Largest LTL carriers: Complete 2025 rankings & company profiles

FedEx Freight dominates the LTL market, while the top carriers now control the majority of total market share. This concentration gives you fewer—but more powerful—options when selecting LTL capacity for your supply chain.

Yellow Trucking’s recent bankruptcy fundamentally reshaped the competitive landscape, redistributing massive freight volume among surviving carriers and strengthening their pricing power. The result? You’re now dealing with financially stronger carriers who can invest heavily in technology and network density, but you’ll pay premium rates for that stability.

Understanding which carriers emerged stronger from this consolidation—and how their operational capabilities differ—directly impacts your freight costs, service reliability, and supply chain resilience. The wrong choice can cost you significant money in claims, delays, and emergency freight charges.

The data below reveals exactly which carriers offer the best combination of financial stability, network coverage, and growth trajectory. We’ve analyzed revenue performance, operational metrics, and strategic positioning to help you make informed carrier selection decisions.

What you’ll learn

The top 15 largest LTL carriers by revenue

Revenue data from authoritative industry sources provides the most reliable foundation for understanding LTL carrier market position and financial stability. Our rankings incorporate comprehensive revenue figures from Transport Topics and SJ Consulting Group’s annual LTL carrier analysis.

FedEx Freight leads with $8.901 billion in revenue, followed by Old Dominion at $5.815 billion¹. This dominance reflects both organic growth and market share gains following industry consolidation. The revenue gap between leaders and mid-tier LTL carriers continues widening, demonstrating the scale advantages that drive LTL success.

Market concentration analysis reveals the dominance of major players. The total US LTL market size was $52.828 billion in 2024, with the top 25 carriers accounting for $48.175 billion (91% market share)². This concentration enables the largest LTL carriers to invest heavily in network density, technology platforms, and service consistency that smaller competitors struggle to match.

Year-over-year revenue changes show Estes Express Lines with the strongest growth at 12.4%, while FedEx Freight declined 0.1%². These growth dynamics reflect different strategic approaches, with some LTL carriers prioritizing market share expansion while others focus on yield management and profitability optimization.

Detailed profiles of major LTL carriers

Understanding the operational characteristics, service capabilities, and strategic positioning of leading LTL carriers helps inform your selection process beyond simple revenue rankings.

FedEx Freight (#1 – $8.9B Revenue)

FedEx Freight maintains its leadership position through comprehensive national coverage and a service segmentation strategy. With $8.901 billion in revenue¹, the LTL carrier leverages the broader FedEx network for integrated logistics solutions spanning air, ground, and freight services.

FedEx Freight operates over 29,000 tractors and employs more than 40,000 people, using a service segmentation model with priority vs. economy options⁸. This dual-service approach allows shippers to balance cost and transit time requirements while maintaining consistent LTL capacity access across their network.

Geographic coverage spans all 50 states, Canada, and Mexico, with particular strength in transcontinental lanes and international gateway markets. The carrier’s terminal network density supports next-day and two-day service to major metropolitan areas while maintaining competitive pricing for longer-haul freight movements.

Old Dominion Freight Line (#2 – $5.8B revenue)

Old Dominion Freight Line commands premium pricing through superior service execution and operational excellence. Revenue of $5.815 billion reflects the carrier’s focus on quality over volume, maintaining industry-leading margins while delivering consistent growth¹.

Old Dominion Freight Line boasts a 21.19% net profit margin and 34.12% gross margin with a market capitalization of $37.51 billion and 22,902 employees³. These financial metrics demonstrate the LTL carrier’s operational efficiency and pricing discipline in a commodity-driven industry.

The carrier’s premium positioning emphasizes damage-free delivery, on-time performance, and claims-free service. This service-first approach attracts shippers willing to pay higher rates for reliable LTL freight handling, particularly for high-value or time-sensitive shipments.

Network coverage focuses on direct service between major markets, minimizing handling and reducing damage potential. Terminal locations concentrate in high-density freight corridors where premium LTL service commands the strongest pricing power.

