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XPO Inc.
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Latest analysis
Updated Oct 29, 2026
XPO posts 12.4% Q3 revenue growth and 75.6% operating income surge as LTL yield and volume gains accelerate margin expansion
XPO's North American LTL segment delivered its strongest operating leverage in the current cycle, with Q3 2026 adjusted EBITDA margin expanding 190 basis points to 26.4% on 17.4% revenue growth, driven by simultaneous yield improvement (gross revenue per hundredweight ex-fuel surcharges up 3.6% YoY) and tonnage growth (pounds per day up 5.0% YoY). Consolidated operating income grew 75.6% to $288 million in Q3 2026, powered by insurance and claims favorability and the absence of a $35 million pre-Conway environmental charge that weighed on Q3 2025. Capital discipline is equally evident: capex fell to $369 million in the nine months ended September 30, 2026, versus $551 million in the same prior-year period, while cumulative term loan repayments reached $275 million year-to-date through October 29, 2026, demonstrating a deliberate pivot from network build-out to free cash flow harvesting.
Tone: bullishRevenue
$8.2B
XPO 10-K · FY 2025
Employees
37,000
Revenue FY2024
$8.1B
Headquarters
Greenwich, CT
Profile
XPO 10-K Item 1 · Feb 5, 2026XPO, Inc. is a leading freight transportation services company operating primarily in North America and Europe, with approximately 55,000 customers across both regions. The company operates through two reportable segments: North American Less-Than-Truckload (LTL) and European Transportation. XPO differentiates itself through proprietary technology and AI-driven tools that optimize pricing, linehaul, pickup-and-delivery, and dock operations.
Read filing description ↓ Collapse description ↑
XPO, Inc., together with its subsidiaries, is a leading provider of freight transportation services, with company-specific avenues for value creation. We use our proprietary technology to move goods efficiently through supply chains for approximately 55,000 customers in North America and Europe. As of December 31, 2025, we had approximately 37,000 employees and 592 locations in 17 countries. Our company has two reportable segments: North American Less-Than-Truckload ('LTL'), the largest component of our business; and European Transportation. XPO has one of the largest LTL networks in North America, with approximately 9% share of the U.S. market. Our network serves approximately 37,000 shippers with critical geographic density and day-definite domestic services to approximately 99% of U.S. zip codes, as well as cross-border services to Mexico, Canada and the Caribbean. We operate the business to high service standards for on-time delivery and damage-free transport. In Europe, XPO has a unique pan-European transportation platform with leading positions in key geographies and deep expertise in consumer, trade and industrial markets. We are the #1 full truckload broker and the #1 pallet network (LTL) provider in France; the #1 full truckload broker and the #1 LTL provider in Iberia; and, in the U.K., we are a market leader in warehousing, a top-tier dedicated truckload provider and have the largest single-owner LTL network. The previously announced authorization by our Board of Directors to divest the European business remains in effect.
Primary products
- Less-Than-Truckload (LTL) transportation
- Dedicated truckload
- Full truckload brokerage
- Warehousing
- Managed transportation
- Last mile delivery
Business segments
End markets
Geographies
Named competitors
“Our ability to make ongoing investments in the business is one of the most compelling competitive strengths of XPO. It ensures that we can operate consistently throughout changes in market conditions and deliver what our customers value most — reliable capacity, technology-driven efficiencies and problem-solving expertise.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Consolidated revenue for 2025 increased by 1.1% to $8.2 billion compared with 2024, with foreign currency movements contributing approximately 1.4 percentage points; on a currency-neutral basis, revenue was essentially flat.
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