GXO is winning more work; site costs are holding back profit
GXO is winning more contracts, building its pipeline and starting work sooner. Specialist sectors are offsetting weaker awards elsewhere, allowing revenue to grow without a strong rebound in customer volume. The constraint is delivery cost: Q3 sales rose 5.7%, but direct operating costs rose faster and adjusted EBITDA was flat. If the launch teams now in place can handle further wins without repeated outside support, more of the additional revenue can become profit. Cash collection and lease payments will determine how much is available to fund further expansion.
Global GXO reporting · Q3 / nine months 2026 · strategy through 4 November · Reviewed 2026-11-06
01
The growth improvement extends beyond faster contract starts
Revenue growth excluding currency movements · year on year · %
Revenue growth reached 6.4% excluding currency movements in Q3, while customer volumes grew roughly 1%. GXO also won new contracts worth $375m in annual revenue, up from $280m a year earlier. More work is starting promptly: management says the share of wins contributing within the same year rose by about 10 percentage points, mainly through data-centre business. It attributes the faster starts to both sector mix and improved execution.
More wins expand GXO’s recurring revenue base; faster starts bring that revenue forward. Growth therefore has support beyond a timing benefit. The lasting gain depends on making faster launches routine, without another surge in support costs for each wave of contracts.
The bars use GXO’s currency-adjusted revenue measure, called organic growth. The 10-point figure describes the timing mix of wins, not their contribution to revenue growth; that contribution is not separately disclosed.
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02
Each $100 of sales leaves less to cover overhead and profit
Revenue remaining after direct operating costs · USD per USD 100 sales
The amount left after direct operating costs fell from $15.85 to $14.65 per $100 of sales. GXO attributes the pressure to labour costs, new sites still reaching full productivity, customer mix and outside launch support. It says launch teams are now sized for the faster pace. Central costs stayed at $285m as savings from integrating Wincanton, the UK logistics business bought in 2024, offset technology and transformation spending. Applying last year’s direct-cost ratio to current sales would leave an extra $43m.
GXO can lift profit before winning another contract if newer sites become more productive and need less outside support. But temporary launch costs do not explain the whole gap. Labour productivity and the profitability of the changing customer mix will determine how much margin returns.
Direct costs include labour, property, transport and IT. The $43m holds sales constant and applies last year’s cost ratio; it is not a disclosed startup cost or an EBITDA forecast. Adjusted EBITDA excludes interest, tax, depreciation, amortisation and specified company adjustments.
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03
Technology contributes more as consumer-sector sales growth slows
Reported revenue growth by customer group · year on year · %
Technology revenue growth accelerated from 9.7% in H1 to 18.6% in Q3. Combined revenue growth in retail, food and consumer goods slowed from 5.3% to 1.4%; these sectors still generate two-thirds of sales. Revenue is measured in dollars, so currency, contract changes and the September grocery disposal also affect the comparison. Infrastructure spending supports the technology outlook: Amazon more than doubled quarterly cash investment, while Microsoft reported delays to some data-centre capacity deliveries.
Technology supplied 40% of GXO’s Q3 revenue increase from only 14% of sales. Continued infrastructure investment could sustain that contribution. Group growth is therefore more sensitive to the timing of technology projects, while the much larger consumer portfolio adds less revenue.
Consumer group = retail + food and beverage + consumer packaged goods; H1 = nine months less Q3. Revenue changes are not sector volume measures. External investment supports the market-demand assessment, not an assumed GXO customer relationship.
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04
North American growth offers higher margins with more cost risk
Increase in prospective annualised business · Q3 2026 versus Q3 2025 · USD m
North America supplied approximately 78% of the $800m pipeline increase. Its pipeline rose from about $0.7bn to $1.3bn; opportunities elsewhere grew from $1.6bn to $1.8bn. GXO says North American contracts more often use agreed fixed and variable charges rather than reimbursing actual costs. Those terms offer higher margins when operations run well, but leave GXO more exposed when labour or launch costs overrun.
North American expansion could lift margins as well as diversify revenue. GXO keeps more of the productivity gains under these contracts, but also bears more of any cost overrun. The operating improvements needed to restore Q3 margins would therefore make this pipeline more valuable; weak execution would erode that advantage.
Approximate contributions calculated from rounded pipeline totals and regional shares. Pipeline is uncontracted opportunity; regional profit is not disclosed.
05
Specialist wins offset falling awards elsewhere
Change in annualised new awards · nine months year on year · USD m
Technology, aerospace and defence, industrials and life sciences won $279m more business in the first nine months than a year earlier; awards in other sectors fell $80m. The specialist gains more than offset that weakness and continued in the latest quarter: these sectors supplied 33% of Q3 wins, versus 15% a year earlier. Their current pipeline share is 34%, below the 41% share of nine-month awards.
Recent wins and the pipeline support a lasting shift towards specialist work, even if the nine-month share proves unusually high. For total awards to keep rising, specialist gains must keep outpacing the decline elsewhere, or awards from the broader customer base must recover.
Gross annualised contract awards, before exits. Strategic sales categories differ from the financial-reporting industry categories. Rounded mix shares; pipeline is unsigned.
