# EDGAR Filing Document

**Accession Number:** 0001929561
**File Stem:** 0001929561-25-000110
**Filing Date:** 2025-11
**Character Count:** 58889
**Document Hash:** d55a2ce6b3eae50771231cb0b88d4a54
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001929561-25-000110.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001929561-25-000110

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RXO, Inc.
- **CENTRAL INDEX KEY:** 0001929561
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRANSPORTATION SERVICES [4700]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 882183384
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41514
- **FILM NUMBER:** 251455988

**BUSINESS ADDRESS:**
- **STREET 1:** 11215 NORTH COMMUNITY HOUSE ROAD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277
- **BUSINESS PHONE:** 704-572-7302

**MAIL ADDRESS:**
- **STREET 1:** 11215 NORTH COMMUNITY HOUSE ROAD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RXO, LLC
- **DATE OF NAME CHANGE:** 20220712

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NAT Holdings, LLC
- **DATE OF NAME CHANGE:** 20220517

?xml version='1.0' encoding='ASCII'? rxo-20251106

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 6, 2025**

**RXO, INC.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41514** | **88-2183384** |
| **(State or other jurisdiction of**<br>**incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

---

| | |
|:---|:---|
| **11215 North Community House Road** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28277** |
| **Charlotte, NC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28277** |
| **(Address of principal executive offices)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Zip Code)** |

---

**(980) 308-6058**

**(Registrant's telephone number, including area code**)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>symbol(s)** | **Name of each exchange on which**<br>**registered** |
| Common stock, par value $0.01 per share | RXO | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.** 

On November 6, 2025, RXO, Inc. (the "Company") issued a press release announcing its results of operations for the fiscal quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. &nbsp;&nbsp;&nbsp;&nbsp;

**Item 7.01.&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.** 

On November 6, 2025, the Company released a slide presentation related to its results of operations for the fiscal quarter ended September 30, 2025. A copy of this slide presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The slide presentation should be read together with the Company's filings with the Securities and Exchange Commission, including the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025 once available.

The information furnished in Items 2.02 and 7.01, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release, dated](rxo2025q3pressrelease.htm)[November 6](rxo2025q3pressrelease.htm)[, 2025, issued by RXO, Inc.](rxo2025q3pressrelease.htm)</u> |
| 99.2 | <u>[In](earningspresentation-q32.htm)[vestor Presentation, dated](earningspresentation-q32.htm)[November 6](earningspresentation-q32.htm)[, 2025.](earningspresentation-q32.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | RXO, INC. | RXO, INC. |
|  | By: | /s/ James E. Harris |
|  |  | James E. Harris |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

Exhibit 99.1

![capturea.jpg](capturea.jpg)

**RXO Announces Third-Quarter Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Brokerage volume growth of 1% year over year driven by less-than-truckload volume growth of 43%*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Last Mile achieved 12% year-over-year stop growth, the fifth consecutive quarter of double-digit growth*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Strong quarterly cash performance with cash balance increasing sequentially*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Full-truckload market has significantly tightened, driven by capacity exits. Market tightness is expected to persist throughout the fourth quarter, squeezing contractual brokerage gross margin*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• New cost initiatives expected to yield more than $30 million of incremental savings*

**CHARLOTTE, N.C. – November 6, 2025 –** RXO (NYSE: RXO) today reported its third-quarter financial results.

RXO Chairman and CEO Drew Wilkerson said, "Market conditions tightened late in the third quarter as truckload capacity exits accelerated, which impacted both our buy rates and Brokerage gross margin. We also saw a further weakening of demand across our business as the quarter progressed. Both of these dynamics have continued into the fourth quarter. As we navigate this market, everyone at RXO remains focused on delivering results for our customers, carriers, employees and shareholders."

Wilkerson continued, "RXO is well positioned because of our scale as the third-largest brokered transportation provider in North America and the strategic decisions we've made this year. Our best-in-class technology is enabling us to realize the benefits of our larger scale, and our new cost initiatives are expected to yield more than $30 million of savings. We have an exceptional track record of profitable growth across market cycles, and our asset-light business model is poised to generate strong cash flow over the long term."

**Companywide Results**

RXO's revenue was $1.4 billion for the third quarter, compared to $1.0 billion in the third quarter of 2024. Gross margin was 16.5%, compared to 17.3% in the third quarter of 2024.

The company reported a third-quarter 2025 GAAP net loss of $14 million, compared to a net loss of $243 million in the third quarter of 2024. The third-quarter 2025 GAAP net loss included $12 million in transaction, integration, restructuring and other costs. Adjusted net income in the quarter was $2 million, compared to adjusted net income of $7 million in the third quarter of 2024.

Adjusted EBITDA was $32 million, compared to $33 million in the third quarter of 2024. Adjusted EBITDA margin was 2.3%, compared to 3.2% in the third quarter of 2024.

Transaction, integration, restructuring and other costs, and amortization of intangibles, impacted GAAP earnings per share by $0.09, net of tax. For the third quarter, RXO reported a GAAP diluted loss per share of $0.08. Adjusted diluted earnings per share was $0.01.

