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XPO

XPO NYSE Cargo Ground Transportation Financials FY2016–FY2025

XPO's revenue rose 1.1% to $8.2 billion in fiscal 2025. Its operating margin was 8.0%, down from 8.2% a year earlier. Free cash flow was $329 million, up 1631.6%. It paid out $125 million in dividends and buybacks, 38% of free cash flow. The diluted share count fell 0.8%.

Last close · Oct 23, 2026

$183.21

2.9%
Value it Compare
Revenue Total sales reported in the income statement.
$8.2B
1.1% vs prior year
Operating margin Operating income as a share of revenue.
8.0%
0.1 pts
Net income Profit after all expenses, interest and tax.
$316M
18.3%
Free cash flow Cash from operations minus capital spending.
$329M
1,631.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.5%
2.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$21.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
54.2x
On $3.38 EPS (TTM)

What XPO does

No business description yet.

Legal name
XPO, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001166003-26-000016
0001166003

Revenue and margins

XPO had $8.2B of revenue in fiscal 2025, up 1.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 19.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $329M in fiscal 2025, 4.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

XPO returned $125M to shareholders in fiscal 2025, 38% of free cash flow. The diluted share count fell 0.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value XPO yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.2B and divides by 119.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 54.2x · peers 31.8x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably XPO can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $228M$460M$412M$246M$310M
Debt incl. finance leases $3.8B$2.7B$3.6B$3.5B$3.5B
Net debt / EBITDA 5.5x3.1x3.9x3.0x2.8x
Debt / equity 3.3x2.7x2.8x2.2x1.9x
Interest coverage 1.5x2.8x2.6x3.0x3.0x
Current ratio 1.1x1.1x1.0x1.1x1.1x
Quick ratio 1.1x1.1x1.0x1.1x1.1x
Total assets $8.7B$6.3B$7.5B$7.7B$8.2B
Total liabilities $7.6B$5.3B$6.2B$6.1B$6.3B
Shareholders' equity $1.1B$1.0B$1.3B$1.6B$1.9B
Net debt (− = net cash) $3.5B$2.2B$3.2B$3.3B$3.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.1M

4 insiders

Of sales under plans

28%

$0.6M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 David J. BatesChief Operating Officer Sold plan 2,615 $179.41 $0.5M Form 4
Sep 14, 2026 Kyle WismansChief Financial Officer Sold plan 750 $178.52 $0.1M Form 4
Aug 11, 2026 Christopher Michael BrownChief Accounting Officer Sold 3,750 $201.94 $0.8M Form 4
Aug 10, 2026 Christopher Michael BrownChief Accounting Officer Sold 1,250 $201.41 $0.3M Form 4
May 28, 2026 Allison LandryDirector Sold 2,400 $215.61 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✕
F-score 4 / 86 / 85 / 8
Accruals ratio −7.3%−5.5%−8.4%
Altman Z'' 0.691.161.26

