US LTL carriers diverge in Q3 as XPO gains volume and FedEx Freight slips

· Logistics · United States

Third-quarter updates from US less-than-truckload carriers show diverging trajectories. XPO grew shipments almost 6% while Old Dominion and FedEx Freight shipped less, and XPO's margins held up better than the usual seasonal pattern, though its headline price growth slowed to 3.6% — management attributed that to heavier, shorter-haul freight spilling over from a squeezed truckload market. FedEx Freight, the largest US LTL carrier, said shipments fell 1.4% year over year for the four months through September, but fuel and rates boosted revenue, and it expects to gain business in new verticals. The numbers point to a market where volume is shifting between operators as truckload capacity loosens.

Why it matters：Volume shifting between the largest LTL carriers shows how a loosening truckload market is reshaping pricing power and share across US surface freight.

Key points

  • XPO shipment growth of nearly 6% outpaced Old Dominion and FedEx Freight.
  • XPO's price growth slowed to 3.6%, which it links to heavier, shorter-haul freight.
  • FedEx Freight expects to win business in new verticals despite lower shipments.

Sources (original reporting)

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