RXONYSETransportation ServicesUS GAAP · USD

RXO, Inc.

RXO, Inc. is a U.S.-based brokered transportation platform that arranges freight movement through independent carriers using an asset-light model. Its business centers on truck brokerage, supplemented by managed transportation and last mile services, with operations serving shippers across North America.

Ask about the company
Revenue5,742m USD
+26.2 %y/y
Operating profit (EBIT)-79.0m USD
−41.1 %y/y
EBIT margin-1.4%
−0.1 ppy/y
Net income-100m USD
+65.5 %y/y
Free cash flow-8.0m USD
+86.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2,00002,0004,0006,000m USD2020: 3,357 m USD2020: EBIT 60 m USD20202021: 4,689 m USD2021: EBIT 192 m USD20212022: 4,796 m USD2022: EBIT 123 m USD20222023: 3,927 m USD2023: EBIT 39 m USD20232024: 4,550 m USD2024: EBIT -56 m USD20242025: 5,742 m USD2025: EBIT -79 m USD20255,742-79
RevenueOperating profit (EBIT)

Business

Share of revenue
Truck brokerage80 %

Core freight brokerage services that match shipper loads with independent carriers.

Last mile services12 %

Delivery services for final-mile shipment fulfillment and installation-related logistics.

Managed transportation8 %

Outsourced transportation management and coordination for shipper logistics networks.

Products

Reported · share of revenue
70.8%20.0%9.2%FY2025100 %
  • Truck Brokerage70.8 %
  • Last Mile20.0 %
  • Managed Transportation9.2 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

RXO sells to shippers of many sizes, from small businesses to Fortune 100 companies and sector leaders. Its customer base spans retail and e-commerce, food and beverage, industrial and manufacturing, logistics and transportation, and automotive, which reduces dependence on any single end market. The company primarily serves customers that need flexible access to truck capacity, digital shipment visibility, and outsourced transportation execution.

Enterprise shippers

Large customers, including Fortune 100 companies, that buy brokerage and managed transportation for scale and reliability.

Small and mid-sized businesses

Smaller shippers that use RXO for flexible access to carrier capacity without building internal logistics infrastructure.

Retail and e-commerce

Customers moving consumer goods that need responsive truck brokerage and last mile delivery support.

Industrial, manufacturing and automotive

Shippers with recurring freight flows that use brokerage and managed transportation to coordinate complex lanes.

Logistics and transportation providers

Industry customers that outsource overflow freight and capacity management to RXO.

Strategy

RXO’s strategy is to grow by combining brokerage scale with proprietary digital tools that improve shipper-carrier matching, pricing, and tracking. It also aims to deepen customer relationships, expand carrier access, and use technology to handle more freight without a proportional increase in operating complexity.

Grow truck brokerage through digital executionShort term

Brokerage is the core revenue engine and the main platform for scale.

Deepen carrier relationships and capacity accessMedium term

Carrier breadth determines service reliability and the ability to cover freight.

Increase productivity through technologyMedium term

Automation supports handling more volume without matching headcount growth.

Geography

RXO operates primarily in North America, where it competes in brokered transportation and related logistics services. The company’s carrier network, customer base, and service execution are centered in the United States, with additional exposure to cross-border and broader North American freight flows. Geography matters because freight demand, carrier availability, fuel costs, and regulatory conditions can vary by lane and region.

Risks

RXO faces intense competition in a fragmented brokerage market, where service quality, price, and technology all affect share. Its asset-light model depends on independent carriers, digital systems, and customer concentration management, so disruptions in technology, cybersecurity, or carrier availability can directly affect service delivery and revenue. Freight demand, diesel prices, and broader transportation cycles also influence volumes and pricing.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Intense competition in brokered transportation1Technology execution risk2Cybersecurity and data protection breaches3Customer concentration4Freight cycle and carrier market volatility5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Intense competition in brokered transportationImpact: HighLikelihood: Medium

    Thousands of competitors and large national brokers can pressure pricing and win rates.

    Exposure: Truck brokerage and last mile

  2. Technology execution riskImpact: HighLikelihood: Medium

    The business depends on RXO Connect and related automation to match freight and carriers efficiently.

    Exposure: Digital brokerage platform

  3. Cybersecurity and data protection breachesImpact: HighLikelihood: Medium

    A breach could interrupt operations, damage reputation, and create legal or remediation costs.

    Exposure: Customer and carrier data systems

  4. Customer concentrationImpact: MediumLikelihood: Medium

    A limited number of large customers account for a meaningful share of revenue.

    Exposure: Top customers and enterprise accounts

  5. Freight cycle and carrier market volatilityImpact: MediumLikelihood: Medium

    Demand, capacity, and diesel prices affect brokerage volumes and margins.

    Exposure: North American truckload market

Accounting

Judgemental items
Revenue recognition for brokerage and logistics services

Revenue timing depends on when freight is delivered and services are completed.

Impact: Affects quarterly comparability and reported growth

Goodwill impairment

The balance sheet includes significant goodwill from acquisitions and it must be tested for impairment.

Impact: Can create non-cash charges that reduce operating income

Transaction and integration costs

Acquisition-related costs can materially affect reported operating performance.

Impact: Can obscure underlying business trends

Restructuring costs

Restructuring charges may recur during portfolio or operating changes.

Impact: Can affect comparability across periods

Working capital and carrier payables

Brokerage businesses can have timing differences between customer billing and carrier settlement.

Impact: Influences operating cash flow and liquidity

Similar listed companies

Publicly listed companies with a comparable business focus.

XPO, Inc.

XPO · Transportation Services

GXO Logistics, Inc.

GXO · Transportation Services

Txo Partners, L.P.

TXO · Crude Petroleum & Natural Gas

Xos, Inc.

XOS · Motor Vehicle Parts & Accessories

Ryder System, Inc

R · Services-Auto Rental & Leasing (No Drivers)

FedEx Corporation

FDX · Air Courier Services

Last updated: 24/09/2026