$RXO

RXO, Inc.

CIK:0001929561|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 1,774	$ 1,419	$ 3,199	$ 2,852
Cost of transportation and services (exclusive of depreciation and amortization)	1,472	1,118	2,643	2,271
Direct operating expense (exclusive of depreciation and amortization)	53	47	103	95
Sales, general and administrative expense	211	214	408	424
Depreciation and amortization expense	26	30	52	62
Transaction and integration costs	4	7	6	13
Restructuring costs	7	3	14	17
Operating income (loss)	1	0	(27)	(30)
Other expense	0	2	1	2
Debt extinguishment loss	0	0	11	0
Interest expense, net	9	8	18	17
Loss before income taxes	(8)	(10)	(57)	(49)
Income tax provision (benefit)	1	(1)	(12)	(9)
Net loss	$ (9)	$ (9)	$ (45)	$ (40)
Loss per share
Earnings per share, basic (in dollars per share)	$ (0.05)	$ (0.05)	$ (0.27)	$ (0.24)
Earnings per share, diluted (in dollars per share)	$ (0.05)	$ (0.05)	$ (0.27)	$ (0.24)
Weighted-average common shares outstanding
Basic weighted-average common shares outstanding (in shares)	169,646	168,525	169,377	168,275
Diluted weighted-average common shares outstanding (in shares)	169,646	168,525	169,377	168,275

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Sep. 30, 2025
Operating activities
Net loss	$ (9)	$ (9)	$ (45)	$ (40)
Adjustments to reconcile net loss to net cash from operating activities
Depreciation and amortization expense	26	30	52	62
Stock compensation expense			14	14
Deferred tax benefit			(15)	(13)
Impairment of operating lease assets			2	4
Debt extinguishment loss	0	0	11	0	$ 0
Other			5	6
Changes in assets and liabilities
Accounts receivable			(223)	159
Other current assets and other long-term assets			(26)	(7)
Accounts payable			179	(93)
Accrued expenses, other current liabilities and other long-term liabilities			(1)	(71)
Net cash provided by (used in) operating activities			(47)	21
Investing activities
Payment for purchases of property and equipment			(29)	(29)
Proceeds from sale of property and equipment			0	1
Business acquisition, net of cash acquired			0	(10)
Other			0	(5)
Net cash used in investing activities			(29)	(43)
Financing activities
Proceeds from borrowings on revolving credit facilities			656	261
Repayment of borrowings on revolving credit facilities			(607)	(227)
Proceeds from issuance of debt			400	0
Repurchase of debt			(362)	0
Repayment of debt and finance leases			(1)	(1)
Payment for debt issuance costs			(9)	0
Payment for equity issuance costs			0	(1)
Payment for tax withholdings related to vesting of stock compensation awards			(3)	(18)
Other			0	(10)
Net cash provided by financing activities			74	4
Effect of exchange rates on cash, cash equivalents and restricted cash			0	2
Net decrease in cash, cash equivalents and restricted cash			(2)	(16)
Cash, cash equivalents, and restricted cash, beginning of period			18	35	$ 35
Cash, cash equivalents, and restricted cash, end of period	$ 16	$ 19	16	19
Supplemental disclosure of cash flow information:
Leased assets obtained in exchange for new operating lease liabilities			19	22
Cash paid for income taxes, net			5	4
Cash paid for interest, net			11	16
Purchases of property and equipment in accounts payable, accrued expenses and other liabilities			$ 2	$ 10

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 15	$ 17
Accounts receivable, net of $15 and $16 in allowances, respectively	1,444	1,226
Other current assets	97	74
Total current assets	1,556	1,317
Property and equipment, net of $412 and $381 in accumulated depreciation, respectively	126	134
Operating lease assets	205	238
Goodwill	1,111	1,111
Identifiable intangible assets, net of $184 and $164 in accumulated amortization, respectively	432	453
Other long-term assets	29	24
Total long-term assets	1,903	1,960
Total assets	3,459	3,277
Current liabilities
Accounts payable	713	539
Accrued expenses	404	397
Short-term debt and current maturities of long-term debt	36	17
Short-term operating lease liabilities	66	75
Other current liabilities	8	10
Total current liabilities	1,227	1,038
Long-term debt and obligations under finance leases	459	387
Deferred tax liabilities	35	51
Long-term operating lease liabilities	167	191
Other long-term liabilities	65	69
Total long-term liabilities	726	698
Commitments and Contingencies (Note 9)
Equity
Preferred stock, $0.01 par value; 10,000 shares authorized; 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.01 par value; 300,000 shares authorized; 164,920 and 164,160 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	1,940	1,929
Accumulated deficit	(429)	(384)
Accumulated other comprehensive loss	(7)	(6)
Total equity	1,506	1,541
Total liabilities and equity	$ 3,459	$ 3,277
Common stock, shares outstanding (in shares)	164,920,000	164,160,000
Common stock, shares issued (in shares)	164,920,000	164,160,000