XPO (XPO)
Moves shared-trailer freight across North America and provides multi-service transportation across Europe.
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XPO hauls pallet-sized freight — loads too big for a parcel van, too small to fill a whole truck — on its own trucks, through its own terminals, across North America. It runs a second road-freight business in Europe that it has said it means to sell. The American network is where the profit is, and the work now is squeezing more out of each shipment rather than hauling more of them.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 13 more below
North American LTL freight
Pallet-sized loads hauled between XPO's own terminals. With the local and guaranteed-service arms, this network is roughly three-fifths of revenue and most of the profit. By mid-2026 costs ate 79.9 cents of each revenue dollar, a record low — Old Dominion's was 70.
Competes with FedEx Freight LTL network (FedEx Freight Holding) · LTL network (Old Dominion Freight Line) · LTL network (Saia)
In plain English
Most freight is either small enough for a parcel van or big enough to fill a whole truck. In between sits everything else: loads of a few pallets, sent by manufacturers, distributors and shops. XPO collects those part-loads from many different senders, stacks them into one trailer, runs the trailer between its own terminals, then splits the load out again for local delivery.
Payment arrives one shipment at a time. Each load is priced off a published rate table by weight and the space it takes up, with a diesel surcharge on top and extra charges for anything unusual. Nobody signs a multi-year commitment — prices are reset with customers once a year.
Owned fleet and in-house long hauls
Running the long drives between terminals on XPO's own tractors instead of rented trucks. Hired miles are down to a mid-single-digit share of the total, the lowest in company history — which is why what XPO paid outsiders barely moved in mid-2026 while truckload rates jumped more than 40%.
Competes with Purchased truckload capacity (Knight-Swift) · Trailer manufacturing (Wabash National) · Owned-fleet long hauls (Old Dominion Freight Line)
In plain English
Loaded trailers have to move hundreds of miles between terminals. A carrier can do that with its own driver and its own tractor, or rent space on somebody else's truck at whatever the market charges that week.
XPO spent the last few years buying its way out of the rental market: the trailer fleet is up more than 30% since 2021 and the tractor count more than 20%, and a plant in Searcy, Arkansas builds trailers for it — more than 100,000 of them since 1994. None of this is billed to anyone. It shows up as a cost that stopped rising when everybody else's transport bill did.
Service Center Network
The 299 sheds where freight gets sorted — and the limit on how much XPO can take in. It bought 28 of them out of Yellow's bankruptcy for $870M, and has carried roughly 30% spare dock space waiting for freight to come back.
Competes with Terminal network (Old Dominion Freight Line) · Terminal network (Saia) · Terminal network (Estes Express Lines)
In plain English
Picture a terminal as a sorting shed with doors down both sides: trailers back in on one side, forklifts walk pallets across the floor, trailers leave full on the other. With no shed in a city, XPO cannot pick freight up there.
When the trucking company Yellow collapsed in 2023, XPO bought 28 of its sheds for $870M in cash — the largest capacity addition it has ever made — and about half of those opened markets rather than replacing smaller sites. The sites they replaced get sold off, which drops the occasional gain into the accounts: $9M in the second quarter of 2026.
Proprietary Technology and AI Tools
Software XPO builds for itself rather than sells: labour planning, route sequencing, and a camera that checks how a trailer is being loaded. The workforce tools delivered nearly 2.5 points of productivity in mid-2026 against a 1.5-point target.
Competes with Internally developed network systems (Old Dominion Freight Line) · Freight network technology (FedEx Freight Holding)
In plain English
Nobody buys this. It is the set of programs XPO wrote to run its own docks — how many hours of labour tonight's freight needs, what order a driver should make the day's stops in, whether the pallets going into a trailer are stacked well enough to survive the trip.
The trailer-loading one is the easiest to picture: a camera photographs each layer as it goes in and tells the loader what to fix. At the sites testing it, load quality improved more than 40% and damage fell by half. The payoff arrives as fewer hours worked and fewer broken pallets — money saved, never money billed.
