RXO

RXO: A global freight brokerage providing smart, efficient shipping solutions with real-time tracking.

Founded

2022

Revenue Estimate: $6.6B; Period: 1 yearAs of Oct 1, 2026multiples.vc
Revenue Growth Estimate: 26%; Period: 1 yearAs of Dec 31, 2025multiples.vc
EBIT Growth: -123%; Period: 1 yearAs of Dec 31, 2025multiples.vc
EBIT Margin: 1%; Period: 1 yearAs of Oct 10, 2026multiples.vc
EBITDA: $132M; Period: 1 yearAs of Oct 10, 2026multiples.vc
EBITDA Growth: -119%; Period: 1 yearAs of Dec 31, 2025multiples.vc
EBITDA Margin: 2%; Period: 1 yearAs of Oct 10, 2026multiples.vc
Enterprise Value: $5.5B; As of Oct 10, 2026multiples.vc
EV/EBIT: 83.4x; Period: 1 yearAs of Oct 10, 2026multiples.vc
EV/EBITDA: 41.8x; Period: 1 yearAs of Oct 10, 2026multiples.vc
EV/FCF: -96.7x; Period: 1 yearAs of Dec 31, 2024multiples.vc
EV/Gross Profit: 5.2x; Period: 1 yearAs of Oct 10, 2026multiples.vc
EV/Revenue: 0.8x; Period: 1 yearAs of Oct 10, 2026multiples.vc
FCF Growth: -86%; Period: 1 yearAs of Dec 31, 2025multiples.vc
FCF Margin: 0%; Period: 1 yearAs of Dec 31, 2025multiples.vc
Gross Margin: 16%; Period: 1 yearAs of Oct 10, 2026multiples.vc
Gross Profit: $1.1B; Period: 1 yearAs of Oct 10, 2026multiples.vc
Gross Profit Growth: 19%; Period: 1 yearAs of Dec 31, 2025multiples.vc
Market Capitalization: $4.8B; As of Oct 10, 2026multiples.vc
Net Debt: $462M; As of Dec 31, 2025multiples.vc
Net Income: $17M; Period: 1 yearAs of Oct 10, 2026multiples.vc
Net Income Growth: -66%; Period: 1 yearAs of Dec 31, 2025multiples.vc
Net Margin: 0%; Period: 1 yearAs of Oct 10, 2026multiples.vc
Opex per Employee: $100k; Period: 1 yearAs of Dec 31, 2025multiples.vc
Opex to Revenue: 14%; Period: 1 yearAs of Dec 31, 2025multiples.vc
P/E: -48x; Period: 1 yearAs of Dec 31, 2025multiples.vc
Revenue per Employee: $600k; Period: 1 yearAs of Dec 31, 2025multiples.vc
Rule of 40: 14%; Period: 1 yearAs of Oct 10, 2026multiples.vc
Rule of X: 32%; Period: 1 yearAs of Oct 10, 2026multiples.vc

Market Outlook

Depressed brokerage multiples, not organic expansion, set RXO's near-term course: a market capitalization near $4.8 billion in October 2026, roughly 0.8x EV/revenue on $6.6 billion of LTM revenue, is the kind of valuation discount that pushed RXO to agree in October 2026 to be acquired by C.H. Robinson.

The brokerage pricing downturn since the 2022 spin-off has kept the category consolidating, and RXO trading at about 1x EV/revenue on a $5.7 billion FY2025 revenue base means the standalone growth thesis only re-rates if pricing recovers — a condition the pending acquisition now supersedes.

Source: multiples.vc

Risk Factors

RXO's earnings ride a cyclical pricing cycle it does not control, which is its defining risk: a swing to a net loss of about $290 million in fiscal 2024 and a net margin near negative 6 percent, followed by only modestly positive net income in the LTM period to October 2026, shows how quickly thin brokerage margins invert.

The pending C.H. Robinson acquisition, announced October 5, 2026 with closing expected in the first half of 2027 pending stockholder and regulatory approvals, layers integration uncertainty on top of that cycle, and RXO has stated it will operate independently until the transaction closes.

Source: rxo.com

Unit Economics

RXO's asset-light model converts scale into capital efficiency rather than margin: about $6.6 billion of LTM revenue to October 2026 at a gross margin near 16 percent and roughly $600,000 of revenue per employee means the platform grows volume without owning trucks, but keeps little of each dollar.

That trade-off defines its economics: EBITDA of about $132 million, a 2 percent margin, in the same LTM period, after a negative EBITDA year in fiscal 2024, shows value capture that rises and falls with brokerage pricing rather than with fixed assets.

Source: multiples.vc