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XPO Inc. (XPO-6.20%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports XPO's revenue of $8.072 billion for 2024, a 4.2% increase from the previous year. The increase was attributed to growth in both the North American LTL and European Transportation segments.
Salaries, wages, and employee benefits were reported at $3.377 billion, accounting for 41.8% of revenue, up from 40.8% in 2023. The increase was primarily due to inflation and the insourcing of linehaul transportation.
Purchased transportation costs decreased to $1.701 billion, or 21.1% of revenue, primarily due to a higher proportion of insourced linehaul and lower rates paid to third-party providers.
Operating expenses and supplies were $1.589 billion, or 19.7% of revenue, reflecting lower fuel costs due to decreased diesel prices.
The company reported a net income of $387 million, compared to $189 million in 2023. The increase was driven by higher operating income and revenue growth.
XPO's North American LTL segment revenue increased by 4.9% to $4.899 billion, while adjusted EBITDA rose to $1.115 billion, reflecting higher yield and lower purchased transportation costs.
In the European Transportation segment, revenue grew by 3.3% to $3.173 billion, with adjusted EBITDA slightly decreasing to $158 million due to higher purchased transportation and employee costs.
The company completed the acquisition of 28 service centers from Yellow Corporation in December 2023, enhancing its North American LTL network.
XPO's liquidity as of December 31, 2024, was $757 million, with $511 million available under its ABL Facility. The company anticipates capital expenditures between $600 million and $700 million in 2025.
The filing also highlights XPO's strategic focus on expanding its LTL network capacity, improving service quality, and driving cost efficiencies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the XPO Inc. annual 10-K report dated February 7, 2025. To report an error, please email earnings@qz.com.