Challenging 2025 Yielded Mixed Results for Trucking

NFI appeared on the 2026 rankings for the top truckload/dedicated, refrigerated, flatbed/heavy specialized, intermodal/drayage and tank/bulk carriers in North America. (NFI)

While freight market conditions have begun to improve this year, the largest carriers across a number of trucking segments reported largely mixed revenue results for 2025 as excess capacity continued to hold down rates.

Knight-Swift Transportation, the largest truckload carrier in North America, faced a 3.4% decline in revenue for its truckload business in 2025. The rest of the top five on this year's list of the largest truckload and dedicated carriers, on the other hand, managed to grow their businesses compared with 2024.

J.B. Hunt Transport Services and TFI International retained their No. 2 and 3 rankings, respectively, from a year ago, while significant revenue growth propelled Penske Logistics and Schneider into the top five.

Schneider’s growth in the sector can be attributed in large part to its acquisition of Cowan Systems. In its first full year since purchasing the Baltimore-based carrier, Schneider has rapidly expanded its dedicated capacity and regional footprint.

Rounding out the top 10 are Ryder System’s dedicated operations, Landstar System, Werner Enterprises, Crete Carrier and Ruan.

Across the truckload/dedicated sector list, year-over-year results fluctuated as 10 of the top 30 carriers grew revenues in 2025 compared with the prior year, while another 12 in that same range reported declines.

The less-than-truckload market faced difficult conditions in 2025, resulting in another down year for many of North America’s largest LTL carriers.

The top five on this year’s list of the top LTL carriers in North America, unchanged from a year ago, reported lower revenues last year compared with 2024. Seven of the top 10 posted less revenue than the prior year, as did 18 of the 35 carriers listed.

FedEx Freight remains the industry’s largest LTL carrier and will continue sharpening its focus on LTL services after it completed its spinoff from FedEx Corp. on June 1.

The package delivery segment, led by FedEx Corp. and UPS Inc., remained resilient despite the uncertain business environment last year.

New to this year’s package/courier list are No. 3 Amazon Logistics and No. 4 United States Postal Service. Notably, Amazon Logistics increased its parcel revenue 16.7% in 2025, growing that business by nearly $6 billion from the prior year.

Revenue results were more mixed in the intermodal/drayage segment, where J.B. Hunt Intermodal continues to lead with just under $6 billion in revenue last year.

Forward Air, meanwhile, remains atop the air/expedited sector with more than $1 billion in 2025 revenue.

The largest tank truck carriers in North America continued to face difficult business conditions in 2025, much like their counterparts in most other segments of the trucking industry.

Kenan Advantage Group retained its position atop the tank/bulk sector list, reporting more than $2.4 billion in revenue last year. The North Canton, Ohio-based bulk carrier grew its revenue by 2.9% year over year in 2025, reversing a 1.8% decline during a down year in 2024.

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Quest Liner and sister company Foodliner ranked No. 3 on this year's tank/bulk sector list. (Quest Liner)

Rounding out the top four are Quality Carriers, Foodliner/Quest Liner and Quantix SCS.

United Petroleum Transports and Groendyke Transport, which appear at Nos. 5 and 6 on this year’s list, respectively, both return to the sector ranking due to updated data. United Petroleum Transports last ranked No. 13 on the 2021 list, while Groendyke came in at No. 7 in 2023.

A majority of the industry’s largest flatbed and heavy-haul carriers grew their businesses last year, but market conditions proved more challenging for temperature-controlled transportation providers.

Flatbed segment leader Landstar System increased its revenue by 5.7% in 2025, maintaining a narrow lead over No. 2 TFI International. PS Logistics, which ranks No. 3 on the list, posted 18.4% growth.

While many top refrigerated carriers struggled through a tough market in 2025, segment leader Prime Inc. recovered and expanded.

After reporting a 0.8% year-over-year decline in 2024, Prime bounced back to grow its revenue by more than $200 million in 2025, an improvement of nearly 10%.