Estes Express Lines (#3 – $4.9B revenue)

Estes Express Lines achieved exceptional growth while maintaining its position as the largest privately held LTL company. Revenue of $4.994 billion with 12.4% growth² positions Estes as an aggressive LTL competitor, capitalizing on market disruption.

Estes Express Lines operates 6,700 tractors, 240 terminals, and 30,000 trailers as the largest privately held LTL company³. Private ownership enables long-term strategic thinking without quarterly earnings pressure, allowing investment in network expansion and service improvements.

The carrier’s growth strategy emphasizes geographic expansion and density building in target markets. Terminal acquisitions and organic expansion support direct service lanes while maintaining the operational flexibility that private ownership enables.

Service capabilities span regional, inter-regional, and national LTL freight with particular strength in Southeast and Mid-Atlantic markets. The LTL carrier’s terminal network supports next-day service across much of its operating territory.

XPO (#4 – $4.9B revenue)

XPO distinguishes itself through technology leadership and integrated logistics capabilities beyond traditional LTL service. Revenue of $4.899 billion¹ reflects the carrier’s position as both transportation provider and logistics technology platform.

XPO Logistics has $12.16 billion market cap with 23,300 employees, moves 18 billion pounds of freight annually, and offers TMS integration capabilities³. These technology capabilities enable sophisticated supply chain solutions that extend beyond basic pickup and delivery services for LTL freight.

Digital freight capabilities include real-time shipment visibility, API integrations, and data analytics that help shippers optimize their supply chain performance. The LTL carrier’s technology platform supports both LTL and truckload services with unified visibility and management tools.

Geographic coverage emphasizes high-volume trade lanes with dense terminal networks in major metropolitan areas. The carrier’s service portfolio includes expedited, standard, and volume LTL options tailored to different shipper requirements.

R+L Carriers (#5 – $3.8B revenue)

R+L Carriers maintains its top-five position through consistent service execution and family-ownership stability. The LTL carrier’s regional strength and customer service reputation support steady growth in competitive markets.

Founded in 1965 and family-owned, R+L Carriers emphasizes long-term customer relationships over aggressive expansion. This approach creates service consistency and operational stability that appeals to shippers seeking reliable LTL capacity.

Service territory covers the Eastern United States with particular strength in manufacturing corridors and industrial markets. The LTL carrier’s terminal network supports next-day delivery across much of its operating area while maintaining competitive transit times to Western markets.

Customer service reputation centers on personalized account management and flexible service options. The carrier’s size enables customized LTL solutions while maintaining the operational scale necessary for competitive pricing.

How to choose among the largest LTL carriers

Selecting the optimal LTL carrier requires a systematic evaluation of service capabilities, performance metrics, and strategic fit with your supply chain requirements. Revenue size alone doesn’t determine the best LTL carrier for your specific freight profile and service needs.

Service coverage evaluation forms the foundation of LTL carrier assessment. Geographic reach must align with your shipping lanes, but terminal density within key markets often matters more than broad coverage. LTL carriers with multiple terminals in your primary shipping regions provide better service consistency and capacity access than those with single terminals covering large geographic areas.

Performance metrics comparison reveals operational capabilities beyond marketing promises. Revenue per shipment and revenue per CWT metrics vary significantly – Knight-Swift improved 6.27% to $20.50 per CWT while Saia declined 5.44% to $25.73⁴. These metrics indicate pricing power, operational efficiency, and market positioning that affect service quality and reliability.

Transit time analysis should focus on actual performance rather than published schedules. Request historical on-time performance data for your specific lanes, including performance during peak seasons and challenging weather conditions. LTL carriers with consistent performance across different operating conditions provide more reliable supply chain planning.

Claims ratio evaluation protects your freight investment and operational continuity. Request detailed claims data including frequency, resolution time, and settlement practices. Old Dominion maintains premium pricing but delivers superior service levels, while other LTL carriers compete more aggressively on price³. Higher-priced carriers often provide better claims handling and damage prevention.

