XPO Inc. (XPO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.47	$1.7	+15.6%	—	$2.4B	—
Q1 26	$0.88	$1.01	+14.8%	—	$2.1B	—
Q4 25	$0.76	$0.88	+15.8%	—	$2B	—
Q3 25	$1.01	$1.07	+5.9%	—	$2.1B	—
Q2 25	$0.99	$1.05	+6.1%	—	$2.1B	—
Q1 25	$0.65	$0.73	+12.3%	—	$2B	—
Q4 24	$0.63	$0.89	+41.3%	—	$1.9B	—
Q3 24	$0.9	$1.02	+13.3%	—	$2.1B	—
Q2 24	$1.01	$1.12	+10.9%	—	$2.1B	—
Q1 24	$0.68	$0.81	+19.1%	—	$2B	—
Q4 23	$0.62	$0.77	+24.2%	—	$1.9B	—
Q3 23	$0.64	$0.88	+37.5%	—	$2B	—
Q2 23	$0.61	$0.71	+16.4%	—	$1.9B	—
Q1 23	$0.46	$0.56	+21.7%	—	$1.9B	—
Q4 22	$0.85	$0.98	+15.3%	—	-$2B	—
Q3 22	$1.35	$1.45	+7.4%	—	$1.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.69	—	—	$8.2B	—
FY24	—	$3.33	—	—	$8.1B	—
FY23	—	$1.64	—	—	$7.7B	—
FY22	—	$5.79	—	—	$7.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$14.6B	$15.4B	$17.3B	$10.7B	$6.2B	$7.2B	$7.7B	$7.7B	$8.1B	$8.2B
YoY change	+91.8%	+5.21%	+12.3%	-38.2%	-42.3%	+16.8%	+7.16%	+0.34%	+4.24%	+1.05%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	14.6B	15.4B	17.3B	10.7B	6.2B	7.2B	7.7B	7.7B	8.1B	8.2B
Cost of revenue	12.5B	13.1B	14.7B	9B	5.2B	6.7B	7B	7B	7.2B	7.2B
Gross profit	2.1B	2.2B	2.5B	1.7B	932M	525M	730M	770M	915M	979M
Gross margin	14.5%	14.6%	14.7%	15.6%	15.1%	7.29%	9.46%	9.94%	11.3%	12%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.7B	1.7B	1.8B	1.1B	746M	174M	183M	167M	134M	167M
Operating expenses	1.7B	1.7B	1.8B	1.1B	746M	174M	183M	167M	134M	167M
Operating income	464M	582M	704M	601M	186M	295M	489M	543M	701M	729M
Operating margin	3.17%	3.78%	4.07%	5.63%	3.02%	4.1%	6.34%	7.01%	8.68%	8.94%
Non-operating income, net	4M	-37M	79M	-32M	-42M	23M	-96M	-115M	-3M	-72M
Pretax income	107M	261M	566M	301M	-164M	107M	258M	260M	473M	437M
Income tax	22M	-99M	122M	60M	-54M	11M	74M	68M	86M	121M
Net income	85M	360M	444M	440M	117M	341M	666M	189M	387M	316M
Net margin	0.58%	2.34%	2.57%	4.12%	1.9%	4.73%	8.63%	2.44%	4.79%	3.87%
EBITDA	1.1B	1.3B	1.5B	1.1B	611M	740M	936M	990M	1.2B	1.3B
EPS	0.57	2.72	3.17	3.95	0.87	2.99	5.79	1.64	3.33	2.69
Diluted EPS	0.53	2.45	2.88	3.57	0.78	2.93	5.76	1.6	3.23	2.64

