RXO, Inc. (RXO) Balance Sheet

NYSE: RXOAssets, liabilities, debt and equity over 6 years.

RXO balance sheet, 2025

December 31, 2025 · U.S. dollars

$3.28B assets = $1.74B liabilities + $1.54B equity

Both columns are drawn to the same scale: what RXO owns equals what it owes plus shareholders’ equity. Hover a block for its value.

RXO financial health

Current ratio1.27

Adequate · current assets cover current liabilities 1.27×

Debt / equity0.43

Low leverage · $0.43 of debt for each $1 of equity

Equity / assets47.0%

Equity-funded · of assets funded by shareholders

Cash / debt2.5%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles47.7%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

RXO balance sheet trends, 2020–2025

RXO, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$1.87B2020	$3.28B2025	+11.9%/yr
Total liabilities	$802.0M2020	$1.74B2025	+16.7%/yr
Shareholders’ equity	$1.07B2020	$1.54B2025	+7.6%/yr
Cash & short-term investments	$70.0M2020	$17.0M2025	−24.7%/yr
Total debt	$116.0M2020	$670.0M2025	+42.0%/yr
Net cash (debt)	−$46.0M2020	−$653.0M2025	−$607.0M
Working capital	$233.0M2020	$279.0M2025	+$46.0M
Book value per share	$9.182020	$9.152025	−0.1%/yr
Current ratio	1.372020	1.272025	−0.10
Debt / equity	0.112020	0.432025	+0.33
Shares outstanding	116.4M2020	168.5M2025	+7.7%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

RXO assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

RXO liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

RXO debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

RXO balance sheet

RXO, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	$17.0M	$35.0M	$5.0M	$98.0M	$29.0M	$70.0M
Cash & equivalents	$17.0M	$35.0M	$5.0M	$98.0M	$29.0M	$70.0M
Receivables	$1.23B	$1.23B	$743.0M	$900.0M	$1.01B	$772.0M
Inventory	$0	$0	$0	$0	$0	$0
Other current assets	$74.0M	$77.0M	$48.0M	$31.0M	$44.0M	$20.0M
Total current assets	$1.32B	$1.34B	$796.0M	$1.03B	$1.08B	$862.0M
Property, plant & equipment (net)	$372.0M	$411.0M	$319.0M	$278.0M	$239.0M	$236.0M
Goodwill & intangible assets	$1.56B	$1.62B	$698.0M	$709.0M	$730.0M	$754.0M
Long-term investments	$0	$0	$0	$0	$0	$0
Other non-current assets	$24.0M	$42.0M	$12.0M	$15.0M	$16.0M	$18.0M
Total assets	$3.28B	$3.41B	$1.82B	$2.03B	$2.07B	$1.87B
Liabilities
Accounts payable	$539.0M	$568.0M	$414.0M	$501.0M	$520.0M	$390.0M
Short-term debt	$92.0M	$98.0M	$56.0M	$52.0M	$42.0M	$30.0M
Deferred revenue	—	—	$199.0M	—	$248.0M	$204.0M
Total current liabilities	$1.04B	$1.06B	$682.0M	$823.0M	$816.0M	$629.0M
Long-term debt	$387.0M	$351.0M	$356.0M	$451.0M	$0	$0
Lease obligations	$266.0M	$296.0M	$199.0M	$162.0M	$135.0M	$116.0M
Other long-term liabilities	$311.0M	$386.0M	$193.0M	$170.0M	$182.0M	$173.0M
Total liabilities	$1.74B	$1.80B	$1.23B	$1.44B	$998.0M	$802.0M
Shareholders' equity
Common stock & paid-in capital	$2.0M	$2.0M	$1.0M	$1.0M	$1.07B	$1.07B
Retained earnings (deficit)	−$384.0M	−$284.0M	$6.0M	$2.0M	$1.07B	$1.07B
Accumulated other comprehensive income	−$6.0M	−$10.0M	−$3.0M	−$4.0M	−$2.0M	−$2.0M
Total shareholders' equity	$1.54B	$1.61B	$594.0M	$587.0M	$1.07B	$1.07B
Key figures
Total debt	$670.0M	$664.0M	$558.0M	$617.0M	$228.0M	$116.0M
Net cash (debt)	−$653.0M	−$629.0M	−$553.0M	−$519.0M	−$199.0M	−$46.0M
Working capital	$279.0M	$274.0M	$114.0M	$206.0M	$267.0M	$233.0M
Tangible book value	−$23.0M	−$10.0M	−$104.0M	−$122.0M	$340.0M	$314.0M
Book value per share	$9.15	$12.08	$4.97	$5.04	$9.19	$9.18
Shares outstanding	168.5M	133.4M	119.5M	116.4M	116.4M	116.4M
Current ratio	1.27	1.26	1.17	1.25	1.33	1.37
Quick ratio	1.20	1.18	1.10	1.21	1.27	1.34
Debt / equity	0.43	0.41	0.94	1.05	0.21	0.11
Equity / assets	47.0%	47.2%	32.5%	28.9%	51.7%	57.1%

