XPO, Inc. XPO → RXO, Inc. RXO
| Parent | XPO, Inc. XPO |
|---|---|
| Spinco | RXO, Inc. RXO |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 1 RXO share for every 1 XPO share |
| Checked against EDGAR | 2026-08-22 |
Data trap
The distribution took effect at 12:01 a.m., before the open, so November 1 is itself the first regular-way session rather than a when-issued one. Note the parent's rename came later and separately: XPO Logistics became XPO, Inc. on December 15, 2022, six weeks after the separation, so unlike most deals here the ticker is continuous through day zero.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2022-03-08Separation announced
- 2022-09-28Form 10 filed
- 2022-10-13Form 10 last amended
- 2022-10-17Form 10 effective
- 2022-10-20Record date
- —When-issued trading opens
- 2022-11-01Distribution
- 2023-02-07First standalone earnings
- —Index inclusion announced
Performance since separation
| RXO, Inc. since separation | +18.26% |
|---|---|
| XPO, Inc. over the same window | +508.43% |
| S&P 500 (SPY) over the same window | +99.14% |
| Russell 2000 (IWM) over the same window | +63.39% |
| Excess over the S&P 500 | -80.88% |
| Excess over the Russell 2000 | -45.13% |
Measured from the first regular-way close on or after the distribution — 2022-11-01 at 19.06 — to 2026-08-21 at 22.54. Window: 3.8 years. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | -16.47% |
|---|---|
| Combined (XPO, Inc. + RXO, Inc.), pre-distribution to now | +616.59% |
| Combined excess over the S&P 500 | +518.32% |
| Combined excess over the Russell 2000 | +552.97% |
Combined treats a pre-spin holding as 1 RXO share for every 1 XPO share valued at the parent's last close before regular post-spin trading resumed — 2022-10-31 at 30.74 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2022-09-28 · 0001628280-22-025619Initial Form 10 registration statement
- 10-12B/Afiled 2022-10-13 · 0001628280-22-026335Final amendment; carries a preliminary information statement
- 8-Kfiled 2022-10-20 · 0001628280-22-026702Definitive information statement dated October 19, 2022
- 8-Kfiled 2022-11-01 · 0001628280-22-027579Completion: distribution effective 12:01 a.m. Eastern on November 1, 2022
- 10-Qfiled 2022-11-30 · 0001929561-22-000022First periodic report; 115,162,555 shares distributed
- 8-Kfiled 2023-02-07 · 0001929561-23-000023Item 2.02 first results release as an independent company
Notes
XPO's separation of its truck brokerage business, the second spin-off from that parent in this dataset after GXO in 2021. Classified non-focus-increasing: both remain transportation and logistics providers under the same four-digit SIC.