GXO Reports Second Quarter 2025 Results
GXO Logistics (NYSE: GXO) reported strong Q2 2025 results with revenue reaching $3.3 billion, up 16% year-over-year, including 6% organic revenue growth. The company achieved $307 million in new business wins and delivered adjusted EBITDA of $212 million, a 13% increase year-over-year.
The company announced significant leadership changes, with Patrick Kelleher set to become CEO and CFO Baris Oran planning to step down. GXO also received final regulatory approval for the Wincanton acquisition, which will enhance their UK presence and European aerospace capabilities.
Following strong H1 2025 performance, GXO raised its full-year guidance, projecting organic revenue growth of 3.5-6.5% and adjusted EBITDA of $865-885 million.
GXO Logistics (NYSE: GXO) ha riportato risultati solidi nel secondo trimestre 2025 con un fatturato che ha raggiunto 3,3 miliardi di dollari, in aumento del 16% rispetto all'anno precedente, comprensivo di una crescita organica del 6%. L'azienda ha ottenuto 307 milioni di dollari in nuovi contratti e ha registrato un EBITDA rettificato di 212 milioni di dollari, con un incremento del 13% anno su anno.
La societ脿 ha annunciato importanti cambiamenti nella leadership, con Patrick Kelleher che assumer脿 il ruolo di CEO, mentre il CFO Baris Oran ha in programma di dimettersi. GXO ha inoltre ricevuto l'approvazione regolamentare definitiva per l'acquisizione di Wincanton, che rafforzer脿 la loro presenza nel Regno Unito e le capacit脿 nel settore aerospaziale europeo.
Dopo una forte performance nel primo semestre 2025, GXO ha rivisto al rialzo le previsioni per l'intero anno, prevedendo una crescita organica del fatturato tra il 3,5% e il 6,5% e un EBITDA rettificato tra 865 e 885 milioni di dollari.
GXO Logistics (NYSE: GXO) report贸 s贸lidos resultados en el segundo trimestre de 2025 con ingresos que alcanzaron los 3.300 millones de d贸lares, un aumento del 16% interanual, incluyendo un crecimiento org谩nico del 6%. La compa帽铆a logr贸 307 millones de d贸lares en nuevos contratos y registr贸 un EBITDA ajustado de 212 millones de d贸lares, un incremento del 13% respecto al a帽o anterior.
La empresa anunci贸 cambios significativos en su liderazgo, con Patrick Kelleher designado como nuevo CEO y el CFO Baris Oran planeando su renuncia. GXO tambi茅n obtuvo la aprobaci贸n regulatoria final para la adquisici贸n de Wincanton, lo que fortalecer谩 su presencia en el Reino Unido y sus capacidades en la industria aeroespacial europea.
Tras un s贸lido desempe帽o en el primer semestre de 2025, GXO elev贸 sus previsiones para todo el a帽o, proyectando un crecimiento org谩nico de ingresos del 3,5% al 6,5% y un EBITDA ajustado entre 865 y 885 millones de d贸lares.
GXO 氍茧 (NYSE: GXO)電� 2025雲� 2攵勱赴 臧曤牓頃� 鞁れ爜鞚� 氚滍憸頃橂┌ 毵れ稖鞚� 33鞏� 雼煬鞐� 雼暣 鞝勲厔 雽�牍� 16% 歃濌皜頄堨溂氅�, 鞚� 欷� 6%電� 鞙犼赴鞝� 毵れ稖 靹膘灔鞛呺媹雼�. 須岇偓電� 3鞏� 700毵� 雼煬鞚� 鞁犼窚 靾橃＜毳� 雼劚頄堦碃, 臁办爼 EBITDA電� 2鞏� 1,200毵� 雼煬搿� 鞝勲厔 雽�牍� 13% 歃濌皜頄堨姷雼堧嫟.
瓴届榿歆勳棎 韥� 氤�頇旉皜 鞛堨棃鞙茧┌, Patrick Kelleher臧� CEO搿� 鞛勲獏霅� 鞓堨爼鞚搓碃 CFO Baris Oran鞚� 靷瀯頃� 瓿勴殟鞛呺媹雼�. 霕愴暅 GXO電� Wincanton 鞚胳垬鞐� 雽�頃� 斓滌 攴滌牅 鞀轨澑鞚� 氚涭晞 鞓侁淡 雮� 鞛呾鞕� 鞙犽熃 頃车鞖办＜ 鞐焿鞚� 臧曧檾頃橁矊 霅橃棃鞀惦媹雼�.
2025雲� 靸侂皹旮� 臧曤牓頃� 鞁れ爜鞐� 頌橃瀰鞏� GXO電� 鞐瓣皠 臧�鞚措崢鞀るゼ 靸來枼 臁办爼頃橃棳 鞙犼赴鞝� 毵れ稖 靹膘灔毳� 3.5-6.5%, 臁办爼 EBITDA 8鞏� 6,500毵寏8鞏� 8,500毵� 雼煬毳� 鞝勲頃橁碃 鞛堨姷雼堧嫟.
GXO Logistics (NYSE : GXO) a publi茅 de solides r茅sultats pour le deuxi猫me trimestre 2025, avec un chiffre d'affaires atteignant 3,3 milliards de dollars, en hausse de 16 % en glissement annuel, incluant une croissance organique de 6 %. L'entreprise a remport茅 307 millions de dollars de nouveaux contrats et a r茅alis茅 un EBITDA ajust茅 de 212 millions de dollars, soit une augmentation de 13 % par rapport 脿 l'ann茅e pr茅c茅dente.
La soci茅t茅 a annonc茅 des changements majeurs dans sa direction, avec Patrick Kelleher qui prendra le poste de CEO tandis que le CFO Baris Oran pr茅voit de d茅missionner. GXO a 茅galement obtenu l'approbation r茅glementaire finale pour l'acquisition de Wincanton, ce qui renforcera leur pr茅sence au Royaume-Uni et leurs capacit茅s dans l'a茅rospatiale europ茅enne.
Apr猫s une solide performance au premier semestre 2025, GXO a relev茅 ses pr茅visions annuelles, anticipant une croissance organique du chiffre d'affaires entre 3,5 % et 6,5 % et un EBITDA ajust茅 compris entre 865 et 885 millions de dollars.
GXO Logistics (NYSE: GXO) meldete starke Ergebnisse f眉r das zweite Quartal 2025 mit einem Umsatz von 3,3 Milliarden US-Dollar, was einem Anstieg von 16 % im Jahresvergleich entspricht, inklusive eines organischen Umsatzwachstums von 6 %. Das Unternehmen erzielte 307 Millionen US-Dollar an neuen Auftr盲gen und erreichte ein bereinigtes EBITDA von 212 Millionen US-Dollar, was einem Anstieg von 13 % gegen眉ber dem Vorjahr entspricht.
