The trucking industry is in the middle of a significant consolidation wave, and 2026 is shaping up to be one of the most active years for mergers and acquisitions in recent memory.

Big Money, Big Moves

The deals at the top of the market have been hard to miss. Schneider National expanded its dedicated services with the acquisition of Baltimore-based Cowan Systems for a reported $390 million, while Hub Group picked up Marten Intermodal to grow its temperature-controlled operations. On the brokerage side, RXO became the third-largest freight broker in North America after completing its $1.025 billion acquisition of Coyote Logistics from UPS.

Canada hasn't been sitting still either. Calgary-based Trimac Transportation made three significant acquisitions in 2025 alone — flatbed and specialized carrier Watt & Stewart, oversized load hauler Searcy Trucking, and chemical hauler Service Transport Company. Closer to home for Ontario operators, Premier Bulk Systems out of Gormley, Ontario acquired Longhorn Transportation of Berry Mills, New Brunswick.

Why M&A Is Accelerating

The drivers are straightforward. Lower borrowing costs following multiple Fed rate cuts, combined with steadier trade policy, are boosting buyer confidence and reviving deals that were previously put on hold. At the same time, the extended freight downturn has left distressed carriers in the market — and opportunists see the combination of low interest rates and motivated sellers as ideal conditions for dealmaking.

North American transportation and logistics M&A deal value reached $128.8 billion through November 2025, surpassing Europe and Asia/Australia combined for the first time since 2021.

The Small and Mid-Size Opportunity

The consolidation story isn't only being written by the Schneiders and Trimacs of the world. For small and mid-size carriers — particularly owner-operators running regional or specialized operations — this environment presents a real window.

Larger carriers are actively hunting for book-of-business, equipment, terminal locations, and driver pools. Niche operators with consistent lanes, loyal shipper relationships, or specialized capabilities (flatbed, reefer, bulk, hazmat) are exactly what acquirers are targeting. Buyers are particularly focused on pharma, temperature-controlled, and reverse logistics subsectors.

For owners thinking about an exit, valuations may never be more favourable. For operators looking to grow through acquisition, distressed smaller carriers are available at prices that haven't been seen in years. Either way, the message is the same: the window is open, but it won't stay open forever.

The trucking industry has always consolidated in cycles. We're in one now — and the smart money is paying attention.