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From Home Furnishing Business
RXO Reports Third Quarter Financial Results
November 10,
2025 by Karen Parrish in Business Strategy, Industry 
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.
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
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.
The full press release can be read here.