Most truckers are staying positive even as freight rates remain under pressure, according to a new Q3 2025 survey of owner-operators and small fleets released by Truckstop.com and Bloomberg Intelligence.

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The Q3 2025 survey of 211 carriers, mostly small fleets and owner-operators, found that 60% reported load volumes holding steady or rising compared to last year. Looking ahead, 80% expect freight demand to either grow or stay the same over the next six months.

“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.

Revenue steady, rates still a challenge

While volumes are holding up, rate recovery continues to lag. Only 37% of carriers expect rates to improve in the next six months, down from 55% earlier this year. Still, 15% reported year-over-year revenue growth, and another 42% said their revenue remained steady.

Carriers are also showing more willingness to invest again. Nearly one in three (29%) plan to buy new tractors or trailers in the next six months, up from 21% in the previous quarter.

Tariffs and CDL rules add pressure

On the policy front, 69% of carriers say tariffs will hurt the industry, up slightly from Q2. And the new federal enforcement of English-language proficiency rules is raising concern—79% believe it will affect trucking, with 41% saying the impact will be significant.

Despite the uncertainty, a few carriers are not giving up. Fewer than one in ten are considering leaving the industry, a figure that’s held steady since Q1. Job satisfaction even climbed, with 60% now saying they’re happy with their work, up from 54% last quarter.

“The industry’s current conditions are testing every business, especially small fleets,” Markusic said. “But carriers are adapting and showing resiliency.”