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GXO Logistics (GXO) FY2025 results: revenue $13.2 billion, up 12.5% on the year

GXO Logistics, Inc. (GXO) reported revenue of $13.2 billion for fiscal 2025, the year ended 31 December 2025, up 12.5% on the year before. Net income was $32 million, down 76.1%, and diluted earnings per share $0.28. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$13.2 billion
+12.5% on the year
FY2019FY2025
Operating margin
1.9%
1.9% a year earlier
FY2019FY2025
Net income
$32 million
-76.1% on the year
FY2019FY2025
Diluted EPS
$0.28
-75.0% on the year
FY2019FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 4 new.

  • Fourth-quarter revenue up 7.9%: Fourth-quarter revenue was $3,507 million against $3,250 million, up 7.9% year over year.
  • Full-year revenue up 12.5%: Full-year revenue was $13,178 million against $11,709 million, up 12.5%.
  • 2026 guidance ranges set: The 2026 ranges are adjusted EBITDA of $930 million to $970 million and adjusted diluted EPS of $2.85 to $3.15, against 2025 results of $881 million and $2.51.
  • New business wins above $1 billion: New business wins topped $1 billion for a third consecutive year. Incremental 2026 new business revenue was $774 million, up 20% year over year.
  • Net debt $2.2 billion, 2.5x: At December 31, 2025, cash was $854 million, total debt $3.1 billion and net debt $2.2 billion. The net leverage ratio was 2.5x.
Read the Q4 FY2025 earnings call summary

From this 10-K

GXO Logistics runs warehouses and distribution operations for other companies. The company describes itself as the largest pure-play contract logistics provider in the world. It provides warehousing and distribution, order fulfillment, e-commerce, reverse logistics and other supply chain services, mainly for large corporations that have outsourced those activities. It was incorporated in Delaware in February 2021, and its stock began trading on the New York Stock Exchange on August 2, 2021.

GXO Logistics, Inc., the 10-K for 2025

GXO Logistics runs warehouses and distribution operations for other companies. The company describes itself as the largest pure-play contract logistics provider in the world. It provides warehousing and distribution, order fulfillment, e-commerce, reverse logistics and other supply chain services, mainly for large corporations that have outsourced those activities. It was incorporated in Delaware in February 2021, and its stock began trading on the New York Stock Exchange on August 2, 2021.

Scale

At December 31, 2025 its approximately 154,000 team members operated 1,043 facilities worldwide, totaling about 221 million square feet, in 26 countries. It serves over one thousand customers, mainly in North America and Europe, including Fortune 100 and Fortune Global 500 companies. Its work is spread across omnichannel retail, technology and consumer electronics, industrial and manufacturing, food and beverage, and consumer packaged goods, with most of its business generated in the United Kingdom, the United States, the Netherlands, France, Spain and Italy.

Inside the warehouse

The company's proprietary technology is applied in three main areas, all integrated through its own cloud-based warehouse management platform: labor and inventory management, warehouse automation and predictive analytics. Its automation includes autonomous robots and collaborative robots that help workers pick inventory, automated sortation systems, automated guided vehicles, goods-to-person systems, stationary robot arms and wearable devices. It also offers customers an order management module that shows fulfillment flows, an analytics dashboard, and connection software that links to SAP, Oracle and other systems. Its analytics predict surges in demand from historical data, which matter in e-commerce, where up to 30% of goods bought online are returned. Its fourth quarter gains from holiday surges in e-commerce, and its first quarter is typically lower.

Wincanton

In April 2024 GXO acquired Wincanton plc, a U.K. logistics provider in warehousing and transportation. In June 2025 the U.K. Competition and Markets Authority approved the deal, subject to the divestment of certain grocery contracts in the U.K.

Competitors

It names CEVA Logistics, DHL Group, DSV, GEODIS, ID Logistics Group, Kuehne + Nagel and Ryder System among its competitors.

People

Its approximately 154,000 team members comprise about 105,000 full-time and part-time employees and 49,000 temporary workers engaged through third-party agencies. About 52% work in the United Kingdom, 27% in the rest of Europe, 20% in North America and 1% in Latin America and Asia. Most employees in Europe and the United Kingdom are covered by collective bargaining agreements, and none in North America are. It trains staff through its online GXO University. Patrick Kelleher has been Chief Executive Officer since August 2025, after serving as CEO, North America at DHL Supply Chain.

From GXO Logistics' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue13,17811,7099,778+12.5%
Selling, general and administrative1,1061,061998+4.2%
Operating income245218318+12.4%
Operating margin1.9%1.9%3.3%
Interest expense13310353.0+29.1%
Pre-tax income104146266-28.8%
Income tax68.08.033.0+750.0%
Effective tax rate65.4%5.5%12.4%
Net income32.0134229-76.1%
Net margin0.2%1.1%2.3%
Diluted EPS$0.28$1.12$1.92-75.0%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow434549558-20.9%
Capital expenditure324359274-9.7%
Free cash flow110190284-42.1%
Free cash flow margin0.8%1.6%2.9%
Cash from investing-196-1,157-410
Cash from financing111636-186-82.5%
Depreciation and amortisation457415361+10.1%
Share-based compensation47.039.035.0+20.5%
Buybacks2000.00.0
Diluted shares, weighted116m120m119m-2.9%
Shares outstanding at period end115m119m119m-4.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,9833,0032,912-0.7%
Non-controlling interest32.032.034.00.0%
Debt3,0652,6311,647+16.5%
Operating lease liabilities2,0441,8981,842+7.7%
Finance lease liabilities28123790.0+18.6%
Other liabilities3,8573,4652,982+11.3%
Total liabilities and equity12,26211,2669,507+8.8%
Goodwill3,7813,5492,891+6.5%
Intangible assets909986567-7.8%
Cash and equivalents854413468+106.8%
Receivables2,0281,7991,753+12.7%
Other assets4,6904,5193,828+3.8%
Total assets12,26211,2669,507+8.8%

10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.