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.
Others in SIC 4700
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BKNG | Booking Holdings Inc. | $145.23B | 1.2x | 13.4% |
| EXPE | Expedia Group, Inc. | $35.83B | 30.4x | 7.6% |
| XPO | XPO, Inc. | $22.61B | 73.1x | 1.1% |
| GATX | GATX CORP | $6.29B | 19.5x | 9.8% |
| GXO | GXO Logistics, Inc. | $5.54B | 172.6x | 12.5% |
| GBTG | Global Business Travel Group, Inc. | $4.95B | 43.1x | 12.2% |
| LIND | LINDBLAD EXPEDITIONS HOLDINGS, INC. | $1.70B | — | 19.6% |
| VRRM | VERRA MOBILITY Corp | $618.6M | 4.8x | 11.4% |