Analyst Consensus ?
ConsensusBuy31 ratings
Bullish2271.0%
Neutral825.8%
Bearish13.2%
XPO Logistics, Inc. · XPO · FY2025 Q4 · Calendar Q1 2026
XPO Q4: LTL margins improve as local and premium mix grows
The quarter supports a measured operating-leverage case: pricing, local accounts, premium services and technology are intended to improve LTL efficiency. Whether that translates into sustained gains depends on freight demand, cost inflation and execution against productivity plans.
Reported Before market openNYSEIndustrials
$22.09B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.88
Consensus $0.76
EPS surprise
+15.2%
Reported versus consensus
Reported revenue
$2.01B
Consensus $1.96B
Revenue surprise
+2.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+3.4%
Event window
SPY move
-1.2%
Same window
Abnormal move
+4.6%
Stock minus SPY
Volume
4.8×
Versus trailing sessions
Subsequent drift
+1.6%
Up to 20 sessions
XPOSPY benchmark
Ask FN2 about XPO FY2025 Q4
Transcript, numbers and history already loaded
Why did XPO rise 3.4% after beating EPS estimates in FY2025 Q4?What changed in XPO's guidance and outlook in FY2025 Q4?Give me the bull and bear case for XPO after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management reported a 180-basis-point year-over-year improvement in the LTL operating ratio, with local shipments at 25% of revenue and premium services at 12%. AI route optimization was deployed in nearly half of service centers, and management described a 2026 rollout to the remaining network.
Guidance delta
Guidance was characterized as maintained. Management expects 100–150 basis points of operating-ratio improvement in 2026, targets $500–600 million of 2026 capex, and cited incremental margins above 40% in an up-cycle.
Key takeaways
- Adjusted EPS was $0.88 versus $0.764 estimated; revenue was $2.011 billion versus $1.956 billion estimated.
- Adjusted EBITDA was $312 million, and the LTL operating ratio improved 180 basis points year over year.
- Local accounts, premium services and AI-enabled productivity are central to the stated margin-improvement plan.
Management priorities
- Extend AI route optimization across the remaining network in 2026 and pursue productivity gains.
- Grow local accounts toward 30% of the total book over five years and premium services above 15% of revenue.
- Use moderate capex to support network expansion while prioritizing share repurchases and debt reduction.
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Try FN2 freeEarnings History
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Beat
Miss
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Analyst 52W Price Targets
$189.57Previous close
$75Low
$181.91Average
$275High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Nov 2, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Oct 30, 2026 |
| UBS | Buy | Buy | Maintain | Oct 30, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 30, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 30, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 30, 2026 |
| Citigroup | Buy | Buy | Maintain | Oct 30, 2026 |
| Stifel | Buy | Buy | Maintain | Oct 8, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 7, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Oct 2, 2026 |
| B of A Securities | Buy | Buy | Maintain | Oct 2, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jul 31, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 31, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Jul 13, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Jul 6, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Jun 4, 2026 |
