RXO Inc

rxo.com

What Do They Do?

Arranges truck freight for shippers through independent carriers, and provides freight planning and consumer delivery services for retailers and manufacturers.

How Do They Make Money?

Shippers pay RXO under transportation contracts to arrange freight. Customers are generally billed when freight ships or weekly or monthly, with payment under agreed terms; for some contracts, service revenue is spread evenly over the contract term.

revenue

Segment	Share	How money arrives
Truck brokerage Mix	74% FY2022: 61%	Mix
Last mile Mix	21% FY2022: 22%	Mix
Managed transportation Mix	9.6% FY2022: 20%	Mix
Eliminations	−4.0% FY2022: −2.9%

Who Are Their Customers?

Serves business shippers from small firms to Fortune 100 companies, including retailers and manufacturers. Shippers work with sales representatives or post freight through RXO’s platform; retailers and direct-to-consumer manufacturers also use its last-mile delivery service.

Customers above 10% of revenue, FY2025

of revenue from one customer

Do Revenues Turn Into Profits?

No. It lost $100M in FY2025.

Operating income, FY2025

−1% of revenue

▲ +41% (Loss) vs FY2024 (−$56M, −1%)

Net income, FY2025

−2% of revenue

▼ −66% (Loss) vs FY2024 (−$290M, −6%)

Free cash flow, FY2025

0% of revenue

▼ −86% (Loss) vs FY2024 (−$57M, −1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +25%; vs $1.4B in Q2 FY2025
Net income: ▲ 0% (Loss); vs −$9M in Q2 FY2025

Truck brokerage share of revenue vs 72.2% in Q2 FY2025

Aug 6, 2026 Sets third-quarter adjusted EBITDA outlook Expects adjusted EBITDA between $35 million and $45 million in the third quarter.
May 7, 2026 Raises full-year contract-rate outlook Expects contract rates to increase by a high-single-digit percentage for the full year, an increase to the prior forecast.

Growing. Revenue grew 22% in 4 years, from $4.7B in FY2021 to $5.7B in FY2025, about 5% a year.

Adds Coyote transportation operations Coyote adds a truckload brokerage operation and certain haulage, dedicated transport and warehousing services in the United Kingdom to the previously described truck brokerage business.

Revenue over time

Truck brokerage Last mile Managed transportation Eliminations Freight forwarding

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with C.H. Robinson, Echo Global Logistics, Expeditors, Forward Air, Flexport, J.B. Hunt, Landstar System, Total Quality Logistics, and Uber Freight

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