Weak freight market circumstances made for a difficult 2024 for a lot of of North America’s largest motor carriers. (Previous Dominion Freight Line)
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Carriers throughout the assorted segments of the trucking trade navigated tough enterprise circumstances in 2024 as freight market circumstances remained unfavorable.
Truckload/Devoted
In one more down yr for the trucking trade, a majority of North America’s largest truckload and devoted contract carriers generated much less income in 2024 than the prior yr amid a stubbornly weak freight market.
One exception was Knight-Swift Transportation, which stays North America’s largest truckload provider. Annual income from the corporate’s truckload operations grew about 7% to greater than $5 billion.
Canada-based trucking conglomerate TFI Worldwide jumped to No. 3 on this yr’s sector listing, up 5 positions from a yr in the past, after reporting $2.9 billion in full-year income from its truckload companies in 2024.
One other firm that expanded its income final yr was Ryder System, whose devoted fleet operations rank No. 5 on the sector listing with income of greater than $2.4 billion. The expansion of Ryder’s devoted enterprise was powered by its acquisition of Cardinal Logistics in February 2024.
Schneider, which retains its No. 7 rating amongst truckload and devoted carriers, additionally grew via acquisition. The corporate expanded its devoted fleet operations late final yr via its $390 million buy of Baltimore-based Cowan Programs, which ranked No. 22 on this trade sector listing final yr.
A notable addition to the truckload and devoted listing this yr is No. 24 Pink Traditional, the trucking subsidiary of Charlotte, N.C.-based bottling firm Coca-Cola Consolidated.
Normally, trucking corporations entered this yr with a way of cautious optimism that freight market circumstances would enhance, however the first half of 2025 has been clouded by uncertainty as shifting tariffs and worldwide commerce tensions have disrupted freight patterns.
– Seth Clevenger
Much less-Than-Truckload
The less-than-truckload section was about evenly cut up final yr between carriers that grew their companies and those who posted shrinking income.
FedEx Freight, the trade’s largest LTL provider, generated $8.9 billion in 2024 income, down barely from the prior yr.
Trying forward, father or mother firm FedEx Corp. intends to spin off that LTL division as a stand-alone, publicly traded firm. FedEx plans to finish that cut up by mid-2026.
Previous Dominion Freight Line, which stays the second-largest LTL fleet, additionally reported a slight decline in annual income, which dipped to $5.8 billion in 2024.
Third-ranked Estes Categorical Traces, nevertheless, posted the strongest progress amongst LTL carriers final yr. The Richmond, Va.-based fleet operator generated just below $5 billion in LTL income, a rise of greater than 18% from the prior yr.
XPO ranked No. 4 on this yr’s Prime Much less-Than-Truckload Carriers listing. (XPO)
No. 4 XPO is true behind with virtually $4.9 billion in income from its LTL operations, representing almost 5% progress from a yr in the past.
Subsequent up on the LTL listing is R+L Carriers, adopted by TFI Worldwide, Saia Inc., ABF Freight, Central Transport and Southeastern Freight Traces rounding out the highest 10.
– Seth Clevenger
Family Items/Business Supply
Outcomes have been additionally combined within the family items and business supply section.
Sirva now leads the sector after shifting previous UniGroup, the father or mother of United Van Traces and Mayflower, which reported a 36.4% drop in income final yr. Atlas World Group as soon as once more ranks third on the sector listing.
– Mike Senatore
Intermodal/Drayage
North America’s largest intermodal and drayage carriers usually confronted a tough enterprise setting final yr.
Though freight quantity elevated in 2024 in contrast with the prior yr in keeping with the Intermodal Affiliation of North America, the highest 11 corporations on this yr’s intermodal sector listing all posted decrease income final yr, as did 18 of the highest 20.
Hub Group retained its No. 2 rating on the intermodal/drayage sector listing. (Hub Group)
Transferring into 2025, intermodal suppliers navigated a brand new set of challenges as fluctuating tariffs and commerce tensions disrupted worldwide freight patterns.
The highest 10 intermodal and drayage carriers by annual income stay unchanged from a yr in the past, with J.B. Hunt Intermodal, Hub Group, Evans Community of Cos., Schneider and IMC Logistics main the best way.
Newcomers to the listing embrace Gulf Winds Worldwide, which makes its debut at No. 12, and Pacific Delivery & Trucking at No. 21.
– Mike Senatore
Refrigerated
Within the refrigerated sector, the highest six largest carriers all posted decrease income in 2024 than within the prior yr.
Prime Inc. stays the clear chief within the refrigerated section with annual income of greater than $2.1 billion. NFI moved up two positions to No. 8 on the sector listing, whereas Nationwide Carriers, No. 14 final yr, additionally made its means into the highest 10 on this yr’s listing.
– Mike Senatore
Tank Truck/Bulk
Within the tank truck trade, Kenan Benefit Group continued to paved the way in 2024, regardless of a 1.8% decline in annual income. Rounding out the highest 5 within the bulk sector are High quality Carriers, Trimac Transportation, Foodliner/Quest Liner and Heniff Transportation Programs.
– Mike Senatore
Motor Car/Driveaway
United Highway Providers retained its high spot on the motorcar/driveaway section, however Jack Cooper Holdings, which ranked No. 2 on final yr’s listing, introduced its shutdown in February.
– Mike Senatore
Cassens Transport, No. 2 on the Prime Motor Car/Driveaway sector listing, additionally made its debut on the Prime 100 For-Rent Carriers listing. (TT File Photograph)
Flatbed/Heavy Specialised
The flatbed and heavy specialised section has a brand new chief this yr, with Landstar System shifting previous Daseke Inc. to take the highest spot.
Landstar, which operates a community of unbiased owner-operators and freight brokers, claimed the highest rating regardless of a 3% decline in flatbed income in 2024.
Former section chief Daseke, nevertheless, posted a steeper decline, with income shrinking greater than 10% yr over yr. Daseke, the father or mother of a number of flatbed and specialised heavy haul fleets, was acquired final yr by Canada-based trucking conglomerate TFI Worldwide.
No. 3-ranked PS Logistics additionally noticed its flatbed income decline final yr.
Bridgeway Connects, United Imaginative and prescient Logistics and Acme Truck Line all debut within the high 20 on this yr’s listing.
– Mike Senatore
Package deal/Courier
The most important package deal supply suppliers in North America proved resilient final yr whereas modestly increasing their companies.
The highest 4 parcel couriers all elevated their income in 2024 in contrast with the prior yr.
UPS Inc.’s income from parcel operations rebounded barely in 2024. (UPS Inc.)
No. 1 FedEx Corp. and No. 2 UPS Inc., far and away the 2 largest gamers within the parcel section, grew their annual revenues by 0.4% and 0.3%, respectively. This progress represents a delicate rebound for the 2 package deal delivery giants after they posted income declines of three.9% and 6.6% in 2023.
Canadian courier Purolator elevated its annual income by the best share with 2.4% progress in 2024. Its father or mother group, nevertheless, confronted vital challenges final yr. Canada Submit, the nation’s nationwide postal service, confronted a 32-day strike that brought about service disruptions and monetary losses.
– Mike Senatore
Air/Expedited
Airfreight and expedited transportation suppliers additionally fared higher than most different motor carriers final yr.
Two of the highest three air/expedited carriers in North America expanded their companies in 2024. Phase-leading Ahead Air grew its income 1.7% to greater than $1.1 billion, whereas second-ranked Covenant Logistics Group posted an 8.9% enhance to $461 million in expedited income.
– Mike Senatore
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