Broker gross margin update for December 2025
GM per Load: $189.47 (-$.32.81 MoM)
GM Percent: 9.91% ( 221bps MoM)
Length of Haul: 710 (Unchanged MoM)
Sample size: 933k loads from 446 companies
I want to caveat this by saying that I'm a certified non-alarmist. That aside, this data is crazy and my channel checks have verified that brokers are seeing this in reality.
What's wild about this data? For starters, gross margins under 10% are concerning and very rare at an industry level. Generally when we see GM % this low, it's because rates are high and the GM per load is up. Compare December of 2021 as example where GM % was ~11% but GM per load was over $250.
Not only are we underperforming those margin levels, but brokers are also netting nearly 25% less gross profit per load than other high-rate environments.
The tl;dr here is that a combination of seasonality, weather, and constrained capacity seems to have put brokers who are balanced towards contract in a bind.
p.s. If you drill into reefer margin data, it's even more bananas. But that's a story for a different time.