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    XPO Reports Second Quarter 2025 Results

    7/31/25 6:45:00 AM ET
    $XPO
    Transportation Services
    Consumer Discretionary
    Get the next $XPO alert in real time by email

    GREENWICH, Conn., July 31, 2025 (GLOBE NEWSWIRE) -- XPO (NYSE:XPO) today announced its financial results for the second quarter 2025. The company reported diluted earnings per share of $0.89, compared with $1.25 for the same period in 2024, and adjusted diluted earnings per share of $1.05, compared with $1.12 for the same period in 2024.

    Second Quarter 2025 Summary Results
                     
      Three Months Ended June 30, 
       Revenue Operating Income (Loss)
    (in millions)  2025  2024 Change %  2025  2024 Change %
    North American Less-Than-Truckload Segment $          1,240 $          1,272 -2.5% $             199 $             203 -2.0%
    European Transportation Segment               841               808 4.1%                11                10 10.0%
    Corporate                 -                   -   0.0%               (11)               (16) -31.3%
    Total $          2,080 $          2,079 0.0% $             198 $             197 0.5%
                     
      Adjusted Operating Income(1) Adjusted EBITDA(1)
    (in millions)  2025  2024 Change %  2025  2024 Change %
    North American Less-Than-Truckload Segment $             211 $             214 -1.4% $             300 $             297 1.0%
    European Transportation Segment                15                19 -21.1%                44                49 -10.2%
    Corporate   NA    NA  NA                 (4)                 (3) 33.3%
    Total $ NA  $ NA  NA $             340 $             343 -0.9%
                     
      Net Income Diluted EPS
    (in millions, except for per-share data)  2025  2024 Change %  2025  2024 Change %
    Total $             106 $             150 -29.3% $            0.89 $            1.25 -28.8%
                     
      Diluted Weighted-Average

    Common Shares Outstanding
              
         Adjusted Diluted EPS (1)
    (in millions, except for per-share data)  2025  2024    2025  2024 Change %
    Total               119               120   $            1.05 $            1.12 -6.3%
                     
    Amounts may not add due to rounding.
    NA - Not applicable
    (1) See the "Non-GAAP Financial Measures" section of the press release

    Mario Harik, chief executive officer of XPO, said, "We delivered strong results in the second quarter, with adjusted EBITDA of $340 million and adjusted diluted EPS of $1.05, both exceeding expectations.



    "In our North American LTL business, we achieved an adjusted operating ratio of 82.9%, reflecting an industry-best year-over-year improvement of 30 basis points. While our tonnage declined in the soft freight environment, our world-class service culture drove above-market pricing growth and share gains with local customers. We grew yield, excluding fuel, by 6.1% and increased revenue per shipment by 5.6% from the prior year, with sequential growth in both metrics. On the cost side, we reduced purchased transportation expense by 53% as we insourced linehaul miles to a record level. And we generated another gain in labor productivity, supported by our proprietary technology."



    Harik continued, "We're executing at a high level and consistently outperforming the industry, with a strategy that positions us to deliver long-term margin expansion and earnings growth."



    Second Quarter Highlights



    For the second quarter 2025, the company generated revenue of $2.08 billion, compared with $2.08 billion for the same period in 2024.



    Operating income was $198 million for the second quarter, compared with $197 million for the same period in 2024. Net income was $106 million for the second quarter, compared with $150 million for the same period in 2024, as the company lapped a one-time tax benefit related to the European business. Diluted earnings per share was $0.89 for the second quarter, compared with $1.25 for the same period in 2024.



    Adjusted net income, a non-GAAP financial measure, was $125 million for the second quarter, compared with $135 million for the same period in 2024. Adjusted diluted EPS, a non-GAAP financial measure, was $1.05 for the second quarter, compared with $1.12 for the same period in 2024. 



    Adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"), a non-GAAP financial measure, was $340 million for the second quarter, compared with $343 million for the same period in 2024. 



    The company generated $247 million of cash flow from operating activities in the second quarter and ended the quarter with $225 million of cash and cash equivalents on hand, after $191 million of net capital expenditures. 



