RXO's second-quarter 2026 earnings revealed a mixed financial picture, with most profitability measures either flat or declining year-over-year, even as volume-driven metrics benefited from a strengthening freight market that served as a tailwind for the third-party logistics provider.

The Charlotte, North Carolina-based broker, spun off from XPO in 2021, has been navigating a prolonged freight downturn that began in 2023, making any volume growth a notable signal that conditions may be bottoming. While year-over-year comparisons to the second quarter of 2025 were largely unfavorable, several metrics showed significant sequential improvement from the first quarter of 2026.

Profitability Remains Under Pressure

On a GAAP basis, RXO reported a net loss of 5 cents per share, matching the prior year's second-quarter result but representing a sharp improvement from the 21-cents-per-share loss recorded in the first quarter. The company noted that second-quarter GAAP figures were affected by "transaction, integration, restructuring and other costs, and amortization of intangibles" — charges tied in part to RXO's integration of Coyote Logistics, the large asset-light freight brokerage it acquired from UPS in a 2024 deal that nearly doubled RXO's scale.

Adjusted EBITDA rose modestly to $40 million, up from $38 million in the same quarter a year earlier and a dramatic increase from $6 million in the first quarter. However, the adjusted EBITDA margin contracted to 2.3%, down from 2.7% a year ago, though still well above the 0.4% recorded in the first quarter.

Volume Metrics Show Strength

RXO highlighted several volume-related achievements in its earnings release, though some specific figures were not disclosed. The company reported a "historic" sequential increase in profit per load, describing it as "the best in four years, primarily driven by a 900 basis point sequential increase in truckload spot mix."

Truckload volume grew 2% year-over-year. The truckload spot mix reached 42%, up from 33% in the first quarter and representing a 1,500-basis-point increase year-over-year — a shift that contributed to the improved gross profit per load figure the company emphasized. Spot freight, which matches loads to carriers on a transactional basis rather than under long-term contracts, typically carries higher per-load margins for brokers during market recoveries as shippers with committed capacity seek incremental capacity outside their contracted networks.

Third-Quarter Outlook Points to Flat Performance

RXO's limited forward guidance suggested the third quarter may not bring significant improvement in profitability. Following a quarter with $40 million in adjusted EBITDA, the company projected third-quarter adjusted EBITDA in a range of $35 million to $45 million.

Management also said it expects truckload gross profit per load to increase sequentially once again, with volume growth projected to rise by a low-to-mid single-digit percentage year-over-year.

Carrier Vetting and Legal Landscape

RXO's earnings call with analysts was scheduled for 8 a.m. Thursday. While the earnings release did not address the Supreme Court's decision in Montgomery vs. Caribe Transport II, CEO Drew Wilkerson indirectly acknowledged the growing consensus that freight brokers will face heightened scrutiny over their carrier selection processes.

"We achieved these results with strong carrier vetting and cargo security practices," Wilkerson said, citing recognition from CargoNet and FreightWaves.

Concerns surrounding the post-Montgomery legal landscape, compounded by a recent nuclear verdict in Texas against C.H. Robinson, have weighed on RXO's shares. The stock had rallied from a 52-week low of $10.43 in November to $29.90 on July 21 before retreating to close at $21 on Wednesday. However, pre-market trading data indicated a sharp rebound of more than 9% as of 5 a.m. EDT on Thursday.