XPO Reports First Quarter 2025 Results

GREENWICH, Conn., April 30, 2025 (GLOBE NEWSWIRE) -- XPO (NYSE: XPO) today announced its financial results for the first quarter 2025. The company reported diluted earnings per share of $0.58, compared with $0.56 for the same period in 2024, and adjusted diluted earnings per share of $0.73, compared with $0.81 for the same period in 2024. First Quarter 2025 Summary Results Three Months Ended March 31, Revenue Operating Income (Loss)(in millions) 2025 2024 Change % 2025 2024 Change %North American Less-Than-Truckload Segment $1,172 $1,221 -4.0% $158 $165 -4.2%European Transportation Segment 782 797 -1.9% 1 (4) NMCorporate - - 0.0% (9) (23) -60.9%Total $1,954 $2,018 -3.2% $151 $138 9.4% Adjusted Operating Income(1) Adjusted EBITDA(1)(in millions) 2025 2024 Change % 2025 2024 Change %North American Less-Than-Truckload Segment $165 $175 -5.7% $250 $255 -2.0%European Transportation Segment 6 9 -33.3% 32 38 -15.8%Corporate NA NA NA (4) (5) -20.0%Total $NA $NA NA $278 $288 -3.5% Net Income Diluted EPS(in millions, except for per-share data) 2025 2024 Change % 2025 2024 Change %Total $69 $67 3.0% $0.58 $0.56 3.6% Diluted Weighted-Average Common Shares Outstanding Adjusted Diluted EPS (1)(in millions, except for per-share data) 2025 2024 2025 2024 Change %Total 120 120 $0.73 $0.81 -9.9% Amounts may not add due to rounding.NM - Not meaningfulNA - Not applicable(1) See the “Non-GAAP Financial Measures” section of the press release Mario Harik, chief executive officer of XPO, said, “We carried our momentum into 2025 and delivered first quarter financial results that outperformed the industry. Companywide, we reported adjusted EBITDA of $278 million and adjusted diluted EPS of $0.73, while operating more efficiently. “In North American LTL, we reported a sequential improvement in adjusted operating ratio to 85.9%, which outpaced seasonality. This brings our cumulative improvement in adjusted operating ratio to 370 basis points over two years in a soft freight environment. We accelerated first quarter yield growth, excluding fuel, to 6.9% and improved revenue per shipment sequentially for the ninth consecutive quarter, underpinned by record service quality. At the same time, we became more cost-efficient through tech-driven labor productivity and third-party linehaul insourcing. This included a year-over-year reduction in purchased transportation expense of 53%.” Harik continued, “Our plan is driving results, with a long runway for margin expansion, supported by superior service and high-return investments in our network. We’re executing to achieve years of outperformance, regardless of the freight market environment.” First Quarter HighlightsFor the first quarter 2025, the company generated revenue of $1.95 billion, compared with $2.02 billion for the same period in 2024. The year-over-year decrease in revenue was due primarily to lower fuel surcharge revenue in the North American LTL segment.Operating income was $151 million for the first quarter, compared with $138 million for the same period in 2024. Net income was $69 million for the first quarter, compared with $67 million for the same period in 2024. Diluted earnings per share was $0.58 for the first quarter, compared with $0.56 for the same period in 2024.Adjusted net income, a non-GAAP financial measure, was $87 million for the first quarter, compared with $97 million for the same period in 2024. Adjusted diluted EPS, a non-GAAP financial measure, was $0.73 for the first quarter, compared with $0.81 for the same period in 2024.Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), a non-GAAP financial measure, was $278 million for the first quarter, compared with $288 million for the same period in 2024.The company generated $142 million of cash flow from operating activities in the first quarter and ended the quarter with $212 million of cash and cash equivalents on hand, after $191 million of net capital expenditures.Results by Business Segment North American Less-Than-Truckload (LTL): The segment generated revenue of $1.17 billion for the first quarter 2025, compared with $1.22 billion for the same period in 2024. On a year-over-year basis, shipments per day decreased 5.8%, tonnage per day decreased 7.5%, and yield, excluding fuel, increased 6.9%. Including fuel, yield increased 4.5%.Operating