$GXO

GXO Logistics, Inc.

CIK:0001852244|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 3,441	$ 3,299	$ 6,739	$ 6,276
Direct operating expense	2,933	2,813	5,741	5,371
Selling, general and administrative expense	295	272	591	533
Depreciation and amortization expense	117	110	232	219
Transaction and integration costs	12	14	28	36
Restructuring costs and other	5	2	8	19
Regulatory matter	0	(1)	0	65
Net loss on divestiture of business	2	0	23	0
Operating income	77	89	116	33
Other income (expense), net	6	(10)	16	(15)
Interest expense, net	(35)	(36)	(67)	(68)
Income (loss) before income taxes	48	43	65	(50)
Income tax expense	(21)	(15)	(33)	(17)
Net income (loss)	27	28	32	(67)
Net income attributable to noncontrolling interests (“NCI”)	(2)	(2)	(3)	(3)
Net income (loss) attributable to GXO	$ 25	$ 26	$ 29	$ (70)
Earnings (loss) per share
Basic (in dollars per share)	$ 0.22	$ 0.23	$ 0.25	$ (0.60)
Diluted (in dollars per share)	$ 0.22	$ 0.23	$ 0.25	$ (0.60)
Weighted-average shares outstanding used in computation of earnings (loss) per share
Basic (in shares)	115,013	114,812	114,862	116,890
Diluted (in shares)	115,718	115,055	115,780	116,890

Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Cash flows from operating activities:
Net income (loss)	$ 27	$ 32	$ (67)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization expense	117	232	219
Stock-based compensation expense		23	23
Deferred tax benefit		(1)	(25)
Other		(8)	7
Changes in operating assets and liabilities
Accounts receivable		(63)	18
Other assets		(36)	39
Accounts payable		(44)	(151)
Accrued expenses and other liabilities		(28)	(31)
Net cash provided by operating activities		107	32
Cash flows from investing activities:
Capital expenditures		(130)	(125)
Proceeds from sale of property and equipment		4	2
Net cash used in investing activities		(126)	(123)
Cash flows from financing activities:
Common stock repurchased and excise tax paid		(18)	(200)
Net borrowings under revolving credit facilities		0	8
Repayments of debt		0	(55)
Repayments of finance lease obligations		(25)	(24)
Proceeds from exercise of stock options		7	0
Taxes paid related to net share settlement of equity awards		(17)	(7)
Net obligations under factoring arrangements		(10)	(12)
Net changes in bank overdraft positions		1	64
Other		0	(1)
Net cash used in financing activities		(62)	(227)
Effect of exchange rates on cash and cash equivalents		(3)	40
Net decrease in cash, restricted cash and cash equivalents		(84)	(278)
Cash, restricted cash and cash equivalents, beginning of period		857	485
Cash, restricted cash and cash equivalents, end of period	773	773	207
Non-cash financing activities:
Excise tax liability related to stock repurchases		0	2
Reconciliation of cash, restricted cash and cash equivalents
Cash and cash equivalents	769	769
Restricted Cash (included in Other current assets)	3	3
Restricted Cash (included in Other long-term assets)	1	1
Total cash, restricted cash and cash equivalents	$ 773	$ 773	$ 207

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 769	$ 854
Accounts receivable, net of allowance of $14 and $15	2,070	2,028
Other current assets	414	406
Total current assets	3,253	3,288
Long-term assets
Property and equipment, net of accumulated depreciation of $2,208 and $2,126	1,261	1,151
Operating lease assets	2,698	2,563
Goodwill	3,727	3,781
Intangible assets, net of accumulated amortization of $805 and $781	839	909
Other long-term assets	593	570
Total long-term assets	9,118	8,974
Total assets	12,371	12,262
Current liabilities
Accounts payable	707	758
Accrued expenses	1,445	1,492
Current debt	751	446
Current operating lease liabilities	779	745
Other current liabilities	439	434
Total current liabilities	4,121	3,875
Long-term liabilities
Long-term debt	2,452	2,619
Long-term operating lease liabilities	2,137	2,044
Other long-term liabilities	639	709
Total long-term liabilities	5,228	5,372
Commitments and Contingencies (Note 14)
Stockholders’ Equity
Common Stock, $0.01 par value per share; 300,000 shares authorized, 120,458 and 119,868 shares issued and 114,770 and 114,512 shares outstanding, respectively	1	1
Treasury stock, at cost; 5,688 and 5,356 shares, respectively	(218)	(202)
Preferred Stock, $0.01 par value per share; 10,000 shares authorized, 0 issued and outstanding	0	0
Additional Paid-In Capital (“APIC”)	2,680	2,667
Retained earnings	747	718
Accumulated Other Comprehensive Income (Loss) (“AOCIL”)	(223)	(201)
Total stockholders’ equity before NCI	2,987	2,983
NCI	35	32
Total equity	3,022	3,015
Total liabilities and equity	$ 12,371	$ 12,262