XPO Logistics, Inc. (XPO) Balance Sheet
XPO balance sheet, 2025
December 31, 2025 · U.S. dollars$8.19B assets = $6.33B liabilities + $1.86B equity
Both columns are drawn to the same scale: what XPO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
XPO financial health
Descriptive bands, not a rating. Fiscal 2025.
XPO balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $11.70B2016 | $8.19B2025 | −3.9%/yr | |
| Total liabilities | $8.66B2016 | $6.33B2025 | −3.4%/yr | |
| Shareholders’ equity | $2.70B2016 | $1.86B2025 | −4.1%/yr | |
| Cash & short-term investments | $373.4M2016 | $310.0M2025 | −2.0%/yr | |
| Total debt | $4.87B2016 | $4.70B2025 | −0.4%/yr | |
| Net cash (debt) | −$4.49B2016 | −$4.39B2025 | +$103.6M | |
| Working capital | $342.0M2016 | $75.0M2025 | −$267.0M | |
| Book value per share | $21.992016 | $15.642025 | −3.7%/yr | |
| Current ratio | 1.132016 | 1.052025 | −0.08 | |
| Debt / equity | 1.802016 | 2.532025 | +0.72 | |
| Shares outstanding | 122.8M2016 | 119.0M2025 | −0.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XPO assets
XPO liabilities and equity
XPO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
XPO balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $310.0M | $246.0M | $412.0M | $460.0M | $228.0M | $1.73B | $377.0M | $502.0M | $397.0M | $373.4M |
| Cash & equivalents | $310.0M | $246.0M | $412.0M | $460.0M | $228.0M | $1.73B | $377.0M | $502.0M | $397.0M | $373.4M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $18.8M |
| Receivables | $1.03B | $977.0M | $973.0M | $954.0M | $908.0M | $1.68B | $2.50B | $2.60B | $2.73B | $2.31B |
| Inventory | $0 | $0 | $0 | $17.0M | $26.0M | $0 | $0 | $0 | $0 | $40.1M |
| Other current assets | $285.0M | $282.0M | $208.0M | $199.0M | $1.52B | $1.97B | $465.0M | $590.0M | $466.0M | $346.8M |
| Total current assets | $1.63B | $1.50B | $1.59B | $1.63B | $2.69B | $5.38B | $3.34B | $3.69B | $3.59B | $3.07B |
| Property, plant & equipment (net) | $4.44B | $4.13B | $3.78B | $2.55B | $2.37B | $2.73B | $4.95B | $2.60B | $2.66B | $2.54B |
| Goodwill & intangible assets | $1.86B | $1.82B | $1.92B | $1.88B | $2.06B | $3.21B | $5.54B | $5.72B | $6.00B | $5.86B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $265.0M | $255.0M | $196.0M | $209.0M | $1.59B | $4.85B | $296.0M | $257.0M | $351.0M | $226.9M |
| Total assets | $8.19B | $7.71B | $7.49B | $6.27B | $8.72B | $16.18B | $14.13B | $12.27B | $12.60B | $11.70B |
| Liabilities | ||||||||||
| Accounts payable | $455.0M | $477.0M | $532.0M | $521.0M | $519.0M | $854.0M | $1.16B | $1.26B | $1.25B | $1.06B |
| Short-term debt | $226.0M | $189.0M | $190.0M | $166.0M | $165.0M | $1.43B | $552.0M | $367.0M | $104.0M | $136.5M |
| Deferred revenue | — | — | $366.0M | — | $1.11B | $1.81B | $1.41B | $172.0M | $1.53B | $47.3M |
| Total current liabilities | $1.55B | $1.42B | $1.59B | $1.51B | $2.55B | $5.16B | $3.26B | $3.31B | $3.00B | $2.73B |
| Long-term debt | $3.25B | $3.33B | $3.33B | $2.47B | $3.51B | $5.37B | $5.18B | $3.90B | $4.42B | $4.73B |
| Lease obligations | $777.0M | $730.0M | $709.0M | $713.0M | $922.0M | $2.28B | $2.24B | — | — | — |
| Other long-term liabilities | $1.52B | $1.37B | $1.30B | $1.28B | $1.52B | $2.80B | $2.79B | $1.08B | $1.18B | $1.20B |
| Total liabilities | $6.33B | $6.11B | $6.23B | $5.26B | $7.58B | $13.33B | $11.23B | $8.30B | $8.59B | $8.66B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $117,000 | $117,000 | $116,000 | $115,000 | $115,000 | $102,000 | $92,000 | $0 | $3.59B | $3.25B |
| Retained earnings (deficit) | $888.0M | $572.0M | $185.0M | −$4.0M | $43.0M | $868.0M | $786.0M | $377.0M | −$42.6M | −$392.9M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$187.0M | −$246.0M | −$217.0M | −$222.0M | −$84.0M | −$158.0M | −$145.0M | −$154.0M | $15.7M | −$193.7M |
