XPO financial statements

The full income statement, balance sheet, and cash-flow statement for XPO Inc. (XPO), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 116.4M2024-09 116.4M2024-12 117.2M2025-03 117.8M2025-06 117.8M2025-09 117.4M2025-12 117.1M2026-03 117.4M2026-06 117.1M+0.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	8.16B YoY+1.1%	8.07B YoY+4.2%	7.74B YoY+0.3%	7.72B YoY+7.2%	7.20B YoY+16.8%
Selling, general & administrative	—	—	—	678M YoY-10.3%	756M YoY+1.3%
Restructuring	—	—	38.0M YoY-24.0%	50.0M YoY+163.2%	19.0M YoY-38.7%
Amortization of intangibles	58.0M YoY+1.8%	57.0M YoY+5.6%	54.0M YoY+0.0%	54.0M YoY-3.6%	56.0M YoY+1.8%
Provision for credit losses	26.0M YoY+23.8%	21.0M YoY-36.4%	33.0M YoY+22.2%	27.0M YoY+35.0%	20.0M YoY-35.5%
Operating income	656M YoY-0.6%	660M YoY+50.7%	438M YoY+16.2%	377M YoY+20.8%	312M YoY+221.6%
Interest expense	219M YoY-1.8%	223M YoY+32.7%	168M YoY+24.4%	135M YoY-36.0%	211M YoY-31.5%
Other non-operating income	6.00M YoY-83.8%	37.0M YoY+146.7%	15.0M YoY-72.7%	55.0M YoY-8.3%	60.0M YoY+27.7%
Gain (loss) on equity securities	0.00 YoY-100.0%	13.0M	—	—	—
Pre-tax income	437M YoY-7.6%	473M YoY+81.9%	260M YoY+0.8%	258M YoY+141.1%	107M YoY-27.7%
Income tax	121M YoY+40.7%	86.0M YoY+26.5%	68.0M YoY-8.1%	74.0M YoY+572.7%	11.0M YoY+120.4%
	316M YoY-18.3%	387M YoY+104.8%	189M YoY-71.6%	666M YoY+98.2%	336M YoY+205.5%
Income from continuing operations	316M YoY-18.3%	387M YoY+101.6%	192M YoY+4.3%	184M YoY+91.7%	96.0M YoY+187.3%
Net income to non-controlling interest	—	—	—	—	0.00 YoY+100.0%
Net income to common	—	—	189M YoY-71.6%	666M YoY+98.2%	336M YoY+325.3%
	$2.64 YoY-18.3%	$3.23 YoY+101.9%	$1.60 YoY-72.2%	$5.76 YoY+96.6%	$2.93 YoY+236.8%
EPS (basic)	$2.69 YoY-19.2%	$3.33 YoY+103.0%	$1.64 YoY-71.7%	$5.79 YoY+93.6%	$2.99 YoY+243.7%
	118M YoY+1.7%	116M YoY+0.0%	116M YoY+0.9%	115M YoY+2.7%	112M YoY+21.7%
	119M YoY-0.8%	120M YoY+1.7%	118M YoY+1.7%	116M YoY+1.8%	114M YoY+23.9%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.63B YoY+8.3%	1.50B YoY-5.5%	1.59B YoY-2.3%	1.63B YoY-39.3%	2.69B YoY-50.0%
Cash & equivalents	310M YoY+26.0%	246M YoY-40.3%	412M YoY-10.4%	460M YoY+101.8%	228M YoY-86.8%
Accounts receivable	1.03B YoY+5.9%	977M YoY+0.4%	973M YoY+2.0%	954M YoY+5.1%	908M YoY-46.0%
Other current assets	285M YoY+0.7%	283M YoY+36.1%	208M YoY+4.5%	199M YoY-9.1%	219M YoY-27.7%
	8.19B YoY+6.3%	7.71B YoY+2.9%	7.49B YoY+19.5%	6.27B YoY-28.1%	8.72B YoY-46.1%
Property, plant & equipment	3.66B YoY+7.7%	3.40B YoY+10.6%	3.08B YoY+67.8%	1.83B YoY+9.4%	1.68B YoY-11.4%
Operating lease right-of-use	777M YoY+6.9%	727M YoY+2.7%	708M YoY-1.5%	719M YoY+3.2%	697M YoY-17.4%
