What RXO, Inc. told the SEC could break it.

RXO's customer base is broadly diversified across verticals (retail/e-commerce, food and beverage, industrial/manufacturing, logistics, automotive) and ranges from small businesses to Fortune 100 accounts, but it still has one notable single-customer concentration: its largest customer represented approximately $653 million, or 11.4%, of 2025 revenue. Its top five customers in total were 23% and top twenty 37% of revenue, so concentration beyond the largest account is moderate. The loss, in-sourcing, or volume reduction by that single >10% customer would still have a meaningful revenue impact. The customer is unnamed, so this registers as a concentration risk rather than an edge.

“in 2025, our top 20 customers in total and our top five customers in total accounted for approximately 37% and 23% of our revenue, respectively. Revenue from our largest customer represented approximately $653 million, or 11.4%, of total revenue.”

As an asset-light freight broker, RXO's demand is a direct function of the volume of goods moving through the economy, so trade policy hits it on the demand side. It flags that significant U.S. changes in trade policy — including tariffs on imported goods, and retaliatory tariffs from the EU and China on U.S. exports — may contribute to weakness in the global economy and could trigger 'trade wars' that increase the cost of globally transported goods, reduce customer demand for those products, and shift trading patterns. Reduced freight volumes from tariff-driven trade contraction would lower RXO's brokerage revenue. A concrete demand-side trade-policy exposure transmitted through freight volumes.

“The U.S. government has made significant changes in U.S. trade policy and has taken certain actions that have negatively impacted U.S. trade, including imposing tariffs on certain goods imported into the United States.”