RXO Profit Beats Outlook as C.H. Robinson Deal Advances

The Tip Desk · November 1, 2026 · 2 min read

Adjusted EBITDA reached $51 million in the third quarter as truckload spot mix hit 51% and the company agreed to a $5.8 billion sale.

RXO (RXO), the asset-light transportation company, said profit exceeded the high end of its third-quarter outlook as truckload spot mix reached 51% of volume and the company agreed to be acquired by C.H. Robinson.

Revenue was $1.9 billion in the third quarter, compared with $1.8 billion in the second quarter. Gross margin was 14.6%. GAAP results swung to net income of $3 million from a net loss of $9 million in the second quarter. Adjusted net income was $16 million. Adjusted EBITDA was $51 million, and adjusted EBITDA margin was 2.7%.

Chairman and CEO Drew Wilkerson said the company exceeded the high end of its third-quarter profit outlook and continued to take market share in Brokerage. He said truckload volume rose 3%, outperforming the market, and that a 900-basis-point sequential increase in truckload spot mix helped drive the best sequential improvement in gross profit per load in more than four years.

Brokerage volume increased 2% year over year, matching the second-quarter rate. Truckload volume grew 3% after 2% growth in the second quarter. Less-than-truckload volume increased 2%. Truckload spot mix was 51%, up from 42% in the second quarter. Gross profit per load increased 31% sequentially, after an 11% sequential increase in the second quarter. Brokerage gross margin was 12.6%.

Complementary Services also contributed, Wilkerson said. Last Mile stops increased 5% year over year, after 3% growth in the second quarter. Managed Transportation was awarded approximately $140 million of freight under management, compared with approximately $100 million in the second quarter. Complementary services gross margin was 18.7%.

Truck brokerage revenue was $1.43 billion. Last mile revenue was $334 million and managed transportation revenue was $163 million, with $59 million of eliminations.

GAAP net income included $7 million in transaction, integration, restructuring and other costs. GAAP diluted earnings were $0.02 a share. Adjusted diluted earnings were $0.09 a share.

As announced on October 5, 2026, RXO entered a definitive agreement to be acquired by C.H. Robinson in a stock-and-cash transaction for an implied value of $5.8 billion as of the announcement. The transaction is expected to close in the first half of 2027, subject to customary closing conditions, including regulatory and shareholder approval. Given the proposed transaction, RXO will not be hosting an earnings conference call.

Wilkerson said that as the company moves toward the pending acquisition, its priorities remain unchanged: staying close to customers, listening to their needs and helping them navigate an evolving freight market. He said the team remains focused on service, solutions, innovation and relationships, and that the company has strong momentum heading into the fourth quarter.