XPO (XPO) Financials

$202.86 -0.71 (-0.35%)

Closing price 03:59 PM Eastern

Extended Trading

$202.74 -0.12 (-0.06%)

As of 06:46 PM Eastern

Annual Income Statements for XPO

This table shows XPO's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-191	69	340	422	419	110	336	666	189	387	316
Consolidated Net Income / (Loss)	-192	85	360	444	440	117	341	666	189	387	316
Net Income / (Loss) Continuing Operations	-192	85	360	444	241	-110	96	184	192	387	316
Total Pre-Tax Income	-283	107	261	566	301	-164	107	258	260	473	437
Total Operating Income	-29	464	582	704	561	97	312	377	438	660	656
Total Gross Profit	1,085	6,732	7,249	8,266	2,136	1,310	2,346	2,809	2,825	2,994	3,071
Total Revenue	7,623	14,619	15,381	17,279	10,681	6,168	7,202	7,718	7,744	8,072	8,157
Operating Revenue	7,623	14,619	15,381	17,279	10,681	6,168	7,202	7,718	7,744	8,072	8,157
Total Cost of Revenue	6,538	7,887	8,132	9,013	8,545	4,858	4,856	4,909	4,919	5,078	5,086
Operating Cost of Revenue	6,538	7,887	8,132	9,013	8,545	4,858	4,856	4,909	4,919	5,078	5,086
Total Operating Expenses	1,113	6,268	6,667	7,562	1,575	1,213	2,034	2,432	2,387	2,333	2,414
Selling, General & Admin Expense	1,113	6,268	6,667	7,562	1,068	746	1,666	1,870	1,790	1,723	1,738
Depreciation Expense	-	-	-	-	467	378	385	392	432	490	521
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	58	60	80	83
Restructuring Charge	-	-	-	-	40	89	55	108	102	80	67
Other Special Charges / (Income)	-	-	-	-	-	-	-72	-60	3.00	-40	5.00
Total Other Income / (Expense), net	-254	-357	-321	-138	-260	-261	-205	-119	-178	-186	-219
Interest Expense	217	431	320	244	273	308	265	174	193	223	225
Other Income / (Expense), net	-37	74	-1.00	106	13	47	60	55	15	37	6.00
Income Tax Expense	-91	22	-99	122	60	-54	11	74	68	86	121
Net Income / (Loss) Discontinued Operations	-	-	-	-	199	227	245	482	-3.00	0.00	0.00
Basic Earnings per Share	($2.65)	$0.57	$2.72	$3.17	$3.95	$0.87	$2.99	$5.79	$1.64	$3.33	$2.69
Weighted Average Basic Shares Outstanding	92.80M	110M	115M	123M	96M	92M	112M	115M	116M	116M	118M
Diluted Earnings per Share	($2.65)	$0.53	$2.45	$2.88	$3.57	$0.87	$2.93	$5.76	$1.60	$3.23	$2.64
Weighted Average Diluted Shares Outstanding	92.80M	123M	128M	135M	106M	92M	114M	116M	118M	120M	119M
Weighted Average Basic & Diluted Shares Outstanding	72.10M	121.10M	125M	133.10M	92.36M	102.20M	114.79M	115.50M	116.11M	117.24M	117.15M

This table shows XPO's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	84	58	67	150	95	75	69	106	82	59	101
Consolidated Net Income / (Loss)	84	58	67	150	95	75	69	106	82	59	101
Net Income / (Loss) Continuing Operations	86	58	67	150	95	75	69	106	82	59	101
Total Pre-Tax Income	117	78	90	147	135	101	91	143	112	91	124
Total Operating Income	154	119	138	197	176	149	151	198	164	143	174
Total Gross Profit	734	713	746	789	771	688	723	783	811	754	793
Total Revenue	1,980	1,940	2,018	2,079	2,053	1,922	1,954	2,080	2,111	2,012	2,096
Operating Revenue	1,980	1,940	2,018	2,079	2,053	1,922	1,954	2,080	2,111	2,012	2,096
Total Cost of Revenue	1,246	1,227	1,272	1,290	1,282	1,234	1,231	1,297	1,300	1,258	1,303
Operating Cost of Revenue	1,246	1,227	1,272	1,290	1,282	1,234	1,231	1,297	1,300	1,258	1,303
Total Operating Expenses	580	594	607	592	595	539	572	584	647	611	619
Selling, General & Admin Expense	445	438	451	435	432	405	428	424	449	437	457
Depreciation Expense	110	114	117	122	126	125	123	131	134	133	131
Other Operating Expenses / (Income)	15	15	19	21	21	19	19	21	21	22	21
Restructuring Charge	9.00	20	22	18	16	24	15	11	7.00	34	11
Other Special Charges / (Income)	1.00	7.00	-2.00	-4.00	0.00	-34	-13	-3.00	36	-15	-1.00
Total Other Income / (Expense), net	-37	-41	-48	-50	-41	-47	-60	-54	-52	-53	-50
Interest Expense	41	44	58	56	56	53	61	56	54	54	53
Other Income / (Expense), net	4.00	3.00	10	6.00	15	6.00	1.00	2.00	2.00	1.00	3.00
Income Tax Expense	31	20	23	-3.00	40	26	22	37	30	32	23
Basic Earnings per Share	$0.73	$0.50	$0.58	$1.29	$0.81	$0.65	$0.59	$0.90	$0.69	$0.51	$0.87
Weighted Average Basic Shares Outstanding	116M	116M	116M	116M	116M	116M	117M	118M	118M	118M	117M
Diluted Earnings per Share	$0.71	$0.50	$0.56	$1.25	$0.79	$0.65	$0.58	$0.89	$0.68	$0.49	$0.85
Weighted Average Diluted Shares Outstanding	119M	118M	120M	120M	120M	120M	120M	119M	120M	119M	119M
Weighted Average Basic & Diluted Shares Outstanding	115.97M	116.11M	116.33M	116.39M	116.40M	117.24M	117.81M	117.76M	117.38M	117.15M	117.41M

This table details how cash moves in and out of XPO's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-354	83	33	82	-9.00	1,664	-1,792	197	-51	-120	31
Net Cash From Operating Activities	91	622	785	1,102	629	296	490	824	694	808	986
Net Cash From Continuing Operating Activities	91	622	785	1,102	746	296	490	824	694	808	986
Net Income / (Loss) Continuing Operations	-192	85	360	444	241	-110	96	184	192	387	316
Consolidated Net Income / (Loss)	-192	85	360	444	440	117	341	666	189	387	316
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	227	245	482	-3.00	0.00	0.00
Depreciation Expense	365	643	658	716	467	378	385	392	432	490	521
Non-Cash Adjustments To Reconcile Net Income	45	110	196	47	-23	0.00	32	167	138	69	94
Changes in Operating Assets and Liabilities, net	-127	-216	-429	-105	-138	28	-23	81	-68	-137	54
Net Cash From Investing Activities	-4,085	142	-386	-400	-67	-70	-141	-404	-1,502	-702	-616
Net Cash From Continuing Investing Activities	-4,085	142	-386	-400	-67	-70	-141	-404	-1,502	-702	-616
Purchase of Property, Plant & Equipment	-249	-483	-504	-551	-379	-249	-269	-521	-1,533	-789	-657
Sale of Property, Plant & Equipment	60	69	118	143	237	175	131	88	29	75	41
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	29	2.00	12	0.00
Net Cash From Financing Activities	3,645	-681	-366	-620	-201	1,154	-1,933	-861	761	-226	-339
Net Cash From Continuing Financing Activities	3,645	-681	-366	-620	-198	1,154	-1,933	-861	761	-226	-339
Repayment of Debt	-1,273	-2,413	-2,444	-2,809	-2,532	-880	-3,083	-1,421	-2,182	-96	-164
Repurchase of Common Equity	-32	0.00	0.00	-536	-	-	384	-	0.00	0.00	-125
Issuance of Debt	4,152	1,748	1,814	2,429	3,695	2,175	0.00	275	2,962	0.00	0.00
Other Financing Activities, net	0.00	-11	-17	296	-14	-5.00	-28	-27	-19	-129	-50
Cash Interest Paid	168	363	274	233	281	314	253	145	185	223	229

