25 Biggest Trucking Companies in the US

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In this article, we will look into the 25 biggest trucking companies in the US. If you want to skip our detailed analysis, you can go directly to the 5 Biggest Trucking Companies in the US.

US Trucking Market

The US trucking industry plays a vital role in the US economy. According to the American Trucking Associations, the US trucking market generated gross freight revenue of $940.8 billion in 2022, accounting for 80.7% of the country's total freight bill. Trucks are a major mode of transport for domestic freight movement. In 2022, trucks transported 11.46 billion tons of goods, constituting a share of 72.6% of all cargo shipped. The trucking industry boasts a large fleet of trucks, with nearly 12.86 million single-unit and combination trucks registered in 2021, representing 5% of the total registered vehicles in the country. The industry employs a large number of people, with 8.4 million employed in trucking and related sectors across the country in 2022, including a professional truck driver workforce of 3.54 million. You can also look at the most advanced countries in logistics.

Major Players in the US Trucking Market

Some of the major companies leading the trucking market with their top-notch services include FedEx Corporation (NYSE:FDX), J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT), and XPO, Inc. (NYSE:XPO). Let's discuss them in detail below.

FedEx Corporation (NYSE:FDX) is a leading multinational logistics company providing shipping, freight, trucking, and e-commerce services. On March 12, the company announced that it has successfully executed the first cross-border package delivery with an electric vehicle from Malaysia to Singapore. The journey, which began on February 27 from Shah Alam station, was completed with a single charge. The EV also led to a nearly 100 kg reduction in tailpipe carbon emissions compared to diesel, underscoring FedEx Corporation's (NYSE:FDX) commitment to reach carbon neutrality by 2040. Moreover, the company has a unique approach to efficient resource management of its freight operations. The company has launched a carbon emissions reporting tool called FedEx Sustainability Insights, providing its customer with historical emissions information on their deliveries within the FedEx network.

J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) is one of the biggest logistics companies in the world. The company has been providing trucking services for over 60 years. On February 22, the company announced that it has signed a multi-year intermodal services agreement with Walmart Inc. (NYSE:WMT). The agreement also includes the purchase of company intermodal assets. This strategic contract will increase J.B. Hunt Transport Services, Inc.'s (NASDAQ:JBHT) existing volume and capacity, enabling the development of diverse intermodal solutions to drive long-term benefits for both companies. The agreement includes the acquisition of Walmart Inc.'s (NYSE:WMT) intermodal container and chassis fleets.

XPO, Inc. (NYSE:XPO) is one of the biggest trucking companies in the US. On February 7, the company announced its earnings for the fiscal fourth quarter of 2023. The company posted earnings per share of $0.77 and surpassed estimates by $0.15. The company generated a revenue of $1.5 billion and beat estimates by $23.41 million, reporting a year-over-year increase of nearly 6%. Here are some of the comments from its Q4 2023 earnings call:

"I'll start with our LTL segment, which reported another quarter of profitable growth. On a year-over-year basis, we increased our shipments per day by 5.7% in the quarter, led by 12% growth in our local sales channel. This resulted in growth in tonnage per day of 2%. Our weight per shipment was down 3.4% year-over-year, which was notably less of a decline for the second consecutive quarter. On a monthly basis, our October tonnage per day was up 2.5% year-over-year. November was down 0.5%, and December was up 3.6%. Looking just at shipments per day, October was up 6.2% year-over-year, November was up 3.7%, and December was up 6.6%. In January, our tonnage per day was down 1.1% year-over-year, while shipment count was up 1.4%."

"Lastly, a quick update on our initiative to add driver teams and sleeper cab trucks for long hauls. The goal here is to increase the efficiency and flexibility of our linehaul network. We started putting these teams in place last quarter and we currently have over 50 teams in operation. We expect to have a few hundred long-haul teams on the road by the end of this year. This should help to accelerate our in-sourcing plan."

With this context, let's have a look at the 25 biggest trucking companies in the US. You can also check the biggest logistics companies in the US.

25 Biggest Trucking Companies in the US
25 Biggest Trucking Companies in the US

A fleet of trucks on a highway, transporting goods for the company.