Das Unternehmen k眉ndigte bedeutende F眉hrungswechsel an: Patrick Kelleher wird CEO, w盲hrend CFO Baris Oran seinen R眉cktritt plant. GXO erhielt zudem die endg眉ltige beh枚rdliche Genehmigung f眉r die 脺bernahme von Wincanton, was ihre Pr盲senz im Vereinigten K枚nigreich und ihre europ盲ischen Luftfahrtkapazit盲ten st盲rken wird.
Nach einer starken ersten H盲lfte 2025 hob GXO seine Jahresprognose an und erwartet ein organisches Umsatzwachstum von 3,5 bis 6,5 % sowie ein bereinigtes EBITDA von 865 bis 885 Millionen US-Dollar.
- Revenue increased 16% YoY to $3.3 billion with highest organic growth (6%) in nine quarters
- Adjusted EBITDA grew 13% YoY to $212 million
- New business wins up 13% YoY to $307 million
- Received final regulatory approval for Wincanton acquisition
- Raised full-year 2025 adjusted EBITDA guidance
- Net income decreased to $28 million from $39 million YoY
- Diluted EPS declined to $0.23 from $0.32 YoY
- Free cash flow turned negative at -$43 million compared to +$31 million YoY
- Significant debt position with net debt of $2.5 billion
- Simultaneous CEO and CFO transitions could create temporary leadership uncertainty
Insights
GXO posted strong 16% revenue growth and raised full-year guidance despite lower net income and free cash flow challenges.
GXO delivered an impressive 16% year-over-year revenue increase to
New business wins of
However, there are concerning signs in the profitability metrics. Net income declined to
The cash flow deterioration is attributed to working capital investments and a one-time regulatory payment. This bears watching, as sustained free cash flow weakness could eventually impact the company's ability to fund growth initiatives or manage its
Despite these challenges, management's confidence is evident in their decision to raise full-year adjusted EBITDA guidance to
The Wincanton acquisition's regulatory approval represents a significant growth catalyst, particularly in the UK market and European aerospace/industrial sectors. The integration process beginning in the coming weeks will be critical to watch for execution risks and realization of expected synergies.
- Delivered second quarter revenue of
$3.3 billion , up16% year over year, with organic revenue growth of6% , the highest result in nine quarters - Signed new business wins of
$307 million , up13% year over year - Raises full-year 2025 adjusted EBITDA guidance
- Announces CFO transition
GREENWICH, Conn., Aug. 05, 2025 (GLOBE NEWSWIRE) -- GXO Logistics,听Inc. (NYSE: GXO) today announced results for the second quarter 2025.
Malcolm Wilson, chief executive officer of GXO, said, 鈥淚n the second quarter, we generated revenue of
鈥淲e signed
鈥淕iven our better-than-expected performance in the first half of the year, we are again raising our full-year adjusted EBITDA guidance, following our guidance raise in June for organic revenue growth, adjusted EBITDA and adjusted diluted earnings per share.
鈥淟astly, we announced in June that seasoned supply chain leader Patrick Kelleher will take the helm of GXO as CEO later this month. Serving as CEO of GXO has been the honor of a lifetime. I鈥檓 proud of all that we鈥檝e achieved in establishing GXO as a true industry leader and am confident that Patrick will lead GXO into its next chapter of growth.鈥�
Second Quarter 2025 Results
Revenue increased to
Net income was
Adjusted earnings before interest, taxes, depreciation and amortization (鈥渁djusted EBITDA1鈥�) was
GXO generated
____________________________
1 For definitions of non-GAAP measures see the 鈥�Non-GAAP Financial Measures鈥� section in this press release.
Cash Balances and Outstanding Debt
As of June听30, 2025, cash and cash equivalents (excluding restricted cash), debt outstanding and net debt1 were
Guidance
The company updated its guidance for the full year 20252 as follows:
- Organic revenue growth1 of
3.5% to6.5% ; - Adjusted EBITDA1 of
$865 million to$885 million ; - Adjusted diluted EPS1 of
$2.43 t o$2.63 ; and - Adjusted EBITDA1 to free cash flow conversion1 of
25% to35% .
Company Announces CFO Transition
GXO also announced that Baris Oran plans to step down from his role as Chief Financial Officer to pursue new opportunities. Mr. Oran will remain in his role until a successor is named to ensure a smooth transition.
Wilson added, 鈥淏aris has been dedicated not only to the performance of the company, but to our customers and our people. GXO is well positioned for its next chapter of growth thanks, in large part, to his valuable contributions.鈥�
Conference Call
GXO will hold a conference call on Wednesday, August听6, 2025, at 8:30 a.m. Eastern Time. Participants can call toll free (from US/Canada) 877-407-8029; international callers dial +1 201-689-8029. Conference ID: 13754139. A live webcast of the conference will be available on the Investor Relations area of the company鈥檚 website, investors.gxo.com. The conference will be archived until August 20, 2025. To access the replay by phone, call toll-free (from US/Canada) 877-660-6853; international callers dial +1 201-612-7415. Use participant passcode 13754139.
About GXO Logistics
GXO Logistics, Inc. (NYSE: GXO) is the world鈥檚 largest pure-play contract logistics provider and is positioned to capitalize on the rapid growth of ecommerce, automation and outsourcing. GXO has more than 150,000 team members across more than 1,000 facilities totaling more than 200 million square feet. The company serves the world鈥檚 leading blue-chip companies to solve complex logistics challenges with technologically advanced supply chain and ecommerce solutions, at scale and with speed. GXO corporate headquarters is in Greenwich, Connecticut, USA. Visit GXO.com for more information and connect with GXO on LinkedIn,鈥�X,鈥�Facebook,鈥�Instagram and YouTube.
Non-GAAP Financial Measures
As required by the rules of the Securities and Exchange Commission (鈥淪EC鈥�), 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 attached financial tables.
____________________________
2 Our guidance reflects current FX rates.
GXO鈥檚 non-GAAP financial measures in this press release include: adjusted earnings before interest, taxes, depreciation and amortization (鈥渁djusted EBITDA鈥�), adjusted EBITDA margin, adjusted earnings before interest, taxes and amortization (鈥渁djusted EBITA鈥�), adjusted EBITA, net of income taxes paid, adjusted EBITA margin, adjusted net income attributable to GXO, adjusted earnings per share (basic and diluted) (鈥渁djusted EPS鈥�), free cash flow, free cash flow conversion, organic revenue, organic revenue growth, net leverage ratio, net debt, and operating return on invested capital (鈥�ROIC鈥�).
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, GXO鈥檚 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 used by other companies. GXO鈥檚 non-GAAP financial measures should only be used as supplemental measures of our operating performance.
Adjusted EBITDA, adjusted EBITA, adjusted net income attributable to GXO and adjusted EPS include adjustments for transaction and integration costs, regulatory matters and litigation expenses as well as restructuring costs and other adjustments as set forth in the attached financial 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, 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 separating IT systems. Regulatory matters and litigation expenses relate to the settlement of regulatory and legal matters. Restructuring costs primarily relate to severance costs associated with business optimization initiatives.
