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XPO, Inc. cash flow statement

In fiscal 2025, XPO, Inc.'s operations generated $986m of cash; it spent $657m on capital projects, leaving free cash flow of $329m. It returned $125m through buybacks.

Cash flow statement

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations−027−24−66−21916227851,1026293886568246948089861,132
Depreciation and amortisation1111736203466488546370321327336376432467478
Stock-based pay001458285579495637317778877776
Capital spending011712452494835045513792492695211,533789657475
Free cash flow−016−31−78−66−158139281551250139387303−83919329657
Free cash flow after stock pay−015−36−83−73−18684202502194102356226−917−68252581
Dividends paid—————335788———————
Share buybacks———————005361,347114——00125318
Shares issued———1372541,1311,260028800———————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from XPO, Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to XPO, Inc.