RXO reported its strongest sequential increase in truckload gross profit per load in four years during the second quarter of 2026 as spot-market activity accelerated and the freight broker began seeing signs of an early recovery in the transportation cycle.
Truckload spot mix increased to 42% of Brokerage volume during Q2 from 33% in the first quarter, a sequential increase of 900 basis points. Spot mix was also up 1,500 basis points from a year earlier.
The changing mix helped drive an 11% sequential increase in gross profit per load, the company’s highest growth rate in four years.
Brokerage volume increased 2% year-over-year. Truckload volume grew 2%, less-than-truckload volume increased 3%, and full truckload volumes improved in every month of the quarter.
Management said RXO outperformed the broader truckload market sooner than previously expected and believes it is now entering the early stages of a freight-cycle recovery. RXO expects positive Brokerage trends to continue into Q3, with both volume and gross profit per load expected to increase.
RXO is positioning its technology as a differentiator during the recovery. CEO Drew Wilkerson said this stage of the freight cycle is where the company’s proprietary algorithm can produce differentiated results and described RXO as a broker of choice for spot activity, special projects and mini-bids.
Complementary Services also contributed to the quarter. Managed Transportation secured approximately $100 million of additional freight under management, while Last Mile stops increased 3% year-over-year through market-share gains.
Company-wide revenue increased to $1.774 billion from $1.419 billion a year earlier. Adjusted EBITDA increased to $40 million from $38 million, while adjusted net income rose to $10 million from $7 million.
RXO reported a GAAP net loss of $9 million, unchanged from the prior-year quarter, including $13 million of transaction, integration, restructuring and other costs.
For Q3, RXO expects Adjusted EBITDA between $35 million and $45 million. Brokerage volume is expected to increase by a low-to-mid-single-digit percentage year-over-year, with truckload gross profit per load also improving sequentially.
KEY QUOTES:
“In Brokerage, we outperformed the market sooner than our previously communicated expectations, with truckload volume growth of 2 percent.”
“We also achieved another historic sequential increase in gross profit per load, the best in four years, primarily driven by a 900-basis-point sequential increase in truckload spot mix.”
“We’re in the early stages of a recovery. This is the part of the freight cycle where RXO’s unique algorithm drives differentiated results.”
Drew Wilkerson, Chairman and CEO of RXO
