2025 Trucking Sector Results: Mixed Bag as LTL and Reefer Struggle While Flatbed and Package Delivery Thrive

North American trucking’s 2025 performance delivered a stark contrast across sectors, with less-than-truckload (LTL) and refrigerated fleets bearing the brunt of weak demand and excess capacity while package delivery, flatbed, and some tank carriers posted gains. The mixed results reflect a freight market still adjusting to post-pandemic normalization, with top carriers reporting divergent revenue trajectories. Knight-Swift Transportation, the continent’s largest truckload operator, saw its truckload revenue dip 3.4% in 2025, but the rest of the top five truckload/dedicated carriers—J.B. Hunt Transport Services, TFI International, Penske Logistics, and Schneider—expanded their businesses. Schneider’s growth was turbocharged by its acquisition of Cowan Systems, which expanded its dedicated capacity and regional reach. Among the top 30 truckload/dedicated carriers, 10 grew revenues year-over-year while 12 reported declines, underscoring the uneven recovery. The LTL sector remained under pressure, with the top five carriers all posting lower revenues in 2025 compared to 2024. FedEx Freight, the largest LTL carrier, is doubling down on its core business after spinning off from FedEx Corp. on June 1, 2025. Package delivery bucked the trend, with Amazon Logistics and the United States Postal Service joining the top ranks, the latter driven by a 16.7% surge in parcel revenue that added nearly $6 billion to its bottom line. Flatbed and heavy-haul carriers fared better, with Landstar System extending its lead in the segment after a 5.7% revenue increase, while PS Logistics posted an 18.4% jump. The refrigerated sector remained challenging, though Prime Inc. rebounded with a 10% revenue increase after a slight decline in 2024. Tank/bulk carriers also faced tough conditions, with Kenan Advantage Group holding the top spot despite a modest 2.9% revenue gain, while most peers in the sector reported declines. Intermodal/drayage results were mixed, with J.B. Hunt Intermodal maintaining its lead with just under $6 billion in revenue. Forward Air dominated the air/expedited segment with over $1 billion in 2025 revenue. Carriers are recalibrating strategies, with FedEx’s LTL spinoff and Schneider’s Cowan Systems acquisition highlighting broader industry repositioning as fleets invest in AI and efficiency tools to navigate a market still grappling with overcapacity.