Price versus service trade-offs require total cost analysis rather than simple rate comparison. Consider line-haul rates, accessorial charges, fuel surcharges, and claims costs when evaluating LTL carrier economics. The lowest-priced carrier may cost more when service failures, damage, and operational disruption are included.

Technology and integration capabilities increasingly differentiate LTL carriers in digital supply chains. Evaluate API connectivity, real-time tracking accuracy, and data integration options with your transportation management systems. LTL carriers offering robust technology platforms reduce administrative burden and improve supply chain visibility.

Financial stability assessment protects against service disruption from carrier financial difficulties. Review revenue trends, operating ratios, and debt levels to evaluate long-term viability. Market capitalization and credit ratings provide additional insight into financial strength and investment capacity.

LTL industry trends affecting large carriers

Major market forces are reshaping the LTL landscape, creating opportunities for well-positioned carriers while challenging those unable to adapt to changing shipper requirements and competitive dynamics.

Yellow Trucking’s closure impact created immediate market disruption and long-term structural changes. Yellow Trucking filed for bankruptcy in August 2023, previously generating revenue that was fully absorbed by other LTL carriers in 2024². The closure removed significant capacity from major lanes while redistributing freight volume among remaining competitors.

Market share redistribution benefited both large national LTL carriers and regional specialists. 25-50% of Yellow’s freight went to carriers outside the top 10 LTL providers⁵, demonstrating how industry disruption can benefit smaller operators with available capacity and competitive service levels.

Freight absorption by surviving carriers’ strained networks during peak periods, but provided volume growth opportunities for LTL carriers with available capacity. The largest LTL carriers invested heavily in terminal expansion and equipment acquisition to capture this displaced volume permanently.

Growth projections indicate continued industry expansion despite consolidation pressures. The global LTL market is projected to grow at a 5.3% CAGR through 2034, reaching $380 billion by 2034, driven by e-commerce growth⁶. This growth creates opportunities for LTL carriers able to adapt service offerings to changing freight characteristics.

E-commerce impact on LTL demand includes smaller average shipment sizes, more residential deliveries, and increased service expectations. LTL carriers investing in final-mile capabilities and residential delivery networks gain competitive advantages in these growing market segments.

Technology transformation enables operational efficiency improvements and enhanced customer service. Digital freight platforms, automated terminals, and data analytics allow carriers to optimize network utilization while providing real-time shipment visibility that modern shippers expect.

Competitive pressure from truckload carriers entering LTL markets challenges traditional service models. Truckload carriers offering partial shipment services compete for volume LTL business, forcing traditional LTL carriers to enhance service differentiation and operational efficiency.

Regional vs national LTL carriers

Understanding when to choose large national LTL carriers versus regional specialists requires evaluating your freight profile, service requirements, and long-term supply chain strategy. Both LTL carrier types offer distinct advantages depending on your operational priorities.

National LTL carrier advantages include consistent service standards across broad geographic areas and simplified vendor management. North America dominates the global LTL market with a 54% share, with the US market generating $114 billion in 2024⁶. This scale enables national carriers to invest in standardized technology platforms, training programs, and service procedures that provide predictable performance across their networks.

Single-source simplification reduces administrative complexity when shipping to diverse geographic markets. National LTL carriers eliminate the need to manage multiple carrier relationships, negotiate separate contracts, and coordinate service standards across different regions. This simplification provides particular value for shippers with distributed customer bases or complex supply chain requirements.

Network density advantages enable direct service between major metropolitan areas while maintaining competitive transit times for longer-haul movements. National LTL carriers operate hub-and-spoke networks that consolidate freight efficiently while providing scheduled service to secondary markets through their terminal networks.

Heavy freight considerations favor carriers with specialized equipment and handling capabilities. Heavy LTL volume segment (7,000-20,000 pounds) holds 77% revenue share and is expected to grow at 6.3% CAGR through 2034⁷. National LTL carriers typically maintain more diverse equipment fleets and specialized handling capabilities for oversized or heavy shipments.

