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XPO, Inc. (XPO) stock

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NYSE: XPO NYSE Cargo Ground Transportation Next results ~February 4, 2027

C+ Fundamentals grade

XPO, Inc. is a US-listed company in the cargo ground transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$78

Valuation models combined (3)

Base case. Range ~$61–$110. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, justified price-to-book).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

XPO, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 14 sales by directors and officers, last 12 monthsInsider trades
  • Funds421 adding, 288 cuttingOf 91 active managers that changed their stake, 50 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter XPO files

10-Q filed October 29: XPO

XPO, Inc. reported revenue of $8.84bn for the twelve months to September 2026, a rise of 9.5% on the prior year and an acceleration from the 7.0% growth recorded a quarter earlier. Free-cash-flow margin also improved, climbing to 7.4% from 2.9% a year earlier. Taken together, these shifts have lifted the company's fundamentals grade from C to C+. Despite this improvement, our combined valuation models put fair value at just $77.66 a share, far below the current share price of $176. The gap between that estimate and the market price suggests the stock is trading well ahead of what the underlying fundamentals, even after their recent improvement, appear to justify.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where XPO stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.57bn, up 7.0% on a year earlier, faster than 3.6% a quarter earlier. Free-cash-flow margin rose to 6.9% from 1.9% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 6 financial-health checks. Our valuation models combined value is $69.31 a share, against a share price of $187.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

XPO, Inc.'s trailing-twelve-month revenue grew 9.5% year on year, with a free-cash-flow margin of 7.4%. Where it stands out: operating margin of 9.9% ranks 4 of 18 cargo ground transportation companies we cover. Where it lags: stock pay as % of revenue of 0.9% ranks 15 of 15 cargo ground transportation companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 183.2% while net income grew 51.5%: a 132pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.5% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 8.4% over 90 days.

Things to watch

  • High earnings multiple. The shares trade at 45 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 0.9% ranks 15 of 15 cargo ground transportation companies we cover (median 0.3%).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 36.0% ranks 16 of 17 cargo ground transportation companies we cover (median 11.5%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.70 against an average estimate of $1.57: beat by 8.0%
Revenue
$2.37bn, up 12.4% on a year earlier
Share reaction
+4.3% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate $1.24

XPO's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.1%
  • 1 week+5.2%
  • 1 month+3.0%
  • This year+41.1%
  • 1 year+33.3%
  • 5 years+302.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$8.8B
Operating margin
9.9%
Net margin
5.7%
EPS (TTM, diluted)
$4.26

Growth

Revenue growth
+9.5%
Change in growth rate
+2.5 pts
Share count change
−1.5%

Cash

Free cash flow (TTM)
$657M
FCF margin
7.4%
Stock pay % of revenue
0.9%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Announcement
  4. Announcement
  5. Results
  6. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

XPO, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Our value per share comes from a discounted-cash-flow model of XPO, Inc.'s free cash flow after stock-based pay ( $132M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value XPO, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.08 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$28 ~$15–$36 Left out: out of range vs price (0.15x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$97–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$69 ~$53–$92 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$61 ~$53–$71 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$78 ~$61–$110 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare XPO, Inc. with Cargo Ground Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$9.42$14.93$31.68$19.73$27.56$41.23$46.01$33.29$87.59$131.15$135.91$191.72
Market value$875m$1.8bn$4.1bn$2.7bn$2.9bn$3.8bn$5.2bn$3.9bn$10.3bn$15.7bn$16.2bn$22.6bn
+ Net debt (− = net cash)$5.3bn$4.7bn$4.3bn$3.9bn$5.0bn$4.9bn$3.5bn$2.2bn$3.1bn$3.2bn$3.1bn$2.9bn
Enterprise value$6.2bn$6.5bn$8.3bn$6.6bn$8.0bn$8.7bn$8.7bn$6.0bn$13.4bn$19.0bn$19.3bn$25.6bn
Multiples
Price / sales 0.1x0.1x0.3x0.2x0.3x0.6x0.7x0.5x1.3x1.9x2.0x2.6x
Price / earnings —26.6x11.9x6.3x7.0x34.5x15.6x5.8x54.7x40.7x51.2x45.0x
Price / free cash flow —13.2x14.4x4.8x11.7x27.3x13.6x12.7x—n/m49.2x34.4x
EV / EBITDA 35.5x7.0x7.8x5.3x8.6x20.9x13.6x8.5x16.5x17.4x17.2x18.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

