At a glance
XPO Logistics Inc is worth $21.17B, about 69 times its fiscal 2025 earnings. Revenue grew 1.1% to $8.16B in fiscal 2025, with 3.9% kept as profit; over 5 years it has grown 5.7% a year. It pays no dividend; it spent $125.0M buying back its shares over FY2021–FY2025. The stock returned +46.9% over the past year with dividends reinvested and +28.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.9% in the 2020 crash (S&P 500: 33.7%) and 46.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 7 months after the lows.
The business in plain English
XPO, Inc. moves freight for businesses. It serves about 55,000 customers in North America and Europe. As of December 31, 2025, it had about 37,000 employees and 592 locations in 17 countries. Revenue was $8.16 billion in fiscal 2025, split between two segments.
The larger segment, North American less-than-truckload (LTL), brought in 59.2% of revenue. LTL carriers combine smaller shipments from many customers in one trailer and sort them through terminals called service centers. XPO says it has about 9% of the U.S. LTL market, which it estimates at $53 billion in 2024. It serves about 37,000 shippers and reaches roughly 99% of U.S. zip codes, plus Mexico, Canada and the Caribbean across the border. Its main pricing measure is yield, which means revenue per hundredweight (a hundred pounds) of freight, not counting fuel surcharges. Yield rose 6.0% in 2025.
European Transportation brought in the other 40.8%. It offers truckload brokerage (arranging loads on other carriers' trucks), pallet networks, dedicated trucks for single customers, warehousing and last-mile delivery. XPO ranks first in truckload brokerage and LTL in France and in Spain and Portugal, and it leads in warehousing in the U.K. By country, the U.S. supplied 57.9% of revenue, France 16% and the U.K. 14%. XPO's board has authorized a sale of the European business, but there is no assurance a sale will happen.
Price history
The interactive chart needs JavaScript.
XPO +46.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| North American LTL | $4.83B | 59.2% |
| European Transportation | $3.32B | 40.8% |
By geography
| United States | $4.73B | 57.9% |
| France | $1.30B | 16% |
| United Kingdom | $1.14B | 14% |
| Europe (excluding France and United Kingdom) | $877.0M | 10.8% |
| North America (excluding United States) | $106.0M | 1.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.37B, up 12.4% from a year earlier, and net income was $181.0M (+120.7%).
- For fiscal 2025, revenue was $8.16B (+1.1% year over year; +5.7% a year from FY2020 to FY2025) with a 3.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.7% good |
|---|---|
| Operating margin | 8% watch |
| Free cash flow margin | 4% watch |
| Return on equity (FY2025) | 17% good |
| Return on assets (FY2025) | 3.9% watch |
| Net cash (cash minus debt) | $-2.73B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.17B | $110.0M | $139.0M |
| FY2021 | $7.20B | $336.0M | $387.0M |
| FY2022 | $7.72B | $666.0M | $303.0M |
| FY2023 | $7.74B | $189.0M | $-839.0M |
| FY2024 | $8.07B | $387.0M | $19.0M |
| FY2025 | $8.16B | $316.0M | $329.0M |
Valuation snapshot
| Market value | $21.17B |
|---|---|
| P/E ratio | 68.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
XPO Logistics’s market value went from $1.65B at the end of 2016 to $21.17B on Oct 28, 2026, about 12.8 times as much; since the end of 2025 it is up 33%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $21.17B | +32.7% |
| 2025 | $15.95B | +4.5% |
| 2024 | $15.27B | +50.3% |
| 2023 | $10.16B | +165.0% |
| 2022 | $3.83B | -27.5% |
| 2021 | $5.29B | +40.2% |
| 2020 | $3.77B | +48.1% |
| 2019 | $2.55B | +1.6% |
| 2018 | $2.51B | -34.0% |
| 2017 | $3.80B | +129.6% |
| 2016 | $1.65B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| XPO price data to Oct 28, 2026 | +33.7% | +46.9% | +39.2% | +28.5% | +31.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +33.7% |
| 2025 | +3.6% |
| 2024 | +49.7% |
| 2023 | +163.1% |
| 2022 | -27.8% |
| 2021 | +11.7% |
| 2020 | +49.6% |
| 2019 | +39.7% |
| 2018 | -37.7% |
| 2017 | +112.2% |
| 2016 | +58.4% |
| 2015 | -33.3% |
| 2014 | +55.5% |
| 2013 | +51.3% |
| 2012 | +40.7% |
| 2011 | +20.6% |
| 2010 | +100.0% |
| 2009 | +11.3% |
| 2008 | -6.5% |
| 2007 | -2.4% |
| 2006 | +85.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 46.9% over that stretch · deepest drop along the way 52.8%, back to its old high 11.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 54.5% over that stretch · deepest drop along the way 58.9%, back to its old high 7.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.2% over that stretch · deepest drop along the way 46%, back to its old high 7.3 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 14 sales ($2.7M), 10 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 28, 2026 | Allison Landry Director | sell | $517K |
| Aug 11, 2026 | Christopher Michael Brown Chief Accounting Officer | sell | $508K |
| Sep 14, 2026 | David J. Bates Chief Operating Officer | sell (plan) | $269K |
| Aug 10, 2026 | Christopher Michael Brown Chief Accounting Officer | sell | $252K |
| Aug 11, 2026 | Christopher Michael Brown Chief Accounting Officer | sell | $250K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.4% | May 31, 2026 |
| MFN Partners, LP | 8.4% | Jun 30, 2026 |
| Capital Research Global Investors | 7% | Jun 30, 2026 |
| Vanguard Capital Management | 5.08% | Mar 31, 2026 |
| Capital World Investors | 5% | Jun 30, 2026 |
| Invesco Ltd. | 4.1% | Mar 31, 2026 |
ETFs with the most weight in XPO
| SUPL ProShares Supply Chain Logistics ETF | 2.96% |
| XTN SPDR S&P Transportation ETF | 2.63% |
| IYT iShares US Transportation ETF | 2.22% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 1.85% |
| MIDE Xtrackers S&P MidCap 400 Scored & Screened ETF | 0.74% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.64% |
| IQSM NYLI Candriam U.S. Mid Cap Equity ETF | 0.63% |
| CGUS Capital Group Core Equity ETF | 0.6% |
What could go wrong
- Possible sale of the European business. XPO's board has authorized a sale of European Transportation, which was 40.8% of fiscal 2025 revenue. A deal may not happen, and XPO warns a sale could hurt results, cash flow, the share price and its North American business.