We believe that adjusted EBITDA, adjusted EBITDA margin, adjusted EBITA, adjusted EBITA, net of income taxes paid, and adjusted EBITA margin, improve comparability from period to period by removing the impact of our capital structure (interest expense), asset base (depreciation and amortization), tax impacts and other adjustments as set forth in the attached financial tables, which management has determined are not reflective of core operating activities and thereby assist investors with assessing trends in our underlying businesses.
We believe that organic revenue and organic revenue growth are important measures because they exclude the impact of revenue from acquired businesses and foreign currency exchange rate fluctuations.
We believe that adjusted net income attributable to GXO and adjusted EPS improve the comparability of our operating results from period to period by removing the impact of certain costs and gains, which management has determined are not reflective of our core operating activities, including amortization of intangible assets acquired.
We believe that free cash flow and free cash flow conversion are important measures of our ability to repay maturing debt or fund other uses of capital that we believe will enhance stockholder value. We calculate free cash flow as cash flow from operations less capital expenditures plus proceeds from sale of property and equipment. We calculate free cash flow conversion as free cash flow divided by adjusted EBITDA, expressed as a percentage.
We believe that net debt and net leverage ratio are important measures of our overall liquidity position and are calculated by adding bank overdrafts and removing cash and cash equivalents (excluding restricted cash) from our total debt and net debt as a ratio of our trailing twelve months adjusted EBITDA. We calculate ROIC as our trailing twelve months adjusted EBITA, net of income taxes paid, divided by the average invested capital. We believe ROIC provides investors with an important perspective on how effectively GXO deploys capital and use this metric internally as a high-level target to assess overall performance throughout the business cycle.
Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating GXO鈥檚 ongoing performance.
With respect to our financial targets for full-year 2025 organic revenue growth, adjusted EBITDA, adjusted diluted EPS, and free cash flow conversion, a reconciliation of these non-GAAP measures to the corresponding GAAP measures is not available without unreasonable effort due to the variability and complexity of the reconciling items described above that we exclude from these non-GAAP target measures. The variability of these items may have a significant impact on our future GAAP financial results and, as a result, we are unable to prepare the forward-looking statements of income and cash flows prepared in accordance with GAAP, that would be required to produce such a reconciliation.
Forward-Looking Statements
This press 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, including our full-year 2025 guidance of organic revenue growth, adjusted EBITDA, adjusted diluted EPS and free cash flow conversion. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥渂elieve,鈥� 鈥渃ontinue,鈥� 鈥渃ould,鈥� 鈥渋ntend,鈥� 鈥渕ay,鈥� 鈥減lan,鈥� 鈥減otential,鈥� 鈥減redict,鈥� 鈥渟hould,鈥� 鈥渨ill,鈥� 鈥渆xpect,鈥� 鈥渙bjective,鈥� 鈥減rojection,鈥� 鈥渇orecast,鈥� 鈥済oal,鈥� 鈥済uidance,鈥� 鈥渙utlook,鈥� 鈥渆ffort,鈥� 鈥渢arget,鈥� 鈥渢rajectory鈥� or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by the company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the company believes 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, but are not limited to, the risks discussed in our filings with the SEC and the following: economic conditions generally; supply chain challenges, including labor shortages; competition and pricing pressures; our ability to align our investments in capital assets, including equipment, service centers and warehouses, to our respective customers鈥� demands; our ability to successfully integrate and realize anticipated benefits, synergies, cost savings and profit improvement opportunities with respect to acquired companies, including the acquisition of Wincanton; acquisitions may be unsuccessful or result in other risks or developments that adversely affect our financial condition and results; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; our indebtedness; our ability to raise debt and equity capital; litigation; labor matters, including our ability to manage its subcontractors, and risks associated with labor disputes at our customers鈥� facilities and efforts by labor organizations to organize its employees; risks associated with defined benefit plans for our current and former employees; our ability to attract or retain necessary talent; the increased costs associated with labor; fluctuations in currency exchange rates; fluctuations in fixed and floating interest rates; fluctuations in customer confidence and spending; issues related to our intellectual property rights; governmental regulation, including environmental laws, trade compliance laws, as well as changes in international trade policies and tax regimes; governmental or political actions, including the United Kingdom鈥檚 exit from the European Union; natural disasters, terrorist attacks or similar incidents; damage to our reputation; a material disruption of our operations; the inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted; failure in properly handling the inventory of our customers; the impact of potential cyber-attacks and information technology or data security breaches; and the inability to implement technology initiatives or business systems successfully; our ability to achieve Environmental, Social and Governance goals; and a determination by the IRS that the distribution or certain related spin-off transactions should be treated as taxable transactions. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Such forward-looking statements should therefore be construed in the light of such factors.