| Minority interest | — | — | $0 | $0 | — | $140.0M | $153.0M | $395.0M | $405.6M | $337.6M |
| Total shareholders' equity | $1.86B | $1.60B | $1.27B | $1.01B | $1.14B | $2.71B | $2.74B | $3.58B | $3.60B | $2.70B |
| Key figures | ||||||||||
| Total debt | $4.70B | $4.12B | $4.11B | $3.25B | $4.27B | $7.37B | $7.51B | $4.27B | $4.52B | $4.87B |
| Net cash (debt) | −$4.39B | −$3.87B | −$3.70B | −$2.79B | −$4.05B | −$5.64B | −$7.13B | −$3.77B | −$4.12B | −$4.49B |
| Working capital | $75.0M | $85.0M | $3.0M | $123.0M | $139.0M | $217.0M | $84.0M | $375.0M | $591.0M | $342.0M |
| Tangible book value | $3.0M | −$221.0M | −$654.0M | −$867.0M | −$926.0M | −$502.0M | −$2.80B | −$2.15B | −$2.39B | −$3.16B |
| Book value per share | $15.64 | $13.33 | $10.73 | $8.72 | $9.98 | $26.56 | $25.88 | $26.48 | $28.20 | $21.99 |
| Shares outstanding | 119.0M | 120.0M | 118.0M | 116.0M | 114.0M | 102.0M | 106.0M | 135.0M | 127.8M | 122.8M |
| Current ratio | 1.05 | 1.06 | 1.00 | 1.08 | 1.05 | 1.04 | 1.03 | 1.11 | 1.20 | 1.13 |
| Quick ratio | 0.86 | 0.86 | 0.87 | 0.94 | 0.45 | 0.66 | 0.88 | 0.94 | 1.04 | 0.98 |
| Debt / equity | 2.53 | 2.57 | 3.25 | 3.21 | 3.76 | 2.72 | 2.74 | 1.19 | 1.25 | 1.80 |
| Equity / assets | 22.7% | 20.7% | 16.9% | 16.1% | 13.1% | 16.7% | 19.4% | 29.1% | 28.6% | 23.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $298.0M | $237.0M | $310.0M | $335.0M | $225.0M | $212.0M | $246.0M | $381.0M | $250.0M | $229.0M | $412.0M | $355.0M |
| Cash & equivalents | $298.0M | $237.0M | $310.0M | $335.0M | $225.0M | $212.0M | $246.0M | $378.0M | $250.0M | $229.0M | $412.0M | $355.0M |
| Short-term investments | — | — | — | — | — | — | — | $3.0M | $1.0M | $1.0M | — | $1.0M |
| Receivables | $1.27B | $1.16B | $1.03B | $1.10B | $1.13B | $1.08B | $977.0M | $1.06B | $1.09B | $1.08B | $973.0M | $1.06B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.0M | −$1.0M | $0 | −$1.0M |
| Other current assets | $249.0M | $275.0M | $285.0M | $261.0M | $266.0M | $285.0M | $282.0M | $209.0M | $211.0M | $223.0M | $208.0M | $200.0M |
| Total current assets | $1.81B | $1.68B | $1.63B | $1.70B | $1.62B | $1.58B | $1.50B | $1.65B | $1.55B | $1.53B | $1.59B | $1.61B |
| Property, plant & equipment (net) | $4.44B | $4.41B | $4.44B | $4.40B | $4.40B | $4.25B | $4.13B | $4.11B | $4.05B | $3.98B | $3.78B | $2.77B |
| Goodwill & intangible assets | $1.81B | $1.83B | $1.86B | $1.87B | $1.89B | $1.84B | $1.82B | $1.90B | $1.87B | $1.89B | $1.92B | $1.83B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $270.0M | $271.0M | $265.0M | $215.0M | $215.0M | $210.0M | $255.0M | $265.0M | $261.0M | $201.0M | $196.0M | $217.0M |
| Total assets | $8.33B | $8.18B | $8.19B | $8.19B | $8.13B | $7.88B | $7.71B | $7.92B | $7.73B | $7.60B | $7.49B | $6.43B |
| Liabilities | ||||||||||||
| Accounts payable | $486.0M | $462.0M | $455.0M | $465.0M | $498.0M | $501.0M | $477.0M | $445.0M | $477.0M | $570.0M | $532.0M | $473.0M |
| Short-term debt | $329.0M | $268.0M | $226.0M | $277.0M | $211.0M | $192.0M | $189.0M | $202.0M | $193.0M | $192.0M | $190.0M | $177.0M |
| Deferred revenue | — | — | — | — | — | — | — | $939.0M | — | — | $775.0M | $827.0M |
| Total current liabilities | $1.79B | $1.69B | $1.55B | $1.67B | $1.60B | $1.55B | $1.42B | $1.56B | $1.54B | $1.62B | $1.59B | $1.52B |
| Long-term debt | $3.05B | $3.17B | $3.25B | $3.22B | $3.34B | $3.34B | $3.33B | $3.34B | $3.33B | $3.32B | $3.33B | $2.45B |
| Lease obligations | $782.0M | $755.0M | $777.0M | $763.0M | $760.0M | $714.0M | $730.0M | $748.0M | $742.0M | $727.0M | $709.0M | $695.0M |
| Other long-term liabilities | $1.53B | $1.47B | $1.52B | $1.48B | $1.41B | $1.35B | $1.37B | $1.38B | $1.36B | $1.33B | $1.30B | $1.26B |