RXO 3Q 2025 Earnings Press Release \| 1

------

**Brokerage** 

Volume in RXO's Brokerage business, including the impact of the Coyote Logistics acquisition in both periods, increased by 1% year over year in the third quarter. Less-than-truckload volume increased by 43% but was partially offset by an 11% decline in full truckload volume.

Brokerage gross margin was 13.5% in the third quarter.

**Complementary Services**

Managed Transportation increased its sales pipeline and the synergy loads provided to Brokerage.

Last Mile stops grew by 12% year-over-year.

RXO's complementary services gross margin was 21.3% for the quarter.

**Fourth-Quarter Outlook**

RXO expects fourth-quarter 2025 adjusted EBITDA to be between $20 million and $30 million.

In Brokerage, the company expects overall volume to decline by a low-single-digit percentage and gross margin to be between 12% and 13% in the fourth quarter.

**Conference Call** 

The company will hold a conference call and webcast on Thursday, November 6th at 8 a.m. Eastern Standard Time. Participants can call in toll-free (from U.S./Canada) at 1-800-549-8228; international callers dial +1-289-819-1520. The conference ID is 57899.

A live webcast of the conference call will be available on the investor relations area of the company's website, http://investors.rxo.com. A replay of the conference call will be available through November 13, 2025, by calling toll-free (from U.S./Canada) 1-888-660-6264; international callers dial +1-289-819-1325. Use the passcode 57899#. Additionally, the call will be archived on http://investors.rxo.com.

**About RXO**

RXO (NYSE: RXO) is a leading provider of asset-light transportation solutions. RXO offers tech-enabled truck brokerage services together with complementary solutions including managed transportation and last mile delivery. The company combines massive capacity and cutting-edge technology to move freight efficiently through supply chains across North America. The company is headquartered in Charlotte, N.C. Visit RXO.com for more information and connect with RXO on Facebook, X, LinkedIn, Instagram and YouTube.

**Media Contact**

Nina Reinhardt

nina.reinhardt@rxo.com

**Investor Contact**

Kevin Sterling

kevin.sterling@rxo.com

RXO 3Q 2025 Earnings Press Release \| 2

------

**Non-GAAP Financial Measures**

We provide reconciliations of the non-GAAP financial measures contained in this release to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this release.

The non-GAAP financial measures in this release include: adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"); adjusted EBITDA margin; and adjusted net income and adjusted diluted income per share ("adjusted EPS").

We believe that these adjusted financial measures facilitate analysis of our ongoing business operations because they exclude items that may not reflect, or are unrelated to, RXO's core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should only be used as supplemental measures of our operating performance.

Adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted EPS include adjustments for transaction and integration costs, as well as restructuring costs and other adjustments as set forth in the attached tables. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating RXO's ongoing performance.

We believe that adjusted EBITDA and adjusted EBITDA margin improve comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments that management has determined do not reflect our core operating activities and thereby assist investors with assessing trends in our underlying business. We believe that adjusted net income and adjusted EPS improve the comparability of our operating results from period to period by removing the impact of certain costs that management has determined do not reflect our core operating activities, including amortization of acquisition-related intangible assets, transaction and integration costs, restructuring costs and other adjustments as set out in the attached tables, and thereby may assist investors with comparisons to prior periods and assessing trends in our underlying business.

With respect to our financial outlook for the fourth quarter of 2025 adjusted EBITDA, a reconciliation of this non-GAAP measure to the corresponding GAAP measure is not available without unreasonable effort due to the variability and complexity of the reconciling items described above that we exclude from this non-GAAP measure. The variability of these items may have a significant impact on our future GAAP financial results and, as a result, we are unable to prepare the forward-looking statement of income and statement of cash flows prepared in accordance with GAAP that would be required to produce such a reconciliation.

**Forward-looking Statements**

This release includes forward-looking statements, including statements relating to our outlook and incremental savings. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "predict," "should," "will," "expect," "project," "forecast," "goal," "outlook," "target," or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.

RXO 3Q 2025 Earnings Press Release \| 3

------

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC and the following: the effect of the completion of the transaction to acquire Coyote Logistics on the parties' business relationships and business generally; competition and pricing pressures; economic conditions generally; fluctuations in fuel prices; increased carrier prices; severe weather, natural disasters, terrorist attacks or similar incidents that cause material disruptions to our operations or the operations of the third-party carriers and independent contractors with which we contract; our dependence on third-party carriers and independent contractors; labor disputes or organizing efforts affecting our workforce and those of our third-party carriers; legal and regulatory challenges to the status of the third-party carriers with which we contract, and their delivery workers, as independent contractors, rather than employees; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of potential cyber-attacks and information technology or data security breaches; issues related to our intellectual property rights; our ability to access the capital markets and generate sufficient cash flow to satisfy our debt obligations; litigation that may adversely affect our business or reputation; increasingly stringent laws protecting the environment, including transitional risks relating to climate change, that impact our third-party carriers; governmental regulation and political conditions; our ability to attract and retain qualified personnel; our ability to successfully implement our cost and revenue initiatives and other strategies; our ability to successfully manage our growth; our reliance on certain large customers for a significant portion of our revenue; damage to our reputation through unfavorable publicity; our failure to meet performance levels required by our contracts with our customers; the inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted; and the impact of the separation on our businesses, operations and results. All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.

