February intermodal volumes mostly saw gains, according to data provided to LM by the Intermodal Association of North America (IANA).
Total February volume, at 1,462,429 units, increased 2.7% annually, following a 5.9% annual decline in January, and respective 2.4% and 1.6% annual gains seen in September and August. Which were preceded by July’s 4.4% annual gain, which saw higher volumes due to the pulling-forward of goods being imported during the previous pause on the White House’s reciprocal tariffs.
Trailers were the lone intermodal segment to see an annual decline in February, falling 3.3%, to 35,822, marking an improvement over January and December, which were off 7.2% and 14.6%, respectively. Domestic containers, at 701,849, increased 5.2% annually, and all domestic equipment, which is comprised of trailers and domestic containers, at 737,671, posted a 4.7% annual increase. ISO, or international, trailers, at 724,748, eked out a 0.8% annual increase.
Through the first two months of 2026, IANA reported that total volume, at 2,931,476 units, fell 1.8% annually. Trailers, at 75,271, were down 5.4% annually, and domestic containers, at 1,404,508, increased 1.2% annually. All domestic containers, at 1,479,779, saw a mild 0.8% increase, and ISO containers, at 1,451,697, fell 4.3%.
In a recent interview with LM, Andrew Sibold, IANA Director of Economics, said that, in regards to the potential trajectory of 2026 intermodal volumes, he estimated that total volumes could be up around 1.25% annually.
At the outset of the year, he said the biggest wildcard was tariffs, with a fair amount recently being overturned by the United States Supreme Court, but subsequently re-implemented through a different method by the White House.
“I do think freight will continue to grow, just due to the pickup in industrial activity, but that is somewhat fragile and subject to various headwinds and tailwinds, too,” said Sibold.
As for the possibility of intermodal gaining market share from trucking, as trucking is seeing some attrition in capacity related to federal government actions regarding non-domiciled CDL holders, Sibold said that there is an opportunity for some share shift in 2026.
The reason for that, he said, is that trucking continues to face headwinds, with rates still low, as well as the U.S.-Iran situation significantly driving-up fuel prices, especially in recent weeks.
“There are some variables at play, and some of them have a lot of upside potential for intermodal,” he said. “If there is any type of uptick in demand or consumption, I think intermodal is pretty well-positioned to handle whatever volume spikes are coming its way.”
As for the current impact of the Iran conflict in intermodal performance, he explained that the situation requires a watchful eye, as capacity and demand tighten in trucking, intermodal stands to increase its overall share.
“The only potential hiccup would be if the shift to intermodal were to swamp capacity, but this is unlikely in the near term, since all of our efficiency metrics show the network operating very efficiently,” he said.