RXO, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$15.0M	$21.0M	$17.0M	$25.0M	$18.0M	$16.0M	$35.0M	$55.0M	$7.0M	$7.0M	$5.0M	$104.0M
Cash & equivalents	$15.0M	$21.0M	$17.0M	$25.0M	$18.0M	$16.0M	$35.0M	$55.0M	$7.0M	$7.0M	$5.0M	$104.0M
Short-term investments	—	—	—	—	—	—	$35.0M	$54.9M	—	—	—	—
Receivables	$1.44B	$1.22B	$1.23B	$1.10B	$1.06B	$1.15B	$1.23B	$1.14B	$725.0M	$716.0M	$743.0M	$787.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other current assets	$97.0M	$98.0M	$74.0M	$72.0M	$101.0M	$89.0M	$77.0M	$62.0M	$44.0M	$47.0M	$48.0M	$45.0M
Total current assets	$1.56B	$1.33B	$1.32B	$1.20B	$1.18B	$1.25B	$1.34B	$1.25B	$776.0M	$770.0M	$796.0M	$936.0M
Property, plant & equipment (net)	$331.0M	$353.0M	$372.0M	$391.0M	$387.0M	$399.0M	$411.0M	$508.0M	$328.0M	$321.0M	$319.0M	$295.0M
Goodwill & intangible assets	$1.54B	$1.55B	$1.56B	$1.59B	$1.60B	$1.61B	$1.62B	$1.59B	$692.0M	$695.0M	$698.0M	$702.0M
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$29.0M	$27.0M	$24.0M	$23.0M	$31.0M	$42.0M	$42.0M	$37.0M	$17.0M	$13.0M	$12.0M	$13.0M
Total assets	$3.46B	$3.27B	$3.28B	$3.20B	$3.20B	$3.30B	$3.41B	$3.39B	$1.81B	$1.80B	$1.82B	$1.95B
Liabilities
Accounts payable	$713.0M	$584.0M	$539.0M	$481.0M	$461.0M	$498.0M	$568.0M	$572.0M	$382.0M	$372.0M	$414.0M	$448.0M
Short-term debt	$102.0M	$87.0M	$92.0M	$93.0M	$91.0M	$97.0M	$98.0M	$90.0M	$70.0M	$70.0M	$56.0M	$53.0M
Deferred revenue	—	—	—	—	—	—	—	—	−$251.0M	—	—	$221.0M
Total current liabilities	$1.23B	$1.05B	$1.04B	$907.0M	$880.0M	$964.0M	$1.06B	$947.0M	$662.0M	$674.0M	$682.0M	$728.0M
Long-term debt	$459.0M	$430.0M	$387.0M	$387.0M	$387.0M	$387.0M	$351.0M	$352.0M	$370.0M	$351.0M	$356.0M	$451.0M
Lease obligations	$233.0M	$252.0M	$266.0M	$279.0M	$276.0M	$281.0M	$296.0M	$336.0M	$214.0M	$204.0M	$199.0M	$175.0M
Other long-term liabilities	$267.0M	$281.0M	$311.0M	$327.0M	$346.0M	$366.0M	$386.0M	$441.0M	$202.0M	$192.0M	$193.0M	$177.0M
Total liabilities	$1.95B	$1.76B	$1.74B	$1.62B	$1.61B	$1.72B	$1.80B	$1.74B	$1.23B	$1.22B	$1.23B	$1.36B
Shareholders' equity
Common stock & paid-in capital	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$1.0M	$1.0M	$1.0M	$1.0M
Retained earnings (deficit)	−$429.0M	−$420.0M	−$384.0M	−$338.0M	−$324.0M	−$315.0M	−$284.0M	−$259.0M	−$16.0M	−$9.0M	$6.0M	$4.0M
Accumulated other comprehensive income	−$7.0M	−$7.0M	−$6.0M	−$6.0M	−$5.0M	−$8.0M	−$10.0M	−$5.0M	−$5.0M	−$3.0M	−$3.0M	−$4.0M
Total shareholders' equity	$1.51B	$1.51B	$1.54B	$1.58B	$1.59B	$1.59B	$1.61B	$1.65B	$579.0M	$582.0M	$594.0M	$590.0M
Key figures
Total debt	$728.0M	$699.0M	$670.0M	$682.0M	$679.0M	$685.0M	$664.0M	$703.0M	$600.0M	$571.0M	$558.0M	$629.0M
Net cash (debt)	−$713.0M	−$678.0M	−$653.0M	−$657.0M	−$661.0M	−$669.0M	−$629.0M	−$648.0M	−$593.0M	−$564.0M	−$553.0M	−$525.0M
Working capital	$329.0M	$287.0M	$279.0M	$294.0M	$304.0M	$291.0M	$274.0M	$308.0M	$114.0M	$96.0M	$114.0M	$208.0M
Tangible book value	−$37.0M	−$44.0M	−$23.0M	−$6.0M	−$11.0M	−$21.0M	−$10.0M	$60.0M	−$113.0M	−$113.0M	−$104.0M	−$112.0M
Book value per share	$8.88	$8.92	$9.13	$9.37	$9.42	$9.45	$9.80	$12.32	$4.92	$4.97	$4.97	$5.04
Shares outstanding	169.6M	169.1M	168.7M	168.6M	168.5M	168.0M	164.4M	134.1M	117.6M	117.2M	119.6M	117.0M
Current ratio	1.27	1.27	1.27	1.32	1.35	1.30	1.26	1.33	1.17	1.14	1.17	1.29
Quick ratio	1.19	1.18	1.20	1.24	1.23	1.21	1.18	1.26	1.11	1.07	1.10	1.22
Debt / equity	0.48	0.46	0.43	0.43	0.43	0.43	0.41	0.43	1.04	0.98	0.94	1.07
Equity / assets	43.5%	46.2%	47.0%	49.4%	49.6%	48.0%	47.2%	48.7%	31.9%	32.4%	32.5%	30.3%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 9, 2026); data from EODHD.