26 /100

Weak moat

How hard XPO's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Net income has been a median 3.8% of total assets over 10 years.

  • Pricing power 0 / 20

    Gross margin has been a median 16.6%, moving by 15.2 percentage points (standard deviation) across 7 years.

  • Durability 1 / 20

    Operating margin has been a median 4.3%; its worst year was 0.2%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 8 of 10 years, at a median 2.8% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 14.3% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.50 +48% $9.1bn +11%
Next $6.57 +19% $9.6bn +6%

Next year's EPS estimate has moved +8.4% in 90 days, across 25 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +11.4% on 90 days ago. In the last 30 days, 12 analysts raised XPO, Inc.'s forecast and 1 cut it.

Consensus EPS forecast XPO, Inc., last 90 days
$4.50 $5.00 $5.50 $6.00 $6.50 $7.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.94 Current fiscal year, 60 days ago: $5.45 Current fiscal year, 30 days ago: $5.46 Current fiscal year, 7 days ago: $5.50 Current fiscal year, Now: $5.50 $5.50 Next fiscal year, 90 days ago: $6.06 Next fiscal year, 60 days ago: $6.44 Next fiscal year, 30 days ago: $6.48 Next fiscal year, 7 days ago: $6.57 Next fiscal year, Now: $6.57 $6.57

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.94$6.06
60 days ago $5.45$6.44
30 days ago $5.46$6.48
7 days ago $5.50$6.57
Now $5.50$6.57

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.57 $1.70 +8.0%
Jun 2026 $1.47 $1.70 +15.5%
Mar 2026 $0.88 $1.01 +14.4%
Dec 2025 $0.76 $0.88 +15.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026

No numeric guidance in XPO, Inc.'s latest earnings release (filed July 30, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows XPO, Inc.'s revenue by +7.1% next year and +6.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.1%, weight 70%) and the company's own record (+7.3%, weight 30%) . How the weights are set.

Analyst recommendations

25 analysts, Oct 2026
Buy2080%
Hold312%
Sell28%

Monthly trend

  1. Oct 2026317325
  2. Sep 2026316425
  3. Aug 2026316425
  4. Jul 20263164225

Counts of recommendations published by analysts covering XPO, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.6%
of tradable shares
Days to cover
5.67
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.1%
of shares
Employees
37,300
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +33.3%

$143.87 on October 31, 2025 to $191.72

ThenNowEffect
Revenue (last 12 months) $8.0bn $8.6bn +7.0%
Net margin 4.3% 4.7% +9.4%
P/E multiple 49.9x 56.2x +12.6%
Share count 120m 119m +1.1%

Biggest factor: p/e multiple.

Last 3 years +141.1%

$79.53 on November 3, 2023 to $191.72

ThenNowEffect
Revenue (last 12 months) $7.6bn $8.6bn +12.8%
Net margin 1.1% 4.7% +326.4%
P/E multiple 110.3x 56.2x −49.0%
Share count 117m 119m −1.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
XPO+12%−28%+163%+50%+4%+41%
Industry peers (median)+38%−12%+11%−11%−14%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
XPO58%42%83%42%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
XPO−22%−46%−32%−21%−38%−24%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 65% from September 27, 2018 to March 20, 2020. Getting back needed a 182% gain, reached on December 3, 2020, 258 days after the low.