06
Recent contract wins support the 2027 target, despite a lower starting balance
Incremental revenue signed for the following year · USD m
GXO had $630m secured for 2027 at the end of September, below the $690m secured for 2026 a year earlier, which included a large NHS award. But Q3 added $267m for next year, versus $206m a year earlier. Exceeding the $850m year-end ambition requires over $220m more. That is well above last year’s $84m final-quarter increase, yet below the amount added in Q3.
The recent pace of contract wins makes the target credible despite the lower starting balance. Faster launches could also bring revenue sooner from contracts won during 2027. This changes how much growth is secured before the year starts; it does not show that revenue is being taken away from 2027. GXO must sustain the pace of wins and launches while improving margins.
Expected incremental revenue from signed business, before exits. FX conventions differ between disclosed positions. Earlier starts affect the comparison base, but GXO does not quantify their share of either Q3 growth or the $60m year-ahead gap.
07
Lower cash capex comes with larger lease commitments
Cash capital spending and new finance-lease assets · nine months · USD m
Cash capital spending fell $65m to $204m, while new finance-lease assets rose $124m to $207m. The leases add equipment now and payments later. They also sit outside cash capex; their depreciation and interest sit outside adjusted EBITDA. Those quarterly expenses rose from $17m to $38m. Cash capex and adjusted EBITDA therefore give an incomplete picture of the cost of expansion.
Leasing spreads the upfront cost of expansion into future payments. The return still depends on using those assets productively. Cash capex alone understates the new commitments, but larger lease liabilities do not by themselves mean less profitable contracts.
Cash purchases and noncash finance-lease additions are separate measures, not a total-investment reconciliation. No lease is attributed to a specific new contract or automation project.
08
Growth and buybacks compete for the cash left after lease payments
Cash remaining after selected uses · nine months 2026 · USD m
Nine-month free cash flow of $66m leaves $20m after finance-lease repayments, then minus $18m after the Wincanton grocery disposal payment. Share buybacks and associated tax used a further $102m. Higher receivables tied up $215m, $139m more than last year, mainly because of collection timing according to GXO. With about $1.1bn of cash and available credit, the company has capacity to fund operations while collections catch up.
These cash uses exceeded nine-month free cash flow, reducing financial flexibility. The disposal payment is separate from ongoing launch costs. New contracts may increase or reduce working-capital needs, depending on payment terms. Buybacks use cash that could fund those needs or reduce debt, though these figures do not establish a funding shortfall for new sites.
Running balances, not additive bars or the total change in cash. Company free cash flow excludes lease principal and the separate $38m divestment payment. No share of receivables or the selected-use deficit is attributed to launches.
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09
Q4 must turn the larger revenue base into higher earnings
Adjusted EBITDA · actual Q4 2025 and implied Q4 2026 · USD m
Annual guidance requires $275m–$295m of Q4 adjusted EBITDA, 8–16% above last year after a flat Q3. A repeat of last year’s Q4 would leave the full year $20m below the minimum target. GXO points to procurement savings, fewer contract exits and the completed Wincanton integration, while saying launch teams are now sized for the faster pace. Free-cash-flow guidance implies $218m–$320m in Q4.
The stronger pipeline and recent contract wins support further growth. Q4 tests whether GXO can turn more of that revenue into profit without another surge in outside support costs. Meeting the earnings and cash targets would support the view that launch-cost pressure is temporary. Continued pressure would point to more persistent problems with pricing, labour productivity or customer mix.
Q4 EBITDA = annual guidance less $670m in nine months. The Q4 cash range applies annual free-cash-flow guidance of 30–40% of adjusted EBITDA, then deducts the $66m already generated. It is a calculation, not separate company Q4 guidance. Wider labour-software benefits are expected mainly from 2027.
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Outlook & what would change it
Freight Insider assessment
Continued revenue growth has a credible foundation: awards are higher, the opportunity pipeline is being replenished and the revenue secured for 2027 during Q3 exceeds the amount still needed to reach the year-end target. The bigger uncertainty is how much profit that work will earn. If launch capacity now matches the pace of wins, new sites can mature without repeated exceptional support costs. Q4 EBITDA of at least $275m, a strong cash quarter and more than $850m of incremental 2027 revenue secured by year-end would support that interpretation. The opportunity is to make growth more profitable; faster starts alone cannot sustain the improvement.
Countercase
A weaker outcome would be continued direct-cost pressure after launch staffing has caught up, or stronger contract wins failing to rebuild the revenue secured for next year. Either would weaken the claim that Q3 mainly reflected a temporary adjustment to growth. Customer mix and labour costs could require lasting changes to pricing and operations. Available liquidity and the option to suspend buybacks provide room to manage cash timing, but do not remove the need for new contracts to earn an adequate return.
Global GXO analysis; financial periods to 30 September 2026, evidence through 4 November. Readability and chart-colour revision, 6 November. Full earnings-call transcript and all Q&A reviewed with statements, footnotes, presentation and strategic announcements; original coverage receipts retained. Company explanations and targets are distinguished from Freight Insider calculations and judgements. Earlier saved editions are unchanged.
