“February 2026 delivered solid freight volumes across major transportation modes, with U.S. rail carloads rising 6.5% year-over-year to mark the strongest February performance in recent years, intermodal units gaining 1.5% for a record monthly weekly average, and trucking tonnage recovering from January softness amid weather-driven capacity constraints and rising spot market activity.”
Freight Volumes Maintain Momentum in February 2026
U.S. freight transportation showed clear signs of strength in February 2026, building on early-year stabilization and countering expectations of seasonal softness. Rail emerged as a standout performer, with carload volumes reflecting robust underlying demand in commodities tied to manufacturing, energy, and agriculture.
The Association of American Railroads reported that U.S. railroads handled 898,947 carloads in February, up 6.5% from the same month in 2025. This represented the highest February carload level in several years, with weekly averages reaching 224,737 carloads—the strongest for the month since 2019. Year-to-date through February, carloads totaled approximately 1.76 million, a 5.5% increase over the prior year and the best start since 2023. Fourteen of the 20 commodity groups tracked showed annual gains, led by grain, coal, chemicals, and petroleum products. These increases point to sustained industrial activity and favorable conditions for agricultural movements, even as broader economic indicators remain mixed.
Intermodal rail traffic also contributed to the positive picture, with total U.S. intermodal volume reaching 1,122,758 containers and trailers for the month, up 1.5% annually. The weekly average of 280,687 units set a new February record, marking the first year-over-year gain in intermodal after six months of declines. For the first two months of 2026, intermodal stood at 2.19 million units, down slightly by 1.0% from 2025 but still representing the second-highest total ever for that period. The modest rebound suggests domestic intermodal demand is stabilizing, supported by reliable service levels and excess container availability earlier in the year, though trans-Pacific softening has tempered sharper upside.
In trucking, volumes showed firmness despite no broad-based surge in underlying demand. Weather events, including winter storms, created structural capacity constraints that tightened availability, particularly in temperature-controlled and dry van segments. Load-to-truck ratios rose noticeably, driving spot rate increases of 18-36% in some lanes compared to the prior year. Reefer rates posted particularly sharp gains, with all-in figures climbing amid seasonal produce shifts, Valentine’s Day shipments, and cross-border berry movements. Dry van and flatbed segments also saw elevated activity, with Midwest lanes leading at premiums of up to $0.50 per mile over national averages.
The American Trucking Associations’ Truck Tonnage Index reflected recovery momentum, with February data indicating sequential improvement following January’s pullback. While exact February tonnage figures align with broader trends of modest gains amid tightening, the sector benefited from industrial rebound signals, such as manufacturing PMI expansion and surging data center construction spending boosting flatbed demand.
Overall market dynamics in February highlighted a freight environment where volumes held solid ground. Truckload demand remained uneven but supported by capacity discipline, while rail’s strength in carloads underscored commodity-driven resilience. Intermodal’s uptick signals potential for gradual recovery in containerized movements as shippers adjust post-frontloading patterns from late 2025 tariff concerns.
Freight expenditures tracked higher in response to rate pressures, particularly in temperature-controlled and storm-impacted regions. Carriers grew more selective, prioritizing higher-yielding freight amid ongoing capacity constraints. The interplay between weather disruptions and structural factors—such as reduced carrier counts and driver availability—amplified rate volatility but also preserved volume stability.
Key commodity and regional highlights included strong grain and coal rail movements, Midwest trucking hotspots, and reefer tightness driven by agricultural cycles. These elements combined to produce a February that outperformed seasonal expectations, providing a constructive start to 2026 for the logistics and transportation sectors.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or professional advice. Freight market conditions can change rapidly due to economic, geopolitical, or operational factors.