As the Q3 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the ground transportation industry, including Landstar (NASDAQ: LSTR) and its peers.

The growth of e-commerce and global trade continues to drive demand for shipping services, especially last-mile delivery, presenting opportunities for ground transportation companies. The industry continues to invest in data, analytics, and autonomous fleets to optimize efficiency and find the most cost-effective routes. Despite the essential services this industry provides, ground transportation companies are still at the whim of economic cycles. Consumer spending, for example, can greatly impact the demand for these companies’ offerings while fuel costs can influence profit margins.

The 14 ground transportation stocks we track reported a mixed Q3. As a group, revenues beat analysts’ consensus estimates by 0.7%.

Thankfully, share prices of the companies have been resilient as they are up 9.2% on average since the latest earnings results.

Landstar (NASDAQ: LSTR)

Covering billions of miles throughout North America, Landstar (NASDAQ: LSTR) is a transportation company specializing in freight and last-mile delivery services.

Landstar reported revenues of $1.21 billion, flat year on year. This print was in line with analysts’ expectations, but overall, it was a mixed quarter for the company with a narrow beat of analysts’ adjusted operating income estimates but a miss of analysts’ Van Equipment revenue estimates.

“The Landstar team of independent business owners and employees executed admirably during the 2025 third quarter despite continued challenges in the overall economic environment for truck transportation services,” said Landstar President and Chief Executive Officer Frank Lonegro.

Interestingly, the stock is up 14.9% since reporting and currently trades at $148.66.

Read our full report on Landstar here, it’s free for active Edge members.

Best Q3: Hertz (NASDAQ: HTZ)

Started with a dozen Model T Fords, Hertz (NASDAQ: HTZ) is a global car rental company providing vehicle rental services to leisure and business travelers.

Hertz reported revenues of $2.48 billion, down 3.8% year on year, outperforming analysts’ expectations by 3.1%. The business had a stunning quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

Hertz delivered the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 5% since reporting. It currently trades at $5.21.

Is now the time to buy Hertz? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: U-Haul (NYSE: UHAL)

Founded by a husband and wife duo, U-Haul (NYSE: UHAL) is a provider of rental trucks and storage facilities.

U-Haul reported revenues of $1.72 billion, up 3.7% year on year, in line with analysts’ expectations. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.

The stock is flat since the results and currently trades at $53.75.

Read our full analysis of U-Haul’s results here.

Covenant Logistics (NYSE: CVLG)

Started with 25 trucks and 50 trailers, Covenant Logistics (NASDAQ: CVLG) is a provider of expedited long haul freight services, offering a range of logistics solutions.

Covenant Logistics reported revenues of $296.9 million, up 3.1% year on year. This print was in line with analysts’ expectations. It was a strong quarter as it also recorded an impressive beat of analysts’ adjusted operating income estimates and a decent beat of analysts’ EBITDA estimates.

The stock is up 7.3% since reporting and currently trades at $23.47.

Read our full, actionable report on Covenant Logistics here, it’s free for active Edge members.

Saia (NASDAQ: SAIA)

Pivoting its business model after realizing there was more success in delivering produce than selling it, Saia (NASDAQ: SAIA) is a provider of freight transportation solutions.

Saia reported revenues of $839.6 million, flat year on year. This result beat analysts’ expectations by 1%. Overall, it was an exceptional quarter as it also produced an impressive beat of analysts’ adjusted operating income estimates and a solid beat of analysts’ EBITDA estimates.

The stock is up 29.4% since reporting and currently trades at $359.00.

Read our full, actionable report on Saia here, it’s free for active Edge members.

Market Update

The Fed’s interest rate hikes throughout 2022 and 2023 have successfully cooled post-pandemic inflation, bringing it closer to the 2% target. Inflationary pressures have eased without tipping the economy into a recession, suggesting a soft landing. This stability, paired with recent rate cuts (0.5% in September 2024 and 0.25% in November 2024), fueled a strong year for the stock market in 2024. The markets surged further after Donald Trump’s presidential victory in November, with major indices reaching record highs in the days following the election. Still, questions remain about the direction of economic policy, as potential tariffs and corporate tax changes add uncertainty for 2025.

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