Linked Evidence
Q3 · organic revenue growth · 6.4 %
Q3 2026 / Q3 2025 · GXO consolidated; reported USD, rounded company disclosure.
How much of the sales improvement reached operating earnings?
Revenue rose by $195m, but direct operating costs rose by $207m. Adjusted EBITDA stayed at $251m. The additional revenue therefore arrived without additional adjusted earnings: the immediate constraint is the cost of delivering the work, not just finding more customers.
| Measure | Value and unit | Period |
|---|---|---|
| Additional Q3 revenue | 195.0 USD m | Q3 2026 |
| Additional direct operating costs | 207.0 USD m | Q3 2026 |
| Adjusted EBITDA · Q3 2025 | 251.0 USD m | Q3 2025 |
| Adjusted EBITDA · Q3 2026 | 251.0 USD m | Q3 2026 |
USD m, Q3 2026 versus Q3 2025. Direct-cost movement includes labour, site maturity and mix; it is not a quantified startup bill.
Exact value, inputs and sources2027 incremental revenue secured by Q3 · 630.0 USD m
2027 expected from contracts signed through Q3 2026 · Management expected incremental revenue; gross contribution before churn, activity changes and other offsets.
What changes if GXO reaches the year-end ambition?
Moving from $630m to more than $850m requires over $220m of added contribution, versus $84m in the prior final quarter. Reaching it would leave the revenue secured for next year above the $774m entering 2026. That would strengthen the base for growth alongside contracts won during 2027; the lower September position need not persist into the new year.
| Measure | Value and unit | Period |
|---|---|---|
| Additional signed contribution needed to reach threshold | 220.0 USD m | Q4 2026 signing target for 2027 |
| Prior Q4 increase in year-ahead signed revenue | 84.0 USD m | Q4 2025 change in company-disclosed position |
| Incremental revenue entering 2026 | 774.0 USD m | 2026; year-end 2025 signed position |
| Management year-end threshold for 2027 | 850.0 USD m | 2027; target at end-2026 |
USD m, company-reported expected incremental revenue and target threshold. $850m remains an ambition; disclosed FX bases are retained.
Exact value, inputs and sourcesQ4 EBITDA required · low endpoint · 275.0 USD m
Q4 2026 implied by FY guidance · GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
How much earnings improvement is already embedded in guidance?
A flat Q4 would produce $925m of full-year EBITDA, below the $945m minimum. Management’s unchanged target therefore requires an actual year-on-year improvement, not just normal seasonal growth from Q3. The $60m Wincanton synergy figure is an annual run rate, with benefits already entering results; it cannot be added wholesale to Q4 as a fresh gain.
| Measure | Value and unit | Period |
|---|---|---|
| Q4 2025 adjusted EBITDA | 255.0 USD m | Q4 2025 |
| Full-year EBITDA if Q4 is flat | 925.0 USD m | Illustrative FY2026 scenario |
| Full-year EBITDA guidance · low | 945.0 USD m | FY 2026 guidance |
| Shortfall to minimum annual guidance | 20.0 USD m | Illustrative FY2026 scenario |
USD m. Scenario uses $670m nine-month EBITDA plus prior Q4 of $255m. It retains the $30m benefit already in nine-month earnings.
Exact value, inputs and sourcesQ4 FCF needed · low combined endpoint · 217.5 USD m
Q4 2026 guidance arithmetic · GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
Would hitting the year-end cash target settle the funding question?
It would materially improve liquidity, but the target is company free cash flow. Finance-lease principal and the business-divestment payment sit outside that measure, while new finance-lease assets bring future payments. Hitting the target would demonstrate a strong cash quarter; it would not by itself show that ongoing growth and shareholder returns are fully funded after all capital commitments.
| Measure | Value and unit | Period |
|---|---|---|
| Q4 FCF needed · low combined endpoint | 217.5 USD m | Q4 2026 guidance arithmetic |
| Q4 FCF needed · high combined endpoint | 320.0 USD m | Q4 2026 guidance arithmetic |
| Finance-lease principal payments · 9M 2026 | 46.0 USD m | 9M 2026 |
| Wincanton divestment cash payment | 38.0 USD m | 9M 2026 |
| New finance-lease assets · 9M 2026 | 207.0 USD m | 9M 2026 |
USD m. Q4 cash requirement is forward-looking; other flows are nine-month actuals. They are not all subtracted from the Q4 estimate.
Exact value, inputs and sourcesIncrease in wins starting within the year · 10.0 percentage points
2026 versus 2025 · Approximate management description of timing mix; not a group revenue-growth contribution.
Is new work replenishing the opportunity pipeline?
The pipeline rose from $2.3bn to $3.1bn while Q3 annualised wins increased from $280m to $375m. Opportunities are being replenished despite stronger awards. That supports a continuing supply of work for the faster launch process, although opportunities still need to become signed contracts. A shorter cycle need not mean that GXO has exhausted future business.
| Measure | Value and unit | Period |
|---|---|---|
| Pipeline · Q3 2025 | 2,300.0 USD m | Q3 2025 |
| Pipeline · Q3 2026 | 3,100.0 USD m | Q3 2026 |
| Q3 2025 wins | 280.0 USD m | Q3 2025 |
| Q3 2026 wins | 375.0 USD m | Q3 2026 |
USD m. Pipeline is the stock of prospective annualised business at Q3; wins are gross annualised awards during Q3. These populations are not divided to calculate a win rate.