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
XPO XPO $21.6B 1.1% 8.0% 4.0% 9.5% 54.2x 5
FedEx Freight FDXF $16.5B −1.1% 6.1% −2.4% 13.0% 25.1x — Compare →
Knight-Swift KNX $10.0B 0.8% 2.9% 16.9% 1.6% — 6 Compare →
J.B. Hunt JBHT $21.4B −0.7% 7.2% 7.9% 13.1% 31.8x 6 Compare →
Old Dominion ODFL $38.1B −5.5% 24.8% 17.4% 24.3% 35.1x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $14.6B $15.4B $17.3B $10.7B $6.2B $7.2B $7.7B $7.7B $8.1B $8.2B
Gross profit $6.7B $7.2B $8.3B $2.4B −$1.7B — — — — —
Operating income $464M $582M $704M $561M $97.0M $312M $377M $438M $660M $656M
Interest expense $361M $284M $217M $268M $308M $211M $135M $168M $223M $219M
Pretax income $107M $261M $566M $301M −$164M $107M $258M $260M $473M $437M
Income tax $22.0M −$99.0M $122M $60.0M −$54.0M $11.0M $74.0M $68.0M $86.0M $121M
Net income $69.0M $340M $422M $419M $110M $336M $666M $189M $387M $316M
Diluted EPS $0.53 $2.45 $2.88 $3.57 $0.87 $2.93 $5.76 $1.60 $3.23 $2.64
Diluted shares 0.12B 0.13B 0.14B 0.11B 0.09B 0.11B 0.12B 0.12B 0.12B 0.12B
Cash flow
Cash from operations $622M $785M $1.1B $629M $388M $656M $824M $694M $808M $986M
Capital expenditure $483M $504M $551M $379M $249M $269M $521M $1.5B $789M $657M
Free cash flow $139M $281M $551M $250M $139M $387M $303M −$839M $19.0M $329M
Depreciation and amortization $466M $488M $546M $370M $321M $327M $336M $376M $432M $467M
Stock-based compensation $55.0M $79.0M $49.0M $56.0M $37.0M $31.0M $77.0M $78.0M $87.0M $77.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $536M $1.3B $114M $0.0M $0.0M $0.0M $0.0M $125M
Dividends paid $5.0M $7.0M $8.0M $8.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $5.0M $7.0M $544M $1.4B $114M $0.0M $0.0M $0.0M $0.0M $125M
Balance sheet
Cash and short-term investments $373M $397M $502M $377M $1.7B $228M $460M $412M $246M $310M
Total debt $5.0B $4.7B $3.9B $5.2B $5.2B $3.5B $2.5B $3.3B $3.3B $3.3B
Finance lease liabilities $0.0M $0.0M $0.0M $346M $252M $237M $214M $243M $210M $248M
Current assets $3.1B $3.6B $3.7B $3.3B $5.4B $2.7B $1.6B $1.6B $1.5B $1.6B
Current liabilities $2.7B $3.0B $3.3B $3.3B $5.2B $2.5B $1.5B $1.6B $1.4B $1.6B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $2.5B $2.7B $2.6B $2.7B $1.9B $1.7B $1.8B $3.1B $3.4B $3.7B
Total assets $11.7B $12.6B $12.3B $14.1B $16.2B $8.7B $6.3B $7.5B $7.7B $8.2B
Total liabilities $8.7B $8.6B $8.3B $11.2B $13.3B $7.6B $5.3B $6.2B $6.1B $6.3B
Shareholders' equity $2.7B $3.6B $3.6B $2.7B $2.8B $1.1B $1.0B $1.3B $1.6B $1.9B
Margins
Gross margin 46.1% 47.1% 47.8% 22.3% −27.3% — — — — —
Operating margin 3.2% 3.8% 4.1% 5.3% 1.6% 4.3% 4.9% 5.7% 8.2% 8.0%
EBITDA margin 6.4% 7.0% 7.2% 8.7% 6.8% 8.9% 9.2% 10.5% 13.5% 13.8%
Net margin 0.5% 2.2% 2.4% 3.9% 1.8% 4.7% 8.6% 2.4% 4.8% 3.9%
FCF margin 1.0% 1.8% 3.2% 2.3% 2.3% 5.4% 3.9% −10.8% 0.2% 4.0%
Returns
Return on capital 4.6% 7.3% 7.1% 5.8% 1.1% 5.0% 6.8% 8.4% 11.6% 9.5%
Return on capital employed 4.9% 6.3% 7.6% 5.7% 0.9% 3.6% 6.9% 8.2% 10.8% 10.2%
Return on equity 2.6% 10.8% 11.8% 13.3% 3.9% 16.9% 62.0% 16.6% 27.0% 18.3%
Return on assets 0.6% 2.8% 3.4% 3.2% 0.7% 2.7% 8.9% 2.8% 5.1% 4.0%
Growth
Revenue growth 91.8% 5.2% 12.3% −38.2% −42.3% 16.8% 7.2% 0.3% 4.2% 1.1%
Net income growth — 392.8% 24.1% −0.7% −73.8% 205.5% 98.2% −71.6% 104.8% −18.4%
EPS growth — 362.3% 17.6% 24.0% −75.6% 236.8% 96.6% −72.2% 101.9% −18.3%
FCF growth — 102.2% 96.1% −54.6% −44.4% 178.4% −21.7% −376.9% — 1,631.6%
Share count change 32.5% 4.1% 5.5% −21.5% −13.2% 23.9% 1.8% 1.7% 1.7% −0.8%
Financial health
Net debt / EBITDA 5.0x 4.0x 2.7x 5.5x 9.0x 5.5x 3.1x 3.9x 3.0x 2.8x
Debt / equity 1.9x 1.3x 1.1x 2.0x 1.9x 3.3x 2.7x 2.8x 2.2x 1.9x
Interest coverage 1.3x 2.1x 3.2x 2.1x 0.3x 1.5x 2.8x 2.6x 3.0x 3.0x
Current ratio 1.1x 1.2x 1.1x 1.0x 1.0x 1.1x 1.1x 1.0x 1.1x 1.1x
Quick ratio 1.1x 1.2x 1.1x 1.0x 1.0x 1.1x 1.1x 1.0x 1.1x 1.1x
Capital allocation
Capex / revenue 3.3% 3.3% 3.2% 3.6% 4.0% 3.7% 6.8% 19.8% 9.8% 8.1%
Stock comp / revenue 0.4% 0.5% 0.3% 0.5% 0.6% 0.4% 1.0% 1.0% 1.1% 0.9%
Payouts / FCF 3.6% 2.5% 98.7% 542.0% 82.0% 0.0% 0.0% — 0.0% 38.0%
Quality scores
Piotroski F-score 6.0 8.0 7.0 5.0 6.0 7.0 6.0 4.0 6.0 5.0
Altman Z'' 0.7 1.1 1.2 0.8 0.5 0.5 0.7 0.7 1.2 1.3
Accruals ratio −4.5% −3.7% −5.5% −1.6% −1.8% −2.6% −2.1% −7.3% −5.5% −8.4%

Source: SEC EDGAR XBRL filings (CIK 0001166003). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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