GXO Logistics公布2026年第二季收入34.4億美元 按年增4%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________
FORM 10-Q
_______________________________________________________
(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission File Number: 001-40470
_______________________________________________________

GXO Logistics, Inc.
(Exact name of registrant as specified in its charter)
____________________________________________________________________________________________________________

Delaware86-2098312
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Two American Lane
Greenwich, Connecticut
06831
(Address of principal executive offices) (Zip Code)

(203) 489-1287
Registrant’s telephone number, including area code
_______________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareGXONew York Stock Exchange
3.750% Notes due 2030GXO/30New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐

Non-accelerated filer☐Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 3, 2026, there were 114,684,579 shares of the registrant’s common stock, par value $0.01 per share, outstanding.

GXO Logistics, Inc.

Form 10-Q
For the Quarterly Period Ended June 30, 2026

Table of Contents

Page
Part I—Financial Information

Item 1. Financial Statements (Unaudited)
2

Condensed Consolidated Statements of Operations
2

Condensed Consolidated Statements of Comprehensive Income
3

Condensed Consolidated Balance Sheets
4

Condensed Consolidated Statements of Cash Flows
5

Condensed Consolidated Statements of Changes in Equity
6

Notes to Condensed Consolidated Financial Statements
8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
21

Item 3. Quantitative and Qualitative Disclosures About Market Risk
30

Item 4. Controls and Procedures
30

Part II—Other Information

Item 1. Legal Proceedings
31

Item 1A. Risk Factors
31

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
31

Item 6. Exhibits
32

Signatures
33

1

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

GXO Logistics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)

Three Months Ended June 30, Six Months Ended June 30, 
(Dollars in millions, shares in thousands, except per share amounts)2026202520262025
Revenue$3,441 $3,299 $6,739 $6,276 
Direct operating expense2,933 2,813 5,741 5,371 
Selling, general and administrative expense295 272 591 533 
Depreciation and amortization expense117 110 232 219 
Transaction and integration costs12 14 28 36 
Restructuring costs and other5 2 8 19 
Regulatory matter— (1)— 65 
Net loss on divestiture of business2 — 23 — 
Operating income77 89 116 33 
Other income (expense), net6 (10)16 (15)
Interest expense, net(35)(36)(67)(68)
Income (loss) before income taxes48 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$0.22 $0.23 $0.25 $(0.60)
Diluted$0.22 $0.23 $0.25 $(0.60)

Weighted-average shares outstanding used in computation of earnings (loss) per share
Basic115,013114,812114,862116,890
Diluted115,718115,055115,780116,890

See accompanying Notes to Condensed Consolidated Financial Statements.
2

GXO Logistics, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

Three Months Ended June 30, Six Months Ended June 30, 
(In millions)2026202520262025
Net income (loss)$27 $28 $32 $(67)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments— 136 (24)210 
Cash flow hedges(1)— (1)(1)
Fair value hedges(3)— (2)— 
Pension plans1 (8)5 (12)
Other comprehensive income (loss), net of tax(3)128 (22)197 
Comprehensive income, net of tax24 156 10 130 
Less: Comprehensive income attributable to NCI— 5 3 7 
Comprehensive income attributable to GXO$24 $151 $7 $123 

