XPO on NYSE

XPO, Inc.

Logo: XPO Design Team, Public domain, via Wikimedia Commons⁴

American transportation company

XPO, Inc., formerly XPO Logistics, is an American transportation company that conducts less-than-truckload shipping, or "LTL" in North America. The company has headquarters in Greenwich, Connecticut, and has 592 locations globally.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1987Founded¹

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TickerXPO on NYSE¹
Industrylogistics, transport industry¹
HeadquartersGreenwich¹
Founded inGreenwich¹
Websitewww.xpo.com
Legal formDelaware corporation¹
Business addressFive American Lane, Greenwich, Ct 06831⁵
Filer categoryLarge accelerated filer⁵

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

8.0%Operating margin⁷

3.9%Net margin⁷

1.1%Revenue growth, 2025⁷

17.0%Return on equity⁷

1.75×Debt to equity⁷

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

North American LTL brought in 59% of the revenue XPO, Inc. broke down this way in fiscal 2025.

North American LTL$4.8B⁷59%down 1% from 2024
European Transportation$3.3B⁷41%up 5% from 2024

Business segments by year

Business segments	2023	2024	2025
North American LTL	$4.7B	$4.9B	$4.8B
European Transportation	$3.1B	$3.2B	$3.3B

Regions

United States brought in 58% of the revenue XPO, Inc. broke down this way in fiscal 2025.

United States$4.7B⁷58%down 1% from 2024
France$1.3B⁷16%up 2% from 2024
United Kingdom$1.1B⁷14%up 12% from 2024
Europe, Excluding France And United Kingdom$877.0M⁷11%up 0% from 2024
North America, Excluding United States$106.0M⁷1%down 1% from 2024

Regions by year

Regions	2023	2024	2025
United States	$4.6B	$4.8B	$4.7B
France	$1.3B	$1.3B	$1.3B
United Kingdom	$905.0M	$1.0B	$1.1B
Europe, Excluding France And United Kingdom	$877.0M	$873.0M	$877.0M
North America, Excluding United States	$99.0M	$107.0M	$106.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costs

Other costs95¢$7.7B
Income tax1¢$121.0M
Profit4¢$316.0M

Out of $8.2B in revenue.⁷

Financial statements

Revenue⁸⁹¹⁰¹¹⁷$8.2B in 2025−24% since 2019

Operating income⁸⁹¹⁰¹¹⁷$656.0M in 2025+17% since 2019

Net income⁸⁹¹⁰¹¹⁷$316.0M in 2025−25% since 2019

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Revenue	$8.2B	$8.1B	$7.7B
Salaries, wages and employee benefits	$3.4B	$3.4B	$3.2B
Purchased transportation	$1.7B	$1.7B	$1.8B
Fuel, operating expenses and supplies	$1.6B	$1.6B	$1.6B
Operating taxes and licenses	$83.0M	$80.0M	$60.0M
Insurance and claims	$167.0M	$134.0M	$167.0M
Gains on sales of property and equipment	-$17.0M	-$40.0M	-$5.0M
Depreciation and amortization expense	$521.0M	$490.0M	$432.0M
Pre-Con-way acquisition environmental matter	$35.0M	$0	$0
Legal matters	-$13.0M	$0	$8.0M
Transaction and integration costs	$8.0M	$53.0M	$58.0M
Restructuring costs	$59.0M	$27.0M	$44.0M
Operating income	$656.0M	$660.0M	$438.0M
Other income	-$6.0M	-$37.0M	-$15.0M
Debt extinguishment loss	$6.0M	$0	$25.0M
Interest expense	$219.0M	$223.0M	$168.0M
Income from continuing operations before income tax provision	$437.0M	$473.0M	$260.0M
Income tax provision	$121.0M	$86.0M	$68.0M
Loss from discontinued operations, net of taxes	$0	$0	-$3.0M
Continuing operations	$316.0M	$387.0M	$192.0M
Net income	$316.0M	$387.0M	$189.0M
Basic earnings per share from continuing operations (usd per share)	$3	$3	$2
Basic loss per share from discontinued operations (usd per share)	$0	$0	-$0
Basic earnings per share (usd per share)	$2.69	$3.33	$1.64
Diluted earnings per share from continuing operations (usd per share)	$3	$3	$2
Diluted loss per share from discontinued operations (usd per share)	$0	$0	-$0
Diluted earnings per share (usd per share)	$2.64	$3.23	$1.60
Basic weighted-average common shares (in shares)	118.0M shares	116.0M shares	116.0M shares
Diluted weighted-average common shares outstanding (in shares)	119.0M shares	120.0M shares	118.0M shares

