🎣 Top Freight Brokerages of 2024

In today's newsletter, we’re diving into the largest players in our industry for 2024. There have been some big changes over the years, and we're here to break it all down for you.

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The Top Freight Brokerages of 2024

Since 2016, Transport Topics has ranked the top 100 freight brokerages by revenue. Today we’re focusing on the top 10.

To view the full 2024 list, click here.

Changes Between 2023 & 2024

• Total revenue drop: In 2023, the top 10 brokerages earned $53.25 billion in gross revenue. In 2024, that figure dropped to $43.77 billion — an almost 18% decrease.
• RXO’s big move: RXO acquired Coyote Logistics from UPS, propelling it to the 3rd largest freight brokerage in the U.S., behind only C.H. Robinson and TQL.

RXO Becomes Third-Largest Freight Broker With Coyote Deal | Transport Topics

RXO has finalized its $1.025 billion acquisition of Coyote Logistics from UPS, a move that makes RXO the third-largest provider of brokered transportation in North America.

Transport TopicsTransport Topics

Stock Performance of Publicly Traded Brokerages

Six of the top ten freight brokerages are publicly traded.

Here’s their year-over-year stock performance:

• C.H. Robinson: +28.79%
• RXO: +55.4%
• Landstar: +7.5%
• Schneider: +6.14%
• Uber Freight (part of Uber): +80.65%
• J.B. Hunt: +1.61%

Fun Fact: Echo Global Logistics went public in 2009 but returned to private ownership in 2021 after being acquired by The Jordan Company.

What Makes TQL Stand Out?

TQL is unique among the top ten freight brokerages — it’s the only one majority-owned by a single individual.

Founder Ken Oaks still owns 99% of the company, setting TQL apart from other companies that are either publicly traded or backed by private equity.

Did you know? TQL has grown entirely through organic expansion, while most others on the list have acquired competitors along the way.

Want to know how Ken Oaks turned TQL into a freight giant? Read more about his journey in our deep dive here.

🎣 Inside TQL: Growth, Expansion, and Controversy

Ken Oaks, the man behind TQL, is now the richest man in Cincinnati with a net worth of $980M.

FreightCaviarPaul-Bernard Jaroslawski

What is WWEX Group?

WWEX (Worldwide Express) was formed through the merger of three companies in 2021:

1. Worldwide Express
2. GlobalTranz
3. Unishippers

This merger created one of the largest freight brokerages in the industry.

In 2021, right before the merger, GlobalTranz ranked as the 9th largest brokerage, while Worldwide Express held the 10th spot.

Worldwide Express, GlobalTranz, and Unishippers Band Together to Establish the WWEX Group

CEO, Tom Madine, shares his thoughts with Logistics Management on the launch of WWEX Group and what this means for customers and the logistics market.

WWEX Group

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Landstar: How Does It Stay on Top?

Landstar is one of the largest and most profitable transportation companies in the U.S., but it’s not without its controversies.

We wrote a deep dive on Landstar last month as well. Click here to read it.

🎣 Inside Landstar: How They Make a Ton of Money

Landstar is one of the largest transportation companies in the U.S. and, from a broker’s perspective, also one of the most criticized.

FreightCaviarPaul-Bernard Jaroslawski

Mode Global: Growth Through Acquisition

Mode Global operates through an agent-based model, relying on independent agents for sales and operations.

This approach was bolstered by its acquisition of SunteckTTS in 2019, creating a company with over $2 billion in revenue.

In 2019, before the merger, SunteckTTS ranked as the 10th largest brokerage, while Mode was the 12th.

MODE Transportation and SunteckTTS to Combine, Forming a Leading Multimodal Logistics Provider with over $2 Billion of Revenue – SUNTECKtts

Closing Thoughts

The freight brokerage landscape is constantly evolving, with new players rising and familiar names making major moves. Want more insights like these? Stay tuned for future newsletters where we break down the industry’s biggest stories.

Got thoughts or feedback? Let us know by replying to this email!

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• The FreightCaviar Podcast: Check out this week's FreightCaviar Podcast with Danny, CEO of Rapido Solutions Group, on how nearshoring is reshaping carrier sales.

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