Top LTL carriers maintain profit while planning paths to freight recovery
Journal of Commerce William B. Cassidy October 30, 2025 $Subscription Based
US less-than-truckload (LTL) providers are pursuing highly individualized paths in an anemic freight market, with shipment volumes rising but still lower than a year ago. Three of the largest LTL carriers this week reported gains in average revenue per hundredweight for the third quarter, a sign that their pricing is not falling despite a weak market.
Saia Beats Analyst Expectations as Q3 Profit Slides 7%
Transport Topics Keiron Greenhalgh October 30, 2025
Holzgrefe Sees Terminal Expansion Bearing Fruits
The new terminals posted an OR of less than 95 in Q3, an improvement of 100 basis points or 1% compared with Q2.
“Incrementals can be pretty positive, and we’re starting to see that,” said Holzgrefe. “The opportunities there are in the maturity.”
Related: Freight Waves Saia’s margins slip as LTLs await rebound
Link: Saia Press Release Saia Reports Third Quarter Results
XPO defies weak LTL demand with margin gains
Freight Waves Todd Maiden October 30, 2025
Less-than-truckload revenue was flat y/y in the third quarter, with higher yields (up 6%) offsetting weaker volumes (down 6%). The carrier continues to add local accounts (small and midsize shippers), which typically have better yield and margin profiles. It’s also expanding premium service revenue (shipments that incur accessorial charges) and closing the contractual pricing gap to best-in-class peers as its service offering improves.
Link: XPO Investor Overview Q3 2025
First look: mixed signs of a turnaround at TFI’s U.S. LTL operations
Freight Waves John Kingston October 30, 2025
The one key metric that was a step in the right direction was the operating ratio (OR) for the segment, which contains the former UPS Freight LTL operations that TFI bought in 2021. The OR for the U.S. LTL operations at TFI was 92.2%, unchanged from the third quarter of 2024. But it did mark an improvement over the 94% recorded in the second quarter.
Link: TFI International Investor Presentation Third Quarter Ended September 30, 2025
ODFL Focuses on Costs to Limit Q3 Profit Hit in Weak Market
Transport Topics Keiron Greenhalgh October 30, 2025
“We have implemented new workforce planning and dockyard management tools as well as [pickup and delivery] and linehaul route optimization software which have helped drive improvements in our productivity even as we have faced headwinds from lower density,” the company’s top executive said.
Schneider Reports Revenue Growth, Profit Dip in Tough Market
Transport Topics Connor D. Wolf October 30, 2025
“Though this down cycle has been extended, several new dynamics have been introduced over the last few months that are definitive catalysts, with removal of excess capacity after several years of expecting, but not seeing, more significant supply rationalization,” Rourke said. “This includes dynamics such as English-language proficiency enforcement and the impact of non-domicile CDL renewals.”
Link: Schneider Investor Presentation Third Quarter 2025
U.S. Bank Freight Payment Index Freight Market Contracts In Q3 As Capacity Tightens
U.S. Bank October 30, 2025
“Shippers paid more to move less freight in the third quarter—a clear signal that industry capacity is exiting. While higher fuel prices played a role, it doesn’t fully explain the increase in spending,” said Bobby Holland, U.S. Bank director of freight business analytics. “The impact of fleet exits is showing up in pricing, pushing rates higher even as volumes remain soft.”
Link: U.S. Bank Q3 2025 U.S. Bank Freight Payment Index (Registration Required For Report)
Freight spending rises as volumes plummet 10.7% in Q3
CCJ Pamella De Leon October 30, 2025
According to a U.S. Bank Freight Payment Index report, national shipment volumes fell 2.9% from the previous quarter, while shipper spending rose 2%. On a year-over-year comparison, shipment volumes declined 10.7%, while spending remained 1.7% below year-ago levels.
2,000 drivers left UPS after taking buyouts, analyst says
Freight Waves Eric Kulisch October 30, 2025
Assuming most drivers who accepted the UPS offer had more than 35 years of service, the cash payout would be between $63,000 and $72,000. The average driver likely received about $86,400 when benefits worth 20% of the cash payout are added, according to calculations by Jindel that were shared with FreightWaves.
Aurora Heads into 2026 with Big Plans on Tap
Heavy Duty Trucking October 30, 2025
Aurora also said it plans to deploy hundreds of driverless trucks with its next-generation Aurora Driver hardware in 2026. This will enable the company to define a clear pathway toward autonomous operations and enable it to meet anticipated strong customer demand.
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