Jun 2026 (Q2 FY26) — Jul 30, 2026
XPO Q2 FY26 — Record Performance Driven by LTL Operating Ratio Below 80% and Strong Volume Acceleration
Read the full callXPO (XPO) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
XPO earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,355 | +13.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 11.5 | +2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 162 | +52.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
30 of 41 judged targets kept · 48 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 adjusted diluted EPS growth, year-over-year | accelerate versus Q1's 38% year-over-year growth | Mar 2026 | And adjusted diluted EPS was $1.64, up 56% | Achieved |
| Q2 LTL yield ex-fuel year-over-year growth | comfortably in the mid-single-digit range, accelerating from Q1's 4% | Mar 2026 | Yield, excluding fuel increased 4.4% year-over-year and improved sequentially | Missed |
| Full-year free cash flow growth | up north of 50% year-over-year | Dec 2025 | We now expect to more than double our free cash flow for the full year compared with 2025 | Revised Up |
11 of XPO, Inc.'s 89 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 86 more targets are in the full ledger.
Claimed
- Company-wide achieved record revenue, adjusted EBITDA, and adjusted diluted EPS.
- North American LTL adjusted operating ratio improved by 300 basis points YoY to a new record of 79.9%.
- Damage claims ratio reached its best historical level, remaining below 0.2% for the second consecutive quarter.
- Productivity improved by nearly 2.5 points versus last year, exceeding the quarterly target of 1.5%.
- Free cash flow is now expected to more than double for the full year 2026 compared to 2025.
Qualified
- Fuel operating expense and supplies increased 24% or $53 million YoY due to higher fuel prices.
- Salary, wages, and benefits expense increased 7% or $46 million YoY due to inflationary pressures.
- The hiring market for drivers is tightening, particularly in the truckload space.
Price
$185.35 −0.71% · −$1.32
Performance +42.7% 1Y
1Y: $129.93 on 17 Oct 2025 → $185.35. High $228.37 (20 Apr 2026), low $123.66 (28 Oct 2025).
- Previous close
- $186.67
- 52-week range
- $123.66 – $228.37
- One year
- +38.54%
Overview
- Symbol
- XPO
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
30 of 41 judged targets kept · 48 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 adjusted diluted EPS growth, year-over-year | accelerate versus Q1's 38% year-over-year growth | Mar 2026 | And adjusted diluted EPS was $1.64, up 56% | Achieved |
| Q2 LTL yield ex-fuel year-over-year growth | comfortably in the mid-single-digit range, accelerating from Q1's 4% | Mar 2026 | Yield, excluding fuel increased 4.4% year-over-year and improved sequentially | Missed |
| Full-year free cash flow growth | up north of 50% year-over-year | Dec 2025 | We now expect to more than double our free cash flow for the full year compared with 2025 | Revised Up |
Claimed
- Company-wide achieved record revenue, adjusted EBITDA, and adjusted diluted EPS.
- North American LTL adjusted operating ratio improved by 300 basis points YoY to a new record of 79.9%.
- Damage claims ratio reached its best historical level, remaining below 0.2% for the second consecutive quarter.
- Productivity improved by nearly 2.5 points versus last year, exceeding the quarterly target of 1.5%.
- Free cash flow is now expected to more than double for the full year 2026 compared to 2025.
Qualified
- Fuel operating expense and supplies increased 24% or $53 million YoY due to higher fuel prices.
- Salary, wages, and benefits expense increased 7% or $46 million YoY due to inflationary pressures.
- The hiring market for drivers is tightening, particularly in the truckload space.
The full ledger
Open XPO, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 89 tracked commitments, with each call’s wording and source.
