rxo-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

Form 10-Q

___________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 001-41514

_______________________________________________

RXO, INC.

(Exact name of registrant as specified in its charter)

_______________________________________________


Delaware			88-2183384
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

11215 North Community House Road Charlotte, NC			28277

(Address of principal executive offices)			(Zip Code)

(980) 308-6058

(Registrant’s telephone number, including area code)

_______________________________________________

N/A

_______________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

RXO

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

Non-accelerated filer

☐

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ☒

As of November 4, 2025, there were 164,111,872 shares of the registrant’s common stock, par value $0.01 per share, outstanding.

RXO, Inc.

Quarterly Report on Form 10-Q

For the Quarterly Period Ended September 30, 2025

Table of Contents


			Page No.
Part I—Financial Information
Item 1. Financial Statements:
Condensed Consolidated Balance Sheets			2
Condensed Consolidated Statements of Operations			3
Condensed Consolidated Statements of Comprehensive Loss			4
Condensed Consolidated Statements of Cash Flows			5
Condensed Consolidated Statements of Changes in Equity			6
Notes to Condensed Consolidated Financial Statements			8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			17
Item 3. Quantitative and Qualitative Disclosures About Market Risk			23
Item 4. Controls and Procedures			24
Part II—Other Information
Item 1. Legal Proceedings			25
Item 1A. Risk Factors			25
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			25
Item 3. Defaults Upon Senior Securities			25
Item 4. Mine Safety Disclosures			25
Item 5. Other Information			25
Item 6. Exhibits			26
Signatures			27

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PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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RXO, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)


	September 30,		December 31,
(Dollars in millions, shares in thousands, except per share amounts)	2025		2024
ASSETS
Current assets
Cash and cash equivalents	$	25	$	35
Accounts receivable, net of $15 and $13 in allowances, respectively	1,104		1,227
Other current assets	72		77
Total current assets	1,201		1,339
Long-term assets
Property and equipment, net of $365 and $317 in accumulated depreciation, respectively	137		135
Operating lease assets	254		276
Goodwill	1,123		1,123
Identifiable intangible assets, net of $153 and $146 in accumulated amortization, respectively	463		499
Other long-term assets	23		42
Total long-term assets	2,000		2,075
Total assets	$	3,201	$	3,414
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	481	$	568
Accrued expenses	321		373
Short-term debt and current maturities of long-term debt	16		17
Short-term operating lease liabilities	77		81
Other current liabilities	12		26
Total current liabilities	907		1,065
Long-term liabilities
Long-term debt and obligations under finance leases	387		351
Deferred tax liabilities	54		88
Long-term operating lease liabilities	202		215
Other long-term liabilities	71		83
Total long-term liabilities	714		737
Commitments and Contingencies (Note 11)
Equity
Preferred stock, $0.01 par value; 10,000 shares authorized; 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024	—		—
Common stock, $0.01 par value; 300,000 shares authorized; 164,103 and 162,517 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	2		2
Additional paid-in capital	1,922		1,904
Accumulated deficit	(338)		(284)

Accumulated other comprehensive loss	(6)		(10)
Total equity	1,580		1,612
Total liabilities and equity	$	3,201	$	3,414

See accompanying notes to condensed consolidated financial statements.

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RXO, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions, shares in thousands, except per share amounts)	2025		2024		2025		2024
Revenue	$	1,421	$	1,040	$	4,273	$	2,883
Cost of transportation and services (exclusive of depreciation and amortization)	1,137		809		3,408		2,208
Direct operating expense (exclusive of depreciation and amortization)	48		49		143		152
Sales, general and administrative expense	208		149		632		448
Depreciation and amortization expense	26		21		88		54
Transaction and integration costs	5		30		18		38
Restructuring costs	4		2		21		15
Operating loss	$	(7)	$	(20)	$	(37)	$	(32)
Other expense (income)	(1)		216		1		217

Interest expense, net	9		6		26		22
Loss before income taxes	$	(15)	$	(242)	$	(64)	$	(271)
Income tax provision (benefit)	(1)		1		(10)		(6)
Net loss	$	(14)	$	(243)	$	(54)	$	(265)

Loss per share
Basic	$	(0.08)	$	(1.81)	$	(0.32)	$	(2.15)
Diluted	$	(0.08)	$	(1.81)	$	(0.32)	$	(2.15)

Weighted-average common shares outstanding
Basic	168,578		134,095		168,377		123,004
Diluted	168,578		134,095		168,377		123,004

See accompanying notes to condensed consolidated financial statements.

