10-K · February 5, 2026
XPO positions its strategy around a company-specific action plan to "enhance network operating efficiencies and drive growth in our North American LTL business," investments in fleet and service centers, and rollout of…
Earnings analysis · 10-Q
XPO earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
XPO's Q1 2026 earnings report reflected robust growth with revenue reaching $2.10 billion, exceeding expectations by 2.7%. EPS surged to $1.01 from $0.58 in Q1 2025, marking a 74% year-over-year increase, demonstrating…
Read full summary
XPO's Q1 2026 earnings report reflected robust growth with revenue reaching $2.10 billion, exceeding expectations by 2.7%. EPS surged to $1.01 from $0.58 in Q1 2025, marking a 74% year-over-year increase, demonstrating improved operational efficiency and profitability despite increased debt levels.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.01
What stood out
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Revenue Growth
Q1 2026 revenue rose 7.3% to $2.10 billion from $1.95 billion in Q1 2025.
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Significant EPS Increase
Diluted EPS jumped 74% year-over-year to $1.01, compared to $0.58 in Q1 2025.
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Strong Performance in North American LTL
North American LTL revenue increased 4.9% to $1.23 billion, driven by higher yield and shipments.
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Improvement in Gross Margin
Gross margin expanded to 79.7% in Q1 2026 from 79.6% in Q1 2025.
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Cash Flow Improvement
Operating cash flow increased to $183 million, up from $142 million year-over-year.
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Share Repurchase Program
XPO repurchased 156,000 shares for $30 million in Q1 2026, indicating commitment to shareholder value.
What to watch
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Increased Debt Levels
Total liquidity decreased to $837 million from $1.0 billion at the end of 2025, with debt repayments impacting cash.
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Operational Challenges in European Segment
Revenue growth in European Transportation was largely driven by foreign exchange effects, showing a flat revenue when adjusted.
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Rising Fuel Costs Impacting Margins
Fuel expenses increased as a percentage of revenue, reflecting volatility in operating expenses due to market conditions.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · April 30, 2025
XPO reported Q1 revenue of $1,954.0 million (down $64.0 million vs. Q1 2024) with operating income of $151 million and diluted EPS of $0.58 (up from $0.56). Adjusted EBITDA fell slightly to $278 million from $288…
10-Q · October 30, 2024
XPO reported Q3 revenue of $2,053 million (up from $1,980 million a year ago) and operating income of $176 million (vs. $154 million). Income from continuing operations was $95 million and diluted EPS was $0.79 for the…
10-Q · May 3, 2024
XPO delivered strong performance in Q1 2024, reporting revenues of $2.02B, an increase of 5.8% from $1.91B in Q1 2023, and an earnings per share (EPS) of $0.56, up from $0.15 the previous year. The North American LTL…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.