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Integrated freight & logistics · Industrials · Fiscal year ends Dec 31
GXO Logistics reported revenue of $13.2B in the fiscal year ended Dec 2025, up 12.5% from the year before. Operating income was $245M, an operating margin of 1.9%, and net income was $32M. Operating cash flow of $434M less capital expenditure of $324M left free cash flow of $110M. Net debt was $1.8B.
Ranks among the 10 integrated freight & logistics companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 7,940 | 8,993 | 9,778 | 11,709 | 13,178 |
| Selling, general & admin | 714 | 886 | 998 | 1,061 | 1,106 |
| Operating income | 151 | 242 | 318 | 218 | 245 |
| Interest expense | 21.0 | 29.0 | 53.0 | 103 | 133 |
| Pre-tax income | 153 | 264 | 266 | 146 | 104 |
| Income tax | −8.0 | 64.0 | 33.0 | 8.0 | 68.0 |
| Net income | 153 | 197 | 229 | 134 | 32.0 |
| Diluted EPS | 1.32 | 1.67 | 1.92 | 1.12 | 0.28 |
| Diluted shares | 116 | 118 | 119 | 120 | 116 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 333 | 495 | 468 | 413 | 854 |
| Receivables | 1,507 | 1,647 | 1,753 | 1,799 | 2,028 |
| Current assets | 2,099 | 2,428 | 2,568 | 2,641 | 3,288 |
| Net PP&E | 863 | 960 | 953 | 1,160 | 1,151 |
| Goodwill | 2,017 | 2,728 | 2,891 | 3,549 | 3,781 |
| Total assets | 7,271 | 9,219 | 9,507 | 11,266 | 12,262 |
| Payables | 624 | 717 | 709 | 776 | 758 |
| Deferred revenue | – | 154 | 210 | 272 | 279 |
| Current liabilities | 2,329 | 2,532 | 2,626 | 3,189 | 3,875 |
| Short-term debt | – | 67.0 | – | – | – |
| Long-term debt | 927 | 1,739 | 1,620 | 2,521 | 2,619 |
| Total liabilities | 4,881 | 6,541 | 6,561 | 8,231 | 9,247 |
| Shareholders' equity | 2,351 | 2,645 | 2,912 | 3,003 | 2,983 |
| Backlog (remaining obligations) | 2,100 | 3,100 | 3,300 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 455 | 542 | 558 | 549 | 434 |
| Capital expenditure | 250 | 342 | 274 | 359 | 324 |
| Free cash flow | 205 | 200 | 284 | 190 | 110 |
| Depreciation & amortisation | 335 | 329 | 361 | 415 | 457 |
| Stock-based compensation | 28.0 | 33.0 | 35.0 | 39.0 | 47.0 |
| Acquisitions | −32.0 | 876 | 149 | 863 | 0.0 |
| Share buybacks | – | – | 0.0 | 0.0 | 200 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.3% | 8.7% | 19.7% | 12.5% |
| Operating income growth (YoY) | – | 60.3% | 31.4% | −31.4% | 12.4% |
| EPS growth (YoY) | – | 26.5% | 15.0% | −41.7% | −75.0% |
| Operating margin | 1.9% | 2.7% | 3.3% | 1.9% | 1.9% |
| Net margin | 1.9% | 2.2% | 2.3% | 1.1% | 0.2% |
| Return on equityBlank when equity is negative | 6.5% | 7.4% | 7.9% | 4.5% | 1.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.1% | 3.6% | 4.6% | 2.7% | 2.9% |
| Free cash flow margin | 2.6% | 2.2% | 2.9% | 1.6% | 0.8% |
| Cash conversion (CFO ÷ net income) | 2.97x | 2.75x | 2.44x | 4.10x | 13.6x |
| Receivable days | 69 | 67 | 65 | 56 | 56 |
| Interest cover | 7.19x | 8.34x | 6.00x | 2.12x | 1.84x |
| Debt ÷ equity | 0.39x | 0.68x | 0.56x | 0.84x | 0.88x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 594 | 1,311 | 1,152 | 2,108 | 1,765 |
| Current ratio | 0.90x | 0.96x | 0.98x | 0.83x | 0.85x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.