NYSE : XPO
XPO, Inc. — Financial statements
Industrials · Trucking · United States
Last price 189.57 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 22.09B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
XPO, Inc. (XPO) reported revenue of 8.83B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 8.83B | 8.16B | 8.07B | 7.74B | 7.72B | 7.20B |
| Cost of Revenue | 7.13B | 6.66B | 6.67B | 6.54B | 6.60B | 6.29B |
| Gross Profit | 1.71B | 1.50B | 1.41B | 1.20B | 1.12B | 910.00M |
| Selling, General & Admin | 150.00M | 161.00M | 109.00M | 149.00M | 183.00M | 113.00M |
| Other Operating Expenses | 85.00M | 83.00M | 80.00M | 60.00M | 58.00M | 56.00M |
| Operating Expenses | 766.00M | 765.00M | 679.00M | 641.00M | 633.00M | 554.00M |
| Operating Income | 939.00M | 735.00M | 726.00M | 561.00M | 489.00M | 356.00M |
| Interest Expense | -208.00M | -219.00M | -223.00M | -168.00M | -135.00M | -211.00M |
| Other Non Operating Income (Expenses) | 5.00M | -36.00M | -3.00M | -3.00M | 55.00M | -1.00M |
| EBT Excluding Unusual Items | 736.00M | 480.00M | 500.00M | 390.00M | 409.00M | 144.00M |
| Merger & Restructuring Charges | -69.00M | -59.00M | -27.00M | -44.00M | -50.00M | -19.00M |
| Impairment of Goodwill | -64.00M | |||||
| Gain (Loss) on Sale of Investments | 13.00M | |||||
| Gain (Loss) on Sale of Assets | 21.00M | 17.00M | 40.00M | 5.00M | 60.00M | 72.00M |
| Legal Settlements | 13.00M | -8.00M | ||||
| Other Unusual Items | -15.00M | -14.00M | -53.00M | -83.00M | -97.00M | -90.00M |
| Pretax Income | 673.00M | 437.00M | 473.00M | 260.00M | 258.00M | 107.00M |
| Income Tax Expense | 170.00M | 121.00M | 86.00M | 68.00M | 74.00M | 11.00M |
| Earnings From Continuing Operations | 503.00M | 316.00M | 387.00M | 192.00M | 184.00M | 96.00M |
| Earnings From Discontinued Operations | -3.00M | 482.00M | 240.00M | |||
| Net Income to Company | 503.00M | 316.00M | 387.00M | 189.00M | 666.00M | 336.00M |
| Net Income | 503.00M | 316.00M | 387.00M | 189.00M | 666.00M | 336.00M |
| Net Income to Common | 503.00M | 316.00M | 387.00M | 189.00M | 666.00M | 336.00M |
| Shares Outstanding (Basic) | 117.25M | 118.00M | 116.00M | 116.00M | 115.00M | 112.00M |
| Shares Outstanding (Diluted) | 117.50M | 119.00M | 120.00M | 118.00M | 116.00M | 114.00M |
| EPS (Basic) | 4.29 | 2.68 | 3.34 | 1.63 | 5.79 | 3.00 |
| EPS (Diluted) | 4.24 | 2.64 | 3.23 | 1.59 | 5.75 | 2.94 |
| Free Cash Flow | 657.00M | 329.00M | 19.00M | -851.00M | 311.00M | 452.00M |
| Free Cash Flow Per Share | 5.59 | 2.77 | 0.16 | -7.21 | 2.68 | 3.96 |
| Gross Margin | 19.30% | 18.39% | 17.41% | 15.52% | 14.54% | 12.63% |
| Operating Margin | 10.63% | 9.01% | 8.99% | 7.24% | 6.34% | 4.94% |
| Profit Margin | 5.69% | 3.87% | 4.79% | 2.44% | 8.63% | 4.67% |
| Free Cash Flow Margin | 7.44% | 4.03% | 0.24% | -10.99% | 4.03% | 6.28% |
| EBITDA | 1.47B | 1.26B | 1.22B | 993.00M | 881.00M | 741.00M |
| EBITDA Margin | 16.64% | 15.40% | 15.06% | 12.82% | 11.42% | 10.29% |