Call summaries
Every analysed call
XPO earnings calls (XPO)
Financials
What the filings say
Net profit, year on year: +53% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,053 | 1,922 | 1,954 | 2,080 | 2,111 | 2,012 | 2,096 | 2,355 |
| Operating profit | 176 | 149 | 151 | 198 | 164 | 143 | 174 | 271 |
| Operating margin | 8.6% | 7.8% | 7.7% | 9.5% | 7.8% | 7.1% | 8.3% | 11.5% |
| Interest | 56 | 53 | 56 | 56 | 54 | 53 | 53 | 51 |
| Profit before tax | 135 | 101 | 91 | 143 | 112 | 91 | 124 | 218 |
| Tax rate | 29.6% | 25.7% | 24.2% | 25.9% | 26.8% | 35.2% | 18.6% | 25.7% |
| Net profit | 95 | 75 | 69 | 106 | 82 | 59 | 101 | 162 |
| EPS ($ per share) | 0.81 | — | 0.59 | 0.90 | 0.69 | — | 0.87 | 1.38 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 377 | 786 | 868 | 43 | -4 | 185 | 572 | 888 |
| Total liabilities | 8,300 | 11,232 | 13,328 | 7,579 | 5,257 | 6,226 | 6,111 | 6,333 |
| Fixed assets | 2,605 | 2,704 | 1,891 | 1,675 | 1,832 | 3,075 | 3,402 | 3,664 |
| Total assets | 12,270 | 14,128 | 16,177 | 8,717 | 6,269 | 7,492 | 7,712 | 8,194 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,102 | 629 | 388 | 656 | 824 | 694 | 808 | 986 |
| Cash from investing | -400 | -67 | -116 | -184 | — | — | — | — |
| Cash from financing | -620 | -201 | 1,154 | -1,932 | — | — | — | — |
| Net cash flow | 65 | -127 | 1,678 | -1,792 | 197 | -51 | -120 | 31 |
| Capital expenditure | -551 | -379 | -249 | -269 | -521 | -1,533 | -789 | -657 |
| Free cash flow | 551 | 250 | 139 | 387 | 303 | -839 | 19 | 329 |
XPO revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| North American LTL | 61% | 60% | 60% | 60% | 59% | 58% | 59% | 61% | +15.2% |
| European Transportation | 39% | 40% | 40% | 40% | 41% | 42% | 41% | 39% | +10.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 59%
- FR 15%
- GB 14% ↑ 1 pt
- Europe Excluding France and United Kingdom 10%
- North America Excluding United States 1%
As XPO cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
50 filings between Nov 14, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$2.73M
14 sales by 4 insiders
71% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 21
- Option exercise — converted options into shares
- 15
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Brown Christopher Michael | — | $1.01M | Aug 11, 2026 |
| Bates David J. | — | $934.4K | Oct 1, 2026 |
| Landry Allison | — | $517.5K | May 28, 2026 |
| Wismans Kyle | — | $265.5K | Oct 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Wismans Kyle Chief Financial Officer | Sale 10b5-1 plan | 750 | $131.6K |
| Oct 1, 2026 | Bates David J. Chief Operating Officer | Sale 10b5-1 plan | 700 | $123.0K |
| Oct 1, 2026 | Bates David J. Chief Operating Officer | Sale 10b5-1 plan | 300 | $53.0K |
| Oct 1, 2026 | Bates David J. Chief Operating Officer | Sale 10b5-1 plan | 900 | $160.8K |
| Oct 1, 2026 | Bates David J. Chief Operating Officer | Sale 10b5-1 plan | 715 | $128.5K |
| Sep 14, 2026 | Bates David J. Chief Operating Officer | Sale 10b5-1 plan | 1,500 | $269.5K |
| Sep 14, 2026 | Bates David J. Chief Operating Officer | Sale 10b5-1 plan | 515 | $93.0K |
| Sep 14, 2026 | Bates David J. Chief Operating Officer | Sale 10b5-1 plan | 400 | $71.2K |
| Sep 14, 2026 | Bates David J. Chief Operating Officer | Sale 10b5-1 plan | 200 | $35.5K |
| Sep 14, 2026 | Wismans Kyle Chief Financial Officer | Sale 10b5-1 plan | 750 | $133.9K |
| Aug 11, 2026 | Brown Christopher Michael Chief Accounting Officer | Sale | 1,250 | $249.8K |
| Aug 11, 2026 | Brown Christopher Michael Chief Accounting Officer | Sale | 2,500 | $507.5K |
