What is XPO's operating income?

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

XPO (XPO) Financials

$174.45 -0.89 (-0.51%)

Closing price 09/18/2026 03:59 PM Eastern

Extended Trading

$179.40 +4.94 (+2.83%)

As of 09/18/2026 07:30 PM Eastern

Compare

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	58	67	150	95	75	69	106	82	59	101	162
Consolidated Net Income / (Loss)	58	67	150	95	75	69	106	82	59	101	162
Net Income / (Loss) Continuing Operations	58	67	150	95	75	69	106	82	59	101	162
Total Pre-Tax Income	78	90	147	135	101	91	143	112	91	124	218
Total Operating Income	119	138	197	176	149	151	198	164	143	174	271
Total Gross Profit	713	746	789	771	688	723	783	811	754	793	962
Total Revenue	1,940	2,018	2,079	2,053	1,922	1,954	2,080	2,111	2,012	2,096	2,355
Operating Revenue	1,940	2,018	2,079	2,053	1,922	1,954	2,080	2,111	2,012	2,096	2,355
Total Cost of Revenue	1,227	1,272	1,290	1,282	1,234	1,231	1,297	1,300	1,258	1,303	1,393
Operating Cost of Revenue	1,227	1,272	1,290	1,282	1,234	1,231	1,297	1,300	1,258	1,303	1,393
Total Operating Expenses	594	607	592	595	539	572	584	647	611	619	690
Selling, General & Admin Expense	438	451	435	432	405	428	424	449	437	457	516
Depreciation Expense	114	117	122	126	125	123	131	134	133	131	134
Other Operating Expenses / (Income)	15	19	21	21	19	19	21	21	22	21	22
Restructuring Charge	20	22	18	16	24	15	11	7.00	34	11	24
Other Special Charges / (Income)	7.00	-2.00	-4.00	0.00	-34	-13	-3.00	36	-15	-1.00	-6.00
Total Other Income / (Expense), net	-41	-48	-50	-41	-47	-60	-54	-52	-53	-50	-52
Interest Expense	44	58	56	56	53	61	56	54	54	53	56
Other Income / (Expense), net	3.00	10	6.00	15	6.00	1.00	2.00	2.00	1.00	3.00	4.00
Income Tax Expense	20	23	-3.00	40	26	22	37	30	32	23	56
Basic Earnings per Share	$0.50	$0.58	$1.29	$0.81	$0.65	$0.59	$0.90	$0.69	$0.51	$0.87	$1.38
Weighted Average Basic Shares Outstanding	116M	116M	116M	116M	116M	117M	118M	118M	118M	117M	117M
Diluted Earnings per Share	$0.50	$0.56	$1.25	$0.79	$0.65	$0.58	$0.89	$0.68	$0.49	$0.85	$1.36
Weighted Average Diluted Shares Outstanding	118M	120M	120M	120M	120M	120M	119M	120M	119M	119M	118M
Weighted Average Basic & Diluted Shares Outstanding	116.11M	116.33M	116.39M	116.40M	117.24M	117.81M	117.76M	117.38M	117.15M	117.41M	117.09M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	58	-183	21	129	-87	-78	13	107	-11	-72	56
Net Cash From Operating Activities	251	145	210	264	189	142	247	371	226	183	308
Net Cash From Continuing Operating Activities	251	145	210	264	189	143	245	374	224	183	307
Net Income / (Loss) Continuing Operations	58	67	150	95	75	69	106	82	59	101	162
Consolidated Net Income / (Loss)	58	67	150	95	75	69	106	82	59	101	162
Depreciation Expense	114	117	122	126	125	123	131	134	133	131	134
Non-Cash Adjustments To Reconcile Net Income	30	21	27	19	2.00	25	22	24	23	22	23
Changes in Operating Assets and Liabilities, net	49	-60	-90	23	-10	-74	-14	134	8.00	-71	-12
Net Cash From Investing Activities	-1,029	-299	-184	-115	-104	-191	-191	-150	-84	-107	-101
Net Cash From Continuing Investing Activities	-1,029	-299	-184	-115	-104	-192	-191	-150	-83	-107	-101
Purchase of Property, Plant & Equipment	-1,039	-306	-190	-127	-166	-199	-196	-156	-106	-111	-127
Sale of Property, Plant & Equipment	10	7.00	6.00	4.00	58	7.00	5.00	6.00	23	7.00	26
Net Cash From Financing Activities	833	-29	-6.00	-24	-167	-30	-44	-111	-154	-147	-153
Net Cash From Continuing Financing Activities	833	-29	-5.00	-24	-168	-29	-44	-113	-153	-147	-152
Repayment of Debt	-145	-14	-3.00	-20	-59	18	-33	-67	-82	-29	-967
Repurchase of Common Equity	-	-	-	-	-	0.00	-	-47	-68	-30	-70
Effect of Exchange Rate Changes	3.00	0.00	-	5.00	-5.00	-	-	-3.00	-	-2.00	3.00
Cash Interest Paid	76	25	76	47	75	42	75	41	71	39	70
Cash Income Taxes Paid	-2.00	3.00	29	39	19	-2.00	33	-42	-	4.00	5.00