Price behaviour

52-week range
$125.64 – $228.37
From 52-week high
−16.0%
vs 50-day average
+4.4%
vs 200-day average
−2.7%
Volatility (1 year)
41%
Beta vs S&P 500
1.19

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±7.8%
After a week
7 up, 4 down
typical move ±9.2%
After a month
6 up, 5 down
typical move ±11.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +4.3% −2.1% — —
July 30, 2026 +0.8% +2.4% −1.5% −5.4%
April 30, 2026 −0.7% +1.3% −4.5% +2.1%
February 5, 2026 +13.4% +0.6% +5.7% +8.2%
October 30, 2025 +15.3% −0.8% +9.2% +15.0%
July 31, 2025 −10.2% −2.0% −9.0% −2.0%
April 30, 2025 +6.7% +0.7% +12.4% +16.8%
February 6, 2025 +8.7% −0.6% +5.2% −22.0%
October 30, 2024 +8.5% −2.3% +26.2% +26.7%
August 1, 2024 −3.4% −3.3% −0.2% −0.2%
May 3, 2024 +1.7% +2.3% +5.0% −5.0%
February 7, 2024 +20.4% +0.9% +22.7% +24.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

XPO, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) XPO, Inc.
$7.5B $8B $8.5B $9B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $7.7B Revenue (TTM), FY24 Q1: $7.9B Revenue (TTM), FY24 Q2: $8B Revenue (TTM), FY24 Q3: $8.1B Revenue (TTM), FY24 Q4: $8.1B Revenue (TTM), FY25 Q1: $8B Revenue (TTM), FY25 Q2: $8B Revenue (TTM), FY25 Q3: $8.1B Revenue (TTM), FY25 Q4: $8.2B Revenue (TTM), FY26 Q1: $8.3B Revenue (TTM), FY26 Q2: $8.6B Revenue (TTM), FY26 Q3: $8.8B $8.8B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $7.7B
FY24 Q1 $7.9B
FY24 Q2 $8B
FY24 Q3 $8.1B
FY24 Q4 $8.1B
FY25 Q1 $8B
FY25 Q2 $8B
FY25 Q3 $8.1B
FY25 Q4 $8.2B
FY26 Q1 $8.3B
FY26 Q2 $8.6B
FY26 Q3 $8.8B
Revenue growth, TTM YoY XPO, Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 0.3% Revenue growth, TTM YoY, FY24 Q1: 1.6% Revenue growth, TTM YoY, FY24 Q2: 5.5% Revenue growth, TTM YoY, FY24 Q3: 6.0% Revenue growth, TTM YoY, FY24 Q4: 4.2% Revenue growth, TTM YoY, FY25 Q1: 1.9% Revenue growth, TTM YoY, FY25 Q2: -0.1% Revenue growth, TTM YoY, FY25 Q3: -0.3% Revenue growth, TTM YoY, FY25 Q4: 1.0% Revenue growth, TTM YoY, FY26 Q1: 3.6% Revenue growth, TTM YoY, FY26 Q2: 7.0% Revenue growth, TTM YoY, FY26 Q3: 9.5% 9.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 0.3%
FY24 Q1 1.6%
FY24 Q2 5.5%
FY24 Q3 6.0%
FY24 Q4 4.2%
FY25 Q1 1.9%
FY25 Q2 -0.1%
FY25 Q3 -0.3%
FY25 Q4 1.0%
FY26 Q1 3.6%
FY26 Q2 7.0%
FY26 Q3 9.5%
Operating margin (TTM) XPO, Inc.
4% 6% 8% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 5.7% Operating margin (TTM), FY24 Q1: 6.6% Operating margin (TTM), FY24 Q2: 7.6% Operating margin (TTM), FY24 Q3: 7.8% Operating margin (TTM), FY24 Q4: 8.2% Operating margin (TTM), FY25 Q1: 8.4% Operating margin (TTM), FY25 Q2: 8.4% Operating margin (TTM), FY25 Q3: 8.2% Operating margin (TTM), FY25 Q4: 8.0% Operating margin (TTM), FY26 Q1: 8.2% Operating margin (TTM), FY26 Q2: 8.8% Operating margin (TTM), FY26 Q3: 9.9% 9.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 5.7%
FY24 Q1 6.6%
FY24 Q2 7.6%
FY24 Q3 7.8%
FY24 Q4 8.2%
FY25 Q1 8.4%
FY25 Q2 8.4%
FY25 Q3 8.2%
FY25 Q4 8.0%
FY26 Q1 8.2%
FY26 Q2 8.8%
FY26 Q3 9.9%
FCF margin (TTM) XPO, Inc.
-15% -10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -10.8% FCF margin (TTM), FY24 Q1: -10.8% FCF margin (TTM), FY24 Q2: -10.4% FCF margin (TTM), FY24 Q3: -9.8% FCF margin (TTM), FY24 Q4: 0.2% FCF margin (TTM), FY25 Q1: 1.5% FCF margin (TTM), FY25 Q2: 1.9% FCF margin (TTM), FY25 Q3: 2.9% FCF margin (TTM), FY25 Q4: 4.0% FCF margin (TTM), FY26 Q1: 5.5% FCF margin (TTM), FY26 Q2: 6.9% FCF margin (TTM), FY26 Q3: 7.4% 7.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -10.8%
FY24 Q1 -10.8%
FY24 Q2 -10.4%
FY24 Q3 -9.8%
FY24 Q4 0.2%
FY25 Q1 1.5%
FY25 Q2 1.9%
FY25 Q3 2.9%
FY25 Q4 4.0%
FY26 Q1 5.5%
FY26 Q2 6.9%
FY26 Q3 7.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar XPO took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $8.2B
  2. Other operating costs $7.5B · 92.0%
  3. Operating income $656M · 8.0%
  4. Income tax $121M · 1.5%
  5. Interest and other $219M · 2.7%
  6. Net income $316M · 3.9%