| D&A For EBITDA | 531.00M | 521.00M | 490.00M | 432.00M | 392.00M | 385.00M |
| EBIT | 939.00M | 735.00M | 726.00M | 561.00M | 489.00M | 356.00M |
| EBIT Margin | 10.63% | 9.01% | 8.99% | 7.24% | 6.34% | 4.94% |
| Effective Tax Rate | 25.26% | 27.69% | 18.18% | 26.15% | 28.68% | 10.28% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 260.00M | 310.00M | 246.00M | 412.00M | 460.00M | 228.00M |
| Cash & Short-Term Investments | 260.00M | 310.00M | 246.00M | 412.00M | 460.00M | 228.00M |
| Accounts Receivable | 1.25B | 1.03B | 977.00M | 973.00M | 954.00M | 908.00M |
| Other Receivables | 53.00M | 77.00M | ||||
| Receivables | 1.25B | 1.09B | 1.05B | 973.00M | 954.00M | 908.00M |
| Other Current Assets | 249.00M | 232.00M | 205.00M | 208.00M | 216.00M | 1.55B |
| Total Current Assets | 1.76B | 1.63B | 1.50B | 1.59B | 1.63B | 2.69B |
| Property, Plant & Equipment | 4.48B | 4.44B | 4.13B | 3.78B | 2.55B | 2.37B |
| Goodwill | 1.52B | 1.55B | 1.46B | 1.50B | 1.47B | 1.59B |
| Other Intangible Assets | 266.00M | 311.00M | 361.00M | 422.00M | 407.00M | 470.00M |
| Long-Term Deferred Tax Assets | 12.00M | 11.00M | 15.00M | 4.00M | ||
| Other Long-Term Assets | 282.00M | 253.00M | 245.00M | 181.00M | 205.00M | 1.59B |
| Total Assets | 8.31B | 8.19B | 7.71B | 7.49B | 6.27B | 8.72B |
| Accounts Payable | 485.00M | 455.00M | 477.00M | 532.00M | 521.00M | 519.00M |
| Accrued Expenses | 878.00M | 654.00M | 615.00M | 691.00M | 774.00M | 822.00M |
| Current Portion of Long-Term Debt | 153.00M | 40.00M | 10.00M | 41.00M | 15.00M | 5.00M |
| Current Portion of Leases | 170.00M | 220.00M | 179.00M | 185.00M | 163.00M | 164.00M |
| Current Income Taxes Payable | 106.00M | 93.00M | 84.00M | |||
| Other Current Liabilities | 99.00M | 80.00M | 46.00M | 57.00M | 34.00M | 1.04B |
| Total Current Liabilities | 1.78B | 1.55B | 1.42B | 1.59B | 1.51B | 2.55B |
| Long-Term Debt | 2.77B | 3.10B | 3.17B | 3.16B | 2.31B | 3.33B |
| Long-Term Leases | 884.00M | 806.00M | 761.00M | 767.00M | 764.00M | 776.00M |
| Pension & Post-Retirement Benefits | 82.00M | 86.00M | 85.00M | 91.00M | 93.00M | 122.00M |
| Long-Term Deferred Tax Liabilities | 524.00M | 482.00M | 393.00M | 337.00M | 319.00M | 247.00M |
| Other Long-Term Liabilities | 295.00M | 302.00M | 280.00M | 285.00M | 259.00M | 553.00M |
| Total Liabilities | 6.33B | 6.33B | 6.11B | 6.23B | 5.26B | 7.58B |
| Additional Paid-In Capital | 834.00M | 1.16B | 1.27B | 1.30B | 1.24B | 1.18B |
| Retained Earnings | 1.33B | 888.00M | 572.00M | 185.00M | -4.00M | 43.00M |
| Comprehensive Income & Other | -193.00M | -187.00M | -245.00M | -217.00M | -222.00M | -84.00M |
| Total Common Equity | 1.97B | 1.86B | 1.60B | 1.27B | 1.01B | 1.14B |
| Shareholders' Equity | 1.97B | 1.86B | 1.60B | 1.27B | 1.01B | 1.14B |
| Total Liabilities & Equity | 8.31B | 8.19B | 7.71B | 7.49B | 6.27B | 8.72B |
| Total Debt | 3.97B | 4.17B | 4.12B | 4.15B | 3.26B | 4.28B |