RXO 3Q 2025 Earnings Press Release \| 4

------

**RXO, Inc.**

**Condensed Consolidated Statements of Operations**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>*(Dollars in millions, shares in thousands, except per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| **Revenue** | $1421 | $1040 | $4273 | $2883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of transportation and services (exclusive of depreciation and amortization) | 1137 | 809 | 3408 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct operating expense (exclusive of depreciation and amortization) | 48 | 49 | 143 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales, general and administrative expense | 208 | 149 | 632 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 26 | 21 | 88 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and integration costs | 5 | 30 | 18 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs | 4 | 2 | 21 | 15 |
| **Operating loss** | $(7) | $(20) | $(37) | $(32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense (income) | (1) | 216 | 1 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 9 | 6 | 26 | 22 |
| **Loss before income taxes** | $(15) | $(242) | $(64) | $(271) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) | (1) | 1 | (10) | (6) |
| **Net loss** | $(14) | $(243) | $(54) | $(265) |
| **Loss per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.08) | $(1.81) | $(0.32) | $(2.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.08) | $(1.81) | $(0.32) | $(2.15) |
| **Weighted-average common shares outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 168578 | 134095 | 168377 | 123004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 168578 | 134095 | 168377 | 123004 |

---

RXO 3Q 2025 Earnings Press Release \| 5

------

**RXO, Inc.**

**Condensed Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30,** | **December 31,** |
|<br>*(Dollars in millions, shares in thousands, except per share amounts)* | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $25 | $35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of $15 and $13 in allowances, respectively | 1104 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 72 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 1201 | 1339 |
| **Long-term assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net of $365 and $317 in accumulated depreciation, respectively | 137 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets | 254 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 1123 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Identifiable intangible assets, net of $153 and $146 in accumulated amortization, respectively | 463 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | 23 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total long-term assets** | 2000 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $3201 | $3414 |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $481 | $568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 321 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt and current maturities of long-term debt | 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term operating lease liabilities | 77 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 12 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 907 | 1065 |
| **Long-term liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt and obligations under finance leases | 387 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 54 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term operating lease liabilities | 202 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 71 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total long-term liabilities** | 714 | 737 |
| **Commitments and Contingencies** |  |  |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value; 10,000 shares authorized; 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 300,000 shares authorized; 164,103 and 162,517 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1922 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (338) | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (6) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | 1580 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $3201 | $3414 |

---

RXO 3Q 2025 Earnings Press Release \| 6

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**RXO, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>*(In millions)* | **2025** | **2024** |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net loss** | $(54) | $(265) |
| **Adjustments to reconcile net loss to net cash from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 88 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 22 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax benefit | (15) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deemed non-pro rata distribution |  | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of operating lease assets | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 7 | 3 |
| **Changes in assets and liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 120 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets and other long-term assets | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (74) | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses, other current liabilities and other long-term liabilities | (73) | 15 |
| **Net cash provided by (used in) operating activities** | 44 | (5) |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment for purchases of property and equipment | (43) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business acquisition, net of cash acquired | (10) | (1019) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (4) |  |
| **Net cash used in investing activities** | (56) | (1052) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings on revolving credit facilities | 471 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of borrowings on revolving credit facilities | (438) | (193) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock and pre-funded warrants |  | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment for equity issuance costs | (1) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment for tax withholdings related to vesting of stock compensation awards | (20) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of debt and finance leases | (1) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (10) | 9 |
| **Net cash provided by financing activities** | 1 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rates on cash, cash equivalents and restricted cash | 2 |  |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | (9) | 50 |
| **Cash, cash equivalents, and restricted cash, beginning of period** | 35 | 5 |
| **Cash, cash equivalents, and restricted cash, end of period** | $26 | $55 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased assets obtained in exchange for new operating lease liabilities | $38 | $97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes, net | 6 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest, net | 17 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment in accounts payable, accrued expenses and other liabilities | 12 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued tax withholdings related to vesting of stock compensation awards |  | 1 |

---

RXO 3Q 2025 Earnings Press Release \| 7

------

**RXO, Inc.**

**Revenue Disaggregated by Service Offering**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>*(In millions)* | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Truck brokerage | $1039 | $655 | $3131 | $1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Last mile | 305 | 268 | 898 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Managed transportation | 137 | 151 | 416 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | (60) | (34) | (172) | (103) |
| **Total** | $1421 | $1040 | $4273 | $2883 |

