Summary of third-quarter results from IANA

The Intermodal Association of North America (IANA) reported that third-quarter intermodal loadings totaled 4,757,324, a 2.8% increase compared with the same quarter a year earlier. That total is the highest quarterly figure since the second quarter of 2021. IANA also noted the third quarter fell about 25,000 loads short of the record third-quarter volume recorded in 2024.

Domestic equipment performance in Q3

Domestic containers reached 2,221,466 loadings, up 2.5% year over year. Trailer loadings declined 18.7%, to 115,950. Combined domestic equipment — the sum of domestic containers and trailers — totaled 2,337,416, representing a 1.2% annual increase, according to IANA's figures.

International container results and market split

ISO or international container loadings were reported at 2,419,908, a 4.4% increase compared with the prior year. When IANA broke down the two core intermodal markets, it found they were nearly even: domestic containers and trailers accounted for 48% of loadings at 2,308,698, while international containers made up 51% at 2,448,571.

Year-to-date trend through the first three quarters

Through the first three quarters of 2025, intermodal volume was up 3.8% year over year, IANA said. The association reiterated that the third quarter remained roughly 25,000 loads below the record third-quarter volume posted in 2024.

Drivers cited by IANA leadership

IANA President and CEO Anne Reinke attributed third-quarter strength to persistent consumer demand combined with improved rail service, which together supported intermodal volumes. She also said that frontloaded imports have continued to play a role throughout the year.

Peak season outlook and October activity

On peak-season dynamics, Reinke said, “October volumes look like they could be the peak for the year, as was the case last year. While international container shipments have dipped, domestic containers are moving, helped along by manufacturing strength.” She added that October appeared likely to be the strongest month of the year and that the fourth quarter is expected to be soft year over year because of tough comparisons with the prior year.

Trucking market pressures and implications for intermodal

Reinke pointed to tightening trucking conditions and expanded trucking regulations as factors that should act as a tailwind for intermodal. She said these developments, alongside other structural elements, make IANA optimistic about 2026 despite a softer fourth quarter.

Structural changes in trucking capacity and timing

The IANA report described a changing structural landscape in trucking that should eventually strengthen the market and improve domestic intermodal's competitive position, even though demand is currently weak. The association said government data suggest for-hire trucking employment is tighter than official estimates indicate, and multiple pressures are aligning to constrain capacity.

Key constraints and near-term demand outlook

IANA listed several specific pressures expected to limit trucking capacity:

• Regulatory and enforcement impacts
• An insurance surge
• Future equipment constraints

The report characterized near-term freight demand as a neutral to negative factor. It described the overall freight forecast as tepid and noted the dry van segment — the most direct competitor to domestic intermodal — looks particularly sluggish. While a stronger truck freight market and an improved competitive dynamic for domestic intermodal are expected, IANA cautioned that it will take time for capacity constraints to fully develop and to affect rates.