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 to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.
| Investor Contact |
| 听 |
| Kristine Kubacki, CFA |
| 听+1 (203) 769-7206 |
| [email protected] |
| 听 |
| Media Contact |
| 听 |
| Matthew Schmidt |
| 听+1 (203) 307-2809 |
| [email protected] |
| 听 |
| GXO Logistics, Inc. | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 听 | ||||||||||||||||
| 听 | 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||||||
| (Dollars in millions, shares in thousands, except per share amounts) | 听 | 2025 | 听 | 2024 | 听 | 2025 | 听 | 2024 | ||||||||
| Revenue | 听 | $ | 3,299 | 听 | 听 | $ | 2,846 | 听 | 听 | $ | 6,276 | 听 | 听 | $ | 5,302 | 听 |
| Direct operating expense | 听 | 听 | 2,813 | 听 | 听 | 听 | 2,389 | 听 | 听 | 听 | 5,371 | 听 | 听 | 听 | 4,445 | 听 |
| Selling, general and administrative expense | 听 | 听 | 272 | 听 | 听 | 听 | 270 | 听 | 听 | 听 | 533 | 听 | 听 | 听 | 519 | 听 |
| Depreciation and amortization expense | 听 | 听 | 110 | 听 | 听 | 听 | 99 | 听 | 听 | 听 | 219 | 听 | 听 | 听 | 191 | 听 |
| Transaction and integration costs | 听 | 听 | 14 | 听 | 听 | 听 | 15 | 听 | 听 | 听 | 36 | 听 | 听 | 听 | 34 | 听 |
| Restructuring costs and other | 听 | 听 | 2 | 听 | 听 | 听 | 1 | 听 | 听 | 听 | 19 | 听 | 听 | 听 | 17 | 听 |
| Regulatory matter(1)and litigation expense | 听 | 听 | (1 | ) | 听 | 听 | (3 | ) | 听 | 听 | 65 | 听 | 听 | 听 | 60 | 听 |
| Operating income | 听 | 听 | 89 | 听 | 听 | 听 | 75 | 听 | 听 | 听 | 33 | 听 | 听 | 听 | 36 | 听 |
| Other income (expense), net | 听 | 听 | (10 | ) | 听 | 听 | 1 | 听 | 听 | 听 | (15 | ) | 听 | 听 | 7 | 听 |
| Interest expense, net | 听 | 听 | (36 | ) | 听 | 听 | (23 | ) | 听 | 听 | (68 | ) | 听 | 听 | (36 | ) |
| Income (loss) before income taxes | 听 | 听 | 43 | 听 | 听 | 听 | 53 | 听 | 听 | 听 | (50 | ) | 听 | 听 | 7 | 听 |
| Income tax expense | 听 | 听 | (15 | ) | 听 | 听 | (14 | ) | 听 | 听 | (17 | ) | 听 | 听 | (4 | ) |
| Net income (loss) | 听 | 听 | 28 | 听 | 听 | 听 | 39 | 听 | 听 | 听 | (67 | ) | 听 | 听 | 3 | 听 |
| Net income attributable to noncontrolling interests (鈥淣CI鈥�) | 听 | 听 | (2 | ) | 听 | 听 | (1 | ) | 听 | 听 | (3 | ) | 听 | 听 | (2 | ) |
| Net income (loss) attributable to GXO | 听 | $ | 26 | 听 | 听 | $ | 38 | 听 | 听 | $ | (70 | ) | 听 | $ | 1 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Earnings (loss) per share | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Basic | 听 | $ | 0.23 | 听 | 听 | $ | 0.32 | 听 | 听 | $ | (0.60 | ) | 听 | $ | 0.01 | 听 |
| Diluted | 听 | $ | 0.23 | 听 | 听 | $ | 0.32 | 听 | 听 | $ | (0.60 | ) | 听 | $ | 0.01 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Weighted-average shares used in computation of earnings (loss) per share | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Basic | 听 | 听 | 114,812 | 听 | 听 | 听 | 119,427 | 听 | 听 | 听 | 116,890 | 听 | 听 | 听 | 119,350 | 听 |
| Diluted | 听 | 听 | 115,055 | 听 | 听 | 听 | 119,683 | 听 | 听 | 听 | 116,890 | 听 | 听 | 听 | 119,680 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
(1) In 2024, the Italian tax authorities challenged the deductibility of value-added tax payments by the Company to certain third-party service providers. For the three and six months ended June 30, 2025, the Company released
| GXO Logistics, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (Unaudited) | ||||||||
| 听 | ||||||||
| 听 | 听 | June 30, | 听 | December 31, | ||||
| (Dollars in millions, shares in thousands, except per share amounts) | 听 | 2025 | 听 | 2024 | ||||
| ASSETS | 听 | 听 | 听 | 听 | ||||
| Current assets | 听 | 听 | 听 | 听 | ||||
| Cash and cash equivalents | 听 | $ | 205 | 听 | 听 | $ | 413 | 听 |
| Accounts receivable, net of allowance of | 听 | 听 | 1,950 | 听 | 听 | 听 | 1,799 | 听 |
| Other current assets | 听 | 听 | 434 | 听 | 听 | 听 | 429 | 听 |
| Total current assets | 听 | 听 | 2,589 | 听 | 听 | 听 | 2,641 | 听 |
| Long-term assets | 听 | 听 | 听 | 听 | ||||
| Property and equipment, net of accumulated depreciation of | 听 | 听 | 1,264 | 听 | 听 | 听 | 1,160 | 听 |
| Operating lease assets | 听 | 听 | 2,646 | 听 | 听 | 听 | 2,329 | 听 |
| Goodwill | 听 | 听 | 3,827 | 听 | 听 | 听 | 3,549 | 听 |
| Intangible assets, net of accumulated amortization of | 听 | 听 | 1,008 | 听 | 听 | 听 | 986 | 听 |
| Other long-term assets | 听 | 听 | 592 | 听 | 听 | 听 | 601 | 听 |
| Total long-term assets | 听 | 听 | 9,337 | 听 | 听 | 听 | 8,625 | 听 |
| Total assets | 听 | $ | 11,926 | 听 | 听 | $ | 11,266 | 听 |
| LIABILITIES AND EQUITY | 听 | 听 | 听 | 听 | ||||
| Current liabilities | 听 | 听 | 听 | 听 | ||||
| Accounts payable | 听 | $ | 691 | 听 | 听 | $ | 776 | 听 |
| Accrued expenses | 听 | 听 | 1,381 | 听 | 听 | 听 | 1,271 | 听 |
| Current debt | 听 | 听 | 90 | 听 | 听 | 听 | 110 | 听 |
| Current operating lease liabilities | 听 | 听 | 732 | 听 | 听 | 听 | 647 | 听 |
| Other current liabilities | 听 | 听 | 516 | 听 | 听 | 听 | 385 | 听 |
| Total current liabilities | 听 | 听 | 3,410 | 听 | 听 | 听 | 3,189 | 听 |
| Long-term liabilities | 听 | 听 | 听 | 听 | ||||
| Long-term debt | 听 | 听 | 2,596 | 听 | 听 | 听 | 2,521 | 听 |
| Long-term operating lease liabilities | 听 | 听 | 2,139 | 听 | 听 | 听 | 1,898 | 听 |
| Other long-term liabilities | 听 | 听 | 806 | 听 | 听 | 听 | 623 | 听 |