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2B	1.9B	2B	2.1B	2.1B	1.9B	2B	2.1B	2.1B	2B	2.1B	2.4B
Cost of revenue	1.8B	1.7B	1.8B	1.8B	1.8B	1.7B	1.7B	1.8B	1.8B	1.8B	1.9B	2B
Gross profit	218M	199M	216M	265M	246M	187M	207M	268M	271M	233M	239M	352M
Gross margin	11%	10.3%	10.7%	12.7%	12%	9.73%	10.6%	12.9%	12.8%	11.6%	11.4%	14.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	39M	38M	38M	33M	33M	29M	35M	40M	43M	49M	34M	40M
Operating expenses	39M	38M	38M	33M	33M	29M	35M	40M	43M	49M	34M	40M
Operating income	164M	146M	159M	211M	192M	139M	153M	207M	207M	162M	184M	290M
Operating margin	8.28%	7.53%	7.88%	10.1%	9.35%	7.23%	7.83%	9.95%	9.81%	8.06%	8.78%	12.3%
Non-operating income, net	-6M	-26M	-10M	-8M	-1M	17M	-6M	-6M	-41M	-18M	-7M	-19M
Pretax income	117M	78M	90M	147M	135M	101M	91M	143M	112M	91M	124M	218M
Income tax	31M	20M	23M	-3M	40M	26M	22M	37M	30M	32M	23M	56M
Net income	84M	58M	67M	150M	95M	75M	69M	106M	82M	59M	101M	162M
Net margin	4.24%	2.99%	3.32%	7.22%	4.63%	3.9%	3.53%	5.1%	3.88%	2.93%	4.82%	6.88%
EBITDA	278M	263M	285M	339M	333M	268M	277M	338M	343M	297M	318M	426M
EPS	0.73	0.5	0.58	1.29	0.81	0.65	0.59	0.9	0.69	0.5	0.87	1.38
Diluted EPS	0.71	0.49	0.56	1.25	0.79	0.63	0.58	0.89	0.68	0.5	0.85	1.36

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	3.6B	2.4B	—	3.8B	—	3.8B	10.2B	15.2B	16B	20.7B
Enterprise value	—	7.8B	6.2B	—	9.4B	—	6.6B	13.9B	19.1B	19.8B	24B
Shares outstanding	110.2M	114.9M	123M	96M	92M	112M	115M	116M	116M	118M	118M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	10.1	5.47	—	32.4	—	5.75	53.8	39.3	50.8	51.1
P/S	—	0.24	0.14	—	0.61	—	0.5	1.31	1.88	1.97	2.36
P/B	—	0.91	0.61	—	1.33	—	3.78	8.03	9.5	8.62	10.3
EV/EBITDA	—	5.99	4.05	—	15.4	—	7.07	14	15.6	15.8	17.4
EV/Sales	—	0.5	0.36	—	1.53	—	0.86	1.79	2.36	2.43	2.8
Earnings yield	—	9.89%	18.3%	—	3.08%	—	17.4%	1.86%	2.54%	1.97%	1.96%
FCF yield	—	7.72%	22.7%	—	16.8%	—	8.12%	-8.38%	0.12%	2.05%	2.29%
PEG	—	—	—	—	—	—	—	—	—	—	0.96

