XPO
XPO · NYSETransportation Services · Fiscal year ends Dec 31
XPO reported revenue of $8.2B in the fiscal year ended Dec 2025, up 1.1% from the year before. Operating income was $656M, an operating margin of 8.0%, and net income was $316M. Operating cash flow of $986M less capital expenditure of $657M left free cash flow of $329M. Net debt was $2.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $7.2B | $7.7B | $7.7B | $8.1B | $8.2B |
| Selling, general & admin | $756M | $678M | – | – | – |
| Operating income | $312M | $377M | $438M | $660M | $656M |
| Interest expense | $211M | $135M | $168M | $223M | $219M |
| Pre-tax income | $107M | $258M | $260M | $473M | $437M |
| Income tax | $11M | $74M | $68M | $86M | $121M |
| Net income | $336M | $666M | $189M | $387M | $316M |
| Diluted EPS | 2.93 | 5.76 | 1.60 | 3.23 | 2.64 |
| Diluted shares | 114M | 116M | 118M | 120M | 119M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $228M | $460M | $412M | $246M | $310M |
| Receivables | $908M | $954M | $973M | $977M | $1B |
| Current assets | $2.7B | $1.6B | $1.6B | $1.5B | $1.6B |
| Net PP&E | $1.7B | $1.8B | $3.1B | $3.4B | $3.7B |
| Goodwill | $1.6B | $1.5B | $1.5B | $1.5B | $1.5B |
| Total assets | $8.7B | $6.3B | $7.5B | $7.7B | $8.2B |
| Payables | $519M | $521M | $532M | $477M | $455M |
| Current liabilities | $2.5B | $1.5B | $1.6B | $1.4B | $1.6B |
| Long-term debt | $3.5B | $2.5B | $3.3B | $3.3B | $3.3B |
| Shareholders' equity | $1.1B | $1B | $1.3B | $1.6B | $1.9B |
| Backlog (remaining obligations) | $124M | – | – | – | – |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $656M | $824M | $694M | $808M | $986M |
| Capital expenditure | $269M | $521M | $1.5B | $789M | $657M |
| Free cash flow | $387M | $303M | −$839M | $19M | $329M |
| Depreciation & amortisation | $327M | $336M | $376M | $432M | $467M |
| Stock-based compensation | $31M | $77M | $78M | $87M | $77M |
| Share buybacks | – | – | $0 | $0 | $125M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.2% | 0.3% | 4.2% | 1.1% |
| Operating income growth (YoY) | – | 20.8% | 16.2% | 50.7% | −0.6% |
| EPS growth (YoY) | – | 96.6% | −72.2% | 101.9% | −18.3% |
| Operating margin | 4.3% | 4.9% | 5.7% | 8.2% | 8.0% |
| Net margin | 4.7% | 8.6% | 2.4% | 4.8% | 3.9% |
| Return on equityBlank when equity is negative | 29.5% | 65.8% | 14.9% | 24.2% | 17.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.1% | 7.9% | 7.4% | 10.5% | 9.9% |
| Free cash flow margin | 5.4% | 3.9% | −10.8% | 0.2% | 4.0% |
| Cash conversion (CFO ÷ net income) | 1.95x | 1.24x | 3.67x | 2.09x | 3.12x |
| Receivable days | 46 | 45 | 46 | 44 | 46 |
| Interest cover | 1.48x | 2.79x | 2.61x | 2.96x | 3.00x |
| Debt ÷ equity | 3.09x | 2.44x | 2.63x | 2.08x | 1.75x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.3B | $2B | $2.9B | $3.1B | $2.9B |
| Current ratio | 1.05x | 1.08x | 1.00x | 1.06x | 1.05x |
Recent filings
More in Transportation Services
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.