Large carrier M&A proves elusive in 2025

Large carriers kept their purse strings taught successful 2025 arsenic they focused connected improving plus utilization and cutting costs. There were respective tiny and midsize deals crossed trucking and logistics this year, however, not galore transactions involving ample asset-based carriers.

Serial acquirers similar Heartland Express (NASDAQ: HTLD) and Werner Enterprises (NASDAQ: WERN) are struggling to stabilize operations arsenic the freight marketplace navigates a 4th consecutive twelvemonth of anemic demand. TFI International (NYSE: TFII) is inactive moving to get a grip connected its U.S. less-than-truckload operation, TForce, arsenic the five-year day of the UPS Freight acquisition approaches.

Bigger deals volition apt instrumentality successful 2026 arsenic commercialized headwinds ease, freight volumes stabilize and involvement rates measurement lower. Recent loop tightening among carriers could amplify currency travel procreation successful a betterment scenario, creating a much vibrant M&A backdrop successful the caller year.

Schneider National (NYSE: SNDR) does a ample woody each 12 to 18 months, which puts it connected way for thing of size by summertime 2026. (It acquired Cowan Systems for $390 cardinal 1 twelvemonth ago.) Knight-Swift Transportation (NYSE: KNX) still needs a Northeast cognition to implicit a nationalist less-than-truckload network, but it excessively has faced a bumpy roadworthy to recovery.

While ample bearer M&A was sparse successful 2025, determination were inactive a fewer deals. The marketplace is besides awaiting the result for a mates of big-ticket assets.

Forward Air remains successful play

Expedited LTL bearer Forward Air (NASDAQ: FWRD) said successful November that it was continuing to speech with funny buyers. Facing unit from shareholders, the institution launched a strategical reappraisal successful January 2025 to find the champion mode of maximizing value. The process explored each imaginable opportunities, including the merchantability of portion oregon each of its operations.

Forward came nether occurrence aft announcing successful August 2023 that it would get freight forwarder Omni Logistics. The transaction, which did not necessitate a shareholder vote, drew disapproval from investors who argued it diluted their equity, accrued the company’s indebtedness load and obscured Forward’s go-to-market strategy.

USA Truck goes backmost connected the market

DSV said successful October that it was buying truckload bearer USA Truck, which it picked up erstwhile it acquired DB Schenker. The Danish forwarder said the asset-based cognition doesn’t acceptable with its mostly asset-light offering. (Schenker acquired USA Truck for $435 cardinal successful 2022.)

The Arkansas-based bearer presently operates a fleet of much than 2,000 tractors and 6,500 trailers. No timeline was fixed for the merchantability process.