This table details how cash moves in and out of XPO's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	64	58	-183	21	129	-87	-78	13	107	-11	-72
Net Cash From Operating Activities	236	251	145	210	264	189	142	247	371	226	183
Net Cash From Continuing Operating Activities	236	251	145	210	264	189	143	245	374	224	183
Net Income / (Loss) Continuing Operations	86	58	67	150	95	75	69	106	82	59	101
Consolidated Net Income / (Loss)	84	58	67	150	95	75	69	106	82	59	101
Depreciation Expense	110	114	117	122	126	125	123	131	134	133	131
Non-Cash Adjustments To Reconcile Net Income	26	30	21	27	19	2.00	25	22	24	23	22
Changes in Operating Assets and Liabilities, net	14	49	-60	-90	23	-10	-74	-14	134	8.00	-71
Net Cash From Investing Activities	-131	-1,029	-299	-184	-115	-104	-191	-191	-150	-84	-107
Net Cash From Continuing Investing Activities	-131	-1,029	-299	-184	-115	-104	-192	-191	-150	-83	-107
Purchase of Property, Plant & Equipment	-139	-1,039	-306	-190	-127	-166	-199	-196	-156	-106	-111
Purchase of Investments	-	-	-	-	-	-	0.00	-	-	-	-3.00
Sale of Property, Plant & Equipment	6.00	10	7.00	6.00	4.00	58	7.00	5.00	6.00	23	7.00
Net Cash From Financing Activities	-36	833	-29	-6.00	-24	-167	-30	-44	-111	-154	-147
Net Cash From Continuing Financing Activities	-36	833	-29	-5.00	-24	-168	-29	-44	-113	-153	-147
Repayment of Debt	-36	-145	-14	-3.00	-20	-59	18	-33	-67	-82	-29
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-47	-68	-30
Other Financing Activities, net	-	-7.00	-15	-2.00	-4.00	-108	-47	-1.00	1.00	-3.00	-88
Effect of Exchange Rate Changes	-3.00	3.00	0.00	-	5.00	-5.00	-	-	-3.00	-	-2.00
Cash Interest Paid	19	76	25	76	47	75	42	75	41	71	39
Cash Income Taxes Paid	18	-2.00	3.00	29	39	19	-2.00	33	-42	-	4.00

This table presents XPO's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	12,643	11,698	12,602	12,270	14,128	16,177	8,717	6,269	7,492	7,712	8,194
Total Current Assets	2,957	3,074	3,588	3,688	3,342	5,378	2,687	1,630	1,593	1,505	1,630
Cash & Equivalents	290	373	397	502	377	1,731	228	460	412	246	310
Accounts Receivable	2,266	2,313	2,725	2,596	2,500	1,680	908	954	973	977	1,035
Other Current Assets	401	387	466	590	465	303	219	199	208	283	285
Plant, Property, & Equipment, net	2,852	2,537	2,664	2,605	2,704	0.00	0.00	1,832	3,075	3,402	3,664
Total Noncurrent Assets	6,834	6,087	6,350	5,977	8,082	10,799	6,030	2,807	2,824	2,803	2,900
Goodwill	4,611	4,326	4,564	4,467	4,450	2,536	1,594	1,472	1,498	1,461	1,547
Intangible Assets	1,877	1,535	1,435	1,253	1,092	675	470	407	422	361	311
Other Noncurrent Operating Assets	233	227	351	257	2,540	2,922	2,603	928	904	981	1,042
Total Liabilities & Shareholders' Equity	12,643	11,698	12,602	12,270	14,128	16,177	8,717	6,269	7,492	7,712	8,194
Total Liabilities	9,582	8,661	8,592	8,300	11,232	13,328	7,579	5,257	6,226	6,109	6,332
Total Current Liabilities	2,694	2,732	2,997	3,313	3,258	5,161	2,548	1,507	1,590	1,420	1,555
Short-Term Debt	135	137	104	367	84	1,281	58	59	69	62	60
Accounts Payable	1,064	1,056	1,251	1,258	1,157	854	519	521	532	477	455
Accrued Expenses	1,292	1,382	1,526	1,480	1,414	1,044	822	774	775	708	760
Other Current Liabilities	204	157	116	208	603	254	165	137	214	173	279
Total Noncurrent Liabilities	6,888	5,929	5,595	4,987	7,974	8,167	5,031	3,750	4,636	4,689	4,777
Long-Term Debt	5,273	4,732	4,418	3,902	5,182	5,240	3,513	2,473	3,335	3,325	3,253
Noncurrent Deferred & Payable Income Tax Liabilities	933	572	419	444	495	286	247	319	337	393	482
Noncurrent Employee Benefit Liabilities	313	251	162	153	157	131	122	93	91	85	86
Other Noncurrent Operating Liabilities	370	374	596	488	2,140	1,080	868	865	873	886	956
Total Equity & Noncontrolling Interests	3,061	3,038	4,010	3,970	2,896	2,849	1,138	1,012	1,266	1,601	1,861
Total Preferred & Common Equity	2,717	2,700	3,604	3,575	2,743	2,709	1,138	1,012	1,266	1,601	1,861
Total Common Equity	2,675	2,658	3,563	3,534	2,702	2,708	1,138	1,012	1,266	1,600	1,861
Common Stock	3,212	3,245	3,590	3,311	2,061	1,998	1,179	1,238	1,298	1,274	1,160
Retained Earnings	-465	-393	-43	377	786	868	43	-4.00	185	572	888
Accumulated Other Comprehensive Income / (Loss)	-72	-194	16	-154	-145	-158	-84	-222	-217	-246	-187

