Jun 2026 (Q2 FY26) — Aug 6, 2026
RXO Q2 FY26 — Strong Brokerage Momentum and Market Share Gains
Read the full callRXO (RXO) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
RXO earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,774 | +25.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 0.1 | +0.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -9.0 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
21 of 26 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA guidance | $27 million to $37 million | Mar 2026 | Overall, RXO's EBITDA was $40 million in the quarter, exceeding the high end of the range we provided due to the rapidly improving dynamics in brokerage and better-than-anticipated Last Mile stop growth. | Achieved |
| Last Mile stops guidance | down mid-single-digit percent year-over-year | Dec 2025 | stops down 8% year-over-year. This was lower than our expectations of down mid-single digits due to the previously discussed weather impact. | Missed |
| Full-year contract rate growth | low to mid-single digits | Dec 2025 | As a result, we now expect that our full year 2026 contract rates will increase by high single digits. Our prior expectation was for low- to mid-single-digit growth. | Revised Up |
5 of RXO, Inc.'s 38 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 35 more targets are in the full ledger.
Claimed
- Brokerage truckload volume grew by 2% year-over-year, outperforming the market by 500 basis points.
- Achieved the largest sequential increase in gross profit per load growth rate in 4 years, driven by a 42% spot mix.
- Managed Transportation was awarded $100 million in freight under management in Q2, with another $100 million in July.
- Last Mile stops grew by 3%, gaining market share despite continued softness in the housing market.
- Adjusted EBITDA of $40 million exceeded the high end of the company's guidance range.
Qualified
- Last Mile is expected to decline more than typical seasonality in Q3, facing an incremental sequential headwind of $3 million to $5 million.
- Brokerage gross margin declined by 70 basis points sequentially, primarily due to a 90 basis point headwind from higher fuel prices.
- Adjusted free cash flow was negative $42 million in the quarter, mainly driven by working capital usage from revenue growth and increased QuickPay usage.
Price
$28.5 −0.35% · −$0.1
Performance +65.3% 1Y
1Y: $17.24 on 17 Oct 2025 → $28.5. High $29.3 (21 Jul 2026), low $10.48 (20 Nov 2025).
- Previous close
- $28.6
- 52-week range
- $10.48 – $29.3
- One year
- +57.02%
Overview
- Symbol
- RXO
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
21 of 26 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA guidance | $27 million to $37 million | Mar 2026 | Overall, RXO's EBITDA was $40 million in the quarter, exceeding the high end of the range we provided due to the rapidly improving dynamics in brokerage and better-than-anticipated Last Mile stop growth. | Achieved |
| Last Mile stops guidance | down mid-single-digit percent year-over-year | Dec 2025 | stops down 8% year-over-year. This was lower than our expectations of down mid-single digits due to the previously discussed weather impact. | Missed |
| Full-year contract rate growth | low to mid-single digits | Dec 2025 | As a result, we now expect that our full year 2026 contract rates will increase by high single digits. Our prior expectation was for low- to mid-single-digit growth. | Revised Up |
Claimed
- Brokerage truckload volume grew by 2% year-over-year, outperforming the market by 500 basis points.
- Achieved the largest sequential increase in gross profit per load growth rate in 4 years, driven by a 42% spot mix.
- Managed Transportation was awarded $100 million in freight under management in Q2, with another $100 million in July.
- Last Mile stops grew by 3%, gaining market share despite continued softness in the housing market.
- Adjusted EBITDA of $40 million exceeded the high end of the company's guidance range.
Qualified
- Last Mile is expected to decline more than typical seasonality in Q3, facing an incremental sequential headwind of $3 million to $5 million.
- Brokerage gross margin declined by 70 basis points sequentially, primarily due to a 90 basis point headwind from higher fuel prices.
- Adjusted free cash flow was negative $42 million in the quarter, mainly driven by working capital usage from revenue growth and increased QuickPay usage.