Total assets¹⁴⁸⁹¹⁰¹¹⁷$8.2B in 2025−42% since 2019

Shareholders’ equity¹⁴¹⁰¹¹⁷$1.9B in 2025−32% since 2019

Cash¹⁴⁸⁹¹⁰¹¹⁷$310.0M in 2025−18% since 2019

Long-term debt¹⁴⁸⁹¹⁰¹¹⁷$3.3B in 2025−37% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$310.0M	$246.0M
Accounts receivable, net of allowances of $40 and $50, respectively	$1.0B	$977.0M
Other current assets	$285.0M	$283.0M
Total current assets	$1.6B	$1.5B
Property and equipment, net of $2,360 and $2,019 in accumulated depreciation, respectively	$3.7B	$3.4B
Operating lease assets	$777.0M	$727.0M
Goodwill	$1.5B	$1.5B	$1.5B
Identifiable intangible assets, net of $580 and $499 in accumulated amortization, respectively	$311.0M	$361.0M
Other long-term assets	$265.0M	$254.0M
Total long-term assets	$6.6B	$6.2B
Total assets	$8.2B	$7.7B
Accounts payable	$455.0M	$477.0M
Accrued expenses	$760.0M	$708.0M
Short-term borrowings and current maturities of long-term debt	$60.0M	$62.0M
Short-term operating lease liabilities	$166.0M	$127.0M
Other current liabilities	$113.0M	$46.0M
Total current liabilities	$1.6B	$1.4B
Long-term debt	$3.3B	$3.3B
Deferred tax liability	$482.0M	$393.0M
Employee benefit obligations	$86.0M	$85.0M
Long-term operating lease liabilities	$611.0M	$603.0M
Other long-term liabilities	$345.0M	$283.0M
Total long-term liabilities	$4.8B	$4.7B
Common stock, $0.001 par value; 300 shares authorized; 117 shares issued and outstanding as of December 31, 2025 and 2024, respectively	$0	$0
Additional paid-in capital	$1.2B	$1.3B
Retained earnings	$888.0M	$572.0M
Accumulated other comprehensive loss	-$187.0M	-$246.0M
Total equity	$1.9B	$1.6B	$1.3B
Total liabilities and equity	$8.2B	$7.7B
Accounts receivable, allowances	$40.0M	$50.0M
Property and equipment, accumulated depreciation	$2.4B	$2.0B
Identifiable intangible assets, accumulated amortization	$580.0M	$499.0M
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	300.0M shares	300.0M shares
Common stock, shares issued (in shares)	117.0M shares	117.0M shares
Common stock, shares outstanding (in shares)	117.0M shares	117.0M shares

