Skip to content

Q3 2025 TD COWEN/AFS Freight Index Forecast

You’ve long used data for forecasting, budgeting and other strategic initiatives. But the volume of data is skyrocketing and one of the great modern business challenges is knowing what data matters and what to dismiss.

Each quarter, AFS collaborates with TD Cowen, a leading full-service investment bank, to bring you current, highly relevant data and insights that matter to your business.

Q3 2025 TD Cowen/ AFS Freight Index report slide pulled up on a desktop

Freight index forecast key takeaways for Q2 2025

  • Truckload pricing will stay at depressed levels for the 10th straight quarter, as excess capacity continues to weigh against rates and no catalyst to ignite demand is on the horizon.

  • LTL rates remain high despite low demand and uncertain trade policy, as carriers prioritize pricing discipline and profitable lanes to maximize revenue. 

  • Parcel discounts cool and carriers claw at lost pricing power, as UPS and FedEx right-size their networks to better match profitable volumes and continue to roll out pricing changes.

Download the Full Q3:2025 TD Cowen/AFS Freight Index

What is the freight index?

The TD Cowen/AFS Freight Index offers a unique and comprehensive view of both past market performance and rate forecasts for the immediate future quarter, for full truckload shipping, less-than-truckload shipping and parcel shipping, both express and ground.

Massive client historical data and current macro and microeconomic factors are carefully evaluated and selected, with their impact built into our predictive models.