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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
XPO
XPO (XPO) investor relations material
XPO Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 revenue rose 12.4% YoY to $2.373B; adjusted EBITDA increased 26.6% to $433M and adjusted diluted EPS rose 58.9% to $1.70.
North American LTL growth and margin expansion led results; European Transportation also increased adjusted EBITDA.
Financial highlights
Operating income was $288M versus $164M YoY; net income was $181M versus $82M, and diluted EPS was $1.53 versus $0.68.
Adjusted net income was $200M versus $128M; adjusted EBITDA was $433M versus $342M.
Q3 operating cash flow was $415M; free cash flow was $291M and net capital expenditures were $123M.
9M revenue was $6.823B versus $6.146B; operating income was $733M versus $513M, and net income was $444M versus $257M.
Outlook and guidance
Q4 LTL adjusted operating ratio is expected below 82%; FY 2026 OR improvement is projected at 250 bps or better.
Q4 yield and revenue per shipment, excluding fuel, are expected to improve sequentially and accelerate YoY; October yield growth tracked at 5% and revenue per shipment growth at 4%.
October shipments per day were preliminarily expected up in the mid-7% range and tonnage per day in the mid-6% range; Q4 tonnage growth is expected to accelerate from October's 6.5% YoY.
2026 free cash flow is expected to at least double from 2025, near $800M; gross capex guidance is $500M–$600M.
Long-term LTL operating ratio target is low 70s or better; 2027 is expected to bring strong earnings growth and margin expansion.
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Latest events from XPO
- Q2 2026 saw double-digit revenue and profit growth, record margins, and strong cash flow.XPO
Q2 2026 - Q1 2026 revenue up 7.3%, net income up 46.4%, and strong LTL margin gains achieved.XPOQ1 2026
- Votes will be cast on director elections, auditor ratification, and executive pay at the 2026 meeting.XPOProxy filing
- Annual meeting to vote on directors, auditor ratification, and executive pay, with virtual access.XPOProxy filing
- Shareholders will vote on directors, auditor ratification, and executive pay amid strong performance.XPOProxy filing
- Q4 2025 revenue grew 4.7% to $2.01B, with LTL margin and service gains, and flat adjusted EPS.XPOQ4 2025
- Q2 2024 net income surged to $150M on 9% revenue growth and record LTL margins.XPOQ2 2024
- Q3 2024 delivered strong revenue, margin, and yield growth, led by LTL performance.XPOQ3 2024
- Full-year adjusted EBITDA rose 27% with margin expansion and further gains expected in 2025.XPOQ4 2024
Next XPO earnings date
Q4 20264 Feb, 2027
XPO
Next XPO earnings date
Q4 20264 Feb, 2027
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Frequently asked questions
American Logistics Company
XPO Inc. is an American logistics company with multinational operations. The company is most known for its offers in less-than-truckload (LTL) shipping but also offers things such as freight brokerage, last-mile logistics, and supply chain management. XPO operates mainly in North America and Europe, utilizing technology to enhance its logistics operations. XPO serves a broad range of clients, from small businesses to multinational corporations, offering logistics solutions that cater to different needs and scales. The company is headquartered in Greenwich, Connecticut, and its shares are listed on the NYSE.
Explosive Growth Through Acquisitions
XPO Logistics, a global provider of transportation and logistics services, was established in 1989 as Express-1 Expedited Solutions. The company's evolution into a logistics powerhouse began in earnest in 2011 under the leadership of Bradley Jacobs. Jacobs initiated an ambitious growth strategy, primarily through a series of acquisitions.
Notable among these was the 2015 acquisition of Norbert Dentressangle, a major European logistics company, which significantly expanded XPO's global footprint. In the same year, XPO also acquired Con-way, a prominent U.S. trucking company, further solidifying its position in the North American market. XPO Logistics has since continued to grow, diversifying its services across various sectors including freight brokerage, last-mile logistics, and LTL shipping. Some of the company’s competitors in today's logistics market include C.H. Robinson, Old Dominion, and FedEx.
Less-than-truckload
The company is, as previously mentioned, primarily focused on LTL shipping. This is an incredibly useful service for businesses needing to transport smaller freight loads that do not require a full truckload. It enables customers to ship smaller, more frequent deliveries, optimizing cost-efficiency and flexibility. XPO's LTL shipping leverages an extensive network of terminals and advanced technology to ensure efficient transit and delivery. The company's expertise in this sector is backed by a robust tracking system, providing real-time visibility and control over shipments. The service includes special handling, expedited transit, and cross-border services.
Other Services
Beyond LTL shipping, XPO Logistics offers a broad range of services encompassing various aspects of supply chain management. These include truck brokerage, where XPO connects shippers with carrier networks to facilitate full truckload shipments. In warehousing and distribution, the company provides scalable solutions, including order fulfillment, inventory management, and reverse logistics. XPO's last-mile service specializes in the delivery and installation of heavy goods directly to consumers' homes. Additionally, XPO offers global forwarding services, handling international air and ocean freight transportation.