XPO, Inc. is a leading provider of freight transportation services, specializing in the efficient movement of goods through supply chains in North America and Europe. The company leverages proprietary technology to deliver high-quality logistics solutions, focusing on less-than-truckload (LTL) freight and European transportation services. XPO operates a vast network of service centers and employs advanced infrastructure to meet the needs of its diverse customer base.
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North American Less-Than-Truckload (LTL) - Operates one of the largest LTL networks in North America, providing day-definite domestic services to nearly all U.S. zip codes and cross-border services to Mexico, Canada, and the Caribbean. Includes in-house trailer manufacturing and truck driver training capabilities.
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European Transportation - Offers freight transportation services across Europe, complementing the company's North American operations and supporting global supply chain needs.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Christopher Brown Executive | Chief Accounting Officer (CAO) | None | No detailed bio available in the documents, but currently serves as Principal Accounting Officer. | |
David Bates Executive | Chief Operating Officer (COO) | None | Joined XPO in 2023, oversees North American LTL operations, previously SVP at Old Dominion Freight Line. | |
Kyle Wismans Executive | Chief Financial Officer (CFO) | None | Joined XPO in 2019, previously SVP of Financial Planning and Analysis, contributed to GXO and RXO spin-offs. | |
Mario Harik Executive | Chief Executive Officer (CEO) | None | Joined XPO in 2011, previously CIO and President of North America LTL, led the RXO spin-off and LTL 2.0 strategy. | View Report → |
Wendy Cassity Executive | Chief Legal Officer and Secretary | None | Joined XPO in 2023, leads legal and compliance functions, previously CLO at Nuance Communications and Zayo Group. | |
Allison Landry Board | Vice Chair of the Board | None | Joined XPO's board in 2021, brings over 15 years of transportation sector experience, provides investor perspective and strategic guidance. | |
Bella Allaire Board | Director | EVP of Technology and Operations at Raymond James Financial | Joined XPO's board in 2022, brings deep technical knowledge and operational expertise from leadership roles at Raymond James, UBS, and Prudential Securities. | |
Brad Jacobs Board | Executive Chairman of the Board | Non-Executive Chairman of GXO Logistics, Non-Executive Chairman of RXO, Chairman & CEO of QXO | Founder of XPO, led its transformation into a global leader in transportation and logistics, and spearheaded spin-offs of GXO and RXO. | |
Irene Moshouris Board | Director | Director at Summit Materials, Inc. | Joined XPO's board in 2022, former SVP and Treasurer at United Rentals, brings financial and international business expertise. | |
J. Wes Frye Board | Director | None | Joined XPO's board in 2023, former CFO of Old Dominion Freight Line, recognized for financial leadership and operational excellence in the LTL industry. | |
Johnny C. Taylor Jr. Board | Lead Independent Director | President & CEO of SHRM, Board Member at Guild Education and iCIMS, Trustee at University of Miami | Joined XPO's board in 2021, provides governance expertise, leads independent director sessions, and engages in stockholder outreach. | |
Michael Jesselson Board | Director | President & CEO of Jesselson Capital Corporation, Chairman of Bar Ilan University, Director at C-III Capital Partners and Clarity Capital | Joined XPO's board in 2011, provides governance and investment expertise, previously served as Lead Independent Director. |
- Despite your focus on growing the local customer base for higher margins, shipments per day and tonnage per day have declined year-over-year; what strategies are you implementing to reverse this volume decline while maintaining margin improvements?
- You expect a 150 basis point improvement in operating ratio despite a soft macro environment; what specific risks could prevent you from achieving this target, and how are you mitigating potential headwinds such as lower fuel surcharge revenue or increased competition?
- Given your significant investments resulting in 30% excess capacity during a soft freight market, how confident are you that demand will increase sufficiently to utilize this capacity, and what are the risks if the anticipated freight market recovery is delayed?
- As you aim to close the margin gap with industry leaders through yield improvements and shifts in revenue mix, how do you plan to manage potential pushback from customers or competitive pressures that could impact your ability to achieve above-market yield growth?
- In light of macroeconomic softness and currency headwinds in certain European markets like France, how are you adjusting your strategy to sustain profitability across the region, and what measures are you taking to mitigate these region-specific challenges?
Research analysts who have asked questions during XPO earnings calls.
Brian Ossenbeck
JPMorgan Chase & Co.
7 questions for XPO
Christian Wetherbee
Wells Fargo
7 questions for XPO
Fadi Chamoun
BMO Capital Markets
6 questions for XPO
Jason Seidl
TD Cowen
6 questions for XPO
Jonathan Chappell
Evercore ISI
6 questions for XPO
Jordan Alliger
Goldman Sachs
6 questions for XPO
Ken Hoexter
BofA Securities
6 questions for XPO
Scott Group
Wolfe Research
6 questions for XPO
Stephanie Moore
Jefferies
5 questions for XPO
Ravi Shanker
Morgan Stanley
4 questions for XPO
Scott Schneeberger
Oppenheimer & Co. Inc.