| Aug 10, 2026 | Brown Christopher Michael Chief Accounting Officer | Sale | 1,250 | $251.8K |
| Aug 7, 2026 | Harik Mario A Chief Executive Officer | Tax withheld | 167,167 | $33.86M |
| Aug 7, 2026 | Harik Mario A Chief Executive Officer | Option exercise | 345,742 | $0 |
| May 28, 2026 | Landry Allison Director | Sale | 2,400 | $517.5K |
| Mar 15, 2026 | Brown Christopher Michael Chief Accounting Officer | Option exercise | 2,571 | $0 |
| Mar 15, 2026 | Cassity Wendy Chief Legal Officer | Tax withheld | 5,192 | $943.4K |
| Mar 15, 2026 | Cassity Wendy Chief Legal Officer | Option exercise | 10,734 | $0 |
| Mar 15, 2026 | Harik Mario A Chief Executive Officer | Option exercise | 24,781 | $0 |
| Mar 15, 2026 | Harik Mario A Chief Executive Officer | Tax withheld | 11,983 | $2.18M |
| Mar 15, 2026 | Brown Christopher Michael Chief Accounting Officer | Tax withheld | 1,193 | $216.8K |
| Mar 15, 2026 | Wismans Kyle Chief Financial Officer | Option exercise | 9,783 | $0 |
| Mar 15, 2026 | Wismans Kyle Chief Financial Officer | Tax withheld | 4,996 | $907.8K |
| Mar 15, 2026 | Bates David J. Chief Operating Officer | Option exercise | 6,889 | $0 |
| Mar 15, 2026 | Bates David J. Chief Operating Officer | Tax withheld | 2,994 | $544.0K |
| Mar 10, 2026 | Bates David J. Chief Operating Officer | Option exercise | 39,515 | $0 |
| Mar 10, 2026 | Bates David J. Chief Operating Officer | Tax withheld | 17,166 | $3.34M |
| Mar 10, 2026 | Brown Christopher Michael Chief Accounting Officer | Tax withheld | 2,736 | $532.6K |
| Mar 10, 2026 | Brown Christopher Michael Chief Accounting Officer | Option exercise | 5,904 | $0 |
| Mar 10, 2026 | Cassity Wendy Chief Legal Officer | Tax withheld | 12,497 | $2.43M |
| Mar 10, 2026 | Cassity Wendy Chief Legal Officer | Option exercise | 27,037 | $0 |
| Mar 10, 2026 | Harik Mario A Chief Executive Officer | Option exercise | 295,202 | $0 |
| Mar 10, 2026 | Harik Mario A Chief Executive Officer | Tax withheld | 142,731 | $27.79M |
| Mar 10, 2026 | Wismans Kyle Chief Financial Officer | Option exercise | 14,762 | $0 |
| Mar 10, 2026 | Wismans Kyle Chief Financial Officer | Tax withheld | 7,537 | $1.47M |
| Mar 7, 2026 | Brown Christopher Michael Chief Accounting Officer | Option exercise | 1,659 | $0 |
| Mar 7, 2026 | Brown Christopher Michael Chief Accounting Officer | Tax withheld | 802 | $151.3K |
| Feb 15, 2026 | Wismans Kyle Chief Financial Officer | Tax withheld | 2,056 | $401.6K |
| Feb 15, 2026 | Wismans Kyle Chief Financial Officer | Option exercise | 3,972 | $0 |
| Jan 2, 2026 | Taylor Johnny Clayton Jr. Director | Option exercise | 1,374 | $190.7K |
| Jan 2, 2026 | Moshouris Irene Director | Option exercise | 1,374 | $190.7K |
| Jan 2, 2026 | Landry Allison Director | Option exercise | 1,374 | $190.7K |
| Jan 2, 2026 | JESSELSON MICHAEL G Director | Option exercise | 1,374 | $190.7K |
| Jan 2, 2026 | FRYE J WES Director | Option exercise | 1,374 | $190.7K |
| Jan 2, 2026 | Allaire Bella Loykhter Director | Option exercise | 1,374 | $190.7K |
| Nov 14, 2025 | Brown Christopher Michael Chief Accounting Officer | Option exercise | 1,096 | $0 |
| Nov 14, 2025 | Wismans Kyle Chief Financial Officer | Option exercise | 626 | $0 |
| Nov 14, 2025 | Wismans Kyle Chief Financial Officer | Tax withheld | 320 | $42.8K |
| Nov 14, 2025 | Brown Christopher Michael Chief Accounting Officer | Tax withheld | 508 | $67.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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