    Results by Business Segment

    • North American Less-Than-Truckload (LTL): The segment generated revenue of $1.24 billion for the second quarter 2025, compared with $1.27 billion for the same period in 2024. On a year-over-year basis, shipments per day decreased 5.1%, tonnage per day decreased 6.7%, while yield, excluding fuel, increased 6.1%. Including fuel, yield increased 4.2%.



      Operating income was $199 million for the second quarter, compared with $203 million for the same period in 2024. Adjusted operating income, a non-GAAP financial measure, was $211 million for the second quarter, compared with $214 million for the same period in 2024. Adjusted operating ratio, a non-GAAP financial measure, was 82.9%, reflecting a year-over-year improvement of 30 basis points.



      Adjusted EBITDA for the second quarter was $300 million, compared with $297 million for the same period in 2024. The year-over-year increase in adjusted EBITDA was due primarily to yield growth and lower purchased transportation costs, partially offset by lower fuel surcharge revenue, lower tonnage per day and wage inflation.
    • European Transportation: The segment generated revenue of $841 million for the second quarter 2025, compared with $808 million for the same period in 2024. Operating income was $11 million for the second quarter, compared with $10 million for the same period in 2024.



      Adjusted EBITDA was $44 million for the second quarter, compared with $49 million for the same period in 2024. 
    • Corporate: The segment generated an operating loss of $11 million for the second quarter 2025, compared with a loss of $16 million for the same period in 2024. The year-over-year improvement in operating loss was due primarily to a reduction in transaction and integration costs, partially offset by higher restructuring costs.



      Adjusted EBITDA was a loss of $4 million for the second quarter 2025, compared with a loss of $3 million for the same period in 2024. 

    Conference Call

    The company will hold a conference call on Thursday, July 31, 2025, at 8:30 a.m. Eastern Time. Participants can call toll-free (from US/Canada) 1-877-269-7756; international callers dial +1-201-689-7817. A live webcast of the conference will be available on the investor relations area of the company's website, xpo.com/investors. The conference will be archived until August 30, 2025. To access the replay by phone, call toll-free (from US/Canada) 1-877-660-6853; international callers dial +1-201-612-7415. Use participant passcode 13754630.



    About XPO



    XPO, Inc. (NYSE:XPO) is a leader in asset-based less-than-truckload (LTL) freight transportation in North America. The company's customer-focused organization efficiently moves 17 billion pounds of freight per year, enabled by its proprietary technology. XPO serves 55,000 customers with 608 locations and 38,000 employees in North America and Europe, and is headquartered in Greenwich, Conn., USA. Visit xpo.com for more information, and connect with XPO on LinkedIn, Facebook, X, Instagram and YouTube.



    Non-GAAP Financial Measures



    As required by the rules of the Securities and Exchange Commission ("SEC"), we provide reconciliations of the non-GAAP financial measures contained in this press release to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this press release. 



    XPO's non-GAAP financial measures in this press release include: adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") on a consolidated basis and for corporate; adjusted EBITDA margin on a consolidated basis; adjusted net income; adjusted diluted earnings per share ("adjusted diluted EPS"); adjusted operating income for our North American Less-Than-Truckload and European Transportation segments; and adjusted operating ratio for our North American Less-Than-Truckload segment.



    We believe that the above adjusted financial measures facilitate analysis of our ongoing business operations because they exclude items that may not be reflective of, or are unrelated to, XPO and its business segments' core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should only be used as supplemental measures of our operating performance.



    Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted diluted EPS, adjusted operating income and adjusted operating ratio include adjustments for transaction and integration costs, as well as restructuring costs and other adjustments as set forth in the attached tables. Transaction and integration adjustments are generally incremental costs that result from an actual or planned acquisition, divestiture or spin-off and may include transaction costs, consulting fees, stock-based compensation, retention awards, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and converging IT systems. Restructuring costs primarily relate to severance costs associated with business optimization initiatives. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating XPO's and each business segment's ongoing performance.



