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XPOXPO

Legal name
XPO, Inc.
Sector
Other
Industry
Transportation Services
Exchange
NYSE

Stock Price $XPO

Latest filings

You are here#76 of 87 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K243

XPO filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 243 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. Material agreement8-K · May ’19May ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $8.16B
YoY changeLargest recent move+91.8%in FY16Latest +1.1%

3 older moves run past ±150% (largest +235.6%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All XPO Financial Metrics62 metrics

Income Statement16

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

XPO Financial Overview 2021–2025

Updated Nov 4, 2026

XPO closed FY2025 at $135.91a a share, 51.5x earnings and a $15.9 billion market cap, even though diluted EPS had slipped to $2.64 from $3.23 in FY2024. The central claim is that investors were paying for North American LTL pricing power and a volume rebound, not for reported earnings.

Revenue grew from $7.20 billionb in FY2021 (recast after the RXO spin-off) to $8.16 billion in FY2025. The latest year was uneven. LTL yield rose 6.0% while pounds per day fell 6.2%, and segment adjusted EBITDA reached $1.14 billion. Operating cash flow climbed to $986 million from $808 million, against $657 million of capital spending. Net income still dropped to $316 million from $387 million, hit by a $35 million environmental charge and a 27.8% effective tax rate. The company bought back $125 million of stock and ended the year with about $910 million of liquidity.

Results since year-end suggest the volume recovery the FY2025 multiple anticipated. In Q3 2026, revenue rose 12.4% to $2.37 billion and net income more than doubled to $181 millionc from $82 million. LTL adjusted operating ratio improved to 80.1%, and total debt fell to $3.12 billion from $3.31 billion at the end of FY2025.

Recent Developments (Q2 and Q3 2026)

XPO's LTL business drove the recovery. In Q2 2026, the LTL adjusted operating ratio hit a company-record 79.9%, 300 basis points better year over year. In Q3 2026, LTL tonnage per day rose 5.0%, versus 1.0% in Q2 2026, and adjusted EBITDA reached $433 milliond, up 26.6%. Europe turned around: operating income was $12 million in Q3 2026, after a $6 million loss in Q2 2026 on $21 million of restructuring. The Board's European divestiture authorization remains in effect. XPO refinanced $885 million of term loans in May, repurchased $250 million of stock year to date, and added Michael Kneeland to the Board.

Bull case: record margins and accelerating volume point to continued earnings growth. Bear case: at 69.3xe trailing earnings as of the Q3 2026 report date (October 28, 2026), the stock leaves little room for error, and the Allianz appeal is unresolved.

What to watch: whether LTL tonnage growth holds near 5% while yield gains slow; any European divestiture announcement