See accompanying Notes to Condensed Consolidated Financial Statements.
3

GXO Logistics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

June 30,December 31, 
(Dollars in millions, shares in thousands, except per share amounts)20262025
ASSETS
Current assets
Cash and cash equivalents$769 $854 
Accounts receivable, net of allowance of $14 and $15
2,070 2,028 
Other current assets414 406 
Total current assets3,253 3,288 
Long-term assets
Property and equipment, net of accumulated depreciation of $2,208 and $2,126
1,261 1,151 
Operating lease assets2,698 2,563 
Goodwill3,727 3,781 
Intangible assets, net of accumulated amortization of $805 and $781
839 909 
Other long-term assets593 570 
Total long-term assets9,118 8,974 
Total assets$12,371 $12,262 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$707 $758 
Accrued expenses1,445 1,492 
Current debt751 446 
Current operating lease liabilities779 745 
Other current liabilities439 434 
Total current liabilities 4,121 3,875 
Long-term liabilities
Long-term debt2,452 2,619 
Long-term operating lease liabilities2,137 2,044 
Other long-term liabilities639 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
— — 
Additional Paid-In Capital (“APIC”)2,680 2,667 
Retained earnings747 718 
Accumulated Other Comprehensive Income (Loss) (“AOCIL”)(223)(201)
Total stockholders’ equity before NCI 2,987 2,983 
NCI35 32 
Total equity 3,022 3,015 
Total liabilities and equity$12,371 $12,262 

See accompanying Notes to Condensed Consolidated Financial Statements.
4

GXO Logistics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

Six Months Ended June 30, 
(In millions)20262025
Cash flows from operating activities:
Net income (loss)$32 $(67)
Adjustments to reconcile net income (loss) to net cash provided by operating activities

Depreciation and amortization expense232 219 
Stock-based compensation expense23 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 activities107 32 
Cash flows from investing activities:
Capital expenditures(130)(125)
Proceeds from sale of property and equipment4 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— 8 
Repayments of debt— (55)
Repayments of finance lease obligations(25)(24)
Proceeds from exercise of stock options7 — 
Taxes paid related to net share settlement of equity awards(17)(7)
Net obligations under factoring arrangements(10)(12)
Net changes in bank overdraft positions1 64 
Other— (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 period857 485 
Cash, restricted cash and cash equivalents, end of period 
$773 $207 
Non-cash financing activities:
Excise tax liability related to stock repurchases$— $2 
Reconciliation of cash, restricted cash and cash equivalentsJune 30, 2026December 31, 2025
Cash and cash equivalents$769 $854 
Restricted Cash (included in Other current assets)3 2 
Restricted Cash (included in Other long-term assets)1 1 
Total cash, restricted cash and cash equivalents$773 $857 

See accompanying Notes to Condensed Consolidated Financial Statements.
5

GXO Logistics, Inc.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)

Common StockAPICRetained
EarningsAOCILEquity Before
NCINCITotal
Equity
(Shares in thousands,
dollars in millions)SharesAmountTreasury Stock
Balance as of March 31, 2026115,024 $1 $(202)$2,669 $722 $(222)$2,968 $35 $3,003 
Net income— — — — 25 — 25 2 27 
Other comprehensive income (loss)— — — — — (1)(1)(2)(3)
Common stock issued under employee stock plans and exercises of stock options103 — — — — — — — — 
Tax withholding on vesting of stock-based compensation awards(25)— — (2)— — (2)— (2)
Stock-based compensation— — — 13 — — 13 — 13 
Common stock repurchased(332)— (16)— — — (16)— (16)

Balance as of June 30, 2026114,770 $1 $(218)$2,680 $747 $(223)$2,987 $35 $3,022 

Common StockAPICRetained
EarningsAOCILEquity Before
NCINCITotal
Equity
(Shares in thousands,
dollars in millions)SharesAmountTreasury Stock
Balance as of December 31, 2025114,512 $1 $(202)$2,667 $718 $(201)$2,983 $32 $3,015 
Net income (loss)— — — — 29 — 29 3 32 
Other comprehensive income— — — — — (22)(22)— (22)
Common stock issued under employee stock plans and exercises of stock options890 — — 7 — — 7 — 7 
Tax withholding on vesting of stock-based compensation awards(300)— — (17)— — (17)— (17)
Stock-based compensation— — — 23 — — 23 — 23 
Common stock repurchased(332)— (16)— — — (16)— (16)

Balance as of June 30, 2026114,770 $1 $(218)$2,680 $747 $(223)$2,987 $35 $3,022 

See accompanying Notes to Condensed Consolidated Financial Statements.
6

GXO Logistics, Inc.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)

