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XPO (XPO) investor relations material
XPO Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Q4 2025 Adjusted EBITDA was $312M, up 11% year-over-year, with Adjusted Diluted EPS of $0.88, nearly flat year-over-year, and LTL Adjusted Operating Income up 14% to $181M.
LTL Adjusted Operating Ratio improved by 180 bps year-over-year to 84.4%, with record service quality and reduced damages for the 15th consecutive quarter.
North American LTL revenue was $1.17B and Adjusted EBITDA $285M; European Transportation revenue was $846M, Adjusted EBITDA $32M.
Net income for Q4 was $59M, impacted by lower real estate gains and higher restructuring expenses.
Investments in network, equipment, and AI-driven technology enhanced productivity, cost efficiency, and service quality.
Financial highlights
Q4 2025 revenue reached $2.01B, up 4.7% year-over-year, with operating income of $143M and Adjusted Net Income of $105M.
Adjusted EBITDA margin for Q4 was 15.5%; LTL yield excluding fuel rose 5.2% year-over-year.
Cash flow from operations was $226M, with $310M in cash at year-end and $84M in net CapEx.
$65M in stock repurchases and $65M in term loan repayments were completed in Q4.
Depreciation expense rose 11% due to ongoing investments.
Outlook and guidance
Management expects significant acceleration in free cash flow in 2026, supporting increased share repurchases and debt reduction.
2026 planning: $500–$600M gross CapEx, $205–$215M interest expense, 24–25% adjusted effective tax rate, and 118M diluted shares.
Projecting 100–150 bps improvement in LTL operating ratio for 2026, with mid-single-digit revenue per shipment growth and flat weight per shipment.
CapEx as a percent of revenue expected to moderate to 8–12% in 2026, boosting free cash flow by over 50% year-over-year.
North American LTL targets 6–8% revenue CAGR and 11–13% adjusted EBITDA CAGR through 2027.
Explain NA LTL yield growth despite volume drop?
What drove the significant drop in purchased transportation?
Real estate gains' impact on reported EPS?
AI's potential to exceed 2026 productivity targets
Leverage excess capacity for market share gains
Key drivers for LTL OR into the low 70s?
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Next XPO earnings date
Q1 202629 Apr, 2026
XPO
Next XPO earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
American Logistics Company
XPO Inc. is an American logistics company with multinational operations. The company is most known for its offers in less-than-truckload (LTL) shipping but also offers things such as freight brokerage, last-mile logistics, and supply chain management. XPO operates mainly in North America and Europe, utilizing technology to enhance its logistics operations. XPO serves a broad range of clients, from small businesses to multinational corporations, offering logistics solutions that cater to different needs and scales. The company is headquartered in Greenwich, Connecticut, and its shares are listed on the NYSE.
Explosive Growth Through Acquisitions
XPO Logistics, a global provider of transportation and logistics services, was established in 1989 as Express-1 Expedited Solutions. The company's evolution into a logistics powerhouse began in earnest in 2011 under the leadership of Bradley Jacobs. Jacobs initiated an ambitious growth strategy, primarily through a series of acquisitions.
Notable among these was the 2015 acquisition of Norbert Dentressangle, a major European logistics company, which significantly expanded XPO's global footprint. In the same year, XPO also acquired Con-way, a prominent U.S. trucking company, further solidifying its position in the North American market. XPO Logistics has since continued to grow, diversifying its services across various sectors including freight brokerage, last-mile logistics, and LTL shipping. Some of the company’s competitors in today's logistics market include C.H. Robinson, Old Dominion, and FedEx.
Less-than-truckload
The company is, as previously mentioned, primarily focused on LTL shipping. This is an incredibly useful service for businesses needing to transport smaller freight loads that do not require a full truckload. It enables customers to ship smaller, more frequent deliveries, optimizing cost-efficiency and flexibility. XPO's LTL shipping leverages an extensive network of terminals and advanced technology to ensure efficient transit and delivery. The company's expertise in this sector is backed by a robust tracking system, providing real-time visibility and control over shipments. The service includes special handling, expedited transit, and cross-border services.
Other Services
Beyond LTL shipping, XPO Logistics offers a broad range of services encompassing various aspects of supply chain management. These include truck brokerage, where XPO connects shippers with carrier networks to facilitate full truckload shipments. In warehousing and distribution, the company provides scalable solutions, including order fulfillment, inventory management, and reverse logistics. XPO's last-mile service specializes in the delivery and installation of heavy goods directly to consumers' homes. Additionally, XPO offers global forwarding services, handling international air and ocean freight transportation.
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