RXO’s truckload spot rate index surged 16.5% year over year in Q1, the highest since 2021, with further gains expected in Q2.
RXO reported its truckload spot rate index climbed 16.5% year over year in the first quarter, marking the steepest increase since the 2021 third quarter. The gain follows a 5.2% rise in the prior quarter, driven by capacity constraints amid stricter regulatory oversight of drivers despite weak freight demand.
The company’s Curve Report highlighted that industry-wide tender rejections reached their highest levels since 2022, with rate volatility exceeding seasonal norms. Contract rates also rose 2.4% year over year in Q1, as elevated spot rates influence contractual negotiations.
RXO expects the spot rate index to accelerate further in the second quarter, citing persistent capacity pressures and upcoming summer shipping seasonality. Shippers are preparing for a volatile freight environment in the second half of 2026.