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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	6,348	6,352	6,428	7,603	7,729	7,923	7,879	8,133	8,189	8,183	8,333
Total Current Assets	1,565	1,522	1,613	1,528	1,548	1,654	1,580	1,623	1,699	1,675	1,814
Cash & Equivalents	309	290	355	229	250	378	212	225	335	237	298
Accounts Receivable	1,019	1,008	1,059	1,077	1,088	1,064	1,083	1,132	1,103	1,163	1,267
Other Current Assets	221	224	199	222	210	212	286	265	262	275	249
Plant, Property, & Equipment, net	1,978	2,037	2,072	3,257	3,305	3,357	3,539	3,646	3,642	3,652	3,658
Total Noncurrent Assets	2,805	2,793	2,743	2,818	2,877	2,913	2,760	2,863	2,847	2,855	2,860
Goodwill	1,483	1,493	1,465	1,484	1,481	1,516	1,491	1,553	1,546	1,532	1,528
Intangible Assets	396	383	366	406	392	381	350	340	325	295	280
Other Noncurrent Operating Assets	926	917	912	928	1,004	1,016	919	970	976	1,028	1,052
Total Liabilities & Shareholders' Equity	6,348	6,352	6,428	7,603	7,729	7,923	7,879	8,133	8,189	8,183	8,333
Total Liabilities	5,293	5,233	5,231	6,271	6,231	6,282	6,239	6,352	6,371	6,332	6,372
Total Current Liabilities	1,546	1,533	1,522	1,622	1,542	1,563	1,551	1,599	1,667	1,691	1,794
Short-Term Debt	66	66	66	63	64	68	61	63	125	104	159
Accounts Payable	505	464	473	570	477	445	501	498	465	462	486
Accrued Expenses	792	800	827	782	772	805	758	777	816	800	823
Other Current Liabilities	168	203	156	208	228	246	232	261	262	325	325
Total Noncurrent Liabilities	3,747	3,700	3,709	4,649	4,689	4,719	4,688	4,753	4,704	4,641	4,578
Long-Term Debt	2,478	2,452	2,447	3,323	3,330	3,343	3,336	3,344	3,222	3,172	3,047
Noncurrent Deferred & Payable Income Tax Liabilities	307	301	326	342	364	371	392	383	449	494	508
Noncurrent Employee Benefit Liabilities	92	91	90	89	88	88	85	85	84	84	83
Other Noncurrent Operating Liabilities	870	856	846	895	907	917	875	941	949	891	940
Total Equity & Noncontrolling Interests	1,055	1,119	1,197	1,332	1,499	1,641	1,640	1,781	1,817	1,851	1,962
Total Preferred & Common Equity	1,055	1,119	1,197	1,332	1,499	1,641	1,640	1,781	1,817	1,851	1,962
Total Common Equity	1,055	1,119	1,197	1,332	1,499	1,641	1,640	1,781	1,817	1,850	1,962
Common Stock	1,252	1,268	1,284	1,302	1,322	1,340	1,227	1,233	1,196	1,055	1,005
Retained Earnings	10	43	127	252	402	496	641	747	829	989	1,151
Accumulated Other Comprehensive Income / (Loss)	-207	-192	-214	-222	-225	-195	-228	-199	-208	-194	-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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	117,147,357.00	117,409,981.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	117,147,357.00	117,409,981.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.86	1.38
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.95%	5.82%	8.45%	3.69%	-0.93%	-3.17%	0.05%	2.83%	4.68%	7.27%	13.22%
EBITDA Growth	96.67%	61.59%	49.77%	18.28%	18.64%	3.77%	1.85%	-5.36%	-1.07%	12.00%	23.57%
