Owner-Operator Net Income Rose 10.4% as Freight Rates Rebounded in 2026

Owner-operators earned more in the first half of 2026 as freight rates rebounded and capacity left the market. Average net income rose 10.4% year over year to $78,467, but higher diesel and operating costs cut into the improvement. The figures point to a stronger market, with results depending on how well operators manage expenses and choose freight.

ATBS’s mid-year data tracks freight rates, miles, revenue and costs through June 2026. It also compares spot and leased pay, a widening gap that may influence how some owner-operators choose to find loads.

Rates have recovered, while capacity remains tighter

Spot rates have moved beyond their November 2021 high, after nearly three years when load volumes and prices stayed low. The load-to-truck ratio was 240 posted loads per available truck at the November 2021 peak, then fell to 88 in September 2025. At the 2026 peak, it reached about 200.

At that 2026 peak, spot rates averaged $2.76 per mile before fuel surcharge, with a further $0.63 in surcharge. By August 2026, the ratio had eased to 134 loads per truck. That’s below the peak, but still well above levels seen from 2023 through 2025. For comparison, the rate was $1.88 per mile in September 2025 and averaged roughly $1.86 for much of the preceding three years.

Higher rates don’t translate directly into profit. Non-fuel costs per mile rose from $0.68 to $0.82. Truck payments increased 23%, maintenance costs climbed 20% and insurance rose 18%. Rates had dipped from their recent peak but remained higher than a year earlier, making load selection and cost control central to keeping more of each dollar earned.

Fewer miles, higher revenue

The average owner-operator drove about 94,440 miles over the past 12 months, down 2.5% from the prior year. Flatbed was the only segment to increase mileage, rising 1.5%. Miles slipped during the second half of 2025, then picked up in the first half of 2026 as freight returned. Annual mileage nevertheless remained well below the 111,137 average recorded in 2018.

Average revenue per mile reached $1.96, up 21.1 cents, or 12.1%, from a year earlier. Most of the gain came between March and June, and every segment improved. Flatbed had the largest increase, at 30 cents per mile. The spring diesel spike lifted fuel surcharges and therefore total revenue per mile, but underlying rates also improved: revenue excluding surcharge reached $1.71 per mile in June.

Higher pay per mile outweighed the decline in miles. Gross revenue increased $15,712, or 9.3%, to $184,765. Monthly revenue topped $18,000 in May and June, compared with about $14,000 a year earlier. Flatbed led the increase, with gross revenue up 17.5%.

Fuel and repairs put pressure on margins

Fuel was the largest moving expense in the first half. National diesel prices topped $5.00 per gallon in the spring, pushing fuel cost per mile up 9.3 cents, or 19.0%, to $0.582. For the average owner-operator, that added roughly $7,591 to the annual fuel bill. Fuel absorbed about 44 cents of every dollar in the 21.1-cent increase in revenue per mile.

The average truck returned about 7.05 miles per gallon in June. With fuel at $5 per gallon, even small changes in fuel efficiency can affect costs. Surcharges can offset some of a price rise, but their impact depends on how they’re calculated and how many gallons the truck consumes.

Maintenance cost an average of $14,375 over the past year, up $567 from the year before. Reefer operators had the largest increase, at $2,843, while dry van was the only segment to spend less. Higher shop labor and parts prices, along with aging equipment, continue to weigh on repair budgets. Planning for repairs and downtime can help prevent an unexpected breakdown from disrupting work for longer.

Net income improved, with results varying by segment

Average net income rose to $78,467, up 10.4% from a year earlier; by comparison, the increase in the 2025 year-end results was 0.5%. Operators kept 83.1 cents per mile, compared with 73.4 cents a year earlier. June’s average reached $8,154 for the month, or $1.06 per mile.

Every segment except reefer improved. Flatbed added $15,781 to reach $92,146, while tank remained the highest-earning segment at $123,053. Reefer income fell $4,670 to $59,848 as fuel and repair costs outpaced its rate gains. Among ATBS clients, the top third were on pace to earn $200,843 annually in the second quarter, and the top 10% were on pace for $313,580.

Capacity shifts and the spot-versus-leased choice

ATBS estimates that 180,000 drivers left the market over the previous 12 months: about 122,000 through economic exits and more than 58,000 through removals tied to non-domiciled CDL revocations, English Language Proficiency enforcement and cabotage visa revocations. The article estimates that another 190,000 to 195,000 drivers could exit as non-domiciled CDLs expire over roughly five years.

Rates have risen alongside the reduction in capacity. Contract rates were up 5.6% to 6.9% year over year, while spot rates gained 25% to 30%. The ATBS model points to a further 8% to 9% increase in contract rates as the phase-out continues.

In June, dry van spot rates averaged $3.03 per mile, compared with $2.16 for leased owner-operators. At 95,000 miles, the spot rate would mean about $83,000 more in revenue, or roughly $31,000 more after the added costs of running an independent operation. That difference may draw some leased operators toward spot freight, although new authorities are finding loads harder to secure as enforcement tightens.

The market’s stronger rates have created room to earn more, but they don’t guarantee a stronger bottom line. Miles, fuel economy, repairs and freight choices will shape how much of the rebound operators retain. ATBS’s 2026 Mid-Year Independent Contractor Benchmarking Webinar provides further detail on its segment data through June.