    We believe that adjusted EBITDA and adjusted EBITDA margin, improve comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments as set out in the attached tables that management has determined are not reflective of core operating activities and thereby assist investors with assessing trends in our underlying businesses. We believe that adjusted net income and adjusted diluted EPS improve the comparability of our operating results from period to period by removing the impact of certain costs and gains that management has determined are not reflective of our core operating activities, including amortization of acquisition-related intangible assets, transaction and integration costs, restructuring costs and other adjustments as set out in the attached tables. We believe that adjusted operating income and adjusted operating ratio improve the comparability of our operating results from period to period by removing the impact of certain transaction and integration costs and restructuring costs, as well as amortization expense and other adjustments as set out in the attached tables.



    Forward-looking Statements



    This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target," "trajectory" or the negative of these terms or other comparable terms. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. 



    These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC, and the following: the effects of business, economic, political, legal, and regulatory impacts or conflicts upon our operations; supply chain disruptions and shortages, strains on production or extraction of raw materials, cost inflation and labor and equipment shortages; our ability to align our investments in capital assets, including equipment, service centers, and warehouses to our customers' demands; our ability to implement our cost and revenue initiatives and realize growth and expansion as a result of those initiatives; the effectiveness of our action plan, and other management actions, to improve our North American LTL business; our ability to continue insourcing linehaul in ways that enhance our network efficiency and productivity; the anticipated impact of a freight market recovery on our business; our ability to benefit from a sale, spin-off or other divestiture of one or more business units or to successfully integrate and realize anticipated synergies, cost savings and profit opportunities from acquired companies; goodwill impairment; issues related to compliance with data protection laws, competition laws, and intellectual property laws; fluctuations in currency exchange rates, fuel prices and fuel surcharges; the expected benefits of the spin-offs of GXO Logistics, Inc. and RXO, Inc.; our ability to develop and implement proprietary technology and suitable information technology systems; the impact of potential cyber-attacks and information technology or data security breaches or failures; our ability to repurchase shares on favorable terms; our indebtedness; our ability to raise debt and equity capital; fluctuations in interest rates; seasonal fluctuations; our ability to maintain positive relationships with our network of third-party transportation providers; our ability to attract and retain management talent and key employees including qualified drivers; labor matters; litigation; competition; and our  ability to deliver pricing growth driven by service quality.  



    All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements except to the extent required by law.



    Investor Contact

    Brian Scasserra

    +1 617-607-6429

    [email protected]



    Media Contact

    Cole Horton

    +1 203-609-6004

    [email protected]



    XPO, Inc.
    Condensed Consolidated Statements of Income
    (Unaudited)
    (In millions, except per share data)
                    
     Three Months Ended Six Months Ended
     June 30, June 30,
      2025   2024  Change %  2025   2024  Change %
                    
    Revenue$2,080  $2,079  0.0% $4,034  $4,097  -1.5%
    Salaries, wages and employee benefits 871   854  2.0%  1,703   1,688  0.9%
    Purchased transportation 426   436  -2.3%  826   874  -5.5%
    Fuel, operating expenses and supplies 384   402  -4.5%  777   814  -4.5%
    Operating taxes and licenses 21   21  0.0%  40   40  0.0%
    Insurance and claims 40   33  21.2%  75   71  5.6%
    Gains on sales of property and equipment (1)  (4) -75.0%  (3)  (5) -40.0%
    Depreciation and amortization expense 131   122  7.4%  254   239  6.3%
    Legal matter (1) (2)  -  NM   (13)  -  NM
    Transaction and integration costs 3   12  -75.0%  6   26  -76.9%
    Restructuring costs 8   6  33.3%  20   14  42.9%
    Operating income 198   197  0.5%  349   335  4.2%
    Other income (2)  (6) -66.7%  (3)  (16) -81.3%
    Debt extinguishment loss -   -  0.0%  5   -  NM
    Interest expense 56   56  0.0%  112   114  -1.8%
    Income before income tax provision (benefit) 143   147  -2.7%  234   237  -1.3%
    Income tax provision (benefit) 37   (3) NM   59   20  195.0%
    Net income$106  $150  -29.3% $175  $217  -19.4%
                    