---

RXO 3Q 2025 Earnings Press Release \| 8

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**RXO, Inc.**

**Reconciliation of Net Loss to Adjusted EBITDA and Adjusted EBITDA Margin**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>*(In millions)* | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of Net Loss to Adjusted EBITDA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(14) | $(243) | $(54) | $(265) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 9 | 6 | 26 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) | (1) | 1 | (10) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 26 | 21 | 88 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and integration costs | 5 | 30 | 18 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other costs <sup>(3)</sup> | 7 | 218 | 24 | 233 |
| **Adjusted EBITDA** <sup>(1)</sup> | $32 | $33 | $92 | $76 |
| Revenue | $1421 | $1040 | $4273 | $2883 |
| **Adjusted EBITDA margin** <sup>(1) (2)</sup> | 2.3% | 3.2% | 2.2% | 2.6% |

---

<sup>(1)</sup> See the "Non-GAAP Financial Measures" section of the press release.

<sup>(2)</sup> Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue.

<sup>(3)</sup> Other for the three and nine months ended September 30, 2024 reflects a one-time charge of $216 million representing a deemed non-pro rata distribution in connection with the private placement common stock issuance completed in August 2024.

RXO 3Q 2025 Earnings Press Release \| 9

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 **RXO, Inc.**

**Reconciliation of Net Loss to Adjusted Net Income and Adjusted Diluted Income Per Share**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>*(Dollars in millions, shares in thousands, except per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of Net Loss to Adjusted Net Income and Adjusted Diluted Income Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(14) | $(243) | $(54) | $(265) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 10 | 5 | 36 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and integration costs | 5 | 30 | 18 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other costs <sup>(3)</sup> | 7 | 218 | 24 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax associated with adjustments above <sup>(1)</sup> | (6) | (3) | (20) | (10) |
| **Adjusted net income** <sup>(2)</sup> | $2 | $7 | $4 | $7 |
| **Adjusted diluted income per share** <sup>(2)</sup> | $0.01 | $0.05 | $0.02 | $0.06 |
| **Weighted-average common shares outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 169265 | 136968 | 169185 | 125536 |

---

<sup>(1)</sup> The tax impact of non-GAAP adjustments represents the tax benefit (expense) calculated using the applicable statutory tax rate that would have been incurred had these adjustments been excluded from net loss. Our estimated tax rate on non-GAAP adjustments may differ from our GAAP tax rate due to differences in the methodologies applied.

<sup>(2)</sup> See the "Non-GAAP Financial Measures" section of the press release.

<sup>(3)</sup> Other for the three and nine months ended September 30, 2024 reflects a one-time charge of $216 million representing a deemed non-pro rata distribution in connection with the private placement common stock issuance completed in August 2024.

RXO 3Q 2025 Earnings Press Release \| 10

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**RXO, Inc.**

**Calculation of Gross Margin and Gross Margin as a Percentage of Revenue**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>*(Dollars in millions)* | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| Truck brokerage | $1039 | $655 | $3131 | $1762 |
| Complementary services <sup>(1)</sup> | 442 | 419 | 1314 | 1224 |
| Eliminations | (60) | (34) | (172) | (103) |
| **Revenue** | $1421 | $1040 | $4273 | $2883 |
| **Cost of transportation and services (exclusive of depreciation and amortization)** |  |  |  |  |
| Truck brokerage | $899 | $564 | $2700 | $1510 |
| Complementary services <sup>(1)</sup> | 298 | 279 | 880 | 801 |
| Eliminations | (60) | (34) | (172) | (103) |
| **Cost of transportation and services (exclusive of depreciation and amortization)** | $1137 | $809 | $3408 | $2208 |
| **Direct operating expense (exclusive of depreciation and amortization)** |  |  |  |  |
| Truck brokerage | $— | $1 | $1 | $1 |
| Complementary services <sup>(1)</sup> | 48 | 48 | 142 | 151 |
| **Direct operating expense (exclusive of depreciation and amortization)** | $48 | $49 | $143 | $152 |
| **Direct depreciation and amortization expense** |  |  |  |  |
| Truck brokerage | $— | $— | $— | $1 |
| Complementary services <sup>(1)</sup> | 2 | 2 | 7 | 6 |
| **Direct depreciation and amortization expense** | $2 | $2 | $7 | $7 |
| **Gross margin** |  |  |  |  |
| Truck brokerage | $140 | $90 | $430 | $250 |
| Complementary services <sup>(1)</sup> | 94 | 90 | 285 | 266 |
| **Gross margin** | $234 | $180 | $715 | $516 |
| **Gross margin as a percentage of revenue** |  |  |  |  |
| Truck brokerage | 13.5% | 13.7% | 13.7% | 14.2% |
| Complementary services <sup>(1)</sup> | 21.3% | 21.5% | 21.7% | 21.7% |
| **Gross margin as a percentage of revenue** | 16.5% | 17.3% | 16.7% | 17.9% |

---

<sup>(1)</sup> Complementary services include last mile and managed transportation services.

