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XPO, Inc.

XPO Industrials Trucking

XPO, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.2 billion, up 1.05% from fiscal 2024.

Revenue
+12.4%
EPS
+124.6%
Free cash flow
+31.7%
Total debt
−6.66%

Quarter to September 2026, against a year earlier

177.03 11.03 −5.87%
Market cap
$20.6B
P/E
41.2×
Fwd P/E
37.4×
Dividend yield
—
F-score
4/9
Altman Z
2.94
Beneish M
−2.80
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • North American LTL
  • European Transportation

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 3.38
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 — — 1 2 2 2
Insider Ownership 3.68%

Capital & Financial Ratios $m

Size
Market Cap 20,560.00
Revenue ttm 8,836.00
Net income ttm 503.00
Free cash flow ttm 720.00
Net debt Q 2,864.00
Valuation
P/E 41.17 (above 35: high)
Forward P/E 37.40 (above 35: high)
Price / sales 2.34
Forward P/S Powerpack
Price / FCF 28.77
Price / book 10.49 (above 6: high)
Financial health
Current ratio Q 0.99 (below 1: weak)
Debt / equity Q 1.58
Interest coverage Q 5.78
Growth
Revenue growth Q +12.41% (above 0%: growing)
Operating income growth Q +76.22% (above 0%: growing)
EPS, this year +55.38% (at or above 15%: strong)
EPS, next year A +17.42% (at or above 15%: strong)
Revenue, next year A +12.03% (at or above 10%: strong)
EPS, past 5 yrs +27.62% (at or above 15%: strong)
EPS, next 5 yrs A +29.73% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.7×, against a ten-year median of 0.8×; over the ten years it ranged from 0.4× in 2019 to 3.5× in 2026.
P/E against its own 10 years 68.97%
10-year low 10-year high
P/S against its own 10 years 93.00%
10-year low 10-year high
P/B against its own 10 years 90.28%
10-year low 10-year high
EV/Sales against its own 10 years 93.00%
10-year low 10-year high
EV/FCF against its own 10 years 55.61%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 412 246 310 260
Receivables 973 977 1,035 1,250
Inventory — — — —
Other 208 283 285 249
1,593 1,505 1,630 1,759
2023 2024 2025 Q'26
Payables 532 477 455 485
ST’ Debt 69 62 60 129
Other 93 46 113 123
1,590 1,420 1,555 1,785

Compound Annual Growth %

10y 5y 3y
Sales 0.68% 5.75% 1.86%
Cash Flow 26.93% 27.21% 6.17%
Earnings 0.00% 23.50% (22.00%)
Book Value (4.85%) (8.16%) 22.51%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.56 Actual 1.70

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.76 0.88 Beat by 0.12
Q1 FY26 0.89 1.01 Beat by 0.12
Q2 FY26 1.49 1.70 Beat by 0.21
Q3 FY26 1.56 1.70 Beat by 0.14
Q4 FY26 1.35 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.85 1.36 1.53 — —
’25 0.58 0.89 0.68 0.50 2.64
’24 0.56 1.25 0.79 0.63 3.23
’23 0.13 0.28 0.71 0.49 1.60
’22 4.22 1.22 1.13 (0.81) 5.76
’21 1.02 1.38 (0.49) 1.05 2.93
’20 0.20 (1.45) 0.83 0.91 0.78
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,096 2,355 2,373 — —
’25 1,954 2,080 2,111 2,012 8,157
’24 2,018 2,079 2,053 1,922 8,072
’23 1,907 1,917 1,980 1,940 7,744
’22 1,894 2,047 1,946 1,831 7,718
’21 2,989 3,186 3,270 1,772 7,202
’20 3,864 3,502 2,675 2,938 6,168
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 183 308 415 — —
’25 142 247 371 226 986
’24 145 210 264 189 808
’23 76 131 236 251 694
’22 188 169 271 196 824
’21 77 231 250 (68) 490
’20 180 214 (102) 4 296
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 79 207 291 — —
’25 (50) 56 221 143 370
’24 (154) 26 141 81 94
’23 (140) 5 103 (778) (810)
’22 68 54 162 107 391
’21 39 194 185 (66) 352
’20 95 121 (7) 13 222
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 13.8% a year for ten years. It grew 30.6% a year over the last ten.

