XPO Logistics, Inc. Earnings Recaps
Q1 2026
May 1, 2026
XPO shares closed down 0.7% following Q1 2026 earnings, as investors absorbed results that largely tracked expectations without a clear positive or negative surprise. The market reaction suggests the quarter’s improvements in operating metrics and profitability were largely anticipated.
Key takeaways
- Adjusted EBITDA reached $319 million, up 15% year-over-year, and adjusted diluted EPS was $1.01, up 38%.
- North American LTL adjusted operating income increased 20%, with an operating ratio improvement to 83.9% (down 200bps year-over-year).
- Total revenue rose 7% to $2.1 billion; LTL segment revenue grew 5% to $1.2 billion, driven by stronger yields and fuel surcharge recovery.
- Investments in AI and technology supported a 4% productivity gain, with further margin expansion initiatives underway.
- Management reiterated long-term operating ratio targets and noted ongoing capacity investments, but outlook commentary offered no material surprises or new guidance.
Q3 2025
Oct 31, 2025
XPO delivered robust Q3 2025 results with adjusted EBITDA of $342 million and adjusted diluted EPS of $1.07, highlighting strong operational execution and margin expansion despite a challenging market.
Key takeaways
- Adjusted EBITDA increased by 6% year-over-year, while adjusted diluted EPS grew by 11%, exceeding market expectations.
- North American LTL adjusted operating income rose 10% to $217 million, accompanied by a 150 basis point improvement in the adjusted operating ratio to 82.7%.
- Yield growth excluding fuel achieved 5.9% year-over-year, driven by enhanced service quality and a richer mix of local and premium accounts.
- Productivity improvements through AI initiatives led to a significant reduction in maintenance costs per mile and a decrease in outsourced miles to 5.9%, the lowest in company history.
- The integration of advanced technology with a high-performing network positions XPO for continued margin outperformance and long-term shareholder value creation.