Rxo, Inc. · NYSE:RXO
Rxo — Q3 2026 Earnings Presentation
31 slides from Rxo's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation October 28, 2026 2024 INVESTOR DAY
Slide 2: Safe Harbor Statement
Safe Harbor Statement Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. Forward-looking statements in this release include, among ot
Slide 3: Thoughts from President & CEO, Dave Bozeman
Thoughts from President & CEO, Dave Bozeman ■ North American Surface Transportation ( NAST ) volume growth outpaced the Cass Freight Shipment Index for the 14th consecutive quarter. ■ Lean AI continues to drive durable productivity gains, with both NAST and Global Forwarding ( GF ) delivering year-o
Slide 4: Q3 Highlights
Q3 Highlights ■ NAST continues to gain market share in truckload and LTL. Q3 2026 Disciplined revenue management and contractual repricing (1) initiatives increased adjusted gross profit per shipment 17.0% Y/Y despite a significant Y/Y increase in truckload spot market costs. $5.4B $808M (1) ■ Achie
Slide 5: Complementary Global Suite of Services
Complementary Global Suite of Services Over half of total revenues are garnered from customers to whom we provide both surface transportation and global (1) forwarding services, and this percentage has grown year-over-year due to our One Robinson go-to-market approach. Q3 2026 Adjusted Global Forwar
Slide 6: NAST Q3'26 Results by Service
NAST Q3’26 Results by Service (1) Adjusted Gross Profits ($ in millions) Third Quarter Highlights 3Q26 3Q25 %▲ ■ Total NAST truckload and LTL volume was up 3.5% Y/Y, reflecting the 14th consecutive quarter of market share growth compared to a 0.3% decline in the Cass Freight Truckload (“TL”) $322.8
Slide 7: Truckload Price and Cost Change
(1)(2)(3) Truckload Price and Cost Change 50% 40% 30% 20% 10% 0% -10% -20% -30% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YoY Price Change YoY Cost Change TruckloadQ3 ■ 70% / 30% truckload contractual / transactional volume mix in Q3 vs 70% / 30% in (2)(4) Volume +3.5 % Q3 last year (1)(2)(3
Slide 8: NAST Adjusted Gross Profit Margin % and Truckload AGP per Shipment
NAST Adjusted Gross Profit Margin % (1) Truckload AGP $ per Shipment Trend NAST Adjusted Gross Profit $ per Truckload Shipment (left axis) NAST Adjusted Gross Profit Margin % (right axis) Average NAST AGP $ per Truckload Shipment (left axis) 18% 17% 16% 15% 14% 13% 12% 11% 2017 2018 2019 2020 2021 2
Slide 9: Global Forwarding Q3'26 Results by Service
Global Forwarding Q3’26 Results by Service (1) Adjusted Gross Profits Third Quarter Highlights ($ in millions) 3Q26 3Q25 %▲ ■ Global disruptions and supply-side constraints have driven higher ocean and air rates Ocean $135.9 $110.3 23.2% ■ Ocean AGP increased due to a 20.5% increase in AGP per (2) s
Slide 10: All Other & Corporate Q3'26 Results
All Other & Corporate Q3’26 Results (1) Adjusted Gross Profits Third Quarter Highlights ($ in millions) Robinson Fresh 3Q26 3Q25 %▲ ■ AGP declined 5.1% Y/Y driven by margin compression Robinson Fresh $38.1 $40.2 (5.1)% caused by higher fuel costs, partially offset by volume increase with foodservice
Slide 11: Robinson Operating Model
Robinson Operating Model 1 2 3 4 5 Clear Defined & Scorecard: Continuous, Continuously Long-Term Cascaded Measurable & Rigorous Improving. Strategy Strategy Maps Actionable Measurement Never & Targets Inputs & Action Stops. Plans • Divisional • Binary view of • Enterprise • Accountable Strategy Maps
Slide 12: Streamlining & Automating Processes to Drive Profitable Growth
Streamlining & Automating Processes to Drive Profitable Growth 12 12
Slide 13: The Multifaceted World of AI
The Multifaceted World of AI From machine learning to multi-agent models with advanced reasoning What: Large language models plus planning, tool use, What: Machine learning, predictive What: Large language models memory, natural interaction, and optimization analytics, optimization (ChatGPT) How: Ad
Slide 14: Meet the Fleet of C.H. Robinson AI Agents
Meet the Fleet of C.H. Robinson AI Agents Just a sample of the agents performing tasks that defied automation for decades Quote Agents Order Agents Appointment Agents Truck Post Agents I build and update orders I book and reschedule I post available truckload I provide customers with transactional q
Slide 15: Capital Allocation Priorities: Balanced and Opportunistic
Capital Allocation Priorities: Balanced and Opportunistic Cash Flow from Operations & Capital Distribution ($M) ■ The Y/Y decrease in cash from operations was driven ■ $289 million of cash returned to shareholders in Q3 2026 primarily by an unfavorable change in net operating ■ Q3 2026 capital distr