| Total long-term liabilities | 听 | 听 | 5,541 | 听 | 听 | 听 | 5,042 | 听 |
| Commitments and Contingencies | 听 | 听 | 听 | 听 | ||||
| Stockholders鈥� Equity | 听 | 听 | 听 | 听 | ||||
| Common Stock, | 听 | 听 | 1 | 听 | 听 | 听 | 1 | 听 |
| Treasury stock, at cost; 5,356 and 0 shares, respectively | 听 | 听 | (202 | ) | 听 | 听 | 鈥� | 听 |
| Preferred Stock, | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Additional Paid-In Capital (鈥淎PIC鈥�) | 听 | 听 | 2,645 | 听 | 听 | 听 | 2,629 | 听 |
| Retained earnings | 听 | 听 | 616 | 听 | 听 | 听 | 686 | 听 |
| Accumulated Other Comprehensive Income (Loss) (鈥淎OCIL鈥�) | 听 | 听 | (120 | ) | 听 | 听 | (313 | ) |
| Total stockholders鈥� equity before NCI | 听 | 听 | 2,940 | 听 | 听 | 听 | 3,003 | 听 |
| NCI | 听 | 听 | 35 | 听 | 听 | 听 | 32 | 听 |
| Total equity | 听 | 听 | 2,975 | 听 | 听 | 听 | 3,035 | 听 |
| Total liabilities and equity | 听 | $ | 11,926 | 听 | 听 | $ | 11,266 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| GXO Logistics, Inc. | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (Unaudited) | ||||||||
| 听 | ||||||||
| 听 | 听 | Six Months Ended June 30, | ||||||
| (In millions) | 听 | 2025 | 听 | 2024 | ||||
| Cash flows from operating activities: | 听 | 听 | 听 | 听 | ||||
| Net income (loss) | 听 | $ | (67 | ) | 听 | $ | 3 | 听 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities | 听 | 听 | 听 | 听 | ||||
| Depreciation and amortization expense | 听 | 听 | 219 | 听 | 听 | 听 | 191 | 听 |
| Stock-based compensation expense | 听 | 听 | 23 | 听 | 听 | 听 | 19 | 听 |
| Deferred tax benefit | 听 | 听 | (25 | ) | 听 | 听 | (16 | ) |
| Other | 听 | 听 | 7 | 听 | 听 | 听 | 10 | 听 |
| Changes in operating assets and liabilities | 听 | 听 | 听 | 听 | ||||
| Accounts receivable | 听 | 听 | 18 | 听 | 听 | 听 | 56 | 听 |
| Other assets | 听 | 听 | 39 | 听 | 听 | 听 | (8 | ) |
| Accounts payable | 听 | 听 | (151 | ) | 听 | 听 | (82 | ) |
| Accrued expenses and other liabilities | 听 | 听 | (31 | ) | 听 | 听 | (8 | ) |
| Net cash provided by operating activities | 听 | 听 | 32 | 听 | 听 | 听 | 165 | 听 |
| Cash flows from investing activities: | 听 | 听 | 听 | 听 | ||||
| Capital expenditures | 听 | 听 | (125 | ) | 听 | 听 | (161 | ) |
| Proceeds from sale of property and equipment | 听 | 听 | 2 | 听 | 听 | 听 | 10 | 听 |
| Acquisition of businesses, net of cash acquired | 听 | 听 | 鈥� | 听 | 听 | 听 | (863 | ) |
| Net cash used in investing activities | 听 | 听 | (123 | ) | 听 | 听 | (1,014 | ) |
| Cash flows from financing activities: | 听 | 听 | 听 | 听 | ||||
| Common stock repurchased | 听 | 听 | (200 | ) | 听 | 听 | 鈥� | 听 |
| Proceeds from debt, net | 听 | 听 | 鈥� | 听 | 听 | 听 | 1,085 | 听 |
| Net borrowings under revolving credit facilities | 听 | 听 | 8 | 听 | 听 | 听 | 鈥� | 听 |
| Repayments of debt, net | 听 | 听 | (55 | ) | 听 | 听 | (196 | ) |
| Repayments of finance lease obligations | 听 | 听 | (24 | ) | 听 | 听 | (19 | ) |
| Taxes paid related to net share settlement of equity awards | 听 | 听 | (7 | ) | 听 | 听 | (7 | ) |
| Net changes in bank overdraft positions | 听 | 听 | 64 | 听 | 听 | 听 | 3 | 听 |
| Other | 听 | 听 | (13 | ) | 听 | 听 | (9 | ) |
| Net cash provided by (used in) financing activities | 听 | 听 | (227 | ) | 听 | 听 | 857 | 听 |
| Effect of exchange rates on cash and cash equivalents | 听 | 听 | 40 | 听 | 听 | 听 | (7 | ) |
| Net increase (decrease) in cash, restricted cash and cash equivalents | 听 | 听 | (278 | ) | 听 | 听 | 1 | 听 |
| Cash, restricted cash and cash equivalents, beginning of period | 听 | 听 | 485 | 听 | 听 | 听 | 470 | 听 |
| Cash, restricted cash and cash equivalents, end of period | 听 | $ | 207 | 听 | 听 | $ | 471 | 听 |
| 听 | 听 | 听 | 听 | 听 | ||||
| Reconciliation of cash, restricted cash and cash equivalents | 听 | 听 | 听 | 听 | ||||
| Cash and cash equivalents | 听 | $ | 205 | 听 | 听 | $ | 469 | 听 |
| Restricted Cash (included in Other long-term assets) | 听 | 听 | 2 | 听 | 听 | 听 | 2 | 听 |
| Total cash, restricted cash and cash equivalents | 听 | $ | 207 | 听 | 听 | $ | 471 | 听 |
| 听 | 听 | 听 | 听 | 听 | ||||
| Non-cash financing activities: | 听 | 听 | 听 | 听 | ||||
| Excise tax liability related to stock repurchases | 听 | $ | 2 | 听 | 听 | $ | 鈥� | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| GXO Logistics, Inc. | ||||||||||||
| Key Data | ||||||||||||
| Disaggregation of Revenue | ||||||||||||
| (Unaudited) | ||||||||||||
| 听 | ||||||||||||
| Revenue disaggregated by geographical area was as follows: | ||||||||||||
| 听 | ||||||||||||
| 听 | 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||
| (In millions) | 听 | 2025 | 听 | 2024 | 听 | 2025 | 听 | 2024 | ||||
| United Kingdom | 听 | $ | 1,590 | 听 | $ | 1,289 | 听 | $ | 2,981 | 听 | $ | 2,202 |
| United States | 听 | 听 | 767 | 听 | 听 | 731 | 听 | 听 | 1,519 | 听 | 听 | 1,478 |
| Netherlands | 听 | 听 | 253 | 听 | 听 | 220 | 听 | 听 | 485 | 听 | 听 | 438 |
| France | 听 | 听 | 216 | 听 | 听 | 201 | 听 | 听 | 402 | 听 | 听 | 401 |
| Spain | 听 | 听 | 166 | 听 | 听 | 145 | 听 | 听 | 309 | 听 | 听 | 274 |
| Italy | 听 | 听 | 105 | 听 | 听 | 97 | 听 | 听 | 200 | 听 | 听 | 190 |
| Other | 听 | 听 | 202 | 听 | 听 | 163 | 听 | 听 | 380 | 听 | 听 | 319 |
| Total | 听 | $ | 3,299 | 听 | $ | 2,846 | 听 | $ | 6,276 | 听 | $ | 5,302 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
The Company鈥檚 revenue can also be disaggregated by the customer鈥檚 primary industry. Revenue disaggregated by industries was as follows:
| 听 | 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||
| (In millions) | 听 | 2025 | 听 | 2024 | 听 | 2025 | 听 | 2024 | ||||
| Omnichannel retail | 听 | $ | 1,626 | 听 | $ | 1,316 | 听 | $ | 3,048 | 听 | $ | 2,338 |
| Technology and consumer electronics | 听 | 听 | 402 | 听 | 听 | 363 | 听 | 听 | 795 | 听 | 听 | 745 |