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	14.5%	14.6%	14.7%	15.6%	15.1%	7.29%	9.46%	9.94%	11.3%	12%	14.9%
Operating margin	3.17%	3.78%	4.07%	5.63%	3.02%	4.1%	6.34%	7.01%	8.68%	8.94%	12.3%
Net margin	0.58%	2.34%	2.57%	4.12%	1.9%	4.73%	8.63%	2.44%	4.79%	3.87%	4.71%
ROE	2.8%	8.98%	11.2%	15.2%	4.11%	30%	65.8%	14.9%	24.2%	17%	21.6%
ROA	0.73%	2.86%	3.62%	3.11%	0.72%	3.91%	10.6%	2.52%	5.02%	3.86%	6.44%
ROIC	4.89%	7.15%	7.14%	4.8%	2.19%	5.11%	9.18%	8.07%	10.5%	9.34%	11.1%
Return on tangible assets	-376.1%	59.6%	53.5%	14.4%	1.2%	7.43%	26.5%	5.18%	9.51%	7.06%	8.57%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.13	1.2	1.11	1.03	1.04	1.05	1.08	1	1.06	1.05	1.01
Quick ratio	1.13	1.2	1.11	1.03	1.04	1.05	1.08	1	1.06	1.05	1.01
Debt / equity	1.6	1.13	1.08	2.59	2.59	3.76	3.21	3.25	2.57	2.2	2.06
Debt / assets	0.42	0.36	0.35	0.53	0.46	0.49	0.52	0.55	0.53	0.5	0.48
Net debt / EBITDA	3.94	3.18	2.46	6.54	9.23	5.47	2.98	3.74	3.16	3.01	2.67
Interest coverage	1.3	1.92	3.61	2.12	0.47	1.51	2.91	2.55	3.12	3	3.58
Effective tax rate	20.6%	0%	21.6%	19.9%	0%	10.3%	28.7%	26.2%	18.2%	27.7%	25.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	132.7	133.9	140.5	111.3	67	64.3	67.1	66.8	69.6	69.1	73
EPS (basic)	0.57	2.72	3.17	3.95	0.87	2.99	5.79	1.64	3.33	2.69	2.69
EPS (diluted)	0.53	2.45	2.88	3.57	0.78	2.93	5.76	1.6	3.23	2.64	3.39
Book value per share	27.6	34.9	32.3	30.2	31	10.2	8.8	10.9	13.8	15.8	16.8
FCF per share	1.26	2.45	4.48	4.29	6.91	4.04	2.7	-7.34	0.16	2.79	4.98
Cash per share	3.39	3.46	4.08	3.93	18.8	2.04	4	3.55	2.12	2.63	2.54
Capex per share	4.38	3.36	3.32	1.48	0.8	1.23	3.77	13	6.16	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.3%	2.51%	2.36%	1.33%	1.2%	1.92%	5.61%	19.4%	8.85%	—	—
Capex / operating cash flow	74.5%	54.2%	32.6%	15.8%	28.5%	25.5%	55.7%	216.4%	81%	—	—
Payout ratio	5.88%	1.94%	1.8%	1.82%	—	—	—	—	—	—	0%
Dividend yield	—	0.19%	0.33%	—	—	—	—	—	—	—	—

