RXO (RXO) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 2026 results with 2% year-over-year truckload volume growth, 11% sequential increase in gross profit per load, and 42% spot mix, outperforming market trends.

• Complementary services, including Last Mile and Managed Transportation, saw market share gains, 3% stop growth, and $100 million in new freight under management.

• Technology and AI advancements drove productivity, digital quoting, and operational efficiency, with a 5x increase in spot quote emails processed.

• Recognized for strong carrier vetting and cargo security by CargoNet and FreightWaves.

Financial highlights

• Q2 2026 revenue was $1.8 billion (up 25% year-over-year), 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 reached $1.3 billion (up 32% year-over-year), representing 73% of total revenue.

• Complementary services revenue was $488 million (up 7% year-over-year), with Managed Transportation at $144 million (up 1%) and Last Mile at $344 million (up 9%).

• Adjusted free cash flow was negative in Q2, mainly due to working capital tied to revenue growth and carrier quick pay.

Outlook and guidance

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

• Brokerage 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 sequentially.

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

• Management expects sufficient liquidity and capital resources for the next 12 months and beyond.