Shares of revenue. Source: XPO's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.1 0.2 0.2 0.3 0.7 2.4 7.6 14.6 15.4 17.3 10.7 6.2 7.2 7.7 7.7 8.1 8.2 8.8
Gross profit 0.0 0.0 0.0 0.0 0.1 — — 6.7 7.2 8.3 2.4 −1.7 — — — — — —
EBITDA 0.0 0.0 0.0 −0.0 −0.0 −0.0 0.2 0.9 1.1 1.3 0.9 0.4 0.6 0.7 0.8 1.1 1.1 1.4
Operating income 0.0 0.0 0.0 −0.0 −0.1 −0.0 −0.0 0.5 0.6 0.7 0.6 0.1 0.3 0.4 0.4 0.7 0.7 0.9
Net income 0.0 0.0 0.0 −0.0 −0.0 −0.1 −0.2 0.1 0.3 0.4 0.4 0.1 0.3 0.7 0.2 0.4 0.3 0.5
Diluted EPS $0.10 $0.29 −$2.71 −$1.49 −$2.26 −$2.00 −$2.65 $0.53 $2.45 $2.88 $3.57 $0.87 $2.93 $5.76 $1.60 $3.23 $2.64 $4.26
Growth (year on year)
Revenue — +57.8% +12.1% +57.3% +152.1% +235.6% +223.5% +91.8% +5.2% +12.3% −38.2% −42.3% +16.8% +7.2% +0.3% +4.2% +1.1% +9.5%
EBITDA — +124.9% −75.3% — — — — +433.3% +15.1% +16.8% −25.5% −55.1% +52.9% +11.6% +14.2% +34.2% +2.8% +21.2%
Operating income — +166.4% −79.6% — — — — — +25.4% +21.0% −20.3% −82.7% — +20.8% +16.2% +50.7% −0.6% +32.3%
Net income — — −84.5% — — — — — — +24.1% −0.7% −73.7% — +98.2% −71.6% +104.8% −18.3% +51.5%
Diluted EPS — — <−999% — — — — — — +17.6% +24.0% −75.6% — +96.6% −72.2% +101.9% −18.3% +53.8%
Margins
Gross margin 16.7% 17.3% 16.8% 14.7% 17.6% — — 46.0% 47.1% 47.8% 22.3% −27.3% — — — — — —
EBITDA margin 4.4% 6.2% 1.4% −9.5% −6.5% −0.2% 2.3% 6.4% 7.0% 7.2% 8.7% 6.8% 8.9% 9.2% 10.5% 13.5% 13.8% 15.3%
Operating margin 3.2% 5.3% 1.0% −10.1% −7.4% −1.7% −0.4% 3.2% 3.8% 4.1% 5.3% 1.6% 4.3% 4.9% 5.7% 8.2% 8.0% 9.9%
Net margin 1.7% 3.1% 0.4% −7.3% −6.9% −2.7% −2.5% 0.5% 2.2% 2.4% 3.9% 1.8% 4.7% 8.6% 2.4% 4.8% 3.9% 5.7%
Free-cash-flow margin −0.3% 0.9% 3.3% −11.2% −11.1% −2.8% −2.1% 1.0% 1.8% 3.2% 2.3% 2.3% 5.4% 3.9% −10.8% 0.2% 4.0% 7.4%
Cash flow
Cash from operations −0.0 0.0 0.0 −0.0 −0.1 −0.0 0.1 0.6 0.8 1.1 0.6 0.4 0.7 0.8 0.7 0.8 1.0 1.1
Capital spending 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.5 0.5 0.6 0.4 0.2 0.3 0.5 1.5 0.8 0.7 0.5
Free cash flow −0.0 0.0 0.0 −0.0 −0.1 −0.1 −0.2 0.1 0.3 0.6 0.3 0.1 0.4 0.3 −0.8 0.0 0.3 0.7
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay −0.0 0.0 0.0 −0.0 −0.1 −0.1 −0.2 0.1 0.2 0.5 0.2 0.1 0.4 0.2 −0.9 −0.1 0.3 0.6
Balance sheet
Cash 0.0 0.0 0.1 0.3 0.0 0.6 0.3 0.4 0.4 0.5 0.4 1.7 0.2 0.5 0.4 0.2 0.3 0.3
Total debt 0.0 0.0 0.0 0.1 0.2 0.6 5.6 5.0 4.7 4.4 5.4 6.7 3.7 2.6 3.5 3.5 3.4 3.2
Net debt (negative = net cash) −0.0 0.0 −0.1 −0.1 0.2 −0.0 5.3 4.7 4.3 3.9 5.0 4.9 3.5 2.2 3.1 3.2 3.1 2.9
Diluted shares 16m 17m 16m 16m 23m 54m 93m 123m 128m 135m 106m 92m 114m 116m 118m 120m 119m 118m
Returned to shareholders
Dividends — — — — — 0.0 0.0 0.0 0.0 0.0 0.0 — — — — — — —
Buybacks — — — — — — — 0.0 0.0 0.5 1.3 0.1 — — 0.0 0.0 0.1 0.3
Total returned — — — — — 0.0 0.0 0.0 0.0 0.5 1.4 0.1 — — 0.0 0.0 0.1 0.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $8.3bn
Short-term assets $1.8bnLonger-term assets $6.5bn
What it owes, and who funded it · $3.8bn
Short-term liabilities $1.8bnShareholders' equity $2.0bn
  • Short-term assets cover short-term liabilities $1.8bn of assets due within a year against $1.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $260m of cash against $3.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 152% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 180% to 152% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.1bn of operating cash flow against $3.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $876m against $207m of interest.

