XPO August LTL Tonnage Rises 3.7% as Q3 Outlook Holds

XPO's August less-than-truckload tonnage increased 3.7% from a year earlier, keeping the carrier on course for its third-quarter target of mid-single-digit growth. FreightWaves reported September 3 that daily shipments rose 5.7%, partly offset by a 1.8% decline in average weight per shipment.

The headline tonnage pace slowed from July's 5.8% year-over-year gain, but the comparison was tougher because July 2025 volumes were substantially weaker than August 2025. On a two-year stacked basis, XPO's shipments, weight and tonnage all improved from July. Two-year tonnage was down just 1% in August after a 2.9% decline the prior month, suggesting underlying activity strengthened despite the simpler annual comparison cooling.

Freight mix is also changing. More shipments are coming from local and small-business accounts, which tend to be lighter but can produce better margins. Industrial freight remains important, and the August manufacturing PMI stayed above the 50 expansion line. XPO also previously reported mid- to high-single-digit contractual rate increases and expects revenue per shipment excluding fuel to improve sequentially during the second half.

One public carrier's monthly update is not a complete measure of the national LTL market. Still, it gives drivers, shippers and fleet managers a timely signal in a segment with limited public operating data. Carriers should compare terminal-level shipments, weight, density and service performance before adding capacity. Drivers may benefit from steadier industrial and local freight, while dispatchers should plan for more stops and lighter shipments. The key test is whether volume improvement continues through September without weakening yield or on-time service.