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Integrated freight & logistics · Industrials · Fiscal year ends Dec 31
RXO reported revenue of $5.7B in the fiscal year ended Dec 2025, up 26.2% from the year before. Operating income was −$79M, an operating margin of −1.4%, and net income was −$100M. Operating cash flow of $51M less capital expenditure of $59M left free cash flow of −$8M. Net debt was $387M.
Ranks among the 10 integrated freight & logistics companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,689 | 4,796 | 3,927 | 4,550 | 5,742 |
| Cost of revenue | 3,681 | 3,624 | 2,967 | 3,565 | 4,611 |
| Gross profit | 1,008 | 1,172 | 960 | 985 | 1,131 |
| Selling, general & admin | 539 | 640 | 591 | 666 | 832 |
| Operating income | 192 | 123 | 39.0 | −56.0 | −79.0 |
| Pre-tax income | 191 | 119 | 4.0 | −304 | −115 |
| Income tax | 41.0 | 27.0 | 0.0 | −14.0 | −15.0 |
| Net income | 150 | 92.0 | 4.0 | −290 | −100 |
| Diluted EPS | 1.30 | 0.79 | 0.03 | −2.17 | −0.59 |
| Diluted shares | 115 | 116 | 119 | 133 | 168 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 29.0 | 98.0 | 5.0 | 35.0 | 17.0 |
| Receivables | 1,010 | 900 | 743 | 1,227 | 1,226 |
| Current assets | 1,083 | 1,029 | 796 | 1,339 | 1,317 |
| Net PP&E | 111 | 119 | 124 | 135 | 134 |
| Goodwill | 630 | 630 | 630 | 1,123 | 1,111 |
| Total assets | 2,068 | 2,031 | 1,825 | 3,414 | 3,277 |
| Payables | 520 | 501 | 414 | 568 | 539 |
| Current liabilities | 816 | 823 | 682 | 1,065 | 1,038 |
| Short-term debt | 0.0 | 4.0 | 3.0 | 17.0 | 17.0 |
| Long-term debt | 0.0 | 451 | 356 | 351 | 387 |
| Total liabilities | 998 | 1,444 | 1,231 | 1,802 | 1,736 |
| Shareholders' equity | 1,070 | 587 | 594 | 1,612 | 1,541 |
| Backlog (remaining obligations) | – | 158 | 71.0 | 41.0 | 13.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 155 | 310 | 89.0 | −12.0 | 51.0 |
| Capital expenditure | 39.0 | 57.0 | 64.0 | 45.0 | 59.0 |
| Free cash flow | 116 | 253 | 25.0 | −57.0 | −8.0 |
| Depreciation & amortisation | 81.0 | 86.0 | 67.0 | 87.0 | 116 |
| Stock-based compensation | 8.0 | 32.0 | 19.0 | 23.0 | 29.0 |
| Acquisitions | – | 0.0 | 0.0 | 1,019 | 10.0 |
| Share buybacks | 0.0 | 0.0 | 2.0 | 0.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.3% | −18.1% | 15.9% | 26.2% |
| Operating income growth (YoY) | – | −35.9% | −68.3% | −243.6% | – |
| EPS growth (YoY) | – | −39.2% | −96.2% | −7333.3% | – |
| Gross margin | 21.5% | 24.4% | 24.4% | 21.6% | 19.7% |
| Operating margin | 4.1% | 2.6% | 1.0% | −1.2% | −1.4% |
| Net margin | 3.2% | 1.9% | 0.1% | −6.4% | −1.7% |
| Return on equityBlank when equity is negative | 14.0% | 15.7% | 0.7% | −18.0% | −6.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.3% | 10.2% | 3.4% | −2.4% | −3.5% |
| Free cash flow margin | 2.5% | 5.3% | 0.6% | −1.3% | −0.1% |
| Cash conversion (CFO ÷ net income) | 1.03x | 3.37x | 22.3x | 0.04x | −0.51x |
| Receivable days | 79 | 68 | 69 | 98 | 78 |
| Payable days | 52 | 50 | 51 | 58 | 43 |
| Debt ÷ equity | 0.00x | 0.78x | 0.60x | 0.23x | 0.26x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −29.0 | 357 | 354 | 333 | 387 |
| Current ratio | 1.33x | 1.25x | 1.17x | 1.26x | 1.27x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.