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RXO cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$12.0M in Q3 2026 · −$73.0M over twelve months

Operating cash flow$25.0M
Capital spending−$13.0M
Free cash flow+$12.0M
Cash / net income8.3×
Cash conversion cycle29 days

Analysis

In Q3 2026, RXO generated $25.0M of operating cash flow and spent $13.0M on capital projects, leaving free cash flow of $12.0M. That is $3.0M more than in Q3 2025 ($9.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$15.0M; the largest uses were capital spending ($58.0M), operating cash flow ($15.0M), taxes on employees’ shares ($3.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($46.0M), other financing ($29.0M).

Operating cash flow was $25.0M against net income of $3.0M — 8.3× profit, cash ran ahead of reported earnings. The largest differences: receivables −$38.0M, accrued liabilities +$33.0M, depreciation & amortization +$28.0M.

Its cash conversion cycle was 29 days (receivables 72 + inventory 0 − payables 43).

Free cash flow

RXO: free cash flow by quarterRXO: free cash flow by quarter−$19.0MQ4 2024−$17.0MQ1 2025$9.0MQ2 2025$9.0MQ3 2025−$9.0MQ4 2025−$24.0MQ1 2026−$52.0MQ2 2026$12.0MQ3 2026
Operating cash flow less capital spending.
RXO: operating cash flow against capital spendingRXO: operating cash flow against capital spendingOperating cash flowCapital spending−$7.0M$12.0MQ4 2024−$2.0M$15.0MQ1 2025$23.0M$14.0MQ2 2025$23.0M$14.0MQ3 2025$7.0M$16.0MQ4 2025−$7.0M$17.0MQ1 2026−$40.0M$12.0MQ2 2026$25.0M$13.0MQ3 2026
Latest (Q3 2026): Operating cash flow $25.0M, Capital spending $13.0M.

Capital allocation, year by year

RXO: where the cash came from (up) and went (down), by fiscal yearRXO: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $155MFY2021: Asset sales $1.0MFY2021: Capital spending −$39.0M$156MFY2021FY2022: Operating cash flow $310MFY2022: Net borrowing $450MFY2022: Asset sales $1.0MFY2022: Capital spending −$57.0M$761MFY2022FY2023: Operating cash flow $89.0MFY2023: Net borrowing −$99.0MFY2023: Capital spending −$64.0MFY2023: Buybacks −$2.0M$89.0MFY2023FY2024: Operating cash flow −$12.0MFY2024: Net borrowing $7.0MFY2024: Capital spending −$45.0MFY2024: Acquisitions −$1.0B$7.0MFY2024FY2025: Operating cash flow $51.0MFY2025: Net borrowing $29.0MFY2025: Asset sales $2.0MFY2025: Capital spending −$59.0MFY2025: Acquisitions −$10.0M$82.0MFY2025
Over these 5 years operating cash flow totalled $593M; the largest uses were acquisitions ($1.0B) and capital spending ($264M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$25.0M
Debt$496M
Net debt$471M
Due within a year$15.0M
Cash runway4 months

RXO is burning cash: its operations consume cash, a free cash flow of −$73.0M a year at the current rate against $25.0M of cash and investments: a runway of about 4 months; $15.0M of debt also comes due within a year, which would need refinancing or new money before any new financing.

RXO: debt maturities by year (FY2025)RXO: debt maturities by year (FY2025)$15.0MYear 1$355MYear 2$35.0MYear 4
Principal due in each year as disclosed in the annual report, against $25.0M of cash and investments now.

Where the cash came from and went

RXO: sources (+) and uses (−) of cash, Q3 2026RXO: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$25.0MCapital spending−$13.0MCash drawn (+) / kept (−)−$10.0MTaxes on employees’ shares−$1.0MOther financing−$1.0M
RXO: sources (+) and uses (−) of cash, TTM to Q3 2026RXO: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$58.0MNet borrowing (+) / repaid (−)$46.0MOther financing$29.0MOperating cash flow−$15.0MTaxes on employees’ shares−$3.0MAsset & business sales$1.0M

From profit to cash

RXO: net income to operating cash flow, Q3 2026RXO: net income to operating cash flow, Q3 2026Net income$3.0MDepreciation & amortization$28.0MStock-based pay$7.0MDeferred taxes$3.0MOther non-cash$3.0MReceivables−$38.0MPayables−$4.0MAccrued liabilities$33.0MPrepaid and other assets−$9.0MOperating cash flow$25.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202672—4329
Q2 202668—4028
Q1 202677—4334
Q4 202573—3934
Q3 202570—3832
Q2 202571—3932
Q1 202575—4233
Q4 202465—3927

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$25.0M−$13.0M——−$10.0M$12.0M
Q2 2026−$40.0M−$12.0M—$48.0M$6.0M−$52.0M
Q1 2026−$7.0M−$17.0M—$39.0M−$4.0M−$24.0M
Q4 2025$7.0M−$16.0M—−$1.0M$8.0M−$9.0M
Q3 2025$23.0M−$14.0M—−$1.0M−$7.0M$9.0M
Q2 2025$23.0M−$14.0M—−$2.0M−$3.0M$9.0M
Q1 2025−$2.0M−$15.0M−$10.0M$35.0M$19.0M−$17.0M
Q4 2024−$7.0M−$12.0M——$20.0M−$19.0M

RXO: income statement and cash flow

RXO, Q3 2026: revenue $1.9B (+32% year over year), operating margin 0.9%. The chart follows the revenue to costs, profit and cash.

RXO: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.