Slide 1: First Quarter 2026 Results
First Quarter 2026 Results May 7, 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: Q1 2026 overview
Q1 2026 overview 1 Brokerage TL volume improved every month throughout Q1 2 TL spot mix and gross profit per load increased significantly 3 Managed Transportation awarded additional FUM and pipeline increased 4 Accelerated deployment of agentic AI to drive efficiency and incremental margin 5 Q2 Adj.
Slide 4: Companywide results
Companywide results Revenue Gross margin Adjusted EBITDA 1 $1,433M $1,425M $229M $202M $22M $6M 16.0% 14.2% 1.5% 0.4% Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 RXO reported adjusted EBITDA of $6M 1 See the “Non-GAAP financial measures” section. 4
Slide 5: Quarterly performance across key service offerings
Quarterly performance across key service offerings Brokerage Q1 revenue by service offering • Volume: Down 8% y/y – LTL: Up 5% y/y, 28% of volume – TL: Down 12% y/y, 72% of volume 8% Truck Brokerage • TL spot mix: 33%, +500 bps q/q and 600 bps y/y • Gross margin: 11.4% 18% – TL gross profit per load
Slide 6: New technology across key pillars
Volume and Margin • Expanded agentic AI email spot quote functionality; reps delivered increase in both volume and GPPL • Expanded proprietary Spot Bot and API integrations • >30% increase q/q in digital TL quoted opportunities • Increased digital offers by ~15% via enhanced experience and expanded
Slide 7: Adjusted EPS bridge
Adjusted EPS bridge Earnings per share Q1-26 Q1-25 GAAP diluted EPS $(0.21) $(0.18) Amortization of intangible assets 0.06 0.09 Transaction, integration and restructuring costs 0.05 0.12 Debt extinguishment loss 0.07 - 1 Tax associated with adjustments above and discrete tax item (0.06) (0.06) 2 Adj
Slide 8: Capital structure
Capital structure Capital structure Q1 2026 LTM Leverage 1,2 Notes due 2031 $ 400 3.8x 3.7x Finance leases, asset financing, ST debt & other 58 Total debt, principal balance & other $ 458 Gross Net Less: cash 21 • Refinanced Senior Notes in the quarter 1 Net debt $ 437 – Extended maturity to May 203
Slide 9: Adjusted FCF walk
1 Adjusted FCF walk Q1‘26 adjusted free cash flow 1 $6 • Q1 timing considerations $6 – 2H ‘26 CapEx expected to be ~30% lower, driven by lower real estate and software expenditures – Accelerated interest with refinancing of Senior Notes $(17) due 2027 (~$7M) $(1) • Remain confident with long-term co
Slide 10: Brokerage TL revenue per load trends
Brokerage TL revenue per load trends 47% Includes 45% the impact TL revenue per load up 8% y/y 1 of Coyote • Highest growth rate in 4 years 21% – Excludes impact of fuel and length of haul 12% – Spot mix increased 500 bps q/q and 600 bps y/y 8% 6% 3% 4% 3% 1% 1% 1% – Improved contract rates in effec
Slide 11: Current market conditions and Brokerage margin performance
Current market conditions and Brokerage margin performance Supply-side market tightening • TL market remains tight, driven by continued capacity exits driven by regulatory changes and enforcement • Industry KPIs at highest levels in 4 years, despite soft demand Improved TL gross profit per load • Br
Slide 12: TL volume and gross profit per load trends
TL volume and gross profit per load trends TL volume improved every month in Q1 and gross profit per load increased by 9% q/q Note: All periods prior to Q4 2024 exclude the impact of the Coyote Logistics acquisition. 12
Slide 13: 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. 13
Slide 14: Q2 2026 outlook and modeling assumptions
Q2 2026 outlook and modeling assumptions 1 Q2 2026 outlook • Adjusted EBITDA : $27M-$37M • Overall Brokerage, TL, and LTL y/y volume: Approximately flat • Brokerage TL gross profit per load: Up q/q FY 2026 • Capital expenditures: $50M-$55M modeling assumptions • Depreciation: $65M-$75M, Amortization
Slide 15: 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 15
Slide 16: 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 17: Appendix
Appendix RXO
Slide 18: Financial reconciliations
Financial reconciliations Reconciliation of net loss to adjusted EBITDA and adjusted EBITDA margin Twelve Months Ended Year Ended December Three Months Ended March 31, March 31, 31, 3 (Dollars in millions) 2026 2025 2026 2025 Net loss $ (36) $ (31) $ (105) $ (100) Interest expense, net 9 9 35 35 Inc
Slide 19: Financial reconciliations (cont.)
Financial reconciliations (cont.) Reconciliation of net loss to adjusted net loss and adjusted diluted loss per share Three Months Ended March 31, (Dollars in millions, shares in thousands, expect per share amounts) 2026 2025 Net loss $ (36) $ (31) Amortization of intangible assets 10 15 Transaction
Slide 20: 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 March 31, (Dollars in millions) 2026 2025 Net cash used in operating activities $ (7) $ (2) Payment for purchases of property and equipment (17) (
Slide 21: Financial reconciliations (cont.)
Financial reconciliations (cont.) Calculation of gross margin and gross margin as a percentage of revenue Three Months Ended March 31, (Dollars in millions) 2026 2025 Revenue Truck brokerage $ 1,097 $ 1,067 Complementary services 1 388 415 Eliminations (60) (49) Revenue $ 1,425 $ 1,433 Cost of trans
Slide 22: Financial reconciliations (cont.)
Financial reconciliations (cont.) Reconciliation of bank-adjusted EBITDA; Calculcation of gross and net leverage March 31, (Dollars in millions) 2026 Reconciliation of bank-adjusted EBITDA Adjusted EBITDA 1,2 for the twelve months ended March 31, 2026 $ 93 Adjustments per credit agreement 3 for the
Slide 23: RXO
RXO