Goodwill	1.55B YoY+5.9%	1.46B YoY-2.5%	1.50B YoY+1.8%	1.47B YoY-7.7%	1.59B YoY-3.5%
Intangible assets	311M YoY-13.9%	361M YoY-14.5%	422M YoY+3.7%	407M YoY-13.4%	470M YoY-30.4%
Deferred tax assets	12.0M YoY+9.1%	11.0M YoY-26.7%	15.0M YoY+275.0%	4.00M	0.00 YoY-100.0%
Other non-current assets	265M YoY+4.3%	254M YoY+29.6%	196M YoY-6.2%	209M YoY-9.5%	231M YoY+23.5%
Total non-current assets	6.56B YoY+5.8%	6.21B YoY+5.2%	5.90B YoY+27.2%	4.64B YoY-23.1%	6.03B YoY-44.2%
	1.55B YoY+9.5%	1.42B YoY-10.7%	1.59B YoY+5.5%	1.51B YoY-40.9%	2.55B YoY-50.6%
Accounts payable	455M YoY-4.6%	477M YoY-10.3%	532M YoY+2.1%	521M YoY+0.4%	519M YoY-39.2%
Current lease liability	166M YoY+30.7%	127M YoY+5.0%	121M YoY+13.1%	107M YoY+0.0%	107M YoY-29.6%
Other current liabilities	113M YoY+145.7%	46.0M YoY-50.5%	93.0M YoY+210.0%	30.0M YoY-48.3%	58.0M YoY-43.1%
Finance lease liability (current)	54.0M YoY+3.8%	52.0M YoY-18.8%	64.0M YoY+14.3%	56.0M YoY-1.8%	57.0M YoY-3.4%
Long-term debt	3.25B YoY-2.2%	3.33B YoY-0.3%	3.33B YoY+34.9%	2.47B YoY-29.6%	3.51B YoY-33.0%
Non-current lease liability	611M YoY+1.3%	603M YoY+2.6%	588M YoY-3.0%	606M YoY+1.7%	596M YoY-14.4%
Operating lease liability (total)	777M YoY+6.4%	730M YoY+3.0%	709M YoY-0.6%	713M YoY+1.4%	703M YoY-17.1%
Finance lease liability (total)	248M YoY+18.1%	210M YoY-13.6%	243M YoY+13.6%	214M YoY-9.7%	237M YoY-6.0%
Finance lease liability	195M YoY+23.4%	158M YoY-11.7%	179M YoY+13.3%	158M YoY-12.2%	180M YoY-6.7%
Deferred tax liabilities	482M YoY+22.6%	393M YoY+16.6%	337M YoY+5.6%	319M YoY+29.1%	247M YoY-13.6%
Other non-current liabilities	345M YoY+21.9%	283M YoY-0.7%	285M YoY+10.0%	259M YoY-4.8%	272M YoY-29.2%
Total non-current liabilities	4.78B YoY+1.9%	4.69B YoY+1.2%	4.64B YoY+23.6%	3.75B YoY-25.5%	5.03B YoY-38.4%
	1.86B YoY+16.2%	1.60B YoY+26.5%	1.27B YoY+25.1%	1.01B YoY-11.1%	1.14B YoY-60.1%
Preferred stock	—	—	—	—	0.00 YoY-100.0%
Common stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	1.16B YoY-8.9%	1.27B YoY-1.8%	1.30B YoY+4.8%	1.24B YoY+5.0%	1.18B YoY-41.0%
Retained earnings	888M YoY+55.2%	572M YoY+209.2%	185M YoY+4725.0%	-4.00M YoY-109.3%	43.0M YoY-95.0%
Accumulated other comprehensive income	-187M YoY+24.0%	-246M YoY-13.4%	-217M YoY+2.3%	-222M YoY-164.3%	-84.0M YoY+46.8%
Non-controlling interest	—	—	—	—	0.00 YoY-100.0%
Total equity incl. non-controlling	—	—	—	1.01B YoY-11.1%	1.14B YoY-60.1%
Total liabilities & equity	8.19B YoY+6.3%	7.71B YoY+2.9%	7.49B YoY+19.5%	6.27B YoY-28.1%	8.72B YoY-46.1%
	117M YoY+0.0%	117M YoY+0.9%	116M YoY+0.9%	115M YoY+0.0%	115M YoY+12.7%
	117M YoY+0.0%	117M YoY+0.9%	116M YoY+0.9%	115M YoY+0.0%	115M YoY+12.7%
