Amazon Holds $172B Freight Crown as FedEx Overtakes UPS in Global Top 50

Amazon generated more than $172 billion in freight revenue in 2025 — up from $156 billion a year earlier — and kept the top spot on the 2026 Transport Topics Top 50 Global Freight Companies list for another year. FedEx edged past UPS to take No. 2, $90 billion to nearly $89 billion, in a ranking compiled with SJ Consulting Group that covers truck, parcel, rail, ocean, air and non-asset 3PLs worldwide.

The gap between the two parcel giants is thin enough to be nearly symbolic. It's also temporary. FedEx's figure doesn't reflect the June spinoff of its less-than-truckload unit, FedEx Freight, which will likely shuffle this particular duel again next year.

The United States Postal Service holds No. 4 with more than $80 billion in annual revenue. France's CMA CGM remains the highest-ranking ocean carrier at No. 6, with Denmark's Maersk close behind at No. 7.

Who climbed, and who slipped?

The biggest mover near the top is DSV. The Danish forwarder jumped four places to No. 11 after closing its acquisition of Schenker in April 2025, reporting more than $37 billion in revenue for the year. Roughly $37 billion buys a lot of ladder.

China's JD Logistics debuted at No. 10 with $40.8 billion in freight revenue, providing 3PL and supply chain services across 26 countries and regions. Other newcomers include GXO at No. 27 with nearly $13.2 billion, Singapore-based terminal operator PSA International at No. 40, and Total Quality Logistics at No. 43 — the Cincinnati broker posted $7.5 billion across the U.S., Canada and Mexico.

The North American contingent mostly drifted down:

• C.H. Robinson fell two spots to No. 23 on $14.8 billion in freight revenue
• J.B. Hunt slipped three places to No. 30 with nearly $12 billion
• Expeditors International ranked No. 32 with more than $11 billion
• XPO held at No. 39 on nearly $8.2 billion
• Ryder System's dedicated and 3PL operations took No. 41 with $7.8 billion
• Knight-Swift, the largest truckload carrier, came in at No. 44 on nearly $7.5 billion
• TFI International (No. 47), Schneider (No. 49) and Old Dominion Freight Line (No. 50) round out the tail

Railroads filled the middle of the table: Union Pacific at No. 16 and BNSF at No. 17, then Canadian National at No. 20, CSX at No. 24, Norfolk Southern at No. 28 and Canadian Pacific Kansas City at No. 34.

What does this change for shippers and forwarders?

Not the rankings themselves — those are a scoreboard. What matters is the consolidation behind them. The list's compilers expect M&A to keep redrawing the table, and the pending deals are not small ones.

Union Pacific's proposed acquisition of Norfolk Southern, first floated last year, would create a single-line transcontinental rail network if regulators approve it. That's a direct shot at routing options and pricing power for intermodal shippers across the U.S.

Hapag-Lloyd, No. 18 on the list, agreed in February to acquire ZIM Integrated Shipping Services — a combination that would concentrate more ocean capacity in fewer hands on trades where shippers already feel squeezed.

In brokerage, C.H. Robinson plans to buy RXO in a $5.8 billion transaction it expects to close in the first half of 2027. Combine that with DSV-Schenker, and the message is consistent: mid-sized players are being absorbed while the giants argue over rounding errors in second place.

All of this plays out against the backdrop the industry has known all decade — fluctuating trade policies, persistent geopolitical uncertainty and elevated fuel prices amid the U.S. conflict with Iran, layered on top of the pandemic's long ripple effects. The companies on this list keep the manufacturers, retailers and consumers of global commerce connected regardless.

Revenue figures come from company reports and SJ Consulting Group estimates for freight transportation services, in U.S. dollars, converted at 2025 average exchange rates. Expect next year's edition to look different: the FedEx Freight spinoff, three pending megadeals and a reshaping ocean sector guarantee it.