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RXO, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Net loss	$	(14)	$	(243)	$	(54)	$	(265)

Other comprehensive income (loss)
Foreign currency gain (loss)	$	(1)	$	—	$	4	$	(2)
Other comprehensive income (loss)	(1)		—		4		(2)
Comprehensive loss	$	(15)	$	(243)	$	(50)	$	(267)

See accompanying notes to condensed consolidated financial statements.

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RXO, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended September 30,
(In millions)	2025		2024
Operating activities
Net loss	$	(54)	$	(265)
Adjustments to reconcile net loss to net cash from operating activities
Depreciation and amortization expense	88		54
Stock compensation expense	22		17
Deferred tax benefit	(15)		(12)
Deemed non-pro rata distribution	—		216
Impairment of operating lease assets	3		—
Other	7		3
Changes in assets and liabilities
Accounts receivable	120		(8)
Other current assets and other long-term assets	20		22
Accounts payable	(74)		(47)
Accrued expenses, other current liabilities and other long-term liabilities	(73)		15

Net cash provided by (used in) operating activities	44		(5)
Investing activities
Payment for purchases of property and equipment	(43)		(33)
Proceeds from sale of property and equipment	1		—
Business acquisition, net of cash acquired	(10)		(1,019)
Other	(4)		—
Net cash used in investing activities	(56)		(1,052)
Financing activities
Proceeds from borrowings on revolving credit facilities	471		203
Repayment of borrowings on revolving credit facilities	(438)		(193)
Proceeds from issuance of common stock and pre-funded warrants	—		1,125
Payment for equity issuance costs	(1)		(30)
Payment for tax withholdings related to vesting of stock compensation awards	(20)		(4)


Repayment of debt and finance leases	(1)		(3)
Other	(10)		9
Net cash provided by financing activities	1		1,107
Effect of exchange rates on cash, cash equivalents and restricted cash	2		—
Net increase (decrease) in cash, cash equivalents and restricted cash	(9)		50
Cash, cash equivalents, and restricted cash, beginning of period	35		5
Cash, cash equivalents, and restricted cash, end of period	$	26	$	55

Supplemental disclosure of cash flow information:
Leased assets obtained in exchange for new operating lease liabilities	$	38	$	97

Cash paid for income taxes, net	6		3
Cash paid for interest, net	17		13
Purchases of property and equipment in accounts payable, accrued expenses and other liabilities	12		3
Accrued tax withholdings related to vesting of stock compensation awards	—		1

See accompanying notes to condensed consolidated financial statements.

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RXO, Inc.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)



	Common Stock
(Dollars in millions, shares in thousands)	Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Equity
Balance as of June 30, 2025	163,970	$	2	$	1,915	$	(324)	$	(5)	$	1,588
Net loss	—	—		—		(14)		—		(14)
Other comprehensive loss	—	—		—		—		(1)		(1)
Stock compensation expense	—	—		8		—		—		8
Vesting of stock compensation awards	133	—		—		—		—		—
Tax withholdings related to vesting of stock compensation awards	—	—		(1)		—		—		(1)




Balance as of September 30, 2025	164,103	$	2	$	1,922	$	(338)	$	(6)	$	1,580



	Common Stock
(Dollars in millions, shares in thousands)	Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Equity
Balance as of December 31, 2024	162,517	$	2	$	1,904	$	(284)	$	(10)	$	1,612
Net loss	—	—		—		(54)		—		(54)
Other comprehensive income	—	—		—		—		4		4
Stock compensation expense	—	—		22		—		—		22
Vesting of stock compensation awards	1,586	—		—		—		—		—
Tax withholdings related to vesting of stock compensation awards	—	—		(4)		—		—		(4)




