Friday 6 November 2026 Export XPO’s income statement to Excel — free account

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

Revenue growth 5 yrs

178.20 1.72 +0.97%

Follow XPO

Alert me

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 Segments Valuation Filings

XPO, Inc. (XPO) valuation and DCF model

What the price implies · reverse DCF

At $178.20 the price implies free cash flow after share-based pay growing 13.9% a year for ten years.

Free cash flow after share-based pay grew 30.6% a year over the last ten years, −12.3% over the last five. The price asks for less than its ten-year rate. The industry’s median company is priced for 11.2%.

In December 2017 the price assumed 16.8% a year; XPO, Inc. went on to grow free cash flow after share-based pay −1.1% a year to FY2025.

Price implies: 13.9%
Last 5 years, reported: −12.3%
Last 10 years, reported: 30.6%
Industry median implies: 11.2%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF

The price needs: 13.9% a year for ten years; $178.20; today’s price
Its base case: 25.0% a year for five years, then 15.0%; $303.27; 70.2% above today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record XPO, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

1 · Cash flow to equity

Free cash flow (TTM, $ billions)the four quarters to September 2026, from the 10-Q and 10-K filings, before share-based pay

Subtract share-based pay ($0.08 billion)

Growth, yrs 1–5 (%)

Growth, yrs 6–10 (%)

Yearly growth in cash flow. It usually slows as the company matures.

Today’s price implies free cash flow after share-based pay growing 13.9% a year for ten years.

2 · Rates

Cost of equity (%)

Terminal growth (%)

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Shares (billions)

Current price ($)

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs

Free cash flow Revenue and margin

Value per share Expected return

Use the analysts’ consensus for years 1–3 (112.1%, 7.9%, 21.3%)

How the model ends

Net debt ($ billions)negative is net cash

Dilution a year (%)new shares the cash flow does not pay for

Margin of safety (%)

Against XPO, Inc.’s own cost of capital: risk-free 4.3% + beta 1.89 × equity premium 4.5% = 12.8% cost of equity; weighted, 12.8%.

Use 12.8%

Equity value $35.94b ▲ above market cap $21.12b

Base case value per share $303.27 equity value ÷ 118.50m shares

Current price $178.20 market price per share

Above today’s price 70.2% upside at the base case’s assumptions

How we got there$12.47b 10 years of cash to equity+$26.33b terminal value−$2.86b net debt=$35.94b equity value÷118.50m shares=$303.27 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Trucking).

Multiple	Current	5Y avg	10Y avg	vs 10Y avg	Industry median	vs industry
P/E	41.17×	37.72×	29.41×	40% above	41.17×	0% above
P/FCF	28.77×	51.90×	30.64×	6% below	12.53×	130% above
P/B	10.49×	8.01×	4.92×	113% above	1.60×	558% above
EV/EBITDA	16.73×	14.23×	11.44×	46% above	10.55×	59% above
EV/Sales	2.67×	1.94×	1.28×	109% above	0.99×	169% above

P/E P/FCF P/B EV/EBITDA EV/Sales

XPO trades at 41.17× P/E, against a 10-year average of 29.41× (range 5.57×–62.18×). That is dearer than 67% of the last 9 year-end readings; re-rating to the average implies $127.31 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.