How did XPO perform in the first quarter of 2025?

XPO reported revenue of $1.95 billion, operating income of $151 million, net income of $69 million, and diluted EPS of $0.58. Adjusted diluted EPS was $0.73, and adjusted EBITDA was $278 million, compared with $288 million a year earlier.

How is the North American LTL business performing?

North American LTL revenue was $1.17 billion with adjusted EBITDA of $250 million, and the adjusted operating ratio was 85.9% versus 85.7% a year earlier. Management points to 6.9% year-over-year yield growth excluding fuel and a 940 bps reduction in outsourced linehaul miles as drivers of the results.

What long-term targets has management set for LTL?

For 2021 through 2027, management targets a revenue CAGR of 6% to 8%, an adjusted EBITDA CAGR of 11% to 13%, and an adjusted operating ratio improvement of at least 600 bps.

What financial guidance did XPO provide for full-year 2025?

The company expects total gross capex of $600 million to $700 million, interest expense of $220 million to $230 million, pension income of approximately $6 million, an adjusted effective tax rate of 24% to 25%, and a diluted share count of 120 million.

Is this presentation filed or incorporated into other SEC filings?

No. The company states that Item 7.01 and Exhibit 99.1 are furnished rather than filed for purposes of Section 18 of the Exchange Act, and are not incorporated by reference into other filings except where specifically stated. The presentation should be read together with the company's SEC filings, including its Form 10-Q for the quarter ended March 31, 2025.

XPO 8-K: Regulation FD — Apr 30, 2025

01—Abstract

Summary

Summary of the 8-K filed April 30, 2025. Cited figures are marked; the original filing is the authoritative source.

XPO, Inc. furnished an Investor Overview slide presentation dated April 30, 2025 as Exhibit 99.1 to this Form 8-K under Regulation FD.

The presentation, to be read together with the company's SEC filings including its Form 10-Q for the quarter ended March 31, 2025, reports first-quarter 2025 revenue of $1.95 billion^a, operating income of $151 million, net income of $69 million, diluted EPS of $0.58, adjusted diluted EPS of $0.73, and adjusted EBITDA of $278 million. Net income was $69 million versus $67 million a year earlier, and adjusted EBITDA was $278 million versus $288 million. Operating cash flow was $142 million.

In North American LTL, revenue was $1.17 billion^b and adjusted EBITDA was $250 million, with an adjusted operating ratio of 85.9%, compared with 85.7% a year earlier. The company cites lower purchased transportation expense, down 52.6% year over year in the segment, and a 940 bps reduction in linehaul miles outsourced to third-party carriers, alongside LTL yield, excluding fuel, up 6.9% year over year. The presentation restates LTL targets for 2021 to 2027 of 6% to 8% revenue CAGR, 11% to 13% adjusted EBITDA CAGR, and an adjusted operating ratio improvement of at least 600 bps, and it projects full-year 2025 total gross capex of $600 million to $700 million, interest expense of $220 million to $230 million, and a diluted share count of 120 million.

The presentation is an investor-relations deck with forward-looking statements and non-GAAP reconciliations in its appendix. The company states the information is furnished, not filed, for purposes of Section 18 of the Exchange Act.

02—Key points

Key Highlights

First-quarter 2025 revenue of $1.95 billion, operating income of $151 million, and net income of $69 million (diluted EPS $0.58).
Adjusted diluted EPS of $0.73 versus $0.81 in the prior-year quarter; adjusted EBITDA of $278 million versus $288 million.
North American LTL adjusted operating ratio of 85.9%, improved by 30 bps sequentially, with adjusted EBITDA of $250 million.
LTL yield, excluding fuel, rose 6.9% year over year, and LTL revenue per shipment, excluding fuel, rose 5.2%.
LTL purchased transportation expense fell 52.6% year over year as linehaul miles outsourced to third-party carriers dropped by 940 bps.
LTL damage claims reached their lowest level in company history, and on-time performance improved year over year for the 12th consecutive quarter.
2025 guidance: total gross capex of $600 million to $700 million, interest expense of $220 million to $230 million, adjusted effective tax rate of 24% to 25%, and diluted share count of 120 million.

03—Questions

Frequently Asked Questions

How did XPO perform in the first quarter of 2025?
XPO reported revenue of $1.95 billion, operating income of $151 million, net income of $69 million, and diluted EPS of $0.58. Adjusted diluted EPS was $0.73, and adjusted EBITDA was $278 million, compared with $288 million a year earlier.
How is the North American LTL business performing?
North American LTL revenue was $1.17 billion with adjusted EBITDA of $250 million, and the adjusted operating ratio was 85.9% versus 85.7% a year earlier. Management points to 6.9% year-over-year yield growth excluding fuel and a 940 bps reduction in outsourced linehaul miles as drivers of the results.
What long-term targets has management set for LTL?
For 2021 through 2027, management targets a revenue CAGR of 6% to 8%, an adjusted EBITDA CAGR of 11% to 13%, and an adjusted operating ratio improvement of at least 600 bps.
What financial guidance did XPO provide for full-year 2025?
The company expects total gross capex of $600 million to $700 million, interest expense of $220 million to $230 million, pension income of approximately $6 million, an adjusted effective tax rate of 24% to 25%, and a diluted share count of 120 million.
Is this presentation filed or incorporated into other SEC filings?
No. The company states that Item 7.01 and Exhibit 99.1 are furnished rather than filed for purposes of Section 18 of the Exchange Act, and are not incorporated by reference into other filings except where specifically stated. The presentation should be read together with the company's SEC filings, including its Form 10-Q for the quarter ended March 31, 2025.

04—Continue

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