The full ledger
Open RXO, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 38 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
RXO Q1 FY26 — Supply-Driven Recovery and AI-Powered Growth
Read the full callEvery analysed call
RXO earnings calls (RXO)
Financials
What the filings say
Net profit, year on year: 0% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,040 | 1,667 | 1,433 | 1,419 | 1,421 | 1,469 | 1,425 | 1,774 |
| Operating profit | -20 | -24 | -30 | 0 | -7 | -42 | -28 | 1 |
| Operating margin | −1.9% | −1.4% | −2.1% | 0.0% | −0.5% | −2.9% | −2.0% | 0.1% |
| Profit before tax | -242 | -33 | -39 | -10 | -15 | -51 | -49 | -8 |
| Tax rate | −0.4% | 24.2% | 20.5% | 10.0% | 6.7% | 9.8% | 26.5% | −12.5% |
| Net profit | -243 | -25 | -31 | -9 | -14 | -46 | -36 | -9 |
| EPS ($ per share) | -1.81 | — | -0.18 | -0.05 | -0.08 | — | -0.21 | -0.05 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 1 | 1 | 2 | 2 |
| Reserves | — | 0 | 2 | 6 | -284 | -384 |
| Total liabilities | — | 998 | 1,444 | 1,231 | 1,802 | 1,736 |
| Fixed assets | — | 111 | 119 | 124 | 135 | 134 |
| Total assets | — | 2,068 | 2,031 | 1,825 | 3,414 | 3,277 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Cash from operations | 25 | 155 | 310 | 89 | -12 | 51 |
| Cash from investing | -39 | -38 | -56 | -66 | -1,064 | -71 |
| Cash from financing | 32 | -158 | -183 | -117 | 1,108 | 1 |
| Net cash flow | 19 | -41 | 69 | -93 | 30 | -17 |
| Capital expenditure | -47 | -39 | -57 | -64 | -45 | -59 |
| Free cash flow | -22 | 116 | 253 | 25 | -57 | -8 |
RXO revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +25.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
RXO operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Available liquidity | $386MAt the end of the first quarter, our total available liquidity was $386 million.Source: earnings call transcript | $350MAt the end of the second quarter, our total available liquidity was $350 million.Source: earnings call transcript | -9.3% |
| Spot volume mix Truckload | 33%Spot represented 33% of our truckload volume in the quarter, increasing by 500 basis points sequentially and 600 basis points year-over-year.Source: earnings call transcript | 42%We had the largest sequential increase in the gross profit per load growth rate in 4 years, driven by our spot mix, which was 42% in the quarter.Source: earnings call transcript | +9 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
47 filings between Nov 7, 2025 and Sep 26, 2026.
Open market
decisions to buy or sellPurchases
$6.98M
6 purchases by 5 insiders
Sales
$385.8K
1 sale by 1 insider
Compensation
not trading decisions- 20
- Option exercise — converted options into shares
- 16
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| MFN Partners, LP | $6.39M | — | Feb 12, 2026 |
| Kerr Jason S. | — | $385.8K | Nov 10, 2025 |
| Szlosek Thomas A | $251.2K | — | Nov 7, 2025 |
| Wilkerson Andrew M. | $149.4K | — | Nov 10, 2025 |
| Kingshott Adrian | $100.5K | — | Nov 17, 2025 |
| Cooper Troy A. | $88.2K | — | Nov 20, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 26, 2026 | HARRIS JAMES E Chief Financial Officer | Tax withheld | 27,858 | $551.3K |
| Sep 26, 2026 | HARRIS JAMES E Chief Financial Officer | Option exercise | 64,129 | $0 |
| Aug 22, 2026 | Firestone Jeffrey D. Chief Legal Officer | Option exercise | 25,716 | $0 |
| Aug 22, 2026 | Firestone Jeffrey D. Chief Legal Officer | Tax withheld | 11,172 | $251.8K |
| May 15, 2026 | Wilkerson Andrew M. Chief Executive Officer | Gift | 168,943 | $0 |
| May 15, 2026 | Wilkerson Andrew M. Chief Executive Officer | Gift | 168,943 | $0 |
| May 2, 2026 | Wilkerson Andrew M. Chief Executive Officer | Option exercise | 92,931 | $0 |
| May 2, 2026 | Wilkerson Andrew M. Chief Executive Officer | Tax withheld | 40,370 | $790.8K |