Common StockAPICRetained
EarningsAOCILEquity Before
NCINCITotal
Equity
(Shares in thousands,
dollars in millions)SharesAmountTreasury Stock
Balance as of March 31, 2025116,955 $1 $(111)$2,635 $590 $(245)$2,870 $34 $2,904 
Net income— — — — 26 — 26 2 28 
Other comprehensive income— — — — — 125 125 3 128 
Stock-based compensation— — — 11 — — 11 — 11 
Vesting of stock compensation awards125 — — — — — — — — 
Tax withholding on vesting of stock-based compensation awards(38)— — (1)— — (1)— (1)
Common stock repurchased(2,590)— (91)— — — (91)— (91)
Dividends to NCI— — — — — — — (4)(4)
Balance as of June 30, 2025114,452 $1 $(202)$2,645 $616 $(120)$2,940 $35 $2,975 

Common StockAPICRetained
EarningsAOCILEquity Before
NCINCITotal
Equity
(Shares in thousands,
dollars in millions)SharesAmountTreasury Stock
Balance as of December 31, 2024119,496 $1 $— $2,629 $686 $(313)$3,003 $32 $3,035 
Net income (loss)— — — — (70)— (70)3 (67)
Other comprehensive income— — — — — 193 193 4 197 
Stock-based compensation— — — 23 — — 23 — 23 
Vesting of stock compensation awards495 — — — — — — — — 
Tax withholding on vesting of stock-based compensation awards(183)— — (7)— — (7)— (7)
Common stock repurchased(5,356)— (202)— — — (202)— (202)
Dividends to NCI— — — — — — — (4)(4)
Balance as of June 30, 2025114,452 $1 $(202)$2,645 $616 $(120)$2,940 $35 $2,975 

See accompanying Notes to Condensed Consolidated Financial Statements.
7

GXO Logistics, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

1. Basis of Presentation and Significant Accounting Policies and Estimates

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements of GXO Logistics, Inc. (“GXO” or the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

Operating results for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The Company’s Condensed Consolidated Financial Statements include the accounts of GXO and its majority-owned subsidiaries and variable interest entities of which the Company is the primary beneficiary. The Company has eliminated intercompany accounts and transactions. The accompanying Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2025.

The Company presents its operations as one reportable segment.

Accounting Pronouncements Issued But Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard requires all public companies to disclose more detailed information about certain costs and expenses in the notes to the financial statements in interim and annual reporting periods. This standard is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted. The Company does not expect this standard to have a material impact on its results of operations, financial position or cash flows and is currently evaluating the impact of adopting this standard on its disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update remove all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40. Therefore, an entity is required to start capitalizing software costs when certain capitalization criteria are met. The ASU also supersedes guidance on website development costs. The amendments are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of this standard on its results of operations, financial position or cash flows, and the impact of adopting this standard on its disclosures.

8

2. Revenue Recognition

Revenue disaggregated by geographical area was as follows:

Three Months Ended June 30, Six Months Ended June 30, 
(In millions)2026202520262025
United Kingdom$1,684 $1,590 $3,279 $2,981 
United States782 767 1,533 1,519 
Netherlands256 253 526 485 
France213 216 421 402 
Spain181 166 343 309 
Italy112 105 221 200 
Other213 202 416 380 
Total $3,441 $3,299 $6,739 $6,276 

The Company’s revenue can also be disaggregated by various verticals, reflecting the customers’ principal industry. Revenue disaggregated by industry was as follows:

Three Months Ended June 30, Six Months Ended June 30, 
(In millions)2026202520262025
Omnichannel retail$1,637 $1,626 $3,198 $3,048 
Technology and consumer electronics439 402 872 795 
Industrial and manufacturing408 403 802 765 
Consumer packaged goods331 290 665 574 
Food and beverage341 359 658 673 
Other285 219 544 421 
Total$3,441 $3,299 $6,739 $6,276 

