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 robust gains in Last Mile and Managed Transportation, outperforming market trends.

• Brokerage segment's spot mix reached 42%, the highest in four years, driving digital engagement and profitability.

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

• Complementary Services, including Last Mile and Managed Transportation, delivered market share gains, new business wins, and 3% year-over-year stop growth.

• Recognized for strong carrier vetting and cargo security, enhancing reputation with enterprise shippers.

Financial highlights

• Q2 2026 revenue was $1.8 billion, up 25% year-over-year, with gross margin at 13.9% and adjusted EBITDA at $40 million (2.3% margin); adjusted diluted EPS was $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.

• Complementary services revenue was $488 million, up 7% year-over-year; Last Mile revenue grew 9% to $344 million.

• Adjusted free cash flow was negative, impacted by working capital needs from revenue growth.

Outlook and guidance

• Q3 2026 adjusted EBITDA expected between $35 million and $45 million, with brokerage momentum offsetting Last Mile weakness.

• Truckload and LTL volumes projected to grow low to mid-single digits year-over-year in Q3.

• Spot mix in July reached 50% of truckload volume, with revenue per load up 25% and gross profit per load up 40% since January.

• Long-term EBITDA margin target is at least mid-single digits, with further upside as technology adoption increases.

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