| Benchmark | Buy | Buy | Maintain | May 1, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 1, 2026 |
| Jefferies | Buy | Buy | Maintain | Apr 22, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 8, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Dec 12, 2024 |
| Loop Capital | Hold | Buy | Downgrade | Aug 18, 2023 |
| Credit Suisse | Neutral | Outperform | Downgrade | Jul 31, 2023 |
| Vertical Research | Hold | Buy | Downgrade | Jul 11, 2023 |
| Keybanc | Overweight | Overweight | Maintain | Feb 10, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Oct 19, 2022 |
| Deutsche Bank | Hold | Buy | Downgrade | Oct 17, 2022 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jul 17, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Oct 30, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Oct 30, 2019 |
| FBR Capital | Outperform | Outperform | Maintain | Feb 23, 2015 |
| Sidoti & Co. | Neutral | Buy | Downgrade | Mar 4, 2014 |
Named analyst price targets
Upside is calculated against the persisted previous close $189.57. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stifel Nicolaus | Bruce Chan | $235 | $184.89 | +24.0% | Oct 30, 2026 |
| UBS | Thomas Wadewitz | $232 | $183.01 | +22.4% | Oct 30, 2026 |
| Raymond James | Patrick Tyler Brown | $210 | $183.01 | +10.8% | Oct 30, 2026 |
| Jefferies | Stephanie Moore | $275 | $183.01 | +45.1% | Oct 30, 2026 |
| Raymond James | Analyst unavailable | $205 | $186.27 | +8.1% | Oct 15, 2026 |
| Stifel Nicolaus | Bruce Chan | $230 | $180.36 | +21.3% | Oct 8, 2026 |
| Truist Financial | Analyst unavailable | $220 | $182.5 | +16.1% | Oct 7, 2026 |
| Susquehanna | Analyst unavailable | $194 | $184.38 | +2.3% | Oct 2, 2026 |
| Wells Fargo | Analyst unavailable | $230 | $179.73 | +21.3% | Oct 2, 2026 |
| Bernstein | David Vernon | $244 | $184.25 | +28.7% | Sep 10, 2026 |
| Oppenheimer | Analyst unavailable | $238 | $200.52 | +25.5% | Jul 31, 2026 |
| Stephens | Bascome Majors | $270 | $199.26 | +42.4% | Jul 31, 2026 |
| Goldman Sachs | Analyst unavailable | $247 | $199.26 | +30.3% | Jul 30, 2026 |
| Stifel Nicolaus | Analyst unavailable | $241 | $210.61 | +27.1% | Jul 21, 2026 |
| Susquehanna | Harrison Bauer | $214 | $208.83 | +12.9% | Jul 14, 2026 |
| Raymond James | Patrick Tyler Brown | $225 | $209.33 | +18.7% | Jul 13, 2026 |
| UBS | Thomas Wadewitz | $257 | $204.64 | +35.6% | Jul 7, 2026 |
| Morgan Stanley | Analyst unavailable | $115 | $209 | -39.3% | Jul 6, 2026 |
| Wells Fargo | Analyst unavailable | $250 | $219.26 | +31.9% | Jun 5, 2026 |
| BMO Capital | Analyst unavailable | $245 | $218.69 | +29.2% | Jun 4, 2026 |
| Susquehanna | Analyst unavailable | $212 | $216.62 | +11.8% | Jun 2, 2026 |
| Oppenheimer | Analyst unavailable | $236 | $215.28 | +24.5% | May 4, 2026 |
| Morgan Stanley | Ravi Shanker | $105 | $217.67 | -44.6% | May 1, 2026 |
| Truist Financial | Lucas Servera | $240 | $214.24 | +26.6% | May 1, 2026 |
| Evercore ISI | Jonathan Chappell | $222 | $217.68 | +17.1% | May 1, 2026 |
| Raymond James | Analyst unavailable | $233 | $218.5 | +22.9% | May 1, 2026 |
| Stifel Nicolaus | Analyst unavailable | $237 | $220.13 | +25.0% | May 1, 2026 |
| Barclays | Analyst unavailable | $250 | $220.13 | +31.9% | May 1, 2026 |
| Goldman Sachs | Jordan Alliger | $220 | $220.13 | +16.1% | Apr 30, 2026 |
| Stifel Nicolaus | Analyst unavailable | $232 | $210.33 | +22.4% | Apr 16, 2026 |
| Evercore ISI | Jonathan Chappell | $198 | $191.39 | +4.4% | Mar 26, 2026 |
| BMO Capital | Analyst unavailable | $230 | $202.96 | +21.3% | Feb 19, 2026 |
| Susquehanna | Bascome Majors | $210 | $200.1 | +10.8% | Feb 11, 2026 |