Contract Assets and Liabilities

The contract asset and contract liability balances from contracts with customers were as follows:

June 30,December 31, 
(In millions)20262025
Contract assets and contract costs included in:
Other current assets$35 $36 
Other long-term assets254 235 
Total contract assets$289 $271 
Contract liabilities included in:
Other current liabilities$272 $279 
Other long-term liabilities110 101 
Total contract liabilities$382 $380 

9

Contract liabilities represent the Company’s obligation to transfer services to a customer for which the Company has received consideration, or the amount due from a customer before the related services have been transferred. Revenue recognized included in contract liabilities at the beginning of the period was as follows:

Three Months Ended June 30, Six Months Ended June 30, 
(In millions)2026202520262025
Revenue recognized
$17 $24 $229 $221 

3. Segment Information

The Company is organized geographically into three operating segments: (i) Americas and Asia-Pacific, (ii) United Kingdom and Ireland, and (iii) Continental Europe. The Company’s reporting unit results are regularly provided to the Chief Operating Decision Maker (“CODM”). The CODM is our Chief Executive Officer, who assesses the Company’s performance and allocates resources.

The CODM evaluates the Company’s performance and allocates resources primarily based on adjusted earnings before interest, taxes, depreciation and amortization, adjusted for transaction and integration costs, restructuring costs and other, regulatory matters, net loss on divestiture of business and unrealized gain/loss on foreign currency contracts (“Adjusted EBITDA”). The CODM uses Adjusted EBITDA to communicate performance targets to the segment managers, to allocate resources to the segments, and to monitor segment performance. Additionally, the CODM considers the performance of this measure against planned and forecasted amounts to make investing and resource allocation decisions. The actual results are used in assessing the performance of the Company and in establishing management’s compensation.

For disclosure purposes, we aggregate these three operating segments into one reportable segment due to the similar nature of their operations and economic characteristics.

10

The Company’s segment results were as follows:

Three Months Ended June 30, Six Months Ended June 30, 
(In millions)2026202520262025
Revenue$3,441 $3,299 $6,739 $6,276 
Direct operating expense2,933 2,813 5,741 5,371 
Selling, general and administrative expense(1)
281 257 561 503 
Other income (expense), net(2)(3)
(6)2 (12)(3)
Segment Adjusted EBITDA$233 $227 $449 $405 
Less:
Corporate expenses(4)
14 15 30 30 
Depreciation expense89 80 175 160 
Amortization of intangible assets acquired28 30 57 59 
Transaction and integration costs12 14 28 36 
Restructuring costs and other5 2 8 19 
Regulatory matter— (1)— 65 
Net loss on divestiture of business2 — 23 — 
Unrealized (gain) loss on foreign currency contracts(3)
— 8 (4)18 
Interest expense, net35 36 67 68 
Income (loss) before income taxes48 43 65 (50)
Income tax expense(21)(15)(33)(17)
Net income (loss)$27 $28 $32 $(67)

(1) Excludes unallocated corporate expenses.
(2) Other income (expense), net, excluding unrealized (gain) loss on foreign currency contracts.
(3) Included in Other income (expense), net in the Condensed Consolidated Statements of Operations.
(4) Corporate expenses include unallocated costs related to corporate functions such as salaries and benefits, rent, and professional fees, which are recorded in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

4. Leases

The Company has entered into noncancelable operating and finance leases primarily for real estate and warehouse equipment. The Company determines whether an arrangement is a lease at inception and, if so, whether that lease meets the classification criteria for a finance or an operating lease at the commencement date.