income was $158 million for the first quarter 2025, compared with $165 million for the same period in 2024. Adjusted operating income, a non-GAAP financial measure, was $165 million for the first quarter, compared with $175 million for the same period in 2024. Adjusted operating ratio, a non-GAAP financial measure, was 85.9%, reflecting a sequential improvement of 30 basis points, compared with the fourth quarter in 2024.Adjusted EBITDA for the first quarter 2025 was $250 million, compared with $255 million for the same period in 2024. The year-over-year reduction in adjusted EBITDA was due primarily to lower fuel surcharge revenue, lower tonnage per day, and wage inflation, partially offset by yield growth and productivity gains. European Transportation: The segment generated revenue of $782 million for the first quarter 2025, compared with $797 million for the same period in 2024. Operating income was $1 million for the first quarter 2025, compared with a loss of $4 million for the same period in 2024.Adjusted EBITDA was $32 million for the first quarter 2025, compared with $38 million for the same period in 2024.Corporate: The segment generated an operating loss of $9 million for the first quarter 2025, compared with a loss of $23 million for the same period in 2024. The year-over-year improvement in operating loss was due primarily to a $10 million reduction in transaction and integration costs.Adjusted EBITDA was a loss of $4 million for the first quarter 2025, compared with a loss of $5 million for the same period in 2024. Conference CallThe company will hold a conference call on Wednesday, April 30, 2025, at 8:30 a.m. Eastern Time. Participants can call toll-free (from US/Canada) 1-877-269-7756; international callers dial +1-201-689-7817. A live webcast of the conference will be available on the investor relations area of the company’s website, xpo.com/investors. The conference will be archived until May 30, 2025. To access the replay by phone, call toll-free (from US/Canada) 1-877-660-6853; international callers dial +1-201-612-7415. Use participant passcode 13753296.About XPOXPO, Inc. (NYSE: XPO) is a leader in asset-based less-than-truckload (LTL) freight transportation in North America. The company’s customer-focused organization efficiently moves 17 billion pounds of freight per year, enabled by its proprietary technology. XPO serves approximately 55,000 customers with 606 locations and 38,000 employees in North America and Europe, and is headquartered in Greenwich, Conn., USA. Visit xpo.com for more information, and connect with XPO on LinkedIn, Facebook, X, Instagram and YouTube.Non-GAAP Financial MeasuresAs required by the rules of the Securities and Exchange Commission (“SEC”), we provide reconciliations of the non-GAAP financial measures contained in this press release to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this press release.XPO’s non-GAAP financial measures in this press release include: adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) on a consolidated basis and for corporate; adjusted EBITDA margin on a consolidated basis; adjusted net income; adjusted diluted earnings per share (“adjusted diluted EPS”); adjusted operating income for our North American Less-Than-Truckload and European Transportation segments; and adjusted operating ratio for our North American Less-Than-Truckload segment.We believe that the above adjusted financial measures facilitate analysis of our ongoing business operations because they exclude items that may not be reflective of, or are unrelated to, XPO and its business segments’ core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should only be used as supplemental measures of our operating performance.Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted diluted EPS, adjusted operating income and adjusted operating ratio include adjustments for transaction and integration costs, as well as restructuring costs and other adjustments as set forth in the attached tables. Transaction and integration adjustments are generally incremental costs that result from an actual or planned acquisition, divestiture or spin-off and may include transaction costs, consulting fees, stock-based compensation, retention awards, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and converging IT systems. Restructuring costs primarily relate to severance costs associated with business optimization initiatives. