NAICS 481112 Quarterly Industry Report
Scheduled Freight Air Transportation
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 481112Sector: 48Updated: Q1 2026
About This Report
This NAICS 481112 industry report compiles data from the U.S. Census Bureau[5] Service Annual Survey, Bureau of Labor Statistics[6] employment and wage statistics for air transportation workers, and Small Business Administration[7] size standard tables. Fair Market Value researchers supplement these federal sources with Federal Aviation Administration cargo tonnage data and air freight industry reports to produce quarterly updates. Each NAICS 481112 report revision captures freight volumes, fleet use trends, and competitive dynamics across the scheduled freight air transportation sector.
Industry Snapshot
Key metrics for the scheduled freight air transportation industry.
Industry Definition & Overview
Scheduled Freight Air Transportation (NAICS 481112) encompasses establishments primarily engaged in providing air transportation of cargo without transporting passengers over regular routes and on regular schedules. Dedicated cargo airlines like FedEx Express, UPS Airlines, and Atlas Air operate freighter fleets on fixed schedules connecting major logistics hubs worldwide. Smaller all-cargo carriers serve regional freight markets and specialty logistics corridors with scheduled freighter service between secondary airports.
The U.S. Census Bureau[5] classifies scheduled freight airlines separately from passenger carriers (481111) that transport belly cargo alongside passengers and from air courier and express delivery services (492110) that focus on parcel and document delivery. Cargo airlines transport general freight, perishables, pharmaceuticals, e-commerce shipments, live animals, hazardous materials, and oversized items that require dedicated freighter capacity. Ground handling, warehouse operations, and customs brokerage at origin and destination airports support the freight movement process.
E-commerce growth has driven demand for air freight capacity, particularly for time-sensitive consumer deliveries and cross-border shipments. Fuel costs represent a major variable expense, and freighter aircraft use rates directly affect per-unit economics. Older passenger aircraft converted to freighter configuration extend fleet capacity at lower acquisition costs than new-build freighters. Airport curfews and noise restrictions at certain facilities constrain nighttime operations, pushing some cargo carriers to secondary airports with fewer operating limitations and lower landing fee structures.
What's Included in This Industry
- Operating scheduled all-cargo airline services on fixed routes and timetables
- Providing scheduled international freight air transportation between countries
- Transporting general freight and commercial cargo on dedicated freighter aircraft
- Hauling perishable goods including produce, seafood, and flowers via scheduled air freight
- Carrying pharmaceutical and temperature-controlled shipments on scheduled cargo flights
- Operating converted passenger-to-freighter aircraft on scheduled cargo routes
- Providing scheduled air freight service for e-commerce and time-sensitive shipments
- Transporting hazardous materials and restricted cargo on certified freighter aircraft
- Running scheduled freighter service between major cargo hub airports
- Operating overnight freight networks with hub sorting and reloading operations
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Subsector | Air Transportation | 481 |
| Industry Group | Scheduled Air Transportation | 4811 |
| NAICS Industry | Scheduled Air Transportation | 48111 |
| National Industry | Scheduled Freight Air Transportation | 481112 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 481111 | Scheduled Passenger Air Transportation | Scheduled passenger airlines carry belly cargo on passenger flights, competing with dedicated freighter operations for certain freight categories and routes |
| 492110 | Couriers and Express Delivery Services | Courier and express delivery services use air transportation networks for parcel movement but are classified separately from scheduled freight air carriers |
| 481212 | Nonscheduled Chartered Freight Air Transportation | Nonscheduled chartered freight air carriers provide on-demand cargo flights that supplement scheduled freighter capacity during peak demand periods |
| 488190 | Other Support Activities for Air Transportation | Other support activities for air transportation include cargo handling, freight forwarding, and warehouse operations at airports serving scheduled freight carriers |
