How Did Owner-Operators Perform in 2024?
- ATBS Staff
- May 1
- 5 min read
2024 proved to be one of the most difficult years for trucking in recent memory. The question is… when will things turn around?
In this article, we'll give a recap of the year and answer questions including:
The difficult market has certainly washed out some capacity, why haven’t we seen rates improve?
What are the latest trends with miles, rates, fuel costs, and maintenance?
Has IC pay hit the bottom?
What are other carriers seeing with turnover, rates, and what technology are they utilizing to cut litigation risk?
What's in store for 2025?
Interested in learning more? Check out our full Independent Contractor Benchmarks and Trends Webinar, where we give a more in-depth recap of how owner-operators performed in 2024!
Freight Rates

From May 2020 through April 2022, we saw one of the biggest increases in spot market
load volumes and rates in the history of trucking. However, in April 2022, while contract rates remained somewhat stable, spot market rates and load volumes began falling dramatically.
Here are some numbers to illustrate this shift in the market:
Peak- November of 2021
Loads: 240 loads per 1 truck looking for a load.
Rates: $2.74 per mile (without fuel surcharge).
February 2023
Loads: 55 loads per 1 truck looking for a load
Rates: $1.80 per mile (without fuel surcharge)
September 2024
Loads: 60 loads per 1 truck looking for a load.
Rates: $1.84 per mile (without fuel surcharge)
April 2025
Loads: 91 loads per 1 truck looking for a load.
Rates: $2.13 per mile (without fuel surcharge)
Both the amount of loads per truck and the rate per mile (net of the fuel surcharge) have remained stable throughout 2024. We’ve seen a dramatic increase in loads and rates in the spot market from February through April of 2025. These are very positive signs that we’ve come to an equilibrium in capacity versus the amount of freight available. We are yet to see if this large increase in freight and rates was due to companies moving freight before tariffs hit.
It seems that the amount of capacity in the spot market stabilized in 2024. Those who entered the market during the COVID boom seemed to have all washed out by the end of 2023. Those that remain have costs under control, good business acumen, and likely stable freight and lanes.
Miles

Miles are up slightly year over year, but remain unchanged from the mid-year mark.
Overall, miles have dropped significantly over the past 20 years. In 2003, owner-operators averaged about 140,000 miles per year. At the minimum, in a booming freight market, it dropped to 85,000 miles per year. Today it is up to 93,000 per year. We are now at two straight cycles of miles not moving upward, again meaning we might be at equilibrium of capacity versus freight.
Revenue

Owner-operator revenue per mile is down another 5.3%, or 10 cents per mile on a year-over-year basis. A significant portion of that has come from the reduced cost of fuel resulting in a lower fuel surcharge. True rates have also fallen simultaneously.

Independent Contractors are working harder to reach the revenue needed to remain in business. Due to the increase in miles, total revenue is only down 1.8% and we are starting to see signs of recovery.
Fuel

Fuel cost per mile is down 11.3% and has remained very flat for the year so far in 2025. This type of trend can be expected to continue throughout the year. The lowering of fuel costs in the 2nd half of 2024 created a very positive cash flow for drivers.
When the fuel surcharge adjusts on a Monday and fuel lowers throughout the week, we see drivers receiving more in fuel surcharge pay than they are paying at the pump. Of the 10 cents per mile lost in revenue, 7 cents per mile lost was actually in fuel. This means there was only a true loss of revenue of 3 cents per mile in 2024 versus 2023.
As freight rates have continued to decrease, we’ve seen owner-operators focus more on fuel mileage. Our average client is up to 7.12 MPG and we’ve seen increases in MPG across all segments. New technology on trucks and better driving habits can be attributed to why we’ve seen this increase.
Maintenance

Maintenance is up 6.6% year over year. This is expected due to the increased miles being driven. The average independent contractor is seeing roughly 13 cents per mile in maintenance costs, or around $1,000 per month for maintenance. This cost depends on the age of your truck, the routes you run, and the mileage you drive. You need a custom maintenance plan to make sure you are covered for the repair, the fixed costs when you are down, and your home bills while not generating revenue.
Last year, we were worried about deferred maintenance due to the dramatic dip in costs despite mileage going up. This proved not to be the case and it was just an anomaly. Due to truck technology and sensors, it’s much more difficult to defer maintenance like the last time we saw it happen during the great recession in 2009 and 2010.
Fixed Costs

Fixed costs are up 1.5% or $850 year over year. Over the past few years, fixed cost averages have been a roller coaster. However, we seem to be back to normal levels for the first time since the pandemic as fixed costs increased accordingly with inflation.
Variable costs have also dropped year over year due to lowered fuel expenditures. With fixed costs under control and variable costs going down, Independent Contractors saw a much-needed reduction in cost pressure as rates continued to lower.
Net Income

Overall, owner-operator net income is up 1.8% to $64,000. Flatbed drivers had an amazing year-over-year increase of nearly $5,000. Flatbed freight continues to be hot in 2025, which is usually a leading economic indicator that things are turning positive.
The hungry drivers who have taken extra miles and focused on their fuel economy have continued to see gains over the past few months despite continued downward pressure on rates. ATBS clients who are using our services effectively are averaging a net income of $86,215.
+1/-10


Incremental and small changes are the best thing you can continue to do today. The two charts above illustrate the top two things the average independent contractor can do to dramatically increase their income, increase their revenue, and decrease their costs. Increasing your revenue could just mean one more load a month, which is illustrated above.
There are many ways to decrease your costs, but fuel is your biggest cost and the one you can control the most. Just one mpg better means taking home $8,000 or more in profit!
If you do one of the two things above, you’ll increase your net income by $150 a week or $8,000 per year. If you do both, you’ll take home nearly $300 more per week, or $15,000 a year.
It might not be possible to run 500 more miles a month or get one mpg better, but if you do a little bit of each, you’ll see drastic improvements to your net income.
2025 Outlook

Freight rates are expected to remain flat or up slightly as carriers reject lower rates
Uncertainty remains the biggest issue of 2025 as tariffs loom large in decision-making
Falling used truck prices and lowered interest rates could create an opportunity for an equipment upgrade. This could lead to higher revenue generated and lower costs in maintenance and fuel.
The best businesses and owner-operators are still doing well. The decreased cost of fuel gives drivers the chance to improve fuel efficiency, run a little harder, and continue to succeed in trucking! The bottom line is that owner-operators control their own destiny, and they can make changes today to ensure profitability and success!