European Transportation
Road freight across France, the UK, Iberia and Central Europe — trucking, pallet networks, warehousing and load-matching. About two-fifths of revenue but roughly a tenth of the profit, and management says it wants to sell it, with no date set.
Competes with DSV Road land transport (DSV) · European Logistics part-load network (DACHSER) · Road transport (GEODIS)
In plain English
Different continent, same job: collect goods, drive them somewhere. In Europe XPO does more kinds of it — whole truckloads for one customer, pallets pooled from many, warehousing, heavy-goods home delivery, and matching loads to other people's trucks for a fee.
It works and it grows; it just does not pay like America does. Ten quarters in a row of growth once currency swings are stripped out, yet a euro of revenue here throws off a fraction of the profit a dollar does at home. That is why the plan is to sell it and put the proceeds back into shareholders' hands — patiently, management says, on price.
Connect Europe
The pan-European pallet service, sold in three sizes: a few pallets, a part load, or a full trailer. More than 60,000 pallets a day and over 5,900 scheduled departures a week, fed by 65 XPO branches.
Competes with Palletways pallet network (Waterland) · European Logistics pallet network (DACHSER) · DSV Road part-load freight (DSV)
In plain English
Three pallets bound from France to Portugal is an awkward amount of freight: far too much for a courier, nowhere near a truckload. So XPO runs trucks on fixed schedules between depots and pools everybody's pallets into them, the way a coach service leaves on the hour whether or not every seat sells.
Customers book by size — one to six pallets, seven or more, or a full trailer over ten metres long — and pay by the load. Eight thousand owned trucks and twelve thousand trailers keep the departures running, with outside hauliers hired when a week runs hot. Every truck is certified for dangerous goods, which opens up chemical and industrial loads.
Local Channel
Freight from small and medium businesses shipping short distances, won by XPO's own local sales force. It has grown from a fifth of the North American network's revenue a few years ago to about a quarter, and it prices better than big-account freight.
Competes with Regional LTL network (Saia) · Regional network (Estes Express Lines) · ABF Freight local service (ArcBest)
In plain English
A hardware shop sending two pallets across the county is a different customer from a national manufacturer that runs a yearly bidding contest for its freight. The small sender compares fewer carriers, ships shorter distances and pays more per pound — so XPO put a dedicated sales team on winning that work.
It is the quiet reason no single customer matters much here: about 36,000 shippers use the network, the top five together are around 8% of revenue, and none reaches 3%. The catch is that local freight can only be served where there is already a terminal nearby, which is part of what the Yellow sheds bought.
Premium Services
Extra-fee promises layered on ordinary freight: delivery on a named day or before midday with the money back if XPO misses, plus retailer delivery windows and new-store rollouts. These fees are about an eighth of North American revenue, with a stated goal of 15% or more.
Competes with Accessorial and expedited services (Old Dominion Freight Line) · Freight Priority and Direct services (FedEx Freight Holding) · Guaranteed delivery offerings (Saia)
In plain English
The freight is already going on the truck. What a shipper pays extra for is certainty — arrive Thursday, or arrive before midday, or arrive inside the delivery window a big retailer insists on, and if it doesn't, the fee comes back.
That last one exists because retailers penalise suppliers who miss their appointment, so the supplier will gladly pay XPO to make it. Since the pallet was moving anyway, almost all of the fee drops through as profit. The bill for getting it wrong is real, though: miss too often and the guarantee turns income into refunds.
North American LTL freightPallet-sized loads hauled between XPO's own terminals. With the local and guaranteed-service arms, this network is roughly three-fifths of revenue and most of the profit. By mid-2026 costs ate 79.9 cents of each revenue dollar, a record low — Old Dominion's was 70.Pallet-sized loads hauled between XPO's own terminals. With the local and guaranteed-service arms, this network is roughly three-fifths of revenue and most of the profit. By mid-2026 costs ate 79.9 cents of each revenue dollar, a record low — Old Dominion's was 70.