    Earnings per share data (2)               
    Basic earnings per share$0.90  $1.29    $1.49  $1.87   
    Diluted earnings per share$0.89  $1.25    $1.47  $1.81   
                    
    Weighted-average common shares outstanding               
    Basic weighted-average common shares outstanding 118   116     118   116   
    Diluted weighted-average common shares outstanding 119   120     119   120   
                    
    Amounts may not add due to rounding.
    NM - Not meaningful.
    (1) Reflects the settlement of claims against certain truck manufacturers related to purchases by our European Transportation segment covering periods prior to 2015.
    (2) The sum of quarterly earnings per share may not equal year-to-date amounts due to differences in the weighted-average number of shares outstanding during the respective periods.





    XPO, Inc. 
    Condensed Consolidated Balance Sheets 
    (Unaudited) 
    (In millions, except per share data) 
           
     June 30, December 31, 
     2025 2024  
    ASSETS      
    Current assets      
    Cash and cash equivalents$225  $246  
    Accounts receivable, net of allowances of $46 and $50, respectively 1,132   977  
    Other current assets 265   283  
    Total current assets 1,623   1,505  
    Long-term assets      
    Property and equipment, net of $2,219 and $2,019 in accumulated depreciation, respectively 3,646   3,402  
    Operating lease assets 756   727  
    Goodwill 1,553   1,461  
    Identifiable intangible assets, net of $552 and $499 in accumulated amortization, respectively340   361  
    Other long-term assets 214   254  
    Total long-term assets 6,510   6,206  
    Total assets$8,133  $7,712  
           
           
    LIABILITIES AND STOCKHOLDERS' EQUITY      
    Current liabilities      
    Accounts payable$498  $477  
    Accrued expenses 777   708  
    Short-term borrowings and current maturities of long-term debt 63   62  
    Short-term operating lease liabilities 148   127  
    Other current liabilities 113   46  
    Total current liabilities 1,599   1,420  
    Long-term liabilities      
    Long-term debt 3,344   3,325  
    Deferred tax liability 383   393  
    Employee benefit obligations 85   85  
    Long-term operating lease liabilities 612   603  
    Other long-term liabilities 329   283  
    Total long-term liabilities 4,753   4,690  
           
    Stockholders' equity      
    Common stock, $0.001 par value; 300 shares authorized; 118 and 117 shares issued and outstanding      
    as of June 30, 2025 and December 31, 2024, respectively -   -  
    Additional paid-in capital 1,233   1,274  
    Retained earnings 747   572  
    Accumulated other comprehensive loss (199)  (246) 
    Total equity 1,781   1,601  
    Total liabilities and equity$8,133  $7,712  
           
    Amounts may not add due to rounding. 





    XPO, Inc. 
    Condensed Consolidated Statements of Cash Flows 
    (Unaudited) 
    (In millions) 
            
      Six Months Ended 
      June 30, 
       2025   2024  
    Cash flows from operating activities      
    Net income$175  $217  
    Adjustments to reconcile net income to net cash from operating activities      
     Depreciation and amortization 254   239  
     Stock compensation expense 31   42  
     Accretion of debt 5   5  
     Deferred tax expense 6   25  
     Gains on sales of property and equipment (3)  (5) 
     Other 14   6  
    Changes in assets and liabilities      
     Accounts receivable (124)  (135) 
     Other assets 26   (67) 
     Accounts payable (22)  14  
     Accrued expenses and other liabilities 26   13  
    Net cash provided by operating activities 389   355  
    Cash flows from investing activities      
     Payment for purchases of property and equipment (395)  (496) 
     Proceeds from sale of property and equipment 12   13  
    Net cash used in investing activities (382)  (483) 
    Cash flows from financing activities      
     Repayment of debt and finance leases (36)  (39) 
     Payment for debt issuance costs (3)  (4) 
     Repurchase of common stock (10)  -  
     Change in bank overdrafts 22   27  
     Payment for tax withholdings for restricted shares (48)  (17) 
     Other 2   (1) 
    Net cash used in financing activities (74)  (35) 
    Effect of exchange rates on cash, cash equivalents and restricted cash 2   -  
    Net decrease in cash, cash equivalents and restricted cash (65)  (162) 
    Cash, cash equivalents and restricted cash, beginning of period 298   419  
    Cash, cash equivalents and restricted cash, end of period$233  $256  
            
    Amounts may not add due to rounding. 





