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Xpo Inc Financials

XPO
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Xpo Inc (XPO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI XPO FY2025

Cash generation is being rebuilt through lower reinvestment needs while margin gains keep the business more productive on nearly flat sales.

From FY2023 to FY2025, operating cash flow rose from $694M to $986M even though net income did not recover in the same proportion. Free cash flow swung from -$839M to $329M, which makes the earlier cash shortfall look more like an investment-heavy year than weak underlying cash conversion.

The company has become less balance-sheet dependent: debt to equity improved from 2.6x to 1.7x over the last two years as equity rebuilt and long-term debt edged down. But short-term liquidity remains tightly managed, with $310M of cash against $1.56B of current liabilities, so the model depends on collections and daily cash turnover rather than a large idle buffer.

A margin step-up is doing more of the work than top-line expansion: revenue was roughly flat from FY2023 to FY2025, yet operating margin held near 8.0% after sitting at 5.7%. That usually means the cost structure changed in a durable way or the revenue mix became better, because the improvement survived into a year of minimal sales growth.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 39 / 100
Financial Profile 39/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Xpo Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
39

Xpo Inc has an operating margin of 8.0%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 39/100, indicating healthy but not exceptional operating efficiency. This is down from 8.2% the prior year.

Growth
38

Xpo Inc's revenue grew a modest 1.1% year-over-year to $8.2B. This slow but positive growth earns a score of 38/100.

Leverage
66

Xpo Inc carries a low D/E ratio of 1.75, meaning only $1.75 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 66/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
16

Xpo Inc's current ratio of 1.05 is below the typical benchmark, resulting in a score of 16/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
25

Xpo Inc's free cash flow margin of 4.0% results in a low score of 25/100. Capital expenditures of $657.0M absorb a large share of operating cash flow.

Returns
53

Xpo Inc's ROE of 17.0% shows moderate profitability relative to equity, earning a score of 53/100. This is down from 24.2% the prior year.

Altman Z-Score Safe
3.70

Xpo Inc scores 3.70, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($24.0B) relative to total liabilities ($6.3B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
5/9

Xpo Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
3.12x

For every $1 of reported earnings, Xpo Inc generates $3.12 in operating cash flow ($986.0M OCF vs $316.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
3.0x

Xpo Inc earns $3.0 in operating income for every $1 of interest expense ($656.0M vs $219.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$8.2B
YoY+1.1%
5Y CAGR+5.7%
10Y CAGR+0.7%

Xpo Inc generated $8.2B in revenue in fiscal year 2025. This represents an increase of 1.1% from the prior year.

EBITDA
$1.1B
YoY+2.8%
5Y CAGR+21.9%
10Y CAGR+20.5%

Xpo Inc's EBITDA was $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.8% from the prior year.

Net Income
$316.0M
YoY-18.3%
5Y CAGR+23.5%

Xpo Inc reported $316.0M in net income in fiscal year 2025. This represents a decrease of 18.3% from the prior year.

EPS (Diluted)
$2.64
YoY-18.3%
5Y CAGR+24.9%

Xpo Inc earned $2.64 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 18.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$329.0M
YoY+1631.6%
5Y CAGR+18.8%

Xpo Inc generated $329.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1631.6% from the prior year.

Cash & Debt
$310.0M
YoY+26.0%
5Y CAGR-29.1%
10Y CAGR+0.7%

Xpo Inc held $310.0M in cash against $3.3B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
117M
YoY-0.1%
5Y CAGR+2.8%
10Y CAGR+0.7%

Xpo Inc had 117M shares outstanding in fiscal year 2025. This represents a decrease of 0.1% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
8.0%
YoY-0.1pp
5Y CAGR+6.5pp
10Y CAGR+8.4pp

Xpo Inc's operating margin was 8.0% in fiscal year 2025, reflecting core business profitability. This is down 0.1 percentage points from the prior year.

Net Margin
3.9%
YoY-0.9pp
5Y CAGR+2.1pp
10Y CAGR+6.4pp

Xpo Inc's net profit margin was 3.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.9 percentage points from the prior year.

