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North American less-than-truckload (LTL) trucking carrier operating a large network of freight terminals.
North American less-than-truckload (LTL) trucking carrier operating a large network of freight terminals.
Is paid per shipment, priced by weight, distance and freight class with fuel surcharges added, and moves freight through a hub-and-spoke terminal network. It spun off GXO (contract logistics) in 2021 and RXO (brokerage) in 2022, leaving a pure LTL carrier among the largest in North America.
Moat: narrow (scale, installed base). Extensive terminal network and route density support service levels new entrants find slow to match.
Headquarters: Greenwich, Connecticut, USA · Founded: 2011 · Employees: 22,500
Size XPO (XPO) is a United States Industrials company (Trucking) with a market value of $20.6B, the 487th largest of 3,117 United States companies the cockpit tracks. Shares closed at $176.95 on 6 Nov 2026.
Performance Over six months the shares fell 13.5%, against -16.9% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 6 in its peer set.
Growth Revenue grew 9.5% over the last twelve months (peer median +5.4%); the operating margin is 10.6% (peer median 7.3%).
Valuation It trades at 26.6× forward earnings against a peer median of 24.2× (most expensive of 7).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is +31 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.1 points above its cost of capital (13.0% WACC).
Credit XPO has 2 bonds outstanding ($1.03B), rated BB by the agencies and trading like BB+ at a weighted spread of 161 bp.
Short interest Short interest is 5.5% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.83B | $8.16B | $8.07B | $7.74B | $7.72B |
| Revenue growth | — | +1% | +4% | 0% | — |
| Gross profit | $1.17B | $979M | $915M | $770M | $1.23B |
| EBITDA | $1.47B | $1.25B | $1.19B | $975M | $941M |
| Net income | $502M | $316M | $387M | $189M | $236M |
| Free cash flow | $660M | $329M | $15.0M | -$851M | $311M |
| Capital expenditure | $475M | $657M | $789M | $1.53B | $521M |
| Total debt | $3.92B | $4.09B | $4.12B | $4.11B | $3.25B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| XPO XPO | $20.6B | -13% | +9% | 11% | 26.6× | 26.2% |
| Old Dominion ODFL | $34.2B | -17% | +4% | 27% | 24.9× | 15.7% |
| Saia SAIA | $8.86B | -26% | +9% | 11% | 24.0× | 27.4% |
| TFI International TFII.TO | $7.86B | -29% | +3% | 7% | 14.2× | 11.6% |
| FedEx Freight FDXF | $18.5B | n/a | -1% | 6% | 24.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | XPO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.8% | -7.0% | 3rd highest of 7 |
| 6-month return | -13.5% | -16.9% | 3rd highest of 6 |
| Distance from 52-week high | -23.7% | -33.7% | highest of 7 |
| Revenue growth (TTM) | +9.5% | +5.4% | 2nd highest of 7 |
| Operating margin | 10.6% | 7.3% | 3rd highest of 7 |
| Forward P/E | 26.6× | 24.2× | most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | 26.2% | 16.8% | 2nd most demanding of 6 |
| Growth delivered (Del g) | -4.4% | +9.8% | lowest of 6 |
| Hurdle (Req g minus delivered) | +30.6 pp | +11.5 pp | most demanding of 6 |
| ROIC minus cost of capital | +0.1 pp | +0.1 pp | 4th highest of 7 |
| EV / EBITDA | 16.6× | 13.3× | 3rd most expensive of 7 |
| Net debt / EBITDA | 2.5× | 1.4× | 2nd most indebted of 7 |
| Bond spread | 161 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| XPO XPO | United States | $20.6B | -13% | +9% | 11% | 26.6× | 26.2% | -4.4% |
| J.B. Hunt JBHT | United States | $20.3B | -11% | +11% | 7% | 24.3× | 16.8% | +4.5% |
| FedEx Freight FDXF | United States | $18.5B | n/a | -1% | 6% | 24.7× | n/a | n/a |
| Old Dominion ODFL | United States | $34.2B | -17% | +4% | 27% | 24.9× | 15.7% | +6.5% |
| Knight-Swift Transportation KNX | United States | $9.51B | -9% | +7% | 4% | 15.6× | 21.3% | +9.8% |
| Saia SAIA | United States | $8.86B | -26% | +9% | 11% | 24.0× | 27.4% | +12.2% |
| TFI International TFII.TO | Canada | $7.86B | -29% | +3% | 7% | 14.2× | 11.6% | +16.8% |
XPO has 2 bonds outstanding with $1.03B face value. The agencies rate it BB; its bonds trade like BB+. Weighted yield 6.11%, a spread of 161 bp over government bonds.