Transport Topics has released their annual list of top 100 for-hire carriers.
In spite of lingering supply chain disruptions and an extremely tight labor market, most of the largest for-hire motor carriers in North America achieved significant revenue gains and higher profits last year, powered by surging freight demand as the economy rebounded from the COVID-19 pandemic.
That time of extraordinary business growth is clearly reflected on the 2022 edition of Transport Topics’ Top 100 For-Hire Carriers list. The overwhelming majority of companies ranked on this year’s list reported year-over-year revenue increases in 2021, including record results for many large fleets. At the same time, trucking companies across the industry were able to increase driver compensation to help boost their recruiting and retention efforts.
With that tremendous year now fading from view, carriers are facing some additional challenges in 2022. In addition to consistent and routine supply chain constraints, high inflation has contributed to economic uncertainty and diesel prices have skyrocketed amid Russia’s invasion of Ukraine.
After successfully navigating the disruptions of the past two years, the carriers that appear on this Top 100 list already have demonstrated their incredible ability to adapt to challenges and keep their customers’ freight moving.
It comes as no surprise that package delivery giants UPS Inc. and FedEx Corp. easily retained the top two positions on this year’s list, with both reporting strong revenue growth as demand for package delivery continued to climb. We’ve all been relying on our online orders and shopping throughout the COVID-19 pandemic, and that is evident.
Carrier XPO Logistics remained Number 3 despite spinning off its contract logistics business in 2021. The company also intends to split off its freight brokerage operations as another independent company later this year.
The remainder of the top five also is unchanged, with intermodal and trucking company J.B. Hunt Transport Services coming in at No. 4 and Canadian trucking conglomerate TFI International at No. 5. TFI greatly expanded its LTL operations through its purchase of UPS’s Freight division in April 2021.
The Transport Topics Top 100 list and industry sector lists presented in this publication rank the largest for-hire carriers in the United States and Canada based on 2021 revenue. Most of the information is from companies’ responses to an annual survey conducted by Transport Topics, along with data from financial reports and other public sources. SJ Consulting Group provided revenue estimates for some companies that did not report data. The lists also include some information compiled by legal services firm Culhane Meadows.
To view the list in full, please click here: https://www.ttnews.com/for-hire/rankings/2022