Implied
13.8%
10 years, reported
30.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 14,619 15,381 17,279 10,681 6,168 7,202 7,718 7,744 8,072 8,157 8,836 (6.3%) 9,138 9,637 10,186 +7.7%
Gross margin, % 14.47 14.58 14.71 20.00 21.24 100.00 100.00 100.00 100.00 100.00 100.00 +85.5 pt
EBT 107 261 566 301 (164) 107 258 260 473 437 673 +16.9%
EBT margin, % 0.73 1.70 3.28 2.82 (2.66) 1.49 3.34 3.36 5.86 5.36 7.62 +4.6 pt
Net income 85 360 444 440 117 341 666 189 387 316 503 +15.7%
Per share, $
Per share, $ Revenue 132.90 133.75 140.48 111.26 67.04 64.30 67.11 66.76 69.59 69.13 75.52 (7.0%)
Earnings 0.57 2.72 3.17 3.95 0.87 2.99 5.79 1.64 3.33 2.69 4.30 +18.8%
Cash flow 5.65 6.83 8.96 6.55 3.22 4.38 7.17 5.98 6.97 8.36 9.68 +4.4%
Capex (3.76) (3.36) (3.32) (1.48) (0.80) (1.23) (3.77) (12.97) (6.16) (5.22) (3.52) +3.7%
Free cash flow 1.89 3.47 5.64 5.07 2.41 3.14 3.40 (6.98) 0.81 3.14 6.15 +5.8%
Book value 27.61 34.87 32.28 30.17 30.97 10.16 8.80 10.91 13.80 15.77 16.86 (6.0%)
Shares, m 110 115 123 96 92 112 115 116 116 118 117 +0.8%
Valuation, ×
Valuation, × P/E 29.30 13.01 6.74 7.43 62.18 16.17 5.57 51.76 39.38 50.71 41.17 28.2
P/S 0.12 0.26 0.15 0.27 0.32 0.50 0.48 1.27 1.88 1.97 2.34 0.7
P/B 0.60 1.01 0.67 1.01 1.45 4.95 3.68 7.78 9.51 8.62 10.49 3.9
EV/Sales 0.43 0.53 0.37 0.73 0.69 0.80 0.75 1.66 2.27 2.33 2.67 1.1
EV/FCF 30.29 20.35 9.22 15.94 40.13 25.51 14.81 (15.85) 195.26 51.46 32.75 38.7
Cash, $m
Cash, $m Operating cash flow 622 785 1,102 629 296 490 824 694 808 986 1,132 +5.3%
Capex (414) (386) (408) (142) (74) (138) (433) (1,504) (714) (616) (412) +4.5%
Free cash flow 208 399 694 487 222 352 391 (810) 94 370 720 +6.6%
Balance, $m
Balance, $m Working capital 342 591 375 84 217 139 123 3 85 75 (26) (15.5%)
Net debt 4,495 4,125 3,767 4,889 4,790 3,343 2,072 2,992 3,141 3,003 2,864 (4.4%)
Shareholders’ equity 3,038 4,010 3,970 2,896 2,849 1,138 1,012 1,266 1,601 1,861 1,973 (5.3%)
Returns, %
Returns, % ROA 0.52 2.57 3.14 3.17 0.73 2.70 8.89 2.75 5.09 3.97 6.10 +3.5 pt
ROIC 3.85 4.47 5.69 4.50 0.79 4.35 7.64 6.43 8.71 8.44 11.34 +4.6 pt
ROE 2.09 8.96 9.88 12.35 3.86 16.86 61.95 16.59 27.01 18.26 26.54 +16.2 pt
People
People Employees 87,000 95,000 100,000 100,000 102,000 42,000 38,000 38,000 38,000 37,000 — (9.1%)
Revenue/emp, $m 0.17 0.16 0.17 0.11 0.06 0.17 0.20 0.20 0.21 0.22 — +3.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

XPO is a freight transportation company founded in 1987 and headquartered in Greenwich. Mario Harik is its chairman and chief executive officer. The company moves goods for businesses across North America and Europe, serving customers ranging from small enterprises to large corporations.