EBIT Growth	617.65%	134.92%	84.55%	20.89%	27.05%	2.70%	-1.48%	-13.09%	-7.10%	16.45%	37.50%
NOPAT Growth	3,060.26%	118.80%	166.65%	9.41%	25.04%	11.45%	-26.99%	-3.05%	-16.20%	23.78%	37.21%
Net Income Growth	161.70%	378.57%	354.55%	13.10%	29.31%	2.99%	-29.33%	-13.68%	-21.33%	46.38%	52.83%
EPS Growth	160.98%	330.77%	346.43%	11.27%	30.00%	3.57%	-28.80%	-13.92%	-24.62%	46.55%	52.81%
Operating Cash Flow Growth	28.06%	90.79%	60.31%	11.86%	-24.70%	-2.07%	17.62%	40.53%	19.58%	28.87%	24.70%
Free Cash Flow Firm Growth	-3,620.93%	-220.34%	-220.25%	-231.60%	65.55%	79.70%	84.47%	97.08%	91.91%	134.93%	272.35%
Invested Capital Growth	38.11%	36.45%	38.75%	39.31%	11.39%	7.51%	6.83%	3.32%	2.59%	1.33%	-1.85%
Revenue Q/Q Growth	-2.02%	4.02%	3.02%	-1.25%	-6.38%	1.66%	6.45%	1.49%	-4.69%	4.18%	12.36%
EBITDA Q/Q Growth	-11.94%	12.29%	22.64%	-2.46%	-11.67%	-1.79%	20.36%	-9.37%	-7.67%	11.19%	32.79%
EBIT Q/Q Growth	-22.78%	21.31%	37.16%	-5.91%	-18.85%	-1.94%	31.58%	-17.00%	-13.25%	22.92%	55.37%
NOPAT Q/Q Growth	-21.83%	16.10%	95.67%	-38.39%	-10.66%	3.48%	28.19%	-18.19%	-22.78%	52.86%	42.10%
Net Income Q/Q Growth	-30.95%	15.52%	123.88%	-36.67%	-21.05%	-8.00%	53.62%	-22.64%	-28.05%	71.19%	60.40%
EPS Q/Q Growth	-29.58%	12.00%	123.21%	-36.80%	-17.72%	-10.77%	53.45%	-23.60%	-27.94%	73.47%	60.00%
Operating Cash Flow Q/Q Growth	6.36%	-42.23%	44.83%	25.71%	-28.41%	-24.87%	73.94%	50.20%	-39.08%	-19.03%	68.31%
Free Cash Flow Firm Q/Q Growth	-219.63%	-0.90%	0.03%	-9.05%	68.68%	40.56%	23.49%	79.48%	13.29%	356.64%	277.46%
Invested Capital Q/Q Growth	26.92%	5.40%	3.48%	0.65%	1.48%	1.73%	2.82%	-2.66%	0.77%	0.47%	-0.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.75%	36.97%	37.95%	37.55%	35.80%	37.00%	37.64%	38.42%	37.48%	37.83%	40.85%
EBITDA Margin	12.16%	13.13%	15.63%	15.44%	14.57%	14.07%	15.91%	14.21%	13.77%	14.69%	17.37%
Operating Margin	6.13%	6.84%	9.48%	8.57%	7.75%	7.73%	9.52%	7.77%	7.11%	8.30%	11.51%
EBIT Margin	6.29%	7.33%	9.76%	9.30%	8.06%	7.78%	9.62%	7.86%	7.16%	8.44%	11.68%
Profit (Net Income) Margin	2.99%	3.32%	7.22%	4.63%	3.90%	3.53%	5.10%	3.88%	2.93%	4.82%	6.88%
Tax Burden Percent	74.36%	74.44%	102.04%	70.37%	74.26%	75.82%	74.13%	73.21%	64.84%	81.45%	74.31%
Interest Burden Percent	63.93%	60.81%	72.41%	70.68%	65.16%	59.87%	71.50%	67.47%	63.19%	70.06%	79.27%
Effective Tax Rate	25.64%	25.56%	-2.04%	29.63%	25.74%	24.18%	25.87%	26.79%	35.16%	18.55%	25.69%
Return on Invested Capital (ROIC)	9.62%	10.28%	19.40%	12.16%	10.33%	10.08%	11.77%	9.66%	7.82%	11.55%	14.92%
ROIC Less NNEP Spread (ROIC-NNEP)	8.42%	8.96%	17.50%	11.05%	9.16%	8.64%	10.48%	8.40%	6.73%	10.24%	13.62%
Return on Net Nonoperating Assets (RNNOA)	18.71%	20.23%	35.92%	20.20%	19.60%	18.44%	20.21%	14.68%	11.94%	18.26%	22.15%
Return on Equity (ROE)	28.33%	30.51%	55.32%	32.36%	29.93%	28.52%	31.97%	24.34%	19.77%	29.82%	37.07%
Cash Return on Invested Capital (CROIC)	-23.20%	-21.04%	-19.75%	-19.95%	1.22%	4.62%	3.70%	7.09%	7.31%	9.03%	13.21%