From XPO, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$318M
Buybacks, last 3 fiscal years
$125M
Diluted share count
−1.5%
year over year
Total shareholder yield
1.4%
dividends 0.0% + buybacks 1.4% of market value
Days sales outstanding
52 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in cargo ground transportation
Last 12 months unless stated XPO KNX TFII R SNDR JBHT Median
Revenue, last 12 months $8.8bn $8.0bn $7.9bn $13.1bn $6.0bn $13.3bn $3.5bn
Revenue growth, last 12 months 9.5% 7.0% −6.1% 3.2% 6.0% 10.6% 7.0%
Revenue growth, 3-year average 5.0% 4.8% — 3.4% 1.5% 0.4% −0.8%
Revenue growth, latest quarter 12.4% 14.2% — 8.3% 9.2% 20.4% 10.4%
Gross margin 18.6% — — — 57.9% — 18.6%
Operating margin 9.9% 4.2% 7.2% — 3.4% 7.2% 3.2%
Operating margin, 3-year average 8.6% 3.4% — — 3.1% 6.9% 3.4%
Net margin 5.7% 1.9% 3.9% 4.0% 2.4% 5.1% 3.0%
Cash from operations / revenue 12.8% 19.0% 12.4% 20.9% 9.9% 11.2% 9.9%
Free-cash-flow margin 7.4% 9.6% 8.9% 7.3% 4.3% 7.3% 3.0%
Free-cash-flow margin, 3-year average 0.2% 3.8% — 0.9% 4.2% 5.8% 0.9%
Stock pay / revenue 0.9% 0.3% 0.2% 0.3% 0.3% 0.5% 0.3%
Change in share count −1.5% 0.4% −2.1% −6.9% 0.1% −4.2% −1.5%