Balance as of September 30, 2025	164,103	$	2	$	1,922	$	(338)	$	(6)	$	1,580

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	Common Stock
(Dollars in millions, shares in thousands)	Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Equity
Balance as of June 30, 2024	117,607	$	1	$	599	$	(16)	$	(5)	$	579
Net loss	—	—		—		(243)		—		(243)
Other comprehensive loss	—	—		—		—		—		—
Stock compensation expense	—	—		6		—		—		6
Vesting of stock compensation awards	113	—		—		—		—		—
Tax withholdings related to vesting of stock compensation awards	—	—		(2)		—		—		(2)
Deemed non pro-rata distribution	—	—		216		—		—		216
Issuance of common stock and pre-funded warrants, net of issuance costs	43,070	1		1,095		—		—		1,096
Balance as of September 30, 2024	160,790	$	2	$	1,914	$	(259)	$	(5)	$	1,652



	Common Stock
(Dollars in millions, shares in thousands)	Shares	Amount		Additional Paid-in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Loss		Total Equity
Balance as of December 31, 2023	117,026	$	1	$	590	$	6	$	(3)	$	594
Net loss	—	—		—		(265)		—		(265)
Other comprehensive loss	—	—		—		—		(2)		(2)
Stock compensation expense	—	—		17		—		—		17
Vesting of stock compensation awards	694	—		—		—		—		—
Tax withholdings related to vesting of stock compensation awards	—	—		(4)		—		—		(4)
Deemed non-pro rata distribution	—	—		216		—		—		216
Issuance of common stock and pre-funded warrants, net of issuance costs	43,070	1		1,095		—		—		1,096
Balance as of September 30, 2024	160,790	$	2	$	1,914	$	(259)	$	(5)	$	1,652

See accompanying notes to condensed consolidated financial statements.

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RXO, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Organization

RXO, Inc. (“RXO”, the “Company” or “we”) is a brokered transportation platform defined by cutting-edge technology and an asset-light business model. The largest component is our core truck brokerage business. Our operations also include asset-light managed transportation and last mile services, which complement our truck brokerage business. We present our operations in the condensed consolidated financial statements as one reportable segment.

2. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements have been prepared on a basis that is substantially consistent with the accounting principles applied in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”). The accompanying unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the 2024 Form 10-K.

The Company’s condensed consolidated financial statements include the accounts of RXO, Inc. and its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated. In management’s opinion, the condensed consolidated financial statements reflect all adjustments that are of a normal recurring nature and are necessary for a fair presentation of financial condition, results of operations and cash flows for the interim periods presented. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Significant Accounting Policies

Our significant accounting policies are disclosed in Note 2 to the 2024 Form 10-K. There have been no material changes to the Company’s significant accounting policies as of September 30, 2025.

Restricted Cash

As of September 30, 2025, our restricted cash included in Other current assets on our Condensed Consolidated Balance Sheets was $1 million.

Accounting Pronouncements Issued but Not Yet Effective

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” The ASU seeks to enhance income tax information primarily through changes in the rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024 on a prospective basis. The Company will adopt this standard beginning with the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. The Company does not expect the adoption to have a material impact on our annual financial statement disclosures.

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In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses.” The ASU seeks to improve the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses in commonly presented expense captions. The amendments are effective for annual periods beginning after December 15, 2026 and interim reporting periods after December 15, 2027 on either a prospective or retrospective basis. Early adoption is permitted. We are currently evaluating the impact of the new guidance.