Operating Return on Assets (OROA)	7.08%	8.26%	11.12%	10.49%	8.56%	8.05%	9.71%	7.87%	7.34%	8.73%	12.16%
Return on Assets (ROA)	3.36%	3.74%	8.22%	5.22%	4.14%	3.65%	5.15%	3.89%	3.01%	4.98%	7.16%
Return on Common Equity (ROCE)	28.33%	30.51%	55.32%	32.36%	29.92%	28.52%	31.97%	24.34%	19.76%	29.81%	37.07%
Return on Equity Simple (ROE_SIMPLE)	0.00%	18.17%	23.95%	22.55%	0.00%	23.72%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	88	103	201	124	111	114	147	120	93	142	201
NOPAT Margin	4.56%	5.09%	9.67%	6.03%	5.76%	5.86%	7.06%	5.69%	4.61%	6.76%	8.55%
Net Nonoperating Expense Percent (NNEP)	1.20%	1.33%	1.90%	1.11%	1.16%	1.43%	1.29%	1.26%	1.10%	1.31%	1.29%
Return On Investment Capital (ROIC_SIMPLE)	1.89%	-	-	-	2.22%	2.27%	2.83%	2.33%	1.79%	2.76%	3.90%
Cost of Revenue to Revenue	63.25%	63.03%	62.05%	62.45%	64.20%	63.00%	62.36%	61.58%	62.52%	62.17%	59.15%
SG&A Expenses to Revenue	22.58%	22.35%	20.92%	21.04%	21.07%	21.90%	20.38%	21.27%	21.72%	21.80%	21.91%
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	30.62%	30.08%	28.48%	28.98%	28.04%	29.27%	28.08%	30.65%	30.37%	29.53%	29.30%
Earnings before Interest and Taxes (EBIT)	122	148	203	191	155	152	200	166	144	177	275
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	236	265	325	317	280	275	331	300	277	308	409
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.02	10.62	8.24	7.63	9.54	7.69	8.35	8.38	8.57	12.32	12.29
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5,317.90	990.91	156.51
Price to Revenue (P/Rev)	1.31	1.80	1.54	1.55	1.89	1.58	1.86	1.89	1.96	2.75	2.81
Price to Earnings (P/E)	53.75	58.48	34.40	33.82	39.45	32.42	43.12	45.85	50.49	65.49	59.66
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	1.86%	1.71%	2.91%	2.96%	2.54%	3.08%	2.32%	2.18%	1.98%	1.53%	1.68%
Enterprise Value to Invested Capital (EV/IC)	3.09	3.86	3.34	3.33	3.88	3.27	3.64	3.78	3.90	5.28	5.55
Enterprise Value to Revenue (EV/Rev)	1.70	2.20	1.93	1.92	2.28	1.97	2.25	2.26	2.32	3.11	3.15
Enterprise Value to EBITDA (EV/EBITDA)	14.86	17.56	14.16	13.60	15.51	13.20	15.01	15.38	16.02	21.24	20.87
Enterprise Value to EBIT (EV/EBIT)	29.03	32.17	24.55	23.41	26.41	22.54	25.87	27.10	28.64	37.60	35.45
Enterprise Value to NOPAT (EV/NOPAT)	40.66	45.43	30.49	30.01	34.09	28.60	36.50	37.09	39.96	51.38	48.46
Enterprise Value to Operating Cash Flow (EV/OCF)	18.95	22.69	18.40	17.87	22.78	19.62	21.45	19.22	19.23	25.15	24.83
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	334.67	73.37	101.61	54.16	53.95	58.87	41.59
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.69	2.54	2.26	2.08	2.12	2.07	1.91	1.84	1.78	1.77	1.63
Long-Term Debt to Equity	2.63	2.49	2.22	2.04	2.08	2.03	1.88	1.77	1.75	1.71	1.55
Financial Leverage	2.22	2.26	2.05	1.83	2.14	2.13	1.93	1.75	1.78	1.78	1.63
Leverage Ratio	6.04	5.84	5.38	5.06	5.30	5.21	4.84	4.66	4.59	4.60	4.40
Compound Leverage Factor	3.86	3.55	3.89	3.57	3.46	3.12	3.46	3.14	2.90	3.22	3.49