Cash from operations⁸$656.0M in 2021+4% since 2019

Capital spending⁸⁹¹⁰¹¹⁷$657.0M in 2025+73% since 2019

Free cash flow⁸$387.0M in 2021+55% since 2019

Share buybacks¹⁴⁷$125.0M in 2025−91% since 2019

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income	$316.0M	$387.0M	$189.0M
Loss from discontinued operations, net of taxes	$0	$0	-$3.0M
Income from continuing operations	$316.0M	$387.0M	$192.0M
Depreciation and amortization	$521.0M	$490.0M	$432.0M
Stock compensation expense	$77.0M	$87.0M	$78.0M
Accretion of debt	$10.0M	$11.0M	$11.0M
Deferred tax expense	$99.0M	$57.0M	$31.0M
Gains on sales of property and equipment	-$17.0M	-$40.0M	-$5.0M
Other	$24.0M	$11.0M	$54.0M
Accounts receivable	-$47.0M	-$47.0M	-$46.0M
Other assets	-$38.0M	-$106.0M	-$9.0M
Accounts payable	-$22.0M	-$8.0M	-$48.0M
Accrued expenses and other liabilities	$62.0M	-$33.0M	$4.0M
Net cash provided by operating activities from continuing operations	$986.0M	$808.0M	$694.0M
Payment for purchases of property and equipment	-$657.0M	-$789.0M	-$1.5B
Proceeds from sale of property and equipment	$41.0M	$75.0M	$29.0M
Proceeds from settlement of cross currency swaps	$0	$0	$2.0M
Proceeds from sale of investment	$0	$12.0M	$0
Net cash used in investing activities from continuing operations	-$616.0M	-$702.0M	-$1.5B
Proceeds from issuance of debt	$0	$0	$3.0B
Repurchase of debt	-$115.0M	$0	-$2.1B
Repayment of debt and finance leases	-$73.0M	-$82.0M	-$71.0M
Payment of debt issuance costs	-$3.0M	-$4.0M	-$27.0M
Repurchase of common stock	-$125.0M	$0	$0
Change in bank overdrafts	$23.0M	-$9.0M	$34.0M
Payment for tax withholdings for restricted shares	-$50.0M	-$129.0M	-$19.0M
Other	$4.0M	-$1.0M	-$1.0M
Net cash provided by (used in) financing activities from continuing operations	-$339.0M	-$226.0M	$761.0M
Operating activities of discontinued operations	$0	$0	-$12.0M
Investing activities of discontinued operations	$0	$0	$3.0M
Financing activities of discontinued operations	$0	$0	$0
Net cash used in discontinued operations	$0	$0	-$9.0M
Effect of exchange rates on cash, cash equivalents and restricted cash	-$1.0M	$0	$5.0M
Net increase (decrease) in cash, cash equivalents and restricted cash	$31.0M	-$120.0M	-$51.0M
Cash paid for interest	$229.0M	$223.0M	$185.0M

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The story

Founded by Brad Jacobs in 1987, in Greenwich.¹

2011–2021

The company was initially called Express-1 Expedited Solutions and listed on American Stock Exchange under the ticker symbol XPO. It was acquired by Brad Jacobs and renamed to XPO Logistics in September 2011. In June 2012, XPO listed its shares on the New York Stock Exchange.

XPO has acquired a number of logistics businesses in North America and overseas. Some notable acquisitions include: 3PD, Inc. (August 2013), Pacer International, Inc. (March 2014), Norbert Dentressangle SA (April 2015) and Con-way Inc. (October 2015). XPO paid US$3.56 billion, which included acquired debt, for European transport company Norbert Dentressangle and $3 billion for Con-way. In 2016, XPO sold its truckload division (acquired from Con-Way) to TransForce for $558 million in cash.

In June 2016, XPO was included in the Fortune 500 list of the largest US corporations based on revenue.

Beginning in 2021, XPO Logistics broke into three separate publicly traded companies, making XPO solely a less-than-truckload (LTL) provider.

GXO Logistics

In August 2021, the company spun off its contract logistics business into a separate company named GXO Logistics, with facilities located primarily throughout North America and Europe. GXO stands for "game-changing opportunities". Patrick Kelleher is the CEO of the company.

RXO

XPO spun off its brokerage and other services—managed transportation, global forwarding and last-mile logistics—to a separate company named RXO, Inc. in November 2022. RXO is headquartered in Charlotte, North Carolina. Drew Wilkerson is CEO of the company.

2022–present

XPO dropped "Logistics" from its name in December 2022 and remains solely an LTL carrier, which allows multiple customers to transport goods in the same truck. In August 2022, Brad Jacobs announced he was stepping down as CEO and would serve as executive chairman. Mario Harik, XPO's former chief information officer, who also serves as the company's president, was appointed as CEO. In March 2022, XPO sold its North American intermodal business to Illinois-based STG Logistics for $710 million. In March 2023, XPO appointed J. Wes Frye, a retired industry veteran, to its board of directors. In April 2023, XPO announced the hire of Dave Bates as chief operating officer of North American LTL. In December 2023, XPO received approval from a Delaware bankruptcy court to acquire 28 service centers of Yellow Corporation for $870 million as a part of Chapter 11 bankruptcy. The acquisition was finalized in January 2024.

In 2025, XPO was listed by DriveBigTrucks.com as one of the best trucking companies for women, based on factors such as safety practices, benefits, and career support. Also in 2025, Fortune magazine included XPO on its list of America's Most Innovative Companies. XPO was the only pure play LTL carrier included in the 300-company list.

Read the full text

In December 2025, XPO announced that Brad Jacobs would step down as executive chairman at the end of the year. Mario Harik was appointed chairman of the board while continuing to serve as CEO.