This table presents XPO's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	8,503	6,348	6,352	6,428	7,603	7,729	7,923	7,879	8,133	8,189	8,183
Total Current Assets	2,831	1,565	1,522	1,613	1,528	1,548	1,654	1,580	1,623	1,699	1,675
Cash & Equivalents	544	309	290	355	229	250	378	212	225	335	237
Accounts Receivable	2,013	1,019	1,008	1,059	1,077	1,088	1,064	1,083	1,132	1,103	1,163
Other Current Assets	257	221	224	199	222	210	212	286	265	262	275
Plant, Property, & Equipment, net	1,828	1,978	2,037	2,072	3,257	3,305	3,357	3,539	3,646	3,642	3,652
Total Noncurrent Assets	3,844	2,805	2,793	2,743	2,818	2,877	2,913	2,760	2,863	2,847	2,855
Goodwill	2,229	1,483	1,493	1,465	1,484	1,481	1,516	1,491	1,553	1,546	1,532
Intangible Assets	496	396	383	366	406	392	381	350	340	325	295
Other Noncurrent Operating Assets	1,119	926	917	912	928	1,004	1,016	919	970	976	1,028
Total Liabilities & Shareholders' Equity	8,503	6,348	6,352	6,428	7,603	7,729	7,923	7,879	8,133	8,189	8,183
Total Liabilities	6,717	5,293	5,233	5,231	6,271	6,231	6,282	6,239	6,352	6,371	6,332
Total Current Liabilities	2,442	1,546	1,533	1,522	1,622	1,542	1,563	1,551	1,599	1,667	1,691
Short-Term Debt	60	66	66	66	63	64	68	61	63	125	104
Accounts Payable	1,022	505	464	473	570	477	445	501	498	465	462
Accrued Expenses	1,087	792	800	827	782	772	805	758	777	816	800
Other Current Liabilities	256	168	203	156	208	228	246	232	261	262	325
Total Noncurrent Liabilities	4,275	3,747	3,700	3,709	4,649	4,689	4,719	4,688	4,753	4,704	4,641
Long-Term Debt	2,848	2,478	2,452	2,447	3,323	3,330	3,343	3,336	3,344	3,222	3,172
Noncurrent Deferred & Payable Income Tax Liabilities	334	307	301	326	342	364	371	392	383	449	494
Noncurrent Employee Benefit Liabilities	116	92	91	90	89	88	88	85	85	84	84
Other Noncurrent Operating Liabilities	977	870	856	846	895	907	917	875	941	949	891
Total Equity & Noncontrolling Interests	1,786	1,055	1,119	1,197	1,332	1,499	1,641	1,640	1,781	1,817	1,851
Total Preferred & Common Equity	1,786	1,055	1,119	1,197	1,332	1,499	1,641	1,640	1,781	1,817	1,851
Total Common Equity	1,786	1,055	1,119	1,197	1,332	1,499	1,641	1,640	1,781	1,817	1,850
Common Stock	1,195	1,252	1,268	1,284	1,302	1,322	1,340	1,227	1,233	1,196	1,055
Retained Earnings	803	10	43	127	252	402	496	641	747	829	989
Accumulated Other Comprehensive Income / (Loss)	-212	-207	-192	-214	-222	-225	-195	-228	-199	-208	-194

