Truckload Profitability Suffers
The one-way truckload fleets struggled the most in the first quarter with average operating margins slipping negative. Dedicated fleets took less of a beating.
Key Observations
- One-way truckload has been on a wilder ride than dedicated. The one-way fleets did very well in 2021 and 2022, reaching operating ratios of 86% in those years. But since then the dedicated sector with its more stable contracted hauling has outperformed. It actually improved slightly from 2024 to 2025 Q1 as the one-way sector slipped into negative operating margin territory.
- Operating incomes have followed similar trends. One-way fleets reached a peak annual income average of over $237 million in 2022 and have seen a huge income drop since then. Dedicated income peaked in 2023 and has also been dropping, but at a much slower pace. Assuming freight doesn't fall of a cliff the rest of the year, expect dedicated to continue to outperform the one-way sector.
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