In 2025, large carriers focused on improving asset utilization and cutting costs, leading to few transactions with large asset-based carriers. Heartland Express and Werner Enterprises struggled to stabilize operations amidst weak demand. TFI International continues to work on its U.S. less-than-truckload operation.

Trade headwinds easing in 2026 may lead to bigger deals, as carriers could generate more cash flow. Schneider National and Knight-Swift Transportation are eyeing strategic acquisitions. Despite a quiet 2025, the market anticipates some significant deals soon.

Forward Air remains in play as it explores potential sale options. Facing shareholder pressure, the expedited LTL carrier launched a strategic review in 2025 to maximize value. Forward Air previously faced investor disapproval over dilution of equity with an acquisition announcement.

USA Truck is back on the market as DSV looks to divest the asset-based operation acquired with DB Schenker. The carrier operates a fleet of over 2,000 tractors and 6,500 trailers. No timeline has been set for the sale process of USA Truck.

FedEx Freight is expected to become an independent public company by June 2026. The largest LTL carrier in the U.S. moves 90,000 shipments daily and generates $9 billion in annual revenue. Analysts value the standalone operation at over $30 billion.

Standard Forwarding Freight, acquired by Sakaem Holdings, closed its operations in December after being relaunched in February. The regional carrier specialized in next-day and second-day delivery services. Sakaem is connected to the family behind now-defunct car hauler Jack Cooper.

Enterprise Mobility, the parent company of Enterprise Rent-A-Car, acquired truck lessor and dedicated operator Hogan in December. The deal added over 10,000 units to Enterprise’s rolling stock portfolio, offering Classes 7 and 8 truck leasing services along with dedicated TL operations.

Read more at Yahoo Finance: Large carrier M&A proves elusive in 2025