This table displays calculated financial ratios and metrics derived from XPO's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	223.48%	91.77%	5.21%	12.34%	-38.19%	-42.25%	16.76%	7.16%	0.34%	4.24%	1.05%
EBITDA Growth	428.45%	294.85%	4.91%	23.16%	-31.78%	-49.86%	45.02%	8.85%	7.40%	34.12%	-0.34%
EBIT Growth	-57.79%	917.63%	7.99%	39.41%	-29.14%	-74.91%	158.33%	16.13%	4.86%	53.86%	-5.02%
NOPAT Growth	30.07%	1,941.15%	117.79%	-31.21%	-18.67%	-84.88%	312.26%	-3.95%	20.30%	66.95%	-12.16%
Net Income Growth	-201.26%	144.36%	323.53%	23.33%	-0.90%	-73.41%	191.45%	95.31%	-71.62%	104.76%	-18.35%
EPS Growth	-32.50%	120.00%	362.26%	17.55%	-0.90%	-73.41%	191.45%	96.59%	-72.22%	101.88%	-18.27%
Operating Cash Flow Growth	526.29%	585.02%	26.21%	40.38%	-42.92%	-52.94%	65.54%	68.16%	-15.78%	16.43%	22.03%
Free Cash Flow Firm Growth	-556.82%	115.37%	-80.31%	375.23%	-57.78%	744.00%	-49.91%	-86.03%	-459.51%	106.46%	538.84%
Invested Capital Growth	413.40%	-7.91%	8.00%	-4.89%	0.62%	-42.62%	-31.70%	1.05%	38.11%	11.39%	2.59%
Revenue Q/Q Growth	49.13%	2.34%	3.48%	1.14%	-36.80%	-24.87%	29.25%	111.80%	1.43%	-0.22%	1.12%
EBITDA Q/Q Growth	47.27%	14.86%	1.91%	3.08%	-33.23%	61.11%	-14.17%	33.55%	15.08%	3.85%	-0.25%
EBIT Q/Q Growth	-182.40%	45.48%	2.09%	3.38%	-30.42%	176.92%	-25.30%	44.00%	30.17%	4.97%	-1.63%
NOPAT Q/Q Growth	-288.16%	44.78%	97.00%	-28.94%	-21.79%	385.00%	-25.53%	26.45%	57.36%	4.25%	-3.52%
Net Income Q/Q Growth	-38.04%	925.24%	93.86%	-20.70%	3.77%	21.88%	-1.73%	-24.49%	410.81%	4.59%	-4.82%
EPS Q/Q Growth	6.03%	243.24%	94.44%	-32.71%	3.77%	21.88%	-1.73%	-24.90%	400.00%	1.25%	-6.05%
Operating Cash Flow Q/Q Growth	189.17%	36.40%	6.53%	37.49%	-37.60%	-38.20%	-12.81%	47.14%	8.61%	-7.13%	3.90%
Free Cash Flow Firm Q/Q Growth	-76.37%	139.95%	-70.65%	148.61%	-63.55%	1,013.78%	-51.25%	-39.98%	-185.11%	106.87%	4.36%
Invested Capital Q/Q Growth	53.34%	-7.35%	3.55%	-6.23%	0.78%	-39.92%	-29.57%	-25.71%	26.92%	1.48%	0.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.23%	46.05%	47.13%	47.84%	20.00%	21.24%	32.57%	36.40%	36.48%	37.09%	37.65%
EBITDA Margin	3.92%	8.08%	8.06%	8.83%	9.75%	8.46%	10.51%	10.68%	11.43%	14.71%	14.50%
Operating Margin	-0.38%	3.17%	3.78%	4.07%	5.25%	1.57%	4.33%	4.88%	5.66%	8.18%	8.04%
EBIT Margin	-0.86%	3.68%	3.78%	4.69%	5.37%	2.33%	5.17%	5.60%	5.85%	8.63%	8.12%
Profit (Net Income) Margin	-2.51%	0.58%	2.34%	2.57%	4.12%	1.90%	4.73%	8.63%	2.44%	4.79%	3.87%
Tax Burden Percent	67.82%	79.44%	137.93%	78.45%	146.18%	-71.34%	318.69%	258.14%	72.69%	81.82%	72.31%
Interest Burden Percent	429.33%	19.89%	44.92%	69.88%	52.44%	-113.89%	28.76%	59.72%	57.40%	67.86%	66.01%
Effective Tax Rate	0.00%	20.56%	-37.93%	21.55%	19.93%	0.00%	10.28%	28.68%	26.15%	18.18%	27.69%
Return on Invested Capital (ROIC)	-0.41%	4.69%	10.25%	6.96%	5.79%	1.11%	7.45%	8.77%	8.81%	12.00%	9.87%
ROIC Less NNEP Spread (ROIC-NNEP)	-7.20%	-1.21%	-0.03%	4.22%	5.58%	2.62%	10.91%	28.70%	3.50%	7.01%	4.72%
Return on Net Nonoperating Assets (RNNOA)	-7.72%	-1.90%	-0.03%	4.17%	7.03%	2.96%	9.66%	53.19%	7.78%	15.00%	8.38%
Return on Equity (ROE)	-8.13%	2.79%	10.22%	11.13%	12.82%	4.07%	17.11%	61.95%	16.59%	27.00%	18.26%
Cash Return on Invested Capital (CROIC)	-135.20%	12.92%	2.55%	11.97%	5.17%	55.27%	45.12%	7.72%	-23.20%	1.22%	7.31%
Operating Return on Assets (OROA)	-0.86%	4.42%	4.78%	6.51%	4.35%	0.95%	2.99%	5.77%	6.58%	9.17%	8.32%
Return on Assets (ROA)	-2.49%	0.70%	2.96%	3.57%	3.33%	0.77%	2.74%	8.89%	2.75%	5.09%	3.97%
Return on Common Equity (ROCE)	-7.39%	2.44%	9.02%	9.90%	11.64%	3.84%	16.50%	61.95%	16.59%	26.99%	18.25%
Return on Equity Simple (ROE_SIMPLE)	-7.05%	3.15%	9.99%	12.42%	16.04%	4.32%	29.96%	65.81%	14.93%	24.17%	0.00%
Net Operating Profit after Tax (NOPAT)	-20	369	803	552	449	68	280	269	323	540	474
NOPAT Margin	-0.26%	2.52%	5.22%	3.20%	4.21%	1.10%	3.89%	3.48%	4.18%	6.69%	5.82%
Net Nonoperating Expense Percent (NNEP)	6.79%	5.90%	10.27%	2.74%	0.21%	-1.51%	-3.46%	-19.94%	5.31%	4.99%	5.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.59%	6.93%	10.83%	9.17%
Cost of Revenue to Revenue	85.77%	53.95%	52.87%	52.16%	80.00%	78.76%	67.43%	63.60%	63.52%	62.91%	62.35%
SG&A Expenses to Revenue	14.61%	42.88%	43.35%	43.76%	10.00%	12.09%	23.13%	24.23%	23.11%	21.35%	21.31%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.61%	42.88%	43.35%	43.76%	14.75%	19.67%	28.24%	31.51%	30.82%	28.90%	29.59%
Earnings before Interest and Taxes (EBIT)	-66	538	581	810	574	144	372	432	453	697	662
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	299	1,181	1,239	1,526	1,041	522	757	824	885	1,187	1,183
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.10	1.80	3.08	2.05	2.72	4.02	7.81	3.79	8.02	9.54	8.57
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5,317.90
Price to Revenue (P/Rev)	0.39	0.33	0.71	0.42	0.69	1.77	1.23	0.50	1.31	1.89	1.96
Price to Earnings (P/E)	0.00	69.29	32.29	17.16	17.56	99.06	26.43	5.76	53.75	39.45	50.49
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	1.44%	3.10%	5.83%	5.70%	1.01%	3.78%	17.37%	1.86%	2.54%	1.98%
Enterprise Value to Invested Capital (EV/IC)	1.03	1.28	1.91	1.48	1.60	3.54	4.01	1.92	3.09	3.88	3.90
Enterprise Value to Revenue (EV/Rev)	1.11	0.66	1.01	0.66	1.16	2.57	1.70	0.77	1.70	2.28	2.32
Enterprise Value to EBITDA (EV/EBITDA)	28.27	8.18	12.55	7.50	11.95	30.32	16.15	7.17	14.86	15.51	16.02
Enterprise Value to EBIT (EV/EBIT)	0.00	17.95	26.77	14.13	21.67	109.92	32.86	13.67	29.03	26.41	28.64
Enterprise Value to NOPAT (EV/NOPAT)	0.00	26.19	19.37	20.72	27.69	233.10	43.67	21.97	40.66	34.09	39.96
Enterprise Value to Operating Cash Flow (EV/OCF)	93.14	15.52	19.81	10.38	19.78	53.47	24.95	7.17	18.95	22.78	19.23
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	9.51	77.77	12.04	31.01	4.67	7.21	24.93	0.00	334.67	53.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.77	1.60	1.13	1.08	1.82	2.29	3.14	2.50	2.69	2.12	1.78
Long-Term Debt to Equity	1.72	1.56	1.10	0.98	1.79	1.84	3.09	2.44	2.63	2.08	1.75
Financial Leverage	1.07	1.58	1.22	0.99	1.26	1.13	0.89	1.85	2.22	2.14	1.78
Leverage Ratio	3.26	3.99	3.45	3.12	3.84	5.28	6.24	6.97	6.04	5.30	4.59
