The USA’s biggest trucking companies have been around since the early 20th century. Starting out with only one truck, they went on to connect the states, cross-border Mexico and Canada, and soon, the world.

With the rise of ecommerce and supply chain technology improvements, the trucking industry’s market size continued to grow.

Today, all top 10 US trucking companies have market caps of over $2 billion.

Our experts at Business2Community took a close look at the major US trucking companies, outlining their early days, defining moments, and revenue so that business owners can learn more and draw lessons.

Key Takeaways: The USA’s Biggest Trucking Companies

  1. UPS: With a market cap of $126.24 billion, UPS, founded in 1907, is the largest trucking company, delivering 24.3 million packages daily worldwide.
  2. FedEx Corporation: Founded in 1971, FedEx, with a market cap of $61.66 billion, offers diverse logistics services, generating $88 billion in revenue in 2023.
  3. Old Dominion Freight Line: Established in 1934, Old Dominion has grown to a market cap of $48.56 billion, earning $5.86 billion in 2023, with a focus on technology-driven logistics.
  4. J.B. Hunt: J.B. Hunt, founded in 1961, boasts a market cap of $21.00 billion and leverages innovative technology, such as the J.B. Hunt 360° Platform, to generate $12.83 billion in revenue.
  5. Saia: Since its founding in 1924, Saia has expanded to a market cap of $15.52 billion, focusing on less-than-truckload services and earning $2.9 billion in 2023.
  6. XPO Logistics: XPO Logistics, founded in 1989, with a market cap of $14.09 billion, provides cross-border and global logistics services, generating $7.744 billion in 2023.
  7. Knight-Swift: Formed by a merger in 2017, Knight-Swift has a market cap of $8.97 billion and is the largest full truckload company, with $7.142 billion in revenue for 2023.
  8. Landstar System: Known for its asset-light model, Landstar System, founded in 1988, has a market cap of $6.79 billion, earning $5.313 billion from customized transportation solutions in 2023.
  9. Schneider National: Founded in 1935, Schneider National, with a market cap of $3.99 billion, generated $5.5 billion in 2023, excelling in technology-driven logistics and transportation.
  10. ArcBest: ArcBest, founded in 1923, has grown to a market cap of $3.36 billion, offering comprehensive logistics services and earning $4.4 billion in 2023.

The USA’s Biggest Trucking Companies

Analysts expect the trucking industry to grow at a CAGR of 5.20% by 2031, reaching a market size of $3.43 trillion. Further, according to American Trucking Associations, trucks moved 72.6% of the USA’s freight by weight in 2023. This puts the largest trucking companies in the spotlight.

As of 2024, these were the biggest trucking companies in the US by market cap:

1. United Parcel Service (UPS) – $126.24 billion

Industry leader UPS had humble beginnings. It was initially founded by two teenage entrepreneurs with just $100 in a Seattle basement. This was back in 1907, making UPS one of the oldest trucking and transportation companies.

Fast forward to 1975, UPS became the first company to deliver to every address in the continental US. The same year, it expanded its services abroad when it started delivering to Toronto. As of 2024, UPS serves over 200 countries and territories around the world.

A black UPS truck driving in New York - Unsplash

UPS acquired Mail Boxes Etc., Inc. in 2001, entering the retail sector, and Coyote Logistics in 2015, strengthening its logistics services. It founded UPS Healthcare in 2020 and managed to deliver 1 billion COVID-19 vaccines worldwide with 99.9% on-time delivery.

Its 2023 revenue was $91.0 billion, derived from its operations in the US domestic segment, international segment, and supply chain management services.

Company Name UPS
Headquarters Atlanta, Georgia
Market Cap $126.24 billion
Founding Date 1907
Employee Count Over 500,000

2. FedEx Corporation – $61.66 billion

Although Frederick W. Smith founded FedEx in 1971, he developed the idea of providing time-sensitive shipments back in his Yale University days in the 60s. He chose Memphis, Tennessee, for Fedex’s headquarters thanks to the city’s central location, decent airport, and good weather that allowed smooth flight operations.

As of 2000, FedEx’s trucking business has been operating under FedEx Ground, offering low-cost deliveries that arrive in 1–5 business days.

With over 100,000 motorized vehicles, FedEx Ground delivers business-to-business packages to the US and Canada. The company’s 2023 revenue was $88 billion, thanks to its diverse portfolio of ecommerce, business, and transportation and logistics services.

Company Name FedEx
Headquarters Memphis, Tennessee
Market Cap $61.66 billion
Founding Date 1971
Employee Count Over 500,000

3. Old Dominion Freight Line – $48.56 billion

Old Dominion Freight Line started as a single truck operating between Richmond and Norfolk in 1934. It experienced major growth during the 1940s, as the traffic between Richmond and Norfolk increased due to World War II.