Its largest business is North American less-than-truckload, or LTL, transportation. LTL carriers move shipments that do not require an entire truck, using a network of service centers, trucks and trailers to collect, sort and deliver freight. XPO provides scheduled domestic service and cross-border transportation to Mexico, Canada and the Caribbean. Its network served approximately 37,000 shippers and reached approximately 99% of U.S. zip codes in 2025.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
North American LTL 4,832 59.24%
European Transportation 3,324 40.75%
Gross margin 100.00%
Operating margin 8.05%
Pre-tax margin 5.36%

Revenue by segment since 2010

XPO, Inc. vs peers in Trucking (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ODFL Old Dominion Freight Line, Inc. $35.4B 30.4× 29.1× +13.10% (above 0%: growing) +28.67% (above 0%: growing) +123.99% (above 0%: growing) 97.80% 28.46% Compare
XPO XPO, Inc. $20.6B 41.2× 37.4× +12.41% (above 0%: growing) +124.64% (above 0%: growing) +31.67% (above 0%: growing) 100.00% 12.18%
KNX Knight-Swift Transportation Holdings Inc. $9.7B 62.7× 34.5× +14.21% (above 0%: growing) +1,360.00% (above 0%: growing) +752.41% (above 0%: growing) 69.85% 8.12% Compare
SAIA Saia, Inc. $8.9B 31.4× 30.0× +17.01% (above 0%: growing) +5.57% (above 0%: growing) +4.02% (above 0%: growing) 69.15% 12.45% Compare
TFII TFI International Inc. $7.9B 22.2× 19.2× +13.39% (above 0%: growing) +26.10% (above 0%: growing) −41.17% (below 0%: shrinking) 47.44% 8.06% Compare
SNDR Schneider National, Inc. $5.0B 34.8× 28.4× +9.15% (above 0%: growing) +154.55% (above 0%: growing) +5.52% (above 0%: growing) 52.35% 3.92% Compare
RXO RXO INC $4.6B — (loss-making) — (loss-making) +31.67% (above 0%: growing) n/m +33.33% (above 0%: growing) 14.70% 0.91% Compare
ARCB ArcBest Corporation $3.0B 104× 35.1× +15.49% (above 0%: growing) +33.79% (above 0%: growing) +77.41% (above 0%: growing) 6.06% 6.06% Compare
WERN Werner Enterprises, Inc. $1.7B — (loss-making) 70.4× +23.20% (above 0%: growing) n/m +581.60% (above 0%: growing) 50.52% 1.79% Compare
Median of peers $6.4B 33.1× 30.0× +14.85% +31.23% +55.37% 51.44% 7.06%

All 18 Trucking stocks →

From the latest earnings call

Updated

  • CEO Mario Harik said XPO was gaining market share, while early truckload-to-LTL conversion and improving industrial demand were also contributing to volume.
  • Harik said workforce planning technology improved second-quarter productivity, and XPO expected to roll out its trailer-loading technology across the network in the year’s second half.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 101.37%
Held by the ten largest 59.38%
Holder Shares Stake Change
BlackRock 14.54m 12.43% +2.37m
Capital Group 14.18m 12.12% −2.18m
Vanguard 10.87m 9.29% +134.03k
MFN Partners Management, LP 9.87m 8.44% −1.56m
Fidelity (FMR) 4.33m 3.70% +727.16k
State Street 4.25m 3.63% +663.78k
Orbis Allan Gray Ltd 3.40m 2.91% −6.27k
Invesco 3.04m 2.59% −1.80m
T. Rowe Price 2.58m 2.21% −381.52k
Durable Capital Partners LP 2.42m 2.07% −511.01k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 7 April 2026

Ownership

Directors and executive officers, together less than 1%
MFN Partners, LP 9.70%
Capital Research Global Investors 9.50%
Capital World Investors 9.40%
The Vanguard Group 9.30%
BlackRock, Inc. 8.90%
Invesco Ltd. 5.30%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

XPO, Inc. (XPO) Latest News

31 Oct

Impact 3 · · StockStory
Impact 3 · · MarketBeat transcript

29 Oct

Impact 4 · · Moby
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 4 · · truckingdive.com
Impact 4 · · FreightWaves
Impact 4 · · Zacks
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Associated Press

28 Oct

Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 ·

26 Oct

Impact 3 · · Insider Monkey
Impact 3 · · Zacks

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · Zacks
Impact 3 · · Trefis

10 Oct

Impact 4 · · Simply Wall St.

9 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

6 Oct

Impact 4 · · truckingdive.com

1 Oct

Impact 4 · · FreightWaves
Impact 4 · · GlobeNewswire

21 Sep

Impact 3 · · 24/7 Wall St.
Impact 3 · · GlobeNewswire

18 Sep

Impact 3 ·

XPO metrics, ten years each

stockrow.com/XPO · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com