Carriers Report Positive Q2 Results, Rates Take a Hike

Landstar Toughens Carrier Vetting Process

The Montgomery decision, nuclear verdicts, and freight fraud have driven Landstar System to tighten its third-party carrier requirements.

Matt Miller, Landstar’s chief safety and operations officer, said during the company’s second-quarter earnings call that it had decreased its pool of approved carriers by 35% since mid-2022, from over 100,000 to about 64,000.

Despite the Q2 challenges, Landstar’s total revenue was up 18% year over year. Revenue per load climbed 17%, and load volume rose nearly 2%.

Landstar CEO Frank Lonegro called for federal guidance to establish unified carrier vetting standards, according to a CCJ article.

“We believe greater federal clarity around carrier vetting and selection standards would help support a more predictable operations, insurance, and claims environment,” Lonegro said. 

Grand Jury Indicts 8 in Alleged Cargo Theft Ring

An alleged cargo theft gang has been accused of stealing $4.49 million in retail goods through fraudulent pickups and deliveries.

The Manhattan District Attorney’s Office singled out Uzbekistan citizen Murodullo Khasanov as the mastermind, charging that he “interacted with other criminal syndicates, who conducted phishing scams to hack and steal the shipment information.” Khasanov is accused of coordinating at least six multistate cargo theft schemes. A New York State Supreme Court also indicted seven others on charges of conspiracy, grand larceny, and criminal possession of stolen property. 

“The defendants allegedly received the winning bids from hacker groups, with whom the defendants coordinated these activities. They would then allegedly lease tractor trucks and affix the name and registration number of the real shipping carrier that was supposed to make the pickup. They would then drive to the logistics center, pick up the goods and coordinate further shipment into and through Manhattan,” the indictment announcement said, according to an article in Transport Topics.

Investigators said cargo was stolen from logistics sites in Pennsylvania, New Jersey, and Virginia between last October and this April.

According to a Verisk CargoNet analysis, the number of cargo thefts declined sharply during the second quarter, but the value of the goods stolen shot up tremendously.

The number of theft incidents decreased 26% year over year to a documented 677, according to TruckerNews, which said Verisk CargoNet data showed total estimated cargo losses more than doubled year over year, hitting $304.6 million in Q2, up from $135.6 million in the same period in 2025.

“Lower incident volume should not be mistaken for lower risk,” said Keith Lewis, Vice President of Operations at Verisk CargoNet. “The groups driving the largest losses are not necessarily trying to steal more freight; they are trying to identify the right shipment. Their focus on metals and enterprise technology shows how closely organized theft now follows value, demand, and resale opportunity.”

Saia’s Revenue Jumps to Record Second Quarter

LTL carrier Saia achieved record quarterly revenue of $956.5 million, a 17.2% increase from $817.1 million in Q2 2025. Net income posted an even bigger jump, shooting up 31.5% to $94.3 million, up from $71.4 million last year.

Saia management credited effective rate management, strong contract renewals, and increased revenue per shipment.

“Our results were driven by continued focus on pricing and mix optimization, healthy volume trends, and strong operational execution,” said Executive Vice President and CFO Matt Batteh.

Schneider Confident Operations on the Right Track

The CCJ reported that Schneider National marked its “strongest quarter-over-quarter earnings acceleration in a decade.”

The multimodal carrier posted $1.57 billion in total revenue, up 10% from $1.42 billion in the second quarter of 2025. Net income jumped 38% to $49.7 million. The CCJ said the results were “driven by structural cost reductions, technology investments, and a rapid tightening in long-haul driver supply.”

Schneider CFO Darrell Campbell said, “Second-quarter results reinforce our confidence that the actions we’ve taken to lower cost to serve, enhance productivity, and prepare for this upcycle are delivering meaningful operating leverage.”

Heartland Express Reports It’s Back in the Black

Heartland Express said it returned to profitability in Q2, posting net income of $10.6 million. In the same three months of 2025, the truckload carrier recorded a net loss of $10.9 million.

“We are pleased with our operational improvements and profitability as we continue toward our foundational goal of an operating ratio of 85% or lower and return to a debt-free balance sheet,” CEO Mike Gerdin said in its earnings release.

Heartland’s operating ratio improved significantly to 91% from 105.9% in Q2 2025. The company also paid down $25 million in debt and finance leases during the first half of the year.

Forward Air Operating Loss Hits $201 Million

Forward Air posted a whopping $201.3 million operating loss in the second quarter, a huge shift from income of $19.5 million in the same three months of 2025.

“The change in operating loss was primarily due to the $244.0 million goodwill impairment charge associated with our Omni Logistics segment, partially offset by profit improvement due to increased revenues in our Expedited Freight segment,” Forward Air said in its Q2 report.

Forward Air also reported that it had closed on the sales of two business units, part of the Omni Logistics segment, in the second quarter and in July. The combined sales price was about $27 million.  

Daimler Plans Largest U.S. Truck Manufacturing Plant

Daimler Truck North America has announced plans to build a manufacturing plant in an unidentified U.S. location.

“It will be the largest manufacturing plant in the U.S. for trucks when all is said and done,” DTNA President and CEO John O’Leary said.

Daimler is reportedly evaluating sites with access to skilled labor, established supply chains, robust transport infrastructure, and favorable business conditions. The truck manufacturer expects construction to begin later this year and operations to get underway in 2029.

Freedom Haulers Will Help Vets Get Truck Driving Jobs

Through the Freedom Haulers program, the Trump administration is hoping to fast-track military veterans into commercial trucking careers.

The program will allow veterans with heavy vehicle military experience to bypass redundant civilian road tests to obtain commercial driver’s licenses within two years of active duty service. For veterans without truck driving experience, Freedom Haulers offers accelerated training programs.

Freedom Haulers is also part of a federal push to remove undocumented immigrants from commercial truck driving jobs.

Total Spending on Freight Jumps 9.1% YoY

For-hire truckload volumes fell again in July in large part due to tightening capacity, according to the July Cass Freight Index.

The shipments component of the index declined 4.8% year over year in July after a 4.1% fall in June. Expenditures, however, climbed 9.1% year over year after an 11.2% jump in June. Lower volumes were cited as the reason for the slowdown.  

The Cass Truckload Linehaul Index hit 152.9 in July, up 2.3% month over month and 8.6% year over year.

“After a surprising 0.9% y/y decline in June, the sequential increase is greater than normal, and considering spot activity, further increases should be expected,” the report noted.

The turnaround in the linehaul index began with a 1.8% increase in 2025, following a 10% plummet in 2023 and another 3.4% drop in 2024.

“The supply-led rate recovery continues, and with interest rates rising and fuel prices remaining elevated, the demand outlook remains under pressure,” the report said. “Class 8 tractor sales are set to rise above replacement levels in the coming months, alleviating one constraint on the market. But real income growth has slowed to almost zero and savings rates are worryingly low, so it seems like we might have to keep waiting for Godot.” 

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