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating XPO’s and each business segment’s ongoing performance.We believe that adjusted EBITDA and adjusted EBITDA margin, improve comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments as set out in the attached tables that management has determined are not reflective of core operating activities and thereby assist investors with assessing trends in our underlying businesses. We believe that adjusted net income and adjusted diluted EPS improve the comparability of our operating results from period to period by removing the impact of certain costs and gains that management has determined are not reflective of our core operating activities, including amortization of acquisition-related intangible assets, transaction and integration costs, restructuring costs and other adjustments as set out in the attached tables. We believe that adjusted operating income and adjusted operating ratio improve the comparability of our operating results from period to period by removing the impact of certain transaction and integration costs and restructuring costs, as well as amortization expenses and other adjustments as set out in the attached tables.Forward-looking StatementsThis release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “trajectory” or the negative of these terms or other comparable terms. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC, and the following: the effects of business, economic, political, legal, and regulatory impacts or conflicts upon our operations; supply chain disruptions and shortages, strains on production or extraction of raw materials, cost inflation and labor and equipment shortages; our ability to align our investments in capital assets, including equipment, service centers, and warehouses to our customers’ demands; our ability to implement our cost and revenue initiatives and realize growth and expansion as a result of those initiatives; the effectiveness of our action plan, and other management actions, to improve our North American LTL business; our ability to continue insourcing linehaul in ways that enhance our network efficiency and productivity; the anticipated impact of a freight market recovery on our business; our ability to benefit from a sale, spin-off or other divestiture of one or more business units or to successfully integrate and realize anticipated synergies, cost savings and profit opportunities from acquired companies; goodwill impairment; issues related to compliance with data protection laws, competition laws, and intellectual property laws; fluctuations in currency exchange rates, fuel prices and fuel surcharges; the expected benefits of the spin-offs of GXO Logistics, Inc. and RXO, Inc.; our ability to develop and implement proprietary technology and suitable information technology systems; the impact of potential cyber-attacks and information technology or data security breaches or failures; our ability to repurchase shares on favorable terms; our indebtedness; our ability to raise debt and equity capital; fluctuations in interest rates; seasonal fluctuations; our ability to maintain positive relationships with our network of third-party transportation providers; our ability to attract and retain management talent and key employees including qualified drivers; labor matters; litigation; competition; and our ability to deliver pricing growth driven by service quality.All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements except to the extent required by law.Investor ContactBrian Scasserra+1 617-607-6429brian.scasserra@xpo.comMedia ContactCole Horton+1 203-609-6004cole.horton@xpo.com XPO, Inc.Condensed Consolidated Statements of Income(Unaudited)(In millions, except per share data) Three Months Ended March 31, 2025 2024 Change % Revenue$1,954 $2,018 -3.2%Salaries, wages and employee benefits 832 834 -0.2%Purchased transportation 399 438 -8.9%Fuel, operating expenses and supplies 393 413 -4.8%Operating taxes and licenses 19 19 0.0%Insurance and claims 35 38 -7.9%Gains on sales of property and equipment (2) (2) 0.0%Depreciation and amortization expense 123 117 5.1%Legal matter (1) (11) - NMTransaction and integration costs 3 14 -78.6%Restructuring costs 12 8 50.0%Operating income 151 138 9.4%Other income (1) (10) -90.0%Debt extinguishment loss 5 - NMInterest expense 56 58 -3.4%Income before income tax provision 91 90 1.1%Income tax provision 22 23 -4.3%Net income$69 $67 3.0% Earnings per share data Basic earnings per share$0.59 $0.58 Diluted earnings per share$0.58 $0.56 Weighted-average common shares outstanding Basic weighted-average common shares outstanding 117 116 Diluted weighted-average common shares outstanding (2) 120 120 Amounts may not add due to rounding.NM - Not meaningful.