RXO, Inc. RXO
RXO, Inc. ("RXO", the "Company" or "we") is a brokered transportation platform defined by cutting-edge technology and an asset-light business model. The largest component is our core truck brokerage business. Our operations also include asset-light managed transportation and last mile services, which complement our truck brokerage business.
Our truck brokerage business has a history of generating robust free cash flow conversion and a high return on invested capital. Shippers create demand for our service, and we place their freight with qualified independent carriers using our technology. We price our service on either a contract or a spot basis.
Notable factors that enable volume growth in our business include our ability to access massive truckload capacity for shippers through our carrier relationships; our proprietary, cutting-edge technology; our strong management expertise; and favorable long-term industry tailwinds.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $5.74B | $4.55B | $3.93B | $4.80B | $4.69B | $3.36B | — |
| SG&A | $832.0M | $666.0M | $591.0M | $640.0M | $539.0M | $455.0M | — |
| Operating income | -$79.0M | -$56.0M | $39.0M | $123.0M | $192.0M | $60.0M | — |
| Pre-tax income | -$115.0M | -$304.0M | $4.0M | $119.0M | $191.0M | $57.0M | — |
| Income tax | $15.0M | $14.0M | $0 | $27.0M | $41.0M | $14.0M | — |
| Net income | -$100.0M | -$290.0M | $4.0M | $92.0M | $150.0M | $43.0M | — |
| EPS, basic | -0.59 | -2.17 | 0.03 | 0.80 | 1.30 | 0.37 | — |
| EPS, diluted | -0.59 | -2.17 | 0.03 | 0.79 | 1.30 | 0.37 | — |
| Shares, diluted (wtd. avg.) | 168.5M | 133.4M | 119.5M | 115.8M | 115.2M | 115.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $17.0M | $35.0M | $5.0M | $98.0M | $29.0M | $70.0M | $51.0M |
| Receivables | $1.23B | $1.23B | $743.0M | $900.0M | $1.01B | — | — |
| Total current assets | $1.32B | $1.34B | $796.0M | $1.03B | $1.08B | — | — |
| Property, plant and equipment | $134.0M | $135.0M | $124.0M | $119.0M | $111.0M | — | — |
| Goodwill | $1.11B | $1.12B | $630.0M | $630.0M | $630.0M | — | — |
| Other intangibles | $453.0M | $499.0M | $68.0M | $79.0M | $100.0M | — | — |
| Total assets | $3.28B | $3.41B | $1.82B | $2.03B | $2.07B | — | — |
| Accounts payable | $539.0M | $568.0M | $414.0M | $501.0M | $520.0M | — | — |
| Short-term debt | $17.0M | $17.0M | $3.0M | $4.0M | $0 | — | — |
| Total current liabilities | $1.04B | $1.06B | $682.0M | $823.0M | $816.0M | — | — |
| Retained earnings | -$384.0M | -$284.0M | $6.0M | $2.0M | $0 | — | — |
| Total equity | $1.54B | $1.61B | $594.0M | $587.0M | $1.07B | $1.07B | $979.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $51.0M | -$12.0M | $89.0M | $310.0M | $155.0M | $25.0M | — |
| Depreciation and amortisation | $116.0M | $87.0M | $67.0M | $86.0M | $81.0M | $76.0M | — |
| Stock-based compensation | $29.0M | $23.0M | $19.0M | $32.0M | $8.0M | $8.0M | — |
| Capital expenditure | $59.0M | $45.0M | $64.0M | $57.0M | $39.0M | $47.0M | — |
| Investing cash flow | -$71.0M | -$1.06B | -$66.0M | -$56.0M | -$38.0M | -$39.0M | — |
| Financing cash flow | $1.0M | $1.11B | -$117.0M | -$183.0M | -$158.0M | $32.0M | — |
| Buybacks | $0 | $0 | $2.0M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001929561-26-000013.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $3.36B | $4.69B | $4.80B | $3.93B | $4.55B | $5.74B |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | $43.0M | $150.0M | $92.0M | $4.0M | -$290.0M | -$100.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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