FedEx Freight Holding Company operates a less-than-truckload trucking business, moving freight shipments that are too small to fill an entire truck by consolidating multiple customers' shipments onto shared trailers, spun off from the broader FedEx Corporation to operate as an independent company. Less-than-truckload freight requires an extensive network of terminals where shipments get sorted and transferred between trucks, giving established carriers significant scale advantages over new entrants trying to build similar networks. As a newly independent company separated from FedEx's parcel delivery and other logistics businesses, FedEx Freight's results are now reported on a standalone basis, tied specifically to less-than-truckload freight demand rather than blended with FedEx's broader package delivery operations. The company's volumes and revenue track broader industrial production and retail activity, since less-than-truckload freight demand rises and falls with how much manufactured goods and retail inventory businesses are shipping.