| Industrial and manufacturing | 听 | 听 | 403 | 听 | 听 | 331 | 听 | 听 | 765 | 听 | 听 | 597 |
| Food and beverage | 听 | 听 | 359 | 听 | 听 | 326 | 听 | 听 | 673 | 听 | 听 | 642 |
| Consumer packaged goods | 听 | 听 | 290 | 听 | 听 | 290 | 听 | 听 | 574 | 听 | 听 | 585 |
| Other | 听 | 听 | 219 | 听 | 听 | 220 | 听 | 听 | 421 | 听 | 听 | 395 |
| Total | 听 | $ | 3,299 | 听 | $ | 2,846 | 听 | $ | 6,276 | 听 | $ | 5,302 |
| GXO Logistics, Inc. | |||||||||||||||||||||||
| Reconciliation of Net Income (Loss) to Adjusted EBITDA | |||||||||||||||||||||||
| and Adjusted EBITDA Margins | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| 听 | |||||||||||||||||||||||
| 听 | 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | 听 | Year Ended听 December 31, 2024 | 听 | Trailing Twelve Months Ended June听30, 2025 | |||||||||||||||
| (In millions) | 听 | 2025 | 听 | 2024 | 听 | 2025 | 听 | 2024 | 听 | 听 | |||||||||||||
| Net income (loss) attributable to GXO | 听 | $ | 26 | 听 | 听 | $ | 38 | 听 | 听 | $ | (70 | ) | 听 | $ | 1 | 听 | 听 | $ | 134 | 听 | 听 | $ | 63 |
| Net income attributable to NCI | 听 | 听 | 2 | 听 | 听 | 听 | 1 | 听 | 听 | 听 | 3 | 听 | 听 | 听 | 2 | 听 | 听 | 听 | 4 | 听 | 听 | 听 | 5 |
| Net income (loss) | 听 | $ | 28 | 听 | 听 | $ | 39 | 听 | 听 | $ | (67 | ) | 听 | $ | 3 | 听 | 听 | $ | 138 | 听 | 听 | $ | 68 |
| Interest expense, net | 听 | 听 | 36 | 听 | 听 | 听 | 23 | 听 | 听 | 听 | 68 | 听 | 听 | 听 | 36 | 听 | 听 | 听 | 103 | 听 | 听 | 听 | 135 |
| Income tax expense | 听 | 听 | 15 | 听 | 听 | 听 | 14 | 听 | 听 | 听 | 17 | 听 | 听 | 听 | 4 | 听 | 听 | 听 | 8 | 听 | 听 | 听 | 21 |
| Depreciation and amortization expense | 听 | 听 | 110 | 听 | 听 | 听 | 99 | 听 | 听 | 听 | 219 | 听 | 听 | 听 | 191 | 听 | 听 | 听 | 415 | 听 | 听 | 听 | 443 |
| Transaction and integration costs | 听 | 听 | 14 | 听 | 听 | 听 | 15 | 听 | 听 | 听 | 36 | 听 | 听 | 听 | 34 | 听 | 听 | 听 | 76 | 听 | 听 | 听 | 78 |
| Restructuring costs and other | 听 | 听 | 2 | 听 | 听 | 听 | 1 | 听 | 听 | 听 | 19 | 听 | 听 | 听 | 17 | 听 | 听 | 听 | 27 | 听 | 听 | 听 | 29 |
| Regulatory matter and litigation expense | 听 | 听 | (1 | ) | 听 | 听 | (3 | ) | 听 | 听 | 65 | 听 | 听 | 听 | 60 | 听 | 听 | 听 | 59 | 听 | 听 | 听 | 64 |
| Unrealized (gain) loss on foreign currency contracts | 听 | 听 | 8 | 听 | 听 | 听 | (1 | ) | 听 | 听 | 18 | 听 | 听 | 听 | (4 | ) | 听 | 听 | (11 | ) | 听 | 听 | 11 |
| Adjusted EBITDA(1) | 听 | $ | 212 | 听 | 听 | $ | 187 | 听 | 听 | $ | 375 | 听 | 听 | $ | 341 | 听 | 听 | $ | 815 | 听 | 听 | $ | 849 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||||||||
| Revenue | 听 | $ | 3,299 | 听 | 听 | $ | 2,846 | 听 | 听 | $ | 6,276 | 听 | 听 | $ | 5,302 | 听 | 听 | 听 | 听 | 听 | |||
| Operating income | 听 | $ | 89 | 听 | 听 | $ | 75 | 听 | 听 | $ | 33 | 听 | 听 | $ | 36 | 听 | 听 | 听 | 听 | 听 | |||
| Operating income margin(2) | 听 | 听 | 2.7 | % | 听 | 听 | 2.6 | % | 听 | 听 | 0.5 | % | 听 | 听 | 0.7 | % | 听 | 听 | 听 | 听 | |||
| Adjusted EBITDA margin(1)(3) | 听 | 听 | 6.4 | % | 听 | 听 | 6.6 | % | 听 | 听 | 6.0 | % | 听 | 听 | 6.4 | % | 听 | 听 | 听 | 听 | |||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||
(1) See the 鈥淣on-GAAP Financial Measures鈥� section of this press release.
(2) Operating income margin is calculated as operating income divided by revenue for the period.
(3) Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue for the period.
| GXO Logistics, Inc. | |||||||||||||||||||||||
| Reconciliation of Net Income (Loss) to Adjusted EBITA | |||||||||||||||||||||||
| and Adjusted EBITA Margins | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| 听 | |||||||||||||||||||||||
| 听 | 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | 听 | Year Ended December 31, 2024 | 听 | Trailing Twelve Months Ended June听30, 2025 | |||||||||||||||
| (In millions) | 听 | 2025 | 听 | 2024 | 听 | 2025 | 听 | 2024 | 听 | 听 | |||||||||||||
| Net income (loss) attributable to GXO | 听 | $ | 26 | 听 | 听 | $ | 38 | 听 | 听 | $ | (70 | ) | 听 | $ | 1 | 听 | 听 | $ | 134 | 听 | 听 | $ | 63 |
| Net income attributable to NCI | 听 | 听 | 2 | 听 | 听 | 听 | 1 | 听 | 听 | 听 | 3 | 听 | 听 | 听 | 2 | 听 | 听 | 听 | 4 | 听 | 听 | 听 | 5 |
| Net income (loss) | 听 | $ | 28 | 听 | 听 | $ | 39 | 听 | 听 | $ | (67 | ) | 听 | $ | 3 | 听 | 听 | $ | 138 | 听 | 听 | $ | 68 |
| Interest expense, net | 听 | 听 | 36 | 听 | 听 | 听 | 23 | 听 | 听 | 听 | 68 | 听 | 听 | 听 | 36 | 听 | 听 | 听 | 103 | 听 | 听 | 听 | 135 |
| Income tax expense | 听 | 听 | 15 | 听 | 听 | 听 | 14 | 听 | 听 | 听 | 17 | 听 | 听 | 听 | 4 | 听 | 听 | 听 | 8 | 听 | 听 | 听 | 21 |
| Amortization of intangible assets acquired | 听 | 听 | 30 | 听 | 听 | 听 | 22 | 听 | 听 | 听 | 59 | 听 | 听 | 听 | 41 | 听 | 听 | 听 | 108 | 听 | 听 | 听 | 126 |
| Transaction and integration costs | 听 | 听 | 14 | 听 | 听 | 听 | 15 | 听 | 听 | 听 | 36 | 听 | 听 | 听 | 34 | 听 | 听 | 听 | 76 | 听 | 听 | 听 | 78 |
| Restructuring costs and other | 听 | 听 | 2 | 听 | 听 | 听 | 1 | 听 | 听 | 听 | 19 | 听 | 听 | 听 | 17 | 听 | 听 | 听 | 27 | 听 | 听 | 听 | 29 |
| Regulatory matter and litigation expense | 听 | 听 | (1 | ) | 听 | 听 | (3 | ) | 听 | 听 | 65 | 听 | 听 | 听 | 60 | 听 | 听 | 听 | 59 | 听 | 听 | 听 | 64 |
| Unrealized (gain) loss on foreign currency contracts | 听 | 听 | 8 | 听 | 听 | 听 | (1 | ) | 听 | 听 | 18 | 听 | 听 | 听 | (4 | ) | 听 | 听 | (11 | ) | 听 | 听 | 11 |
| Adjusted EBITA(1) | 听 | $ | 132 | 听 | 听 | $ | 110 | 听 | 听 | $ | 215 | 听 | 听 | $ | 191 | 听 | 听 | $ | 508 | 听 | 听 | $ | 532 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||||||||
| Revenue | 听 | $ | 3,299 | 听 | 听 | $ | 2,846 | 听 | 听 | $ | 6,276 | 听 | 听 | $ | 5,302 | 听 | 听 | 听 | 听 | 听 | |||
| Adjusted EBITA margin(1)(2) | 听 | 听 | 4.0 | % | 听 | 听 | 3.9 | % | 听 | 听 | 3.4 | % | 听 | 听 | 3.6 | % | 听 | 听 | 听 | 听 | |||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||
(1) See the 鈥淣on-GAAP Financial Measures鈥� section of this press release.
