Key takeaways
- Trucking carriers plan higher 2026 capex, but most spending targets aging equipment, not growth.
- Cost-saving measures remain a focus, with carriers aiming to “do more with less” amid rising equipment prices.
- Fewer trucks per dollar spent push fleets to optimize replacement timing for reliability and efficiency.
Several of the country’s most prominent trucking companies are taking a cautious stance toward capital expenditures in 2026, even if some executive teams are signaling sizable dollar increases from last year.
In 2025, the leaders of ArcBest, Covenant Logistics Group, J.B. Hunt Transport Services, Knight-Swift Transportation, and Schneider National spent a combined $1.7 billion (net of dispositions) on equipment, real estate, and technology. In recent earnings releases and on conference calls, those executives have outlined 2026 plans to commit between $1.81 billion and $2.15 billion. The midpoint of that range is a 16% increase from 2025.
That jump would suggest a healthy market outlook and upbeat leaders of carriers that were all in the top 32 of the 2025 FleetOwner 500 list of for-hire carriers. Such a vibe shift would make for a nice change of pace from the long freight recession the industry may finally be leaving behind. But consider this a case of the numbers needing quite a bit of context. Executives said they are focused almost exclusively on replacing equipment that’s aging, and the projected increases at J.B. Hunt, Knight-Swift, and Schneider—ArcBest and Covenant are retreating to about $200 million in spending this year, versus roughly $330 million in 2025—all come with asterisks:
- At J.B. Hunt, spending that isn’t for replacement will be “success-based” when it comes to the company’s dedicated division. No new customers, no new trucks.
- Knight-Swift’s net spending plans of $625 million to $675 million this year (versus $503 million in 2025) are being inflated because the company’s leaders expect to bring in significantly less money from selling certain assets.
- Mark Rourke, CEO of Schneider, said 2026’s projected increase of more than $100 million (also focused on replacing older equipment) should be viewed through two lenses: The Wisconsin-based carrier pulled back on some capex last year until there was more clarity around President Donald Trump’s tariff policies and delays late last year in procuring a terminal as well as some equipment has pushed more dollars into 2026.
In addition to those caveats, executives made it clear they’re not ready to splurge in anticipation of a big growth spurt. Schneider CFO Darrell Campbell told analysts the year will be about “doing more with less” and said his team is targeting $40 million in cost savings, repeating 2025’s work on that front. Similarly, J.B. Hunt’s leaders said that the company’s cost-saving plan is now running at more than $100 million on an annual basis.
One more factor to consider in the spending picture: Carriers are getting fewer trucks than before for the same amount of spending. ArcBest CFO Matt Beasley succinctly described his team’s reaction to that dynamic: “With equipment costs trending higher, our analysis points to adjusting the timing of certain replacements as the most cost-effective use of capital while still ensuring reliability.”
About the Author
Geert De Lombaerde
Senior Editor
A native of Belgium, Geert De Lombaerde has more than two decades of experience in business journalism. Since 2021, he has written about markets and economic trends for Endeavor Business Media publications FleetOwner, Healthcare Innovation, IndustryWeek, Oil & Gas Journal, and T&D World.
With a degree in journalism from the University of Missouri, he began his reporting career at the Business Courier in Cincinnati. He later was managing editor and editor of the Nashville Business Journal. Most recently, he oversaw the online and print products of the Nashville Post and reported primarily on Middle Tennessee’s finance sector and many of its publicly traded companies.