RXO delivered a stronger financial performance in the third quarter, reporting higher revenue and improved adjusted earnings as the company prepares for its planned acquisition by C.H. Robinson. The results, released Thursday, showed progress across several key operating indicators, including profitability and freight volumes.
Although RXO remains publicly traded while the transaction is pending, the company has discontinued its earnings calls with analysts. It also did not publish the usual presentation slides accompanying its quarterly financial results.
The planned acquisition by C.H. Robinson remains a significant development for RXO, whose latest results provide an update on its performance ahead of the expected ownership change.
Revenue climbs to $1.9 billion
RXO reported third-quarter revenue of $1.9 billion, up from $1.4 billion in the same period last year. The latest figure also exceeded the $1.8 billion recorded in the second quarter.
Gross margin, however, remained below its year-ago level. The company-wide margin reached 14.6%, compared with 16.5% in the third quarter of the previous year. Nevertheless, the figure improved from the 13.9% reported in the preceding quarter.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) also strengthened. RXO generated $51 million in adjusted EBITDA, representing a margin of 2.7%. A year earlier, adjusted EBITDA stood at $32 million, with a margin of 2.3%. The EBITDA margin was also 2.3% in the second quarter.
The third-quarter result surpassed the company’s previous guidance, which had projected adjusted EBITDA between $35 million and $45 million.
“We exceeded the high end of our third-quarter profit outlook, demonstrating the momentum we’re building across RXO,” CEO Drew Wilkerson said in the company’s prepared earnings statement.
A second consecutive profitable quarter
Another encouraging development was RXO’s ability to remain profitable for a second consecutive quarter, following several years of inconsistent financial results.
The company reported adjusted net income of $0.02 per share in the third quarter, compared with $0.06 per share in the second quarter. Although quarterly profitability has fluctuated in recent years, RXO has recorded more loss-making periods than profitable ones during that time.
The latest results therefore mark another positive quarter for the company as it approaches the next stage of its corporate development.
| Financial metric | 3Q 2026 | 3Q 2025 | Year-over-year change | 2Q 2026 | Quarter-over-quarter change |
|---|---|---|---|---|---|
| Truck brokerage revenue | 1,433 | 1,039 | +37.92% | 1,349 | +6.23% |
| Truck brokerage cost of transportation | 1,252 | 899 | +39.27% | 1,205 | +3.90% |
| Truck brokerage gross margin | 180 | 140 | +28.57% | 144 | +25.00% |
| Truck brokerage gross margin (% of revenue) | 12.6% | 13.5% | Down 90 bps | 10.7% | Up 190 bps |
| Last mile & managed transportation revenue | 345 | 298 | +15.77% | N/A | N/A |
| Last mile & managed transportation gross margin (% of revenue) | 18.7% | 21.3% | -12.21% | N/A | N/A |
| Net income per share (GAAP) | $0.02 | -$0.08 | N/A | -$0.05 | N/A |
| Adjusted EBITDA | 51 | 32 | +59.4% | 40 | +27.50% |
| Adjusted EBITDA margin | 2.70% | 2.30% | Up 40 bps | 2.30% | Up 40 bps |
Source: RXO third-quarter 2026 earnings data. Bps = basis points. N/A = not available.
Increased truckload activity and brokerage volume
RXO also reported gains in operating figures in several freight segments. The company reported a 2% year-over-year increase in brokerage volume, but did not provide figures on underlying volume. It also said truckload volumes were up in all three months of the quarter.
Truckload activity mix shifted to the spot market, which accounted for 51% of volume in the third quarter. That compares with 42% in the second quarter and 59% a year ago.
This shift helped the company post its largest sequential gross profit per load increase in more than four years, according to its prepared statement.
Less-than-truckload (LTL) volume also increased, up 2% from the same period last year.
The Last Mile remains a growth area ahead of acquisition
In RXO’s Last Mile business, the number of stops increased 5% year over year while delivering another positive operating result.
C.H. Robinson has shown a particular interest in the segment and has mentioned Last Mile as an attractive part of RXO’s business and a business that could enhance the portfolio of the acquiring company.
RXO Announces Two Profitable Quarters in a Row, Increasing Revenue, Adjusted EBITDA Beats Expectations, Improving Freight Activity in Multiple Categories, Moving into the Next Phase of Its Acquisition Process
The company has not held analyst earnings calls since the transaction was pending, so its published financial results are the main source of information about its latest quarterly performance.
