Q1 2026 – Quarterly Market Recap
- In Q1 2026, T&L public sector performance grew 9.8%, significantly outperforming the S&P 500, which posted a decline of 4.6%. Marine Transportation led the group with a 20.1% gain as geopolitical tension tightened capacity and lifted spot rates. In contrast, the S&P 500 fell based on concerns over rising oil prices and inflation, demonstrating the potential for countercyclicality in T&L performance.
- Q1 2026 valuation multiples returned to historical levels after a peak in Q4 2025, contracting from 14.1x to 12.4x. Despite the overall softening, Third Party Logistics demonstrated resilience with multiple expansion of 13.8% relative to Q4 2025. Tech-enabled 3PL companies such as C.H. Robinson, Old Dominion, and Landstar saw their valuations expand in Q1 2026 investors rewarded visible earnings durability, aggressive AI implementation, and margin expansion, raising valuations in expectation of a broader freight volume recovery.
Read Transportation & Logistics M&A Pulse Q1 2026 Full Report
Transportation & Logistics M&A Pulse – Q4 2025
U.S. M&A activity in the Transportation and Logistics (“T&L”) sector declined sharply in 2025, totaling 121 transactions, down 28% from 168 transactions in 2024. Strategic buyers largely paused acquisition activity amid an exceptionally fluid policy environment, including heightened trade uncertainty.
Transportation & Logistics M&A Pulse – Q3 2025
M&A activity in the U.S. Transportation and Logistics sector has softened, with 131 closed transactions in the trailing twelve months ending Q3 2025, compared to 168 in 2024 and 170 in 2023.
Transportation & Logistics M&A Pulse – Q2 2025
M&A activity in the U.S. Transportation and Logistics sector has softened, with 148 closed transactions in the trailing twelve months ending Q2 2025, compared to 167 in 2024 and 170 in 2023.
Transportation & Logistics M&A Pulse – Q1 2025
In Q1 2025, U.S. Transportation and Logistics (“T&L”) M&A activity decreased 33.3% compared to the same period in 2024, finishing at 34 closed transactions
Transportation & Logistics M&A Pulse – Q4 2024
In 2024, U.S. Transportation and Logistics (“T&L”) M&A activity was relatively flat compared to 2023, compressing 2.9 percent representing 165 closed transactions in 2024.