RXO, Inc. (RXO) Stock Price & How to Invest
Last updated July 2026
Short answer
RXO is an asset-light truck broker, spun out of XPO in 2022, that arranges freight for shippers across a network of roughly 100,000 third-party carriers rather than owning trucks itself. Shares trade on the NYSE under the ticker RXO and are available in any standard US brokerage account, but the figures show a company still running at a loss at the bottom of a long freight downturn, so the case rests almost entirely on how far and how fast the truckload cycle recovers.
RXO stock price
As of 2026-08-04, RXO, Inc. (RXO) last closed at $22.13, up 43.0% over the past year. Over the past 52 weeks it has traded between $10.48 and $29.30.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or RXO, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does RXO, Inc. (RXO) do?
RXO, Inc. was created in November 2022 when XPO spun off its asset-light North American brokered transportation business. The company does not own tractors or trailers. It sells capacity to shippers, buys it from independent carriers, and keeps the spread, which is why revenue is large (~$5.7 billion trailing twelve months) and margins are thin. Truck brokerage is roughly 74% of revenue, with two complementary businesses making up the rest: Last Mile (~18%), which delivers heavy goods like appliances and furniture into homes, and Managed Transportation (~8%), which runs outsourced freight departments for large shippers under multi-year contracts. In September 2024 RXO paid about $1.025 billion for Coyote Logistics from UPS, roughly doubling brokerage volume and moving RXO into the top three North American truck brokers behind C.H. Robinson and Total Quality Logistics. Management has said Coyote synergies run to at least $50 million.
The investment picture is a cycle call with a legal overlay. Freight has been in an unusually long downturn since 2022, and RXO's numbers show it: first-quarter 2026 revenue of ~$1.43 billion was flat year over year, gross margin fell to 14.2% from 16.0%, adjusted EBITDA was ~$6 million, and the GAAP net loss was ~$36 million. What changed in 2026 is pricing. Carriers have been exiting the market at an elevated rate, spot rates moved above contract rates for the first time since 2021, and RXO reported its largest sequential increase in truckload gross profit per load in more than three years, with truckload revenue per load up ~8% year over year. The shares roughly doubled off their 2026 low on that turn, then gave back a chunk in late July after the Supreme Court's Montgomery decision and a large jury verdict against a competitor reopened the question of what brokers owe when a carrier they hired causes a crash. Second-quarter results are due 6 August 2026, with company guidance of ~$27 million to ~$37 million in adjusted EBITDA.
What's driving RXO, Inc. (RXO)?
1. Truckload capacity leaving the market
Carrier exits in mid-2026 ran roughly 31% above the prior year, pushed along by tighter enforcement of driver qualification rules. Fewer trucks chasing the same freight is what lets a broker raise the price it charges shippers faster than the price it pays carriers. RXO has already reported spot mix rising to ~33% of volume and contract rate expectations raised to high single digits from low-to-mid single digits after bid season.
2. Operating leverage on a fixed cost base
Brokerage profit falls to the bottom line quickly because the headcount and technology are largely already paid for. RXO reported a ~15% productivity gain in loads per employee per day over twelve months, automated more than 500,000 phone calls in a single quarter, and saw digital-channel gross profit per load rise ~30% sequentially. At a trailing adjusted EBITDA base of roughly $120 million, small moves in gross profit per load matter a lot to the reported number.
3. Coyote scale in buying capacity
The combined company spends roughly $5 billion to $6 billion a year on purchased transportation, and management has pointed to that line as the largest remaining cost opportunity. Coyote also raised the count of customers doing more than $1 million of business with RXO by about 80%, which widens the base of freight to price against when the cycle turns.
4. Contracted revenue outside brokerage
Managed Transportation books multi-year freight-under-management contracts that do not swing with spot rates. RXO was awarded more than $100 million of new freight under management in the first quarter of 2026 and more than $200 million in the fourth quarter of 2025, with a late-stage pipeline up more than $200 million. Complementary Services carried a 19.8% gross margin against 11.4% in brokerage.