(2) Adjusted EBITA margin is calculated as adjusted EBITA divided by revenue for the period.
| GXO Logistics, Inc. | ||||||||||||||||
| Reconciliation of Net Income (Loss) to Adjusted Net Income | ||||||||||||||||
| and Adjusted Earnings Per Share | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 听 | ||||||||||||||||
| 听 | 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||||||
| (Dollars in millions, shares in thousands, except per share amounts) | 听 | 2025 | 听 | 2024 | 听 | 2025 | 听 | 2024 | ||||||||
| Net income (loss) | 听 | $ | 28 | 听 | 听 | $ | 39 | 听 | 听 | $ | (67 | ) | 听 | $ | 3 | 听 |
| Net income attributable to NCI | 听 | 听 | (2 | ) | 听 | 听 | (1 | ) | 听 | 听 | (3 | ) | 听 | 听 | (2 | ) |
| Net income (loss) attributable to GXO | 听 | $ | 26 | 听 | 听 | $ | 38 | 听 | 听 | $ | (70 | ) | 听 | $ | 1 | 听 |
| Amortization of intangible assets acquired | 听 | 听 | 30 | 听 | 听 | 听 | 22 | 听 | 听 | 听 | 59 | 听 | 听 | 听 | 41 | 听 |
| Transaction and integration costs | 听 | 听 | 14 | 听 | 听 | 听 | 15 | 听 | 听 | 听 | 36 | 听 | 听 | 听 | 34 | 听 |
| Restructuring costs and other | 听 | 听 | 2 | 听 | 听 | 听 | 1 | 听 | 听 | 听 | 19 | 听 | 听 | 听 | 17 | 听 |
| Regulatory matter and litigation expense | 听 | 听 | (1 | ) | 听 | 听 | (3 | ) | 听 | 听 | 65 | 听 | 听 | 听 | 60 | 听 |
| Unrealized (gain) loss on foreign currency contracts | 听 | 听 | 8 | 听 | 听 | 听 | (1 | ) | 听 | 听 | 18 | 听 | 听 | 听 | (4 | ) |
| Income tax associated with the adjustments above(1) | 听 | 听 | (13 | ) | 听 | 听 | (6 | ) | 听 | 听 | (27 | ) | 听 | 听 | (29 | ) |
| Adjusted net income attributable to GXO(2) | 听 | $ | 66 | 听 | 听 | $ | 66 | 听 | 听 | $ | 100 | 听 | 听 | $ | 120 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Adjusted basic EPS(2) | 听 | $ | 0.57 | 听 | 听 | $ | 0.55 | 听 | 听 | $ | 0.86 | 听 | 听 | $ | 1.01 | 听 |
| Adjusted diluted EPS(2) | 听 | $ | 0.57 | 听 | 听 | $ | 0.55 | 听 | 听 | $ | 0.85 | 听 | 听 | $ | 1.00 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Weighted-average shares used in computation of adjusted earnings per share | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Basic | 听 | 听 | 114,812 | 听 | 听 | 听 | 119,427 | 听 | 听 | 听 | 116,890 | 听 | 听 | 听 | 119,350 | 听 |
| Diluted(3) | 听 | 听 | 115,055 | 听 | 听 | 听 | 119,683 | 听 | 听 | 听 | 117,160 | 听 | 听 | 听 | 119,680 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
(1) The income tax rate applied to items is based on the GAAP annual effective tax rate.
(2) See the 鈥淣on-GAAP Financial Measures鈥� section of this press release.
(3) The six months ended June 30, 2025 calculation of earnings per share - diluted (GAAP) excludes 270 thousand shares due to their anti-dilutive effect.
| GXO Logistics, Inc. | ||||||||||||||||
| Other Reconciliations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 听 | ||||||||||||||||
| Reconciliation of Cash Flows from Operations to Free Cash Flow: | ||||||||||||||||
| 听 | ||||||||||||||||
| 听 | 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||||||
| (In millions) | 听 | 2025 | 听 | 2024 | 听 | 2025 | 听 | 2024 | ||||||||
| Cash flows from operations(1) | 听 | $ | 3 | 听 | 听 | $ | 115 | 听 | 听 | $ | 32 | 听 | 听 | $ | 165 | 听 |
| Capital expenditures | 听 | 听 | (47 | ) | 听 | 听 | (88 | ) | 听 | 听 | (125 | ) | 听 | 听 | (161 | ) |
| Proceeds from sale of property and equipment | 听 | 听 | 1 | 听 | 听 | 听 | 4 | 听 | 听 | 听 | 2 | 听 | 听 | 听 | 10 | 听 |
| Free cash flow(2) | 听 | $ | (43 | ) | 听 | $ | 31 | 听 | 听 | $ | (91 | ) | 听 | $ | 14 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
(1) Net cash provided by operating activities.
(2) See the 鈥淣on-GAAP Financial Measures鈥� section of this press release.