Exact value, inputs and sourcesRetail, food and consumer goods growth · 1.4 %
Q3 2026 versus Q3 2025 · Freight Insider arithmetic from rounded company inputs.
How broad is the slowdown in reported consumer-sector revenue?
Retail growth slowed from 4.9% in H1 to 2.7% in Q3; consumer packaged goods slowed from 15.9% to 2.8%; food and beverage declined by 2.2% and then 5.4%. Reported revenue growth slowed in all three categories. However, GXO does not split their changes into currency, customer activity and contract scope. The September grocery disposal also affects the food comparison. The sound conclusion is a smaller contribution from this portfolio, not a measured fall in consumer demand.
| Measure | Value and unit | Period |
|---|---|---|
| Retail · H1 growth | 4.9 % | H1 2026 versus H1 2025 |
| Omnichannel retail revenue growth | 2.7 % | Q3 2026 / Q3 2025 |
| Consumer packaged goods · H1 growth | 15.9 % | H1 2026 versus H1 2025 |
| Consumer packaged goods revenue growth | 2.8 % | Q3 2026 / Q3 2025 |
| Food and beverage · H1 growth | -2.2 % | H1 2026 versus H1 2025 |
| Food and beverage revenue growth | -5.4 % | Q3 2026 / Q3 2025 |
Percent, matched year-on-year periods, reported USD. No sector-specific currency adjustment or numerical disposal contribution is assumed.
Exact value, inputs and sources2027 revenue added to signed book in Q3 · 267.0 USD m
Q3 2026 additions for 2027 · GXO consolidated; company disclosure.
How much of the required year-end pace has GXO already demonstrated?
The $267m added for 2027 in Q3 exceeded the prior Q3’s $206m and the additional amount needed to reach the year-end threshold. A similar addition in Q4 would clear it. Gross Q3 awards were $375m, a different measure: annualised contract value does not equal next-year incremental revenue. Start dates, ramp-up and the revenue already recognised affect that contribution.
| Measure | Value and unit | Period |
|---|---|---|
| 2026 revenue added to signed book in prior Q3 | 206.0 USD m | Q3 2025 additions for 2026 |
| 2027 revenue added to signed book in Q3 | 267.0 USD m | Q3 2026 additions for 2027 |
| Q3 2026 wins | 375.0 USD m | Q3 2026 |
| Additional signed contribution needed to reach threshold | 220.0 USD m | Q4 2026 signing target for 2027 |
USD m. These disclosures are not a traced cohort conversion or a projected conversion rate; no fixed proportion of future awards is assigned to 2027.
Exact value, inputs and sourcesAmazon cash capex · Q3 2026 · 75.9 USD bn
Q3 2026 · Amazon consolidated cash capital expenditures: primarily technology infrastructure and fulfilment capacity. Not GXO revenue or customer exposure.
Does infrastructure spending support another year of technology growth?
Amazon’s Q3 cash capex rose from $34.2bn to $75.9bn, primarily for technology infrastructure and fulfilment; it expects another meaningful increase in 2027, mainly in infrastructure. That supports ongoing equipment-logistics demand. Microsoft, however, shifted some third-party capacity deliveries into fiscal H2. Investment supports demand, but delivery delays could make growth uneven between quarters as GXO starts new operations.
| Measure | Value and unit | Period |
|---|---|---|
| Amazon cash capex · Q3 2025 | 34.2 USD bn | Q3 2025 |
| Amazon cash capex · Q3 2026 | 75.9 USD bn | Q3 2026 |
| Microsoft calendar-2026 capex expectation | 170.0 USD bn | Calendar 2026 forecast, 28 October |
USD bn. Amazon figures are quarterly cash capex; Microsoft’s $170bn is calendar-year expected capex including finance leases. Not an additive or like-for-like comparison and not GXO customer exposure.
Exact value, inputs and sourcesDirect costs above prior-year revenue ratio · 42.9 USD m
Q3 2026 versus Q3 2025 · Mechanical sensitivity at Q3 2026 sales and prior Q3 direct-cost ratio. Not a measured startup cost, profit forecast or causal allocation.
Is the earnings weakness confined to the latest launch cycle?
Nine-month adjusted EBITDA rose to $670m, including a $30m lease-termination benefit. Removing that identified benefit leaves $640m, 2.2% above the prior $626m. This comparison shows modest earnings growth before the expected Q4 recovery. Ending exceptional launch support would help; the nine-month result also makes broader operating productivity important.
| Measure | Value and unit | Period |
|---|---|---|
| Adjusted EBITDA · 9M 2025 | 626.0 USD m | 9M 2025 |
| Adjusted EBITDA · 9M 2026 | 670.0 USD m | 9M 2026 |
| Lease-termination benefit in 9M EBITDA | 30.0 USD m | 9M 2026 |
| 9M EBITDA less identified lease benefit | 640.0 USD m | 9M 2026 |
USD m. Subtracting one disclosed benefit does not produce a fully normalised earnings measure.
