GXO Logistics (GXO) FY2023 results: revenue $9.8 billion, up 8.7% on the year

GXO Logistics, Inc. (GXO) reported revenue of $9.8 billion for fiscal 2023, the year ended 31 December 2023, up 8.7% on the year before. Net income was $229 million, up 16.2%, and diluted earnings per share $1.92. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue

$9.8 billion

+8.7% on the year

FY2019FY2023

Operating margin

3.3%

2.7% a year earlier

FY2019FY2023

Net income

$229 million

+16.2% on the year

FY2019FY2023

Diluted EPS

$1.92

+15.0% on the year

FY2019FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	9,778	8,993	7,940	+8.7%
Selling, general and administrative	998	886	714	+12.6%
Operating income	318	242	151	+31.4%
Operating margin	3.3%	2.7%	1.9%
Interest expense	53.0	29.0	21.0	+82.8%
Pre-tax income	266	264	153	+0.8%
Income tax	33.0	64.0	-8.0	-48.4%
Effective tax rate	12.4%	24.2%	-5.2%
Net income	229	197	153	+16.2%
Net margin	2.3%	2.2%	1.9%
Diluted EPS	$1.92	$1.67	$1.32	+15.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	558	542	455	+3.0%
Capital expenditure	274	342	250	-19.9%
Free cash flow	284	200	205	+42.0%
Free cash flow margin	2.9%	2.2%	2.6%
Cash from investing	-410	-1,149	-207
Cash from financing	-186	787	-241
Depreciation and amortisation	361	329	335	+9.7%
Share-based compensation	35.0	33.0	28.0	+6.1%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	119m	118m	116m	+1.6%
Shares outstanding at period end	119m	115m	115m	+3.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,912	2,645	2,351	+10.1%
Non-controlling interest	34.0	33.0	39.0	+3.0%
Debt	1,647	1,806	961	-8.8%
Operating lease liabilities	1,842	1,853	1,391	-0.6%
Finance lease liabilities	90.0	97.0	133	-7.2%
Other liabilities	2,982	2,785	2,396	+7.1%
Total liabilities and equity	9,507	9,219	7,271	+3.1%
Goodwill	2,891	2,728	2,017	+6.0%
Intangible assets	567	570	257	-0.5%
Cash and equivalents	468	495	333	-5.5%
Receivables	1,753	1,647	1,507	+6.4%
Other assets	3,828	3,779	3,157	+1.3%
Total assets	9,507	9,219	7,271	+3.1%

10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.