In July 2025, the FASB issued ASU 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,” which introduces a practical expedient (for all entities) and an accounting policy election for non-public entities when estimating expected credit losses for current receivables and contract assets under Accounting Standards Codification 606. The standard is effective for annual reporting periods beginning after December 15, 2025, including interim periods within those fiscal years, and early adoption is permitted. The amendments are applied prospectively, and eligible entities can choose to apply the practical expedient and accounting policy election, with required disclosures. We are currently evaluating the potential impact of the new guidance.

In September 2025, the FASB issued ASU 2025-06, “Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” The amendments in this update improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. This standard is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years, and early adoption is permitted. We are currently evaluating the potential impact of the new guidance.

On July 4, 2025, the U.S. enacted into law H.R.1, commonly referred to as “The One Big Beautiful Bill Act” (the “Act”). The Act contains several key tax provisions impacting businesses, including the permanent reinstatement of 100% bonus depreciation for qualified property and the restoration of immediate expensing of domestic research and experimental expenditures. The Act also modifies the business interest deduction limitation as well as several international tax provisions. The legislation has various effective dates of implementation from 2025 through 2027. The Company evaluated the impact of these tax law changes on the effective tax rate and determined that there was no material impact to our income tax expense or effective tax rate.

3. Acquisition

On September 16, 2024 (the “acquisition date”), the Company acquired the technology-driven, asset-light based truckload freight brokerage services business, as well as certain assets used to conduct haulage, dedicated transport and warehousing services in the United Kingdom (collectively, “Coyote”), from United Parcel Service of America, Inc. (“UPS”) and certain subsidiaries of UPS (the “Transaction”). We acquired Coyote for $1.038 billion in cash, subject to certain additional customary adjustments. The purchase price was subsequently increased by $10 million for working capital and other post-closing adjustments, which was paid in the first quarter of 2025. We believe the acquisition of Coyote enhances our competitive position with greater scale, a broader array of service offerings and strengths in a more diverse set of end markets.

The Transaction was accounted for under the acquisition method of accounting. The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the acquisition date.

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The following table summarizes the final allocation of the purchase price to Coyote’s identifiable tangible and intangible assets acquired and liabilities assumed by the Company at the acquisition date. During the measurement period, adjustments to the preliminary purchase price allocation were made primarily to reflect the final valuation of acquired identifiable intangible assets, property and equipment, self-insured liabilities and deferred tax liabilities.


(In millions)
Cash and cash equivalents	$	19
Accounts receivable	394
Other current assets	31
Property and equipment	25
Identifiable intangible assets	459
Operating lease assets	88
Other long-term assets	19
Total assets	$	1,035

Accounts payable	$	(209)
Accrued expenses	(62)
Short-term operating lease liabilities	(17)

Deferred tax liabilities	(80)
Long-term operating lease liabilities	(70)
Other long-term liabilities	(41)
Total liabilities	$	(479)

Net assets acquired	$	556
Purchase price	$	1,048
Goodwill recorded	$	492

The purchase price exceeded the estimated fair value of the net assets acquired, and, as such, the excess was allocated to goodwill. Goodwill will not be amortized but instead will be reviewed for impairment at least annually, absent any indicators of impairment. Goodwill is attributable to synergies expected to be achieved from the combined operations of the Company and Coyote and the assembled workforce. Goodwill recognized in the Transaction is not expected to be deductible for tax purposes.

The following table summarizes the purchase price allocated to the identifiable intangible assets acquired:


(In millions)	Fair Value		Weighted Average Useful Life (Years)
Customer relationships	$	444	15
Trademarks	15		4
Total	$	459	15

The following unaudited pro forma financial information presents the Company’s results of operations as if the Coyote acquisition occurred on January 1, 2023. The unaudited pro forma information includes adjustments for intangible assets acquired and elimination of historical intercompany transactions between RXO and Coyote. The unaudited pro forma financial information is for informational purposes only and is not necessarily indicative of our consolidated results of operations of the combined business had the acquisition been completed as of January 1, 2023 or of the results of our future operations of the combined business.

