XPO
XPO on NYSE. XPO moves freight for businesses in North America and Europe. Market value $21.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.74 of spare cash in the past 12 months. A savings account pays about $4.
You pay 32.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 9 cents a year. Above 10 is good.
Quality score: 67 of 100. Price score: 25 of 100. Our list needs 70 on quality and 60 on price.
$183.49 a share, 51% above its 1-year low
Over the past year the price has ranged from $121.48 to $232.05.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $588 million in the past 12 months, $329 million in the year to December 2025.
| Revenue | |||||
| Revenue | $7.2bn | $7.7bn | $7.7bn | $8.1bn | $8.2bn |
| Operating margin | |||||
| Operating margin | 4.3% | 4.9% | 5.7% | 8.2% | 8.0% |
| Debt to equity | |||||
| Debt to equity | 3.24 | 2.61 | 2.78 | 2.18 | 1.83 |
| Shares outstanding | |||||
| Shares outstanding | 0.12bn | 0.12bn | 0.12bn | 0.12bn | 0.12bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.83× equity
- Revenue growth, five yearsSlow, 5.8% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2.4 billion last quarter, up 13% on a year ago.
- Profit: $162 million, up 53% on a year ago.
- It keeps 9 cents of each $1 of sales as operating profit, up from 8 cents a year earlier.
- Spare cash over the past 12 months: $588 million, up from $154 million.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $3 billion more than cash, down from $3.3 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.1bn |
| December 2024 | $1.9bn |
| March 2025 | $2.0bn |
| June 2025 | $2.1bn |
| September 2025 | $2.1bn |
| December 2025 | $2.0bn |
| March 2026 | $2.1bn |
| June 2026 | $2.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $95m |
| December 2024 | $75m |
| March 2025 | $69m |
| June 2025 | $106m |
| September 2025 | $82m |
| December 2025 | $59m |
| March 2026 | $101m |
| June 2026 | $162m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
8 long-term investors we follow own it, up from 7 last quarter. 748 funds in all.
- Orbis Investment ManagementOrbis team (Allan Gray lineage)
- Value
- $699m
- Share of fund
- 2.4%
- Southeastern Asset Management (Longleaf)Mason Hawkins
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $699m | 2.4% | |
| Findlay Park PartnersFindlay Park team | $236m | 3.2% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $12m | <0.1% | Cut |
| Mawer Investment ManagementMawer team | $10m | <0.1% | Added |
| First Eagle Investment ManagementMatthew McLennan | $1m | <0.1% | Added |
| Southeastern Asset Management (Longleaf)Mason Hawkins | $1m | <0.1% | |
| Polen CapitalDan Davidowitz | $697,165 | <0.1% | New |
| First Manhattan Co.First Manhattan partners | $297,260 | <0.1% | Added |
Largest holders overall
- BlackRock$3.0bnAdded
- MFN Partners Management, LP$2.0bnCut
- Capital Research Global Investors$1.7bnCut
- Capital World Investors$1.2bn
- Vanguard Capital Management$1.0bn
- Vanguard Portfolio Management$990m
- FMR$889mAdded
- State Street$872mAdded
- Orbis Investment Management$699m
- Invesco$623mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor10.4%+1.6 ptsSince 31 May 2026
- MFN Partners, LPPassive investorat least 8.4%(filed with 4 related holders)Since 30 June 2026
- Capital Research Global InvestorsPassive investor7.0%−1.2 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- Capital World InvestorsPassive investor5.0%0.0 ptsSince 30 June 2026
- Invesco Ltd.Passive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 10.4%+1.6 pts | 31 May 2026 | |
MFN Partners, LP Passive investor | at least 8.4% (filed with 4 related holders) | 30 June 2026 | |
Capital Research Global Investors Passive investor | 7.0%−1.2 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
Capital World Investors Passive investor | 5.0%0.0 pts | 30 June 2026 | |
Invesco Ltd. Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $3m, $1m of it under preset trading plans.
- Bates David J.Chief Operating OfficerSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 2,615
- Price
- $177.93
- Value
- $465,283
- Wismans KyleChief Financial OfficerSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 750
- Price
- $175.47
- Value
- $131,603
- Bates David J.Chief Operating OfficerSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 2,615
- Price
- $179.41
- Value
- $469,160
- Wismans KyleChief Financial OfficerSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 750
- Price
- $178.52
- Value
- $133,890
- Brown Christopher MichaelChief Accounting OfficerSold
- Date
- 11 August 2026
- Shares
- 3,750
- Price
- $201.94
- Value
- $757,263
- Brown Christopher MichaelChief Accounting OfficerSold
- Date
- 10 August 2026
- Shares
- 1,250
- Price
- $201.41
- Value
- $251,763
- Landry AllisonDirectorSold
- Date
- 28 May 2026
- Shares
- 2,400
- Price
- $215.61
- Value
- $517,464
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Bates David J. Chief Operating Officer | Sold under a preset trading plan | 2,615 | $177.93 | $465,283 |
| 1 October 2026 | Wismans Kyle Chief Financial Officer | Sold under a preset trading plan | 750 | $175.47 | $131,603 |
| 14 September 2026 | Bates David J. Chief Operating Officer | Sold under a preset trading plan | 2,615 | $179.41 | $469,160 |
| 14 September 2026 | Wismans Kyle Chief Financial Officer | Sold under a preset trading plan | 750 | $178.52 | $133,890 |
| 11 August 2026 | Brown Christopher Michael Chief Accounting Officer | Sold | 3,750 | $201.94 | $757,263 |
| 10 August 2026 | Brown Christopher Michael Chief Accounting Officer | Sold | 1,250 | $201.41 | $251,763 |
| 28 May 2026 | Landry Allison Director | Sold | 2,400 | $215.61 | $517,464 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It isn't cheap on profits: 32.6× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.