Pricing Holds the Line as Tonnage Stabilizes and FedEx Freight Spins Off
The LTL industry entered 2026 in a “stabilization without recovery” environment, with freight demand improving sequentially through Q1 but remaining below prior-year levels across much of the market. Volumes accelerated notably in February and March, while pricing discipline continued to define carrier performance. In an effort to provide clarity amid these challenges, the National Motor Freight Traffic Association, Inc.® (NMFTA)® Benchmarking Group has been instrumental in helping carriers elevate their performance through data-driven insights and best practices.
Quick Q1 Facts at a Glance
Private Cohort (NMFTA, Q1 2026 vs. Q4 2025 and Q1 2025):
- Total cohort shipments/day: approx. 103,661, down 2.2% QoQ vs. approximately 106,000 in Q4 2025 and down 3.6% YoY vs. approximately 107,491 in Q1 2025
- Simple average OR: 93.5% (+69 bps QoQ vs. 92.8% in Q4 2025; +238 bps YoY vs. 91.1% in Q1 2025)
- Shipments-weighted OR: 87.0% (+84 bps QoQ vs. 86.2% in Q4 2025)
- Avg shipment weight: 1,232 lb (+0.5% QoQ; +0.8% YoY)
- OR range across cohort: 85.3% to 105.2% — a 19.9-point spread, narrowing from 22.6 pts in Q4 2025
- Avg Rev/Shipment: $256.68 (+1.4% QoQ; +2.5% YoY)