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(In millions)	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
Revenue	$	1,574	$	4,723
Loss before income taxes	(29)		(61)

4. Segment Reporting

The tables below provide information about the Company’s reportable segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Revenue	$	1,421	$	1,040	$	4,273	$	2,883

Less:
Cost of transportation and services (exclusive of depreciation and amortization)	1,137		809		3,408		2,208
Direct operating expense (exclusive of depreciation and amortization)	48		49		143		152
Sales, general and administrative expense (1)	197		149		602		436
Other expense	1		(1)		1		—
Segment adjusted EBITDA	$	38	$	34	$	119	$	87

Unallocated corporate expenses	8		—		27		9
Depreciation and amortization expense	26		21		88		54
Transaction and integration costs	5		30		18		38
Restructuring and other costs	7		2		24		18
Other expense	(2)		217		—		217
Interest expense, net	9		6		26		22
Consolidated loss before income taxes	$	(15)	$	(242)	$	(64)	$	(271)

(1)Excludes unallocated corporate expenses and other costs.


(In millions)	September 30, 2025		December 31, 2024
Segment assets	$	3,144	$	3,345
Corporate assets	57		69
Total assets	$	3,201	$	3,414

5. Revenue Recognition

Disaggregation of Revenues

We disaggregate our revenue by geographic area, service offering and industry sector. The majority of our revenue, based on sales office location, is generated in the U.S. Approximately 7% and 8% of our revenues were generated outside the U.S. (primarily in Canada, Mexico, Europe and Asia) for the three months ended September 30, 2025 and 2024, respectively. Approximately 7% and 8% of our revenues were generated outside the U.S. (primarily in Canada, Mexico, Europe and Asia) for the nine months ended September 30, 2025 and 2024, respectively.

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Our revenue disaggregated by service offering is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Truck brokerage	$	1,039	$	655	$	3,131	$	1,762
Last mile	305		268		898		765
Managed transportation	137		151		416		459
Eliminations	(60)		(34)		(172)		(103)
Total	$	1,421	$	1,040	$	4,273	$	2,883

Our revenue disaggregated by industry sector is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Retail/e-commerce	$	530	$	399	$	1,601	$	1,112
Industrial/manufacturing	270		202		817		579
Food and beverage	229		125		682		324
Logistics and transportation	123		62		359		145
Automotive	88		101		276		305
Other	181		151		538		418
Total	$	1,421	$	1,040	$	4,273	$	2,883

Performance Obligations

Remaining performance obligations represent firm contracts for which services have not been performed and future revenue recognition is expected. As permitted in determining the remaining performance obligation, we omit obligations that: (i) have original expected durations of one year or less or (ii) contain variable consideration. As of September 30, 2025, the fixed consideration component of our remaining performance obligations was approximately $16 million, and we expect approximately 94% of that amount to be recognized over the next 3 years and the remainder thereafter. We estimate remaining performance obligations at a point in time and actual amounts may differ from these estimates due to contract revisions or terminations.

6. Restructuring Charges

We engage in restructuring actions as part of our ongoing efforts to best use our resources and infrastructure. These actions generally include severance and impairment of real estate and equipment operating lease assets, and are intended to improve our efficiency and profitability going forward.

The following is a rollforward of the Company’s restructuring activity:


			Nine Months Ended September 30, 2025
(In millions)	Reserve Balance as of December 31, 2024		Charges Incurred		Payments		Reserve Balance as of September 30, 2025
Severance	$	5	$	12	$	(13)	$	4
Equipment and facilities	15		9		(6)		18

Total	$	20	$	21	$	(19)	$	22

We expect the majority of the cash outlays related to the remaining severance restructuring liability at September 30, 2025 to be completed within twelve months. Cash outlays related to the remaining equipment and facilities restructuring liability at September 30, 2025 will be completed over the remaining term of the impaired leases.

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7. Debt

The following table summarizes the principal balance and carrying value of our debt:

September 30, 2025

December 31, 2024

(In millions)

Principal Balance

SEC Form 10-Q filed by RXO Inc.