Exact value, inputs and sourcesNorth America share of pipeline increase · 77.5 %
Q3 2026 versus Q3 2025 · Freight Insider arithmetic from rounded company inputs.
How different is the pipeline from today’s revenue base?
The UK generated $1.75bn of Q3 sales and $123m of the group’s $195m revenue increase. US sales were $846m, up $45m. Current growth is still UK-led even as most pipeline expansion is North American. North America’s larger pipeline has yet to displace the UK as the main source of revenue growth.
| Measure | Value and unit | Period |
|---|---|---|
| United Kingdom revenue · Q3 2026 | 1,751.0 USD m | Q3 2026 |
| United States revenue · Q3 2026 | 846.0 USD m | Q3 2026 |
| United Kingdom | 123.0 USD m | Q3 2026 |
| United States | 45.0 USD m | Q3 2026 |
USD m, Q3 2026 and year-on-year increases. US revenue is narrower than the North American pipeline population.
Exact value, inputs and sourcesLease depreciation and interest · Q3 2026 · 38.0 USD m
Q3 2026 · Freight Insider arithmetic from rounded company inputs.
How much of the later payment obligation is already visible?
Finance-lease liabilities rose from $326m at December to $487m at September. GXO repaid $46m of lease principal during the nine months; those payments are financing outflows outside its free-cash-flow measure. The higher lease balance makes future cash commitments more relevant even when current cash capital spending falls.
| Measure | Value and unit | Period |
|---|---|---|
| Finance-lease liabilities · December 2025 | 326.0 USD m | 31 December 2025 |
| Finance-lease liabilities · September 2026 | 487.0 USD m | 30 September 2026 |
| Finance-lease principal payments · 9M 2026 | 46.0 USD m | 9M 2026 |
| Company free cash flow · 9M 2026 | 66.0 USD m | 9M 2026 |
USD m, balance-sheet dates and nine-month flows as labelled. Finance leases are already included in GXO debt; do not add them again. Lease interest is within operating cash flow.
Exact value, inputs and sourcesAfter divestment payment · -18.0 USD m
9M 2026 · Freight Insider arithmetic from rounded company inputs.
How much discretion does GXO have over the cash allocation?
Cash of $340m and $793m of undrawn revolving credit provide about $1.1bn of liquidity. Q3 buybacks of $84m almost matched the quarter’s $85m free cash flow before lease principal. Repurchases can be suspended under the programme’s terms, giving management a way to retain cash without stopping operations. Suspending buybacks would leave more cash available for operations and debt reduction.
| Measure | Value and unit | Period |
|---|---|---|
| Cash and cash equivalents | 340.0 USD m | 30 September 2026 |
| Undrawn revolver availability | 793.0 USD m | 30 September 2026 |
| Share repurchases · Q3 2026 | 84.0 USD m | Q3 2026 |
| Company free cash flow · Q3 2026 | 85.0 USD m | Q3 2026 |
USD m. Cash and credit are balance-sheet stocks; buybacks and free cash flow are Q3 flows. Credit is borrowing capacity. The nine-month divestment payment is separate from ongoing contract funding.
Exact value, inputs and sourcesAdditional receivables cash use · 139.0 USD m
9M 2026 versus 9M 2025 · Freight Insider arithmetic from rounded company inputs.
Was the quarter’s cash decline all caused by collections?
No. Q3 operating cash fell $76m, but lower cash capex offset $70m of that. The larger $102m free-cash-flow decline mainly reflects $96m less asset-sale proceeds. Receivables tied up cash over the nine months. The quarterly decline also reflects unusually high asset-sale proceeds last year, so collection timing alone does not explain it.
| Measure | Value and unit | Period |
|---|---|---|
| Lower operating cash flow | -76.0 USD m | Q3 2026 less Q3 2025 |
| Lower gross capex | 70.0 USD m | Q3 2026 less Q3 2025 |
| Lower asset-sale proceeds | -96.0 USD m | Q3 2026 less Q3 2025 |
| Operating cash less gross capex · Q3 2025 | 88.0 USD m | Q3 2025 |
| Operating cash less gross capex · Q3 2026 | 82.0 USD m | Q3 2026 |
USD m, Q3 2026 versus Q3 2025. Receivables cash use covers nine months; GXO attributes the increase mainly to collection timing, not identified bad debt.
