Xpo (XPO) Q4 FY2023 earnings: revenue $1.9 billion, up 6.0% on the year

Xpo, Inc. (XPO) reported revenue of $1.9 billion for Q4 FY2023, the quarter ended 31 December 2023, up 6.0% on the same quarter a year earlier. Net income was $58 million, and diluted earnings per share $0.49. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2024.

Revenue$1.9 billionup 6.0%

Net income$58 million

Diluted EPS$0.49

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,940	1,980	n/a	n/a
Operating income	119	154	n/a	n/a
Operating margin	6.1%	7.8%	n/a
Interest expense	42.0	41.0	n/a	n/a
Pre-tax income	78.0	117	n/a	n/a
Income tax	20.0	31.0	n/a	n/a
Effective tax rate	25.6%	26.5%	n/a
Net income	58.0	84.0	n/a	n/a
Net margin	3.0%	4.2%	n/a
Diluted EPS	$0.49	$0.71	n/a	n/a

$ 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Capital expenditure	1,039	139	n/a	n/a
Cash from financing	n/a	-36.0	n/a	n/a
Depreciation and amortisation	114	110	n/a	n/a
Share-based compensation	20.0	17.0	n/a	n/a
Diluted shares, weighted	n/a	119m	n/a	n/a
Shares outstanding at period end	116m	116m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,266	1,197	n/a	n/a
Debt	3,335	2,447	n/a	n/a
Operating lease liabilities	588	584	n/a	n/a
Finance lease liabilities	179	n/a	n/a	n/a
Other liabilities	2,124	2,200	n/a	n/a
Total liabilities and equity	7,492	6,428	n/a	n/a
Fixed assets	3,075	2,072	n/a	n/a
Goodwill	1,498	1,465	n/a	n/a
Intangible assets	422	366	n/a	n/a
Cash and equivalents	412	355	n/a	n/a
Receivables	973	1,059	n/a	n/a
Other assets	1,112	1,111	n/a	n/a
Total assets	7,492	6,428	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,980	1,940	2,018	2,079	2,053	1,922	1,954	2,080	2,111	2,012	2,096	2,355
Operating income	154	119	138	197	176	149	151	198	164	143	174	271
Operating margin	8%	6%	7%	9%	9%	8%	8%	10%	8%	7%	8%	12%
Interest expense	41.0	42.0	58.0	56.0	56.0	53.0	56.0	56.0	54.0	53.0	53.0	51.0
Pre-tax income	117	78.0	90.0	147	135	101	91.0	143	112	91.0	124	218
Tax rate	26%	26%	26%	-2%	30%	26%	24%	26%	27%	35%	19%	26%
Net income	84.0	58.0	67.0	150	95.0	75.0	69.0	106	82.0	59.0	101	162
Net margin	4%	3%	3%	7%	5%	4%	4%	5%	4%	3%	5%	7%
Diluted EPS	$0.71	$0.49	$0.56	$1.25	$0.79	$0.63	$0.58	$0.89	$0.68	$0.50	$0.85	$1.36
Operating cash flow	n/a	n/a	145	210	264	n/a	142	247	371	n/a	183	308
Capital expenditure	139	1,039	306	190	127	166	199	196	156	106	111	127
Free cash flow	n/a	n/a	-161	20.0	137	n/a	-57.0	51.0	215	n/a	72.0	181
Buybacks	n/a	n/a	n/a	n/a	0.0	n/a	0.0	10.0	47.0	68.0	30.0	70.0
Shares outstanding	116m	116m	116m	116m	116m	117m	118m	118m	117m	117m	117m	117m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 8 February 2024, accession 0001166003-24-000022: the filing on EDGAR. All of Xpo, Inc.'s filings: EDGAR company page.

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