Two major less-than-truckload carriers reported growing tonnage in the first two months of the third quarter, and the numbers point to growth through different paths.
XPO (CCJ Top 250, No. 10) reported that LTL tonnage per day rose 3.7% in August compared with the same period in 2025. The gain was driven entirely by volume: shipments per day increased 5.7% year over year, even as weight per shipment slipped 1.8%.
ArcBest (No. 25) saw gains in pricing and tonnage, with includes ABF Freight. Daily tonnage there increased 9% year over year in August, but the growth came from a heavier weight profile. Weight per shipment jumped 14%, while shipment per day slipped 4%. ArcBest said the trend reflect “changes in freight profile.”
The heavier freight profile is also reflected through to pricing. Billed revenue per shipment increased 14% year over year, while billed revenue per hundredweight was flat. Excluding fuel surcharge, revenue per hundredweight declined in the low single digits, which ArcBest attributed to the shifting freight mix.
For the quarter-to-date (the period from July 1 through August 31), ArcBest’s Asset-Based segment posted billed revenue per day up 8%, tonnage per day up 9%, and shipments per day down 4%. Billed revenue per shipment was up 13% for the two months combined, while revenue per hundredweight held roughly flat.
ArcBest said August looked softer than July at the Asset-Based segment. Shipments per day were relatively unchanged from July, but weight per shipment and tonnage per day each declined 3%, and billed revenue per shipment declined roughly 1%. That was partially offset by a 2% increase in billed revenue per hundredweight.
Looking ahead, the carrier expects ABF’s non-GAAP operating ratio for the third quarter to be generally consistent with the second quarter. This was a consistent pattern, excluding 2020 and 2023, which were distorted by the pandemic and a major LTL competitor’s bankruptcy.
ArcBest’s Asset-Light segment also saw growth. Revenue per day rose 26% year over year in August, driven by a 26% increase in revenue per shipment while shipments per day held steady. ArcBest attributed the higher revenue per shipment to a stronger pricing environment, including the effects of higher fuel surcharge revenue and tightening truckload capacity.
Old Dominion (No. 9) and Saia (No. 18) also both reported August figures earlier this month, indicating revenue and tonnage growth even as shipment counts came in mixed.