| Truist Financial | Lucas Servera | $200 | $195.4 | +5.5% | Feb 6, 2026 |
| UBS | Analyst unavailable | $210 | $201.61 | +10.8% | Feb 6, 2026 |
| Evercore ISI | Analyst unavailable | $200 | $191.01 | +5.5% | Feb 6, 2026 |
| UBS | Analyst unavailable | $236 | $190.34 | +24.5% | Feb 6, 2026 |
| Stifel Nicolaus | Analyst unavailable | $206 | $190.81 | +8.7% | Feb 6, 2026 |
| Oppenheimer | Scott Schneeberger | $198 | $185.62 | +4.4% | Feb 6, 2026 |
| Deutsche Bank | Richa Harnain | $250 | $185.62 | +31.9% | Feb 6, 2026 |
| Wells Fargo | Christian Wetherbee | $205 | $185.62 | +8.1% | Feb 6, 2026 |
| Barclays | Analyst unavailable | $195 | $185.62 | +2.9% | Feb 6, 2026 |
| Goldman Sachs | Analyst unavailable | $180 | $185.62 | -5.0% | Feb 5, 2026 |
| BMO Capital | Analyst unavailable | $205 | $185.62 | +8.1% | Feb 5, 2026 |
| Morgan Stanley | Ravi Shanker | $95 | $185.62 | -49.9% | Feb 5, 2026 |
| Deutsche Bank | Analyst unavailable | $163 | $150.16 | -14.0% | Jan 15, 2026 |
| Evercore ISI | Analyst unavailable | $148 | $146.13 | -21.9% | Jan 12, 2026 |
| Stephens | Analyst unavailable | $170 | $145.15 | -10.3% | Jan 6, 2026 |
| Stifel Nicolaus | Bruce Chan | $167 | $146.66 | -11.9% | Dec 16, 2025 |
| Morgan Stanley | Analyst unavailable | $90 | $142.92 | -52.5% | Dec 8, 2025 |
| Redburn Partners | Analyst unavailable | $156 | $139.91 | -17.7% | Nov 26, 2025 |
| Evercore ISI | Analyst unavailable | $151 | $144.09 | -20.3% | Oct 31, 2025 |
| Susquehanna | Bascome Majors | $162 | $138.76 | -14.5% | Oct 31, 2025 |
| Stifel Nicolaus | Bruce Chan | $149 | $141.69 | -21.4% | Oct 31, 2025 |
| Oppenheimer | Analyst unavailable | $154 | $135.64 | -18.8% | Oct 31, 2025 |
| Stifel Nicolaus | Analyst unavailable | $140 | $124.04 | -26.1% | Oct 28, 2025 |
| Truist Financial | Lucas Servera | $145 | $128.93 | -23.5% | Oct 14, 2025 |
| Raymond James | Patrick Tyler Brown | $150 | $128.43 | -20.9% | Oct 14, 2025 |
| Morgan Stanley | Analyst unavailable | $83 | $128.5 | -56.2% | Oct 6, 2025 |
| UBS | Thomas Wadewitz | $162 | $126.84 | -14.5% | Oct 3, 2025 |
| Evercore ISI | Analyst unavailable | $141 | $127.35 | -25.6% | Sep 30, 2025 |
| Stifel Nicolaus | Bruce Chan | $145 | $135.69 | -23.5% | Jul 24, 2025 |
| Stephens | Daniel Imbro | $131 | $103.94 | -30.9% | May 1, 2025 |
| Stifel Nicolaus | Bruce Chan | $142 | $97.46 | -25.1% | Apr 14, 2025 |
| Deutsche Bank | Analyst unavailable | $156 | $108.35 | -17.7% | Mar 7, 2025 |
| Loop Capital Markets | Rick Paterson | $141 | $134.19 | -25.6% | Jan 10, 2025 |
| Wells Fargo | Christian Wetherbee | $170 | $135.46 | -10.3% | Jan 7, 2025 |
| Goldman Sachs | Jordan Alliger | $150 | $133.99 | -20.9% | Oct 30, 2024 |
| Bank of America Securities | Ken Hoexter | $152 | $133.99 | -19.8% | Oct 30, 2024 |
| BMO Capital | Fadi Chamoun | $162 | $133.99 | -14.5% | Oct 30, 2024 |
| Stifel Nicolaus | Bruce Chan | $126 | $112.9 | -33.5% | Oct 21, 2024 |
| Susquehanna | Bascome Majors | $160 | $110.81 | -15.6% | Sep 18, 2024 |
| BMO Capital | Fadi Chamoun | $145 | $120.84 | -23.5% | Aug 16, 2024 |
| Stifel Nicolaus | Bruce Chan | $125 | $107.43 | -34.1% | Aug 5, 2024 |
| Barclays | Brandon Oglenski | $145 | $103.7 | -23.5% | Jun 27, 2024 |
| Evercore ISI | Jonathan Chappell | $124 | $105.39 | -34.6% | Jun 25, 2024 |
| Susquehanna | Bascome Majors | $145 | $107.04 | -23.5% | Jun 12, 2024 |
| Wells Fargo | Christian Wetherbee | $125 | $108 | -34.1% | Jun 6, 2024 |
| Stifel Nicolaus | Bruce Chan | $120 | $105.4 | -36.7% | May 23, 2024 |
| Oppenheimer | Scott Schneeberger | $140 | $126.32 | -26.1% | Apr 10, 2024 |
| Raymond James | Analyst unavailable | $80 | $57.88 | -57.8% | Aug 9, 2022 |