RXO financial position

At the end of fiscal 2025 (December 31, 2025), RXO had total assets of $3.3 billion (down 4.0% from a year earlier), total liabilities of $1.7 billion and shareholders' equity of $1.5 billion. It held $17.0 million in cash and short-term investments against $670.0 million of debt, net debt of $653.0 million. Its current ratio was 1.27. In the latest quarter (ended June 30, 2026) total assets were $3.5 billion and equity $1.5 billion.

Related: RXO income statement, RXO cash flow statement, RXO key metrics. See the RXO stock overview for the latest quote and news.

RXO balance sheet FAQ

What are RXO's total assets?

RXO reported total assets of $3.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.4 billion a year earlier.

How much debt does RXO have?

RXO had $670.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.43.

How much cash does RXO have?

RXO held $17.0 million in cash and short-term investments at the end of fiscal 2025; with $670.0 million of debt that is net debt of $653.0 million.

What is RXO's book value?

RXO's shareholders' equity (book value) was $1.5 billion at the end of fiscal 2025, or $9.15 per share.

What is RXO's current ratio?

RXO had current assets of $1.3 billion and current liabilities of $1.0 billion, a current ratio of 1.27 (it can cover its short-term obligations).

How much goodwill does RXO have?

RXO carried $1.6 billion of goodwill and intangible assets, 47.7% of total assets, at the end of fiscal 2025.