Median of all 19 companies we cover in cargo ground transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

19 cargo ground transportation companies
Measure Company Peer median Rank
Revenue growth Growth 9.5% 7.0% 7 of 19
Change in growth rate Growth +2.5pp +3.0pp 12 of 19
Operating margin Profitability 9.9% 3.4% 4 of 18
Net margin Profitability 5.7% 3.0% 4 of 18
Free-cash-flow margin Cash generation 7.4% 3.0% 5 of 19
Stock pay as % of revenue Cash generation 0.9% 0.3% 15 of 15
Long-term debt as % of assets Balance sheet 36.0% 11.5% 16 of 17
Change in share count Balance sheet -1.5% -1.5% 10 of 18
Days sales outstanding Balance sheet 52 days 49 days 11 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $4.7B 57.9% ▼ 1.4%
France $1.3B 16.0% ▲ 2.2%
United Kingdom $1.1B 14.0% ▲ 11.6%
Europe Excluding France and United Kingdom $877M 10.8% ▲ 0.5%
North America Excluding United States $106M 1.3% ▼ 0.9%

From XPO, Inc.'s 10-K filed February 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$24.4B
Institutions reporting
747
Shares held vs prior quarter
▲ 2.2%
Positions opened / closed
149 / 77

Top buyers and sellers, Q2 2026: 421 institutions bought and 288 sold ; the biggest buyer was Blackrock, Inc (+2.4M shares) and the biggest seller Invesco Ltd (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3B 14.5M 12.2% ▲ 19.5%
Mfn Partners Management, LP $2B 9.9M 8.3% ▼ 13.6%
Capital Research Global Investors $1.7B 8.3M 7.0% ▼ 13.7%
Capital World Investors $1.2B 5.8M 4.9% ▲ 1.0%
Vanguard Capital Management LLC $1B 5.1M 4.3% ▲ 1.0%
Vanguard Portfolio Management LLC $990M 4.8M 4.1% ▲ 1.6%
FMR LLC $889M 4.3M 3.6% ▲ 20.2%
State Street Corp $872M 4.2M 3.6% ▲ 18.5%
Orbis Allan Gray Ltd $699M 3.4M 2.9% ▼ 0.2%
Invesco Ltd. $623M 3.0M 2.6% ▼ 37.2%
Durable Capital Partners LP $498M 2.4M 2.0% ▼ 17.4%
Geode Capital Management, LLC $487M 2.4M 2.0% ▲ 8.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not XPO, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.7M 14 trades by 4 insiders · 44% under pre-set plans
Net ▼ $2.7M net selling
Insider Date Trade Shares Price Value
Wismans Kyle Chief Financial Officer October 1, 2026 Sell pre-set plan 750 $175.47 $131,602
Bates David J. Chief Operating Officer October 1, 2026 Sell pre-set plan 715 $179.66 $128,458
Bates David J. Chief Operating Officer October 1, 2026 Sell pre-set plan 900 $178.66 $160,797
Bates David J. Chief Operating Officer October 1, 2026 Sell pre-set plan 300 $176.64 $52,992
Bates David J. Chief Operating Officer October 1, 2026 Sell pre-set plan 700 $175.77 $123,036
Wismans Kyle Chief Financial Officer September 14, 2026 Sell pre-set plan 750 $178.52 $133,890
Bates David J. Chief Operating Officer September 14, 2026 Sell pre-set plan 200 $177.26 $35,452
Bates David J. Chief Operating Officer September 14, 2026 Sell pre-set plan 515 $180.58 $92,999
Bates David J. Chief Operating Officer September 14, 2026 Sell pre-set plan 1,500 $179.65 $269,475
