MoatScopeMoatScope

Trucking, Logistics & Delivery

Trucking, parcel, freight forwarding, brokerage and transport infrastructure.

Companies
67
With a moat
28%
Average quality
30
1 wide moat · 18 narrow moat · 48 no moat · Open in screener →
Updated 27 Sep 2026

Trucking, Logistics & Delivery covers truckload and less-than-truckload carriers, parcel delivery, freight forwarders and brokers, and airport operators. MoatScope covers 68 companies here. One has a wide moat, 18 a narrow moat and 49 none.

How the industry makes money

Carriers earn on moving freight, and profit depends on keeping trucks and planes full. Less-than-truckload carriers combine many small shipments through networks of terminals, while forwarders and brokers arrange transport without owning most of the equipment.

Where the moats are

Cost advantages appear in 11 of the 19 moat-rated companies, mostly from network density.

  • Old Dominion Freight Line: a less-than-truckload network whose density and service quality let it charge more and still win share.

The narrow-moat group includes UPS, FedEx, Expeditors, J.B. Hunt and the Mexican airport operators ASUR and OMA. Truckload carriers such as Knight-Swift, Landstar and Schneider carry no moat. Old Dominion scores 80 on MoatScope's quality scale.

What wears moats down

Freight demand is cyclical, truckload trucking is fragmented and easy to enter, and large shippers keep bringing delivery in house.

What to watch

  • Freight volumes and pricing.
  • Parcel volumes and large-customer shifts.
  • Trade and tariff effects on shipping.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Trucking, Logistics & Delivery into 5 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Parcel & express delivery

Parcel, express and courier networks.

5 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessRevenue
1FDX · FEDEX CORP$85.9B
2UPS · UNITED PARCEL SERVICE INC$78.1B
3ZTO · ZTO Express (Cayman) Inc.$6.9B
4SFWL · SHENGFENG DEVELOPMENT Ltd$572M
5AIRT · AIR T INC$327M

Trucking

Truckload and less-than-truckload carriers.

US market · $414.7B total revenue in 2025 · source: US Census Bureau Quarterly Services Survey. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. US for-hire trucking revenue (Census).

#BusinessMarket shareRevenue
1FDXF · FedEx Freight Holding Company, Inc.
US revenue
2.1%$8.6B
2KNX · Knight-Swift Transportation Holdings Inc.1.6%$6.5B
3TFII · TFI International Inc.1.5%$6.4B
4ODFL · OLD DOMINION FREIGHT LINE, INC.1.3%$5.5B
5JBHT · HUNT J B TRANSPORT SERVICES INC1.2%$4.9B
6XPO · XPO, Inc.
North American LTL revenue
1.1%$4.7B
7SAIA · SAIA INC0.8%$3.2B
8SNDR · Schneider National, Inc.0.7%$3.1B
9WERN · WERNER ENTERPRISES INC
US revenue
0.7%$2.8B
10ARCB · ARCBEST CORP /DE/0.7%$2.7B
All other companies86.4%$358.3B

Freight brokerage & logistics

Freight forwarding, brokerage, intermodal and contract logistics.

26 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessRevenue
1JD · JD.com, Inc.
JD Logistics · filed under E-commerce & Online Marketplaces
$30.4B
2CHRW · C. H. ROBINSON WORLDWIDE, INC.$16.2B
3GXO · GXO Logistics, Inc.$13.2B
4EXPD · EXPEDITORS INTERNATIONAL OF WASHINGTON INC$11.1B
5UPS · UNITED PARCEL SERVICE INC
Supply Chain Solutions
$10.6B
6JBHT · HUNT J B TRANSPORT SERVICES INC
Intermodal (JBI), Integrated Capacity Solutions (brokerage)
$7.1B
7RXO · RXO, Inc.$5.7B
8R · RYDER SYSTEM INC
Supply Chain Solutions
$5.5B
9UBER · Uber Technologies, Inc
Freight · filed under E-commerce & Online Marketplaces
$5.1B
10LSTR · LANDSTAR SYSTEM INC$4.7B

Vehicle & truck rental

Car rental and truck leasing.

US market · $93.0B total revenue in 2025 · source: US Census Bureau Quarterly Services Survey. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. US car and truck rental and leasing revenue (Census).

#BusinessMarket shareRevenue
1CAR · AVIS BUDGET GROUP, INC.
US revenue
9.0%$8.4B
2HTZ · HERTZ GLOBAL HOLDINGS, INC
Americas car rental revenue
7.3%$6.8B
3R · RYDER SYSTEM INC6.3%$5.8B
4UHAL · U-Haul Holding Co /NV/
US revenue
6.1%$5.7B
5Sixt (North America)
Listed outside the US (XETRA) · Company reports
1.7%$1.6B
All other companies69.6%$64.7B

Airports

Airport operators.

5 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessRevenue
1CAAP · CORPORACION AMERICA AIRPORTS S.A.$2.0B
2PAC · Pacific Airport Group$1.9B
3ASR · SOUTHEAST AIRPORT GROUP$1.8B
4OMAB · Central North Airport Group$874M
5SKAS · Saker Aviation Services, Inc.$1M

