Survey reveals optimism as carriers anticipate tighter capacity and improved rates.
Boise, ID – November 3, 2025 – A new Q3 2025 survey of owner-operators and small fleets from Truckstop.com and Bloomberg Intelligence shows a mixed economic outlook, with expectations for volume and freight recoveries moving in different directions.
“Many believe the bottom may be near in terms of volumes, and are cautiously preparing for better days ahead, despite ongoing pessimism on rate recovery,” said Todd Markusic, Customer Insights Manager at Truckstop.com.
Volume Held Steady, Outlook Hopeful
Load volume trends in Q3 indicated a return to stability. Most carriers (60%) saw volumes in Q3 2025 either up or the same as the same period last year, and 80% expect volumes to either increase (50%) or remain flat (30%) over the next six months. Forty-four percent were unsure when the market would bottom out and rebound.
Confidence Despite Rate Pressures
Fifteen percent of carriers said their Q3 revenue grew year over year. Another 42% reported revenue stayed steady YoY. When asked about the next six months, 37% expect rates to improve, down from 55% at the start of the year.
Despite the uncertainty, carriers signaled a bit more appetite for capital investment, with 29% planning to buy new tractors or trailers in the next six months—up from 21% in Q2.
The Impact of Tariffs and CDL Rules
On the policy front, most carriers (69%) believe tariffs will harm the trucking industry, up 4 points from Q2. Concerning the recent federal enforcement of English-language proficiency requirements, 79% expect it to impact trucking, and 41% think it will have a significant effect.
Overall, carriers are committed: fewer than 1 in 10 carriers are considering leaving the industry in the next 6 months. This number has stayed the same since Q1. In fact, job satisfaction rose in Q3: 60% of carriers say they are satisfied with their work, up from 54% in Q2. Only 15% report being dissatisfied.
“The industry’s current conditions are testing every business, especially small fleets,” Markusic said. “But carriers are adapting and showing resiliency.”
The Truckstop.com/Bloomberg Intelligence survey gathered insights from 211 carriers, of which 80% were owner-operators or small fleets with five or fewer trucks. Flatbed carriers made up the largest segment at 59%.
About Truckstop.com
Truckstop.com is a leading software company that provides freight-matching, security, and financial solutions to the trucking industry. Our three decades of success are built on two things: a deep understanding of the needs of professional drivers, carriers, and brokers, and an ability to meet those needs quickly with simple, innovative solutions. Our goal is to help our customers operate more profitably and find more joy doing what they love. For more information, please visit us at truckstop.com.
About Bloomberg Intelligence
Bloomberg Intelligence (BI) research delivers an independent perspective providing interactive data and investment research on over 2,000 companies, 135 industries and all global markets. Our team of 400 research professionals help our clients make decisions with confidence in the rapidly moving investment landscape. BI analysis is backed by live, transparent data from Bloomberg and 500 third-party data contributors that clients can use to refine and support their ideas. Bloomberg Intelligence is available exclusively on the Bloomberg Terminal and the Bloomberg Professional App. Visit us at https://www.bloomberg.com/professional/product/bloomberg-intelligence/ or request a demo.
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