巴克莱小于整车货运（LTL）基准测试，2025年第一季度：我们对美国主要小于整车货运（LTL）运营商的收入、成本、服务和财务绩效等30多个指标进行了分析；细节包括核心价格涨幅的专有衡量标准。

Barclays LTL Benchmarking,1Q25Restricted - External North America TransportationPOSITIVENorth America TransportationEric Morgan, CFA+1 212 526 9642eric.morgan@barclays.comBCI, USBrandon R. Oglenski+1 212 526 8903brandon.oglenski@barclays.comBCI, USDavid Zazula, CFA+1 212 526 5108david.zazula@barclays.comBCI, USJohn Dorsett+1 212 526 8487john.dorsett@barclays.comBCI, US •Pricing metrics generally decelerating.With the prolonged industry demand downturn•persisting in the first quarter, several pricing indicators continue tosoften.Adjusted forobservable mix (hence proxying “core” price), yield growth was relatively consistent at FDXand ODFL but decelerated sharply at SAIA and TFII (not covered) (based on 1Q25 vs. 4Q24YoY), with the latter now definitively negative for the third consecutive quarter. While XPO andARCB (not covered) both posted sequential improvement, our estimate of industry pricingcame in a touch below the prior quarter, continuing a trend of slower rate gains coincidingwith weaker demand.As always, we welcome your questions and comments,The Barclays Transportation Research Team2 Analyst(s) Certification(s):We, Brandon R. Oglenski and Eric Morgan, CFA, hereby certify (1) that the views expressed in this research report accurately reflect our personal viewsabout any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly orindirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Materially Mentioned Stocks (Ticker, Date, Price)FedEx Corp.(FDX, 16-May-2025, USD 229.51), Overweight/Positive, CD/CE/JKnight-SwiftTransportation Holdings(KNX, 16-May-2025, USD 45.65), Overweight/Positive, JOld Dominion Freight Line, Inc.(ODFL, 16-May-2025, USD 171.28), Equal Weight/Positive, CE/JSaia, Inc.(SAIA, 16-May-2025, USD 285.10), Overweight/Positive, JXPO, Inc.(XPO, 16-May-2025, USD 128.10), Overweight/Positive, CD/CE/E/J/K/L/M/NUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in theprevious 12 months.B:An employee or non-executive director of Barclays PLC is a director of this issuer.CD:Barclays Bank PLC and/or anaffiliateis a market-maker in debt securities issued by this issuer.CE:Barclays Bank PLC and/or anaffiliateis a market-maker in equity securities issued by this issuer.CH:Barclays Bank PLC and/or its group companies makes, or will make, a market in the securities (as defined under paragraph 16.2 (k) of the HK SFCCode of Conduct) in respect of this issuer.D:Barclays Bank PLC and/or anaffiliatehas received compensation for investment banking services from th