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Weak freight market conditions made for a challenging 2024 for many of North America's largest motor carriers. (Old Dominion Freight Line)

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Carriers across the various segments of the trucking industry navigated difficult business conditions in 2024 as freight market conditions remained unfavorable.

Truckload/Dedicated

In yet another down year for the trucking industry, a majority of North America’s largest truckload and dedicated contract carriers generated less revenue in 2024 than the prior year amid a stubbornly weak freight market.

One exception was Knight-Swift Transportation, which remains North America’s largest truckload carrier. Annual revenue from the company’s truckload operations grew about 7% to more than $5 billion.

Canada-based trucking conglomerate TFI International jumped to No. 3 on this year’s sector list, up five positions from a year ago, after reporting $2.9 billion in full-year revenue from its truckload businesses in 2024.

Another company that expanded its revenue last year was Ryder System, whose dedicated fleet operations rank No. 5 on the sector list with revenue of more than $2.4 billion. The growth of Ryder’s dedicated business was powered by its acquisition of Cardinal Logistics in February 2024.

Schneider, which retains its No. 7 ranking among truckload and dedicated carriers, also grew through acquisition. The company expanded its dedicated fleet operations late last year through its $390 million purchase of Baltimore-based Cowan Systems, which ranked No. 22 on this industry sector list last year.

A notable addition to the truckload and dedicated list this year is No. 24 Red Classic, the trucking subsidiary of Charlotte, N.C.-based bottling company Coca-Cola Consolidated.

In general, trucking companies entered this year with a sense of cautious optimism that freight market conditions would improve, but the first half of 2025 has been clouded by uncertainty as shifting tariffs and international trade tensions have disrupted freight patterns.

- Seth Clevenger

Less-Than-Truckload

The less-than-­truckload segment was about evenly split last year between carriers that grew their businesses and those that posted shrinking revenue.

FedEx Freight, the industry’s largest LTL carrier, generated $8.9 billion in 2024 revenue, down slightly from the prior year.

Looking ahead, parent company FedEx Corp. intends to spin off that LTL division as a stand-alone, publicly traded company. FedEx plans to complete that split by mid-2026.

Old Dominion Freight Line, which remains the second-largest LTL fleet, also reported a slight decline in annual revenue, which dipped to $5.8 billion in 2024.

Third-ranked Estes Express Lines, however, posted the strongest growth among LTL carriers last year. The Richmond, Va.-based fleet operator generated just under $5 billion in LTL revenue, an increase of more than 18% from the prior year.

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XPO ranked No. 4 on this year's Top Less-Than-Truckload Carriers list. (XPO)

No. 4 XPOÌýis right behind with almost $4.9 billion in revenue from its LTL operations, representing nearly 5% growth from a year ago.

Next up on the LTL list is R+L Carriers, followed by TFI International, Saia Inc., ABF Freight, Central Transport and Southeastern Freight Lines rounding out the top 10.

- Seth Clevenger

Household Goods/Commercial Delivery

Results were also mixed in the household goods and commercial delivery segment.

Sirva now leads the sector after moving past UniGroup, the parent of United Van Lines and Mayflower, which reported a 36.4% drop in revenue last year. Atlas World Group once again ranks third on the sector list.

- Mike Senatore

Intermodal/Drayage

North America’s largest intermodal and drayage carriers generally faced a difficult business environment last year.

Although freight volume increased in 2024 compared with the prior year , the top 11 companies on this year’s intermodal sector list all posted lower revenue last year, as did 18 of the top 20.

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Hub Group retained its No. 2 ranking on the intermodal/drayage sector list. (Hub Group)

Moving into 2025, intermodal providers navigated a new set of challenges as fluctuating tariffs and trade tensions disrupted international freight patterns.

The top 10 intermodal and drayage carriers by annual revenue remain unchanged from a year ago, with J.B. Hunt Intermodal, Hub Group, Evans Network of Cos., Schneider and IMC Logistics leading the way.

Newcomers to the list include Gulf Winds International, which makes its debut at No. 12, and Pacific Shipping & Trucking at No. 21.

- Mike Senatore

Refrigerated

In the refrigerated sector, the top six largest carriers all posted lower revenue in 2024 than in the prior year.

Prime Inc. remains the clear leader in the refrigerated segment with annual revenue of more than $2.1 billion. NFI moved up two positions to No. 8 on the sector list, while National Carriers, No. 14 last year, also made its way into the top 10 on this year’s list.

- Mike Senatore

Tank Truck/Bulk

In the tank truck industry, Kenan Advantage Group continued to lead the way in 2024, despite a 1.8% decline in annual revenue. Rounding out the top five in the bulk sector are Quality Carriers, Trimac Transportation, Foodliner/Quest Liner and Heniff Transportation Systems.

- Mike Senatore

Motor Vehicle/Driveaway

United Road Services retained its top spot on the motor vehicle/driveaway segment, but Jack Cooper Holdings, which ranked No. 2 on last year’s list, announced its shutdown in February.

- Mike Senatore

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Cassens Transport, No. 2 on the Top Motor Vehicle/Driveaway sector list, also made its debut on the Top 100 For-Hire Carriers list. (TT File Photo)

Flatbed/Heavy Specialized

The flatbed and heavy specialized segment has a new leader this year, with Landstar System moving past Daseke Inc. to take the top spot.

Landstar, which operates a network of independent owner-operators and freight agents, claimed the top ranking despite a 3% decline in flatbed revenue in 2024.

Former segment leader Daseke, however, posted a steeper decline, with revenue shrinking more than 10% year over year. Daseke, the parent of several flatbed and specialized heavy haul fleets, was acquired last year by Canada-based trucking conglomerate TFI International.

No. 3-ranked PS Logistics also saw its flatbed revenue decline last year.

Bridgeway Connects, United Vision Logistics and Acme Truck Line all debut in the top 20 on this year’s list.

- Mike Senatore

Package/Courier

The largest package delivery providers in North America proved resilient last year while modestly expanding their businesses.

The top four parcel couriers all increased their revenue in 2024 compared with the prior year.

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UPS Inc.'s revenue from parcel operations rebounded slightly in 2024. (UPS Inc.)

No. 1 FedEx Corp. and No. 2 UPS Inc., far and away the two largest players in the parcel segment, grew their annual revenues by 0.4% and 0.3%, respectively. This growth represents a soft rebound for the two package de­livery giants after they posted revenue declines of 3.9% and 6.6% in 2023.

Canadian courier Purolator increased its annual revenue by the highest percentage with 2.4% growth in 2024. Its parent organization, however, confronted significant challenges last year. Canada Post, the country’s national postal service, faced a 32-day strike that caused service disruptions and financial losses.

- Mike Senatore

Air/Expedited

Airfreight and expedited transportation providers also fared better than most other motor carriers last year.

Two of the top three air/­expedited carriers in North America expanded their businesses in 2024. Segment-leading Forward Air grew its revenue 1.7% to more than $1.1 billion, while second-ranked Covenant Logistics Group posted an 8.9% ­increase to $461 million in expedited revenue.

- Mike Senatore

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