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Penske Logistics trucks at a loading dock in Phoenix. (Penske Logistics)

Challenging conditions in 2025 led to mixed results across segments for many third-party logistics providers, with freight brokers and warehousing providers best weathering the storm.

Freight Brokerage

Persistent excess capacity and depressed freight rates contributed to a challenging business environment for freight brokerage in 2025, but many of the largest brokers in North America still managed to generate higher gross revenues compared with the prior year.

Meanwhile, consolidation has continued to alter the competitive landscape in freight brokerage. The most prominent recent example was Echo Global Logistics’ , which closed in March.

Echo and ITS are still listed separately on this year’s rankings with their full-year results from 2025, placing them at Nos. 6 and 16 respectively, although their combined revenue would have moved Echo into the top 5.

RXO, meanwhile, moved up one position to No. 5 on this year’s list, due in large part to its late 2024 acquisition of Coyote Logistics. With a full year of combined results, RXO’s gross revenue from freight brokerage operations jumped to $4.23 billion, up from $3.03 billion a year earlier. The company’s net revenue increased by $144 million, as well.

More shuffling among the industry leaders came in the top 3, as Total Quality Logistics moved up one spot from last year to No. 2. TQL’s gross revenue increased by $540 million, pushing it past J.B. Hunt Transport Services.

WWEX Group, the parent of Worldwide Express, retained its No. 4 ranking from last year.

Dry Storage Warehousing

Providers of warehousing and distribution services continued to navigate uncertain economic conditions in 2025 but largely weathered the storm more successfully than their 3PL counterparts in other sectors.

See the 2026 Top 100 rankings

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â–ºTop 100 3PLs Adapt to Market
â–ºHow AI Is Transforming Logistics
â–ºMap: Where the Top 100 Are
â–ºArmstrong: 3PLs Navigated Volatility in 2025
â–ºLogistics Firms Embrace AI
â–º3PLs Hopeful for Market Recovery
â–ºTariffs Continue to Drive Volatility
â–ºLogistics Results Mixed in 2025

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Sector Rankings
Freight Brokerage | Dedicated
Dry Storage Warehousing
Refrigerated Warehousing
Ocean Freight | Airfreight

The warehousing segment main­tained its trend of decent-to-strong growth as many of the largest providers expanded operations and increased capacity. Six of the top 10 warehouse operators on this year’s list reported more warehouses in 2025 than in 2024.

At the same time, further technological integration, including emerging artificial intelligence systems, has enabled warehousing providers to improve ­efficiency. Automation is increas­ingly touching various procedures in warehouses, with autonomous mobile robots supporting physical processes including loading and unloading trailers and handling materials. Meanwhile, management software is providing businesses greater control over efficiency.

Amazon remains the largest warehouse operator in North America, with approximately 304 million square feet of capacity and 498 warehouses operating on the continent. It expanded its capacity by an estimated 20 million square feet compared with 2024.

The top five on this year’s list are unchanged from 2024, with DHL Supply Chain’s North American operations, Ryder System, GXO Logistics and NFI all retaining their positions.

Making a significant jump this year is DSV A/S, which boasts an estimated 45.3 million square feet of capacity out of 184 facilities. This leap is due in large part to its acquisition of DB Schenker, which operated a large warehousing network in North America. Schenker and DSV ranked Nos. 14 and 15 on last year’s list, and the acquisition propelled DSV to the No. 7 spot on this year’s ranking.

Refrigerated Warehousing

The two leaders in refrigerated warehousing capacity, Lineage and Americold, maintained or slightly trimmed their cold storage capacity in 2025.

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Americold workers in a refrigerated warehouse. (Americold)

Lineage maintained about 3 billion cubic feet of refrigerated warehousing space but reported slightly fewer total facilities compared with 2024. The industry leader characterized 2025 as a challenging year, idling several of its facilities, although it expected further expansion in 2026.

Americold tightened capacity in 2025, with 1.2 billion cubic feet in temperature-controlled space, down from 1.4 billion in 2024, and with three fewer warehouses.

Airfreight & Ocean Freight

The industry’s largest international freight forwarders continued to grow their volumes in 2025, with Kuehne + Nagel leading the airfreight sector and Sinotrans Ltd. topping the ocean freight segment.

Both Kuehne + Nagel and Sinotrans handled more freight in 2025 than in 2024, retaining their No. 1 rankings across the freight forwarding lists.

Dedicated

Many of the largest dedicated contract carriers in North America shed power units last year.

Four of the top five companies on this year’s list reported ­smaller DCC fleets than in 2024, although the depth of those cuts varied from one company to the next.

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A J.B. Hunt Dedicated Contract Services tractor trailer in Indianapolis. (Luke Sharrett/Bloomberg News)

J.B. Hunt Dedicated Contract Services, which retained its No. 1 ranking on the list, did not significantly cut its fleet, operating 12,639 power units, down only eight units from 2024.

No. 2 Ryder Dedicated Transportation Solutions, conversely, reported 10,700 power units in operation in 2025, down 700 from the prior year.

No. 3 Schneider was the only carrier in the top five to increase capacity in 2025, with a fleet of 8,504 tractors, up by 104 from 2024. Penske Logistics and Knight-Swift Transportation round out this year’s top five.

Two dedicated carriers in the top 10 this year significantly boosted capa­city: No. 7 NFI and No. 9 Lazer Logistics expanded their fleets by 200 and 247 power units, respectively.