In plain English
Most freight is either small enough for a parcel van or big enough to fill a whole truck. In between sits everything else: loads of a few pallets, sent by manufacturers, distributors and shops. XPO collects those part-loads from many different senders, stacks them into one trailer, runs the trailer between its own terminals, then splits the load out again for local delivery.
Payment arrives one shipment at a time. Each load is priced off a published rate table by weight and the space it takes up, with a diesel surcharge on top and extra charges for anything unusual. Nobody signs a multi-year commitment — prices are reset with customers once a year.
Competes with FedEx Freight LTL network (FedEx Freight Holding) · LTL network (Old Dominion Freight Line) · LTL network (Saia)
Owned fleet and in-house long haulsRunning the long drives between terminals on XPO's own tractors instead of rented trucks. Hired miles are down to a mid-single-digit share of the total, the lowest in company history — which is why what XPO paid outsiders barely moved in mid-2026 while truckload rates jumped more than 40%.Running the long drives between terminals on XPO's own tractors instead of rented trucks. Hired miles are down to a mid-single-digit share of the total, the lowest in company history — which is why what XPO paid outsiders barely moved in mid-2026 while truckload rates jumped more than 40%.
In plain English
Loaded trailers have to move hundreds of miles between terminals. A carrier can do that with its own driver and its own tractor, or rent space on somebody else's truck at whatever the market charges that week.
XPO spent the last few years buying its way out of the rental market: the trailer fleet is up more than 30% since 2021 and the tractor count more than 20%, and a plant in Searcy, Arkansas builds trailers for it — more than 100,000 of them since 1994. None of this is billed to anyone. It shows up as a cost that stopped rising when everybody else's transport bill did.
Competes with Purchased truckload capacity (Knight-Swift) · Trailer manufacturing (Wabash National) · Owned-fleet long hauls (Old Dominion Freight Line)
Service Center NetworkThe 299 sheds where freight gets sorted — and the limit on how much XPO can take in. It bought 28 of them out of Yellow's bankruptcy for $870M, and has carried roughly 30% spare dock space waiting for freight to come back.The 299 sheds where freight gets sorted — and the limit on how much XPO can take in. It bought 28 of them out of Yellow's bankruptcy for $870M, and has carried roughly 30% spare dock space waiting for freight to come back.
In plain English
Picture a terminal as a sorting shed with doors down both sides: trailers back in on one side, forklifts walk pallets across the floor, trailers leave full on the other. With no shed in a city, XPO cannot pick freight up there.
When the trucking company Yellow collapsed in 2023, XPO bought 28 of its sheds for $870M in cash — the largest capacity addition it has ever made — and about half of those opened markets rather than replacing smaller sites. The sites they replaced get sold off, which drops the occasional gain into the accounts: $9M in the second quarter of 2026.
Competes with Terminal network (Old Dominion Freight Line) · Terminal network (Saia) · Terminal network (Estes Express Lines)
Proprietary Technology and AI ToolsSoftware XPO builds for itself rather than sells: labour planning, route sequencing, and a camera that checks how a trailer is being loaded. The workforce tools delivered nearly 2.5 points of productivity in mid-2026 against a 1.5-point target.Software XPO builds for itself rather than sells: labour planning, route sequencing, and a camera that checks how a trailer is being loaded. The workforce tools delivered nearly 2.5 points of productivity in mid-2026 against a 1.5-point target.
In plain English
Nobody buys this. It is the set of programs XPO wrote to run its own docks — how many hours of labour tonight's freight needs, what order a driver should make the day's stops in, whether the pallets going into a trailer are stacked well enough to survive the trip.
The trailer-loading one is the easiest to picture: a camera photographs each layer as it goes in and tells the loader what to fix. At the sites testing it, load quality improved more than 40% and damage fell by half. The payoff arrives as fewer hours worked and fewer broken pallets — money saved, never money billed.