What are the risks to RXO, Inc. (RXO)?
The largest near-term risk is legal rather than cyclical. On 14 May 2026 the Supreme Court ruled unanimously in Montgomery v. Caribe Transport II that state negligent-hiring claims against freight brokers are not preempted by federal law, removing a defense the industry had relied on for years, and a jury subsequently returned a roughly $604 million verdict involving C.H. Robinson. TD Cowen cut RXO to Sell in late July 2026 on that exposure, citing its long-haul mix and balance sheet, while other analysts stayed constructive, so the range of views is unusually wide. Beyond that, the business is a spread business: if capacity comes back before contract rates reset higher, the margin recovery stalls, and RXO has posted a trailing net loss of about $105 million with net leverage near 3.7 times adjusted EBITDA, which is high for a cyclical trough. Last Mile stops were down 8% year over year, so the consumer-facing piece is not offsetting brokerage weakness.
What is the RXO, Inc. (RXO) forecast?
17 analysts publish price targets on RXO, averaging $24.88 against a $22.13 price as of August 2026, or +12.4%. The published targets run from $13.00 to $35.00, a wide spread, and the ratings split 6 buy, 12 hold, 3 sell. Over the last six months there have been 9 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full RXO forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is RXO a buy or a sell?
We give no verdict on RXO, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Truckload capacity leaving the market. Carrier exits in mid-2026 ran roughly 31% above the prior year, pushed along by tighter enforcement of driver qualification rules. The most optimistic published target, $35.00, assumes this works close to its best case.
The case against. The largest near-term risk is legal rather than cyclical. The most pessimistic target, $13.00, is roughly what RXO is worth if this bites instead.
Read the full bull and bear case on RXO, including what would have to change to break either one. Walnut is not an investment adviser.
How is RXO, Inc. (RXO) valued? (approximate, August 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see RXO, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$5.7B
- Net income (TTM): ~-$105M (~-$0.62 per share)
- Adjusted EBITDA (Q1 2026): ~$6M on ~$1.43B revenue
- Market cap: ~$3.6B (~$22 per share)
- EV / revenue: ~0.7x
- Net debt / leverage: ~$437M, ~3.7x LTM adjusted EBITDA
Price-to-earnings does not apply while the company is loss-making, so RXO is usually valued on EV to a normalized EBITDA figure, and the gap between trough EBITDA (roughly $120 million trailing) and what management thinks a recovered cycle looks like is the entire argument. The stock traded between ~$10 and ~$30 over the past year and roughly doubled in 2026 before falling back on the broker-liability news, which tells you the market is repricing the cycle assumption rather than the current results. February 2026 refinancing pushed the senior notes to May 2031 at 6.375% from 7.500%, upsized to $400 million, leaving ~$386 million of available liquidity.
Who competes with RXO, Inc. (RXO)?
Large asset-light truck brokers
C.H. Robinson is the scale incumbent with the deepest shipper relationships and a global forwarding arm; Total Quality Logistics is a large private full-truckload specialist; Landstar runs an agent and owner-operator model that competes for the same freight with a different cost structure. RXO sits third in North America by brokerage volume after the Coyote deal. All of them are exposed to the same Montgomery liability ruling.
Digital and platform brokers
Uber Freight, Convoy's successors, and the brokerage arms of asset carriers such as J.B. Hunt (360) and Schneider compete mostly on automated pricing and carrier app engagement. This is where RXO's automated quoting and digital gross profit per load figures are aimed, because the technology gap is narrowing and price transparency compresses spreads over time.
Last mile and managed transportation providers
In heavy-goods home delivery RXO competes with J.B. Hunt Final Mile, Ryder, and regional carriers; in managed transportation with Echo, Ryder, and the control-tower units of the large 3PLs. These businesses carry higher gross margins and stickier contracts than brokerage, which is why they matter more to the story than their ~26% revenue share suggests.
What stocks are similar to RXO, Inc. (RXO)?