Exact value, inputs and sourcesExact values and inputs
Revenue · Q3 2026 · 3,590.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Condensed consolidated statements of operations: revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3590.0 |
Revenue · Q3 2025 · 3,395.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Condensed consolidated statements of operations: revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3395.0 |
Revenue · 9M 2026 · 10,329.0 USD m · 9M 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Condensed consolidated statements of operations: revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 10329.0 |
Revenue · 9M 2025 · 9,671.0 USD m · 9M 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Condensed consolidated statements of operations: revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 9671.0 |
Q1 · organic revenue growth · 4.1 % · Q1 2026 / Q1 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Organic revenue reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-q2 | Organic revenue reconciliation | 4.1 |
Q2 · organic revenue growth · 3.4 % · Q2 2026 / Q2 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Organic revenue reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-q2 | Organic revenue reconciliation | 3.4 |
Q3 · organic revenue growth · 6.4 % · Q3 2026 / Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Organic revenue reconciliation; $3,612m constant-currency revenue / $3,395m − 1
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Organic revenue reconciliation; $3,612m constant-currency revenue / $3,395m − 1 | 6.4 |
FX adjustment to Q3 reported revenue · 22.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Organic revenue reconciliation: foreign currency exchange rates impact
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Organic revenue reconciliation: foreign currency exchange rates impact | 22.0 |
Q3 revenue after company FX adjustment · 3,612.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Organic revenue reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Organic revenue reconciliation | 3612.0 |
Approximate underlying volume increase · 1.0 % · Q3 2026
Management estimate of underlying customer activity; not a reconciled group revenue bridge.
Reported: Suchinski Q&A with Stephanie Moore: about 1% volume growth in Q3
| Source | Input | Value |
|---|---|---|
| gxo-q326-call | Suchinski Q&A with Stephanie Moore: about 1% volume growth in Q3 | 1.0 |
Q3 · reported revenue growth · 5.7 % · Q3 2026 / Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
(3590 / 3395 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3590.0 |
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3395.0 |
Additional Q3 revenue · 195.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
3590 − 3395
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3590.0 |
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3395.0 |
Adjusted EBITDA · Q3 2026 · 251.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Appendix: adjusted EBITDA / EBITA reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 251.0 |
Adjusted EBITDA · Q3 2025 · 251.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Appendix: adjusted EBITDA / EBITA reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 251.0 |
Adjusted EBITA · Q3 2026 · 163.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Appendix: adjusted EBITDA / EBITA reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 163.0 |
Adjusted EBITA · Q3 2025 · 164.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Appendix: adjusted EBITDA / EBITA reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 164.0 |
Adjusted EBITDA · 9M 2026 · 670.0 USD m · 9M 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Appendix: adjusted EBITDA / EBITA reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 670.0 |
Adjusted EBITDA · 9M 2025 · 626.0 USD m · 9M 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Appendix: adjusted EBITDA / EBITA reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 626.0 |
Direct costs · Q3 2026 · 3,064.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Statements of operations: Direct costs
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: Direct costs | 3064.0 |
Direct costs · Q3 2025 · 2,857.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Statements of operations: Direct costs
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: Direct costs | 2857.0 |
Operating income · Q3 2026 · 96.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Statements of operations: Operating income
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: Operating income | 96.0 |
Operating income · Q3 2025 · 118.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Statements of operations: Operating income
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: Operating income | 118.0 |
Income tax expense · Q3 2026 · 7.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Statements of operations: Income tax expense
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: Income tax expense | 7.0 |
Income tax expense · Q3 2025 · 28.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Statements of operations: Income tax expense
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: Income tax expense | 28.0 |
Net income · Q3 2026 · 65.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Statements of operations: Net income
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: Net income | 65.0 |
Net income · Q3 2025 · 60.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Statements of operations: Net income
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: Net income | 60.0 |
Integration costs · Q3 2026 · 26.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Statements of operations: Integration costs
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: Integration costs | 26.0 |
Integration costs · Q3 2025 · 14.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Statements of operations: Integration costs
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: Integration costs | 14.0 |
Lease-termination benefit in 9M EBITDA · 30.0 USD m · 9M 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Notes / management discussion: lease termination benefit recognised in Q2
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Notes / management discussion: lease termination benefit recognised in Q2 | 30.0 |
Adjusted diluted EPS · Q3 2026 · 0.9 USD/share · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Adjusted net income / EPS reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Adjusted net income / EPS reconciliation | 0.89 |
Adjusted diluted EPS · Q3 2025 · 0.8 USD/share · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Adjusted net income / EPS reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Adjusted net income / EPS reconciliation | 0.79 |
Additional direct operating costs · 207.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
3064 − 2857
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: Direct costs | 3064.0 |
| gxo-q326-filing | Statements of operations: Direct costs | 2857.0 |
Change in revenue less direct costs · -12.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
(3590 − 3064) − (3395 − 2857)
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3590.0 |
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3395.0 |
| gxo-q326-filing | Statements of operations: Direct costs | 3064.0 |
| gxo-q326-filing | Statements of operations: Direct costs | 2857.0 |
Adjusted EBITDA growth · 0.0 % · Q3 2026 / Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
(251 / 251 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 251.0 |
Operating income growth · -18.6 % · Q3 2026 / Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
(96 / 118 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: Operating income | 96.0 |
| gxo-q326-filing | Statements of operations: Operating income | 118.0 |
Adjusted EBITDA margin · Q3 2026 · 7.0 % · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
251 / 3590 × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 251.0 |
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3590.0 |
Adjusted EBITDA margin · Q3 2025 · 7.4 % · Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
251 / 3395 × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 251.0 |
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3395.0 |
9M EBITDA less identified lease benefit · 640.0 USD m · 9M 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
670 − 30
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 670.0 |
| gxo-q326-filing | Notes / management discussion: lease termination benefit recognised in Q2 | 30.0 |
9M EBITDA growth without identified benefit · 2.2 % · 9M 2026 / 9M 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
((670 − 30) / 626 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 670.0 |
| gxo-q326-filing | Notes / management discussion: lease termination benefit recognised in Q2 | 30.0 |
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 626.0 |
Omnichannel retail · Q3 2026 · 1,689.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 revenue disaggregation by customer industry
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1689.0 |
