RXO (RXO) financial statements
RXO reported revenue of $5.7B in fiscal 2025, up 11.3% a year over 5 years.
Net income was -$100M and the operating margin -1.4%, against 1.8% in 2020.
Free cash flow was -$8M.
The diluted share count rose 46% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from RXO's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $3.4B | $4.7B | $4.8B | $3.9B | $4.5B | $5.7B |
| Cost of revenue | $2.6B | $3.7B | $3.6B | $3.0B | $3.6B | $4.6B |
| Gross profit | $789M | $1.0B | $1.2B | $960M | $985M | $1.1B |
| Selling, general and admin | $455M | $539M | $640M | $591M | $666M | $832M |
| Operating income | $60M | $192M | $123M | $39M | -$56M | -$79M |
| Pre-tax income | $57M | $191M | $119M | $4M | -$304M | -$115M |
| Income tax | $14M | $41M | $27M | $0 | -$14M | -$15M |
| Net income | $43M | $150M | $92M | $4M | -$290M | -$100M |
| EPS (diluted) | $0.37 | $1.30 | $0.79 | $0.03 | -$2.17 | -$0.59 |
| Diluted shares | 115M | 115M | 116M | 119M | 133M | 168M |
| Gross margin | 23.5% | 21.5% | 24.4% | 24.4% | 21.6% | 19.7% |
| Operating margin | 1.8% | 4.1% | 2.6% | 1.0% | -1.2% | -1.4% |
| Net margin | 1.3% | 3.2% | 1.9% | 0.1% | -6.4% | -1.7% |
Balance sheet
Fiscal years, from RXO's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $70M | $29M | $98M | $5M | $35M | $17M |
| Receivables | — | $1.0B | $900M | $743M | $1.2B | $1.2B |
| Total current assets | — | $1.1B | $1.0B | $796M | $1.3B | $1.3B |
| Property, plant and equipment | — | $111M | $119M | $124M | $135M | $134M |
| Goodwill | — | $630M | $630M | $630M | $1.1B | $1.1B |
| Total assets | — | $2.1B | $2.0B | $1.8B | $3.4B | $3.3B |
| Total current liabilities | — | $816M | $823M | $682M | $1.1B | $1.0B |
| Long-term debt | — | $0 | $451M | $356M | $351M | $387M |
| Total liabilities | — | $998M | $1.4B | $1.2B | $1.8B | $1.7B |
| Shareholders' equity | $1.1B | $1.1B | $587M | $594M | $1.6B | $1.5B |
| Net debt | -$70M | -$29M | $357M | $354M | $333M | $387M |
Cash flow
Fiscal years, from RXO's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $25M | $155M | $310M | $89M | -$12M | $51M |
| Capital spending | $47M | $39M | $57M | $64M | $45M | $59M |
| Free cash flow | -$22M | $116M | $253M | $25M | -$57M | -$8M |
| Stock-based compensation | $8M | $8M | $32M | $19M | $23M | $29M |
| Share buybacks (net) | — | $0 | $0 | -$2M | $0 | $0 |
| Net borrowing | $0 | $0 | $451M | $0 | $0 | — |
| Free cash flow margin | -0.7% | 2.5% | 5.3% | 0.6% | -1.3% | -0.1% |
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Open RXO in InvestinglyQuestions
What was RXO's revenue in 2025?
$5.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does RXO generate?
-$8M in fiscal 2025 (operating cash flow minus capital spending).
From RXO's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.