Bates David J. Chief Operating Officer September 14, 2026 Sell pre-set plan 400 $178.08 $71,232
Brown Christopher Michael Chief Accounting Officer August 11, 2026 Sell 1,250 $199.81 $249,762
Brown Christopher Michael Chief Accounting Officer August 11, 2026 Sell 2,500 $203.00 $507,500

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 11 trades and filings

No trades in XPO, Inc. disclosed in the last 12 months; 11 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded August 4, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded July 22, 2025, filed August 13, 2025
  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded July 27, 2021, filed August 13, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 5, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on XPO, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

XPO, Inc. in brief

What does XPO, Inc. do?
XPO, Inc. is a US-listed company in the cargo ground transportation industry. Its financial year ends in December.
What is XPO, Inc.'s stock ticker?
XPO, Inc. trades under the ticker XPO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is XPO, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, XPO, Inc. reported revenue of $8.8B, 9.5% higher than a year earlier, according to its SEC filings.
What is XPO, Inc.'s free cash flow?
XPO, Inc.'s free-cash-flow margin is 7.4% of revenue over the trailing twelve months, ranking 5 of the 19 cargo ground transportation companies we cover.
Who are XPO, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Mfn Partners Management, LP and Capital Research Global Investors. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is XPO, Inc. buying back stock, and does it pay a dividend?
XPO, Inc. spent $318M on share repurchases over the trailing twelve months, and its diluted share count fell 1.5% over the year.
What is XPO, Inc.'s market cap?
On November 2, 2026, XPO, Inc.'s market capitalisation was about $22.6B, with a price-to-earnings ratio of 45.0 and net debt of $2.9B. Market figures come from third-party market data and may be delayed.
How much debt does XPO, Inc. have?
XPO, Inc.'s debt-to-equity ratio is 151.8%, from its latest balance sheet (180.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are XPO, Inc.'s competitors?
In our Cargo Ground Transportation peer group, the companies closest to XPO, Inc. are Knight-swift Transportation Holdings Inc., TFI International Inc., Ryder System Inc, Schneider National, Inc. and J.B. Hunt. The side-by-side comparison below sets their revenue, margins and growth against XPO, Inc.'s.
Are insiders buying or selling XPO, Inc. stock?
Over the last 12 months, XPO, Inc.'s directors and officers reported 0 open-market purchases and 14 sales on Form 4. The insider trading page charts every trade.
When is XPO, Inc.'s next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — XPO, Inc. announces its own schedule.