From Wikipedia’s article on XPO, Inc., shared under CC BY-SA 4.0.⁶

Leadership

Who has led XPO, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

Mario Harik2023–now

19901995200020052010201520202025

FounderBrad Jacobs¹
Chief executive officerMario Harik 2023 to now¹
ChairBrad Jacobs¹

Products and brands

North America

XPO is the second largest provider of less-than-truckload services in North America. LTL is a freight model which involves shipping smaller quantities of goods for multiple customers at a time. In 2022, XPO's CEO stated that the company operates in 99% of U.S. zip codes. As of March 2022, XPO also produced new and re-manufactured trailers at a factory in Searcy, Arkansas.

Europe

XPO provides dedicated truckload, LTL, truck brokerage, managed transportation, last mile and freight forwarding in Europe. The company also manages multimodal solutions, such as road-rail and road-short sea combinations. 1,000 new drivers were hired in the U.K. and Ireland in 2022.

From Wikipedia’s article on XPO, Inc., shared under CC BY-SA 4.0.⁶

Acquisitions

2015Contract Freighters, Inc. became a subsidiary¹

Former names

XPO Logistics, Inc.Oct 18, 2006 to Dec 12, 2022⁵
EXPRESS-1 EXPEDITED SOLUTIONS INCJun 7, 2006 to Sep 1, 2011⁵
SEGMENTZ INCJan 30, 2002 to May 15, 2006⁵

Controversies and legal

Controversy

A 2018 article by The New York Times profiled the experiences of several employees working at a Memphis, Tennessee, warehouse operated by XPO. The warehouse had no windows or air conditioning, and sometimes temperatures there surpassed 100 °F (38 °C). The article described several cases of warehouse workers miscarrying, which were attributed to management's refusal to allow pregnant workers to avoid strenuous jobs. According to the article and XPO employees, a worker died of cardiac arrest on the warehouse floor in 2017 and employees said they were told by managers to continue working. A spokesperson for XPO called the allegations in the article "unsubstantiated, filled with inaccuracies", and claimed they were "fueled by the Teamsters".

In October 2021, XPO agreed to pay $30 million to 784 drivers who said the company paid them less than minimum wage.

From Wikipedia’s article on XPO, Inc., shared under CC BY-SA 4.0.⁶

Timeline

2023New chief executive Mario Harik becomes CEO¹
Oct 7, 2003Went public Listed on NYSE¹
1987Founded Founded in Greenwich¹

Recent filings

Sep 15, 20264
Sep 15, 20264
Sep 14, 2026144
Sep 14, 2026144
Sep 3, 20268-K
Aug 13, 2026144/A
Aug 12, 2026SCHEDULE 13G/A
Aug 12, 20264
Aug 12, 2026SCHEDULE 13G/A
Aug 12, 2026SCHEDULE 13G
Aug 11, 2026144
Aug 10, 2026144
Aug 7, 20264
Jul 30, 20268-K
Jul 30, 20268-K

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataXPO, Inc. on Wikidata
2
SEC EDGARXPO, Inc. filings on SEC EDGAR
3
WikipediaXPO, Inc. on Wikipedia
4
Wikimedia CommonsXPO, Inc. logo by XPO Design Team, Public domain
5
SEC EDGARXPO, Inc. filings on SEC EDGAR
6
WikipediaXPO, Inc. on Wikipedia (revision used)
7
SEC EDGARXPO, Inc. 10-K for fiscal 2025
8
SEC EDGARXPO, Inc. 10-K for fiscal 2019
9
SEC EDGARXPO, Inc. 10-K for fiscal 2020
10
SEC EDGARXPO, Inc. 10-K for fiscal 2021
11
SEC EDGARXPO, Inc. 10-K for fiscal 2022
12
SEC EDGARXPO, Inc. 10-Q for fiscal 2026
13
SEC EDGARXPO, Inc. 10-Q for fiscal 2026
14
SEC EDGARXPO, Inc. 10-K for fiscal 2019
15
SEC EDGARXPO, Inc. 10-K for fiscal 2019

Overview

Financials

Key numbers, fiscal 2025

What sells

Business segments

Regions

Where the money goes

Where each dollar of revenue went, fiscal 2025

Financial statements

The story

2011–2021

GXO Logistics

RXO

2022–present

Leadership

Chief executive

Products and brands

North America

Europe

Acquisitions

Former names

Controversies and legal

Controversy

Timeline

Recent filings

Links

Sources