Return on Equity
17.0%
YoY-7.2pp
5Y CAGR+13.1pp
10Y CAGR+24.0pp

Xpo Inc's ROE was 17.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.2 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$125.0M
5Y CAGR+1.9%

Xpo Inc spent $125.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$657.0M
YoY-16.7%
5Y CAGR+21.4%
10Y CAGR+10.2%

Xpo Inc invested $657.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 16.7% from the prior year.

XPO Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $2.1B+4.2% $2.0B-4.7% $2.1B+1.5% $2.1B+6.4% $2.0B+1.7% $1.9B-6.4% $2.1B-1.3% $2.1B
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $880.0M+4.1% $845.0M-3.5% $876.0M+0.6% $871.0M+4.7% $832.0M-0.6% $837.0M-1.8% $852.0M-0.2% $854.0M
Operating Income $174.0M+21.7% $143.0M-12.8% $164.0M-17.2% $198.0M+31.1% $151.0M+1.3% $149.0M-15.3% $176.0M-10.7% $197.0M
Interest Expense $53.0M0.0% $53.0M-1.9% $54.0M-3.6% $56.0M0.0% $56.0M+5.7% $53.0M-5.4% $56.0M0.0% $56.0M
Income Tax $23.0M-28.1% $32.0M+6.7% $30.0M-18.9% $37.0M+68.2% $22.0M-15.4% $26.0M-35.0% $40.0M+1433.3% -$3.0M
Net Income $101.0M+71.2% $59.0M-28.0% $82.0M-22.6% $106.0M+53.6% $69.0M-8.0% $75.0M-21.1% $95.0M-36.7% $150.0M
EPS (Diluted) $0.85 N/A $0.68-23.6% $0.89+53.4% $0.58 N/A $0.79-36.8% $1.25

XPO Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $8.2B-0.1% $8.2B+0.1% $8.2B+0.7% $8.1B+3.2% $7.9B+2.2% $7.7B-2.7% $7.9B+2.5% $7.7B
Current Assets $1.7B+2.8% $1.6B-4.1% $1.7B+4.7% $1.6B+2.7% $1.6B+5.0% $1.5B-9.0% $1.7B+6.8% $1.5B
Cash & Equivalents $237.0M-23.5% $310.0M-7.5% $335.0M+48.9% $225.0M+6.1% $212.0M-13.8% $246.0M-34.9% $378.0M+51.2% $250.0M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $1.2B+12.4% $1.0B-6.2% $1.1B-2.6% $1.1B+4.5% $1.1B+10.8% $977.0M-8.2% $1.1B-2.2% $1.1B
Goodwill $1.5B-1.0% $1.5B+0.1% $1.5B-0.5% $1.6B+4.2% $1.5B+2.1% $1.5B-3.6% $1.5B+2.4% $1.5B
Total Liabilities $6.3B0.0% $6.3B-0.6% $6.4B+0.3% $6.4B+1.8% $6.2B+2.1% $6.1B-2.7% $6.3B+0.8% $6.2B
Current Liabilities $1.7B+8.7% $1.6B-6.7% $1.7B+4.3% $1.6B+3.1% $1.6B+9.2% $1.4B-9.1% $1.6B+1.4% $1.5B
Long-Term Debt $3.2B-2.5% $3.3B+1.0% $3.2B-3.6% $3.3B+0.2% $3.3B+0.3% $3.3B-0.5% $3.3B+0.4% $3.3B
Total Equity $1.9B-0.5% $1.9B+2.4% $1.8B+2.0% $1.8B+8.6% $1.6B+2.4% $1.6B-2.4% $1.6B+9.5% $1.5B
Retained Earnings $989.0M+11.4% $888.0M+7.1% $829.0M+11.0% $747.0M+16.5% $641.0M+12.1% $572.0M+15.3% $496.0M+23.4% $402.0M

