RXO, Inc. — Form 8-K
Filed August 6, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 42/100
What the filing says
RXO reported Q2 2026 revenue of $1.774B (up 25% YoY from $1.419B). Truckload brokerage volume grew 2% YoY, with spot mix reaching 42% (up 900bps sequentially, 1,500bps YoY), driving an 11% sequential increase in gross profit per load—the highest in 4 years. Gross margin compressed to 13.9% from 17.8% YoY. Adjusted EBITDA was $40M ($38M YoY). GAAP net loss was $(9)M. Q3 2026 adjusted EBITDA guidance: $35M–$45M, implying potential sequential decline. Managed Transportation won ~$100M freight under management; Last Mile stops grew 3% YoY. Balance sheet: net debt $491M, gross leverage 4.2x, net leverage 4.1x on $121M bank-adjusted EBITDA (LTM).
Why this rating
Modest sequential margin recovery in tight market, but gross profit margin compression YoY and declining Q3 guidance offset operational gains. Relative to $2.6B market cap, $40M EBITDA is 1.5% of valuation; event material to near-term trajectory but not business-transforming.
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