How Did Owner-Operators Perform in 2025?

After years of a struggling freight market, 2026 appears to be a turnaround year, getting off to a strong start. At the same time, spiking fuel prices are colliding into trucking’s momentum. It’s shaping up to be a very interesting year.

In this article, we’ll dig into the latest numbers and answer questions, including:

• What does the crackdown and enforcement on illegal capacity really mean?

• What are the latest trends for owner-operator miles, rates, fuel costs, maintenance, and net income?

• What attracts owner-operators to run for a fleet, and why do they leave?

• Will the rise in spot rates attract more drivers into the own authority market?

• What will the trucking recovery look like?

Interested in learning more? Check out our full 2025 Owner-Operator Trucking Trends Webinar, where we give a more in-depth recap of how owner-operators performed in 2025!

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).

April 2025

• Loads: 91 loads per 1 truck looking for a load.

• Rates: $2.13 per mile (without fuel surcharge)

September 2025

• Loads: 88 loads per 1 truck looking for a load.

• Rates: $1.88 per mile (without fuel surcharge)

April 2026

• Loads: 175 loads per 1 truck looking for a load.

• Rates: $2.40 per mile (without fuel surcharge)

We are currently seeing a very strong load-to-truck ratio, with approximately 175 loads available per truck. At the same time, rates have climbed to $2.40/load. This imbalance has pushed rates to their highest levels since the COVID era.

For context, over the past three years the rates have hovered around $1.86, creating a challenging environment for independent contractors who rely heavily on the spot market to generate revenue. That dynamic has clearly shifted. Spot rates have risen significantly since the beginning of the year, signaling improving market conditions.

The spot market is often one of the best indicators of overall industry health, and right now it is pointing in a positive direction. If this trend continues, trucking could become a much more attractive opportunity for new and returning drivers.

That said, stronger rates alone do not guarantee profitability. Operators who remain disciplined with their expenses and are strategic in how they select loads will be in the best position to take full advantage of this market.

Miles

Miles are down year over year by approximately 3.8%, with the average independent contractor running about 95,000 miles annually.

Historically, when the economy is strong, drivers tend to run fewer miles. When conditions tighten, drivers often compensate by driving more to maintain income. We saw this during the COVID era and the dip in mileage during that time. However, 2025 did not follow that typical pattern. While it was not considered a recovery year for the industry, miles still declined.

This suggests the issue was not a lack of willingness to run, but a lack of available freight. Simply put, many drivers could not increase miles even if they wanted to because the loads were not there.

Revenue

Revenue per mile increased by 2.9% year over year, driven primarily by rate improvements in the back half of the year, especially in the fourth quarter.

Most importantly, this gain was the result of positive rate adjustments rather than fuel prices. While fuel costs were lower early in the year, they trended slightly higher in the second half compared to 2024. As a result, fuel had minimal impact on the overall increase in revenue per mile.

Despite stronger revenue per mile, gross revenue declined by approximately 1.3%. As mentioned earlier, reduced load availability in 2025 was the primary driver of this year-over-year decrease.

Fuel

It is important to note that this graph reflects fuel data from 2025, when pricing looked very different from what we are seeing today.

Fuel was actually net positive year over year by $0.01 per mile, bringing the average to $0.50 CPM. While that was a favorable trend at the time, conditions have shifted significantly in recent weeks.

As fuel prices change, it becomes more important than ever for independent contractors to focus on fuel efficiency and to fully understand how fuel surcharge works. When fuel spikes, it can create a unique opportunity to increase revenue through higher surcharges. However, that opportunity only translates into profit when your truck is running as efficiently as possible.

Maintenance

Maintenance remains one of the largest expenses for owner-operators, increasing year over year by $874 to a total of $14,222.

Several factors are driving this rise, including higher labor costs, more expensive parts, and a limited supply of new trucks. As a result, many independent contractors are holding onto older equipment longer, which typically requires more upkeep. At the same time, some drivers are delaying maintenance due to cash flow constraints, often leading to more expensive repairs down the road.

The key takeaway is simple: maintenance planning is no longer optional. Operators who proactively budget for repairs, fixed expenses, and potential downtime are far better positioned to protect their income and stay on the road when unexpected issues arise.

Net Income

Overall, owner-operator net income is up 0.5% to $71,808 year over year. Looking ahead in 2026, as mentioned earlier, we are seeing rates go up. Although we see fuel rising, that does not mean you cannot increase your bottom dollar. The drivers who focus on all expenses and dial in their fuel economy are the ones who will profit the most from these increased rates. 

After several challenging years, we are beginning to see meaningful signs of recovery. Capacity is tightening, rates are improving, and the overall environment is becoming more favorable for owner-operators. At the same time, rising fuel costs, increased maintenance expenses, and ongoing cost pressures continue to separate those who are prepared from those who are not.

Success in this market will not come from rates alone. It will come from discipline.

The operators who understand their numbers, control their expenses, run efficiently, and make strategic decisions about the freight they haul will be the ones who take full advantage of this cycle. As conditions improve, opportunity will grow, but so will the gap between those who are operating a business and those who are simply driving a truck.

Rest of 2026 Outlook

Illegal driver capacity has become a major focus across the industry, with increased pressure from the Federal Motor Carrier Safety Administration (FMCSA) to identify and remove non-compliant operators in an effort to improve roadway safety.

While several factors have pushed this issue to the forefront, the key takeaway is the expected reduction in overall capacity. Estimates suggest that enforcement efforts could remove 5–12% of drivers from the market.

When capacity tightens at that level, rates typically respond upward. This creates a favorable environment for carriers that have remained compliant and operational, positioning them to benefit from stronger pricing and improved demand.

The best businesses and owner-operators are still doing well. The bottom line is that owner-operators control their own destiny, and they can make changes today to ensure profitability and success!