Debt to Total Capital	72.89%	71.77%	69.36%	67.52%	67.90%	67.44%	65.67%	64.81%	64.03%	63.90%	62.04%
Short-Term Debt to Total Capital	1.48%	1.34%	1.31%	1.35%	1.24%	1.21%	1.21%	2.42%	1.16%	2.03%	3.08%
Long-Term Debt to Total Capital	71.41%	70.43%	68.06%	66.17%	66.66%	66.23%	64.46%	62.39%	62.87%	61.87%	58.96%
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	27.11%	28.23%	30.64%	32.48%	32.08%	32.56%	34.33%	35.19%	35.97%	36.08%	37.96%
Debt to EBITDA	3.85	3.43	3.10	2.98	2.85	2.84	2.83	2.82	2.80	2.69	2.48
Net Debt to EBITDA	3.38	3.20	2.87	2.65	2.65	2.66	2.65	2.54	2.54	2.50	2.25
Long-Term Debt to EBITDA	3.77	3.37	3.04	2.92	2.80	2.79	2.78	2.72	2.75	2.61	2.35
Debt to NOPAT	10.52	8.89	6.68	6.58	6.27	6.15	6.89	6.81	6.98	6.52	5.75
Net Debt to NOPAT	9.25	8.29	6.19	5.86	5.82	5.77	6.43	6.13	6.33	6.04	5.22
Long-Term Debt to NOPAT	10.31	8.72	6.55	6.45	6.16	6.04	6.76	6.55	6.86	6.31	5.47
Altman Z-Score	2.10	2.48	2.39	2.40	2.73	2.41	2.60	2.63	2.73	3.41	3.60
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.03%	0.03%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.00	0.94	1.00	1.06	1.06	1.02	1.02	1.02	1.05	0.99	1.01
Quick Ratio	0.87	0.81	0.87	0.92	0.86	0.83	0.85	0.86	0.87	0.83	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,087	-1,096	-1,096	-1,195	-374	-223	-170	-35	-30	78	293
Operating Cash Flow to CapEx	24.39%	48.50%	114.13%	214.63%	175.00%	73.96%	129.32%	247.33%	272.29%	175.96%	304.95%
Free Cash Flow to Firm to Interest Expense	-24.69	-18.90	-19.57	-21.34	-7.06	-3.65	-3.04	-0.65	-0.56	1.47	5.24
Operating Cash Flow to Interest Expense	5.70	2.50	3.75	4.71	3.57	2.33	4.41	6.87	4.19	3.45	5.50
Operating Cash Flow Less CapEx to Interest Expense	-17.68	-2.66	0.46	2.52	1.53	-0.82	1.00	4.09	2.65	1.49	3.70
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.13	1.13	1.14	1.13	1.06	1.03	1.01	1.00	1.03	1.03	1.04
Accounts Receivable Turnover	8.04	7.50	7.65	7.62	8.28	7.41	7.22	7.45	8.11	7.39	7.15
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	3.16	3.00	3.00	2.98	2.49	2.36	2.30	2.31	2.31	2.31	2.35
Accounts Payable Turnover	9.34	9.36	10.83	11.18	10.07	9.41	10.35	11.13	10.91	10.71	10.68
Days Sales Outstanding (DSO)	45.41	48.70	47.71	47.89	44.09	49.23	50.59	49.02	45.02	49.39	51.06
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)	39.07	38.99	33.71	32.65	36.26	38.80	35.28	32.81	33.44	34.07	34.18
Cash Conversion Cycle (CCC)	6.35	9.71	14.01	15.24	7.82	10.42	15.31	16.22	11.57	15.32	16.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,258	4,488	4,644	4,674	4,743	4,825	4,961	4,829	4,866	4,889	4,869
Invested Capital Turnover	2.11	2.02	2.01	2.02	1.79	1.72	1.67	1.70	1.70	1.71	1.74
Increase / (Decrease) in Invested Capital	1,175	1,199	1,297	1,319	485	337	317	155	123	64	-92
Enterprise Value (EV)	13,150	17,309	15,492	15,546	18,407	15,798	18,060	18,235	18,957	25,830	27,011