	117M YoY-0.1%	117M YoY+1.0%	116M YoY+0.5%	116M YoY+0.6%	115M YoY+12.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	986M YoY+22.0%	808M YoY+16.4%	694M YoY-15.8%	824M YoY+25.6%	656M YoY+69.1%
Depreciation & amortization	467M YoY+8.1%	432M YoY+14.9%	376M YoY+11.9%	336M YoY+2.8%	327M YoY-13.5%
Intangible amortization	58.0M YoY+1.8%	57.0M YoY+5.6%	54.0M YoY+0.0%	54.0M YoY-3.6%	56.0M YoY+1.8%
Share-based compensation	77.0M YoY-11.5%	87.0M YoY+11.5%	78.0M YoY+1.3%	77.0M YoY+148.4%	31.0M YoY-16.2%
Deferred income taxes	99.0M YoY+73.7%	57.0M YoY+83.9%	31.0M YoY-61.3%	80.0M YoY+1042.9%	7.00M YoY+111.1%
Change in receivables	47.0M YoY+0.0%	47.0M YoY+2.2%	46.0M YoY-54.0%	100M YoY-41.5%	171M
Change in payables	-22.0M YoY-175.0%	-8.00M YoY+83.3%	-48.0M YoY-177.4%	62.0M YoY-36.7%	98.0M YoY+5000.0%
	—	—	—	—	-184M YoY-58.6%
Capital expenditure	657M YoY-16.7%	789M YoY-48.5%	1.53B YoY+194.2%	521M YoY+93.7%	269M YoY+8.0%
Free cash flow	329M YoY+1631.6%	19.0M YoY+102.3%	-839M YoY-376.9%	303M YoY-21.7%	387M YoY+178.4%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Sales/maturities of investments	0.00 YoY-100.0%	12.0M	0.00	0.00	—
Proceeds from sale of PP&E	41.0M YoY-45.3%	75.0M YoY+158.6%	29.0M YoY-67.0%	88.0M YoY-32.8%	131M
Other investing activities	—	—	0.00	0.00 YoY-100.0%	3.00M YoY+175.0%
	—	—	—	—	-1.93B YoY-267.4%
Long-term debt issued	0.00	0.00 YoY-100.0%	2.96B	0.00	0.00 YoY-100.0%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	125M	0.00	0.00	0.00	0.00 YoY-100.0%
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	4.00M YoY+500.0%	-1.00M YoY+0.0%	-1.00M YoY-133.3%	3.00M YoY+160.0%	-5.00M YoY-225.0%
FX effect on cash	-1.00M	0.00 YoY-100.0%	5.00M YoY+127.8%	-18.0M YoY-800.0%	-2.00M YoY-114.3%
Net change in cash	31.0M YoY+125.8%	-120M YoY-135.3%	-51.0M YoY-125.9%	197M YoY+111.0%	-1.79B YoY-206.8%
Interest paid	229M YoY+2.7%	223M YoY+20.5%	185M YoY+27.6%	145M YoY-42.7%	253M YoY-19.4%
Income taxes paid	-4.00M YoY-104.4%	90.0M YoY+164.7%	34.0M YoY-60.9%	87.0M YoY+11.5%	78.0M YoY+110.8%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	15.9B YoY+3.5%	15.4B YoY+51.4%	10.2B YoY+165.0%	3.83B YoY-27.4%	5.28B YoY+25.3%
P/E	50.4× YoY+26.8%	39.7× YoY-85.5%	274.5× YoY+6216.2%	4.3× YoY-72.3%	15.7× YoY-59.0%
P/S	2.0× YoY+2.5%	1.9× YoY+43.2%	1.3× YoY+165.8%	0.5× YoY-31.7%	0.7× YoY+7.3%
P/B	8.6× YoY-10.9%	9.6× YoY+13.2%	8.5× YoY+295.3%	2.1× YoY-53.7%	4.6× YoY+213.8%
P/FCF	48.4× YoY-94.0%	809.3×	—	8.3× YoY-39.1%	13.6× YoY-55.0%
	2.0% YoY-21.1%	2.5% YoY+591.0%	0.36% YoY-98.4%	23.0% YoY+261.6%	6.4% YoY+143.7%
	2.1% YoY+1572.3%	0.12%	—	12.0% YoY+64.1%	7.3% YoY+122.1%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: XPO's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all XPO filings on SEC EDGAR → Not investment advice.