Other names that sit close to RXO: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in RXO, Inc. (RXO)
There are three common ways to get RXO exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so RXO sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where RXO fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on RXO, Inc. (RXO)
RXO is a cyclical, asset-light brokerage priced on a recovery it has started to see in pricing but has not yet delivered in earnings, with a new legal liability question sitting on top of the cycle.
More on RXO, Inc. (RXO)
Whether RXO is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is RXO a buy or a sell?, and where the stock could go from here in the RXO stock forecast.
For income investors, whether RXO pays a dividend and how the payout looks is covered in does RXO pay a dividend? And to weigh RXO against a peer, read the full side-by-side comparisons: RXO vs UBER.
Wondering how RXO fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in RXO, Inc. with AI
Connect the broker you already use and ask Walnut's AI how RXO fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does RXO actually do?
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RXO is a freight broker. Shippers give it loads, and it finds independent trucking companies to haul them, keeping the difference between what the shipper pays and what the carrier is paid. It owns essentially no trucks. Alongside brokerage it runs Last Mile, which delivers heavy items such as appliances into homes, and Managed Transportation, which operates outsourced freight departments for large shippers.
Is RXO profitable?
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Not currently on a reported basis. The trailing twelve-month net loss is about $105 million, or roughly -$0.62 per share, and first-quarter 2026 adjusted EBITDA was about $6 million on ~$1.43 billion of revenue. Management guided to ~$27 million to ~$37 million of adjusted EBITDA for the second quarter, which would be a meaningful sequential step up but still thin against the revenue base.
How does a company with $5.7 billion of revenue have a $3.6 billion market cap?
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Brokerage revenue is gross: it includes the money paid straight through to the carrier. Gross margin runs around 14% company-wide and 11.4% in brokerage, so the economically meaningful number is gross profit, not revenue. That is why brokers trade at a fraction of one times sales while asset-heavy carriers and software companies trade at multiples of it.
What did the Coyote Logistics acquisition change?
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RXO bought Coyote from UPS for about $1.025 billion in September 2024, roughly doubling brokerage volume, lifting the count of customers doing over $1 million of business by about 80%, and moving RXO to third in North American truck brokerage. Synergies were guided to at least $50 million against an original $25 million estimate. It also arrived just as the freight downturn deepened, so the added scale has been carrying trough-level margins.
Why did the stock move so much in 2026?
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The shares roughly doubled from their low as freight pricing turned: carrier exits ran about 31% above the prior year, spot rates went above contract rates for the first time since 2021, and RXO posted its biggest sequential gain in truckload gross profit per load in over three years. They then fell sharply in late July after the Supreme Court's broker-liability ruling and a large verdict against a competitor. The 52-week range is roughly $10 to $30.
What is the Montgomery ruling and why does it matter here?
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On 14 May 2026 the Supreme Court held unanimously in Montgomery v. Caribe Transport II that federal law does not preempt state negligent-hiring claims against freight brokers, meaning brokers can be sued for choosing an unsafe carrier. It removes a defense the industry used for years and raises expected insurance and claims costs across every broker, RXO included. TD Cowen cited it directly when cutting RXO to Sell in July 2026.
Does RXO pay a dividend or buy back stock?
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RXO pays no dividend. Capital has gone toward the Coyote acquisition, integration, and the balance sheet, and adjusted free cash flow was negative ~$15 million in the first quarter of 2026. With net leverage near 3.7 times adjusted EBITDA, management has said it expects the leverage ratio to come down in the second half of 2026, which points at debt reduction rather than shareholder returns.
How does RXO compare with C.H. Robinson and Landstar?
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C.H. Robinson is larger, profitable through the downturn, and pays a dividend, so it is the lower-volatility way to hold the same freight cycle. Landstar's agent and owner-operator model gives it a more variable cost base. RXO is the higher-beta version: more debt, no current earnings, and more of its value tied to a recovery that has not shown up in the income statement yet. All three now face the same post-Montgomery liability question.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with RXO, Inc.'s investor relations page or your broker before making investment decisions.