Market Capitalization	10,158	14,152	12,348	12,513	15,266	12,613	14,878	15,223	15,954	22,791	24,103
Book Value per Share	$10.92	$11.48	$12.89	$14.10	$13.75	$13.99	$15.12	$15.43	$15.85	$15.79	$16.71
Tangible Book Value per Share	($5.64)	($4.81)	($3.22)	($2.20)	($1.91)	($1.71)	($0.95)	($0.46)	$0.03	$0.20	$1.31
Total Capital	4,670	4,718	4,893	5,052	4,988	5,037	5,188	5,164	5,174	5,127	5,168
Total Debt	3,404	3,386	3,394	3,411	3,387	3,397	3,407	3,347	3,313	3,276	3,206
Total Long-Term Debt	3,335	3,323	3,330	3,343	3,325	3,336	3,344	3,222	3,253	3,172	3,047
Net Debt	2,992	3,157	3,144	3,033	3,141	3,185	3,182	3,012	3,003	3,039	2,908
Capital Expenditures (CapEx)	1,029	299	184	123	108	192	191	150	83	104	101
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-340	-260	-180	-219	-99	-122	-138	-178	-175	-149	-119
Debt-free Net Working Capital (DFNWC)	72	-31	70	159	147	90	87	157	135	88	179
Net Working Capital (NWC)	3.00	-94	6.00	91	85	29	24	32	75	-16	20
Net Nonoperating Expense (NNE)	30	36	51	29	36	45	41	38	34	41	39
Net Nonoperating Obligations (NNO)	2,992	3,156	3,145	3,033	3,142	3,185	3,180	3,012	3,005	3,038	2,907
Total Depreciation and Amortization (D&A)	114	117	122	126	125	123	131	134	133	131	134
Debt-free, Cash-free Net Working Capital to Revenue	-4.39%	-3.31%	-2.25%	-2.71%	-1.23%	-1.52%	-1.72%	-2.21%	-2.15%	-1.80%	-1.39%
Debt-free Net Working Capital to Revenue	0.93%	-0.39%	0.87%	1.97%	1.82%	1.12%	1.09%	1.95%	1.66%	1.06%	2.09%
Net Working Capital to Revenue	0.04%	-1.20%	0.07%	1.12%	1.05%	0.36%	0.30%	0.40%	0.92%	-0.19%	0.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.50	$0.58	$1.29	$0.81	$0.65	$0.59	$0.90	$0.69	$0.51	$0.87	$1.38
Adjusted Weighted Average Basic Shares Outstanding	116M	116M	116M	116M	116M	117M	118M	118M	118M	117M	117M
Adjusted Diluted Earnings per Share	$0.50	$0.56	$1.25	$0.79	$0.65	$0.58	$0.89	$0.68	$0.49	$0.85	$1.36
Adjusted Weighted Average Diluted Shares Outstanding	118M	120M	120M	120M	120M	120M	119M	120M	119M	119M	118M
Adjusted Basic & Diluted Earnings per Share	$0.50	$0.00	$0.00	$0.00	$0.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	116.11M	116.33M	116.39M	116.40M	117.24M	117.81M	117.76M	117.38M	117.15M	117.41M	117.09M
Normalized Net Operating Profit after Tax (NOPAT)	109	118	148	135	103	116	153	152	105	150	215
Normalized NOPAT Margin	5.60%	5.83%	7.10%	6.58%	5.37%	5.94%	7.34%	7.18%	5.22%	7.15%	9.12%
Pre Tax Income Margin	4.02%	4.46%	7.07%	6.58%	5.25%	4.66%	6.88%	5.31%	4.52%	5.92%	9.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.77	2.55	3.63	3.41	2.92	2.49	3.57	3.07	2.67	3.34	4.91
NOPAT to Interest Expense	2.01	1.77	3.59	2.21	2.09	1.88	2.62	2.22	1.72	2.67	3.60
EBIT Less CapEx to Interest Expense	-20.61	-2.60	0.34	1.21	0.89	-0.66	0.16	0.30	1.13	1.38	3.11
NOPAT Less CapEx to Interest Expense	-21.38	-3.38	0.30	0.02	0.05	-1.27	-0.79	-0.55	0.18	0.71	1.79
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%	39.56%	44.54%	53.22%