    North American Less-Than-Truckload Segment 
    Summary Financial Table 
    (Unaudited) 
    (In millions) 
                     
     Three Months Ended June 30, Six Months Ended June 30, 
     2025  2024 Change % 2025 2024 Change % 
                     
    Revenue (excluding fuel surcharge revenue)$1,057  $1,064  -0.7% $2,051  $2,075  -1.2% 
    Fuel surcharge revenue 183   208  -12.0%  361   418  -13.6% 
    Revenue 1,240   1,272  -2.5%  2,412   2,493  -3.2% 
    Salaries, wages and employee benefits 643   639  0.6%  1,259   1,252  0.6% 
    Purchased transportation 32   68  -52.9%  69   146  -52.7% 
    Fuel, operating expenses and supplies (1) 222   236  -5.9%  454   479  -5.2% 
    Operating taxes and licenses 17   16  6.3%  33   32  3.1% 
    Insurance and claims 25   20  25.0%  49   41  19.5% 
    Losses on sales of property and equipment 2   1  100.0%  2   3  -33.3% 
    Depreciation and amortization 96   86  11.6%  185   168  10.1% 
    Transaction and integration costs -   -  0.0%  -   1  -100.0% 
    Restructuring costs 4   1  300.0%  4   2  100.0% 
    Operating income 199   203  -2.0%  357   368  -3.0% 
    Operating ratio (2) 84.0%  84.1%    85.2%  85.2%   
    Amortization expense 9   9     18   18    
    Transaction and integration costs -   -     -   1    
    Restructuring costs 4   1     4   2    
    Gains on real estate transactions -   -     (2)  -    
    Adjusted operating income (3)$211  $214  -1.4% $377  $389  -3.1% 
    Adjusted operating ratio (3) (4) 82.9%  83.2%    84.4%  84.4%   
    Depreciation expense 87   77     167   150    
    Pension income 2   6     3   13    
    Gains on real estate transactions -   -     2   -    
    Adjusted EBITDA (5)$300  $297  1.0% $550  $551  -0.2% 
    Adjusted EBITDA margin (5) 24.2%  23.3%    22.8%  22.1%   
                     
    Amounts may not add due to rounding. 
    (1) Fuel, operating expenses and supplies includes fuel-related taxes. 
    (2) Operating ratio is calculated as (1 - (Operating income divided by Revenue)) using the underlying unrounded amounts. 
    (3) See the "Non-GAAP Financial Measures" section of the press release. 
    (4) Adjusted operating ratio is calculated as (1 - (Adjusted operating income divided by Revenue)) using the underlying unrounded amounts; adjusted operating margin is the inverse of adjusted operating ratio. 
    (5) Adjusted EBITDA is used by our chief operating decision maker to evaluate segment profit (loss) in accordance with ASC 280. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue using the underlying unrounded amounts. 





    North American Less-Than-Truckload 
    Summary Data Table 
    (Unaudited) 
                     
     Three Months Ended June 30, Six Months Ended June 30, 
     2025 2024 Change % 2025 2024 Change % 
                     
    Pounds per day (thousands) 67,813  72,658 -6.7%  66,625  71,687 -7.1% 
                     
    Shipments per day 50,782  53,519 -5.1%  49,596  52,460 -5.5% 
                     
    Average weight per shipment (in pounds) 1,335  1,358 -1.6%  1,343  1,367 -1.7% 
                     
    Revenue per shipment (including fuel surcharges)$384.13 $370.98 3.5% $384.20 $372.39 3.2% 
                     
    Revenue per shipment (excluding fuel surcharges)$327.53 $310.24 5.6% $326.66 $309.91 5.4% 
                     
