Transportation & Logistics: Summer Speaker Series: Highlights from Parcel Market Outlook with The Colography Group

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Transportation & Logistics: Summer Speaker Series: Highlights from Parcel Market Outlook with The Colography Group

J P M O R G A N North America Equity Research

13 July 2026

Transportation & Logistics

Summer Speaker Series: Highlights from Parcel Market

Outlook with The Colography Group

We recently hosted a call with The Colography Group’s Darren Lamb (VP of Airfreight & Surface Transportation /

Research & Analytics) and Russell Reams (VP of Marketing & Growth) to Shipping

discuss the firm’s recent study of regional and alternative carriers which provides Brian P. Ossenbeck, CFA AC

a helpful framework for an area of the parcel market which was historically viewed (1-212) 622-1023

as too fragmented and small to have an impact on the national networks of FedEx brian.p.ossenbeck@jpmorgan.com

and UPS. Colography’s analysis shows that regional and alternative carriers Grady Carr

expanded capacity and captured meaningful share of an addressable market that is (1-212) 622-1251

still down from the post-pandemic peak as the big two carriers optimized for grady.carr@jpmchase.com

revenue quality while Amazon continues to migrate volume into self-delivery and Brandon Wexler

(1-212) 622-1956

broaden its third-party logistics footprint. Overall, the presentation and Q&A was brandon.wexler@jpmchase.com

consistent with our view that UPS and FedEx remain focused on yield management J.P. Morgan Securities LLC

which includes fuel surcharges while the regional market share gains are likely

driven in large part by a broader pivot away from lighter weight, short-zone home

deliveries. See below for highlights from the discussion with Colography, please

reach out to the team for a copy of the slides used during the presentation.

• Unique parcel intelligence based on a unique national survey.