The 25 largest U.S. less-than-truckload carriers raised their combined revenue 3.9 percent to $29.5 billion in 2013, continuing a long, slow recovery from a disastrous 2009, when the LTL group lost nearly 25 percent of its revenue. The JOC and SJ Consulting Group annually rank the top 25 LTL trucking companies and track the sector’s progress toward economic recovery. Years of network re-engineering are beginning to pay off for many of the large carriers, though mid-sized companies on the Top 25 list grew the fastest in 2013. Altogether, the Top 25 LTL carriers account for almost 90 percent of total LTL trucking revenue.

1. Top 25 LTL Carriers:
What the Data Tells Us

2. At $29.5 billion in combined revenue, the 25 largest LTL carriers last year drove past their previous revenue
record of $29.3 billion in 2008, completing a five-year recovery despite slow growth in 2012 and 2013. The top
25 LTL carriers lost more than 24 percent of their combined revenue in 2009 alone.

3. With an estimated $33 billion in revenue in 2013, the LTL industry as a whole represents about 5 percent of
total trucking activity or approximately 10 percent of for-hire trucking. Compared with truckload, the sector is
highly concentrated — the top 25 carriers account for nearly 90 percent of total LTL revenue.

4. Revenue growth among the Top 25 LTL carriers slowed for the second straight year in 2013, rising 3.9 percent,
compared with a revised 4.4 percent growth rate in 2012 and a 12.4 percent rate in 2011, according to SJ
Consulting Group. Slower LTL revenue growth reflects slower U.S. economic growth.

5. Companies with more than $1 billion in revenue dominate the Top 25 list. In number, they account for 40
percent of the Top 25 LTL carriers. In revenue, they account for 81 percent of Top 25 LTL combined sales —
$24 billion out of $29.5 billion in 2013. However, they increased revenue only 3.1 percent in 2013.

6. Among the 10 carriers in LTL’s “billion dollar club,” FedEx Freight was the largest and claimed the most market
share. Estes Express and YRC Regional both rose on the list in 2013, passing ABF Freight System, now the
eighth-largest LTL carrier ranked by revenue, according to SJ Consulting Group.

7. Pennsylvania-based Pitt Ohio had the fastest organic growth of any company on the Top 25 LTL list last year,
increasing its LTL revenue 10.9 percent from 2012 to about $362 million. Central Transport had the largest
year-over-year increase, thanks to its acquisition of Vitran Express operations in the U.S.

8. In 2013, smaller LTL carriers outpaced larger competitors. The 10 smallest companies on the list increased
revenue 5.5 percent, compared with 3.9 percent for the overall list and 3.1 percent for the 10 largest carriers.
The five “middle” carriers among the Top 25 increased revenue 9.2 percent from 2012.

9. Overall, 11 out of 24 carriers on the Top 25 List grew at a faster pace in 2013 than in 2012, a sign that many
trucking companies were improving operations and making gains despite the slow pace of the economy. In
comparison, only one of the Top 25 LTL carriers grew faster in 2012 than it had the previous year.

10. STAY INFORMED.
Trade Data & Intelligence from the Industry Experts