Less Than Truckload Initial Thoughts and FAQs on the Launch of Amazon LTL to Any Destination

研报英文原文证据摘录

Less Than Truckload Initial Thoughts and FAQs on the Launch of Amazon LTL to Any Destination

Brian P. Ossenbeck, CFA AC North America Equity Research

(1-212) 622-1023 11 June 2026 J P M O R G A N

brian.p.ossenbeck@jpmorgan.com

• Can we estimate Amazon's LTL market share? The press release stated Amazon LTL

moved “millions of pallets” across its U.S. network last year, which appears relatively

small given we estimate OD moved between 22 to 33 million pallets in 2025. Assuming

an average of $150 per pallet and 3-5 “millions of pallets” moved puts the implied

Amazon LTL revenue at $450–750mm, or about 0.9% to 1.4% of the ~$52B total U.S.

LTL market in 2025 according to SJ Consulting. However, it is still unclear how much

is industrial freight versus retail.

• What is the significance of Amazon’s drop trailers for LTL? Large retailers and high

volume shippers typically utilize drop trailers to ship a full truckload to a breakbulk for

further distribution into a traditional LTL network. Trailer pools are also used to avoid

LTL altogether and direct ship a full trailer to a major retailer like Walmart or Amazon,

which has grown in popularity as the spread between LTL and truckload prices continues

to widen (see Figure 1). Based on our conversations with different companies across the

industry, we believe the majority of traditional LTL freight that moves within national

networks is live load and unload and therefore does not require any drop trailer assets.

Amazon’s emphasis on drop trailers and intermodal containers suggests a strategic focus

on multiple modes, and it is still unclear how much traditional LTL freight the network

can handle with a footprint of non-traditional warehouses.

• Are private carriers seeing Amazon LTL become more competitive in the market?