Total lease cost recorded in the Condensed Consolidated Statements of Operations was as follows:

Three Months Ended June 30, Six Months Ended June 30, 
(In millions)2026202520262025
Operating lease cost(1)(2)
$226 $238 $438 $444 
Finance lease cost:
Amortization of the right-of-use assets(3)
16 8 26 15 
Interest on the lease liabilities(4)
8 4 12 8 
Total finance lease cost24 12 38 23 
Variable lease cost(1)
69 42132 86 
Short-term lease cost(1)
54 49 101 96 
Total lease cost(5)
$373 $341 $709 $649 

11

(1) Operating, variable, short-term lease costs are primarily included in Direct operating expense in the Condensed Consolidated Statements of Operations.
(2) For the three and six months ended June 30, 2026, the Company recorded a net benefit of $4 million and $30 million, respectively, from a real estate transaction that resulted in an early termination of a lease.
(3) Amortization of right-of-use assets is included in Depreciation and amortization in the Condensed Consolidated Statements of Operations.
(4) Interest on the lease liabilities is included in Interest expense, net in the Condensed Consolidated Statements of Operations.
(5) Total lease cost excludes sublease income for all periods presented, as it was not material.

The following amounts were recorded in the Condensed Consolidated Balance Sheets related to leases:

June 30,December 31, 
(In millions)20262025
Operating leases:
Operating lease assets$2,698 $2,563 

Current operating lease liabilities$779 $745 
Long-term operating lease liabilities2,137 2,044 
Total operating lease liabilities$2,916 $2,789 

Finance leases:
Property and equipment, net$432 $306 

Current debt$74 $45 
Long-term debt401 281 
Total finance lease liabilities$475 $326 

Supplemental cash flow information related to leases was as follows:

Six Months Ended June 30, 
(In millions)20262025
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases$559 $514 
Finance leases178 85 

5. Goodwill

The following table presents the changes in Goodwill for the six months ended June 30, 2026:

(In millions)
Balance as of December 31, 2025
$3,781 
Impact of foreign exchange translation(54)
Balance as of June 30, 2026
$3,727 

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6. Intangible Assets

The following table summarizes identifiable intangible assets subject to amortization:

June 30, 2026December 31, 2025
(In millions)Gross
Carrying
AmountAccumulated
AmortizationNet
ValueGross
Carrying
AmountAccumulated
AmortizationNet
Value
Customer relationships$1,564 $(765)$799 $1,609 $(747)$862 
Trade names and trademarks63 (33)30 64 (29)35 
Developed technology17 (7)10 17 (5)12 
Total$1,644 $(805)$839 $1,690 $(781)$909 

Intangible asset amortization expense was $28 million and $30 million for the three months ended June 30, 2026 and June 30, 2025, respectively, and $57 million and $59 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

7. Debt and Financing Arrangements

The following table summarizes the carrying value of the Company’s debt:

June 30,December 31, 
(In millions, except percentages)Rate(1)
20262025
Unsecured notes due 20261.65 %$400 $400 
Unsecured notes due 2029(2)
6.25 %595 594 
Unsecured notes due 2031(3)
2.65 %398 398 
Unsecured notes due 2034(4)
6.50 %491 491 
Euro unsecured notes due 2030 (€500 principal)(5)
3.75 %565 580 
Five-Year Term Loan due 2027
5.12 %275 275 
Finance leases and other debtVarious479 327 
Total Debt$3,203 $3,065 
Less: Current debt(6)
751 446 
Total Long-term debt$2,452 $2,619 

(1) Interest rate as of June 30, 2026.
(2) Net of unamortized discount and debt issuance costs of $5 million and $6 million as of June 30, 2026 and December 31, 2025, respectively.
(3) Net of unamortized discount and debt issuance costs of $2 million as of June 30, 2026 and December 31, 2025.
(4) Net of unamortized discount and debt issuance costs of $9 million as of June 30, 2026 and December 31, 2025.
(5) Net of unamortized discount and debt issuance costs of $6 million and $7 million as of June 30, 2026 and December 31, 2025, respectively.
(6) As of June 2026, current debt includes $400 million unsecured notes due in July 2026 and $275 million five-year term loan due in May 2027. As of December 31, 2025, current debt includes $400 million unsecured notes due in July 2026.

Repayments of Debt

Upon maturity in July