At a glance
GXO Logistics Inc is worth $5.66B, about 176 times its fiscal 2025 earnings. Revenue grew 12.5% to $13.18B in fiscal 2025, with 0.2% kept as profit; over 5 years it has grown 16.3% a year. It pays no dividend; it spent $200.0M buying back its shares over FY2021–FY2025. The stock returned −9.0% over the past year with dividends reinvested and −11.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 62.5% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The business in plain English
GXO Logistics runs warehouses for other companies. It calls itself the world's largest pure-play contract logistics provider, meaning outsourced supply chain work is its whole business. Large companies pay GXO to receive and store their goods, pick and pack orders, ship them out, and process returns (known as reverse logistics). As of December 31, 2025, about 154,000 workers, including about 49,000 agency temps, staffed 1,043 facilities totaling roughly 221 million square feet in 26 countries.
GXO serves more than 1,000 customers, mostly in North America and Europe, under contracts that are often long-term and fixed-price. No single customer exceeded 6% of 2025 revenue, and the top five together made up about 20%. GXO uses robots, automated sorting and its own cloud-based warehouse software to raise productivity, which matters because labor is a large share of its costs.
Revenue rose 12.5% to $13.2 billion in 2025. Retailers selling both online and in stores (omnichannel retail) supplied 49%, followed by technology and consumer electronics (12%), industrial and manufacturing (12%), food and beverage (10%) and consumer packaged goods (10%). The UK is by far the largest market at 48% of revenue, ahead of the US at 24% and the Netherlands at 8%. Business peaks with holiday shopping in the fourth quarter and is usually weakest in the first.
Price history
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GXO -9.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Omnichannel retail | $6.41B | 48.6% |
| Technology and consumer electronics | $1.64B | 12.5% |
| Industrial and manufacturing | $1.53B | 11.6% |
| Food and beverage | $1.38B | 10.5% |
| Consumer packaged goods | $1.26B | 9.5% |
| Other | $960.0M | 7.3% |
By geography
| United Kingdom | $6.30B | 47.8% |
| United States | $3.16B | 24% |
| Netherlands | $1.03B | 7.9% |
| France | $822.0M | 6.2% |
| Other | $811.0M | 6.2% |
| Spain | $651.0M | 4.9% |
| Italy | $405.0M | 3.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.44B, up 4.3% from a year earlier, and net income was $25.0M (-3.8%).
- For fiscal 2025, revenue was $13.18B (+12.5% year over year; +16.3% a year from FY2020 to FY2025) with a 0.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +16.3% good |
|---|---|
| Operating margin | 1.9% weak |
| Free cash flow margin | 0.8% watch |
| Return on equity (FY2025) | 1.1% weak |
| Return on assets (FY2025) | 0.3% weak |
| Net cash (cash minus debt) | $-2.43B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.20B | $-31.0M | $111.0M |
| FY2021 | $7.94B | $153.0M | $205.0M |
| FY2022 | $8.99B | $197.0M | $200.0M |
| FY2023 | $9.78B | $229.0M | $284.0M |
| FY2024 | $11.71B | $134.0M | $190.0M |
| FY2025 | $13.18B | $32.0M | $110.0M |
Valuation snapshot
| Market value | $5.66B |
|---|---|
| P/E ratio | 176.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
GXO Logistics’s market value went from $10.41B at the end of 2021 to $5.66B on Oct 28, 2026, down 46%; since the end of 2025 it is down 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.66B | -6.0% |
| 2025 | $6.03B | +16.0% |
| 2024 | $5.20B | -28.6% |
| 2023 | $7.28B | +43.6% |
| 2022 | $5.06B | -51.4% |
| 2021 | $10.41B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GXO price data to Oct 28, 2026 | -6.2% | -9.0% | -0.3% | -11.1% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -6.2% |
| 2025 | +21.0% |
| 2024 | -28.9% |
| 2023 | +43.3% |
| 2022 | -53.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 61.7% over that stretch · deepest drop along the way 62.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Orbis Investment Management Limited | 11.3% | Dec 31, 2025 |
| ORBIS INVESTMENT MANAGEMENT LTD | 10.4% | Dec 31, 2024 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| Spruce House Investment Management LLC | 5.2% | Jul 14, 2026 |
ETFs with the most weight in GXO
| CSD Invesco S&P Spin-Off ETF | 3.85% |
| TMFS Motley Fool Small-Cap Growth ETF | 3.23% |
| NRSH Aztlan North America Nearshoring Stock Selection ETF | 3.23% |
| TMFM Motley Fool Mid-Cap Growth ETF | 1.21% |
| ROBO ROBO Global Robotics & Automation Index ETF | 1.1% |
| SUPL ProShares Supply Chain Logistics ETF | 1.05% |
| PEXL Pacer US Export Leaders ETF | 0.95% |
| RFV Invesco S&P MidCap 400® Pure Value ETF | 0.58% |
What could go wrong
- Wage rises it may not pass on. Many long-term contracts are fixed-price, so higher wages, minimum-wage increases or union demands may squeeze profit. Most UK and European employees are covered by union-negotiated agreements, and labor disputes could disrupt service.
