Two rankings read side by side. Q1 2026 revenue picks out the price-per-tonne winners — FedEx, DHL and UPS. Total freight volume picks out the physical-flow winners — China moves ~4× the tonnage of the US. The gap between the two lists is the whole story of global logistics right now.
Revenue in $B for the quarter. Net profit shown in green. Note fiscal calendars differ — quarters and calendar year don't perfectly align across carriers.
All-mode combined freight (road · rail · sea · air), 2024–2025 baseline. Unit: billion tonnes per year (Bt/yr).
Where value sits vs where volume moves — three signals every cross-border shipper watches.
US carriers dominate revenue — FedEx + UPS = $45B of the $117B top-10 pool. But the US only moves 15.78 Bt of freight vs China's 62.07 Bt. Value lives in premium express; volume lives in bulk industrial flow.
China holds #1 country by tonnage AND 5 of 10 revenue seats (SF, JD, Sinotrans, YTO, STO). Combined domestic-volume base + rising cross-border capacity — a structural shift from "workshop" to "carrier".
DSV ($12.5B, DK) and Kuehne + Nagel ($7.1B, CH) run zero last-mile trucks but sit in the top 10 — freight-forwarding margins are earned by routing, not by driving. Their Q1 net-profit rates (2–4%) tell you the business is thin but resilient.
Cross-border B2B lives inside this exact spread — you originate volume in China (Table B), then hand it off to a premium carrier in the US (Table A). Cube-Age's Houston warehouse + customs practice IS the seam between the two rankings — the point where a container leaves the volume graph and enters the value graph. Pair with world's busiest container ports (atlas-c27), U.S. warehouse operators (atlas-c28), U.S. rail freight 15-year shift (atlas-c57) and China's 7 outbound tiers (atlas-c87) to see where each cargo type routes.
Sources: Q1 2026 revenue and net-profit figures from company financial disclosures and industry public data; total freight volume based on 2024–2025 government transportation ministries, national rail agencies, World Bank, ECOD international transport conference and ICAO public data, harmonized under the industry standard for all-mode volume comparison. Rankings are illustrative — different fiscal calendars mean quarterly and calendar-year totals do not always align. Curated via 出行与生活 · ITS Yongwu-Tan (WeChat).