XPO Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $183.0M-19.0% $226.0M-39.1% $371.0M+50.2% $247.0M+73.9% $142.0M-24.9% $189.0M-28.4% $264.0M+25.7% $210.0M
Capital Expenditures $111.0M+4.7% $106.0M-32.1% $156.0M-20.4% $196.0M-1.5% $199.0M+19.9% $166.0M+30.7% $127.0M-33.2% $190.0M
Free Cash Flow $72.0M-40.0% $120.0M-44.2% $215.0M+321.6% $51.0M+189.5% -$57.0M-347.8% $23.0M-83.2% $137.0M+585.0% $20.0M
Investing Cash Flow -$107.0M N/A -$150.0M+21.5% -$191.0M0.0% -$191.0M N/A -$115.0M+37.5% -$184.0M
Financing Cash Flow -$147.0M N/A -$111.0M-152.3% -$44.0M-46.7% -$30.0M N/A -$24.0M-300.0% -$6.0M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $30.0M-55.9% $68.0M+44.7% $47.0M+370.0% $10.0M $0 $0 $0 N/A

XPO Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 8.3%+1.2pp 7.1%-0.7pp 7.8%-1.8pp 9.5%+1.8pp 7.7%-0.0pp 7.8%-0.8pp 8.6%-0.9pp 9.5%
Net Margin 4.8%+1.9pp 2.9%-1.0pp 3.9%-1.2pp 5.1%+1.6pp 3.5%-0.4pp 3.9%-0.7pp 4.6%-2.6pp 7.2%
Return on Equity 5.5%+2.3pp 3.2%-1.3pp 4.5%-1.4pp 5.9%+1.7pp 4.2%-0.5pp 4.7%-1.1pp 5.8%-4.2pp 10.0%
Return on Assets 1.2%+0.5pp 0.7%-0.3pp 1.0%-0.3pp 1.3%+0.4pp 0.9%-0.1pp 1.0%-0.2pp 1.2%-0.7pp 1.9%
Current Ratio 0.99-0.1 1.05+0.0 1.020.0 1.010.0 1.02-0.0 1.060.0 1.06+0.1 1.00
Debt-to-Equity 1.71-0.0 1.75-0.0 1.77-0.1 1.88-0.2 2.03-0.0 2.08+0.0 2.04-0.2 2.22
FCF Margin 3.4%-2.5pp 6.0%-4.2pp 10.2%+7.7pp 2.5%+5.4pp -2.9%-4.1pp 1.2%-5.5pp 6.7%+5.7pp 1.0%

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Frequently Asked Questions

Xpo Inc (XPO) reported $8.2B in total revenue for fiscal year 2025. This represents a 1.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Xpo Inc (XPO) revenue grew by 1.1% year-over-year, from $8.1B to $8.2B in fiscal year 2025.

Yes, Xpo Inc (XPO) reported a net income of $316.0M in fiscal year 2025, with a net profit margin of 3.9%.

Xpo Inc (XPO) reported diluted earnings per share of $2.64 for fiscal year 2025. This represents a -18.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Xpo Inc (XPO) had EBITDA of $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Xpo Inc (XPO) had $310.0M in cash and equivalents against $3.3B in long-term debt.

Xpo Inc (XPO) had an operating margin of 8.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Xpo Inc (XPO) had a net profit margin of 3.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Xpo Inc (XPO) has a return on equity of 17.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Xpo Inc (XPO) generated $329.0M in free cash flow during fiscal year 2025. This represents a 1631.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Xpo Inc (XPO) generated $986.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Xpo Inc (XPO) had $8.2B in total assets as of fiscal year 2025, including both current and long-term assets.

Xpo Inc (XPO) invested $657.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Xpo Inc (XPO) spent $125.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Xpo Inc (XPO) had 117M shares outstanding as of fiscal year 2025.

Xpo Inc (XPO) had a current ratio of 1.05 as of fiscal year 2025, which is considered adequate.

Xpo Inc (XPO) had a debt-to-equity ratio of 1.75 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Xpo Inc (XPO) had a return on assets of 3.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Xpo Inc (XPO) has an Altman Z-Score of 3.70, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Xpo Inc (XPO) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Xpo Inc (XPO) has an earnings quality ratio of 3.12x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Xpo Inc (XPO) has an interest coverage ratio of 3.0x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Xpo Inc (XPO) scores 39 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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