(1) Reflects the settlement of claims against certain truck manufacturers related to purchases by our European Transportation segment covering periods prior to 2015.(2) The dilutive effect of stock-based awards for the first quarter of 2025 was 2 million, compared with 4 million for the same period in 2024. The year-over-year decrease is primarily driven by recent significant vest events. XPO, Inc.Condensed Consolidated Balance Sheets(Unaudited)(In millions, except per share data) March 31, December 31, 2025 2024ASSETS Current assets Cash and cash equivalents$212 $246 Accounts receivable, net of allowances of $49 and $50, respectively 1,083 977 Other current assets 286 283 Total current assets 1,580 1,505 Long-term assets Property and equipment, net of $2,113 and $2,019 in accumulated depreciation, respectively 3,539 3,402 Operating lease assets 709 727 Goodwill 1,491 1,461 Identifiable intangible assets, net of $521 and $499 in accumulated amortization, respectively 350 361 Other long-term assets 210 254 Total long-term assets 6,299 6,206 Total assets$7,879 $7,712 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable$501 $477 Accrued expenses 758 708 Short-term borrowings and current maturities of long-term debt 61 62 Short-term operating lease liabilities 131 127 Other current liabilities 101 46 Total current liabilities 1,551 1,420 Long-term liabilities Long-term debt 3,336 3,325 Deferred tax liability 392 393 Employee benefit obligations 85 85 Long-term operating lease liabilities 583 603 Other long-term liabilities 292 283 Total long-term liabilities 4,688 4,690 Stockholders’ equity Common stock, $0.001 par value; 300 shares authorized; 118 and 117 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively - - Additional paid-in capital 1,227 1,274 Retained earnings 641 572 Accumulated other comprehensive loss (228) (246)Total equity 1,640 1,601 Total liabilities and equity$7,879 $7,712 Amounts may not add due to rounding. - - XPO, Inc.Condensed Consolidated Statements of Cash Flows(Unaudited)(In millions) Three Months Ended March 31, 2025 2024 Cash flows from operating activities Net income$69 $67 Adjustments to reconcile net income to net cash from operating activities Depreciation and amortization 123 117 Stock compensation expense 15 19 Accretion of debt 3 3 Deferred tax expense 4 8 Gains on sales of property and equipment (2) (2) Other 9 1 Changes in assets and liabilities Accounts receivable (107) (117) Other assets 1 (20) Accounts payable (7) 48 Accrued expenses and other liabilities 35 21 Net cash provided by operating activities 142 145 Cash flows from investing activities Payment for purchases of property and equipment (199) (306) Proceeds from sale of property and equipment 7 7 Net cash used in investing activities (191) (299)Cash flows from financing activities Repayment of debt and finance leases (18) (21) Payment for debt issuance costs (3) (4) Change in bank overdrafts 38 11 Payment for tax withholdings for restricted shares (47) (15) Other 1 - Net cash used in financing activities (30) (29)Effect of exchange rates on cash, cash equivalents and restricted cash 1 - Net decrease in cash, cash equivalents and restricted cash (78) (183)Cash, cash equivalents and restricted cash, beginning of period 298 419 Cash, cash equivalents and restricted cash, end of period$221 $235 Amounts may not add due to rounding. North American Less-Than-Truckload SegmentSummary Financial Table(Unaudited)(In millions) Three Months Ended March 31, 2025 2024 Change % Revenue (excluding fuel surcharge revenue)$994 $1,011 -1.7%Fuel surcharge revenue 178 210 -15.2%Revenue 1,172 1,221 -4.0%Salaries, wages and employee benefits 615 613 0.3%Purchased transportation 37 78 -52.6%Fuel, operating expenses and supplies (1) 232 243 -4.5%Operating taxes and licenses 16 16 0.0%Insurance and claims 24 21 14.3%(Gains) losses on sales of property and equipment - 2 -100.0%Depreciation and amortization 90 82 9.8%Operating income 158 165 -4.2%Operating ratio (2) 86.5% 86.4% Amortization expense 9 9 Gains on real estate transactions (2) - Adjusted operating income (3)$165 $175 -5.7%Adjusted operating ratio (3) (4) 85.9% 85.7% Depreciation expense 80 73 Pension income 2 6 Gains on real estate transactions 2 - Adjusted EBITDA (5)$250 $255 -2.0%Adjusted EBITDA margin (5) 21.3% 20.9% Amounts may not add due to rounding.