Compound Leverage Factor	14.01	0.79	1.55	2.18	2.02	-6.01	1.80	4.16	3.47	3.60	3.03
Debt to Total Capital	63.86%	61.58%	53.00%	51.81%	64.52%	69.59%	75.83%	71.44%	72.89%	67.90%	64.03%
Short-Term Debt to Total Capital	1.60%	1.73%	1.22%	4.45%	1.03%	13.67%	1.23%	1.66%	1.48%	1.24%	1.16%
Long-Term Debt to Total Capital	62.26%	59.85%	51.78%	47.36%	63.49%	55.92%	74.60%	69.78%	71.41%	66.66%	62.87%
Preferred Equity to Total Capital	0.50%	0.53%	0.48%	0.50%	0.50%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.06%	4.27%	4.76%	4.79%	1.87%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	31.59%	33.63%	41.76%	42.89%	33.10%	28.90%	24.17%	28.56%	27.11%	32.08%	35.97%
Debt to EBITDA	18.08	4.12	3.65	2.80	5.06	12.49	4.72	3.07	3.85	2.85	2.80
Net Debt to EBITDA	17.11	3.81	3.33	2.47	4.70	9.18	4.42	2.51	3.38	2.65	2.54
Long-Term Debt to EBITDA	17.63	4.01	3.57	2.56	4.98	10.04	4.64	3.00	3.77	2.80	2.75
Debt to NOPAT	-270.12	13.21	5.63	7.73	11.72	96.04	12.76	9.42	10.52	6.27	6.98
Net Debt to NOPAT	-255.65	12.19	5.14	6.82	10.88	70.54	11.94	7.71	9.25	5.82	6.33
Long-Term Debt to NOPAT	-263.37	12.84	5.50	7.07	11.54	77.17	12.55	9.20	10.31	6.16	6.86
Altman Z-Score	0.74	1.72	2.19	2.23	1.37	0.99	1.70	1.92	2.25	2.96	2.94
Noncontrolling Interest Sharing Ratio	9.07%	12.54%	11.72%	11.07%	9.18%	5.83%	3.54%	0.00%	0.00%	0.03%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.10	1.13	1.20	1.11	1.03	1.04	1.05	1.08	1.00	1.06	1.05
Quick Ratio	0.95	0.98	1.04	0.94	0.88	0.66	0.45	0.94	0.87	0.86	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6,606	1,015	200	950	401	3,386	1,696	237	-852	55	351
Operating Cash Flow to CapEx	48.12%	150.24%	203.37%	270.10%	442.96%	400.00%	355.07%	190.30%	46.14%	113.17%	160.06%
Free Cash Flow to Firm to Interest Expense	-30.48	2.36	0.62	3.89	1.47	10.99	6.40	1.36	-4.41	0.25	1.56
Operating Cash Flow to Interest Expense	0.42	1.44	2.45	4.52	2.30	0.96	1.85	4.74	3.60	3.62	4.38
Operating Cash Flow Less CapEx to Interest Expense	-0.45	0.48	1.25	2.84	1.78	0.72	1.33	2.25	-4.20	0.42	1.64
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.99	1.20	1.27	1.39	0.81	0.41	0.58	1.03	1.13	1.06	1.03
Accounts Receivable Turnover	5.43	6.38	6.11	6.49	4.19	2.95	5.57	8.29	8.04	8.28	8.11
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	4.96	5.42	5.91	6.56	4.02	0.00	0.00	0.00	3.16	2.49	2.31
Accounts Payable Turnover	9.93	7.44	7.05	7.18	7.08	4.83	7.07	9.44	9.34	10.07	10.91
Days Sales Outstanding (DSO)	67.28	57.17	59.78	56.20	87.07	123.68	65.58	44.03	45.41	44.09	45.02
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	36.74	49.06	51.78	50.80	51.58	75.55	51.60	38.66	39.07	36.26	33.44
Cash Conversion Cycle (CCC)	30.53	8.12	8.00	5.40	35.49	48.13	13.98	5.37	6.35	7.82	11.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,179	7,532	8,135	7,737	7,785	4,467	3,051	3,083	4,258	4,743	4,866
Invested Capital Turnover	1.56	1.86	1.96	2.18	1.38	1.01	1.92	2.52	2.11	1.79	1.70
Increase / (Decrease) in Invested Capital	6,586	-647	603	-398	48	-3,318	-1,416	32	1,175	485	123
Enterprise Value (EV)	8,457	9,655	15,551	11,444	12,439	15,828	12,225	5,906	13,150	18,407	18,957
Market Capitalization	2,953	4,781	10,979	7,241	7,356	10,897	8,882	3,834	10,158	15,266	15,954
Book Value per Share	$24.68	$24.00	$29.72	$27.84	$29.27	$29.62	$9.92	$8.79	$10.92	$13.75	$15.85
Tangible Book Value per Share	($35.17)	($28.91)	($20.32)	($17.22)	($30.77)	($5.50)	($8.07)	($7.53)	($5.64)	($1.91)	$0.03
Total Capital	8,469	7,906	8,532	8,239	8,162	9,370	4,709	3,544	4,670	4,988	5,174
Total Debt	5,408	4,868	4,522	4,269	5,266	6,521	3,571	2,532	3,404	3,387	3,313
Total Long-Term Debt	5,273	4,732	4,418	3,902	5,182	5,240	3,513	2,473	3,335	3,325	3,253
Net Debt	5,118	4,495	4,125	3,767	4,889	4,790	3,343	2,072	2,992	3,141	3,003
Capital Expenditures (CapEx)	189	414	386	408	142	74	138	433	1,504	714	616
Debt-free, Cash-free Net Working Capital (DFCFNWC)	108	105	298	240	-209	-233	-31	-278	-340	-99	-175
Debt-free Net Working Capital (DFNWC)	398	479	695	742	168	1,498	197	182	72	147	135
Net Working Capital (NWC)	263	342	591	375	84	217	139	123	3.00	85	75
Net Nonoperating Expense (NNE)	172	284	443	108	9.17	-49	-61	-397	134	153	158
Net Nonoperating Obligations (NNO)	5,118	4,495	4,125	3,767	4,889	1,618	1,913	2,071	2,992	3,142	3,005
Total Depreciation and Amortization (D&A)	365	643	658	716	467	378	385	392	432	490	521
Debt-free, Cash-free Net Working Capital to Revenue	1.42%	0.72%	1.94%	1.39%	-1.96%	-3.78%	-0.43%	-3.60%	-4.39%	-1.23%	-2.15%
Debt-free Net Working Capital to Revenue	5.22%	3.27%	4.52%	4.29%	1.57%	24.29%	2.74%	2.36%	0.93%	1.82%	1.66%
Net Working Capital to Revenue	3.45%	2.34%	3.84%	2.17%	0.79%	3.52%	1.93%	1.59%	0.04%	1.05%	0.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.95)	$0.20	$0.98	$1.14	$1.42	$0.31	$1.82	$0.00	$1.64	$3.33	$2.69
Adjusted Weighted Average Basic Shares Outstanding	258.74M	307.41M	320.52M	343.11M	267.79M	256.64M	184.02M	0.00	116M	116M	118M
Adjusted Diluted Earnings per Share	($0.95)	$0.19	$0.88	$1.03	$1.28	$0.28	$1.78	$0.00	$1.60	$3.23	$2.64
Adjusted Weighted Average Diluted Shares Outstanding	258.87M	342.55M	356.50M	376.59M	295.69M	284.53M	187.31M	0.00	118M	120M	119M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	305.85M	310.91M	334.56M	304.60M	257.63M	285.10M	188.61M	0.00	116.11M	117.24M	117.15M
Normalized Net Operating Profit after Tax (NOPAT)	-20	369	407	552	481	130	265	349	401	573	526
Normalized NOPAT Margin	-0.26%	2.52%	2.65%	3.20%	4.51%	2.11%	3.68%	4.52%	5.18%	7.10%	6.45%
Pre Tax Income Margin	-3.71%	0.73%	1.70%	3.28%	2.82%	-2.66%	1.49%	3.34%	3.36%	5.86%	5.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.30	1.25	1.82	3.32	2.10	0.47	1.40	2.48	2.35	3.13	2.94
NOPAT to Interest Expense	-0.09	0.86	2.51	2.26	1.65	0.22	1.06	1.55	1.68	2.42	2.11
EBIT Less CapEx to Interest Expense	-1.17	0.29	0.61	1.65	1.58	0.23	0.88	-0.01	-5.45	-0.08	0.20
NOPAT Less CapEx to Interest Expense	-0.96	-0.11	1.30	0.59	1.13	-0.02	0.54	-0.94	-6.12	-0.78	-0.63
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-241.39%	5.88%	1.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-258.04%	5.88%	1.94%	120.72%	0.00%	0.00%	-112.61%	0.00%	0.00%	0.00%	39.56%