Companies

CompanyMoatQualityMarket
UPS
UNITED PARCEL SERVICE INC
Narrow47Parcel & express delivery
+ 1 other market
—$82.9B
FDX
FEDEX CORP
Narrow50Parcel & express delivery—$69.5B
ODFL
OLD DOMINION FREIGHT LINE, INC.
Wide80Trucking1.3%$38.7B
EXPD
EXPEDITORS INTERNATIONAL OF WASHINGTON INC
Narrow66Freight brokerage & logistics—$25.6B
XPO
XPO, Inc.
Narrow38Trucking1.1%$21.7B
JBHT
HUNT J B TRANSPORT SERVICES INC
Narrow50Trucking
+ 1 other market
1.2%$21.0B
ZTO
ZTO Express (Cayman) Inc.
Narrow62Parcel & express delivery—$18.9B
FDXF
FedEx Freight Holding Company, Inc.
Narrow32Trucking2.1%$16.5B
CHRW
C. H. ROBINSON WORLDWIDE, INC.
Narrow55Freight brokerage & logistics—$16.2B
TFII
TFI International Inc.
Narrow43Trucking
+ 1 other market
1.5%$11.7B
UHAL
U-Haul Holding Co /NV/
Narrow36Vehicle & truck rental6.1%$10.8B
PAC
Pacific Airport Group
Narrow66Airports—$10.7B
KNX
Knight-Swift Transportation Holdings Inc.
None31Trucking
+ 1 other market
1.6%$10.3B
YMM
Full Truck Alliance Co. Ltd.
Narrow61Trucking—$9.2B
R
RYDER SYSTEM INC
Narrow45Vehicle & truck rental
+ 2 other markets
6.3%$9.1B
SAIA
SAIA INC
Narrow50Trucking0.8%$8.8B
ASR
SOUTHEAST AIRPORT GROUP
Narrow71Airports—$7.2B
LSTR
LANDSTAR SYSTEM INC
None45Freight brokerage & logistics—$5.7B
GXO
GXO Logistics, Inc.
Narrow38Freight brokerage & logistics—$5.4B
SNDR
Schneider National, Inc.
None43Trucking
+ 1 other market
0.7%$5.3B
RXO
RXO, Inc.
None21Freight brokerage & logistics—$4.7B
CAAP
CORPORACION AMERICA AIRPORTS S.A.
Narrow51Airports—$4.2B
OMAB
Central North Airport Group
Narrow69Airports—$3.9B
CAR
AVIS BUDGET GROUP, INC.
None16Vehicle & truck rental9.0%$3.6B
ARCB
ARCBEST CORP /DE/
None36Trucking
+ 1 other market
0.7%$2.9B
WERN
WERNER ENTERPRISES INC
None21Trucking0.7%$1.8B
HUBG
Hub Group, Inc.
None37Freight brokerage & logistics—$1.6B
MRTN
MARTEN TRANSPORT LTD
None38Trucking0.2%$1.0B
HTLD
HEARTLAND EXPRESS INC
None14Trucking0.2%$814M
CVLG
COVENANT LOGISTICS GROUP, INC.
None22Trucking0.3%$740M
SKYH
Sky Harbour Group Corp
None18Trucking<0.1%$694M
HTZ
HERTZ GLOBAL HOLDINGS, INC
None27Vehicle & truck rental7.3%$581M
FWRD
FORWARD AIR CORP
None20Freight brokerage & logistics—$518M
ULH
UNIVERSAL LOGISTICS HOLDINGS, INC.
None17Trucking0.4%$424M
RLGT
RADIANT LOGISTICS, INC
None34Freight brokerage & logistics—$412M
TLSS
Transportation & Logistics Systems, Inc.
None4Freight brokerage & logistics—$353M
PAMT
PAMT CORP
None14Trucking0.1%$236M
ICTSF
ICTS INTERNATIONAL N V
None25Trucking<0.1%$210M
MRT
Marti Technologies, Inc.
None6Vehicle & truck rental—$157M
BTOC
Armlogi Holding Corp.
None7Trucking<0.1%$127M
FLX
BingEx Ltd
None29Trucking—$110M
ETS
Elite Express Holding Inc.
None13Trucking<0.1%$101M
WETO
Wetour Robotics Ltd
None5Trucking<0.1%$85M
CRGO
Freightos Ltd
None19Freight brokerage & logistics—$80M
AIRT
AIR T INC
None24Parcel & express delivery—$72M
SFWL
SHENGFENG DEVELOPMENT Ltd
None33Parcel & express delivery—$70M
ZDAI
DirectBooking Technology Co., Ltd.
None9Trucking<0.1%$70M
JANL
JANEL CORP
None38Trucking<0.1%$53M
NCEW
New Century Logistics (BVI) Ltd
None6Freight brokerage & logistics—$50M
RYDE
Ryde Group Ltd
None18Trucking<0.1%$40M
PSIG
PS International Group Ltd.
None6Freight brokerage & logistics—$30M
SWVL
Swvl Holdings Corp
None13Trucking—$20M
CJMB
CALLAN JMB INC.
None17Trucking<0.1%$11M
GVH
Globavend Holdings Ltd
None37Freight brokerage & logistics—$8M
ARAI
Arrive AI Inc.
None5Trucking<0.1%$6M
SKAS
Saker Aviation Services, Inc.
None29Airports—$5M
PNYG
Pony Group Inc.
None8Trucking<0.1%$4M
SLGB
Smart Logistics Global Ltd
None25Freight brokerage & logistics—$3M
TOPP
Toppoint Holdings Inc.
None14Trucking<0.1%$3M
FRGT
Freight Technologies, Inc.
None21Freight brokerage & logistics—$2M
DWAY
Driveitaway Holdings, Inc.
None5Trucking<0.1%$1M
ATXG
ADDENTAX GROUP CORP.
None21Trucking<0.1%—
ELOG
Eastern International Ltd.
None18Freight brokerage & logistics——
HKPD
Cellyan Biotechnology Co., Ltd
None27Trucking<0.1%—
HXHX
Haoxin Holdings Ltd
None43Trucking——
JYD
Jayud Global Logistics Ltd
None16Freight brokerage & logistics——
ZCAR
Zoomcar Holdings, Inc.
None11Vehicle & truck rental——

67 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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