(1) Fuel, operating expenses and supplies includes fuel-related taxes.(2) Operating ratio is calculated as (1 - (Operating income divided by Revenue)) using the underlying unrounded amounts.(3) See the “Non-GAAP Financial Measures” section of the press release.(4) Adjusted operating ratio is calculated as (1 - (Adjusted operating income divided by Revenue)) using the underlying unrounded amounts; adjusted operating margin is the inverse of adjusted operating ratio.(5) Adjusted EBITDA is used by our chief operating decision maker to evaluate segment profit (loss) in accordance with ASC 280. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue using the underlying unrounded amounts. North American Less-Than-TruckloadSummary Data Table(Unaudited) Three Months Ended March 31, 2025 2024 Change % Pounds per day (thousands) 65,427 70,709 -7.5% Shipments per day 48,400 51,392 -5.8% Average weight per shipment (in pounds) 1,352 1,376 -1.8% Revenue per shipment (including fuel surcharges)$384.27 $373.88 2.8% Revenue per shipment (excluding fuel surcharges)$325.74 $309.57 5.2% Gross revenue per hundredweight (including fuel surcharges) (1)$29.06 $27.80 4.5% Gross revenue per hundredweight (excluding fuel surcharges) (1)$24.73 $23.13 6.9% Average length of haul (in miles) 845.6 848.3 Total average load factor (2) 22,434 22,869 -1.9% Average age of tractor fleet (years) 4.0 4.2 Number of working days 63.0 63.5 (1) Gross revenue per hundredweight excludes the adjustment required for financial statement purposes in accordance with the company's revenue recognition policy.(2) Total average load factor equals freight pound miles divided by total linehaul miles.Note: Table excludes the company's trailer manufacturing operations. Percentages presented are calculated using the underlying unrounded amounts. European Transportation SegmentSummary Financial Table(Unaudited)(In millions) Three Months Ended March 31, 2025 2024 Change % Revenue$782 $797 -1.9%Salaries, wages and employee benefits 212 215 -1.4%Purchased transportation 363 360 0.8%Fuel, operating expenses and supplies (1) 162 170 -4.7%Operating taxes and licenses 3 3 0.0%Insurance and claims 10 14 -28.6%Gains on sales of property and equipment (1) (4) -75.0%Depreciation and amortization 32 34 -5.9%Legal matter (2) (11) - NMTransaction and integration costs - 1 -100.0%Restructuring costs 11 8 37.5%Operating income (loss)$1 $(4) NMAmortization expense 5 5 Legal matter (2) (11) - Transaction and integration costs - 1 Restructuring costs 11 8 Adjusted operating income (loss) (3)$6 $9 -33.3%Depreciation expense 27 29 Adjusted EBITDA (4)$32 $38 -15.8%Adjusted EBITDA margin (4) 4.1% 4.8% Amounts may not add due to rounding.NM - Not meaningful.(1) Fuel, operating expenses and supplies includes fuel-related taxes.(2) Reflects the settlement of claims against certain truck manufacturers related to purchases by our European Transportation segment covering periods prior to 2015.(3) See the “Non-GAAP Financial Measures” section of the press release.(4) Adjusted EBITDA is used by our chief operating decision maker to evaluate segment profit (loss) in accordance with ASC 280. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue using the underlying unrounded amounts. CorporateSummary Financial Table(Unaudited)(In millions) Three Months Ended March 31, 2025 2024 Change % Revenue$- $- 0.0% Salaries, wages and employee benefits 4 5 -20.0%Insurance and claims - 3 -100.0%Depreciation and amortization 1 1 0.0%Transaction and integration costs 3 13 -76.9%Restructuring costs 1 - NMOperating loss$(9) $(23) -60.9%Other income (expense) (1) - 3 Depreciation and amortization 1 1 Transaction and integration costs 3 13 Restructuring costs 1 - Adjusted EBITDA (2)$(4) $(5) -20.0% Amounts may not add due to rounding.NM - Not meaningful.