- Thin margins, demanding customers. In 2025 operating profit was just 1.9% of revenue. Customers regularly rebid contracts, push for fixed prices and penalties, and can bring logistics in-house, so small cost overruns can erase profits.
- Heavy reliance on the UK. The UK supplied 47.8% of 2025 revenue and held 52% of the workforce, while the US supplied 24%. A UK slowdown, or a weaker pound against the dollar, could hit reported results.
- Tied to shoppers and the holiday peak. Retailers selling online and in stores made up about 49% of 2025 revenue. Recessions or geopolitical shocks that cut consumer spending in North America and Europe would reduce volumes, especially during the holiday peak.
- New leadership and acquisition risk. GXO hired a new chief executive, chief operating officer and chief commercial officer, and announced changes to its chief financial and accounting officers. Past or future acquisitions may not add to earnings or integrate smoothly.
- Debt and borrowing costs. As of June 30, 2026, GXO had $3.2 billion of debt against $769 million of cash. A credit-rating downgrade could raise interest costs and make future borrowing harder.
Recent events
- Executive or board change
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
GXO does not pay a dividend and paid none from 2021 through 2025, so an income investor would get cash from it only by selling shares. Its only cash return to shareholders was $200 million of buybacks in 2025, more than that year's $110 million of free cash flow (cash left after capital spending). Even so, the share count barely moved: about 114.7 million as of August 3, 2026, versus about 114.6 million in August 2021. Earnings per share fell to $0.28 in 2025 from $1.12 in 2024.
The shares have swung sharply. In the 2022 bear market they fell 62.5% from a January 14, 2022 high to an October 12, 2022 low, and had not regained that high as of October 28, 2026. Over the five years to that date, the price fell 44%. GXO was not yet listed during the 2008 or 2020 crashes. Single stocks like GXO carry more risk than diversified funds.
Questions investors ask
How does GXO Logistics make money?
GXO makes money by running warehouses and supply chain operations that other companies outsource to it. It stores goods, fills store and online orders, and handles returns under contracts that are often long-term and fixed-price. In 2025 it earned $13.2 billion of revenue from more than 1,000 customers. Retailers selling both online and in stores supplied about 49%. No customer exceeded 6% of revenue, and the top five together were about 20%.
Does GXO pay a dividend?
No. GXO paid no dividends from 2021 through 2025 and had no dividend yield as of October 28, 2026. Instead, it returned cash through share buybacks (the company purchasing its own stock): $200 million in 2025, after none in 2023 or 2024. For someone who relies on portfolio income, cash from this stock would come only from selling shares, and the share price has been volatile.
Why is GXO's P/E ratio so high?
Because its earnings were very small. GXO's price-to-earnings (P/E) ratio, the share price divided by a year's earnings per share, was about 176 as of October 28, 2026, based on 2025 results. Net income fell 76% to $32 million, or $0.28 per diluted share, even as revenue grew 12.5% to $13.2 billion. A P/E this high means the share price leans heavily on profits recovering. If they don't, the stock could look expensive.
Who are GXO Logistics' competitors?
GXO names CEVA Logistics, DHL Group, DSV, GEODIS, ID Logistics Group, Kuehne + Nagel and Ryder System among its competitors. It describes the industry as highly fragmented, with thousands of companies competing locally and globally. Customers choose mainly on price and service quality, often use several providers at once, regularly rebid contracts and can bring warehouse work back in-house. That competition matters because margins are thin: operating income was 1.9% of 2025 revenue.
How much debt does GXO have?
As of June 30, 2026, GXO had about $3.2 billion of total debt and $769 million of cash and investments, leaving net debt of about $2.4 billion. Shareholders' equity was about $3.0 billion. GXO warns that its debt could hurt profitability and its ability to meet other obligations, and that a credit-rating downgrade could raise borrowing costs. Net income was just $32 million in 2025, so profits offer little cushion.