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XPO (XPO) investor relations material
XPO Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved adjusted EBITDA of $342 million in Q3 2025, up 6% year-over-year, and adjusted diluted EPS of $1.07, up 11% year-over-year, both exceeding expectations excluding a $35 million legal charge.
Revenue for Q3 2025 increased 2.8% year-over-year to $2.11 billion, with net income at $82 million, down from $95 million in Q3 2024 due to the legal charge.
North American LTL segment delivered record-high adjusted operating income and EBITDA, with yield (excluding fuel) up 5.9% year-over-year and revenue per shipment increasing for the 11th consecutive quarter.
Service quality improved with best-ever damage frequency and 14 consecutive quarters of improved on-time performance.
AI-driven productivity and network optimization drove cost efficiency and margin outperformance.
Financial highlights
Q3 2025 revenue was $2.11 billion; North American LTL revenue was $1.26 billion, and European Transportation revenue was $857 million.
Adjusted EBITDA was $342 million (up from $333 million in Q3 2024); adjusted EBITDA margin improved to 16.2% from 15.6% a year ago.
Net income was $82 million; adjusted net income was $128 million; diluted EPS was $0.68 due to the $35 million legal charge.
Cash flow from operations was $371 million, with $335 million in cash on hand and $935 million in total liquidity at quarter end.
$50 million in common stock was repurchased and $50 million of term loan repaid during the quarter.
Outlook and guidance
Management expects to materially outperform typical seasonality in Q4, with further margin and operating ratio improvement.
Full-year 2025 gross capex projected at $600–$700 million, with capex expected to moderate and increase free cash flow conversion.
North American LTL targets (2021–2027): revenue CAGR 6–8%, adjusted EBITDA CAGR 11–13%, and at least 600 bps operating ratio improvement.
Existing liquidity and capital sources are sufficient to support operations over the next 12 months.
What drives LTL margin expansion in soft market?
European segment profitability outlook
Q3 cash flow and capital allocation
Expected incremental margins in an upturn?
What is the long-term LTL OR target?
How does AI drive LTL cost efficiency?
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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.
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