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UPS Inc. remains the largest for-hire transportation provider in North America. (Luke Sharrett/Bloomberg News)

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For the largest trucking companies in North America, the past several months have been anything but business as usual. The steep and frequently changing tariffs enacted by the second Trump administration have injected a heavy dose of uncertainty into the U.S. economy while roiling supply chains and altering freight patterns.

These higher taxes on imports, largely aimed at bolstering domestic manufacturing and bringing production back to the United States in the long run, have for the time being created an unclear outlook for businesses, many of which have paused major decisions while waiting for the dust to settle on international trade.

The tumult caused by the tariffs — and the uncertainty surrounding them — has prolonged a lengthy period of hardship for motor carriers already strained by a persistently soft freight market.

This latest edition of Transport Topics’ Top 100 For-Hire Carriers list, which ranks the industry’s largest trucking companies based on 2024 revenue, does not yet reflect the impact of this year’s trade policy shifts, but it does illustrate how weak freight market conditions have continued to squeeze margins for transportation providers.

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Financial results among the Top 100 were mixed, with the list divided about evenly between companies that managed to grow their businesses in 2024 and those that posted year-over-year revenue declines, indicating that the industry is still struggling to climb out of the down market that has persisted for about three years.

Among the companies that provided net income data, about three quarters posted worse results in 2024 compared with 2023, including some that saw deep declines in profitability and several that posted significant losses.

In general, less-than-truckload carriers tended to perform better last year than their truckload counterparts.

The top of the list remains mostly unchanged with the top seven companies each retaining the same rank as a year ago, but Richmond, Va.-based LTL hauler Estes Express climbed three spots to No. 8 after growing its revenue to more than $5.8 billion.

The updated list also illustrates how mergers and acquisitions continued to alter the industry’s business landscape last year.

No. 7 Knight-Swift Transportation Holdings, already the industry’s largest truckload carrier, extended the reach of its less-than-truckload business by acquiring the regional LTL operations of Los Angeles-based Dependable Highway Express in July 2024. DHE parent company Dependable Supply Chain Services ranked No. 79 on last year’s Top 100 list.

No. 10 Schneider, meanwhile, expanded its dedicated fleet operations through its $390 million purchase of Cowan Systems in late 2024. Cowan ranked No. 63 a year ago.

Further down the list, No. 76 USA Truck’s parent company, Germany-based transportation and logistics provider DB Schenker, was acquired by global logistics giant DSV in late April for about 14.3 billion euros.

Other major changes are on the horizon. Late last year, No. 2 FedEx Corp. announced a plan to spin off its less-than-truckload FedEx Freight division as a stand-alone, publicly traded company. FedEx expects to complete that separation by mid-2026.

This year’s Top 100 list features several new names.

No. 47 Bridgeway Connects, formerly known as Transport Investments Inc., provides heavy haul, flatbed and specialized transportation and logistics services through a variety of brands and business units. Bridgeway, based near Pittsburgh, is a portfolio company of private equity firm Gemspring Capital.

The updated Top 100 also combines the operations of sister companies Transervice Logistics and Lily Transportation, which together rank No. 72 on the list. Private equity firm ZS Fund, the majority owner of Transervice, acquired Lily in 2023. Both companies offer dedicated contract carriage and logistics services.

Returning to the list this year at No. 85 is trucking and logistics provider Red Classic, a subsidiary of Charlotte, N.C.-based bottling company Coca-Cola Consolidated.

Also joining the Top 100 are No. 90 United Vision Logistics, a flatbed and heavy haul carrier headquartered in Lafayette, La.; No. 92 Cassens Transport, a vehicle hauler based in Edwardsville, Ill.; and No. 94 Gulf Winds International, a provider of container drayage, transloading and truckload transportation based in Seabrook, Texas.

The Transport Topics Top 100 and industry sector lists presented in this publication rank the largest for-hire carriers in the United States and Canada based on 2024 revenue.

Most of the information is from companies’ responses to an annual survey conducted by Transport Topics, along with data from financial reports and other public sources. SJ Consulting Group provided revenue estimates for some companies that did not report updated information.