| Citigroup | Analyst unavailable | $75 | $59.86 | -60.4% | Aug 8, 2022 |
| Raymond James | Patrick Tyler Brown | $70 | $47.94 | -63.1% | Jul 15, 2022 |
| Evercore ISI | Jonathan Chappell | $67 | $46.79 | -64.7% | Jul 15, 2022 |
| Morgan Stanley | Ravi Shanker | $75 | $50.46 | -60.4% | Jul 8, 2022 |
| Stifel Nicolaus | Bruce Chan | $92 | $49.13 | -51.5% | Jun 28, 2022 |
| Raymond James | Analyst unavailable | $90 | $56.95 | -52.5% | Apr 20, 2022 |
| Citigroup | Christian Wetherbee | $98 | $69.91 | -48.3% | Apr 3, 2022 |
| Cowen & Co. | Jason Seidl | $117 | $75.33 | -38.3% | Mar 16, 2022 |
| Evercore ISI | Jonathan Chappell | $91 | $70.04 | -52.0% | Mar 9, 2022 |
| Deutsche Bank | Amit Mehrotra | $120 | $61.93 | -36.7% | Mar 8, 2022 |
| Jefferies | Hamzah Mazari | $103 | $61.93 | -45.7% | Mar 8, 2022 |
| Cowen & Co. | Jason Seidl | $115 | $66.71 | -39.3% | Feb 13, 2022 |
| KeyBanc | Todd Fowler | $95 | $68.74 | -49.9% | Feb 10, 2022 |
| Benchmark Co. | Christopher Kuhn | $103 | $74.39 | -45.7% | Dec 22, 2021 |
| UBS | Thomas Wadewitz | $96 | $72.44 | -49.4% | Nov 30, 2021 |
| Credit Suisse | Ariel Rosa | $88 | $77.58 | -53.6% | Nov 17, 2021 |
| Morgan Stanley | Ravi Shanker | $80 | $77.39 | -57.8% | Nov 9, 2021 |
| Goldman Sachs | Jordan Alliger | $109 | $82.09 | -42.5% | Nov 4, 2021 |
| Susquehanna | Bascome Majors | $101 | $77.75 | -46.7% | Oct 14, 2021 |
| Truist Financial | Stephanie Benjamin | $105 | $88.44 | -44.6% | Aug 27, 2021 |
| Stephens | Jack Atkins | $155 | $84.07 | -18.2% | May 5, 2021 |
| Vertical Research | Jeff Kauffman | $164 | $84.07 | -13.5% | May 5, 2021 |
Track every rating change on XPO the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationXPO Logistics, Inc. is a prominent provider of freight shipping solutions, operating extensively across the United States, wider North America, various European nations including France and the United Kingdom, and globally. The company's business activities are structured into two primary divisions. The North American LTL (Less-Than-Truckload) segment delivers crucial LTL services, guaranteeing timely and geographically comprehensive transportation for regional, inter-regional, and cross-continental freight. This division also handles cross-border shipments connecting the U.S.…
Historical context
All XPO earningsIndustrials peers this season
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|---|---|---|---|---|
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| RBC RBC Bearings Incorporated | FY2027 Q2 · Calendar Q4 2026 | +5.9% | -6.8% | RBC Bearings: Strong Q2, capacity investment supports second half |
| CNI Canadian National Railway Company | FY2026 Q3 · Calendar Q4 2026 | +3.4% | -0.3% | CN posts strong Q3, maintains EPS outlook and expands Mexico strategy |
| NVT nVent Electric plc | FY2026 Q3 · Calendar Q4 2026 | +8.6% | -8.8% | nVent raises outlook as data-center demand and Maverick broaden growth |
| MTZ MasTec, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.3% | +0.8% | MasTec posts record Q3 as power and data-center demand accelerates |
| IR Ingersoll Rand Inc. | FY2026 Q3 · Calendar Q4 2026 | +18.5% | +0.2% | Ingersoll Rand raises FY2026 outlook as orders accelerate |
Latest beats and misses
Who reports nextBeat on EPS
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- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the XPO recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-02T08:30:46.082789+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-02T08:30:46.079911+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-02. For educational purposes only; not investment advice.