Omnichannel retail · Q3 2025 · 1,645.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 revenue disaggregation by customer industry
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1645.0 |
Omnichannel retail · 44.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
1689 − 1645
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1689.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1645.0 |
Omnichannel retail revenue growth · 2.7 % · Q3 2026 / Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
(1689 / 1645 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1689.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1645.0 |
Technology and electronics · Q3 2026 · 498.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 revenue disaggregation by customer industry
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 498.0 |
Technology and electronics · Q3 2025 · 420.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 revenue disaggregation by customer industry
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 420.0 |
Technology and electronics · 78.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
498 − 420
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 498.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 420.0 |
Technology and electronics revenue growth · 18.6 % · Q3 2026 / Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
(498 / 420 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 498.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 420.0 |
Industrial and manufacturing · Q3 2026 · 405.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 revenue disaggregation by customer industry
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 405.0 |
Industrial and manufacturing · Q3 2025 · 386.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 revenue disaggregation by customer industry
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 386.0 |
Industrial and manufacturing · 19.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
405 − 386
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 405.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 386.0 |
Industrial and manufacturing revenue growth · 4.9 % · Q3 2026 / Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
(405 / 386 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 405.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 386.0 |
Food and beverage · Q3 2026 · 351.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 revenue disaggregation by customer industry
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 351.0 |
Food and beverage · Q3 2025 · 371.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 revenue disaggregation by customer industry
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 371.0 |
Food and beverage · -20.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
351 − 371
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 351.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 371.0 |
Food and beverage revenue growth · -5.4 % · Q3 2026 / Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
(351 / 371 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 351.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 371.0 |
Consumer packaged goods · Q3 2026 · 333.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 revenue disaggregation by customer industry
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 333.0 |
Consumer packaged goods · Q3 2025 · 324.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 revenue disaggregation by customer industry
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 324.0 |
Consumer packaged goods · 9.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
333 − 324
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 333.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 324.0 |
Consumer packaged goods revenue growth · 2.8 % · Q3 2026 / Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
(333 / 324 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 333.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 324.0 |
Other industries · Q3 2026 · 314.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 revenue disaggregation by customer industry
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 314.0 |
Other industries · Q3 2025 · 249.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 revenue disaggregation by customer industry
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 249.0 |
Other industries · 65.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
314 − 249
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 314.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 249.0 |
Other industries revenue growth · 26.1 % · Q3 2026 / Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
(314 / 249 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 314.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 249.0 |
Technology share of revenue increase · 40.0 % · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
78 / 195 × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 498.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 420.0 |
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3590.0 |
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3395.0 |
United Kingdom revenue · Q3 2026 · 1,751.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 1751.0 |
United Kingdom revenue · Q3 2025 · 1,628.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 1628.0 |
United Kingdom · 123.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
1751 − 1628
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 1751.0 |
| gxo-q326-filing | Note 3 geographic revenue | 1628.0 |
United States revenue · Q3 2026 · 846.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 846.0 |
United States revenue · Q3 2025 · 801.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 801.0 |
United States · 45.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
846 − 801
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 846.0 |
| gxo-q326-filing | Note 3 geographic revenue | 801.0 |
Netherlands revenue · Q3 2026 · 263.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 263.0 |
Netherlands revenue · Q3 2025 · 275.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 275.0 |
Netherlands · -12.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
263 − 275
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 263.0 |
| gxo-q326-filing | Note 3 geographic revenue | 275.0 |
France revenue · Q3 2026 · 216.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 216.0 |
France revenue · Q3 2025 · 210.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 210.0 |
France · 6.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
216 − 210
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 216.0 |
| gxo-q326-filing | Note 3 geographic revenue | 210.0 |
Spain revenue · Q3 2026 · 184.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 184.0 |
Spain revenue · Q3 2025 · 170.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 170.0 |
Spain · 14.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
184 − 170
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 184.0 |
| gxo-q326-filing | Note 3 geographic revenue | 170.0 |
Italy revenue · Q3 2026 · 111.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 111.0 |
Italy revenue · Q3 2025 · 103.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 103.0 |
Italy · 8.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
111 − 103
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 111.0 |
| gxo-q326-filing | Note 3 geographic revenue | 103.0 |
Other countries revenue · Q3 2026 · 219.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 219.0 |
Other countries revenue · Q3 2025 · 208.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 208.0 |
Other countries · 11.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
219 − 208
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 219.0 |
| gxo-q326-filing | Note 3 geographic revenue | 208.0 |
US revenue · 9M 2026 · 2,379.0 USD m · 9M 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 2379.0 |
US revenue · 9M 2025 · 2,320.0 USD m · 9M 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note 3 geographic revenue
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 2320.0 |
US revenue growth · H1 · 0.9 % · H1 2026 / H1 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
((2379 − 846) / (2320 − 801) − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 2379.0 |
| gxo-q326-filing | Note 3 geographic revenue | 846.0 |
| gxo-q326-filing | Note 3 geographic revenue | 2320.0 |
| gxo-q326-filing | Note 3 geographic revenue | 801.0 |
US revenue growth · Q3 · 5.6 % · Q3 2026 / Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
(846 / 801 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 846.0 |
| gxo-q326-filing | Note 3 geographic revenue | 801.0 |
UK share of sales · 48.8 % · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
1751 / 3590 × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 geographic revenue | 1751.0 |
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3590.0 |
Q3 2025 wins · 280.0 USD m · Q3 2025
GXO gross annualised contract awards, not recognised revenue or net organic growth.
