Direct Answer
8 SEC filers are classified under the Standard Industrial Classification code that describes the truckload trucking industry, and their latest annual reports show $36.3 billion of combined revenue and a median operating margin of 3.0%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Truckload carriers haul full trailer loads under contracts and spot rates, with results depending on freight demand, capacity and driver costs. The industry is fragmented and cyclical. The first numbers to compare across companies here are revenue per tractor per week, rate per mile and operating ratio.
Key Industry Metrics
- Revenue per tractor per week: Revenue earned by each truck over a week, combining rate, miles and utilization. It is a compact gauge of productivity, and changes reflect pricing or the quality of freight and deadhead.
- Rate per mile: Revenue earned per loaded mile. Rising rates show tightening capacity or firmer contracts, and falling rates suggest a weak market, so compare contract with spot pricing.
- Operating ratio: Operating expenses divided by revenue, where lower is better. Each point of improvement adds about one percent of revenue to operating profit, and results swing with the freight cycle.
- Driver turnover: Share of drivers leaving over a period. High turnover raises recruiting and training cost and idles trucks, while low turnover supports service and utilization.
- Fuel cost: Diesel expense, a major operating cost. Rising fuel squeezes margin unless surcharges and rates follow, and fuel-efficiency gains can offset some of it.
Primary Macro Drivers
- Freight demand and rates: Shipper volumes and contract and spot rates set revenue per tractor per week and the rate per mile.
- Truck capacity: The balance of trucks against loads decides pricing, so excess capacity lowers rates and tight capacity lifts them.
- Fuel and driver costs: Diesel and driver pay are the largest costs, so changes move operating ratio unless recovered through rates and surcharges.
- Regulation: Hours, safety and emissions rules affect driver productivity and equipment cost, which shift capacity and operating ratio.
Major Risks
- Freight recession: Weak volumes and rates leave trucks underused while fixed cost remains, raising operating ratio and cutting profit; watch rate per mile and tractor productivity.
- Driver shortages: Too few drivers leave trucks idle and push wages and turnover up; watch driver turnover and pay disclosures.
- Fuel and insurance costs: Higher diesel and large accident claims lift cost per mile faster than rates adjust; watch insurance expense and fuel as a share of revenue.
- Competition: Many fragmented carriers and brokers chase freight, so price pressure persists; watch rate per mile and contract renewals.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | High |
| Regulatory Intensity | Medium |
| Industry Maturity | Mature |
| Geographic Importance | U.S. |
Truckload Trucking Filers in the SEC Record
8 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 4213. Their latest fiscal years end in 2025, and together they reported $36.3 billion of revenue. Median revenue growth over the prior year was -1.1%. Median operating margin was 3.0% and median net margin 1.7%. Median total liabilities were 55% of total assets, and 6 of 8 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Hunt J B Transport Services Inc | $12.0 billion | -0.7% | 7.2% | 5.0% | FY 2025 |
| Knight-Swift Transportation Holdings Inc. | $7.5 billion | 0.8% | 2.9% | 0.9% | FY 2025 |
| Old Dominion Freight Line, Inc. | $5.5 billion | -5.5% | 24.8% | 18.6% | FY 2025 |
| Landstar System Inc | $4.7 billion | -1.6% | 3.2% | 2.4% | FY 2025 |
| Saia Inc | $3.2 billion | 0.8% | 10.9% | 7.9% | FY 2025 |
| Universal Logistics Holdings, Inc. | $1.6 billion | -15.6% | -4.1% | -6.4% | FY 2025 |
| Covenant Logistics Group, Inc. | $1.2 billion | 2.9% | 0.3% | 0.6% | FY 2025 |
| Pamt Corp | $598 million | -16.3% | -10.7% | -8.8% | FY 2025 |
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 Truckload Trucking 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 Truckload Trucking industry?
Key performance indicators for the Truckload Trucking industry include: Revenue per tractor per week, Rate per mile, Operating ratio, Driver turnover, Fuel cost. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Truckload Trucking industry?
The Truckload Trucking 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 Truckload Trucking industry?
The primary risks for Truckload Trucking companies include: Freight recession, Driver shortages, Fuel and insurance costs, Competition. Investors should assess each company's exposure to these factors and its track record of navigating them.