| 336411 | Aircraft Manufacturing | Aircraft manufacturing produces new freighter aircraft and supplies airframes for passenger-to-freighter conversion programs serving cargo airlines |
| 488119 | Other Airport Operations | Airport operations provide ground handling, fueling, and ramp services that support scheduled freighter aircraft loading and unloading activities |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | Florida | 18.6% | 67 |
| 2 | California | 15.8% | 57 |
| 3 | Illinois | 11.4% | 41 |
| 4 | Texas | 8.6% | 31 |
| 5 | New York | 7.5% | 27 |
| 6 | Alaska | 5.8% | 21 |
| 7 | Georgia | 5.3% | 19 |
| 8 | New Jersey | 3.1% | 11 |
| 9 | Ohio | 2.2% | 8 |
| 10 | Michigan | 1.9% | 7 |
% Of Establishments
0%
19%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
32
Total SBA Loans
$5.9M
Total Loan Volume
$185K
Average Loan Size
10 yrs
Average Loan Term
10.44%
Average Interest Rate
48
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: The Small Business Administration[8] classifies businesses under NAICS 481112 as small if they employ no more than 1,500 employees. Smaller regional cargo carriers and specialty freight airlines below this threshold qualify for SBA programs. SBA 7(a) loans[9] can finance aircraft acquisitions, maintenance equipment, and working capital for qualifying freight carriers. The SBA 504 program[10] supports long-term investments in hangar facilities, cargo sorting infrastructure, and ground support equipment for small scheduled freight airlines.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Grasshopper Bank National Association | 8 | $4.0M | $500K |
| 2 | Northeast Bank | 24 | $1.9M | $80K |
Frequently Asked Questions
Common questions about this industry.
What businesses are classified under NAICS 481112?
NAICS 481112 covers airlines operating scheduled cargo-only flights on regular routes and timetables. Major integrated freight carriers, regional all-cargo airlines, and specialty freight operators all qualify. The U.S. Census Bureau[5] provides the official classification.
How is NAICS 481112 different from express delivery services?
Scheduled freight airlines (481112) operate dedicated cargo aircraft on fixed routes, while courier and express services (492110) provide door-to-door delivery that may include air transportation. The Census Bureau[11] separates them by primary service offering.
What is the SBA size standard for cargo airlines?
The SBA sets the size standard at 1,500 employees for NAICS 481112. Smaller regional cargo carriers typically qualify as small businesses. Current standards appear in the SBA table of size standards[7].
Which NAICS codes relate most closely to 481112?
Key related codes include 481111 for passenger airlines with belly cargo, 492110 for express delivery services, 481212 for charter freight carriers, and 336411 for aircraft manufacturing. Each connects to the air freight supply chain.
What industries interact with scheduled freight airlines?
Passenger airlines (481111) compete with belly cargo capacity, express delivery services (492110) contract for airlift, aircraft manufacturers (336411) supply freighters, and airport handlers (488190) manage cargo operations. Freight forwarders also consolidate shipments for air transportation.
What activities does NAICS 481112 include?
Activities cover operating scheduled all-cargo flights, transporting general freight, perishables, pharmaceuticals, and hazardous materials on freighter aircraft. Overnight hub sorting operations and converted aircraft services also qualify. The Census definition[5] covers the full scope.
Can small cargo airlines get SBA loans?
Freight carriers with fewer than 1,500 employees qualify for SBA 7(a) loans covering aircraft, maintenance, and working capital. The 504 program funds hangar and cargo facility investments. Details are at the SBA funding programs page[12].
Where are scheduled freight airlines concentrated?
Major air cargo hubs include Memphis (FedEx), Louisville (UPS), Anchorage (international refueling), Miami (Latin American trade), and Los Angeles (Pacific trade). Cincinnati, Indianapolis, and Ontario also serve as sorting and distribution hubs for overnight freight networks.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]U.S. Census Bureau census.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]Small Business Administration sba.gov
- [8]Small Business Administration sba.gov
- [9]SBA 7(a) loans sba.gov
- [10]SBA 504 program sba.gov
- [11]Census Bureau census.gov
- [12]SBA funding programs page sba.gov
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