This table displays calculated financial ratios and metrics derived from XPO's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	117,147,357.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	117,147,357.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.86
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.75%	5.95%	5.82%	8.45%	3.69%	-0.93%	-3.17%	0.05%	2.83%	4.68%	7.27%
EBITDA Growth	5.93%	96.67%	61.59%	49.77%	18.28%	18.64%	3.77%	1.85%	-5.36%	-1.07%	12.00%
EBIT Growth	2.60%	617.65%	134.92%	84.55%	20.89%	27.05%	2.70%	-1.48%	-13.09%	-7.10%	16.45%
NOPAT Growth	5.34%	3,060.26%	118.80%	166.65%	9.41%	25.04%	11.45%	-26.99%	-3.05%	-16.20%	23.78%
Net Income Growth	-35.88%	161.70%	378.57%	354.55%	13.10%	29.31%	2.99%	-29.33%	-13.68%	-21.33%	46.38%
EPS Growth	-37.17%	160.98%	330.77%	346.43%	11.27%	30.00%	3.57%	-28.80%	-13.92%	-24.62%	46.55%
Operating Cash Flow Growth	-12.92%	28.06%	90.79%	60.31%	11.86%	-24.70%	-2.07%	17.62%	40.53%	19.58%	28.87%
Free Cash Flow Firm Growth	213.75%	-3,620.93%	-220.34%	-220.25%	-231.60%	65.55%	79.70%	84.47%	97.08%	91.91%	134.93%
Invested Capital Growth	-19.16%	38.11%	36.45%	38.75%	39.31%	11.39%	7.51%	6.83%	3.32%	2.59%	1.33%
Revenue Q/Q Growth	3.29%	-2.02%	4.02%	3.02%	-1.25%	-6.38%	1.66%	6.45%	1.49%	-4.69%	4.18%
EBITDA Q/Q Growth	23.50%	-11.94%	12.29%	22.64%	-2.46%	-11.67%	-1.79%	20.36%	-9.37%	-7.67%	11.19%
EBIT Q/Q Growth	43.64%	-22.78%	21.31%	37.16%	-5.91%	-18.85%	-1.94%	31.58%	-17.00%	-13.25%	22.92%
NOPAT Q/Q Growth	50.16%	-21.83%	16.10%	95.67%	-38.39%	-10.66%	3.48%	28.19%	-18.19%	-22.78%	52.86%
Net Income Q/Q Growth	154.55%	-30.95%	15.52%	123.88%	-36.67%	-21.05%	-8.00%	53.62%	-22.64%	-28.05%	71.19%
EPS Q/Q Growth	153.57%	-29.58%	12.00%	123.21%	-36.80%	-17.72%	-10.77%	53.45%	-23.60%	-27.94%	73.47%
Operating Cash Flow Q/Q Growth	80.15%	6.36%	-42.23%	44.83%	25.71%	-28.41%	-24.87%	73.94%	50.20%	-39.08%	-19.03%
Free Cash Flow Firm Q/Q Growth	-0.35%	-219.63%	-0.90%	0.03%	-9.05%	68.68%	40.56%	23.49%	79.48%	13.29%	356.64%
Invested Capital Q/Q Growth	0.24%	26.92%	5.40%	3.48%	0.65%	1.48%	1.73%	2.82%	-2.66%	0.77%	0.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.07%	36.75%	36.97%	37.95%	37.55%	35.80%	37.00%	37.64%	38.42%	37.48%	37.83%
EBITDA Margin	13.54%	12.16%	13.13%	15.63%	15.44%	14.57%	14.07%	15.91%	14.21%	13.77%	14.69%
Operating Margin	7.78%	6.13%	6.84%	9.48%	8.57%	7.75%	7.73%	9.52%	7.77%	7.11%	8.30%
EBIT Margin	7.98%	6.29%	7.33%	9.76%	9.30%	8.06%	7.78%	9.62%	7.86%	7.16%	8.44%
Profit (Net Income) Margin	4.24%	2.99%	3.32%	7.22%	4.63%	3.90%	3.53%	5.10%	3.88%	2.93%	4.82%
Tax Burden Percent	71.79%	74.36%	74.44%	102.04%	70.37%	74.26%	75.82%	74.13%	73.21%	64.84%	81.45%
Interest Burden Percent	74.05%	63.93%	60.81%	72.41%	70.68%	65.16%	59.87%	71.50%	67.47%	63.19%	70.06%
Effective Tax Rate	26.50%	25.64%	25.56%	-2.04%	29.63%	25.74%	24.18%	25.87%	26.79%	35.16%	18.55%
Return on Invested Capital (ROIC)	11.63%	9.62%	10.28%	19.40%	12.16%	10.33%	10.08%	11.77%	9.66%	7.82%	11.55%
ROIC Less NNEP Spread (ROIC-NNEP)	10.34%	8.42%	8.96%	17.50%	11.05%	9.16%	8.64%	10.48%	8.40%	6.73%	10.24%
Return on Net Nonoperating Assets (RNNOA)	15.68%	18.71%	20.23%	35.92%	20.20%	19.60%	18.44%	20.21%	14.68%	11.94%	18.26%
Return on Equity (ROE)	27.31%	28.33%	30.51%	55.32%	32.36%	29.93%	28.52%	31.97%	24.34%	19.77%	29.82%
Cash Return on Invested Capital (CROIC)	26.66%	-23.20%	-21.04%	-19.75%	-19.95%	1.22%	4.62%	3.70%	7.09%	7.31%	9.03%
Operating Return on Assets (OROA)	8.16%	7.08%	8.26%	11.12%	10.49%	8.56%	8.05%	9.71%	7.87%	7.34%	8.73%
Return on Assets (ROA)	4.34%	3.36%	3.74%	8.22%	5.22%	4.14%	3.65%	5.15%	3.89%	3.01%	4.98%
Return on Common Equity (ROCE)	27.31%	28.33%	30.51%	55.32%	32.36%	29.92%	28.52%	31.97%	24.34%	19.76%	29.81%
Return on Equity Simple (ROE_SIMPLE)	3.09%	0.00%	18.17%	23.95%	22.55%	0.00%	23.72%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	113	88	103	201	124	111	114	147	120	93	142
NOPAT Margin	5.72%	4.56%	5.09%	9.67%	6.03%	5.76%	5.86%	7.06%	5.69%	4.61%	6.76%
Net Nonoperating Expense Percent (NNEP)	1.29%	1.20%	1.33%	1.90%	1.11%	1.16%	1.43%	1.29%	1.26%	1.10%	1.31%
Return On Investment Capital (ROIC_SIMPLE)	-	1.89%	-	-	-	2.22%	2.27%	2.83%	2.33%	1.79%	2.76%
Cost of Revenue to Revenue	62.93%	63.25%	63.03%	62.05%	62.45%	64.20%	63.00%	62.36%	61.58%	62.52%	62.17%
SG&A Expenses to Revenue	22.47%	22.58%	22.35%	20.92%	21.04%	21.07%	21.90%	20.38%	21.27%	21.72%	21.80%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	29.29%	30.62%	30.08%	28.48%	28.98%	28.04%	29.27%	28.08%	30.65%	30.37%	29.53%
Earnings before Interest and Taxes (EBIT)	158	122	148	203	191	155	152	200	166	144	177
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	268	236	265	325	317	280	275	331	300	277	308
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.23	8.02	10.62	8.24	7.63	9.54	7.69	8.35	8.38	8.57	12.32
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5,317.90	990.91
Price to Revenue (P/Rev)	1.13	1.31	1.80	1.54	1.55	1.89	1.58	1.86	1.89	1.96	2.75
Price to Earnings (P/E)	234.00	53.75	58.48	34.40	33.82	39.45	32.42	43.12	45.85	50.49	65.49
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.43%	1.86%	1.71%	2.91%	2.96%	2.54%	3.08%	2.32%	2.18%	1.98%	1.53%
Enterprise Value to Invested Capital (EV/IC)	3.22	3.09	3.86	3.34	3.33	3.88	3.27	3.64	3.78	3.90	5.28
Enterprise Value to Revenue (EV/Rev)	1.42	1.70	2.20	1.93	1.92	2.28	1.97	2.25	2.26	2.32	3.11
Enterprise Value to EBITDA (EV/EBITDA)	14.07	14.86	17.56	14.16	13.60	15.51	13.20	15.01	15.38	16.02	21.24
Enterprise Value to EBIT (EV/EBIT)	31.08	29.03	32.17	24.55	23.41	26.41	22.54	25.87	27.10	28.64	37.60
Enterprise Value to NOPAT (EV/NOPAT)	52.62	40.66	45.43	30.49	30.01	34.09	28.60	36.50	37.09	39.96	51.38
Enterprise Value to Operating Cash Flow (EV/OCF)	16.93	18.95	22.69	18.40	17.87	22.78	19.62	21.45	19.22	19.23	25.15
Enterprise Value to Free Cash Flow (EV/FCFF)	10.81	0.00	0.00	0.00	0.00	334.67	73.37	101.61	54.16	53.95	58.87
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.10	2.69	2.54	2.26	2.08	2.12	2.07	1.91	1.84	1.78	1.77