RXO 3Q 2025 Earnings Press Release \| 11

## Exhibit 99.2

![](earningspresentation-q32001.jpg)

Third Quarter 2025 Results November 6, 2025

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![](earningspresentation-q32002.jpg)

2 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 presentation. The non-GAAP financial measures in this presentation include: adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA margin"); adjusted EBITDA margin; bank-adjusted EBITDA; free cash flow and free cash flow as a percentage of adjusted EBITDA ("free cash flow conversion"); adjusted free cash flow and adjusted free cash flow as a percentage of adjusted EBITDA ("adjusted free cash flow conversion"); net debt, gross leverage and net leverage; and adjusted net income and adjusted diluted income per share ("adjusted diluted EPS"). We believe that these adjusted financial measures facilitate analysis of our ongoing business operations because they exclude items that may not reflect, or are unrelated to, RXO's core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should only be used as supplemental measures of our operating performance. Adjusted EBITDA, adjusted EBITDA margin, bank-adjusted EBITDA, adjusted net income and adjusted diluted EPS include adjustments for transaction and integration costs, as well as restructuring costs and other adjustments as set forth in the attached tables. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating RXO's ongoing performance. We believe that adjusted EBITDA, adjusted EBITDA margin and bank-adjusted EBITDA improve comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments that management has determined do not reflect our core operating activities and thereby assist investors with assessing trends in our underlying business. We believe that adjusted net income and adjusted diluted EPS improve the comparability of our operating results from period to period by removing the impact of certain costs that management has determined do not reflect our core operating activities, including amortization of acquisition-related intangible assets, transaction and integration costs, restructuring costs and other adjustments as set out in the attached tables, and thereby may assist investors with comparisons to prior periods and assessing trends in our underlying business. We believe that free cash flow, free cash flow conversion, adjusted free cash flow and adjusted free cash flow conversion are important measures of our ability to repay maturing debt or fund other uses of capital that we believe will enhance stockholder value, and may assist investors with assessing trends in our underlying business. We calculate free cash flow as net cash provided by operating activities less payment for purchases of property and equipment plus proceeds from sale of property and equipment. We define adjusted free cash flow as free cash flow less cash paid for transaction, integration, restructuring and other costs. We believe that net debt, gross leverage and net leverage are important measures of our overall liquidity position. Net debt is calculated by removing cash and cash equivalents from the principal balance of our total debt. Gross leverage is calculated as the principal balance of our total debt as a ratio of trailing twelve months bank-adjusted EBITDA. Net leverage is calculated as net debt as a ratio of trailing twelve months bank-adjusted EBITDA. With respect to our financial outlook for the fourth quarter of 2025 adjusted EBITDA, a reconciliation of this non-GAAP measure to the corresponding GAAP measure is not available without unreasonable effort due to the variability and complexity of the reconciling items described above that we exclude from this non-GAAP measure. The variability of these items may have a significant impact on our future GAAP financial results and, as a result, we are unable to prepare the forward-looking statement of income and statement of cash flows prepared in accordance with GAAP that would be required to produce such a reconciliation. Forward-looking statements This presentation includes forward-looking statements, including statements relating to our outlook and 2025 assumptions and incremental cost actions. All statements other than statements of historical fact are, or may be deemed to be, forward- looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "predict," "should," "will," "expect," "project," "forecast," "goal," "outlook," "target," or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC and the following: the effect of the completion of the transaction to acquire Coyote Logistics on the parties' business relationships and business generally; competition and pricing pressures; economic conditions generally; fluctuations in fuel prices; increased carrier prices; severe weather, natural disasters, terrorist attacks or similar incidents that cause material disruptions to our operations or the operations of the third-party carriers and independent contractors with which we contract; our dependence on third-party carriers and independent contractors; labor disputes or organizing efforts affecting our workforce and those of our third-party carriers; legal and regulatory challenges to the status of the third-party carriers with which we contract, and their delivery workers, as independent contractors, rather than employees; governmental regulation and political conditions; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of potential cyber-attacks and information technology or data security breaches; issues related to our intellectual property rights; our ability to access the capital markets and generate sufficient cash flow to satisfy our debt obligations; litigation that may adversely affect our business or reputation; increasingly stringent laws protecting the environment, including transitional risks relating to climate change, that impact our third-party carriers; our ability to attract and retain qualified personnel; our ability to successfully implement our cost and revenue initiatives and other strategies; our ability to successfully manage our growth; our reliance on certain large customers for a significant portion of our revenue; damage to our reputation through unfavorable publicity; our failure to meet performance levels required by our contracts with our customers; the inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted; and the impact of the separation on our businesses, operations and results. All forward-looking statements set forth in this presentation are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this presentation speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.

