RXO (RXO) investor relations material

Executive summary

• Achieved strong Q2 2026 results with 2% year-over-year truckload volume growth, 42% spot mix, and robust gains in Last Mile and Managed Transportation, outperforming market expectations.

• Brokerage segment saw an 11% sequential increase in gross profit per load, the highest in four years, with technology and AI initiatives driving operational efficiency and digital engagement.

• Revenue for Q2 2026 increased 25% year-over-year to $1.8 billion, driven by higher truck brokerage rates and modest volume growth, as well as increased Last Mile revenue.

• The company operates an asset-light brokered transportation platform, with truck brokerage as the core business, complemented by Managed Transportation and Last Mile services.

• Recognized for strong carrier vetting, cargo security, and industry awards, supporting reputation and risk management.

Financial highlights

• Q2 2026 revenue was $1.8 billion (up from $1.4 billion in Q2 2025), gross margin 13.9% (down from 17.8%), adjusted EBITDA $40 million (2.3% margin), and adjusted EPS $0.06.

• GAAP net loss for Q2 2026 was $9 million, unchanged from Q2 2025; adjusted net income was $10 million.

• Brokerage revenue rose 32% year-over-year to $1.3 billion, representing 73% of total revenue.

• Truckload gross profit per load increased 11% sequentially, the highest growth rate in four years.

• Adjusted free cash flow was negative due to working capital needs from revenue growth and quick pay adoption.

Outlook and guidance

• Q3 2026 adjusted EBITDA expected between $35 million and $45 million.

• Brokerage, TL, and LTL volumes anticipated to grow low- to mid-single digits year-over-year in Q3, with spot mix and gross profit per load expected to increase.

• Last Mile expected to face more than typical seasonal decline due to weaker demand and higher carrier costs.

• FY 2026 capital expenditures projected at $50 million–$55 million.