| Net Cash (Debt) | -3.71B | -3.86B | -3.88B | -3.74B | -2.80B | -4.05B |
| Net Cash Per Share | -31.59 | -32.42 | -32.30 | -31.67 | -24.11 | -35.53 |
| Filing Date Shares Outstanding | 116.51M | 117.15M | 117.24M | 116.11M | 115.50M | 114.79M |
| Total Common Shares Outstanding | 116.51M | 116.95M | 117.00M | 116.09M | 115.16M | 114.74M |
| Working Capital | -26.00M | 75.00M | 85.00M | 3.00M | 123.00M | 139.00M |
| Book Value Per Share | 16.93 | 15.91 | 13.68 | 10.91 | 8.79 | 9.92 |
| Tangible Book Value | 183.00M | 3.00M | -221.00M | -654.00M | -867.00M | -926.00M |
| Tangible Book Value Per Share | 1.57 | 0.03 | -1.89 | -5.63 | -7.53 | -8.07 |
| Land | 920.00M | 879.00M | 860.00M | 258.00M | 276.00M | |
| Buildings | 1.02B | 874.00M | 733.00M | 406.00M | 357.00M | |
| Machinery | 4.09B | 3.67B | 3.33B | 2.28B | 2.01B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 503.00M | 316.00M | 387.00M | 189.00M | 666.00M | 336.00M |
| Depreciation & Amortization | 531.00M | 521.00M | 490.00M | 432.00M | 392.00M | 385.00M |
| Loss (Gain) From Sale of Assets | -21.00M | -17.00M | -40.00M | -5.00M | -60.00M | -72.00M |
| Asset Writedown & Restructuring Costs | 64.00M | |||||
| Stock-Based Compensation | 76.00M | 77.00M | 87.00M | 78.00M | 77.00M | 31.00M |
| Other Operating Activities | 106.00M | 134.00M | 78.00M | 99.00M | -316.00M | -160.00M |
| Change in Accounts Receivable | -197.00M | -47.00M | -47.00M | -46.00M | -100.00M | -171.00M |
| Change in Accounts Payable | 39.00M | -22.00M | -8.00M | -48.00M | 62.00M | 98.00M |
| Change in Other Net Operating Assets | 95.00M | 24.00M | -139.00M | -5.00M | 39.00M | 43.00M |
| Operating Cash Flow | 1.13B | 986.00M | 808.00M | 682.00M | 832.00M | 721.00M |
| Capital Expenditures | -475.00M | -657.00M | -789.00M | -1.53B | -521.00M | -269.00M |
| Sale of Property, Plant & Equipment | 63.00M | 41.00M | 75.00M | 29.00M | 88.00M | 131.00M |
| Investment in Securities | 12.00M | |||||
| Other Investing Activities | -3.00M | 5.00M | 678.00M | -139.00M | ||
| Investing Cash Flow | -415.00M | -616.00M | -702.00M | -1.50B | 245.00M | -277.00M |
| Short-Term Debt Issued | 23.00M | 34.00M | 275.00M | |||
| Long-Term Debt Issued | 2.96B | |||||
| Total Debt Issued | 893.00M | 23.00M | 3.00B | 275.00M | ||
| Short-Term Debt Repaid | -9.00M | -295.00M | ||||
| Long-Term Debt Repaid | -188.00M | -82.00M | -2.19B | -1.13B | -3.07B | |
| Total Debt Repaid | -1.23B | -188.00M | -91.00M | -2.19B | -1.42B | -3.07B |
| Net Debt Issued (Repaid) | -334.00M | -165.00M | -91.00M | 808.00M | -1.15B | -3.07B |
| Issuance of Common Stock | 384.00M | |||||
| Repurchase of Common Stock | -445.00M | -175.00M | -129.00M | -19.00M | -27.00M | -28.00M |
| Other Financing Activities | 3.00M | 1.00M | -6.00M | -28.00M | 314.00M | 483.00M |
| Financing Cash Flow | -776.00M | -339.00M | -226.00M | 761.00M | -862.00M | -2.23B |
