Market Share Gains and Improved Profitability Drive Strong Second-Quarter Results for RXO
RXO, Inc. (RXO) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Market Share Gains and Improved Profitability Drive Strong Second-Quarter Results for RXO • Full truckload volume improved every month and grew by 2% year over year in the second quarter, outperforming the market. • Achieved an 11% sequential increase in gross profit
How this was made
The 30-second read
Why it matters
The key tradable items are the reported 2Q profitability metrics (gross profit per load growth, adjusted EBITDA) and the quantified 3Q adjusted EBITDA guidance range, alongside directional expectations for brokerage volume and truckload gross profit per load.
Market read
Traders can reprice RXO based on the combination of sequential profitability improvement and the new 3Q adjusted EBITDA range.
What to watch
Adjusted EBITDA margin is also down year over year (2.3% vs 2.7%), and the outlook is a range, so traders may focus on downside risk to the low end ($35M) if volume growth disappoints.
Market Share Gains and Improved Profitability Drive Strong Second-Quarter Results for RXO
Revenue increased to $1.8 billion, Brokerage truckload volume grew 2% year over year, and adjusted EBITDA increased to $40 million, while companywide gross margin declined to 13.9% and RXO reported a GAAP net loss of $9 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $1.8B | – | – |
| Gross marginGAAP | 13.9% | – | – |
| Net lossGAAP | $9M | – | – |
| Transaction, integration, restructuring and other costs included in GAAP net lossGAAP | $13M | – | – |
| Adjusted net incomenon-GAAP | $10M | – | – |
| Adjusted EBITDAnon-GAAP | $40M | – | – |
| Adjusted EBITDA marginnon-GAAP | 2.3% | – | – |
| GAAP diluted loss per shareGAAP | $0.05 | – | – |
| Adjusted diluted earnings per sharenon-GAAP | $0.06 | – | – |
| Impact to GAAP earnings per share from transaction, integration, restructuring and other costs, and amortization of intangiblesGAAP | $0.11, net of tax | – | – |
| Brokerage volume growthother | 2% | – | 2% |
| Brokerage truckload volume growthother | 2% | – | 2% |
| Brokerage less-than-truckload volume growthother | 3% | – | 3% |
| Truckload spot mixother | 42% | – | 1,500 basis points |
| Gross profit per load sequential growthother | 11% | 11% | – |
| Brokerage gross marginother | 10.7% | – | – |
| Managed Transportation freight under management awardedother | approximately $100 million | – | – |
| Last Mile stops growthother | 3% | – | 3% |
| Complementary Services gross marginother | 21.1% | – | – |
third-quarter 2026 outlook
- NoteAdjusted EBITDA to be between $35 million and $45 million.
- NoteIn Brokerage, overall volume growth to increase by a low-to-mid-single-digit percentage year over year.
- NoteTruckload gross profit per load to increase sequentially.
What drove it
- Full truckload volume improved every month throughout the quarter.
- Truckload spot mix was 42% of volume in the quarter, up from 33% in the first quarter of 2026.
- Truckload spot mix helped to drive the largest sequential gross profit per load growth rate in four years.
- Last Mile stops increased by 3% year over year as a result of market share gains.
- Managed Transportation was awarded approximately $100 million of freight under management in the second quarter.
Concerns
- Companywide gross margin was 13.9%, compared to 17.8% in the second quarter of 2025.
- Adjusted EBITDA margin was 2.3%, compared to 2.7% in the second quarter of 2025.
- RXO reported a second-quarter 2026 GAAP net loss of $9 million.
- The second-quarter 2026 GAAP net loss included $13 million in transaction, integration, restructuring and other costs.
What to watch
- Brokerage overall volume growth expected to increase by a low-to-mid-single-digit percentage year over year in the third quarter of 2026.
- Expected sequential increase in truckload gross profit per load.
- Third-quarter 2026 adjusted EBITDA outlook of between $35 million and $45 million.
- Continuation of the elevated truckload spot mix and market-share gains in Brokerage and Last Mile.
