The latest quarterly U.S. Bank Freight Payment Index – Rates Edition showed truck freight rates moving up modestly to start 2026, while the gap between spot and contract pricing has narrowed.
Produced in collaboration with DAT Freight & Analytics, the report found that spot rates averaged $2.01 per mile in February, up from $1.65 in November. Meanwhile, contract rates ticked up to $2.12 in February, up from $2.02 in November.
U.S. Bank
“The latest data shows early signs of change in freight pricing as spot and contract rates begin to move closer together,” says Jeff Pape, head of relationship management for U.S. Bank Freight Payment. “By working with DAT Freight & Analytics, we’re able to pair trusted rate benchmarks with real freight payment data, giving shippers and carriers a clearer, more complete view of current pricing dynamics and what they mean for decision making.”
“What we’re seeing in early 2026 is a freight market beginning to rebalance, with spot rates improving modestly while contract pricing has remained relatively steady,” says Ken Adamo, chief of analytics at DAT Freight & Analytics. “As the market adjusts, reliable data is essential for understanding where pricing is headed and how conditions are changing.”
Key takeaways:
· The report also revealed compression between contract and spot rates. A year ago, contract rates carried an average premium of roughly $0.39 per mile over spot rates. By March, that gap narrowed to about $0.11 per mile, representing approximately $0.28 per mile of compression. The narrowing reflects spot rates catching up to contract pricing, leaving shippers with less margin to absorb volatility.