    Gross revenue per hundredweight (including fuel surcharges) (1)$29.23 $28.04 4.2% $29.15 $27.92 4.4% 
                     
    Gross revenue per hundredweight (excluding fuel surcharges) (1)$24.99 $23.56 6.1% $24.86 $23.35 6.5% 
                     
    Average length of haul (in miles) 845.5  847.8    845.5  848.1   
                     
    Total average load factor (2) 22,765  22,884 -0.5%  22,602  22,877 -1.2% 
                     
    Average age of tractor fleet (years) 3.7  4.0           
                     
    Number of working days 63.5  64.0    126.5  127.5   
                     
                     
    (1) Gross revenue per hundredweight excludes the adjustment required for financial statement purposes in accordance with the company's revenue recognition policy. 
    (2) Total average load factor equals freight pound miles divided by total linehaul miles. 
    Note: Table excludes the company's trailer manufacturing operations. Percentages presented are calculated using the underlying unrounded amounts. 





    European Transportation Segment 
    Summary Financial Table 
    (Unaudited) 
    (In millions) 
                     
     Three Months Ended June 30, Six Months Ended June 30, 
     2025 2024  Change % 2025 2024 Change % 
                     
    Revenue$841  $808  4.1% $1,622  $1,605  1.1% 
    Salaries, wages and employee benefits 224   212  5.7%  436   428  1.9% 
    Purchased transportation 394   368  7.1%  757   728  4.0% 
    Fuel, operating expenses and supplies (1) 163   165  -1.2%  324   335  -3.3% 
    Operating taxes and licenses 4   4  0.0%  7   8  -12.5% 
    Insurance and claims 15   13  15.4%  26   27  -3.7% 
    Gains on sales of property and equipment (3)  (5) -40.0%  (5)  (9) -44.4% 
    Depreciation and amortization 34   35  -2.9%  67   70  -4.3% 
    Legal matter (2) (2)  -  NM   (13)  -  NM  
    Transaction and integration costs -   1  -100.0%  -   1  -100.0% 
    Restructuring costs 1   3  -66.7%  12   11  9.1% 
    Operating income$11  $10  10.0% $12  $6  100.0% 
    Amortization expense 5   5     10   10    
    Legal matter (2) (2)  -     (13)  -    
    Transaction and integration costs -   1     -   1    
    Restructuring costs 1   3     12   11    
    Adjusted operating income (3)$15  $19  -21.1% $20  $28  -28.6% 
    Depreciation expense 29   30     56   59    
    Adjusted EBITDA (4)$44  $49  -10.2% $76  $87  -12.6% 
    Adjusted EBITDA margin (4) 5.2%  6.1%    4.7%  5.4%   
                     
    Amounts may not add due to rounding. 
    NM - Not meaningful. 
    (1) Fuel, operating expenses and supplies includes fuel-related taxes. 
    (2) Reflects the settlement of claims against certain truck manufacturers related to purchases by our European Transportation segment covering periods prior to 2015. 
    (3) See the "Non-GAAP Financial Measures" section of the press release. 
    (4) Adjusted EBITDA is used by our chief operating decision maker to evaluate segment profit (loss) in accordance with ASC 280. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue using the underlying unrounded amounts. 





    Corporate 
    Summary Financial Table 
    (Unaudited) 
    (In millions) 
                     
     Three Months Ended June 30, Six Months Ended June 30, 
     2025 2024 Change % 2025 2024 Change % 
                     
    Revenue$-  $-  0.0% $-  $-  0.0% 
                     
    Salaries, wages and employee benefits 4   3  33.3%  8   8  0.0% 
    Insurance and claims -   -  0.0%  -   3  -100.0% 
    Depreciation and amortization 1   1  0.0%  2   2  0.0% 
    Transaction and integration costs 2   11  -81.8%  6   24  -75.0% 
    Restructuring costs 4   1  300.0%  5   1  400.0% 
    Operating loss$(11) $(16) -31.3% $(20) $(39) -48.7% 
    Other income (expense) (1) -   -     -   3    
    Depreciation and amortization 1   1     2   2    
    Transaction and integration costs 2   11     6   24    
    Restructuring costs 4   1     5   1    
    Adjusted EBITDA (2)$(4) $(3) 33.3% $(8) $(8) 0.0% 
                     
    Amounts may not add due to rounding. 
    (1) Other income (expense) consists of foreign currency gain (loss) and other income (expense). 
    (2) See the "Non-GAAP Financial Measures" section of the press release. 
                     





