The company's financial position appears increasingly leveraged, with total debt rising to $699 million by 2026Q1 and goodwill comprising $1.1 billion of the $3.3 billion total asset base.
| Total Current Assets | 1.33B | 1.32B | 1.34B | 796M | 1.03B | 1.08B | 862M |
| Cash & Short-Term Investments | 21M | 18M | 35M | 5M | 98M | 29M | 70M |
| Cash Only | 21M | 18M | 35M | 5M | 98M | 29M | 70M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.22B | 1.25B | 1.23B | 743M | 900M | 1.01B | 772M |
| Days Sales Outstanding | 73.38 | 79.59 | 98.43 | 69.06 | 68.49 | 78.62 | 83.94 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 98M | 15M | 77M | 48M | 31M | 44M | 20M |
| Total Non-Current Assets | 1.93B | 1.96B | 2.08B | 1.03B | 1B | 985M | 1.01B |
| Property, Plant & Equipment | 353M | 372M | 411M | 319M | 278M | 239M | 236M |
| Fixed Asset Turnover | 15.26x | 15.44x | 11.07x | 12.31x | 17.25x | 19.62x | 14.22x |
| Goodwill | 1.11B | 1.11B | 1.12B | 630M | 630M | 630M | 630M |
| Intangible Assets | 442M | 453M | 499M | 68M | 79M | 100M | 124M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 27M | 18M | 42M | 12M | 15M | 16M | 18M |
| Total Assets | 3.27B | 3.28B | 3.41B | 1.82B | 2.03B | 2.07B | 1.87B |
| Asset Turnover | 1.77x | 1.75x | 1.33x | 2.15x | 2.36x | 2.27x | 1.80x |
| Asset Growth % | 65.82% | -4.01% | 87.07% | -10.14% | -1.79% | 10.59% | - |
| Total Current Liabilities | 1.05B | 1.04B | 1.06B | 682M | 823M | 816M | 629M |
| Accounts Payable | 584M | 539M | 568M | 414M | 501M | 520M | 390M |
| Days Payables Outstanding | 39.64 | 41.62 | 55.04 | 47.19 | 46.46 | 48 | 50.51 |
| Short-Term Debt | 87M | 92M | 17M | 3M | 4M | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 377M | 347M | 26M | 13M | 14M | 6M | 5M |
| Current Ratio | 1.27x | 1.27x | 1.26x | 1.17x | 1.25x | 1.33x | 1.37x |
| Quick Ratio | 1.27x | 1.27x | 1.26x | 1.17x | 1.25x | 1.33x | 1.37x |
| Cash Conversion Cycle | 33.73 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 711M | 698M | 737M | 549M | 621M | 182M | 173M |
| Long-Term Debt | 430M | 577M | 351M | 352M | 451M | 93M | 0 |
| Capital Lease Obligations | 776M | 192M | 215M | 150M | 114M | 93M | 86M |
| Deferred Tax Liabilities | 216M | 51M | 88M | 7M | 16M | 52M | 49M |
| Other Non-Current Liabilities | 63M | -122M | 83M | 40M | 40M | -56M | 38M |
| Total Liabilities | 1.76B | 1.74B | 1.8B | 1.23B | 1.44B | 998M | 802M |
| Total Debt | 699M | 861M | 664M | 558M | 617M | 228M | 116M |
| Net Debt | 678M | 843M | 629M | 553M | 519M | 199M | 46M |
| Debt / Equity | 0.46x | 0.56x | 0.41x | 0.94x | 1.05x | 0.21x | 0.11x |
| Debt / EBITDA | 8.32x | 7.90x | 21.42x | 5.26x | 2.95x | 0.84x | 0.85x |
| Net Debt / EBITDA | 8.07x | 7.73x | 20.29x | 5.22x | 2.48x | 0.73x | 0.34x |
| Interest Coverage | -3.88x | -0.20x | 1.00x | 2.09x | 30.75x | - | - |
| Total Equity | 1.51B | 1.54B | 1.61B | 594M | 587M | 1.07B | 1.07B |
| Equity Growth % | 160.59% | -4.4% | 171.38% | 1.19% | -45.14% | 0.19% | - |
| Book Value per Share | 8.92 | 9.15 | 12.08 | 4.97 | 5.04 | 9.19 | 9.18 |
| Total Shareholders' Equity | 1.51B | 1.54B | 1.61B | 594M | 587M | 1.07B | 1.07B |
| Common Stock | 2M | 2M | 2M | 1M | 1M | 1.07B | 0 |
| Retained Earnings | -420M | -384M | -284M | 6M | 2M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -7M | -6M | -10M | -3M | -4M | -2M | -2M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Tight liquidity and integration
As reported in recent financial filings, RXO's total assets surged from $1.8 billion in 2024Q2 to $3.3 billion by 2026Q1, a trend primarily driven by inorganic growth strategies that have simultaneously expanded the company's liability profile while failing to generate consistent positive retained earnings for shareholders.
The rapid expansion of the asset base appears to be a direct result of aggressive acquisition activity rather than organic operational scaling. Investors should monitor whether this asset growth can eventually translate into improved asset turnover, as current figures suggest the company is adding scale without achieving the necessary profitability to stabilize its equity base.
Based on the company's reported figures, total debt has climbed from $558 million in 2023Q4 to $699 million in 2026Q1, reflecting a strategic reliance on external financing to support operations and acquisitions during a period where internal cash generation remains insufficient to cover capital requirements.
The increase in debt-to-equity ratios suggests that the company is utilizing financial leverage to bridge the gap between its operational cash burn and its growth ambitions. This reliance on debt warrants further investigation into the company's debt covenants and its ability to service these obligations if freight market conditions remain depressed.
According to the latest balance sheet data, goodwill accounts for approximately $1.1 billion of the company's $3.3 billion in total assets, indicating that a significant portion of the firm's valuation is tied to intangible acquisition premiums rather than tangible, revenue-generating property, plant, or equipment.
The high concentration of goodwill suggests that the balance sheet is sensitive to potential impairment charges if the acquired businesses fail to meet performance expectations. This asset mix highlights the risks inherent in an inorganic growth strategy, as the company's book value is heavily dependent on the successful integration of these intangible assets.
As indicated by recent quarterly reports, RXO maintains a cash position of only $21 million against a massive revenue base, which suggests a precarious liquidity profile that leaves the company with a very narrow margin for error in managing its volatile working capital requirements.
The current ratio of 1.27 appears adequate on the surface, but the absolute cash level is concerning given the cyclical nature of the trucking industry. This tight liquidity position may force the company to rely heavily on revolving credit facilities, potentially limiting its operational flexibility during periods of market stress.
Based on the provided financial statements, the company's retained earnings have deteriorated to a negative $420 million as of 2026Q1, a trend that suggests the business has struggled to achieve sustainable profitability since its inception as an independent entity, despite its significant top-line scale.
This persistent erosion of equity through accumulated losses indicates that the company's business model may be facing structural challenges in achieving operating leverage. Investors should be cautious, as the headline asset growth is being funded by capital that is not currently being replenished by profitable operations.
Quick answers to the most common questions about buying RXO stock.
As of 2025, RXO, Inc. (RXO) had total assets of $3.28B including $1.32B in current assets.
RXO, Inc. (RXO) carries total debt of $861.0M, offset by $18.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
RXO, Inc. (RXO) has total shareholders' equity (book value) of $1.54B ($9.15 book value per share). Book value represents the net worth of the company belonging to common stock holders.
RXO, Inc. (RXO) reported a current ratio of 1.27x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.