Pricing Discipline Holds Firm, Volume Declines Deepen, OR Pressures Mount
The less-than-truckload (LTL) industry closed 2025 on a challenging note, with freight demand softening further into year-end and operating ratios deteriorating broadly across both public and private carriers. Despite the volume headwinds, pricing discipline continued to hold — a defining characteristic of the post-Yellow era. 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. Click here to learn how to participate in this valuable program.
Q4 2025 marked a meaningful step-down across nearly every metric for most participants: volumes declined, OR deteriorated broadly, and cost pressure intensified. This update incorporates Q4 2025 data from publicly-traded LTL carriers alongside the full NMFTA private benchmarking cohort, now complete for the quarter.
Quick Q4 Facts at a Glance
Private Cohort (NMFTA, Q4 vs. Q3 2025):
- Total cohort shipments/day: approx. 103,400, down 6.2% QoQ vs. ~110,200 in Q3
- Simple average OR: 94.8% (+450 bps QoQ); shipments-weighted OR: 87.1%
- Avg shipment weight: 1,232 lb (+1.7% QoQ)
- OR range across cohort: 82.8% to 108.7% — a 26-point spread
- 2 of 5 carriers operated at OR > 100% in Q4
