RXO earnings analysis
What we found in RXO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
RXO reported Q1 2026 revenue of $1.425 billion, a slight decrease from $1.433 billion in Q1 2025, resulting in a larger net loss of $36 million compared to a $31 million loss the previous year. Operating margin remained negative at -2%, with significant costs from transportation and services contributing to the challenges facing the company. Adjusted EBITDA notably fell to $6 million from $22 million year-over-year, signaling persistent operational difficulties.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue in Line with Prior Year
- Revenue of $1.425 billion was virtually unchanged from $1.433 billion in Q1 2025.
- Increased Truck Brokerage Revenue
- Truck brokerage revenue grew by $30 million, representing a 12% increase in revenue per load.
- Reduced SG&A Expenses
- Selling, General and Administrative expenses decreased to $197 million from $210 million, saving $13 million year-over-year.
- Decreased Depreciation Expense
- Depreciation and amortization expenses fell from $32 million in Q1 2025 to $26 million in Q1 2026.
- Improved Cash from Financing Activities
- Financing activities provided $28 million, up from $7 million in the prior year, due to a new note issuance.
- Recovery in Cash Reserves
- Cash and cash equivalents increased by $4 million, reversing a $19 million decrease from the prior period.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operating Loss
- Operating loss decreased slightly from -$30 million in Q1 2025 to -$28 million in Q1 2026, indicating persistent struggles.
- High Cost of Transportation Impact
- Cost of transportation increased to 82.2% of revenue up from 80.5% year-over-year, driven by rising freight rates.
- Persistent Net Losses
- Net loss widened to $36 million from $31 million a year ago, reflecting ongoing challenges in profitability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.09
- Operating margin
- -2%
- Segment
- Truck Brokerage Revenue
- Segment
- Managed Transportation
- Segment
- Last Mile
What they said about what is next.
Expecting second-quarter adjusted EBITDA between $27 million and $37 million, flat year-over-year volume growth.
The filing reads worse than the one before it.
What came before.
- 10-Q · August 7, 2025
- RXO reported Q2 revenue of $1,419 million, up $489 million (+52.6%) versus Q2 2024 ($930 million), driven primarily by truck brokerage. Despite top-line expansion, the company remains unprofitable (net loss of $9…
- 10-Q · May 7, 2025
- RXO reported Q1 revenue of $1,433 million, up $520 million versus Q1 2024 ($913 million), driven by truck brokerage and last mile. Despite top-line growth, the company widened its operating loss to $(30) million…
- 10-K · February 27, 2025
- RXO reported revenue of $4,550 million in 2024 but swung to a net loss of $(290) million (diluted EPS $(2.17)), driven by acquisition-related items and other expense. The company acquired Coyote Logistics for $1.048…
- 10-Q · November 7, 2024
- RXO reported Q3 2024 revenue of $1,040 million, up $64 million (6.6%) versus Q3 2023 revenue of $976 million, driven mainly by truck brokerage and the recently closed Coyote acquisition. Despite revenue growth,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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