Q2 2026 LTL Check-In: Margins Inflect as the Recovery Takes Hold and FedEx Freight Trades as FDXF
The LTL industry entered the second quarter of 2026 still reporting soft tonnage, then delivered the margin inflection the first quarter only hinted at. Freight volumes remained below prior-year levels on a tonnage basis, but pricing discipline held, yields firmed, and every publicly traded LTL carrier expanded operating margin year over year. The dominant structural event of the prior quarter is now complete: FedEx Freight separated from FedEx Corp. on June 1, 2026 and began trading as NYSE: FDXF.3 The NMFTA Benchmarking Group helps carriers improve performance through shared data and peer benchmarking. Click here to learn how to participate in this valuable program.
Quick Q2 Facts at a Glance
Private Cohort (NMFTA, Q2 2026 vs. Q1 2026 and Q2 2025):
- Total cohort shipments/day: approx. 113,710, up 9.7% QoQ vs. approximately 103,661 in Q1 2026 and down 0.1% YoY vs. approximately 113,549 in Q2 2025
- Simple average OR: 85.1% (down 838 bps QoQ vs. 93.5% in Q1 2026; down 377 bps YoY vs. 88.9% in Q2 2025)
- Shipments-weighted OR: 79.6% (down 738 bps QoQ; down 399 bps YoY)
- Avg shipment weight: 1,224 lb (down 0.9% QoQ; up 0.4% YoY)
- OR range across cohort: 77.7% to 94.4%, a 16.7-point spread, narrowing from 19.9 pts in Q1 2026
- Avg Rev/Shipment: $276.20 (up 7.6% QoQ; up 10.6% YoY)