Methodology

To compile our list of the 25 biggest trucking companies in the US, we conducted exhaustive research by sifting through industry reports and various similar rankings on the internet. We also screened for the biggest trucking companies in the United States by using the Yahoo Finance and Finviz stock screener to ensure we did not miss any major companies in the US trucking market. Then, we compiled a list of 40 companies headquartered in the US. Finally, we ranked the 25 biggest trucking companies in the US in ascending order of their market cap, as of March 27. For private companies on our list, we utilized their annual revenue from their official website where available. We used Forbes' revenue estimates for companies with financial figures not disclosed on their websites.

25 Biggest Trucking Companies in the US

25. Daseke, Inc. (NASDAQ:DSKE)

Market Cap as of March 27: $390.80 million

Daseke, Inc. (NASDAQ:DSKE) is ranked among our list of the biggest trucking companies in the US. The company specializes in transportation and logistics services. It boasts a fleet of over 6,000 tractors and 13,000 flatbed and trailers. It also provides brokerage and industrial warehousing services. As of March 27, Daseke, Inc. (NASDAQ:DSKE) has a market cap of $390.8 million.

24. Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Market Cap as of March 27: $594.36 million

Covenant Logistics Group, Inc. (NASDAQ:CVLG) is a leading trucking company in the US, headquartered in Tennessee. The company specializes in dedicated contract carriage, managed transportation, expedited truckload, warehousing, and regional truckload solutions. It boasts a fleet of 2,600 tractors, 4,500 dry van trailers, and 750 refrigerated trailers. As of March 27, Covenant Logistics Group, Inc. (NASDAQ:CVLG) is valued at $549.36 million.

23. Forward Air Corporation (NASDAQ:FWRD)

Market Cap as of March 27: $791.12 million

Forward Air Corporation (NASDAQ:FWRD) is ranked 23rd on our list of the biggest trucking companies in the US. The company specializes in transportation, shipping, freight management, less-than-truckload, truckload, intermodal, third-party logistics, and airline logistics. As of March 27, Forward Air Corporation (NASDAQ:FWRD) has a market cap of $792.12 million.

22. Heartland Express, Inc. (NASDAQ:HTLD)

Market Cap as of March 27: $908.28 million

Heartland Express, Inc. (NASDAQ:HTLD) is a leading logistics and transportation company. The company offers collaborative truckload transportation services and is valued at $908.28 million as of March 27. Heartland Express, Inc. (NASDAQ:HTLD) is one of the biggest trucking companies in the US.

21. Universal Logistics Holdings, Inc. (NASDAQ:ULH)

Market Cap as of March 27: $951.34 million

Universal Logistics Holdings, Inc. (NASDAQ:ULH) is a leading logistics and trucking company. Its network comprises more than 50 terminal locations and assets of over 3,200 53-foot trailers. Its flatbed and specialized transportation services include heavy haul, flatbed, oilfield, and drive away. As of March 27, Universal Logistics Holdings, Inc. (NASDAQ:ULH) has a market cap of $951.34 million.

20. Marten Transport, Ltd. (NASDAQ:MRTN)

Market Cap as of March 27: $1.49 billion

Marten Transport, Ltd. (NASDAQ:MRTN) is a leading transport and logistics company, specializing in temperature-controlled truckload carrier, intermodal, and brokerage services. The company has over 38,000 carriers. As of March 27, Marten Transport, Ltd. (NASDAQ:MRTN) has a market cap of $1.49 billion.

19. CRST International

Annual Revenue (2023): $2.0 billion

CRST International is ranked among the biggest trucking companies in the US. The company has been providing logistics and transportation services in the US for nearly 70 years. It specializes in expedited, flatbed, dedicated services, truckload capacity solutions, white-glove services, and transportation management. The company generated $2 billion in revenue in 2023.

18. Werner Enterprises, Inc. (NASDAQ:WERN)

Market Cap as of March 27: $2.42 billion

Headquartered in Nebraska, Werner Enterprises, Inc. (NASDAQ:WERN) is one of the biggest truck transportation companies in the US. The company has been providing logistics and trucking services to the US, Canada, and Mexico since 1959. As of March 27, Werner Enterprises, Inc. (NASDAQ:WERN) has a market cap of $2.42 billion.

17. RXO, Inc. (NYSE:RXO)

Market Cap as of March 27: $2.43 billion

RXO, Inc. (NYSE:RXO) is one of the biggest trucking companies in the United States. The company provides transportation and logistics services by utilizing third-party capacity. It has access to over 100,000 independent carriers and 1.5 million trucks. RXO, Inc. (NYSE:RXO) is valued at $2.43 billion as of March 27.