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![](earningspresentation-q32003.jpg)

3 Q3 2025 highlights 1 Volume outperformance in a continued soft market 2 Continued Last Mile stop growth 3 Strong adjusted free cash flow conversion 4 Full-truckload market has tightened significantly, driven by capacity exits 5 New cost initiatives to enhance operational efficiency RXO is well positioned to deliver strong profitable growth across market cycles

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![](earningspresentation-q32004.jpg)

4 Q3 2025 results Revenue by service offering excludes impact of eliminations. Numbers may not add up to 100% due to rounding. 1 Prior period includes partial contribution from the Coyote Logistics acquisition. 2 See the "Non-GAAP financial measures" section. 3 Prior period includes the impact of the Coyote Logistics acquisition. 4 As measured by loads per person per day over the last twelve months. Brokerage headcount defined as customer and carrier representatives. Brokerage3 • Volume: Up 1% y/y – LTL: Up 43% y/y, 31% of volume – TL: Down 11% y/y, 69% of volume • TL volume mix: 71% contract, 29% spot • Gross margin: 13.5% • Productivity gains: +19%4 Complementary services • Managed Trans. pipeline & synergy loads increased • Last Mile stop growth of 12% y/y • Gross margin: 21.3% $1,040M Q3 24 Q3 25 $1,421M $180M $234M Q3 24 Q3 25 $33M $32M Q3 24 Q3 25 Revenue1 Gross margin1 Adjusted EBITDA1,2 70% - Truck Brokerage 21% - Last Mile 9% - Managed Trans.

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![](earningspresentation-q32005.jpg)

5 Incremental initiatives to drive long-term operational efficiencies Post-spin (2022-2024) >$65M Coyote synergies1 >$60M • Post-spin (2022-2024) – >$65M of operating expense reductions over 2-years with a more optimized cost structure • Coyote synergies – Total cash synergies of >$70M, including >$60M reduction in operating expenses • Incremental tech-enabled cost actions – Increasing operational efficiency, automating key processes and leveraging technology – Expect to yield additional savings of >$30M • Cost of purchased transportation (COPT) – Continue to expect ~100 bps of COPT savings/avoidance, incremental to OpEx reductions + Total annualized OpEx reductions: >$155M Driving structurally higher long-term earnings power with significant cost reductions Incremental actions >$30M + 1 Excludes capital expenditure synergies. Total cash synergies of >$70M.

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![](earningspresentation-q32006.jpg)

6 Introduced new technology in Q3 across four key pillars 1 2 3 4 Volume Margin Productivity Service • Introduced spot quote assistant for model training • Enhanced automated quoting solutions for Canadian shippers • Continued to expand TMS integration footprint • Launched next gen. pricing model leveraging a combined data set • Automating pricing strategy formulation • Enhanced carrier negotiation workflow to grow load offer volumes, increasing COPT options • Implemented agentic AI solutions to streamline carrier inquiries • Investing in AI to streamline activities in customs brokerage • Automated hundreds of thousands of activities through robotic process automation • Deployed AI image solutions in Last Mile to ensure delivery and install quality • Continuous enhancements to protect freight • Introduced new auto-invoicing capabilities for shippers Committed to focused technology and AI investments with a strong ROIC Artificial Intelligence Transactional automation

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![](earningspresentation-q32007.jpg)

7 Adjusted EPS bridge Earnings per share Q3-25 Q3-24 GAAP diluted EPS $(0.08) $(1.81) Amortization of intangible assets 0.06 0.04 Transaction, integration and restructuring costs 0.07 1.81 Income tax associated with adjustments above1 (0.04) (0.02) Impact of dilutive shares - 0.03 Adjusted diluted EPS2 $0.01 $0.05 RXO reported Q3 2025 adjusted diluted EPS of $0.01 1 The tax impact of non-GAAP adjustments represents the tax benefit (expense) calculated using the applicable statutory tax rate that would have been incurred had these adjustments been excluded from net loss. Our estimated tax rate on non-GAAP adjustments may differ from our GAAP tax rate due to differences in the methodologies applied. 2 See the "Non-GAAP financial measures" section.

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![](earningspresentation-q32008.jpg)

8 $7 $(14) $(4) $(1) $(2) $32 $18 Adj. EBITDA Stock-based … Net CapEx Changes in W/C Cash interest Cash taxes RXO Adj. FCF Q3 adjusted FCF walk Note: In millions. 1 Adjusted EBITDA and adjusted FCF are non-GAAP financial measures. See the "Non-GAAP Financial Measures" section. 2 Adjusted EBITDA excludes certain NEO spin-related stock-based compensation. 3 Purchases of property & equipment, net of proceeds. Remain confident with long-term conversion of 40%-60% across market cycles Q3 adjusted free cash flow1 1 • Q3 adj. FCF conversion of 56% - Semi-annual interest payments occur in Q2 and Q4, which benefited Q3 - CapEx tracking towards low-end of FY outlook - Cash balance increased sequentially - YTD adj. FCF conversion of 50%

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![](earningspresentation-q32009.jpg)

