporting and currently trades at $26.95.

Read our full, actionable report on RXO here, it’s free.

Old Dominion Freight Line (NASDAQ: ODFL)

With its name deriving from the Commonwealth of Virginia’s nickname, Old Dominion (NASDAQ: ODFL) delivers less-than-truckload (LTL) and full-container load freight.

Old Dominion Freight Line reported revenues of $1.33 billion, down 2.9% year on year. This number beat analysts’ expectations by 1.2%. Overall, it was an exceptional quarter as it also recorded a solid beat of analysts’ adjusted operating income estimates.

The stock is up 2.4% since reporting and currently trades at $227.09.

Read our full, actionable report on Old Dominion Freight Line here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.