Competes with Internally developed network systems (Old Dominion Freight Line) · Freight network technology (FedEx Freight Holding)
European TransportationRoad freight across France, the UK, Iberia and Central Europe — trucking, pallet networks, warehousing and load-matching. About two-fifths of revenue but roughly a tenth of the profit, and management says it wants to sell it, with no date set.Road freight across France, the UK, Iberia and Central Europe — trucking, pallet networks, warehousing and load-matching. About two-fifths of revenue but roughly a tenth of the profit, and management says it wants to sell it, with no date set.
In plain English
Different continent, same job: collect goods, drive them somewhere. In Europe XPO does more kinds of it — whole truckloads for one customer, pallets pooled from many, warehousing, heavy-goods home delivery, and matching loads to other people's trucks for a fee.
It works and it grows; it just does not pay like America does. Ten quarters in a row of growth once currency swings are stripped out, yet a euro of revenue here throws off a fraction of the profit a dollar does at home. That is why the plan is to sell it and put the proceeds back into shareholders' hands — patiently, management says, on price.
Competes with DSV Road land transport (DSV) · European Logistics part-load network (DACHSER) · Road transport (GEODIS)
Connect EuropeThe pan-European pallet service, sold in three sizes: a few pallets, a part load, or a full trailer. More than 60,000 pallets a day and over 5,900 scheduled departures a week, fed by 65 XPO branches.The pan-European pallet service, sold in three sizes: a few pallets, a part load, or a full trailer. More than 60,000 pallets a day and over 5,900 scheduled departures a week, fed by 65 XPO branches.
In plain English
Three pallets bound from France to Portugal is an awkward amount of freight: far too much for a courier, nowhere near a truckload. So XPO runs trucks on fixed schedules between depots and pools everybody's pallets into them, the way a coach service leaves on the hour whether or not every seat sells.
Customers book by size — one to six pallets, seven or more, or a full trailer over ten metres long — and pay by the load. Eight thousand owned trucks and twelve thousand trailers keep the departures running, with outside hauliers hired when a week runs hot. Every truck is certified for dangerous goods, which opens up chemical and industrial loads.
Competes with Palletways pallet network (Waterland) · European Logistics pallet network (DACHSER) · DSV Road part-load freight (DSV)
Local ChannelFreight from small and medium businesses shipping short distances, won by XPO's own local sales force. It has grown from a fifth of the North American network's revenue a few years ago to about a quarter, and it prices better than big-account freight.Freight from small and medium businesses shipping short distances, won by XPO's own local sales force. It has grown from a fifth of the North American network's revenue a few years ago to about a quarter, and it prices better than big-account freight.
In plain English
A hardware shop sending two pallets across the county is a different customer from a national manufacturer that runs a yearly bidding contest for its freight. The small sender compares fewer carriers, ships shorter distances and pays more per pound — so XPO put a dedicated sales team on winning that work.
It is the quiet reason no single customer matters much here: about 36,000 shippers use the network, the top five together are around 8% of revenue, and none reaches 3%. The catch is that local freight can only be served where there is already a terminal nearby, which is part of what the Yellow sheds bought.
Competes with Regional LTL network (Saia) · Regional network (Estes Express Lines) · ABF Freight local service (ArcBest)
Premium ServicesExtra-fee promises layered on ordinary freight: delivery on a named day or before midday with the money back if XPO misses, plus retailer delivery windows and new-store rollouts. These fees are about an eighth of North American revenue, with a stated goal of 15% or more.Extra-fee promises layered on ordinary freight: delivery on a named day or before midday with the money back if XPO misses, plus retailer delivery windows and new-store rollouts. These fees are about an eighth of North American revenue, with a stated goal of 15% or more.
In plain English
The freight is already going on the truck. What a shipper pays extra for is certainty — arrive Thursday, or arrive before midday, or arrive inside the delivery window a big retailer insists on, and if it doesn't, the fee comes back.
That last one exists because retailers penalise suppliers who miss their appointment, so the supplier will gladly pay XPO to make it. Since the pallet was moving anyway, almost all of the fee drops through as profit. The bill for getting it wrong is real, though: miss too often and the guarantee turns income into refunds.