Asset-based advantages provide service consistency and capacity reliability during peak demand periods. Asset-based carriers dominate the LTL market due to direct control over trucks, terminals, and drivers, providing greater reliability⁷. This control enables better service commitment enforcement and capacity allocation during challenging operating conditions.

Regional LTL carrier benefits include specialized market knowledge, operational flexibility, and competitive pricing in specific trade lanes. Regional LTL carriers often provide superior service within their operating territories through detailed knowledge of local markets, customer requirements, and operational conditions.

Local market expertise enables customized service solutions and flexible operational procedures that national LTL carriers may not accommodate. Regional carriers can adapt service offerings to specific industry requirements or unique customer needs within their geographic focus areas.

Competitive pricing advantages in specific lanes result from lower overhead costs and operational focus on high-density markets. Regional LTL carriers often provide cost-effective alternatives for shippers whose freight patterns align with their network strengths and operational capabilities.

Conclusion & key takeaways

The LTL carrier landscape reflects an industry transformed by consolidation, technological advancement, and evolving shipper requirements. Understanding these dynamics enables informed carrier selection that supports both immediate operational needs and long-term supply chain strategy.

Market leadership among the largest LTL carriers demonstrates the advantages of scale, operational excellence, and strategic focus. FedEx Freight’s revenue leadership, Old Dominion’s premium positioning, and Estes Express Lines’ aggressive growth illustrate different paths to success in competitive markets. Market concentration continues to increase as leading LTL carriers gain share through superior service capabilities and financial resources.

Selection criteria evaluation should emphasize the total cost of ownership rather than simple rate comparison. Consider service consistency, claims handling, technology capabilities, and financial stability when choosing between LTL carriers. The lowest-priced option often proves most expensive when service failures and operational disruption are included in total cost calculations.

Industry outlook indicates continued growth opportunity for well-positioned carriers and ongoing consolidation pressure on marginal operators. Technology advancement and service differentiation will increasingly separate winners from losers as shipper expectations continue evolving. Investment in network density, service capabilities, and customer-facing technology will determine long-term competitive position.

Supply chain resilience requires balanced LTL carrier portfolios that provide both primary capacity and backup options during peak periods or service disruptions. Consider developing relationships with multiple carriers across different size categories to maintain operational flexibility while leveraging the scale advantages that the largest LTL carriers provide.

Are you looking to optimize your freight management and LTL carrier selection strategy? Specializing in logistics optimization and carrier network management, Red Stag Fulfillment can help evaluate your LTL requirements and develop cost-effective transportation solutions. Contact our team today to learn more about our freight management capabilities.

Citations

1. Transport Topics. “Top Less-Than-Truckload Carriers.” Transport Topics. https://www.ttnews.com/for-hire/ltl.

2. SJ Consulting Group. “Top 25 LTL Carriers Annual Revenue Report.” Jindel.com, 2024. https://jindel.com/wp-content/uploads/Top_25_LTL.pdf.

3. TransLogistics Inc. “Who are the Largest LTL Freight Companies?” TransLogistics Inc Blog, 2024. https://www.translogisticsinc.com/blog/who-are-the-largest-ltl-freight-companies.

4. NMFTA. “LTL Performance Report.” National Motor Freight Traffic Association, 2024. https://info.nmfta.org/ltl-performance-report.

5. Trucking Dive. “Ripple effect of Yellow’s collapse spreads across LTL market.” Trucking Dive, 2023. https://www.truckingdive.com/news/yellow-competitors-volume-strategy-top-10/691208/.

6. Globe Newswire. “Less Than-Truck-Load (LTL) Market Forecast.” Globe Newswire. https://www.globenewswire.com/news-release/3128528/0/en/.

7. GM Insights. “Less Than-Truck-Load Market Size.” GM Insights. https://www.gminsights.com/industry-analysis/less-than-truck-load-market.

8. TAC Injury Law. “7 Largest Trucking Companies in the U.S.” TAC Injury Law. https://tacinjurylaw.com/blog/largest-trucking-companies-in-usa/.