| Mar 22, 2026 | HARRIS JAMES E Chief Financial Officer | Option exercise | 12,989 | $0 |
| Mar 22, 2026 | HARRIS JAMES E Chief Financial Officer | Tax withheld | 5,643 | $74.7K |
| Mar 22, 2026 | Kerr Jason S. Chief Accounting Officer | Option exercise | 2,030 | $0 |
| Mar 22, 2026 | Kerr Jason S. Chief Accounting Officer | Tax withheld | 882 | $11.7K |
| Mar 22, 2026 | Wilkerson Andrew M. Chief Executive Officer | Option exercise | 52,768 | $0 |
| Mar 22, 2026 | Wilkerson Andrew M. Chief Executive Officer | Tax withheld | 22,923 | $303.3K |
| Mar 22, 2026 | Firestone Jeffrey D. Chief Legal Officer | Tax withheld | 5,114 | $67.7K |
| Mar 22, 2026 | Firestone Jeffrey D. Chief Legal Officer | Option exercise | 11,771 | $0 |
| Feb 28, 2026 | HARRIS JAMES E Chief Financial Officer | Option exercise | 13,028 | $0 |
| Feb 28, 2026 | HARRIS JAMES E Chief Financial Officer | Tax withheld | 5,660 | $90.3K |
| Feb 28, 2026 | Kerr Jason S. Chief Accounting Officer | Option exercise | 2,036 | $0 |
| Feb 28, 2026 | Kerr Jason S. Chief Accounting Officer | Tax withheld | 993 | $15.8K |
| Feb 28, 2026 | Wilkerson Andrew M. Chief Executive Officer | Option exercise | 52,923 | $0 |
| Feb 28, 2026 | Wilkerson Andrew M. Chief Executive Officer | Tax withheld | 22,990 | $366.9K |
| Feb 28, 2026 | Firestone Jeffrey D. Chief Legal Officer | Tax withheld | 3,891 | $62.1K |
| Feb 28, 2026 | Firestone Jeffrey D. Chief Legal Officer | Option exercise | 8,957 | $0 |
| Feb 23, 2026 | HARRIS JAMES E Chief Financial Officer | Option exercise | 21,834 | $0 |
| Feb 23, 2026 | Firestone Jeffrey D. Chief Legal Officer | Option exercise | 16,174 | $0 |
| Feb 23, 2026 | Firestone Jeffrey D. Chief Legal Officer | Tax withheld | 7,384 | $108.2K |
| Feb 23, 2026 | HARRIS JAMES E Chief Financial Officer | Tax withheld | 9,808 | $143.8K |
| Feb 23, 2026 | Kerr Jason S. Chief Accounting Officer | Option exercise | 5,257 | $0 |
| Feb 23, 2026 | Kerr Jason S. Chief Accounting Officer | Tax withheld | 2,563 | $37.6K |
| Feb 23, 2026 | Wilkerson Andrew M. Chief Executive Officer | Option exercise | 80,867 | $0 |
| Feb 23, 2026 | Wilkerson Andrew M. Chief Executive Officer | Tax withheld | 35,379 | $518.7K |
| Feb 12, 2026 | MFN Partners, LP 10% owner | Purchase | 532,276 | $6.39M |
| Jan 2, 2026 | Kissel Mary E. Director | Option exercise | 7,745 | $0 |
| Jan 2, 2026 | Renna Stephen M. Director | Option exercise | 7,745 | $0 |
| Jan 2, 2026 | Cooper Troy A. Director | Option exercise | 7,745 | $0 |
| Jan 2, 2026 | Breves Christine S Director | Option exercise | 7,745 | $0 |
| Nov 20, 2025 | Cooper Troy A. Director | Purchase | 8,317 | $88.2K |
| Nov 17, 2025 | Kingshott Adrian Director | Purchase | 9,350 | $100.5K |
| Nov 14, 2025 | Wilkerson Andrew M. Chief Executive Officer | Option exercise | 1,565 | $0 |
| Nov 14, 2025 | Wilkerson Andrew M. Chief Executive Officer | Tax withheld | 684 | $7.4K |
| Nov 10, 2025 | Kerr Jason S. Chief Accounting Officer | Sale | 33,343 | $385.8K |
| Nov 10, 2025 | Wilkerson Andrew M. Chief Executive Officer | Purchase | 3,850 | $49.3K |
| Nov 10, 2025 | Wilkerson Andrew M. Chief Executive Officer | Purchase | 7,775 | $100.1K |
| Nov 7, 2025 | Szlosek Thomas A Director | Gift | 36,508 | $0 |
| Nov 7, 2025 | Szlosek Thomas A Director | Gift | 13,034 | $0 |
| Nov 7, 2025 | Szlosek Thomas A Director | Purchase | 20,308 | $251.2K |
| Oct 15, 2025 | Wilkerson Andrew M. Chief Executive Officer | Gift | 0 | $0 |
| Oct 3, 2025 | Kerr Jason S. Chief Accounting Officer | Tax withheld | 9,518 | $158.4K |
| Sep 26, 2025 | HARRIS JAMES E Chief Financial Officer | Option exercise | 64,130 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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