Slide 16: Our 2026 Financial Target
1 Our 2026 Financial Target Key Assumptions • Outsized volume growth ~$400M - $500M in NAST and GF $350M-$450M • Ongoing gross margin expansion Incremental Adjusted Operating Income driven by technology vs. 2023 enhancements and disciplined revenue management Mid-Cycle • Consistent focus on driving
Slide 17: 2026 Operating Income Target Bridge
1 2026 Operating Income Target Bridge Confident in our ability to deliver operating income within our target range, despite YTD market volume growth that has been negative Y/Y 1 Bottom end of target range is still equivalent to at least $6 of adjusted diluted EPS Market Assumptions • Market volume g
Slide 18: Our Customer Promise
Our Customer Promise © C.H. Robinson Worldwide, Inc. All rights reserved. 18
Slide 19: C.H. Robinson to Acquire RXO to Form a $25B+ Logistics Platform
C.H. Robinson to Acquire RXO to Form a $25B+ Logistics Platform Consideration Estimated Cost Synergies $30.25 (1) ~$300M Per RXO Share Net Run-Rate Cost Synergies Transaction Value (3) $5.8B Expected Adj. EPS Impact Human Implied Enterprise Value ü Accretive within Lean expertise & 9 Months of Close
Slide 20: Multiple Levers to Drive ~$300M of Estimated Net Run-Rate Cost Synergies
Multiple Levers to Drive ~$300M of Estimated Net Run-Rate Cost Synergies rd Cost-to-Serve Shared Services 3 Party Services Other Integration Efficiencies Savings Eliminations Benefits Operating leverage derived Centralize processes and Remove duplication and Consolidate real estate from the Lean ope
Slide 21: Expected Timeline for Closing the RXO Acquisition
As of October 28, 2026 Expected Timeline for Closing the RXO Acquisition 1H 2027 OCTOBER 5, 2026 Transaction announced • Form S-4 declared effective; proxy statement-prospectus mailed to RXO stockholders • RXO stockholder meeting Q4 2026 • U.S. antitrust (HSR) filing • Receipt of required regulatory
Slide 22: Appendix
Appendix 2024 INVESTOR DAY
Slide 23: Q3 2026 Transportation Results
(1) Q3 2026 Transportation Results Three Months Ended September 30 Nine Months Ended September 30 $ in thousands 2026 2025 % Change 2026 2025 % Change Total Revenues $ 5,012,177 $ 3,783,535 32.5 % $ 13,180,661 $ 11,252,110 17.1 % (2) Total Adjusted Gross Profits $ 775,286 $ 670,852 15.6 % $ 2,100,04
Slide 24: Q3 2026 NAST Results
Q3 2026 NAST Results Nine Months Ended September 30 Three Months Ended September 30 $ in thousands 2026 2025 % Change 2026 2025 % Change Total Revenues $ 3,829,223 $ 2,965,694 29.1 % $ 10,369,815 $ 8,752,341 18.5 % (1) Total Adjusted Gross Profits $ 517,855 $ 444,139 16.6 % $ 1,418,321 $ 1,294,711 9
Slide 25: Q3 2026 Global Forwarding Results
Q3 2026 Global Forwarding Results Nine Months Ended September 30 Three Months Ended September 30 $ in thousands 2026 2025 % Change 2026 2025 % Change Total Revenues $ 1,149,051 $ 786,347 46.1 % $ 2,710,385 $ 2,359,035 14.9 % (1) Total Adjusted Gross Profits $ 221,238 $ 191,755 15.4 % $ 572,359 $ 563
Slide 26: Q3 2026 All Other and Corporate Results
Q3 2026 All Other and Corporate Results Three Months Ended September 30 Nine Months Ended September 30 $ in thousands 2026 2025 % Change 2026 2025 % Change Total Revenues $ 379,786 $ 384,805 (1.3%) $ 1,224,892 $ 1,208,753 1.3% (1) Total Adjusted Gross Profits $ 69,341 $ 70,183 (1.2%) $ 216,213 $ 213
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Our adjusted gross profit and adjusted gross profit margin are non-GAAP financial measures. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. Adjusted
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. Our adjusted operating margin - excluding specified items is a similar non-GAAP financial measure to adjusted operating margin, but also excludes th
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations Our adjusted income (loss) from operations, adjusted operating margin - excluding specified items, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the impact of specified items
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Our adjusted income (loss) from operations, adjusted operating margin - excluding specified items, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the impact of specified items
Slide 31: Thank you
Thank you INVESTOR RELATIONS: Chuck Ives 952-683-2508 [email protected] 2024 INVESTOR DAY Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “ Securities Act ”), and Section 21E of