9 Q3 capital structure snapshot Capital structure Q3 2025 Notes due 2027 $355 Finance leases, asset financing, ST debt & other 65 Total debt, principal balance & other $420 Less: cash 25 Net debt1 $395 Note: In millions. 1 See the "Non-GAAP financial measures" section. 2 See appendix for leverage calculations. 3 LTM period includes the impact of the Coyote Logistics acquisition. LTM Leverage1,2,3 2.4x 2.3x Gross Net RXO has a strong balance sheet with a robust liquidity position Liquidity Q3 2025 Cash $25 Revolver 565 Total committed liquidity $590 Total available liquidity $383

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![](earningspresentation-q32010.jpg)

10 TL revenue per load and Brokerage gross margin trends Revenue per load trends have moderated given soft freight market conditions TL revenue per load up 1% y/y • Fourth consecutive quarter of y/y growth; moderated vs. prior quarters – Weaker demand environment – Spot opportunities that were less accretive 1 All periods prior to Q4 2024 exclude the impact of the Coyote Logistics acquisition. 2 Excludes the impact of changes in fuel prices and length of haul. 2

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![](earningspresentation-q32011.jpg)

11 Current market conditions and Brokerage margin performance Supply-driven market tightening • TL market tightened in September, driven by regulatory changes and capacity exits - Market tightness intensified in October and expected to persist throughout Q4 • Class 8 orders continue to decline, below replacement levels • Demand weakened throughout Q3 and remains soft Drivers of quarterly gross margin • TL contract margin squeezed in September - Buy-side: ~2/3 of freight in states with buy-rate increases - Sell-side: Weaker demand and less-accretive spot opportunities • Providing best-in-class service and honoring contractual rates Capacity exits are squeezing TL brokerage gross margin Sustained exits set up for a sharper inflection when demand recovers

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![](earningspresentation-q32012.jpg)

12 TL volume and gross profit per load trends1 1 All periods prior to Q4 2024 exclude the impact of the Coyote Logistics acquisition. TL gross profit per load moderated in Q3 given softer demand and tighter capacity

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![](earningspresentation-q32013.jpg)

13 LTL volume and gross profit per load trends1 LTL volume continues to outperform and gross profit per load increased sequentially 1 All periods prior to Q4 2024 exclude the impact of the Coyote Logistics acquisition.

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![](earningspresentation-q32014.jpg)

14 Q4 2025 outlook and modeling assumptions • Adjusted EBITDA1 : $20M-$30M • Brokerage y/y volume 2: Down low-single-digit % • Brokerage gross margin: 12%-13% Q4 2025 outlook Q4 2025 modeling assumptions • Capital expenditures: ~$20M • Depreciation: ~$20M, Amortization of intangibles: ~$10M • Stock-based compensation: ~$7M • Restructuring, transaction & integration expenses: ~$15M • Net interest expense: ~$9M • Adjusted effective tax rate: ~30% • Fully diluted weighted-average shares outstanding: ~170M 1 See the "Non-GAAP financial measures" section. 2 Prior period includes the impact of the Coyote Logistics acquisition.

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![](earningspresentation-q32015.jpg)

15 Balanced capital allocation Internal Investments Strong historical return on invested capital Share repurchases Opportunistic M&A Complementary to RXO's strategy Balanced capital allocation philosophy with a ROIC-based approach $125 million share repurchase program

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![](earningspresentation-q32016.jpg)

16 Key investment highlights 1 Large addressable market with secular tailwinds 2 Track record of above-market growth and high profitability 3 Proprietary technology drives productivity, volume and margin expansion 4 Long-term relationships with blue-chip customers 5 Market-leading platform with complementary transportation solutions 6 Tiered approach to sales drives multi-faceted growth opportunities 7 Diverse exposure across attractive end markets 8 Experienced and proven leadership team

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![](earningspresentation-q32017.jpg)

17 Appendix

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![](earningspresentation-q32018.jpg)

18 Financial reconciliations 1 See the "Non-GAAP financial measures" section. 2 Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue. 3 Twelve months ended September 30, 2025 is calculated as the nine months ended September 30, 2025 plus the year ended December 31, 2024 less the nine months ended September 30, 2024. Reconciliation of net loss to adjusted EBITDA and adjusted EBITDA margin Twelve Months Ended September 30, Year Ended December 31, (Dollars in millions) 2025 2024 2025 2024 2025 3 2024 Net loss (14)$(243)$(54)$(265)$(79)$(290)$ Interest expense, net 9 6 26 22 34 30 Income tax provision (benefit) (1) 1 (10) (6) (18) (14) Depreciation and amortization expense 26 21 88 54 121 87 Transaction and integration costs 5 30 18 38 33 53 Restructuring and other costs 7 218 24 233 43 252 Adjusted EBITDA 1 32$33$92$76$134$118$ Revenue 1,421$1,040$4,273$2,883$5,940$4,550$ Adjusted EBITDA margin 1, 2 2.3% 3.2% 2.2% 2.6% 2.3% 2.6% Three Months Ended September 30, Nine Months Ended September 30,

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![](earningspresentation-q32019.jpg)

