XPO, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data XPO, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	14,619	15,381	17,279	10,681	6,168	7,202	7,718	7,744	8,072	8,157
Cost of revenue	7,887	8,132	9,013	8,303	7,852	4,604	4,945
Gross profit	6,732	7,249	8,266	2,378	-1,684	2,598	2,773
Selling, general and administrative		1,661	1,837	1,068	746	756	678
General and administrative	1,652	1,661	1,837
Operating expenses	14,155	14,799	16,575
Operating income	464	582	704	561	97	312	377	438	660	656
Interest expense	361	284	217	268	308	211	135	168	223	219
Other non-operating income	34	57	109	23	47	60	55	15	37	6
Pre-tax income	107	261	566	301	-164	107	258	260	473	437
Income tax	22	-99	122	60	-54	11	74	68	86	121
Income from continuing operations				241	-110	96	184	192	387	316
Net income to minority interests	16	20	22	0	-3	0
Net income	69	340	422	419	110	336	666	189	387	316
EBITDA	930	1,070	1,250	931	418	639	713	814	1,092	1,123
EPS, basic	0.57	2.72	3.17	3.95	0.87	2.99	5.79	1.64	3.33	2.69
EPS, diluted	0.53	2.45	2.88	3.57	0.87	2.93	5.76	1.60	3.23	2.64
Shares, basic (weighted)	110	115	123	96	92	112	115	116	116	118
Shares, diluted (weighted)	123	128	135	106	92	114	116	118	120	119

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	373	397	502	377	1,731	228	460	412	246	310
Receivables	2,313	2,725	2,596	2,500	1,680	908	954	973	977	1,035
Other current assets	387	466	590	465	303	219	199	208	283	285
Total current assets	3,074	3,588	3,688	3,342	5,378	2,687	1,630	1,593	1,505	1,630
Property, plant and equipment	2,537	2,664	2,605	2,704	1,891	1,675	1,832	3,075	3,402	3,664
Lease right-of-use assets				2,245	844	697	719	708	727	777
Goodwill	4,326	4,564	4,467	2,474	1,651	1,594	1,472	1,498	1,461	1,547
Intangible assets	1,535	1,435	1,253	1,092	675	470	407	422	361	311
Other non-current assets	227	351	257	295	187	231	209	196	254	265
Total assets	11,698	12,602	12,270	14,128	16,177	8,717	6,269	7,492	7,712	8,194
Accounts payable	1,056	1,251	1,258	1,157	854	519	521	532	477	455
Accrued liabilities	37.3
Deferred revenue	47.3
Short-term debt	137	104	367
Total current liabilities	2,732	2,997	3,313	3,258	5,161	2,548	1,507	1,590	1,420	1,555
Long-term debt	4,732	4,418	3,902	5,182	5,240	3,513	2,473	3,335	3,325	3,253
Lease liabilities				1,776	696	596	606	588	603	611
Other non-current liabilities	374	596	488	364	384	272	259	285	283	345
Total liabilities	8,660	8,592	8,300	11,232	13,328	7,579	5,257	6,226	6,111	6,333
Total debt	5,044	4,684	4,415	5,418	6,672	3,692	2,638	3,519	3,493	3,407
Paid-in capital	3,245	3,590	3,311	2,061	1,998	1,179	1,238	1,298	1,274	1,160
Retained earnings	-393	-43	377	786	868	43	-4	185	572	888
Other comprehensive income	-194	16	-154	-145	-158	-84	-222	-217	-246	-187
Shareholders' equity	2,700	3,604	3,575	2,743	2,849	1,138	1,012	1,266	1,601	1,861
Minority interests	338	406	395	153	140	0
Total equity	3,038	4,010	3,970	2,896	2,849	1,138	1,012	1,266	1,601	1,861
Total liabilities and equity	11,698	12,602	12,270	14,128	16,177	8,717	6,269	7,492	7,712	8,194
Shares outstanding	111	120	116	92	102	115	115	116	117	117

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	85	360	444	440	117	341	666	189	387	316
Depreciation and amortization	466	488	546	370	321	327	336	376	432	467
Stock-based compensation	55	79	49	56	37	31	77	78	87	77
Deferred income tax	-21	-157	45	40	-63	7	80	31	57	99
Change in receivables	-154	-320	-13	101	0	-171	-100	-46	-47	-47
Change in payables	2	140	35	-99	-2	98	62	-48	-8	-22
Cash from operations	622	785	1,102	629	388	656	824	694	808	986
Capital expenditures	-483	-504	-551	-379	-249	-269	-521	-1,533	-789	-657
Acquisitions	0	0
Sales and maturities of investments							0	0	12	0
Cash from investing	142	-386	-400	-67	-116	-184	-404	-1,502	-702	-616
Debt issued	1,378	819	1,074	1,752	1,155	0	0	2,962	0	0
Stock issued	0	288	0	0
Share buybacks	0	0	-536	-1,347	-114			0	0	-125
Dividends paid	-5.4	-6.6	-8	-8
Cash from financing	-681	-366	-620	-201	1,154	-1,932	-861	761	-226	-339
Exchange rate effect	-4	16	-17	2	14	-2	-18	5	0	-1
Net change in cash	79	49	65	-127	1,678	-1,792	197	-51	-120	31
Free cash flow	139	281	551	250	139	387	303	-839	19	329
Interest paid	363	274	233	281	314	253	145	185	223	229
Income taxes paid	41	79	70	82	37	78	87	34	90	-4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $173.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	8.8%	Operating income / revenue.
EBITDA margin	15.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.4%	Pre-tax income / revenue.
Net margin	4.7%	Net income / revenue.
Effective tax rate	25.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	20.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.8%	Net income / average total assets.
Return on invested capital (ROIC)	11.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.8%	Capital expenditures / revenue.
D&A / revenue	6.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-0.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	20.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	46.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	21.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-18.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-22.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	23.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-18.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-22.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	24.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	22.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	20.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	1,632.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	2.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	18.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	16.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	22.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-8.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-12.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.01x	Current assets / current liabilities.
Quick ratio	0.87x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.68x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.5%	Total debt / total assets.
Liabilities / assets	76.5%	Total liabilities / total assets.
Net debt	$2.99B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.33x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.56x	Operating income / interest expense.
Working capital	$20.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	21.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$154.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.03x	Revenue / average total assets.
Fixed asset turnover	2.34x	Revenue / average property, plant and equipment.
Receivables turnover	6.77x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.42	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$72.66	Revenue / diluted weighted shares.
Book value per share	$16.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.32	Tangible book value / shares outstanding.
Cash per share	$2.55	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$20.28B	Share price x shares outstanding.
Enterprise value	$23.27B	Market cap + total debt - cash - short-term investments.
P/E	50.2x	Market cap / net income. Only when net income is positive.
P/S	2.36x	Market cap / revenue.
P/B	10.3x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	132x	Market cap / tangible book value, when positive.
EV/Sales	2.71x	Enterprise value / revenue.
EV/EBIT	30.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.1x	Enterprise value / EBITDA, when both are positive.
Earnings yield	2.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.

What was XPO, Inc.'s revenue in fiscal 2025?

XPO, Inc. reported revenue of $8.16B for fiscal 2025, 1.1% higher than the year before.

Was XPO, Inc. profitable in fiscal 2025?

Yes. Net income was $316.0M, a net margin of 3.9%.

How much free cash flow did XPO, Inc. generate in fiscal 2025?

Cash from operations of $986.0M minus capital expenditures of $657.0M left free cash flow of $329.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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