RXO’s second-quarter earnings point to a strengthening truckload spot market even as profitability metrics remain under pressure, with adjusted EBITDA of $40 million and truckload spot mix climbing to 42%, according to FreightWaves.
FreightWaves reported that RXO, a third-party logistics (3PL) provider, wrapped up the second quarter of 2026 with most financial measures flat or declining year-over-year, but with several volume-related metrics showing a freight market tailwind. The company posted a GAAP net loss of 5 cents per share, up sequentially from a 21 cents/share loss in the first quarter. RXO said the second-quarter GAAP figures were impacted by “transaction, integration, restructuring and other costs, and amortization of intangibles.”
Profitability: mixed but improving sequentially
Adjusted EBITDA inched up to $40 million from $38 million a year earlier, but was significantly better than $6 million in the first quarter, according to FreightWaves. The adjusted EBITDA margin declined to 2.3%, down from 2.7% a year ago, but still above the 0.4% recorded in the first quarter.
| Metric | Q2 2026 | Q1 2026 | Q2 2025 |
|---|---|---|---|
| GAAP net income per share | $(0.05) | $(0.21) | n/a |
| Adjusted EBITDA | $40M | $6M | $38M |
| Adjusted EBITDA margin | 2.3% | 0.4% | 2.7% |
| Truckload spot mix | 42% | 33% | n/a |
Volume and spot mix drive strength
FreightWaves highlighted several volume data points that RXO touted in its earnings release, even where specific numbers were not disclosed. The company said it achieved a “historic” sequential increase in profit per load — described as “the best in four years” — primarily driven by a 900 basis point sequential increase in truckload spot mix.
Other key operational data points from the release:
- Truckload volume growth of 2% year-over-year.
- Spot mix in truckload was 42%, compared to 33% in the first quarter.
- Spot mix increased 1,500 basis points year-over-year.
- Gross profit per load improved on the back of the higher spot mix, RXO said.
Q3 outlook: mostly flat
RXO’s projections for the third quarter were cautious, according to FreightWaves. After a quarter with adjusted EBITDA of $40 million, RXO is projecting adjusted EBITDA of $35 million to $45 million in the third quarter. The company also said truckload gross profit per load would increase sequentially again, and volume growth would increase low-to-mid single digit percentage year-over-year.
Post-Montgomery carrier scrutiny
While the earnings release did not mention the Supreme Court decision in Montgomery vs. Caribe Transport II, CEO Drew Wilkerson made an indirect reference to the consensus that brokers will face new scrutiny in their processes for selecting carriers to move freight. “We achieved these results with strong carrier vetting and cargo security practices,” Wilkerson said, citing awards from CargoNet and FreightWaves.
RXO’s stock has been volatile amid legal concerns. FreightWaves reported that the shares climbed from a 52-week low of $10.43 in November to $29.90 on July 21. Concerns over the post-Montgomery legal landscape, especially fueled by the recent nuclear verdict in Texas against C.H. Robinson, sent the stock down to close Wednesday at $21. However, early pre-market trading on Thursday suggested a sharp upturn, with shares up more than 9% at 5 a.m. EDT.
Watch list
- Earnings call: RXO’s call with analysts is scheduled for 8 a.m. Thursday, which may provide more detail on volume and spot market trends.
- Q3 guidance: The $35–45 million adjusted EBITDA range signals a potential flat quarter; watch for updates on truckload gross profit per load.
- Legal landscape: Further fallout from Montgomery vs. Caribe Transport II, including the Texas nuclear verdict against C.H. Robinson, could reshape broker carrier-vetting practices.
- Industry events: FreightWaves’ F3: Future of Freight Festival, F3 Awards Dinner, and Brokerage Compliance Symposium are upcoming, with the symposium covering fraud exposure, carrier liability, FMCSA rules, cargo theft, and insurance gaps.
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