19 Financial reconciliations (cont.) 1 The tax impact of non-GAAP adjustments represents the tax expense calculated using the applicable statutory tax rate that would have been incurred had these adjustments been excluded from net loss. Our estimated tax rate on non-GAAP adjustments may differ from our GAAP tax rate due to differences in the methodologies applied. 2 See the "Non-GAAP financial measures" section. (Dollars in millions, shares in thousands, expect per share amounts) 2025 2024 2025 2024 Net loss (14)$(243)$(54)$(265)$ Amortization of intangible assets 10 5 36 11 Transaction and integration costs 5 30 18 38 Restructuring and other costs 7 218 24 233 Income tax associated with the adjustments above 1 (6) (3) (20) (10) Adjusted net income 2 2$7$4$7$ Adjusted diluted income per share 2 0.01$0.05$0.02$0.06$ Weighted-average common shares outstanding Diluted 169,265 136,968 169,185 125,536 Reconciliation of net loss to adjusted net income and adjusted diluted income per share Three Months Ended September 30, Nine Months Ended September 30,

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![](earningspresentation-q32020.jpg)

20 1 See the "Non-GAAP financial measures" section. 2 Includes the cash component of these line items. 3 See Reconciliation of net loss to adjusted EBITDA. 4 Free cash flow conversion from adjusted EBITDA is calculated as free cash flow divided by adjusted EBITDA. 5 Adjusted free cash flow conversion from adjusted EBITDA is calculated as adjusted free cash flow divided by adjusted EBITDA. Financial reconciliations (cont.) (Dollars in millions) 2025 2024 2025 2024 Net cash provided by (used in) operating activities 23$(7)$44$(5)$ Payment for purchases of property and equipment (14) (11) (43) (33) Proceeds from sale of property and equipment - - 1 - Free cash flow 1 9$(18)$2$(38)$ Transaction and integration costs 2 2 24 24 24 Restructuring and other costs 2 7 3 20 15 Adjusted free cash flow 1 18$9$46$1$ Adjusted EBITDA 1,3 32$33$92$76$ Free cash flow conversion from adjusted EBITDA 1,4 28.1% -54.5% 2.2% -50.0% Adjusted free cash flow conversion from adjusted EBITDA 1,5 56.3% 27.3% 50.0% 1.3% Nine Months Ended September 30, Reconciliation of cash flows from operating activities to free cash flow and adjusted free cash flow Three Months Ended September 30,

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![](earningspresentation-q32021.jpg)

21 Financial reconciliations (cont.) 1 Complementary services include Last Mile and Managed Transportation services. Calculation of gross margin and gross margin as a percentage of revenue (Dollars in millions) 2025 2024 2025 2024 Revenue Truck brokerage 1,039$655$3,131$1,762$ Complementary services 1 442 419 1,314 1,224 Eliminations (60) (34) (172) (103) Revenue 1,421$1,040$4,273$2,883$ Cost of transportation and services (exclusive of depreciation and amortization) Truck brokerage 899$564$2,700$1,510$ Complementary services 1 298 279 880 801 Eliminations (60) (34) (172) (103) Cost of transportation and services (exclusive of depreciation and amortization) 1,137$809$3,408$2,208$ Direct operating expense (exclusive of depreciation and amortization) Truck brokerage -$1$1$1$ Complementary services 1 48 48 142$151$ Direct operating expense (exclusive of depreciation and amortization) 48$49$143$152$ Direct depreciation and amortization Truck brokerage -$-$-$1$ Complementary services 1 2 2 7$6$ Direct depreciation and amortization 2$2$7$7$ Gross margin Truck brokerage 140$90$430$250$ Complementary services 1 94 90 285$266$ Gross margin 234$180$715$516$ Gross margin as a percentage of revenue Truck brokerage 13.5% 13.7% 13.7% 14.2% Complementary services 1 21.3% 21.5% 21.7% 21.7% Gross margin as a percentage of revenue 16.5% 17.3% 16.7% 17.9% Three Months Ended September 30, Nine Months Ended September 30,

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![](earningspresentation-q32022.jpg)

22 Financial reconciliations (cont.) 1 See the "Non-GAAP financial measures" section. 2 See reconciliation of net loss to adjusted EBITDA. 3 Represents stock compensation expense included in sales, general and administrative expense. September 30, (Dollars in millions) 2025 Reconciliation of bank-adjusted EBITDA Adjusted EBITDA 1,2 for the twelve months ended September 30, 2025 134$ Adjustments per credit agreement 3 for the twelve months ended September 30, 2025 24 Expected incremental annualized synergies associated with Coyote acquisition 15 Bank-adjusted EBITDA 173$ Calculation of gross leverage Total debt, principal balance and other 420$ Bank-adjusted EBITDA 173 Gross Leverage 1 2.4x Calculation of net leverage Total debt, principal balance and other, net of cash and cash equivalents 395$ Bank-adjusted EBITDA 173 Net Leverage 1 2.3x Reconciliation of bank-adjusted EBITDA; Calculcation of gross and net leverage

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![](earningspresentation-q32023.jpg)

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