Yield

—

trailing twelve months

Frequency

—

Last dividend

$21.813

ex-dividend Aug 2, 2021

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 2, 2021	$21.813

Split history

Date	Ratio
Nov 1, 2022	1683:1000
Aug 2, 2021	1718:1000
Sep 2, 2011	1:4

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2B	$1.9B	$2B	$2.1B	$2.1B	$1.9B	$2B	$2.1B	$2.1B	$2B	$2.1B	$2.4B
YoY change	+1.75%	+195.6%	+5.82%	+8.45%	+3.69%	-0.93%	-3.17%	+0.05%	+2.83%	+4.63%	+7.27%	+13.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	373.4M	397M	502M	377M	1.7B	228M	460M	412M	246M	310M
Receivables	2.3B	2.7B	2.6B	2.5B	1.7B	908M	954M	973M	977M	1B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	3.1B	3.6B	3.7B	3.3B	5.4B	2.7B	1.6B	1.6B	1.5B	1.6B
Property, plant & equipment	839.4M	642M	489M	2.6B	569M	209M	91M	574M	511M	391M
Goodwill & intangibles	11.7B	12B	11.4B	11.1B	6.4B	4.1B	3.8B	3.8B	3.6B	3.7B
Total assets	11.7B	12.6B	12.3B	14.1B	16.2B	8.7B	6.3B	7.5B	7.7B	8.2B
Accounts payable	1.1B	1.3B	1.3B	1.2B	854M	519M	521M	532M	477M	455M
Short-term debt	136.5M	104M	367M	552M	1.4B	165M	166M	190M	189M	226M
Total current liabilities	2.7B	3B	3.3B	3.3B	5.2B	2.5B	1.5B	1.6B	1.4B	1.6B
Long-term debt	4.7B	4.4B	3.9B	7B	5.9B	4.1B	3.1B	3.9B	3.9B	3.9B
Total liabilities	8.7B	8.6B	8.3B	11.2B	13.3B	7.6B	5.3B	6.2B	6.1B	6.3B
Shareholders' equity	3B	4B	4B	2.9B	2.8B	1.1B	1B	1.3B	1.6B	1.9B
Total debt	4.9B	4.5B	4.3B	7.5B	7.4B	4.3B	3.2B	4.1B	4.1B	4.1B
Net debt	4.5B	4.1B	3.8B	7.1B	5.6B	4B	2.8B	3.7B	3.9B	3.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	355M	412M	229M	250M	378M	246M	212M	225M	335M	310M	237M	298M
Receivables	1.1B	973M	1.1B	1.1B	1.1B	977M	1.1B	1.1B	1.1B	1B	1.2B	1.3B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.6B	1.6B	1.5B	1.5B	1.7B	1.5B	1.6B	1.6B	1.7B	1.6B	1.7B	1.8B
Property, plant & equipment	2.8B	574M	4B	4B	4.1B	511M	4.2B	4.4B	4.4B	391M	4.4B	4.4B
Goodwill & intangibles	3.7B	3.8B	3.8B	3.7B	3.8B	3.6B	3.7B	3.8B	3.7B	3.7B	3.7B	3.6B
Total assets	6.4B	7.5B	7.6B	7.7B	7.9B	7.7B	7.9B	8.1B	8.2B	8.2B	8.2B	8.3B
Accounts payable	473M	532M	570M	477M	445M	477M	501M	498M	465M	455M	462M	486M
Short-term debt	177M	190M	192M	193M	202M	189M	192M	211M	277M	226M	268M	329M
Total current liabilities	1.5B	1.6B	1.6B	1.5B	1.6B	1.4B	1.6B	1.6B	1.7B	1.6B	1.7B	1.8B
Long-term debt	3B	3.9B	3.9B	3.9B	4B	3.9B	3.9B	4B	3.8B	3.9B	3.8B	3.7B
Total liabilities	5.2B	6.2B	6.3B	6.2B	6.3B	6.1B	6.2B	6.4B	6.4B	6.3B	6.3B	6.4B
Shareholders' equity	1.2B	1.3B	1.3B	1.5B	1.6B	1.6B	1.6B	1.8B	1.8B	1.9B	1.9B	2B
Total debt	3.2B	4.1B	4.1B	4.1B	4.2B	4.1B	4.1B	4.2B	4.1B	4.1B	4B	4B
Net debt	2.9B	3.7B	3.9B	3.9B	3.8B	3.9B	3.9B	3.9B	3.8B	3.8B	3.8B	3.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	85M	360M	444M	440M	-110M	96M	184M	192M	387M	316M
Depreciation & amortization	643M	658M	716M	467M	378M	385M	392M	432M	490M	521M
Stock-based compensation	55M	79M	49M	56M	37M	31M	77M	78M	87M	77M
Change in working capital	-139M	-272M	-27M	84M	-34M	-50M	-41M	-103M	-161M	-107M
Operating cash flow	648M	712M	1.3B	896M	260M	542M	778M	695M	881M	986M
Capital expenditure	-483M	-386M	-408M	-142M	-74M	-138M	-433M	-1.5B	-714M	—
Investing cash flow	142M	-306.9M	-400M	-67M	-70M	-141M	-404M	-1.5B	-702M	0
Dividends paid	-5M	-7M	-8M	-8M	—	—	—	—	—	—
Share repurchases	0	0	-536M	0	-22M	0	0	—	—	-125M
Financing cash flow	-681M	-368.8M	-628M	1.1B	1.3B	-1.9B	-861M	761M	-226M	-339M
Net change in cash	109M	36.3M	222M	2B	1.5B	-1.5B	-487M	-46M	-47M	647M
Free cash flow	139M	281M	551M	412M	636M	452M	311M	-851M	19M	329M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	82M	59M	101M	162M
Depreciation & amortization	—	—	—	—	—	—	—	—	134M	133M	131M	134M
Stock-based compensation	—	—	—	—	—	—	—	—	15M	31M	13M	17M
Change in working capital	—	—	—	—	—	—	—	—	18M	-5M	-129M	-54M
Operating cash flow	—	—	—	—	—	—	—	—	371M	226M	183M	308M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	0	-3M	0
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	-47M	-68M	-30M	-70M
Financing cash flow	—	—	—	—	—	—	—	—	-111M	-154M	-147M	-1B
Net change in cash	—	—	—	—	—	—	—	—	260M	72M	33M	-730M
Free cash flow	—	—	—	—	—	—	—	—	215M	120M	72M	181M

XPO Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement