Trade Tensions and Weak Freight Demand Shake Up Trucking’s Top 100 Rankings
The 2025 edition of Transport Topics’ Top 100 For-Hire Carriers highlights an increasingly turbulent operating environment for North America’s largest trucking companies. As the freight recession stretches into its third year, a new layer of instability has been added: international trade uncertainty.
The second Trump administration’s implementation of steep and often unpredictable tariffs has caused major shifts in supply chains, forcing businesses to hit pause on decisions and adapt to fluctuating freight flows. While the tariffs aim to encourage domestic production and reduce reliance on foreign goods, they’ve introduced short-term instability into the logistics industry.
Although these trade policies haven’t yet fully impacted the financial results reflected in the 2024 Top 100 rankings, they compound the ongoing challenges motor carriers face, including soft freight demand and tightening profit margins.
Mixed Financial Results Amid Freight Downturn
The Top 100 list reveals a clear divide: roughly half of the carriers grew revenue in 2024, while the other half saw declines. Among those reporting net income, three-quarters posted worse results than in 2023. Truckload carriers, in particular, suffered from revenue pressure, while less-than-truckload (LTL) carriers generally fared better.
Estes Express Lines climbed three spots to No. 8, reporting over $5.8 billion in revenue. Mergers and acquisitions also played a prominent role in reshaping the rankings. Knight-Swift (No. 7) expanded its LTL footprint by acquiring Dependable Highway Express in July 2024. Similarly, Schneider (No. 10) broadened its dedicated services with a $390 million acquisition of Cowan Systems.
Even further down the list, DB Schenker’s parent company was acquired by global logistics firm DSV for €14.3 billion, signaling continued consolidation in the freight sector.
New Faces and Reshuffling on the List
Several new and returning names appear on the 2025 Top 100. Notably:
- No. 47 Bridgeway Connects, formerly Transport Investments Inc., now part of private equity firm Gemspring Capital.
- No. 72 combines Transervice Logistics and Lily Transportation, reflecting ZS Fund’s acquisition of Lily.
- No. 85 Red Classic, a Coca-Cola Consolidated subsidiary, makes a return.
- No. 90 United Vision Logistics, No. 92 Cassens Transport, and No. 94 Gulf Winds International also enter the list.
Major changes are still on the horizon. FedEx (No. 2) announced plans to spin off its FedEx Freight division by mid-2026, a move that could significantly reshape next year’s rankings.
As the freight market continues to fluctuate and global trade policies remain uncertain, transportation providers must remain agile. The 2025 Top 100 list not only highlights who’s growing but also underscores the shifting dynamics and resilience required to navigate today’s freight landscape.
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