- Growth plan may not pay off. XPO has built more than 30% spare dock-door capacity and keeps adding trailers and tractors, expecting freight demand to rebound. If demand stays weak or the plan stalls, those costs may not earn matching profit.
- Freight recessions, tariffs and shorter hauls. Freight volumes track how much goods are made and bought. Recessions, tariffs and companies moving production closer to customers can mean fewer, shorter shipments and weaker pricing.
- Sizable debt and floating interest rates. As of June 30, 2026, XPO had about $3.05 billion of debt against $298 million of cash and investments. Some credit facilities carry floating rates, so higher interest rates would raise its borrowing costs.
- Driver pay and union organizing. Hiring and keeping truck drivers can be costly. XPO also warns of possible labor disputes and union organizing at certain North American locations, which could raise costs and lower efficiency.
- Currency swings affect reported results. About 41% of fiscal 2025 revenue came from Europe, including 16% from France and 14% from the U.K. When the dollar strengthens, earnings in euros and pounds are worth less in dollars.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Other company announcement
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Shareholder vote results
For income and retirement investors
XPO does not pay a dividend and paid none from fiscal 2021 through 2025. For an income investor, any return comes from the share price alone, so drawing income would mean cashing in shares. XPO spent $125 million on buybacks (repurchases of its own stock) in fiscal 2025 and none in 2023 or 2024. Even so, its share count rose 2.1% between July 2021 and July 2026.
The stock has fallen hard in past downturns. It dropped 52.8% in the 2008 financial crisis, 58.9% in the 2020 COVID crash and 46% in the 2022 bear market. Each time it got back to its earlier high within about 12 months. Its worst drop in 21 years of price history was 64.5%. A single stock like XPO carries more risk than a diversified fund, where many other holdings soften one company's setbacks.
Questions investors ask
How does XPO make money?
XPO makes money moving freight for about 55,000 business customers. Its North American less-than-truckload (LTL) segment carries smaller shipments from many customers on shared trucks. It brought in 59.2% of the $8.16 billion in revenue for the fiscal year ended December 31, 2025. European Transportation supplied the other 40.8%. It offers truckload brokerage, pallet networks, warehousing and last-mile delivery, and it holds leading positions in France, Spain, Portugal and the U.K.
Does XPO pay a dividend?
No. XPO paid no dividends from fiscal 2021 through 2025, so shareholder returns depend entirely on the share price. Instead, the company has repurchased its own stock at times: $125 million in fiscal 2025, and none in 2023 or 2024. Those repurchases have not shrunk the share count, which rose 2.1% between July 2021 and July 2026. Anyone who needs regular income from the stock would have to cash in shares to get it.
Is XPO planning to divest its European business?
Possibly. XPO's board has authorized a sale of the European business. The company's annual report (10-K), filed February 5, 2026, says that authorization remains in effect. XPO also says there is no assurance a deal will happen, and no certainty about its terms or timing. European Transportation produced 40.8% of fiscal 2025 revenue, so a sale would leave XPO mainly a North American LTL company. XPO warns that a sale could also affect its cash flows and share price.
How has XPO stock performed?
Very well over longer periods, but with big swings. Based on price, XPO shares returned 46.9% in the year to October 28, 2026. Over five years they returned an annualized 28.5% a year, and over 10 years 31.9% a year. The path was rough: the stock lost 27.8% in 2022, gained 163.1% in 2023 and fell 18.2% in the six months to October 28, 2026. XPO reported discontinued operations in fiscal 2020, so older figures cover a different mix of businesses.
Is XPO stock expensive?
Measured against its earnings, yes. The price-to-earnings (P/E) ratio is the share price divided by a year's earnings per share. As of October 28, 2026, XPO's P/E was 68.8, based on fiscal 2025 earnings of $2.64 a share. Its market value was about $21.3 billion. In the quarter ended June 30, 2026, net income rose 52.8% from a year earlier on 13.2% higher revenue. But fiscal 2025 net income fell 18.3%, and a stock priced this high can fall sharply if growth disappoints.