GXO Logistics, Inc. (GXO)

In the second quarter of 2026, GXO reported revenue of $3.4 billion, up 4.3 percent from a year earlier 1. Net income was $27 million, against $28 million a year before 1.

The quarterly report says the rise reflects growth in the business and $29 million of foreign currency movements 2. In plain terms, part of the gain came from exchange rates, not only from new work 2.

Chief executive Patrick Kelleher said the company signed about $410 million of new business, up 34 percent, and called these its strongest new business wins in three years 1.

The company kept the mid-points of its 2026 guidance for adjusted EBITDA and adjusted earnings per share 1. Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization, with one-off items taken out 2.

Two open items stand out: the company is due to host an Investor Day on 16 November 2026, and it expects to complete the Wincanton Divestment before the end of the year 12.

GXO became a standalone public company on 2 August 2021, when XPO, Inc. spun it off to its stockholders 3. Before that it was part of XPO, which is why its first officers came from XPO 3.

Revenue climbed from $9,778 million in 2023 to $11,709 million in 2024 and $13,178 million in 2025 3. Omnichannel retail, meaning online and store-linked retail, grew from $4,100 million to $6,406 million over those years 3.

In April 2024 GXO completed the acquisition of Wincanton plc, a UK logistics provider, for total consideration of £762 million 3. The UK Competition and Markets Authority cleared it on 19 June 2025, on condition that GXO divest certain UK grocery contracts 3.

Revenue for 2025 rose 13 percent to $13.2 billion from $11.7 billion in 2024 3. The company said $655 million came from the Wincanton acquisition and currency movements added $352 million 3.

Profit shrank even as revenue grew: net income was $36 million in 2025 against $138 million in 2024 3. Net interest expense rose to $133 million from $103 million, and income tax expense rose to $68 million from $8 million 3.

In 2025 GXO recorded $65 million of expense for a regulatory matter over whether value-added tax payments to certain providers were deductible, which Italian authorities challenged 3.

Patrick Kelleher became chief executive in August 2025, after serving as CEO, North America at DHL Supply Chain 3. Operating cash flow fell to $434 million in 2025 from $549 million in 2024 3.

What GXO does

GXO calls itself the largest pure-play contract logistics provider in the world 3. Contract logistics means running warehouses and order fulfillment for other companies that have outsourced the work 3.

At the end of 2025 about 154,000 team members worked in 1,043 facilities, totaling about 221 million square feet 3. Of those facilities, 479 were owned or leased by customers 3.

Who pays and for what

In 2025, omnichannel retail brought in $6,406 million of revenue, technology and consumer electronics $1,644 million, and industrial and manufacturing $1,529 million 3. Food and beverage added $1,381 million and consumer packaged goods $1,258 million 3.

By country, the United Kingdom produced $6,296 million of revenue and the United States $3,158 million 3. No customer represented more than 6 percent of revenue 3.

Contracts are mostly long-term and mix a fixed part, meant to cover warehouse, technology and equipment costs, with a variable part that follows volumes and labor costs 2.

Technology

GXO says technology is a core advantage and runs a cloud warehouse management platform with robots, cobots (robots that work alongside people) and analytics 3. In its second-quarter release it said its AI platform, GXO IQ, had moved from platform launch to scaled deployment 1.

People and rivals

The company reports three operating segments: Americas and Asia-Pacific, United Kingdom and Ireland, and Continental Europe 2. At the end of 2025 about 105,000 were employees and 49,000 were temporary workers, and 52 percent of the workforce was in the United Kingdom 3.

Named rivals include CEVA Logistics, DHL Group, DSV, GEODIS, ID Logistics Group, Kuehne + Nagel and Ryder System 3. On 17 August 2026 the board approved Christina Carvalho as chief accounting officer, effective 14 September 2026 4.

Current problems

The Italian tax matter cost $65 million in 2025, and GXO is still working through the Wincanton divestment ordered by the UK regulator 32. Total debt was $3.2 billion and net debt $2.4 billion at 30 June 2026 1.

The umbrella, in words

GXO owns Wincanton Limited, formerly Wincanton plc, which it acquired in April 2024 3. Its annual report presents the business as one reportable segment, and its exhibit list names a list of its subsidiaries as Exhibit 21.1 3.

Of its 1,043 facilities, GXO itself owns only 3 and leases 561, and the rest belong to customers 3. The company said the vast majority of its contracts are long-term and its warehouse leases generally align with contract length 3.

For full-year 2026 the company expects organic revenue growth of 4% to 5%, adjusted EBITDA of $945 million to $965 million and adjusted diluted EPS of $2.95 to $3.15 1. It also expects free cash flow conversion of 30% to 40% 1.

The company said it has approximately $1 billion of incremental 2026 revenue and $353 million of incremental 2027 revenue already secured 1. It said its commercial pipeline reached approximately $2.7 billion in July 1.

Kelleher named three priorities: sharpening the commercial strategy, strengthening execution through a playbook called the GXO Way, and leading in AI and next-generation automation through GXO IQ 1. He said wins in North America in the first half were up 85 percent from the same time a year earlier 1.

The Investor Day on 16 November 2026 at the New York Stock Exchange is where management says it will discuss long-term strategy and its financial framework 1. The company also expects to complete the Wincanton Divestment before the end of the year 2.