RXO Reports Record Surge in Truckload Spot Rates Extending Into Q3
Broker RXO reported that its truckload spot rate index experienced the largest sequential gain in five years during the second quarter of 2026, with continued increases observed into the third quarter. The dataset tracks linehaul rates excluding fuel surcharges and showed a year-over-year increase of 32.4% for Q2, up from 16.5% in Q1. In Q3 so far, the index is rising at an even faster pace—up 43% y/y. RXO's vice president noted that spot rates have consistently outpaced contract rates this year and are expected to continue doing so as peak season approaches. The tightening market has been driven by a steady reduction in carrier capacity due to regulatory enforcement and poor economics for carriers, rather than increased demand alone. Operating costs (excluding fuel) for carriers have risen 29% compared to the prior cycle's peak. RXO’s all-in cost-per-mile index hit its highest level since Q1 of 2022 in Q2 at 154.9. Public truckload carriers also reported significant year-over-year contractual rate increases, as shippers become more selective due to concerns over legal liabilities and carrier defaults.
Tickers: $RXO
Topics: index data RXO Freight spot rates trucking