4 questions for XPO
Bascome Majors
Susquehanna Financial Group
3 questions for XPO
Richa Harnain
Deutsche Bank
3 questions for XPO
Tom Wadewitz
UBS Group
3 questions for XPO
Ariel Rosa
Citigroup
2 questions for XPO
Christopher Kuhn
The Benchmark Company
2 questions for XPO
Daniel Imbro
Stephens Inc.
2 questions for XPO
J. Bruce Chan
Stifel
2 questions for XPO
Thomas Wadewitz
UBS
2 questions for XPO
Eric Morgan
Barclays
1 question for XPO
Joseph Lawrence Hafling
Jefferies
1 question for XPO
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Yellow Corporation | 2023 | XPO acquired 28 service centers from Yellow Corporation for $870 million in cash, executing the deal under Section 363 of the U.S. Bankruptcy Code with key assets including lease assumptions and additional contract rights; the acquisition supports XPO’s LTL 2.0 growth strategy and is expected to be EBITDA accretive. |
Recent press releases and 8-K filings for XPO.
- XPO reported strong Q3 2025 results, with total company adjusted EBITDA of $342 million and adjusted diluted EPS of $1.07, both exceeding expectations.
- The North American LTL segment achieved record adjusted EBITDA of $308 million and adjusted operating income of $217 million, improving its adjusted operating ratio by 150 basis points year-over-year to 82.7%.
- The company continued to drive above-market yield growth, with LTL yield excluding fuel increasing 5.9% year-over-year and 3.1% sequentially, supported by investments in network, equipment, and proprietary AI technology.
- XPO generated $371 million in cash flow from operating activities, ending the quarter with $935 million in total liquidity after repurchasing $50 million of common stock and paying down $50 million on its term loan.
- Management expects to materially outperform seasonality in Q4 2025 with approximately 250 basis points of year-over-year OR expansion and anticipates continued OR improvement and earnings growth in 2026, even without a macro recovery.
- XPO reported strong Q3 2025 financial results, with adjusted EBITDA of $342 million and adjusted diluted EPS of $1.07, both exceeding expectations. Total company revenue increased 3% year over year to $2.1 billion.
- The Less-Than-Truckload (LTL) segment achieved record performance, with adjusted EBITDA up 9% to $308 million and adjusted operating income up 10% to $217 million. The LTL adjusted operating ratio improved by 150 basis points to 82.7%.
- Operational efficiency was a key driver, with yield excluding fuel growing 5.9% year over year and productivity improving by 2.5 points due to AI-driven tools and reduced reliance on purchased transportation.
- The company expects to materially outperform seasonality in Q4, with year-over-year operating ratio expansion potentially accelerating to around 250 basis points, and anticipates strong OR improvement and earnings growth in 2026.
- XPO projects free cash flow to grow north of $400 million this year, with CapEx expected to moderate and free cash flow conversion to increase in the future.
- XPO reported strong financial results for Q3 2025, with adjusted EBITDA of $342 million, up 6% year-over-year, and adjusted diluted EPS of $1.07, an 11% increase year-over-year.
- The North American LTL segment achieved record-high adjusted operating income of $217 million and adjusted EBITDA of $308 million in Q3 2025.
- The LTL segment's adjusted operating ratio improved by 150 basis points year-over-year to 82.7%.
- Operational highlights for LTL include a 5.9% year-over-year increase in yield (excluding fuel), a damage claims ratio of 0.3%, and a 770 basis point year-over-year reduction in linehaul miles outsourced to third-party carriers.
- XPO reported Q3 2025 adjusted EBITDA of $342 million and adjusted diluted EPS of $1.07, both exceeding expectations. Total company revenue grew 3% year-over-year to $2.1 billion.
- The North American LTL segment achieved record profitability with adjusted EBITDA of $308 million (up 9% year-over-year) and an adjusted operating income of $217 million (up 10% year-over-year). The LTL adjusted operating ratio improved by 150 basis points to 82.7%.
- Operational improvements included a 10% reduction in maintenance cost per mile and a 48% decrease in purchased transportation expense due to insourcing. The company also reduced damage frequency to its best level in history and improved on-time performance for the 14th consecutive quarter.
- XPO generated $371 million in cash flow from operating activities and ended the quarter with $935 million of total liquidity.