Reconciliation of Revenue to Organic Revenue:
| 听 | 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||||
| (In millions) | 听 | 2025 | 听 | 2024 | 听 | 2025 | 听 | 2024 | ||||||
| Revenue | 听 | $ | 3,299 | 听 | 听 | $ | 2,846 | 听 | $ | 6,276 | 听 | 听 | $ | 5,302 |
| Revenue from acquired business(1) | 听 | 听 | (168 | ) | 听 | 听 | 鈥� | 听 | 听 | (655 | ) | 听 | 听 | 鈥� |
| Foreign exchange rates | 听 | 听 | (127 | ) | 听 | 听 | 鈥� | 听 | 听 | (94 | ) | 听 | 听 | 鈥� |
| Organic revenue(2) | 听 | $ | 3,004 | 听 | 听 | $ | 2,846 | 听 | $ | 5,527 | 听 | 听 | $ | 5,302 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||
| Revenue growth(3) | 听 | 听 | 15.9 | % | 听 | 听 | 听 | 听 | 18.4 | % | 听 | 听 | ||
| Organic revenue growth(2)(4) | 听 | 听 | 5.6 | % | 听 | 听 | 听 | 听 | 4.2 | % | 听 | 听 | ||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||
(1) The Company excludes revenue from acquired businesses for periods that are not comparable.
(2) See the 鈥淣on-GAAP Financial Measures鈥� section of this press release.
(3) Revenue growth is calculated as the change in the period-over-period revenue divided by the prior period, expressed as a percentage.
(4) Organic revenue growth is calculated as the change in the period-over-period organic revenue divided by the prior period, expressed as a percentage.
| GXO Logistics, Inc. | ||||
| Liquidity Reconciliations | ||||
| (Unaudited) | ||||
| 听 | ||||
| Reconciliation of Total Debt and Net Debt: | ||||
| 听 | ||||
| (In millions) | 听 | June 30, 2025 | ||
| Current debt | 听 | $ | 听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 90 | 听 |
| Long-term debt | 听 | 听 | 听听听听听听听听听听听听听听听听听听听听听听听听听听听 2,596 | 听 |
| Total debt(1) | 听 | $ | 听听听听听听听听听听听听听听听听听听听听听听听听听 2,686 | 听 |
| Plus: Bank overdrafts (included in Other current liabilities) | 听 | 听 | 听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 64 | 听 |
| Less: Cash and cash equivalents (excluding restricted cash) | 听 | 听 | 听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 (205 | ) |
| Net debt(2) | 听 | $ | 听听听听听听听听听听听听听听听听听听听听听听听听听 2,545 | 听 |
| 听 | 听 | 听 | 听 | 听 |
(1) Includes finance leases and other debt of
(2) See the 鈥淣on-GAAP Financial Measures鈥� section of this press release.
Reconciliation of Total debt to Net income Ratio:
| (In millions) | 听 | June 30, 2025 | |
| Total debt | 听 | $ | 听听听听听听听听听听听听听听听听听听听听听听听听听 2,686 |
| Trailing twelve months net income | 听 | $ | 听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 68 |
| Debt to net income ratio | 听 | 39.5x | |
| 听 | 听 | 听 | |
Reconciliation of Net Leverage Ratio:
| (In millions) | 听 | June 30, 2025 | |
| Net debt(1) | 听 | $ | 听听听听听听听听听听听听听听听听听听听听听听听听听 2,545 |
| Trailing twelve months adjusted EBITDA(1) | 听 | $ | 听听听听听听听听听听听听听听听听听听听听听听听听听听听听 849 |
| Net leverage ratio(1) | 听 | 3.0x | |
| 听 | 听 | 听 | |
(1) See the 鈥淣on-GAAP Financial Measures鈥� section of this press release.
| GXO Logistics, Inc. | ||||||||||||||||
| Return on Invested Capital | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 听 | ||||||||||||||||
| Adjusted EBITA, net of income taxes paid: | ||||||||||||||||
| 听 | ||||||||||||||||
| 听 | 听 | Six Months Ended June 30, | 听 | Year Ended听 December 31, 2024 | 听 | Trailing Twelve听 Months Ended听 June听30, 2025 | ||||||||||
| (In millions) | 听 | 2025 | 听 | 2024 | 听 | 听 | ||||||||||
| Adjusted EBITA(1) | 听 | $ | 215 | 听 | 听 | $ | 191 | 听 | 听 | $ | 508 | 听 | 听 | $ | 532 | 听 |
| Less: Cash paid for income taxes | 听 | 听 | (10 | ) | 听 | 听 | (19 | ) | 听 | 听 | (43 | ) | 听 | 听 | (34 | ) |
| Adjusted EBITA, net of income taxes paid(1) | 听 | $ | 205 | 听 | 听 | $ | 172 | 听 | 听 | $ | 465 | 听 | 听 | $ | 498 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
(1) See the 鈥淣on-GAAP Financial Measures鈥� section of this press release.
Return on Invested Capital (ROIC):
| 听 | 听 | June 30, | 听 | 听 | ||||||||
| (In millions) | 听 | 2025 | 听 | 2024 | 听 | Average | ||||||
| Selected Assets: | 听 | 听 | 听 | 听 | 听 | 听 | ||||||
| Accounts receivable, net | 听 | $ | 1,950 | 听 | 听 | $ | 1,909 | 听 | 听 | $ | 1,930 | 听 |
| Other current assets | 听 | 听 | 434 | 听 | 听 | 听 | 419 | 听 | 听 | 听 | 427 | 听 |
| Property and equipment, net | 听 | 听 | 1,264 | 听 | 听 | 听 | 1,093 | 听 | 听 | 听 | 1,179 | 听 |
| Selected Liabilities: | 听 | 听 | 听 | 听 | 听 | 听 | ||||||
| Accounts payable | 听 | $ | (691 | ) | 听 | $ | (690 | ) | 听 | $ | (691 | ) |
| Accrued expenses | 听 | 听 | (1,381 | ) | 听 | 听 | (1,286 | ) | 听 | 听 | (1,334 | ) |
| Other current liabilities(1) | 听 | 听 | (452 | ) | 听 | 听 | (399 | ) | 听 | 听 | (426 | ) |
| Invested capital | 听 | $ | 1,124 | 听 | 听 | $ | 1,046 | 听 | 听 | $ | 1,085 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||
| Trailing twelve months net income to average invested capital | 听 | 听 | 听 | 听 | 听 | 听 | 6.3 | % | ||||
| Operating return on invested capital(2)(3) | 听 | 听 | 听 | 听 | 听 | 听 | 45.9 | % | ||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
(1) As of June 30, 2025 and 2024 excludes
(2) See the 鈥淣on-GAAP Financial Measures鈥� section of this press release.
(3) The ratio of operating return on invested capital is calculated as trailing twelve months adjusted EBITA, net of income taxes paid, divided by the average invested capital.
FAQ
What were GXO's Q2 2025 earnings results?
What is GXO's updated guidance for 2025?
Who will be the new CEO and CFO of GXO?
What was GXO's new business performance in Q2 2025?
What is GXO's current debt position?