Analysis
RXO reported second-quarter revenue of $1.8 billion, compared to $1.4 billion in the second quarter of 2025. Operating momentum was most evident in Brokerage, where total volume increased 2% year over year, truckload volume increased 2%, and less-than-truckload volume increased 3%. The company stated that full truckload volume improved every month during the quarter, indicating improving activity through the period.
The reported mix shift in Brokerage was central to profitability. Truckload spot mix reached 42% of volume, versus 33% in the first quarter of 2026, and was up 1,500 basis points year over year. RXO said the mix change helped drive an 11% sequential increase in gross profit per load, its highest growth rate in four years. Brokerage gross margin was 10.7%, while Complementary Services gross margin was 21.1%.
Companywide profitability remained pressured on reported margins. Gross margin was 13.9%, compared with 17.8% in the second quarter of 2025, and adjusted EBITDA margin was 2.3%, compared with 2.7%. RXO reported a GAAP net loss of $9 million, unchanged from the second quarter of 2025, while adjusted net income improved to $10 million from $7 million and adjusted EBITDA increased to $40 million from $38 million. The GAAP net loss included $13 million in transaction, integration, restructuring and other costs.
Complementary Services added evidence of commercial traction. Last Mile stops increased 3% year over year, which RXO attributed to market-share gains, and Managed Transportation was awarded approximately $100 million of freight under management. These measures complement the Brokerage volume gains and provide support for management's characterization of profitable volume growth across the business.
For the third quarter of 2026, RXO expects adjusted EBITDA to be between $35 million and $45 million. The company expects Brokerage overall volume growth to increase by a low-to-mid-single-digit percentage year over year and expects truckload gross profit per load to increase sequentially. The key reported tension is whether the projected Brokerage volume and gross-profit-per-load gains can translate into improved companywide margins, following the year-over-year declines in gross margin and adjusted EBITDA margin.
Management, verbatim
RXO delivered strong second-quarter results, including profitable volume growth across the business.
Drew Wilkerson, RXO Chairman and CEO
We have strong momentum and anticipate that Brokerage will continue to deliver volume and gross profit-per-load growth in the third quarter.
Drew Wilkerson, RXO Chairman and CEO
Not in the filing
stated, not guessed- Period-end date
- Segment revenue for Brokerage
- Segment revenue for Complementary Services
- GAAP operating income or loss
- Gross profit amount
- Prior-quarter total revenue, gross margin, net income or loss, adjusted EBITDA, adjusted EBITDA margin, GAAP diluted EPS, and adjusted diluted EPS
- Year-over-year change percentages for total revenue, gross margin, net income or loss, adjusted net income, adjusted EBITDA, and adjusted EBITDA margin
- Operating cash flow
- Free cash flow
- Cash and cash equivalents
- Debt or net debt
- Share repurchases
- Dividends
- Third-quarter revenue, gross-margin, operating-expense, and tax-rate guidance
- Previous-release outlook for comparison with reported results
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC 8-K with Exhibit 99.1 covering RXO’s 2Q 2026 results and 3Q 2026 outlook.
Ticker impact
RXO reported 2Q results and guided 3Q adjusted EBITDA to $35M-$45M, citing sequential truckload gross profit per load growth.
Likely positive near-term bias if investors focus on the sequential gross profit per load improvement and the $35M-$45M EBITDA outlook.
The filing includes specific 2Q financials (revenue, margins, adjusted EBITDA) and a concrete 3Q adjusted EBITDA range plus directional volume and gross profit per load expectations.
Market effects
Signals improving profitability dynamics in asset-light trucking brokerage, potentially supporting sentiment for freight brokers with similar spot-mix exposure.
Limited, as the disclosure is company-specific rather than regional demand data.
Low, since the drivers are internal mix, volume, and freight under management rather than global macro shocks.
Counterpoint
Gross margin fell year over year (13.9% vs 17.8%), so the market may question whether the sequential improvement is enough to offset broader margin pressure.
Key entities
- public_companyRXO, Inc.
Asset-light transportation solutions provider reporting 2Q results and issuing 3Q adjusted EBITDA guidance.
- executiveDrew Wilkerson
Chairman and CEO commenting on brokerage outperformance, spot mix, and complementary services momentum.
