0001929561-26-000023
SEC filingRXO reported Q1 2026 GAAP net loss of $36M and adjusted EBITDA of $6M, with Brokerage volume down 8% year-over-year but improving monthly trends and spot mix.
RXO's first-quarter 2026 results reflect a company navigating a soft demand environment but showing early signs of a supply-driven recovery. Revenue was essentially flat year-over-year at $1.425 billion, while gross margin contracted 180 basis points to 14.2%, primarily due to a higher mix of spot truckload volume and lower brokerage margins. The GAAP net loss widened to $36 million from $31 million, including $9 million in transaction, integration, restructuring and other costs and an $11 million debt extinguishment loss from refinancing. Adjusted net loss was $16 million versus $5 million a year ago, and adjusted EBITDA fell to $6 million from $22 million, with adjusted EBITDA margin declining to 0.4% from 1.5%.
Management commentary highlighted positive momentum: full truckload volume improved each month in Q1, and the truckload spot mix increased 500 basis points sequentially to 33%, driving the largest sequential increase in gross profit per load in over three years. Brokerage volume declined 8% year-over-year, but less-than-truckload volume grew 5%. Managed Transportation was awarded over $100 million in freight under management, and its late-stage pipeline grew by more than $200 million. The company also accelerated deployment of agentic AI, automating over 500,000 phone calls and expanding digital capabilities.
Looking ahead, RXO expects second-quarter 2026 adjusted EBITDA between $27 million and $37 million, a significant sequential improvement. Brokerage volume is expected to be approximately flat year-over-year, with truckload gross profit per load increasing sequentially. The company raised its full-year contract rate expectation to high-single-digit percentage growth from low-to-mid single digits. The refinancing of the 2027 Senior Notes with new $400 million notes due 2031 at 6.375% extends maturity and reduces interest cost. Overall, the filing signals that RXO is positioning for a supply-driven recovery, with improving volume trends, technology investments, and a strengthened balance sheet.