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What the Top 100 For-Hire Carriers list reveals about the shifts in the freight landscape, LTL resilience and TL headwinds, and movements in Q3.
Transport Topics has released its 2025 Top 100 For-Hire Carriers list, offering a snapshot of who is in a solid position despite the freight recession and who is losing a bit of ground. The top five remain dominant, but the shuffle in ranks 6 through 10 tells a deeper story about strategic pivots, macroeconomic strain, and shifting freight dynamics. We touched on it briefly, but this is about taking a deeper dive into these companies and trends.
A clear trend in the 2025 rankings is the resilience of less-than-truckload (LTL) carriers compared to their truckload (TL) counterparts. LTL operators have generally weathered the downturn with more stability, benefiting from pricing power and flexibility as shippers seek more precise service options.
This structural divide is possibly reflected in the rankings: XPO, Estes Express, and Old Dominion have held ground or risen, while TL-heavy carriers like TFI International and Schneider saw earnings pressure and positional declines.
Here is a closer look at the top five carriers, plus three key movers to watch.
“As a trusted leader in global logistics… the actions we are taking to reconfigure our network and reduce cost across our business could not be timelier,” Tomé said in a Q1 2025 conference call.
In addition to this, he added:
“Our network reconfiguration… will enable us to expand our U.S. Domestic operating margin and increase profitability.”
“The global demand environment remains volatile. We’re staying close to our customers to help them plan and adapt as they navigate trade policy changes,” Subramaniam said on the company’s earning call on June 24.
“We have one transaction that we really liked, but because of all this uncertainty on tariffs, we had to walk away from that deal,” CEO Alain Bédard told analysts on a conference call.
He later stated that M&A in 2025 is “going to be minimal,” but will take a look at it down the road once better clarity is present.
Estes Express Lines climbed into the top 10, rising from 11 to 8 a testament to the strength of LTL carriers despite the ongoing market issues. The company capitalized on Yellow Corp’s exit by acquiring terminals and expanding its network.
Furthermore, Estes has been awarded numerous times, being named a 2024 Carrier of the Year by Newell Brands, J.B Hunt and Uber Freight.
In contrast, Old Dominion Freight Line slipped to #9, despite strong yield management and pricing discipline. Its operating ratio worsened, and daily revenues declined, reflecting the challenges across TL fleets. Schneider National, which fell to #10, managed growth in its intermodal segment, especially in Mexico, but saw flat overall revenue.
The trend aligns with the current TL market data showing persistent rate softness, excess capacity, and muted demand across long-haul lanes. According to FreightWaves, the U.S. trucking market remains oversupplied, with contract and spot volumes staying flat or declining after the first half of 2025. Both carriers are working through to what has been one of the most turbulent moments in recent history.
The 2025 rankings reflect more than just mere revenue scale. LTL operators like XPO and Estes Express are leveraging pricing power and targeted expansion, while FedEx’s spinoff strategy suggests a reshaping of freight portfolios to unlock value. In contrast, TL-heavy firms such as Schneider and TFI International are contending with weak spot markets and capacity overhang.
The industry prepares for the back half of the year, adaptability and margin management are emerging as the clearest paths to resilience. Even if there are setbacks. As the late FedEx’s Fredrick W. Smith said one time:
“I’m not afraid to take a swing and miss.”
Hopefully in Q3 and beyond, the industry can get back to hitting home runs.
Want to know about the top Freight Brokers in 2025, you can take a look at this information here:
Source: Transport Topics
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