    XPO, Inc. 
    Reconciliation of Non-GAAP Measures 
    (Unaudited) 
    (In millions) 
                     
     Three Months Ended June 30, Six Months Ended June 30, 
     2025 2024 Change % 2025 2024 Change % 
                     
    Reconciliation of Net Income to Adjusted EBITDA                
    Net income$106  $150  -29.3% $175  $217  -19.4% 
    Debt extinguishment loss -   -     5   -    
    Interest expense 56   56     112   114    
    Income tax provision (benefit) 37   (3)    59   20    
    Depreciation and amortization expense 131   122     254   239    
    Legal matter (1) (2)  -     (13)  -    
    Transaction and integration costs 3   12     6   26    
    Restructuring costs 8   6     20   14    
    Adjusted EBITDA (2)$340  $343  -0.9% $618  $631  -2.1% 
    Revenue$2,080  $2,079  0.0% $4,034  $4,097  -1.5% 
    Adjusted EBITDA margin (2) (3) 16.3%  16.5%    15.3%  15.4%   
                     
    Amounts may not add due to rounding. 
    (1) Reflects the settlement of claims against certain truck manufacturers related to purchases by our European Transportation segment covering periods prior to 2015. 
    (2) See the "Non-GAAP Financial Measures" section of the press release. 
    (3) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue using the underlying unrounded amounts. 





    XPO, Inc.  
    Reconciliation of Non-GAAP Measures (cont.) 
    (Unaudited) 
    (In millions, except per share data) 
                   
      Three Months Ended Six Months Ended  
      June 30, June 30,  
      2025 2024 2025 2024  
                   
    Reconciliation of Net Income and Diluted Earnings Per Share to Adjusted Net

    Income and Adjusted Earnings Per Share
                 
    Net income$106  $150  $175  $217   
     Debt extinguishment loss -   -   5   -   
     Amortization of acquisition-related intangible assets 15   14   29   28   
     Legal matter (1) (2)  -   (13)  -   
     Transaction and integration costs 3   12   6   26   
     Restructuring costs 8   6   20   14   
     Income tax associated with the adjustments above (2) (5)  (6)  (10)  (12)  
     European legal entity reorganization (3) -   (41)  1   (41)  
                   
    Adjusted net income (4)$125  $135  $212  $232   
                   
    Adjusted diluted earnings per share (4)$1.05  $1.12  $1.78  $1.93   
                   
    Weighted-average common shares outstanding             
     Diluted weighted-average common shares outstanding 119   120   119   120   
                   
    Amounts may not add due to rounding.  
                   
    (1) Reflects the settlement of claims against certain truck manufacturers related to purchases by our European Transportation segment covering periods prior to 2015.  
                   
    (2) This line item reflects the aggregate tax benefit of all non-tax related adjustments reflected in the table above. The detail by line item is as follows:  
     Debt extinguishment loss$-  $-  $1  $-   
     Amortization of acquisition-related intangible assets 2   3   5   7   
     Transaction and integration costs 1   1   1   3   
     Restructuring costs 2   1   3   3   
      $5  $6  $10  $12   
                   
    Amounts may not add due to rounding.  
    The income tax rate applied to reconciling items is based on the GAAP annual effective tax rate, excluding discrete items, non-deductible compensation, losses for which no tax benefit can be recognized, and contribution- and margin-based taxes.  
                   
    (3) Reflects a tax benefit recognized in the second quarter of 2024 and the subsequent adjustments recognized related to a legal entity reorganization within our European Transportation business.  
    (4) See the "Non-GAAP Financial Measures" section of the press release.  





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