Key Highlights

  • FedEx Freight led the group with third quarter Revenue of $2,442 million, up 8%.
  • Schneider National reported revenue of $1,585.3 million and raised its 2026 adjusted EPS guidance to $1.00 to $1.10.
  • SkyWest reported diluted EPS of $3.08 on revenue of $1.12 billion.
  • Universal Logistics swung to EPS of $0.69 from a $4.48 loss a year earlier.
  • Covenant Logistics reported revenue of $353.9 million, up from $296.9 million.

Which transport and logistics companies reported the most third quarter 2026 revenue?

Five transport and logistics companies reported third quarter 2026 results around October 29, 2026, and this list ranks them by total reported revenue for the quarter. All five figures cover the third quarter, though SkyWest gave its revenue only as a rounded $1.12 billion, so its position rests on that rounded number.

FedEx Freight (NYSE:FDXF) ranks first with $2,442 million, followed by Schneider National (NYSE:SNDR) at $1,585.3 million and SkyWest (NASDAQ:SKYW) at $1.12 billion. Universal Logistics (NASDAQ:ULH) reported $394.0 million, and Covenant Logistics (NYSE:CVLG) reported $353.9 million. Schneider's figure includes fuel Surcharge revenue, while its revenue excluding fuel surcharge was $1,345.1 million.

1. FedEx Freight: What happened to Earnings in its first quarter after the spin-off?

FedEx Freight is a North American less-than-truckload carrier that became an independent public company on June 1, 2026. Revenue rose 8% to $2,442 million from $2,259 million, with composite revenue per shipment up 10% to $412.05 while average daily shipments slipped 1% to 89,105.

Operating income fell 13% to $253 million, and the Operating Margin narrowed to 10.4% from 12.8%. Separation and other costs were $105 million, against $30 million a year earlier. Diluted EPS was $0.98 versus $1.95, as $55 million of interest expense on separation Debt replaced $98 million of related party interest income from last year. Adding back separation costs, Operating Income would have been about $358 million against $320 million on a calculated basis. Cash was $388 million at September 30, 2026.

2. Schneider National: How did truckload profit more than double?

Schneider reported operating revenues up 9% from $1,452.4 million, with diluted EPS of $0.28 versus $0.11 and adjusted diluted EPS of $0.29. Income from operations rose 76% to $62.1 million, and the operating ratio improved 150 basis points to 96.1%.

Truckload income from operations rose 121% to $43.7 million on flat revenue excluding fuel surcharge, helped by better Network pricing, Acquisition related cost synergies and higher gains on equipment sales. Intermodal income from operations rose 35% to $22.6 million, while Logistics income fell to roughly zero on higher purchased transportation and insurance costs. Cash was $326.2 million against $393.6 million of total debt and finance Lease obligations, and nine month Operating Cash Flow was $403.2 million.

3. SkyWest: Why did EPS rise faster than net income?

SkyWest reported revenue up 6% from $1.05 billion, and diluted EPS of $3.08 against $2.81. Net Income was $119.5 million versus $116.4 million. Diluted weighted average shares fell to 38.8 million from 41.4 million, which explains the faster per share gain.

Aircraft fuel expense reached $66.3 million from $34.2 million, while Depreciation and amortization fell to $76.3 million from $92.5 million after the company revised the useful life of its E175 fleet to 30 years. The company repurchased 738,000 shares for about $75 million in the quarter. Operating income was $176.0 million versus $174.1 million, and cash and marketable securities were $569 million against total debt of $2.4 billion. Passenger load Factor was 81.0% compared with 84.0% a year earlier.

4. Universal Logistics: How did a $4.48 loss become $0.69 of EPS?

Most of the swing came from last year, when the quarter included $124.4 million of non-cash Impairment charges. Income from operations was $32.8 million against an operating loss of $117.4 million, and net income was $18.1 million.

Revenue was slightly lower at $394.0 million versus $396.8 million. Contract Logistics supplied $271.9 million of it, about 69.0%, with an 8.4% margin. Debt, net was $678.1 million, and the Credit Agreement Leverage Ratio was 1.98 times against a 3.50 times maximum. Adjusted EBITDA rose to $64.7 million from $43.3 million, and Intermodal earned $2.7 million of operating income after a $135.1 million operating loss a year earlier.

5. Covenant Logistics: Is the earnings recovery broad based?

Covenant reported revenue of $353.9 million versus $296.9 million, with EPS of $0.40 against $0.35 and adjusted EPS of $0.50 against $0.44. The operating ratio improved to 96.5% from 97.3%.

Its 49% Equity Investment in Transport Enterprise Leasing contributed $5.7 million of pre-tax income, or $0.16 per share. Nine-month EPS was $0.89 against $0.94, and the CEO noted that driver recruiting and compensation costs are rising significantly. Operating income was $12.5 million versus $7.9 million, and nine-month revenue was $993.9 million, up from $869.1 million.

How do the five companies compare on size and margin?

On a calculated basis, the five companies reported combined revenue of about $5.9 billion, using SkyWest's rounded $1.12 billion, and FedEx Freight accounted for roughly 41% of it. FedEx Freight's revenue was about 6.9 times Covenant Logistics' revenue on a calculated basis, a gap of $2,088.1 million.

Operating income divided by revenue gives a calculated margin of about 15.7% for SkyWest (rounded revenue), 10.4% for FedEx Freight as reported, 8.3% for Universal Logistics as reported, 3.9% for Schneider National and 3.5% for Covenant Logistics. On a calculated basis Universal Logistics revenue slipped about 0.7% while Covenant Logistics revenue grew about 19.2%, the fastest growth of the group, so size and growth did not line up.

What to Watch Next: Dividends, Guidance and Fleet Targets

Schneider National raised full year 2026 adjusted EPS guidance to $1.00 to $1.10. With nine-month adjusted EPS of $0.70, that implies roughly $0.30 to $0.40 for the fourth quarter on a calculated basis. Its $0.10 dividend, declared October 26, 2026, goes to holders of record on December 11, 2026 and is expected to be paid on January 12, 2027.

Universal Logistics will pay $0.105 per share on January 6, 2027 to holders of record on December 1, 2026. FedEx Freight expects capital expenditures of about $365 million for the seven months ending December 31, 2026, and management expects industrial softness to pressure LTL Demand through the rest of 2026.

SkyWest anticipates 13 E175 deliveries in 2026, 18 in 2027 and 10 in 2028, with about $238 million of repurchase availability remaining at September 30, 2026.