Financials Breakdown Chart

Key Financial Trends

XPO’s Q2 2026 results show a meaningful improvement in growth, profitability and free cash flow. Revenue increased to $2.36 billion, up 13% from $2.08 billion in Q2 2025 and 23% from Q2 2024. Gross profit rose faster than revenue, reaching $962 million, while the gross margin expanded to approximately 40.8% from 37.6% a year earlier.

Operating income climbed to $271 million, compared with $198 million in Q2 2025 and $197 million in Q2 2024. Net income increased to $162 million, or $1.36 per diluted share, versus $106 million and $0.89 per diluted share in the prior-year quarter. The latest quarter also marked a sharp sequential improvement from Q1 2026, when XPO reported $101 million of net income and $0.85 of diluted EPS.

Cash generation also strengthened. Operating cash flow reached $308 million in Q2 2026, up from $247 million in Q2 2025. Capital expenditures declined to $127 million from $196 million, producing approximate free cash flow of $181 million, compared with about $51 million in the prior-year period. XPO used a large portion of its cash generation to repay debt and repurchase shares.

Improving revenue trajectory: Quarterly revenue increased from $1.83 billion in Q4 2022 to $2.36 billion in Q2 2026, with Q2 2026 representing the strongest revenue figure in the supplied data.
Significant margin expansion: Q2 2026 gross margin improved to approximately 40.8% from 37.6% in Q2 2025, while operating margin rose to roughly 11.5% from 9.5%.
Rapid earnings growth: Q2 net income rose 53% year over year, and diluted EPS increased from $0.89 to $1.36. EPS has also improved substantially from $0.28 in Q2 2023 and $0.50 in Q4 2023.
Stronger operating cash flow: Operating cash flow increased in each comparable Q2 period, from $131 million in Q2 2023 to $210 million in Q2 2024, $247 million in Q2 2025 and $308 million in Q2 2026.
Free cash flow conversion improved: Approximate Q2 free cash flow expanded from essentially breakeven in 2023 to $26 million in 2024, $51 million in 2025 and $181 million in 2026 as capital spending moderated.
Debt reduction continued: Total short- and long-term debt declined to approximately $3.21 billion at June 30, 2026, from $3.41 billion a year earlier. Q2 included approximately $967 million of reported debt repayment.
Balance-sheet equity increased: Total equity rose to $1.96 billion from $1.78 billion a year earlier and $1.50 billion in Q2 2024, supported by the return to stronger profitability.
Working-capital needs remain substantial: Accounts receivable increased to $1.27 billion in Q2 2026 from $1.13 billion a year earlier. This may reflect business growth, but it also ties up more cash and should be monitored for collection trends.
Leverage remains material: Although debt has declined, approximately $3.21 billion of debt still compares with $1.96 billion of equity. Interest expense was $56 million in Q2 2026, limiting the benefit of operating gains at the bottom line.
Restructuring and special charges continue: XPO recorded a $24 million restructuring charge in Q2 2026. Repeated restructuring charges across the reported periods suggest that some earnings volatility may persist.

The overall trend is favorable: XPO has moved from much weaker profitability in late 2022 and early 2023 to stronger revenue, expanding margins and materially higher cash generation. Investors should nevertheless weigh that improvement against the company’s still-elevated debt burden, recurring restructuring costs and the possibility that working-capital requirements could absorb part of the recent cash-flow gains.

09/19/26 11:58 AM 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. Find out what analysts predict for XPO in the coming months.

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 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

XPO (XPO) Financials

Financials Breakdown Chart

Key Financial Trends

XPO Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

XPO (XPO) Financials

Annual Income Statements for XPO

Quarterly Income Statements for XPO

Annual Cash Flow Statements for XPO

Quarterly Cash Flow Statements for XPO

Annual Balance Sheets for XPO

Quarterly Balance Sheets for XPO

Annual Metrics And Ratios for XPO

Quarterly Metrics And Ratios for XPO

Financials Breakdown Chart

Key Financial Trends

XPO Financials - Frequently Asked Questions

When does XPO's fiscal year end?

How has XPO's net income changed over the last 10 years?

What is XPO's operating income?

How has XPO's revenue changed over the last 10 years?

How much debt does XPO have?

How much cash does XPO have?

How has XPO's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools