Trucking Revenues: A Closer Look at Segment Trends

While the quarterly results of the publicly traded carriers receive considerable attention, less noticed are Census Bureau estimates of revenue for the overall trucking industry and individual sectors, such as general freight and specialized trucking. The broad takeaway from the latest data from the Quarterly Services Survey is that the what had seemed to be a gradual and – from the carrier perspective – frustratingly slow recovery in revenue has basically stalled out – at best.

Key takeaways from 2025Q2

• Overall trucking revenues stalled: After four straight quarters of accelerating growth on a year-over-year (y/y) basis, seasonally adjusted revenues slipped 0.1% y/y in Q2. Also, revenues declined quarter over quarter (q/q) for a second straight quarter.
• General freight was stable: For the entire general freight segment, revenues rose 0.3% y/y, although they eased 0.5% q/q.
• Long-distance freight softened: Revenues for the long-distance portion of general freight trucking eased 0.2% y/y and dropped 1.1% q/q, seasonally adjusted.
• Specialized freight weakened further: Revenues for specialized trucking dropped 1.1% y/y and 1.6% q/q.
• Parcel and local delivery mirrored the trend: Revenues slipped 0.7% both y/y and 0.7% q/q, reflecting the maturing of the e-commerce sector after the surge in growth during the pandemic.

For more insights like these, be sure to catch the FTR Trucking Market Update podcast each week, where we break down the latest trends shaping freight and driver capacity. 📊 Download the full podcast deck and listen to Episode 331 at ftrintel.com/trucking-podcast.

Overall truck transportation

Following the pandemic-era surge, total truck transportation revenues had fallen y/y for five straight quarters during all of 2023 and the beginning of 2024. Then revenues were up modestly for five quarter as each quarter saw a stronger comparison than the one before. In 2025Q1, revenues were up 3.2% y/y even though they eased 0.2% q/q, seasonally adjusted. Revenues declined nearly 1% q/q in Q2 but were barely changed y/y at down just 0.1%, according to Census Bureau estimates.

Segment-level performance

General freight

The long-distance portion of the general freight sector accounts for the bulk (more than 80%) of the sector’s revenues. Although the Census Bureau does not publish estimates for local general freight, the difference between overall general freight and long-distance implies a stronger performance for local than for long-distance.

Total general freight revenues were down 0.5% q/q, seasonally adjusted, and up 0.3% y/y. Long-distance freight revenues, however, fell 1.1% q/q and were down 0.2% y/y. The disconnect, while not dramatic, points to the notion that long-haul general freight still suffers from loose capacity that is disciplining rates.

Specialized freight trucking

Unlike general freight, specialized freight trucking hasn’t seen even any significant recovery since the post-pandemic downturn. Revenues have been up y/y only a couple of times – and not by much – since 2023Q2. Revenues did improve sequentially in 2024, although the data for 2024Q4 did not meet the Census Bureau’s standards for publication. We have inserted an estimated figure bases on total trucking revenues minus general freight revenues.

Parcel & local delivery

Couriers and messengers – the federal government’s rather quaint term for what we call parcel and local delivery – also have seen a stalling out of a quite modest recovery in revenue growth. As we discussed several months ago, the growth in parcel and local delivery has not matched growth in nonstore retail sales for several reasons, including a diversity in e-commerce distribution options and the fact that nonstore retail includes digital goods.

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Broader context

The broader takeaway is that the trucking industry is in a prolonged recalibration phase as freight volumes have been quite sluggish due to overheated durable goods consumption during the pandemic coupled with the depressive effects on both consumption and business investment due to higher financing costs and inflation. Meanwhile, a host of distortions is preventing a rationalization of capacity at the small end of the market.

While revenues remain historically strong, the absence of sustained growth highlights the need for carriers and shippers to focus on operational efficiency, technology adoption, and pricing discipline.

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