- The company expects to materially outperform typical seasonality for its operating ratio in Q4 2025 and anticipates a strong year of OR improvement and earnings growth in 2026, driven by continued yield growth, AI-driven cost savings, and network optimization.
- XPO reported Q3 2025 adjusted EBITDA of $342 million, a 6% year-over-year increase, and adjusted diluted EPS of $1.07, up 11% year-over-year.
- The North American LTL segment achieved record-high adjusted operating income and EBITDA, with adjusted EBITDA reaching $308 million (up 9% YoY) and an adjusted operating ratio of 82.7%, improving by 150 basis points year-over-year.
- For the full year 2025, the company expects total gross capital expenditures between $600 million and $700 million, interest expense of $220 million to $230 million, and a diluted share count of 120 million.
- XPO targets for its North American LTL segment from 2021 to 2027 include a 6% to 8% revenue CAGR and an 11% to 13% adjusted EBITDA CAGR, with an adjusted operating ratio improvement of at least 600 basis points.
- XPO reported diluted earnings per share of $0.68 for the third quarter of 2025, compared to $0.79 for the same period in 2024, while adjusted diluted earnings per share increased to $1.07 from $1.02.
- Total revenue for Q3 2025 was $2.11 billion, marking a 2.8% increase from $2.05 billion in Q3 2024.
- Net income for Q3 2025 was $82 million, a 13.7% decrease from $95 million in Q3 2024, primarily impacted by a $35 million charge related to environmental and product liability claims.
- The North American Less-Than-Truckload (LTL) segment generated revenue of $1.26 billion and adjusted operating income of $217 million in Q3 2025, achieving an adjusted operating ratio of 82.7%.
- The company generated $371 million of cash flow from operating activities and repurchased $50 million of common stock during the third quarter of 2025.
- XPO reported diluted earnings per share of $0.68 for the third quarter of 2025, a decrease from $0.79 in Q3 2024, primarily due to a $35 million charge related to environmental and product liability claims.
- Adjusted diluted earnings per share increased to $1.07 in Q3 2025, up from $1.02 in Q3 2024.
- Total revenue for Q3 2025 was $2.11 billion, a 2.8% increase from $2.05 billion in Q3 2024, with adjusted EBITDA reaching $342 million, up from $333 million.
- The North American Less-Than-Truckload segment's adjusted operating income grew 9.6% year-over-year to $217 million on $1.26 billion in revenue.
- The company generated $371 million in cash flow from operating activities and returned capital by repurchasing $50 million of common stock and repaying $50 million of term loan financing during the quarter.
- XPO reported Q2 2025 revenue of $2.1 billion, adjusted EBITDA of $340 million, and adjusted diluted EPS of $1.05.
- The LTL segment grew adjusted EBITDA by 1% to $300 million, expanding its margin by 90 basis points to 24.2%. The adjusted operating ratio for the LTL segment improved to 82.9% in Q2.
- Operational highlights include a 6.1% year-over-year increase in yield excluding fuel and a 53% year-over-year reduction in third-party carrier expense due to insourcing line haul miles.
- For Q3, XPO expects its operating ratio to be at a similar level to Q2, outperforming normal seasonality, and anticipates a 100 basis points year-on-year improvement in full-year operating ratio. Sequential pricing gains are also expected to continue through the rest of the year.
- The company generated $247 million of cash flow from operating activities in Q2 2025 and initiated a $10 million common stock repurchase program.
- Preliminary operating metrics for XPO’s North American LTL segment for May 2025 show a 5.7% decrease in tonnage per day compared to May 2024.
- The decline is driven by a 5.0% drop in shipments per day and a 0.7% reduction in weight per shipment, indicating lower operational volume.
- Q1 2025 Performance: XPO Inc delivered approximately $2 billion in revenue, $278 million adjusted EBITDA, and $0.73 adjusted EPS, with $69 million GAAP net income and $87 million adjusted net income ( ).
- North American LTL Segment: Achieved a sequential operating ratio improvement to 85.9%, a 6.9% yield ex‑fuel increase, and generated $1.17 billion in revenue, along with a 53% reduction in purchased transportation expense ( ).
- Liquidity & Share Repurchase: Maintained robust liquidity with $212 million in cash and $811 million in total liquidity, supported by a Board‑approved share buyback program up to $750 million ( ).
- Earnings Metrics: GAAP diluted EPS improved to $0.58 (up from $0.56) with net income rising from $67 million in Q1 2024, while adjusted diluted EPS declined from $0.81 to $0.73 ( ).
- Revenue Dynamics & Strategic Outlook: Total quarterly revenue declined 3.2% due to lower fuel surcharge and European Transportation revenues, while the company remains focused on service excellence with targeted capex of 8% to 12% of revenue through 2027 to drive growth and efficiency ( ).