Competes with Accessorial and expedited services (Old Dominion Freight Line) · Freight Priority and Direct services (FedEx Freight Holding) · Guaranteed delivery offerings (Saia)
Named in filings, launches and programs
- Guaranteed Service (G!) and Guaranteed by Noon (G!12)ProductNamed tiers promising a delivery day or delivery before midday, priced off XPO's published tariff, with the fee refunded when it misses.
- Retail Solutions (MABD) and Rollout ServiceProduct · RampingHitting the delivery windows big retailers demand of their suppliers, and moving the goods that fill new stores.
- Cross-border Mexico, Canada and Caribbean LTLServiceThe same North American network reaching past the U.S. border; business outside the United States there brought in $106M in 2025.
- XPO SmartPlatformIn-house software that plans how many labour hours each dock and each delivery route needs for the day's freight.
- AI trailer-loading applicationProduct · RampingA camera photographs each layer as a trailer is loaded and coaches the loader; damage halved at test sites, with a network-wide rollout planned.
- Pickup-and-delivery route optimisationProduct · RampingSoftware that sequences the day's pickups and deliveries; live in more than two-thirds of operations, with the rest targeted by the end of 2026.
- UK contract logistics and warehousingServiceStoring and handling customers' goods in British warehouses, where XPO calls itself a market leader. Part of the European business it wants to sell.
- Dedicated truckload, UK and EuropeServiceWhole fleets run under contract for a single customer — XPO describes itself as a top-tier provider in the UK.
- Full-truckload brokerage, France and IberiaServiceMatching customers' full loads to other people's trucks for a fee, owning none of them; XPO claims the top spot in France, Spain and Portugal.
- European last mile deliveryServiceGetting heavy goods into the buyer's home rather than to a loading dock, inside the European business.
- European freight forwarding and managed transportationServiceArranging and overseeing customers' shipments rather than carrying them — smaller European lines that need no trucks of their own.
- Multimodal solutions, EuropeService · RampingMoving freight by a mix of road and other modes; XPO flags this as an increasing part of what it offers in Europe.
- CorporateSegmentThe head-office line: no sales of its own, and a small loss of roughly $4M a quarter.
Guaranteed Service (G!) and Guaranteed by Noon (G!12)Product
Named tiers promising a delivery day or delivery before midday, priced off XPO's published tariff, with the fee refunded when it misses.
Retail Solutions (MABD) and Rollout ServiceProduct · Ramping
Hitting the delivery windows big retailers demand of their suppliers, and moving the goods that fill new stores.
Cross-border Mexico, Canada and Caribbean LTLService
The same North American network reaching past the U.S. border; business outside the United States there brought in $106M in 2025.
XPO SmartPlatform
In-house software that plans how many labour hours each dock and each delivery route needs for the day's freight.
AI trailer-loading applicationProduct · Ramping
A camera photographs each layer as a trailer is loaded and coaches the loader; damage halved at test sites, with a network-wide rollout planned.
Pickup-and-delivery route optimisationProduct · Ramping
Software that sequences the day's pickups and deliveries; live in more than two-thirds of operations, with the rest targeted by the end of 2026.
UK contract logistics and warehousingService
Storing and handling customers' goods in British warehouses, where XPO calls itself a market leader. Part of the European business it wants to sell.
Dedicated truckload, UK and EuropeService
Whole fleets run under contract for a single customer — XPO describes itself as a top-tier provider in the UK.
Full-truckload brokerage, France and IberiaService
Matching customers' full loads to other people's trucks for a fee, owning none of them; XPO claims the top spot in France, Spain and Portugal.
European last mile deliveryService
Getting heavy goods into the buyer's home rather than to a loading dock, inside the European business.
European freight forwarding and managed transportationService
Arranging and overseeing customers' shipments rather than carrying them — smaller European lines that need no trucks of their own.
Multimodal solutions, EuropeService · Ramping
Moving freight by a mix of road and other modes; XPO flags this as an increasing part of what it offers in Europe.
CorporateSegment
The head-office line: no sales of its own, and a small loss of roughly $4M a quarter.