XPO Logistics (XPO) financial statements
XPO Logistics reported revenue of $8.2B in fiscal 2025, down 6.3% a year over 9 years.
Net income was $316M and the operating margin 8.0%, against 3.2% in 2016.
Free cash flow was $329M, and the company returned $125M in net buybacks.
The diluted share count fell 3% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from XPO Logistics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.6B | $15.4B | $17.3B | $10.7B | $6.2B | $7.2B | $7.7B | $7.7B | $8.1B | $8.2B |
| Cost of revenue | $7.9B | $8.1B | $9.0B | $8.3B | $7.9B | $4.6B | $4.9B | — | — | — |
| Gross profit | $6.7B | $7.2B | $8.3B | $2.4B | -$1.7B | $2.6B | $2.8B | — | — | — |
| Selling, general and admin | $1.7B | $1.7B | $1.8B | $1.1B | $746M | $756M | $678M | — | — | — |
| Operating income | $464M | $582M | $704M | $561M | $97M | $312M | $377M | $438M | $660M | $656M |
| Interest expense | $361M | $284M | $217M | $268M | $308M | $211M | $135M | $168M | $223M | $219M |
| Pre-tax income | $107M | $261M | $566M | $301M | -$164M | $107M | $258M | $260M | $473M | $437M |
| Income tax | $22M | -$99M | $122M | $60M | -$54M | $11M | $74M | $68M | $86M | $121M |
| Net income | $69M | $340M | $422M | $419M | $110M | $336M | $666M | $189M | $387M | $316M |
| EPS (diluted) | $0.53 | $2.45 | $2.88 | $3.57 | $0.87 | $2.93 | $5.76 | $1.60 | $3.23 | $2.64 |
| Diluted shares | 123M | 128M | 135M | 106M | 92M | 114M | 116M | 118M | 120M | 119M |
| Gross margin | 46.0% | 47.1% | 47.8% | 22.3% | -27.3% | 36.1% | 35.9% | — | — | — |
| Operating margin | 3.2% | 3.8% | 4.1% | 5.3% | 1.6% | 4.3% | 4.9% | 5.7% | 8.2% | 8.0% |
| Net margin | 0.5% | 2.2% | 2.4% | 3.9% | 1.8% | 4.7% | 8.6% | 2.4% | 4.8% | 3.9% |
Balance sheet
Fiscal years, from XPO Logistics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $373M | $397M | $502M | $377M | $1.7B | $228M | $460M | $412M | $246M | $310M |
| Receivables | $2.3B | $2.7B | $2.6B | $2.5B | $1.7B | $908M | $954M | $973M | $977M | $1.0B |
| Total current assets | $3.1B | $3.6B | $3.7B | $3.3B | $5.4B | $2.7B | $1.6B | $1.6B | $1.5B | $1.6B |
| Property, plant and equipment | $2.5B | $2.7B | $2.6B | $2.7B | $1.9B | $1.8B | $1.8B | $3.1B | $3.4B | $3.7B |
| Goodwill | $4.3B | $4.6B | $4.5B | $2.5B | $1.7B | $1.6B | $1.5B | $1.5B | $1.5B | $1.5B |
| Total assets | $11.7B | $12.6B | $12.3B | $14.1B | $16.2B | $8.7B | $6.3B | $7.5B | $7.7B | $8.2B |
| Total current liabilities | $2.7B | $3.0B | $3.3B | $3.3B | $5.2B | $2.5B | $1.5B | $1.6B | $1.4B | $1.6B |
| Long-term debt | $4.7B | $4.4B | $3.9B | $5.2B | $5.2B | $3.5B | $2.5B | $3.3B | $3.3B | $3.3B |
| Total liabilities | $8.7B | $8.6B | $8.3B | $11.2B | $13.3B | $7.6B | $5.3B | $6.2B | $6.1B | $6.3B |
| Shareholders' equity | $2.7B | $3.6B | $3.6B | $2.7B | $2.8B | $1.1B | $1.0B | $1.3B | $1.6B | $1.9B |
| Net debt | $4.5B | $4.1B | $3.8B | $4.8B | $3.5B | $3.3B | $2.0B | $2.9B | $3.1B | $2.9B |
Cash flow
Fiscal years, from XPO Logistics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $622M | $785M | $1.1B | $629M | $388M | $656M | $824M | $694M | $808M | $986M |
| Capital spending | $483M | $504M | $551M | $379M | $249M | $269M | $521M | $1.5B | $789M | $657M |
| Free cash flow | $139M | $281M | $551M | $250M | $139M | $387M | $303M | -$839M | $19M | $329M |
| Stock-based compensation | $55M | $79M | $49M | $56M | $37M | $31M | $77M | $78M | $87M | $77M |
| Dividends paid | $5M | $7M | $8M | $8M | — | — | — | — | — | — |
| Share buybacks (net) | $0 | $0 | -$536M | -$1.3B | -$114M | — | — | $0 | $0 | -$125M |
| Net borrowing | — | — | — | — | — | — | $0 | $3.0B | $0 | $0 |
| Free cash flow margin | 1.0% | 1.8% | 3.2% | 2.3% | 2.3% | 5.4% | 3.9% | -10.8% | 0.2% | 4.0% |
| Dividends per share | $0.04 | $0.05 | $0.06 | $0.08 | — | — | — | — | — | — |
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Open XPO in InvestinglyQuestions
What was XPO Logistics's revenue in 2025?
$8.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does XPO Logistics generate?
$329M in fiscal 2025 (operating cash flow minus capital spending).
From XPO Logistics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.