XPO, Inc. XPO
XPO, Inc., together with its subsidiaries, is a leading provider of freight transportation services, with company-specific avenues for value creation. We use our proprietary technology to move goods efficiently through supply chains for approximately 55,000 customers in North America and Europe. As of December 31, 2025, we had approximately 37,000 employees and 592 locations in 17 countries.
Our company has two reportable segments: North American Less-Than-Truckload ("LTL"), the largest component of our business; and European Transportation.
LTL in North America is a bedrock industry providing a critical service to the economy, with secular growth drivers, a favorable pricing environment and an established competitive landscape. XPO has one of the largest LTL networks in North America, with approximately 9% share of the U.S. market, estimated to be $53 billion in 2024. For the full year 2025, we moved approximately 16 billion pounds of freight through our network with a customer-focused organization of truck drivers, service center teams and sales professionals, facilitated by our proprietary technology.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.16B | $8.07B | $7.74B | $7.72B | $7.20B | $6.17B | $10.68B | $17.28B | $15.38B | $14.62B |
| Cost of revenue | — | — | — | — | — | $7.85B | $8.30B | $9.01B | $8.13B | $7.89B |
| Gross profit | — | — | — | — | — | -$1.68B | $2.38B | $8.27B | $7.25B | $6.73B |
| SG&A | — | — | — | $678.0M | $756.0M | $746.0M | $1.07B | $1.84B | $1.66B | $1.65B |
| Total operating expenses | — | — | — | — | — | — | $15.83B | $16.57B | $14.80B | $14.15B |
| Operating income | $656.0M | $660.0M | $438.0M | $377.0M | $312.0M | $97.0M | $561.0M | $704.0M | $582.0M | $464.0M |
| Interest expense | $219.0M | $223.0M | $168.0M | $135.0M | $211.0M | $308.0M | $268.0M | $217.0M | $284.0M | $361.0M |
| Pre-tax income | $437.0M | $473.0M | $260.0M | $258.0M | $107.0M | -$164.0M | $301.0M | $566.0M | $261.0M | $107.0M |
| Income tax | $121.0M | $86.0M | $68.0M | $74.0M | $11.0M | $54.0M | $60.0M | $122.0M | $99.0M | $22.0M |
| Net income | $316.0M | $387.0M | $189.0M | $666.0M | $336.0M | $110.0M | $419.0M | $422.0M | $340.0M | $69.0M |
| EPS, basic | 2.69 | 3.33 | 1.64 | 5.79 | 2.99 | 0.87 | 3.95 | 3.17 | 2.72 | 0.57 |
| EPS, diluted | 2.64 | 3.23 | 1.60 | 5.76 | 2.93 | 0.87 | 3.57 | 2.88 | 2.45 | 0.53 |
| Shares, diluted (wtd. avg.) | $119.0M | $120.0M | $118.0M | $116.0M | $114.0M | $92.0M | $106.0M | $135.0M | $128.0M | $123.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $310.0M | $246.0M | $412.0M | $460.0M | $238.0M | $1.67B | $192.0M | $514.0M | $449.0M | $400.0M |
| Receivables | $1.03B | $977.0M | $973.0M | $954.0M | $908.0M | $1.68B | $2.50B | $2.60B | $2.73B | $2.31B |
| Total current assets | $1.63B | $1.50B | $1.59B | $1.63B | $2.69B | $5.38B | $3.34B | $3.69B | $3.59B | $3.07B |
| Property, plant and equipment | $3.66B | $3.40B | $3.08B | $1.83B | $1.68B | $1.89B | $2.70B | $2.60B | $2.66B | $2.54B |
| Goodwill | $1.55B | $1.46B | $1.50B | $1.47B | $1.59B | $1.65B | $2.47B | $4.47B | $4.56B | $4.33B |
| Other intangibles | $311.0M | $361.0M | $422.0M | $407.0M | $470.0M | $675.0M | $1.09B | $1.25B | $1.44B | $1.53B |
| Total assets | $8.19B | $7.71B | $7.49B | $6.27B | $8.72B | $16.18B | $14.13B | $12.27B | $12.60B | $11.70B |
| Accounts payable | $455.0M | $477.0M | $532.0M | $521.0M | $519.0M | $854.0M | $1.16B | $1.26B | $1.25B | $1.06B |
| Short-term debt | — | — | — | — | — | — | — | $367.0M | $104.0M | $136.5M |
| Total current liabilities | $1.55B | $1.42B | $1.59B | $1.51B | $2.55B | $5.16B | $3.26B | $3.31B | $3.00B | $2.73B |
| Long-term debt | $3.25B | $3.33B | $3.33B | $2.47B | $3.51B | $5.24B | $5.18B | $3.90B | $4.42B | $4.73B |
| Retained earnings | $888.0M | $572.0M | $185.0M | -$4.0M | $43.0M | $868.0M | $786.0M | $377.0M | -$43.0M | -$392.9M |
| Total equity | $1.86B | $1.60B | $1.27B | $1.01B | $1.14B | $2.85B | $2.90B | $3.97B | $4.01B | $3.04B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $986.0M | $808.0M | $694.0M | $824.0M | $490.0M | $296.0M | $629.0M | $1.10B | $785.0M | $622.0M |
| Depreciation and amortisation | $467.0M | $432.0M | $376.0M | $336.0M | $327.0M | $321.0M | $370.0M | $546.0M | $488.0M | $466.0M |
| Stock-based compensation | $77.0M | $87.0M | $78.0M | $77.0M | $31.0M | $37.0M | $56.0M | $49.0M | $79.0M | $55.0M |
| Capital expenditure | $657.0M | $789.0M | $1.53B | $521.0M | $269.0M | $249.0M | $379.0M | $551.0M | $504.0M | $483.0M |
| Investing cash flow | -$616.0M | -$702.0M | -$1.50B | -$404.0M | -$141.0M | -$70.0M | -$67.0M | -$400.0M | -$386.0M | $142.0M |
| Financing cash flow | -$339.0M | -$226.0M | $761.0M | -$861.0M | -$1.93B | $1.15B | -$201.0M | -$620.0M | -$366.0M | -$681.0M |
| Dividends paid | — | — | — | — | — | — | $8.0M | $8.0M | $7.0M | $5.0M |
| Buybacks | $125.0M | $0 | $0 | — | — | $114.0M | $1.35B | $536.0M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-040425.
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