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…
Earnings analysis · 10-Q
RXO earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.09
- Operating margin
- -2%
- Segment
- Truck Brokerage Revenue
- Segment
- Managed Transportation
- Segment
- Last Mile
What stood out
-
Revenue in Line with Prior Year
Revenue of $1.425 billion was virtually unchanged from $1.433 billion in Q1 2025.
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Increased Truck Brokerage Revenue
Truck brokerage revenue grew by $30 million, representing a 12% increase in revenue per load.
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Reduced SG&A Expenses
Selling, General and Administrative expenses decreased to $197 million from $210 million, saving $13 million year-over-year.
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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.
What to watch
-
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.
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Persistent Net Losses
Net loss widened to $36 million from $31 million a year ago, reflecting ongoing challenges in profitability.
Management's outlook
Expecting second-quarter adjusted EBITDA between $27 million and $37 million, flat year-over-year volume growth.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.