Over the next thirty years, Old Dominion made strategic acquisitions, including purchasing Bottoms-Fiske Truck Line, and expanded its services to North Carolina, southern Virginia, and the Northeast.

old dominion freight line

After moving its headquarters to Thomasville, North Carolina, OD was able to benefit from higher-end technology, enabling its international growth. Technology still remains a priority for OD, investing $12 million per year into the latest supply chain technology and routing systems. In 2023, the company made $5.86 billion in revenue, operating with over 10,000 trucks.

Company Name Old Dominion Freight Line
Headquarters Thomasville, North Carolina
Market Cap $48.56 billion
Founding Date 1934
Employee Count Over 23,000

4. J.B. Hunt – $21.00 billion

J.B. Hunt transport services originally began as a rice hull operation by a couple, Johnelle and Johnnie Bryan Hunt. After they purchased five trucks and seven trailers, their business shifted into the trucking industry.

Today, the company prides itself on using innovative technologies as a transportation and logistics company, such as the J.B. Hunt 360° Platform, a marketplace bringing shippers and carriers together.

According to the company, the J.B. Hunt 360° Platform has nearly one million trucks on the system, making it possible to book a shipment as quickly as three minutes. In 2023, J.B. Hunt made $12.83 billion from intermodal, dedicated contract services (DCS), integrated capacity solutions (ICS), truckload, and more.

Company Name J.B. Hunt
Headquarters Lowell, Arkansas
Market Cap $21.00 billion
Founding Date 1961
Employee Count Over 30,000

5. Saia – $15.52 billion

With over 190 terminals in the US, SAIA focuses on less-than-truckload, non-asset truckload services, and third-party logistics. It was founded in 1924 when grocery store owner Louis Saia Sr. was asked to deliver produce to New Orleans. Saia Sr. turned his family car into a truck by removing its rear seats.

In the next 50 years, the company grew substantially, employing 1,000 people across five states.

Yellow Corporation, also known as YRC Worldwide, acquired Saia in 1983, merging it with Smalley Transportation to open terminals in North and South Carolina and Texas. In 2002, Saia continued its growth in a different direction by spinning off from Yellow Corporation to become a publicly traded company.

Graph showing the Saia stock from 2002 to 2024

Its annual revenue surpassed the $1 billion mark in 2008, reaching $2.9 billion in 2023. Besides revenue, Saia stocks have also increased since 2020, reaching a 52-week high of $628.34 as of March 2024.

Company Name Saia
Headquarters Johns Creek, Georgia
Market Cap $15.29 billion
Founding Date 1924
Employee Count Over 10,000

6. XPO Logistics – $14.09 billion

XPO Logistics is a tech-driven freight transportation company founded in 1989. It covers 99% of all US zip codes, provides cross-border services to Canada and Mexico, and delivers goods to Asia and Europe over ocean transit.

Over the years, it acquired various logistics solutions companies, including 3PD, the largest third-party provider of heavy goods, Pacer International, the biggest provider of intermodal services in the cross-border Mexico market, and New Breed, a high-tech contract logistics company.

XPO’s 2023 revenue was $7.744 billion, from business segments such as North American less-than-truckload, European transportation, and corporate.

Company Name XPO Logistics
Headquarters Greenwich, Connecticut
Market Cap $14.09 billion
Founding Date 1989
Employee Count Over 30,000

7. Knight-Swift – $8.97 billion

Knight-Swift is the result of a 2017 merger between Knight Transportation, Inc. and Swift Transportation Company. Known as the largest full truckload company in the US, it operates with 19,000 tractors and 58,000 trailers across North America.

knight swift transportation

In 2021, it entered the less-than-truckload business with the $1.35 billion acquisition of AAA Cooper. Other Knight-Swift services include temperature-controlled trailers, cross-border services, freight brokerage, and logistics.

The company’s annual revenue was $7.142 billion in 2023, with truckload transportation remaining its strongest segment.

Company Name Knight-Swift
Headquarters Phoenix, Arizona
Market Cap $8.97 billion
Founding Date 1990
Employee Count Over 20,000

8. Landstar System – $6.79 Billion

Landstar System is known for its distinct asset-light business model, combining independent agents and providers to offer customized transportation services. This implies that Landstar’s operators are business capacity owners (BCOs) who own their equipment and have the flexibility to choose their loads.

With this business model, Landstar is able to offer customized transportation solutions for both single-loads and more complex deliveries.

In 2023, 53% of its revenue came from truck brokerage carriers, 38% from independent contractors, 5% from ocean and air cargo carriers, and 2% from rail international. In the full fiscal year, it made $5.313 billion in total.

Company Name Landstar System
Headquarters Jacksonville, Florida
Market Cap $6.79 billion
Founding Date 1988
Employee Count Over 1,000

9. Schneider National – $3.99 billion

Back in the 1930s, Al Schneider sold his car to buy Schneider National’s first truck. Around twenty years later, the company made its first interstate delivery.