| Foreign Exchange Rate Adjustments | 1.00M | -1.00M | 5.00M | -18.00M | -2.00M | |
| Miscellaneous Cash Flow Adjustments | 1.00M | 1.00M | ||||
| Net Cash Flow | -57.00M | 31.00M | -120.00M | -51.00M | 197.00M | -1.79B |
| Free Cash Flow | 657.00M | 329.00M | 19.00M | -851.00M | 311.00M | 452.00M |
| Free Cash Flow Margin | 7.44% | 4.03% | 0.24% | -10.99% | 4.03% | 6.28% |
| Free Cash Flow Per Share | 5.59 | 2.77 | 0.16 | -7.21 | 2.68 | 3.96 |
| Levered Free Cash Flow | 557.88M | 266.50M | -108.62M | -753.38M | 408.25M | 124.62M |
| Unlevered Free Cash Flow | 687.88M | 403.38M | 30.75M | -648.38M | 492.62M | 256.50M |
| Cash Interest Paid | 216.00M | 229.00M | 223.00M | 185.00M | 145.00M | 253.00M |
| Cash Income Tax Paid | 65.00M | -4.00M | 90.00M | 34.00M | 87.00M | 78.00M |
| Change in Working Capital | -63.00M | -45.00M | -194.00M | -99.00M | 1.00M | -30.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 22.09B | 15.95B | 15.27B | 10.16B | 3.83B | 8.88B |
| Enterprise Value | 25.80B | 19.81B | 19.09B | 13.02B | 7.01B | 13.04B |
| Last Close Price | 189.57 | 135.91 | 131.15 | 87.59 | 33.29 | 46.00 |
| PE Ratio | 44.67 | 50.49 | 39.45 | 53.75 | 5.76 | 26.43 |
| Forward PE | 28.64 | 32.51 | 32.39 | 26.01 | 9.84 | 17.06 |
| PS Ratio | 2.50 | 1.96 | 1.89 | 1.31 | 0.50 | 1.23 |
| PB Ratio | 11.19 | 8.57 | 9.54 | 8.02 | 3.79 | 7.80 |
| P/TBV Ratio | 120.69 | 5,317.90 | ||||
| P/FCF Ratio | 33.62 | 48.49 | 803.48 | 12.33 | 19.65 | |
| P/OCF Ratio | 19.51 | 16.18 | 18.89 | 14.89 | 4.61 | 12.32 |
| PEG Ratio | 1.61 | 2.67 | 1.58 | 2.60 | 0.82 | 2.62 |
| EV/Sales Ratio | 2.92 | 2.43 | 2.37 | 1.68 | 0.91 | 1.81 |
| EV/EBITDA Ratio | 17.55 | 15.77 | 15.70 | 13.11 | 7.96 | 17.60 |
| EV/EBIT Ratio | 27.47 | 26.95 | 26.29 | 23.21 | 14.34 | 36.63 |
| EV/FCF Ratio | 39.27 | 60.20 | 1,004.59 | 22.55 | 28.85 | |
| Debt / Equity Ratio | 2.01 | 2.24 | 2.58 | 3.28 | 3.22 | 3.76 |
| Debt / EBITDA Ratio | 2.26 | 2.70 | 2.75 | 3.28 | 2.90 | 4.41 |
| Debt / FCF Ratio | 6.05 | 12.67 | 216.95 | 10.47 | 9.46 | |
| Net Debt / Equity Ratio | 1.88 | 2.07 | 2.42 | 2.95 | 2.76 | 3.56 |
| Net Debt / EBITDA Ratio | 2.52 | 3.07 | 3.19 | 3.76 | 3.17 | 5.47 |
| Net Debt / FCF Ratio | 5.65 | 11.73 | 204.00 | -4.39 | 8.99 | 8.96 |
| Asset Turnover | 1.07 | 1.03 | 1.06 | 1.12 | 1.03 | 0.58 |
| Quick Ratio | 0.85 | 0.90 | 0.92 | 0.87 | 0.94 | 0.45 |
| Current Ratio | 0.98 | 1.05 | 1.06 | 1.00 | 1.08 | 1.05 |
| Return on Equity (ROE) | 26.54% | 18.25% | 27.00% | 16.86% | 17.12% | 4.82% |
| Return on Assets (ROA) | 7.12% | 5.78% | 5.97% | 5.10% | 4.08% | 1.79% |
| Return on Invested Capital (ROIC) | 12.32% | 9.49% | 11.34% | 9.40% | 7.75% | 4.63% |
| Return on Capital Employed (ROCE) | 14.40% | 11.10% | 11.50% | 9.50% | 10.30% | 5.80% |
| Earnings Yield | 2.24% | 1.98% | 2.54% | 1.86% | 17.37% | 3.78% |
| FCF Yield | 2.97% | 2.06% | 0.12% | -8.38% | 8.11% | 5.09% |
| Buyback Yield / Dilution | 2.08% | 0.83% | -1.70% | -1.72% | -1.75% | -23.91% |