RXO, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data RXO, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	3,357	4,689	4,796	3,927	4,550	5,742
Cost of revenue	2,568	3,681	3,624	2,967	3,565	4,611
Gross profit	789	1,008	1,172	960	985	1,131
Selling, general and administrative	455	539	640	591	666	832
Operating income	60	192	123	39	-56	-79
Other non-operating income			-1	-2	-219	0
Pre-tax income	57	191	119	4	-304	-115
Income tax	14	41	27	0	-14	-15
Net income	43	150	92	4	-290	-100
EBITDA	136	273	209	106	31	37
EPS, basic	0.37	1.30	0.80	0.03	-2.17	-0.59
EPS, diluted	0.37	1.30	0.79	0.03	-2.17	-0.59
Shares, basic (weighted)	115	115	115	117	133	168
Shares, diluted (weighted)	115	115	116	119	133	168

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	70	29	98	5	35	17
Receivables		1,010	900	743	1,227	1,226
Other current assets		44	31	48	77	74
Total current assets		1,083	1,029	796	1,339	1,317
Property, plant and equipment		111	119	124	135	134
Lease right-of-use assets		128	159	195	276	238
Goodwill		630	630	630	1,123	1,111
Intangible assets		100	79	68	499	453
Other non-current assets		16	15	12	42	24
Total assets		2,068	2,031	1,825	3,414	3,277
Accounts payable		520	501	414	568	539
Accrued liabilities		248	256	199	373	397
Short-term debt		0	4	3	17	17
Total current liabilities		816	823	682	1,065	1,038
Long-term debt		0	451	356	351	387
Lease liabilities		93	114	146	215	191
Other non-current liabilities		37	40	40	83	69
Total liabilities		998	1,444	1,231	1,802	1,736
Total debt		0	455	359	368	404
Paid-in capital		0	588	590	1,904	1,929
Retained earnings		0	2	6	-284	-384
Other comprehensive income		-2	-4	-3	-10	-6
Shareholders' equity	1,068	1,070	587	594	1,612	1,541
Total equity	1,068	1,070	587	594	1,612	1,541
Total liabilities and equity		2,068	2,031	1,825	3,414	3,277
Shares outstanding			116	117	163	164

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	43	150	92	4	-290	-100
Depreciation and amortization	76	81	86	67	87	116
Stock-based compensation	8	8	32	19	23	29
Deferred income tax	-9	3	-20	-8	-19	-21
Change in receivables	-264	-242	92	158	-109	-5
Change in payables	87	129	-14	-86	-65	-16
Cash from operations	25	155	310	89	-12	51
Capital expenditures	-47	-39	-57	-64	-45	-59
Acquisitions			0	0	-1,019	-10
Cash from investing	-39	-38	-56	-66	-1,064	-71
Debt issued	0	0	451	0	0
Share buybacks		0	0	-2	0	0
Cash from financing	32	-158	-183	-117	1,108	1
Exchange rate effect	1	0	-2	1	-2	2
Net change in cash	19	-41	69	-93	30	-17
Free cash flow	-22	116	253	25	-57	-8
Interest paid		0	0	32	27	32
Income taxes paid	2	5	3	27	4	7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $19.79 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.2%	Gross profit / revenue.
Operating margin	-1.2%	Operating income / revenue.
EBITDA margin	0.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.0%	Pre-tax income / revenue.
Net margin	-1.7%	Net income / revenue.
FCF margin	-1.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.3%	Cash from operations / revenue.
Return on equity (ROE)	-7.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.0%	Net income / average total assets.
Return on invested capital (ROIC)	-3.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	13.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	26.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	19.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-43.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-22.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-45.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	15.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	37.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	26.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	13.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.27x	Current assets / current liabilities.
Quick ratio	1.19x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.33x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.3%	Total debt / total assets.
Liabilities / assets	56.5%	Total liabilities / total assets.
Net debt	$480.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	16.0x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$329.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	44.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$37.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.76x	Revenue / average total assets.
Fixed asset turnover	48.3x	Revenue / average property, plant and equipment.
Receivables turnover	4.22x	Revenue / average receivables.
Days sales outstanding	87 days	365 x average receivables / revenue.
Days payables	52 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$35.89	Revenue / diluted weighted shares.
FCF per share	-$0.45	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.10	Cash from operations / diluted weighted shares.
Book value per share	$9.13	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.22	Tangible book value / shares outstanding.
Cash per share	$0.09	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.26B	Share price x shares outstanding.
Enterprise value	$3.74B	Market cap + total debt - cash - short-term investments.
P/S	0.54x	Market cap / revenue.
P/B	2.17x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	0.61x	Enterprise value / revenue.
EV/EBITDA	125x	Enterprise value / EBITDA, when both are positive.
FCF yield	-2.3%	Free cash flow / market cap.
Earnings yield	-3.2%	Net income / market cap (the inverse of P/E).

What was RXO, Inc.'s revenue in fiscal 2025?

RXO, Inc. reported revenue of $5.74B for fiscal 2025, 26.2% higher than the year before.

Was RXO, Inc. profitable in fiscal 2025?

No. It reported a net loss of $100.0M.

How much free cash flow did RXO, Inc. generate in fiscal 2025?

Cash from operations of $51.0M minus capital expenditures of $59.0M left free cash flow of -$8.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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