In 1964, it merged with Packer City Transport, and in 1968, it merged with Garrison Transport. Schneider National has been tech-driven from the start, installing computerized control systems as early as 1975, long before its competitors.

Starting in 1990, the company kicked off its international expansion as well as adding more services, including intermodal and logistics services.

In 2023, Schneider National made $5.5 billion in revenue. Its main revenue segment was truckload, followed by intermodal and logistics.

Company Name Schneider National
Headquarters Green Bay, Wisconsin
Market Cap $3.99 billion
Founding Date 1976
Employee Count Over 15,000

10. ArcBest – $3.36 billion

A logistics company, ArcBest covers North America, offering truckload, less-than-truckload, final mile, intermodal, logistics, and supply chain consulting services. When it was first founded in 1923, the company was called OK Transfer.

After becoming an interstate carrier, it continued growing through a series of acquisitions, which resulted in Arkansas Best Corporation rebranding as ArcBest in 2014.


By 2023, ArcBest had owned logistics management, transportation, and moving companies. With all its business segments, it made $4.4 billion in 2023, which was the second-best revenue in its history.

Company Name ArcBest
Headquarters Fort Smith, Arkansas
Market Cap $3.36 billion
Founding Date 1923
Employee Count Over 15,000

Trucking Industry’s Role in the Supply Chain

The trucking industry plays a pivotal role in the supply chain by ensuring the efficient and reliable movement of goods.

Trucks are responsible for transporting 72.6% of the USA’s freight by weight, highlighting their importance in connecting manufacturers, distributors, and retailers.

This industry supports various sectors, including agriculture, retail, and manufacturing, by delivering raw materials to production sites and finished goods to markets.

With advancements in technology, such as real-time tracking and automated logistics platforms, trucking companies have enhanced their operations, providing faster and more accurate delivery services.

This critical role ensures that supply chains remain robust and responsive to market demands, ultimately contributing to economic growth and consumer satisfaction.

Challenges Facing the Trucking Industry

The trucking industry faces several significant challenges that impact its efficiency and sustainability:

  1. Driver Shortage: The industry struggles with a severe shortage of qualified drivers, which affects the ability to meet delivery demands and maintain service quality.
  2. Regulatory Changes: Frequent changes in regulations, such as hours-of-service rules and environmental standards, require companies to continually adapt their operations, often at significant cost.
  3. Fuel Costs: Fluctuations in fuel prices can significantly impact operating costs, making it challenging for trucking companies to maintain profitability.
  4. Technological Integration: While technology can enhance efficiency, integrating new systems and training employees can be costly and time-consuming, especially for smaller companies.
  5. Infrastructure Issues: Aging infrastructure, including roads and bridges, leads to delays and increased maintenance costs, affecting the overall efficiency of transportation.
  6. Environmental Concerns: Increasing pressure to reduce carbon emissions and adopt sustainable practices requires significant investment in newer, greener technologies and practices.
  7. Supply Chain Disruptions: Events such as natural disasters, pandemics, and geopolitical tensions can disrupt supply chains, leading to delays and increased costs.
  8. Competition: Intense competition within the industry, along with the rise of alternative transportation methods, puts pressure on trucking companies to continuously innovate and improve their services.

Learning from the Biggest Trucking Companies in the World

Most of the world’s largest trucking companies started as small businesses, operating with a single truck or even a family car. Although they all had different growth stories, it’s possible to identify some common elements.

  • Mergers and acquisitions: Knight-Swift Transportation Holdings is a good example of how strategic acquisitions often create industry leaders. By merging Knight Transportation with Swift Transportation, the enterprise became the largest full truckload company in the US. Four years after the merger, Knight-Swift acquired the less-than-truckload company AAA Cooper to diversify its services and enter a new section of the trucking market.
  • Focus on customer satisfaction and excellence: Fast deliveries, high-quality service, and competitive prices play a role in customer satisfaction. For example, UPS has three delivery tiers, Fast: one to five business days, Faster: second or third business day, and Even Faster: next day. All tiers benefit from free tracking services, and according to the company, 90% of packages arrive in less than three business days.
  • Investment in technology: The biggest trucking companies stay up-to-date with technology. For instance, Old Dominion Freight Line announced it invests $12 million per year into supply chain efficiency. In 2023, FedEx invested in AI company to create smarter supply chains.
  • Diverse portfolios: From less-than-truckload to full truckload, warehousing to customs brokerage, major trucking companies offer a wide range of services, highlighting the importance of diversifying offerings.
  • Prioritizing safety: Through the latest technologies and continuous training, trucking companies make sure they have necessary safety measures in place. Werner Enterprises, for example, has collision mitigation systems to monitor driver activity for hazards. In addition to this, the company is committed to using new trucks, hiring well-trained drivers, and providing training programs to both new and experienced employees.


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