GXO Logistics (GXO) FY2024 results: revenue $11.7 billion, up 19.7% on the year

GXO Logistics, Inc. (GXO) reported revenue of $11.7 billion for fiscal 2024, the year ended 31 December 2024, up 19.7% on the year before. Net income was $134 million, down 41.5%, and diluted earnings per share $1.12. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2025.

Revenue

$11.7 billion

+19.7% on the year

FY2019FY2024

Operating margin

1.9%

3.3% a year earlier

FY2019FY2024

Net income

$134 million

-41.5% on the year

FY2019FY2024

Diluted EPS

$1.12

-41.7% on the year

FY2019FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	11,709	9,778	8,993	+19.7%
Selling, general and administrative	1,061	998	886	+6.3%
Operating income	218	318	242	-31.4%
Operating margin	1.9%	3.3%	2.7%
Interest expense	103	53.0	29.0	+94.3%
Pre-tax income	146	266	264	-45.1%
Income tax	8.0	33.0	64.0	-75.8%
Effective tax rate	5.5%	12.4%	24.2%
Net income	134	229	197	-41.5%
Net margin	1.1%	2.3%	2.2%
Diluted EPS	$1.12	$1.92	$1.67	-41.7%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	549	558	542	-1.6%
Capital expenditure	359	274	342	+31.0%
Free cash flow	190	284	200	-33.1%
Free cash flow margin	1.6%	2.9%	2.2%
Cash from investing	-1,157	-410	-1,149
Cash from financing	636	-186	787
Depreciation and amortisation	415	361	329	+15.0%
Share-based compensation	39.0	35.0	33.0	+11.4%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	120m	119m	118m	+0.3%
Shares outstanding at period end	119m	119m	115m	+0.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	3,003	2,912	2,645	+3.1%
Non-controlling interest	32.0	34.0	33.0	-5.9%
Debt	2,631	1,647	1,806	+59.7%
Operating lease liabilities	1,898	1,842	1,853	+3.0%
Finance lease liabilities	237	90.0	97.0	+163.3%
Other liabilities	3,465	2,982	2,785	+16.2%
Total liabilities and equity	11,266	9,507	9,219	+18.5%
Goodwill	3,549	2,891	2,728	+22.8%
Intangible assets	986	567	570	+73.9%
Cash and equivalents	413	468	495	-11.8%
Receivables	1,799	1,753	1,647	+2.6%
Other assets	4,519	3,828	3,779	+18.1%
Total assets	11,266	9,507	9,219	+18.5%

10-K for the year ended 31 December 2024, filed 18 February 2025: the filing.