Slide 1: Second Quarter 2026 Results
Second Quarter 2026 Results August 6, 2026
Slide 2: Non-GAAP financial measures and forward-looking statements
Non-GAAP financial measures and forward-looking statements Non-GAAP financial measures We provide reconciliations of the non-GAAP financial measures contained in this presentation to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this present
Slide 3: Q2 2026 overview
Q2 2026 overview 1 Brokerage TL volume improved every month and grew 2% year-over-year 2 11% sequential increase in TL gross profit per load driven by increased spot mix 3 Strength across Complementary Services, including 3% y/y Last Mile stop growth 4 AI initiatives driving results across all key p
Slide 4: Companywide results
Companywide results Revenue Gross margin Adjusted EBITDA 1 $1,774M $252M $247M $1,419M $40M $38M 17.8% 13.9% 2.7% 2.3% Q2 25 Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 RXO delivered adjusted EBITDA of $40M 1 See the “Non-GAAP financial measures” section. 4
Slide 5: Quarterly performance across key service offerings
Quarterly performance across key service offerings Brokerage Q2 revenue by service offering 2 1 • Volume: Up 2% y/y – TL: Up 2% y/y, 76% of volume 1 – LTL: Up 3% y/y , 24% of volume 8% Truck Brokerage • TL spot mix: 42%, +900 bps q/q and +1,500 bps y/y • Gross margin: 10.7% 19% – TL gross profit per
Slide 6: New technology across key pillars
Volume & Margin • 5x more spot quote emails processed per day via proprietary AI agent • Expansion in customers, volume, and gross profit via digital quoting channels • Improved AI freight matching model and user experience helped increase digital carrier offers by ~25% New technology across key pil
Slide 7: Adjusted EPS bridge
Adjusted EPS bridge Earnings per share Q2-26 Q2-25 GAAP diluted EPS $(0.05) $(0.05) Amortization of intangible assets 0.06 0.07 Transaction, integration, restructuring and other costs 0.08 0.06 Tax associated with adjustments above (0.03) (0.04) 1 Adjusted diluted EPS $0.06 $0.04 2 RXO reported Q2 2
Slide 8: Capital structure
Capital structure Capital structure Q2 2026 LTM Leverage 1,2 4.2x 4.1x Notes due 2031 $ 400 Finance leases, asset financing, ST debt & other 106 Total debt, principal balance & other $ 506 Less: cash 15 Gross Net 1 Net debt $ 491 Available liquidity $ 350 Expect LTM leverage ratio to decline signifi
Slide 9: Adjusted FCF walk
1 Adjusted FCF walk Q2 ‘26 adjusted free cash flow 1 $7 • Key drivers of Q2 working capital usage: $40 – Revenue growth, driven by a higher freight rate $(12) environment and increased volume – Carrier QuickPay increased substantially • Remain confident with long-term conversion of 40%-60% across ma
Slide 10: Brokerage TL revenue per load trends
Brokerage TL revenue per load trends 45% Includes the impact of Coyote TL revenue per load up 19% y/y 1 21% 19% • Highest growth rate in 5 years 12% 8% • Multiple drivers contributed to improvement 6% 3% 4% 3% 1% 1% 1% – Spot mix increased 900 bps q/q and 1,500 bps y/y -1% -4% – Improved contract ra
Slide 11: Market conditions and Brokerage margin performance
Market conditions and Brokerage margin performance Supply-side market tightening • Truckload market remains tight, driven by regulatory changes and enforcement • Industry KPIs at highest levels in 4 years, despite soft demand Multiple levers helping to drive profitability improvements • Spot TL mix:
Slide 12: Market conditions and gross profit per load trends
Market conditions and gross profit per load trends Structural supply-side changes have significantly tightened the truckload market, despite soft demand Data sources: FreightWaves SONAR and Cass Information Systems. 12
Slide 13: TL volume and gross profit per load trends
TL volume and gross profit per load trends TL volume improved every month in Q2 and gross profit per load increased by 11% q/q Note: All periods prior to Q4 2024 exclude the impact of the Coyote Logistics acquisition. 13
Slide 14: LTL volume and gross profit per load trends
LTL volume and gross profit per load trends LTL volume growth continued to outperform Note: All periods prior to Q4 2024 exclude the impact of the Coyote Logistics acquisition. All periods reflect business that transitioned to Managed Transportation beginning in Q2 ‘26. 14
Slide 15: Q3 2026 outlook and modeling assumptions
Q3 2026 outlook and modeling assumptions 1 Q3 2026 outlook • Adjusted EBITDA : $35M-$45M • Overall Brokerage, TL, and LTL volume: Up low-to-mid single digit % y/y • Brokerage TL gross profit per load: Up q/q FY 2026 • Capital expenditures: $50M-$55M modeling assumptions • Depreciation: $65M-$70M, Am
Slide 16: Balanced capital allocation
Balanced capital allocation Internal investments Share repurchases Opportunistic M&A Strong historical return $125 million share Complementary to RXO’s on invested capital repurchase program strategy Balanced capital allocation philosophy with a ROIC-based approach 16
Slide 17: Key investment highlights
Key investment highlights 1 Large addressable market with secular tailwinds 5 Market-leading platform with complementary transportation solutions 2 Track record of above-market growth and high profitability 6 Tiered approach to sales drives multi-faceted growth opportunities 3 Proprietary technology
Slide 18: Appendix
Appendix RXO
Slide 19: Financial reconciliations
Financial reconciliations Reconciliation of net loss to adjusted EBITDA and adjusted EBITDA margin Twelve Months Ended Year Ended December Three Months Ended June 30, Six Months Ended June 30, June 30, 31, 3 (Dollars in millions) 2026 2025 2026 2025 2026 2025 Net loss $ (9) $ (9) $ (45) $ (40) $ (10
Slide 20: Financial reconciliations (cont.)
Financial reconciliations (cont.) Reconciliation of net loss to adjusted net income (loss) and adjusted diluted income (loss) per share Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions, shares in thousands, expect per share amounts) 2026 2025 2026 2025 Net loss $ (9) $ (9)
Slide 21: Financial reconciliations (cont.)
Financial reconciliations (cont.) Reconciliation of cash flows from operating activities to free cash flow and adjusted free cash flow Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2026 2025 2026 2025 Net cash used in operating activities $ (40) $ 23 $ (47) $ 21 Payment
Slide 22: Financial reconciliations (cont.)
Financial reconciliations (cont.) Calculation of gross margin and gross margin as a percentage of revenue Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2026 2025 2026 2025 Revenue Truck brokerage $ 1,349 $ 1,025 $ 2,446 $ 2,092 Complementary services 1 488 457 876 872 E
Slide 23: Financial reconciliations (cont.)
Financial reconciliations (cont.) Reconciliation of bank-adjusted EBITDA; Calculcation of gross and net leverage June 30, (Dollars in millions) 2026 Reconciliation of bank-adjusted EBITDA Adjusted EBITDA 1,2 for the twelve months ended June 30, 2026 $ 95 3 Adjustments per credit agreement for the tw
Slide 24: RXO
RXO