Direct Answer
13 SEC filers are classified under the Standard Industrial Classification codes that describe the air freight & logistics industry, and their latest annual reports show $139.9 billion of combined revenue and a median operating margin of 1.5%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Air freight and logistics companies move parcels and cargo by air and ground, charging per shipment and for time-definite service. Volume follows e-commerce and trade, and network density and fuel decide margins. The first numbers to compare across companies here are volume and yield per package, operating margin and fuel surcharge recovery.
Key Industry Metrics
- Volume and yield per package: Packages shipped and revenue earned per piece. Volume reflects demand, and yield reflects pricing, weight and service mix, so growth can come from either.
- Operating margin: Operating profit as a percentage of revenue. Network carriers have heavy fixed costs, so margin widens with density and falls when volume drops.
- Fuel surcharge recovery: How much of fuel cost swings is recovered through surcharges. Full recovery protects margin, but lags can hurt or help when fuel prices change quickly.
- Network capacity: Aircraft, vehicles and sorting capability available. Matching capacity to volume matters, since excess capacity is costly and shortages limit growth.
- International mix: Share of revenue from cross-border shipments. International service usually earns higher yield but is exposed to trade policy and customs conditions.
Primary Macro Drivers
- E-commerce growth: Online orders become parcels, so growth lifts volume and revenue, while mix affects yield per package.
- Industrial production and trade: Business shipments rise with factory output and trade, adding volume and international mix.
- Fuel prices: Fuel is a large cost, so changes affect operating margin, and surcharges recover part of the effect with a lag.
- Labor contracts: Wages and work rules for pilots and drivers set a large share of cost, so new agreements change margin.
Major Risks
- Volume slowdowns: Fewer parcels leave fixed network cost spread over less, lowering operating margin; watch volume and yield.
- Labor costs and disruptions: Wage increases and strikes raise operating cost and can shift volume to rivals; watch labor agreements, operating margin and any service disruption notes.
- Competition and pricing: Rivals' discounts and in-house delivery by large shippers pressure yield per package.
- Fuel swings: Sharp fuel moves hit margin faster than surcharges adjust; watch fuel surcharge recovery.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | Medium |
| Regulatory Intensity | Medium |
| Industry Maturity | Mature |
| Geographic Importance | Global |
Air Freight & Logistics Filers in the SEC Record
13 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 4513, 4731, 4522. Their latest fiscal years end between 2025 and 2026, and together they reported $139.9 billion of revenue. Median revenue growth over the prior year was -1.1%. Median operating margin was 1.5% and median net margin 1.9%. Median total liabilities were 71% of total assets, and 8 of 13 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Fedex Corp | $94.7 billion | 7.7% | 5.8% | 0.0% | FY 2026 |
| C. H. Robinson Worldwide, Inc. | $16.2 billion | -8.4% | 4.9% | 3.6% | FY 2025 |
| Expeditors International Of Washington Inc | $11.1 billion | 4.4% | 9.5% | 7.3% | FY 2025 |
| Fedex Freight Holding Company, Inc. | $8.8 billion | -1.1% | 6.1% | 7.4% | FY 2026 |
| Brinks Co | $5.3 billion | 5.0% | 11.1% | 3.8% | FY 2025 |
| Forward Air Corp | $2.5 billion | 0.8% | 1.5% | -4.2% | FY 2025 |
| Radiant Logistics, Inc | $903 million | 12.5% | 2.3% | 1.9% | FY 2025 |
| Air T Inc | $327 million | 12.1% | -3.4% | 23.8% | FY 2026 |
The 8 largest of 13 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Air Freight & Logistics guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Air Freight & Logistics industry?
Key performance indicators for the Air Freight & Logistics industry include: Volume and yield per package, Operating margin, Fuel surcharge recovery, Network capacity, International mix. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Air Freight & Logistics industry?
The Air Freight & Logistics industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Air Freight & Logistics industry?
The primary risks for Air Freight & Logistics companies include: Volume slowdowns, Labor costs and disruptions, Competition and pricing, Fuel swings. Investors should assess each company's exposure to these factors and its track record of navigating them.