03—Filings

Recent SEC Filings

  1. 8-KXPO 8-K Report, Regulation FD Disclosure (Oct 29, 2026)On October 29, 2026, XPO, Inc. furnished an investor presentation under Item 7.01 of Form 8-K (Exhibit 99.1). The presentation is furnished rather than filed for Section 18 purposes, and it should be read together with the company's filings with the SEC, including the Form 10-Q for the quarter ended September 30, 2026. It reports third-quarter 2026 revenue of $2.37 billion, operating income of $288 million, net income of $181 million, diluted EPS of $1.53, adjusted net income of $200 million, adjusted diluted EPS of $1.70, and adjusted EBITDA of $433 million. Operating cash flow was $415 million. The company cites revenue up 12% year over year, adjusted EBITDA up 27%, and adjusted diluted EPS up 59%. The North American LTL segment is the core of the story. It generated third-quarter revenue of $1.47 billion, adjusted EBITDA of $389 million, and an adjusted operating ratio of 80.1%, which the filing states improved 260 basis points year over year. Tonnage per day rose 5%, and yield excluding fuel improved 3.6% year over year. The company describes a multi-year LTL plan targeting 2021 through 2027 revenue CAGR of 6% to 8%, adjusted EBITDA CAGR of 11% to 13%, and an adjusted operating ratio improvement of at least 600 basis points. European Transportation reported third-quarter revenue of $900 million and adjusted EBITDA of $48 million. For full-year 2026, the company expects total gross capex of $500 million to $600 million, interest expense of $205 million to $215 million, pension income of approximately $14 million, an adjusted effective tax rate of 23% to 24%, and approximately 118 million diluted shares. It also targets capex of 8% to 12% of revenue on average through 2027.
  2. 8-KXPO 8-K Report, Financial Results (Oct 29, 2026)XPO, Inc. (NYSE: XPO) reported third quarter 2026 results on October 29, 2026, per Exhibit 99.1 furnished with this Form 8-K. Revenue rose to $2.37 billion from $2.11 billion, operating income increased to $288 million from $164 million, and net income reached $181 million versus $82 million a year earlier. Diluted EPS was $1.53 compared with $0.68, and adjusted diluted EPS was $1.70 compared with $1.07, a 58.9% increase. Adjusted EBITDA was $433 million versus $342 million, a 26.6% increase. The third quarter 2025 results included a $35 million charge related to environmental and product liability claims tied to a former Con-way subsidiary. North American Less-Than-Truckload (LTL) was the primary driver. Segment revenue grew 17.4% to $1.47 billion, adjusted operating income rose 35.0% to $293 million, and adjusted operating ratio improved 260 basis points to 80.1%. Yield excluding fuel increased 3.6%, shipments per day rose 5.8%, and tonnage per day rose 5.0%. European Transportation revenue grew 5.0% to $900 million, with operating income of $12 million compared with a $2 million loss a year earlier. Management cited accelerating free cash flow and capital return to shareholders. In the quarter, XPO generated $415 million of operating cash flow, ended with $260 million of cash and cash equivalents, and completed $123 million of net capital expenditures, $150 million of common stock repurchases and $100 million of term loan repayments. For the nine months ended September 30, 2026, diluted EPS was $3.75 and net income was $444 million, compared with $2.15 and $257 million a year earlier.
  3. 8-KXPO 8-K Report, Regulation FD Disclosure (Sep 3, 2026)XPO, Inc. furnished an 8-K on September 3, 2026 under Item 7.01 (Regulation FD Disclosure) to provide operating metrics for its North American Less-Than-Truckload (LTL) segment. The filing reports final July 2026 metrics: LTL tonnage per day increased 5.8% year over year, driven by a 5.9% increase in shipments per day offset by a 0.2% decrease in weight per shipment. The information is furnished, not filed, and is not subject to Section 18 liabilities. Attached as Exhibit 99.1 is a press release issued the same day providing preliminary LTL operating metrics for August 2026. Preliminary August tonnage per day increased 3.7% year over year, reflecting a 5.7% increase in shipments per day and a 1.8% decrease in weight per shipment. The company cautions that actual August results may vary from the preliminary figures and that monthly operating results are not necessarily indicative of future periods. For investors, the filing is primarily a monthly operating update rather than a financial results release. Shipment volume growth outpaced tonnage growth in both months, indicating that smaller average shipment weights are a continuing feature of the volume trend. The filing contains no earnings, guidance, or financial statement data.
  4. 8-KXPO 8-K Report, Financial Results (Jul 30, 2026)XPO, Inc. reported second-quarter 2026 results in an 8-K furnished under Item 2.02, with a press release (Exhibit 99.1) dated July 30, 2026. Revenue rose to $2.36 billion from $2.08 billion, operating income increased to $271 million from $198 million, and net income reached $162 million compared with $106 million. Diluted EPS was $1.36 versus $0.89, and adjusted diluted EPS, a non-GAAP measure, was $1.70 versus $1.05. Adjusted EBITDA was $434 million versus $340 million. The company said adjusted diluted EPS grew 56% year over year, or 25% adjusted EBITDA growth excluding real estate gains. The results were driven mainly by North American Less-Than-Truckload (LTL), where revenue reached $1.43 billion, operating income rose to $285 million from $199 million, and adjusted operating ratio improved 300 basis points to 79.9%. Management cited yield growth excluding fuel, productivity gains and higher fuel surcharge revenue, partly offset by higher fuel costs and wage inflation. Shipments per day rose 2.8% and tonnage per day rose 1.0%. The European Transportation segment posted a $6 million operating loss, compared with $11 million of operating income a year earlier, due primarily to restructuring. Its revenue increased to $927 million. Cash flow and balance sheet items were also reported. The company generated $308 million of operating cash flow in the quarter and ended with $298 million of cash and cash equivalents after $101 million of net capital expenditures, $70 million of common stock repurchases and $70 million of term loan repayments. Long-term debt was $3.05 billion at June 30, 2026, compared with $3.25 billion at December 31, 2025.
  5. 8-KXPO 8-K Report, Regulation FD Disclosure (Jul 30, 2026)XPO, Inc. furnished an investor presentation dated July 30, 2026 under Item 7.01 (Regulation FD) as Exhibit 99.1. The presentation is to be read together with the Company's SEC filings, including its Form 10-Q for the quarter ended June 30, 2026. The information is furnished, not filed, for purposes of Section 18 of the Exchange Act. The presentation reports second-quarter 2026 revenue of $2.36 billion, operating income of $271 million, net income of $162 million, and diluted EPS of $1.36. Adjusted EBITDA was $434 million and adjusted diluted EPS was $1.70. Revenue rose 13% year over year, adjusted EBITDA rose 25% and adjusted diluted EPS rose 56%, with the adjusted figures excluding real estate gains. North American LTL posted a record adjusted operating ratio of 79.9%, improved 300 basis points year over year, on revenue of $1.43 billion. European Transportation generated $927 million of revenue and $48 million of adjusted EBITDA. The presentation restates the Company's 2021–2027 North American LTL targets: revenue CAGR of 6% to 8%, adjusted EBITDA CAGR of 11% to 13%, and an adjusted operating ratio improvement of at least 600 basis points. It also sets full-year 2026 expectations for gross capex of $500 million to $600 million, interest expense of $205 million to $215 million, pension income of approximately $14 million, an adjusted effective tax rate of 23% to 24%, and a diluted share count of approximately 118 million.
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04—See also

Related Companies

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