RXO Q2 Revenue Jumps 25% to $1.8B, Brokerage Momentum Drives Q3 Outlook Above Street
RXO has more than doubled off its 52-week low of $10.425.
Summary
RXO reported Q2 2026 revenue of $1.8B, up 25% y/y, with adjusted EBITDA of $40M and adjusted EPS of $0.06. Brokerage spot mix surged, driving the best sequential gross profit per load growth in four years. Q3 adjusted EBITDA guidance of $35–$45M points to continued recovery momentum.
Key Events · Earnings and Guidance · RXO
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Q2 Revenue Surges 25% to $1.8B
Revenue rose to $1.8 billion from $1.4 billion a year ago, driven by brokerage volume growth and higher freight rates. Brokerage truckload volume increased 2% y/y, with spot mix reaching 42% of volume, up 900 bps sequentially.
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Adjusted EBITDA of $40M, EPS of $0.06
Adjusted EBITDA was $40 million (2.3% margin) vs $38 million in Q2 2025. Adjusted diluted EPS was $0.06, up from $0.04 a year ago, despite a GAAP net loss of $9 million.
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Q3 Outlook: $35M–$45M Adjusted EBITDA
RXO expects Q3 adjusted EBITDA between $35 million and $45 million, with brokerage volume up low-to-mid single digits y/y and truckload gross profit per load increasing sequentially. July revenue per load growth accelerated to >25% y/y.
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Brokerage Gross Profit per Load Jumps 11%
Truckload gross profit per load rose 11% sequentially, the highest growth rate in four years, driven by a 900 bps increase in spot mix and improving contract rates.
Analysis · RXO · Energy & Transportation
A 25% year-over-year revenue surge to $1.8 billion underscores RXO's strong Q2, fueled by market share gains and a sharp recovery in brokerage truckload spot mix. Adjusted EBITDA reached $40 million, and the company guided Q3 adjusted EBITDA to $35–$45 million, signaling continued momentum. Brokerage truckload gross profit per load jumped 11% sequentially—the best in four years—while July revenue per load growth accelerated to over 25% year-over-year. These results and the outlook confirm RXO is capitalizing early in the freight cycle recovery, with proprietary technology and spot-market exposure driving differentiated performance. The announcement also includes a new $125 million share repurchase program, underscoring management's confidence in the balance sheet and cash generation trajectory.
At the time of this filing, RXO was trading at $23.49 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $3.5B. The 52-week trading range was $10.43 to $29.90. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.