| Total liabilities | $6.37B | $6.33B | $6.33B | $6.37B | $6.35B | $6.24B | $6.11B | $6.28B | $6.23B | $6.27B | $6.23B | $5.23B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | $117,000 | $117,000 | $118,000 | $118,000 | $117,000 | $116,000 | — | — | — | $116,000 |
| Retained earnings (deficit) | $1.15B | $989.0M | $888.0M | $829.0M | $747.0M | $641.0M | $572.0M | $496.0M | $402.0M | $252.0M | $185.0M | $127.0M |
| Accumulated other comprehensive income | −$194.0M | −$194.0M | −$187.0M | −$208.0M | −$199.0M | −$228.0M | −$246.0M | −$195.0M | −$225.0M | −$222.0M | −$217.0M | −$214.0M |
| Total shareholders' equity | $1.96B | $1.85B | $1.86B | $1.82B | $1.78B | $1.64B | $1.60B | $1.64B | $1.50B | $1.33B | $1.27B | $1.20B |
| Key figures | ||||||||||||
| Total debt | $3.99B | $4.03B | $4.70B | $4.72B | $4.17B | $4.11B | $4.12B | $4.16B | $4.14B | $4.11B | $4.11B | $3.21B |
| Net cash (debt) | −$3.69B | −$3.79B | −$4.39B | −$4.39B | −$3.94B | −$3.90B | −$3.87B | −$3.78B | −$3.89B | −$3.88B | −$3.70B | −$2.85B |
| Working capital | $20.0M | −$16.0M | $75.0M | $32.0M | $24.0M | $29.0M | $85.0M | $91.0M | $6.0M | −$94.0M | $3.0M | $91.0M |
| Tangible book value | $154.0M | $24.0M | $3.0M | −$54.0M | −$112.0M | −$201.0M | −$221.0M | −$256.0M | −$374.0M | −$558.0M | −$654.0M | −$634.0M |
| Book value per share | $16.49 | $15.55 | $15.64 | $15.14 | $14.97 | $13.67 | $13.33 | $13.68 | $12.49 | $11.10 | $10.55 | $10.06 |
| Shares outstanding | 119.0M | 119.0M | 119.0M | 120.0M | 119.0M | 120.0M | 120.0M | 120.0M | 120.0M | 120.0M | 120.0M | 119.0M |
| Current ratio | 1.01 | 0.99 | 1.05 | 1.02 | 1.02 | 1.02 | 1.06 | 1.06 | 1.00 | 0.94 | 1.00 | 1.06 |
| Quick ratio | 0.87 | 0.83 | 0.86 | 0.86 | 0.85 | 0.83 | 0.86 | 0.92 | 0.87 | 0.81 | 0.87 | 0.93 |
| Debt / equity | 2.03 | 2.18 | 2.53 | 2.60 | 2.34 | 2.51 | 2.57 | 2.53 | 2.76 | 3.09 | 3.25 | 2.68 |
| Equity / assets | 23.5% | 22.6% | 22.7% | 22.2% | 21.9% | 20.8% | 20.7% | 20.7% | 19.4% | 17.5% | 16.9% | 18.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 5, 2026); data from EODHD.
XPO financial position
At the end of fiscal 2025 (December 31, 2025), XPO Logistics had total assets of $8.2 billion (up 6.2% from a year earlier), total liabilities of $6.3 billion and shareholders' equity of $1.9 billion. It held $310.0 million in cash and short-term investments against $4.7 billion of debt, net debt of $4.4 billion. Its current ratio was 1.05. In the latest quarter (ended June 30, 2026) total assets were $8.3 billion and equity $2.0 billion.
Related: XPO income statement, XPO cash flow statement, XPO key metrics. See the XPO stock overview for the latest quote and news.
XPO balance sheet FAQ
What are XPO Logistics's total assets?
XPO Logistics reported total assets of $8.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $7.7 billion a year earlier.
How much debt does XPO Logistics have?
XPO Logistics had $4.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.53.
How much cash does XPO Logistics have?
XPO Logistics held $310.0 million in cash and short-term investments at the end of fiscal 2025; with $4.7 billion of debt that is net debt of $4.4 billion.
What is XPO Logistics's book value?
XPO Logistics's shareholders' equity (book value) was $1.9 billion at the end of fiscal 2025, or $15.64 per share.
What is XPO Logistics's current ratio?
XPO Logistics had current assets of $1.6 billion and current liabilities of $1.6 billion, a current ratio of 1.05 (it can cover its short-term obligations).
How much goodwill does XPO Logistics have?
XPO Logistics carried $1.9 billion of goodwill and intangible assets, 22.7% of total assets, at the end of fiscal 2025.