(1) Other income (expense) consists of foreign currency gain (loss) and other income (expense).(2) See the “Non-GAAP Financial Measures” section of the press release. XPO, Inc.Reconciliation of Non-GAAP Measures(Unaudited)(In millions) Three Months Ended March 31, 2025 2024 Change % Reconciliation of Net Income to Adjusted EBITDA Net income$69 $67 3.0%Debt extinguishment loss 5 - Interest expense 56 58 Income tax provision 22 23 Depreciation and amortization expense 123 117 Legal matter (1) (11) - Transaction and integration costs 3 14 Restructuring costs 12 8 Adjusted EBITDA (2)$278 $288 -3.5%Revenue$1,954 $2,018 -3.2%Adjusted EBITDA margin (2) (3) 14.2% 14.2% Amounts may not add due to rounding.(1) Reflects the settlement of claims against certain truck manufacturers related to purchases by our European Transportation segment covering periods prior to 2015.(2) See the “Non-GAAP Financial Measures” section of the press release.(3) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue using the underlying unrounded amounts. XPO, Inc.Reconciliation of Non-GAAP Measures (cont.)(Unaudited)(In millions, except per share data) Three Months Ended March 31, 2025 2024 Reconciliation of Net Income and Diluted Earnings Per Share to Adjusted Net Income and Adjusted Earnings Per Share Net income$69 $67 Debt extinguishment loss 5 - Amortization of acquisition-related intangible assets 14 14 Legal matter (1) (11) - Transaction and integration costs 3 14 Restructuring costs 12 8 Income tax associated with the adjustments above (2) (5) (7) European legal entity reorganization (3) 1 - Adjusted net income (4)$87 $97 Adjusted diluted earnings per share (4)$0.73 $0.81 Weighted-average common shares outstanding Diluted weighted-average common shares outstanding 120 120 Amounts may not add due to rounding. (1) Reflects the settlement of claims against certain truck manufacturers related to purchases by our European Transportation segment covering periods prior to 2015. (2) This line item reflects the aggregate tax benefit of all non-tax related adjustments reflected in the table above. The detail by line item is as follows: Debt extinguishment loss$1 $- Amortization of acquisition-related intangible assets 2 3 Transaction and integration costs 1 2 Restructuring costs 1 2 $5 $7 Amounts may not add due to rounding.The income tax rate applied to reconciling items is based on the GAAP annual effective tax rate, excluding discrete items, non-deductible compensation, losses for which no tax benefit can be recognized, and contribution- and margin-based taxes. (3) Reflects an adjustment recognized during the first quarter of 2025 to the tax benefit recognized in the second quarter of 2024 related to a legal entity reorganization within our European Transportation business.(4) See the "Non-GAAP Financial Measures" section of the press release. North American Less-Than-Truckload SegmentSummary Financial Table vs Prior Quarter and First Quarter 2023(Unaudited)(In millions) Three Months Ended March 31, December 31, March 31, 2025 2024 2023 Revenue (excluding fuel surcharge revenue)$994 $985 $903 Fuel surcharge revenue 178 171 217 Revenue 1,172 1,156 1,120 Salaries, wages and employee benefits 615 621 555 Purchased transportation 37 44 99 Fuel, operating expenses and supplies (1) 232 218 248 Operating taxes and licenses 16 16 12 Insurance and claims 24 18 28 (Gains) losses on sales of property and equipment - (34) 1 Depreciation and amortization 90 89 68 Restructuring costs - 5 6 Operating income 158 179 103 Operating ratio (2) 86.5% 84.5% 90.8%Amortization expense 9 9 8 Restructuring costs - 5 6 Gains on real estate transactions (2) (34) - Adjusted operating income (3)$165 $159 $117 Adjusted operating ratio (3) (4) 85.9% 86.2% 89.6% Amounts may not add due to rounding.(1) Fuel, operating expenses and supplies includes fuel-related taxes.(2) Operating ratio is calculated as (1 - (Operating income divided by Revenue)) using the underlying unrounded amounts.(3) See the “Non-GAAP Financial Measures” section of the press release.(4) Adjusted operating ratio is calculated as (1 - (Adjusted operating income divided by Revenue)) using the underlying unrounded amounts; adjusted operating margin is the inverse of adjusted operating ratio.

XPO Reports First Quarter 2025 Results

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