Guide to Trucking
Special Report according to SJ Consulting. Knight-Swift Transportation Holdings led the expansion, adding 13 terminals to its LTL operation in 2025 through acquisition.
The largest networks are operated by FedEx Freight, with 327 terminals; XPO with 300, Old Dominion Freight Line with 262, and Estes Express Lines with 226. The 10 largest LTL carriers as a group had 2,159 terminals last year, down from 2,163 in 2024.
LTL companies not in the Top 25 rankings also added terminals, although most were likely smaller facilities with fewer doors. Those companies, which reported $ 4.5 billion in combined revenue in 2025, had 452 terminals, up from 318 at the end of 2024.
Satish Jindel, president of SJ Consulting, has blamed the network expansion for tighter LTL margins, warning that LTL carriers should be doing“ more with less” to improve profitability. But LTL executives say they need to hedge against future growth.
“ We’ re seeing more and more opportunities with customers as we’ re putting dots on the map,” Saia CFO Matthew Batteh said during an April 30 first-quarter earnings call. Saia’ s average daily shipment count rose 4.6 % year over year in April and May.
LTL carriers hope cross-docks at their terminals will begin to fill up as 2026 progresses, with more active doors and less empty floor space. Indications are that is already happening as US industrial activity picks up and modal freight shift continues.
email: bill. cassidy @ spglobal. com
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Journal of Commerce Top 25 US Truckload Carriers
Annual revenues, including fuel surcharges, in millions of US dollars
|
|
|
|
YoY |
Rank |
Carrier |
2024 |
2025 |
change |
1 Knight-Swift Transportation $ 5,035 $ 4,865-3.4 %
2 J. B. Hunt Transport Services $ 4,097 $ 4,110 0.3 %
3 Schneider National $ 2,555 $ 2,863 12.1 %
4 Prime $ 2,283 $ 2,419 6.0 %
5 Ryder Systems $ 2,446 $ 2,343-4.2 %
6 Penske Logistics $ 2,230 $ 2,200-1.3 %
7 Landstar System $ 2,075 $ 2,032-2.1 %
8 Werner Enterprises $ 2,100 $ 2,013-4.1 %
9 CRST International1 $ 1,597 $ 1,517-5.0 %
10 Crete Carrier Corp. 1 $ 1,346 $ 1,333-1.0 %
11 PS Logistics $ 1,025 $ 1,122 9.5 %
12 Daseke */ TFI $ 1,050 $ 1,107 5.4 %
13 NFI Industries $ 1,001 $ 1,100 9.9 %
14 Western Express1 $ 1,062 $ 1,083 2.0 %
15 CR England $ 1,000 $ 1,019 1.9 %
16 Ruan Transportation $ 900 $ 939 4.3 %
17 Stevens Transport1 $ 803 $ 827 3.0 %
18 Heartland Express $ 1,048 $ 806-23.1 %
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19 |
KLLM1 |
$ 780 |
$ 752 |
-3.6% |
20 |
Hirschbach Motor Lines |
$ 777 |
$ 747 |
-3.9% |
21 |
Covenant Transportation Group |
$ 742 |
$ 739 |
-0.4% |
22 |
Marten Transport |
$ 759 |
$ 700 |
-7.8% |
23 |
Universal Truckload |
$ 579 |
$ 521 |
-10.0% |
24 |
Anderson Trucking Service1 |
$ 565 |
$ 506 |
-10.4% |
25 |
PAM Transportation |
$ 508 |
$ 431 |
-15.2% |
Total Top 25 US Truckload Carriers |
$ 38,363 |
$ 38,094 |
-0.7% |
Total US Truckload Market |
$ 281,023 |
$ 281,586 |
0.2 % |
1 SJ Consulting estimates |
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|
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Sources: Company reports and SJ Consulting estimates. |
Prepared by SJ Consulting Group, Inc. |
www. joc. com July 6, 2026 | Journal of Commerce 35