Long-Term Debt to Equity	2.04	2.63	2.49	2.22	2.04	2.08	2.03	1.88	1.77	1.75	1.71
Financial Leverage	1.52	2.22	2.26	2.05	1.83	2.14	2.13	1.93	1.75	1.78	1.78
Leverage Ratio	5.01	6.04	5.84	5.38	5.06	5.30	5.21	4.84	4.66	4.59	4.60
Compound Leverage Factor	3.71	3.86	3.55	3.89	3.57	3.46	3.12	3.46	3.14	2.90	3.22
Debt to Total Capital	67.74%	72.89%	71.77%	69.36%	67.52%	67.90%	67.44%	65.67%	64.81%	64.03%	63.90%
Short-Term Debt to Total Capital	1.78%	1.48%	1.34%	1.31%	1.35%	1.24%	1.21%	1.21%	2.42%	1.16%	2.03%
Long-Term Debt to Total Capital	65.96%	71.41%	70.43%	68.06%	66.17%	66.66%	66.23%	64.46%	62.39%	62.87%	61.87%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	32.26%	27.11%	28.23%	30.64%	32.48%	32.08%	32.56%	34.33%	35.19%	35.97%	36.08%
Debt to EBITDA	3.27	3.85	3.43	3.10	2.98	2.85	2.84	2.83	2.82	2.80	2.69
Net Debt to EBITDA	2.81	3.38	3.20	2.87	2.65	2.65	2.66	2.65	2.54	2.54	2.50
Long-Term Debt to EBITDA	3.18	3.77	3.37	3.04	2.92	2.80	2.79	2.78	2.72	2.75	2.61
Debt to NOPAT	12.23	10.52	8.89	6.68	6.58	6.27	6.15	6.89	6.81	6.98	6.52
Net Debt to NOPAT	10.50	9.25	8.29	6.19	5.86	5.82	5.77	6.43	6.13	6.33	6.04
Long-Term Debt to NOPAT	11.90	10.31	8.72	6.55	6.45	6.16	6.04	6.76	6.55	6.86	6.31
Altman Z-Score	2.31	2.10	2.48	2.39	2.40	2.73	2.41	2.60	2.63	2.73	3.41
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.03%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.06	1.00	0.94	1.00	1.06	1.06	1.02	1.02	1.02	1.05	0.99
Quick Ratio	0.93	0.87	0.81	0.87	0.92	0.86	0.83	0.85	0.86	0.87	0.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	908	-1,087	-1,096	-1,096	-1,195	-374	-223	-170	-35	-30	78
Operating Cash Flow to CapEx	177.44%	24.39%	48.50%	114.13%	214.63%	175.00%	73.96%	129.32%	247.33%	272.29%	175.96%
Free Cash Flow to Firm to Interest Expense	22.15	-24.69	-18.90	-19.57	-21.34	-7.06	-3.65	-3.04	-0.65	-0.56	1.47
Operating Cash Flow to Interest Expense	5.76	5.70	2.50	3.75	4.71	3.57	2.33	4.41	6.87	4.19	3.45
Operating Cash Flow Less CapEx to Interest Expense	2.51	-17.68	-2.66	0.46	2.52	1.53	-0.82	1.00	4.09	2.65	1.49
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.02	1.13	1.13	1.14	1.13	1.06	1.03	1.01	1.00	1.03	1.03
Accounts Receivable Turnover	4.97	8.04	7.50	7.65	7.62	8.28	7.41	7.22	7.45	8.11	7.39
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	3.92	3.16	3.00	3.00	2.98	2.49	2.36	2.30	2.31	2.31	2.31
Accounts Payable Turnover	6.53	9.34	9.36	10.83	11.18	10.07	9.41	10.35	11.13	10.91	10.71
Days Sales Outstanding (DSO)	73.43	45.41	48.70	47.71	47.89	44.09	49.23	50.59	49.02	45.02	49.39
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	55.86	39.07	38.99	33.71	32.65	36.26	38.80	35.28	32.81	33.44	34.07
Cash Conversion Cycle (CCC)	17.57	6.35	9.71	14.01	15.24	7.82	10.42	15.31	16.22	11.57	15.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,355	4,258	4,488	4,644	4,674	4,743	4,825	4,961	4,829	4,866	4,889
Invested Capital Turnover	2.03	2.11	2.02	2.01	2.02	1.79	1.72	1.67	1.70	1.70	1.71
Increase / (Decrease) in Invested Capital	-795	1,175	1,199	1,297	1,319	485	337	317	155	123	64
Enterprise Value (EV)	10,816	13,150	17,309	15,492	15,546	18,407	15,798	18,060	18,235	18,957	25,830
Market Capitalization	8,658	10,158	14,152	12,348	12,513	15,266	12,613	14,878	15,223	15,954	22,791
Book Value per Share	$10.32	$10.92	$11.48	$12.89	$14.10	$13.75	$13.99	$15.12	$15.43	$15.85	$15.79
Tangible Book Value per Share	($5.47)	($5.64)	($4.81)	($3.22)	($2.20)	($1.91)	($1.71)	($0.95)	($0.46)	$0.03	$0.20
Total Capital	3,710	4,670	4,718	4,893	5,052	4,988	5,037	5,188	5,164	5,174	5,127
Total Debt	2,513	3,404	3,386	3,394	3,411	3,387	3,397	3,407	3,347	3,313	3,276
Total Long-Term Debt	2,447	3,335	3,323	3,330	3,343	3,325	3,336	3,344	3,222	3,253	3,172
Net Debt	2,158	2,992	3,157	3,144	3,033	3,141	3,185	3,182	3,012	3,003	3,039
Capital Expenditures (CapEx)	133	1,029	299	184	123	108	192	191	150	83	104
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-198	-340	-260	-180	-219	-99	-122	-138	-178	-175	-149
Debt-free Net Working Capital (DFNWC)	157	72	-31	70	159	147	90	87	157	135	88
Net Working Capital (NWC)	91	3.00	-94	6.00	91	85	29	24	32	75	-16
Net Nonoperating Expense (NNE)	29	30	36	51	29	36	45	41	38	34	41
Net Nonoperating Obligations (NNO)	2,158	2,992	3,156	3,145	3,033	3,142	3,185	3,180	3,012	3,005	3,038
Total Depreciation and Amortization (D&A)	110	114	117	122	126	125	123	131	134	133	131
Debt-free, Cash-free Net Working Capital to Revenue	-2.59%	-4.39%	-3.31%	-2.25%	-2.71%	-1.23%	-1.52%	-1.72%	-2.21%	-2.15%	-1.80%
Debt-free Net Working Capital to Revenue	2.06%	0.93%	-0.39%	0.87%	1.97%	1.82%	1.12%	1.09%	1.95%	1.66%	1.06%
Net Working Capital to Revenue	1.19%	0.04%	-1.20%	0.07%	1.12%	1.05%	0.36%	0.30%	0.40%	0.92%	-0.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.73	$0.50	$0.58	$1.29	$0.81	$0.65	$0.59	$0.90	$0.69	$0.51	$0.87
Adjusted Weighted Average Basic Shares Outstanding	116M	116M	116M	116M	116M	116M	117M	118M	118M	118M	117M
Adjusted Diluted Earnings per Share	$0.71	$0.50	$0.56	$1.25	$0.79	$0.65	$0.58	$0.89	$0.68	$0.49	$0.85
Adjusted Weighted Average Diluted Shares Outstanding	119M	118M	120M	120M	120M	120M	120M	119M	120M	119M	119M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.50	$0.00	$0.00	$0.00	$0.65	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	115.97M	116.11M	116.33M	116.39M	116.40M	117.24M	117.81M	117.76M	117.38M	117.15M	117.41M
Normalized Net Operating Profit after Tax (NOPAT)	121	109	118	148	135	103	116	153	152	105	150
Normalized NOPAT Margin	6.09%	5.60%	5.83%	7.10%	6.58%	5.37%	5.94%	7.34%	7.18%	5.22%	7.15%
Pre Tax Income Margin	5.91%	4.02%	4.46%	7.07%	6.58%	5.25%	4.66%	6.88%	5.31%	4.52%	5.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.85	2.77	2.55	3.63	3.41	2.92	2.49	3.57	3.07	2.67	3.34
NOPAT to Interest Expense	2.76	2.01	1.77	3.59	2.21	2.09	1.88	2.62	2.22	1.72	2.67
EBIT Less CapEx to Interest Expense	0.61	-20.61	-2.60	0.34	1.21	0.89	-0.66	0.16	0.30	1.13	1.38
NOPAT Less CapEx to Interest Expense	-0.48	-21.38	-3.38	0.30	0.02	0.05	-1.27	-0.79	-0.55	0.18	0.71
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	39.56%	44.54%