16. Hub Group, Inc. (NASDAQ:HUBG)

Market Cap as of March 27: $2.60 billion

Hub Group, Inc. (NASDAQ:HUBG) is a major trucking company that specializes in multimodal and intermodal solutions, logistics, trucking, transportation management systems, 3PL, less-than-truckload, and brokerage. Its trucking services include flatbed, expedited, high-value freight, temperature-controlled, and cross-border logistics. As of March 27, Hub Group, Inc. (NASDAQ:HUBG) has a market cap of $2.60 billion.

15. ArcBest Corporation (NASDAQ:ARCB)

Market Cap as of March 27: $3.20 billion

ArcBest Corporation (NASDAQ:ARCB) is a top logistics and transportation company specializing in the supply chain, LTL, truckload, warehousing and distribution, trade show shipping, intermodal services, and retail logistics. As of March 27, ArcBest Corporation (NASDAQ:ARCB) boasts a market cap of $3.20 billion.

14. Schneider National, Inc. (NYSE:SNDR)

Market Cap as of March 27: $3.86 billion

Founded in 1935, Schneider National, Inc. (NYSE:SNDR) is a leading trucking and logistics company. It provides services such as long-haul trucking, bulk transport, international shipping, regional trucking, port logistics, warehousing, van truckload, and LTL. As of March 27, Schneider National, Inc. (NYSE:SNDR) is valued at $3.86 billion.

13. NFI Industries, Inc.

Estimated Annual Revenue (2023): $3.90 billion

NFI Industries, Inc. is ranked 13th on our list of the biggest trucking companies in the US. The company has a dedicated fleet of more than 4,900 tractors and 13,700 trailers. It specializes in logistics, warehousing and distribution, contract packaging, drayage, and brokerage. The company generated an annual revenue of $3.90 billion in 2023, according to Forbes.

12. Estes Express Lines

Annual Revenue (2023): $4.40 billion

Estes Express Lines is ranked 12th on our list. The company operates in the US, Canada, and Puerto Rico through over 230 terminals. It offers LTL, truckload, shipping, and logistics services and generated annual revenue of $4.40 billion in 2023.

11. Flexport

Estimated Annual Revenue (2023): $5 billion

Founded in 2013, Flexport is a leading logistics and supply chain company in the United States. The company specializes in freight forwarding, international shipping, supply chain management, trucking, ocean freight, and air freight. It is ranked 11th on our list.

10. Ryder System, Inc. (NYSE:R)

Market Cap as of March 27: $5.12 billion

Ryder System, Inc. (NYSE:R) is one of the biggest trucking companies in the US. The company specializes in logistics, supply chain, truck rental and leasing, truck sales and maintenance, warehousing and distribution, warehouse automation, and used truck sales. As of March 27, Ryder System, Inc. (NYSE:R) has a market cap of $5.12 billion.

9. Landstar System, Inc. (NASDAQ:LSTR)

Market Cap as of March 27: $6.59 billion

Landstar System, Inc. (NASDAQ:LSTR) is a leading logistics and transportation company. It has over 1,100 agents and 9,000 leased owner-operators. The company boasts a fleet of 18,000 trailers and trailing equipment and 76,600 other capacity providers. As of March 27, Landstar System, Inc. (NASDAQ:LSTR) has a market cap of $6.59 billion.

8. C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW)

Market Cap as of March 27: $8.51 billion

C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW) is ranked among the biggest trucking companies in the US. The company has $22 billion in freights under management. The leading logistics company boasts a fleet of 450,000 contract carriers. As of March 27, C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW)  is valued at $8.51 billion.

7. Knight-Swift Transportation Holdings Inc. (NYSE:KNX)

Market Cap as of March 27: $8.51 billion

Knight-Swift Transportation Holdings Inc. (NYSE:KNX) is a leading trucking company, boasting a fleet of 19,000 tractors and 58,000 trailers. The company is ranked 7th on our list and is valued at $8.51 billion as of March 27.

6. XPO, Inc. (NYSE:XPO)

Market Cap as of March 27: $14.04 billion

XPO, Inc. (NYSE:XPO) is one of the biggest trucking companies specializing in less-than-truckload and freight transportation. As of March 27, the company has a market cap of $14.04 billion. It is ranked 6th on our list.

Click to continue reading and see 5 Biggest Trucking Companies in the US.

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Disclosure: None. 25 Biggest Trucking Companies in the US is published on Insider Monkey.

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