The bankruptcy cycle that started in late 2023 hasn't ended. By our count there have been 27 trucking bankruptcies of 100+ trucks in 2025 and another 8 so far in 2026 through April. The pattern has been remarkably consistent. So have the lessons.

Notable filings, late 2025 through April 2026

We're not republishing private creditor lists. The names below are public PACER filings and trade press coverage:

  • Yellow Corp — wound down through 2024; final asset sales completed early 2025
  • Anonymized mid-size dry van carrier (1,400 trucks) — Chapter 11, August 2025; reorganized at smaller scale
  • Regional reefer carrier (650 trucks) — Chapter 7, October 2025
  • Specialized flatbed (320 trucks) — Chapter 11 conversion to Chapter 7, February 2026
  • Last-mile/final-mile parcel adjacent carrier (900 trucks) — Chapter 11, March 2026

The size profile is consistent: 200-2,000 trucks, mid-market, mostly van and reefer. Both ends of the spectrum (mega-carriers and single-truck owner-ops) have weathered the cycle better.

Why mid-size carriers are dying first

Three squeeze factors hitting at the same time:

1. Rate compression. Spot rates haven't fully recovered since the 2022 peak. Mid-size carriers locked into asset financing during the boom assumed rates would normalize 12-18 months sooner than they have.

2. Insurance cost spiral. Commercial auto insurance premiums have run up 40-60% over five years. Mega-carriers self-insure or carry massive deductibles to manage it. Single-trucks shop the market hard. Mid-size carriers eat the full retail premium and have less negotiating leverage than the big fleets.

3. Equipment debt service. A new sleeper financed at $160K through 2022's low-rate window comes off cheap money in 2026 as refinancing options narrow. Equipment loans rolling over at higher rates plus residual values that came in below expectations — a textbook squeeze.

What it means for owner-operators standing

If you're still operating, the bankruptcy wave is net positive for you if you have the cash to scale into the gap. Specifically:

Lanes coming free. Every Chapter 7 filing puts contracted freight back to spot. Brokers scramble to cover, often paying premium short-term rates. If your radar is up you can capture above-market loads in the 30-60 days after a major filing.

Drivers in the market. Each major filing dumps 200-2,000 CDLs into the labor market within weeks. If you're trying to hire a second driver, your timing is right.

Equipment fire sales. Bankruptcy auctions in 2025 saw used Class 8 sleepers move 15-25% below private-party Mannheim values. If you're considering a second truck and need financing, this is a buyer's market.

Broker book consolidation. Brokers who lost a big carrier suddenly have lane volume and need new capacity. Cold-call the brokers that worked your competitors' shutdown lanes — there's a window to get on a freight-mover's call list that didn't exist 12 months ago.

What it means for fleets considering growth

The temptation is to wait it out. The math says the opposite if you have working capital. Asset prices are below trend, drivers are available, lanes are free. The carriers that come out of this cycle stronger are the ones that bought capacity cheap and locked in capable drivers while their competitors were filing.

The constraint is cash. Most small fleets don't have the war chest to scale through the bottom of a cycle. That's where working capital financing comes in — bridge facilities sized for 90-180 day growth runways are the right tool when the asset side is favorable but the cashflow side is still soft.

What it means for owner-operators considering startup

If you've been waiting for the right time to get your own MC authority, 2026 is a counter-intuitively good moment. You're walking into a market with:

  • Cheap used equipment
  • Available drivers (if you're hiring)
  • Ample broker access (everyone is rebuilding their carrier network)

What you don't have: the rate floor of a tight market. Year one in your own MC has always been hard; in this cycle it's harder. Make sure your reserve covers 90-120 days of fixed costs before you start.

Looking ahead

The bankruptcy cycle ends when capacity rationalizes. Each major filing tightens the supply side. Tender rejection rates have crept up from a 2.8% bottom in 2024 to 4.1% in May 2026 — slow, but the right direction. By Q3 2026 we should see whether peak season pulls rejections back over 6% (which historically signals rate firming) or whether oversupply just reasserts itself in October.

For weekly tracking of the broader industry beat — driver pay trends, equipment moves, and the bankruptcies as they file — see the industry news hub.