Financials Breakdown Chart

Key Financial Trends

Below is a concise trend view of XPO, Inc. (NYSE: XPO) using the last four years of quarterly statements provided. Key themes focus on revenue and profitability momentum, cash flow generation, and balance sheet posture.

Revenue growth: Q4 2025 operating revenue rose to $2.012B from Q4 2024's $1.922B (approximately +4.7% YoY), with similar upward patterns across several 2025 quarters.
Gross margin expansion: Q4 2025 gross profit was $754M, a margin of about 37.5% (754M / 2.012B) vs Q4 2024 margin of about 35.8% (688M / 1.922B), indicating improved gross profitability.
Operating margins indicate steady profitability: 2025 quarters show operating margins generally in the mid-single digits, with Q2 2025 peaking near 9.5% (Operating income $198M on $2.08B revenue).
Positive cash flow from operations through 2025: Each quarter generated positive net cash from continuing operating activities (Q1 2025 ≈ $143M, Q2 ≈ $245M, Q3 ≈ $374M, Q4 ≈ $224M), underscoring solid cash generation.
Consistent quarterly profitability in 2025: Net income from continuing operations remained positive in every quarter (Q1 $69M, Q2 $106M, Q3 $82M, Q4 $59M), indicating ongoing quarterly profitability.
Earnings per share: While positive, quarterly basic and diluted EPS in Q4 2025 ($0.51 and $0.49) declined versus Q4 2024 ($0.65 and $0.58), highlighting some earnings normalization versus the prior year.
Debt service and interest expense remained relatively stable: 2025 quarterly interest expense ranged roughly from $54M to $66M, suggesting predictable carry costs.
Capital returns via buybacks: Q4 2025 included a notable share repurchase outflow of about $68M, signaling capital return to shareholders.
Cash balance sensitivity and quarter-to-quarter swing: Net change in cash and equivalents turned negative in Q4 2025 (-$11M) after stronger cash surges in prior quarters, signaling a quarter-specific working capital or capex shift.
Investing activity remains cash-using (CAPEX): Quarterly net cash from investing activities stayed negative (e.g., Q4 2025 at -$84M; Q3 2025 at -$150M; Q2 2025 at -$191M), indicating ongoing capital investments and potential pressure on near-term free cash flow.

05/22/26 09:59 PM ETAI Generated. May Contain Errors.

XPO Financials - Frequently Asked Questions

According to the most recent income statement we have on file, XPO's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

XPO's net income appears to be on an upward trend, with a most recent value of $316 million in 2025, falling from -$191.60 million in 2015. The previous period was $387 million in 2024. See XPO's forecast for analyst expectations on what's next for the company.

XPO's total operating income in 2025 was $656 million, based on the following breakdown:

Total Gross Profit: $3.07 billion
Total Operating Expenses: $2.41 billion

Over the last 10 years, XPO's total revenue changed from $7.62 billion in 2015 to $8.16 billion in 2025, a change of 7.0%.

XPO's total liabilities were at $6.33 billion at the end of 2025, a 3.7% increase from 2024, and a 33.9% decrease since 2015.

In the past 10 years, XPO's cash and equivalents has ranged from $228 million in 2021 to $1.73 billion in 2020, and is currently $310 million as of their latest financial filing in 2025.

Over the last 10 years, XPO's book value per share changed from 24.68 in 2015 to 15.85 in 2025, a change of -35.8%.

Related Companies

Financial statements for NYSE:XPO last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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XPO (XPO) Financials

Annual Income Statements for XPO

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