🎣 April Is Up 13%

Happy Wednesday. We're reporting the latest batch of carrier earnings, and Landstar just reported April truck revenue running 13% above last year, while Werner swung back to profitability. Here are the numbers brokers need to know.

Plus:

• STG Nears Bankruptcy Exit
• Wyoming Operation Nets 85 Arrests
• "Phantom Capacity" Masks Tighter MX Market

...and more.

🍳 What's Cookin' In Freight

🏗️ STG Is Almost Out. STG Logistics has reached a settlement with minority lenders and plans to exit bankruptcy protection soon. The recapitalization plan gives Fortress Investment Group and Invesco majority ownership in exchange for a $1 billion debt reduction, over 90% of outstanding debt, and up to $150 million in fresh capital. The company also slashed its logistics division's third-party carrier pool by 30% in Q1, a move that signals it's doing more than just refinancing; it's rebuilding how it operates. Confirmation hearing is set for May 18. For brokers who move intermodal and drayage freight, STG coming out of bankruptcy as a leaner, better-capitalized platform matters: they'll be back competing for your lanes.

🚨 "Truck Around and Find Out." The Laramie County Sheriff's Office wrapped up a three-day commercial vehicle operation called "Truck Around And Find Out: Operation Spring Break" with 85 criminal arrests, 46 of them for immigration violations. Deputies found trucks with bald tires, revoked carrier authorities, and drivers operating without CDLs. One driver in the country illegally had parked in a spot marked "Absolutely No Truck, Trailer, Or Semi Parking Anytime." It's the second such operation this year; February's version netted 32 immigration arrests. Sheriff Kozak said the crackdowns have already reduced fatal crashes in the county.

🚛 Phantom Capacity Hits the Mexico Border. The US-Mexico trucking lane looks busy on paper. It's not. Uber Freight SVP Zeid Houssami calls it "phantom capacity;" freight is available, but usable capacity has quietly shrunk as tighter security protocols, documentation requirements, and CDL compliance standards push non-qualifying carriers out of the lane. "There's not really a driver shortage. It's more so a compliant driver shortage," Houssami told FreightWaves. Tender acceptance rates are dropping even as overall volumes hold steady, which means the tightening is hiding in plain sight.

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More Q1 Earnings Brokers Should Pay Attention To

Analysts expected Werner to post a loss this quarter. Werner posted a profit instead. That's the story of Q1 2026 earnings in one sentence.

Werner spent most of 2025 in the red. A punishing freight market, a major One-Way restructuring, elevated insurance costs, and brutal Q1 weather combined to produce a full-year net loss of $14.4 million.

The carrier made hard structural bets and absorbed pain as it waited for the market to turn. It looks like the wait is over.