Reported: Slides 5 and 10: annualised new business wins, respective quarter closing FX
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 280.0 |
Q3 2026 wins · 375.0 USD m · Q3 2026
GXO gross annualised contract awards, not recognised revenue or net organic growth.
Reported: Slides 5 and 10: annualised new business wins, respective quarter closing FX
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 375.0 |
9M 2025 wins · 814.0 USD m · 9M 2025
GXO gross annualised contract awards, not recognised revenue or net organic growth.
Reported: Slides 5 and 10: annualised new business wins, respective quarter closing FX
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 814.0 |
9M 2026 wins · 1,013.0 USD m · 9M 2026
GXO gross annualised contract awards, not recognised revenue or net organic growth.
Reported: Slides 5 and 10: annualised new business wins, respective quarter closing FX
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 1013.0 |
Strategic wins · Q3 2025 · 43.0 USD m · Q3 2025
GXO gross annualised contract awards, not recognised revenue or net organic growth.
Reported: Slides 5 and 10: annualised new business wins, respective quarter closing FX
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 43.0 |
Strategic wins · Q3 2026 · 122.0 USD m · Q3 2026
GXO gross annualised contract awards, not recognised revenue or net organic growth.
Reported: Slides 5 and 10: annualised new business wins, respective quarter closing FX
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 122.0 |
Strategic wins · 9M 2025 · 132.0 USD m · 9M 2025
GXO gross annualised contract awards, not recognised revenue or net organic growth.
Reported: Slides 5 and 10: annualised new business wins, respective quarter closing FX
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 132.0 |
Strategic wins · 9M 2026 · 411.0 USD m · 9M 2026
GXO gross annualised contract awards, not recognised revenue or net organic growth.
Reported: Slides 5 and 10: annualised new business wins, respective quarter closing FX
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 411.0 |
Pipeline · Q3 2026 · 3,100.0 USD m · Q3 2026
GXO sales opportunities; not signed contracts or recognised revenue.
Reported: Slides 5 and 10
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10 | 3100.0 |
Pipeline · Q3 2025 · 2,300.0 USD m · Q3 2025
GXO sales opportunities; not signed contracts.
Reported: Slide 5
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 5 | 2300.0 |
Change in other annualised wins · -80.0 USD m · 9M 2026 less 9M 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
(1013 − 411) − (814 − 132)
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 1013.0 |
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 411.0 |
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 814.0 |
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 132.0 |
Change in strategic annualised wins · 279.0 USD m · 9M 2026 less 9M 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
411 − 132
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 411.0 |
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 132.0 |
2027 incremental revenue secured by Q3 · 630.0 USD m · 2027 expected from contracts signed through Q3 2026
Management expected incremental revenue; gross contribution before churn, activity changes and other offsets.
Reported: Slides 4 and 11
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 4 and 11 | 630.0 |
Prior year-ahead position at Q3 2025 · 690.0 USD m · 2026 expected from contracts signed through Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Slide 4 footnote 3
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 4 footnote 3 | 690.0 |
Management year-end threshold for 2027 · 850.0 USD m · 2027; target at end-2026
Management target exceeds $850m; 850 is the threshold, not an achieved or exact forecast value.
Reported: Andrew Cox / Bruce Chan Q&A: expect over $850m
| Source | Input | Value |
|---|---|---|
| gxo-q326-call | Andrew Cox / Bruce Chan Q&A: expect over $850m | 850.0 |
Incremental revenue entering 2026 · 774.0 USD m · 2026; year-end 2025 signed position
GXO consolidated; reported USD, rounded company disclosure.
Reported: Andrew Cox / Bruce Chan Q&A: $774m entering this year
| Source | Input | Value |
|---|---|---|
| gxo-q326-call | Andrew Cox / Bruce Chan Q&A: $774m entering this year | 774.0 |
First-time outsourcing · 26.0 % · 9M 2026
Share of $1.013bn gross annualised awards, not share of revenue.
Reported: Slide 11: YTD 2026 contract wins by source
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 11: YTD 2026 contract wins by source | 26.0 |
Transferred from competitors · 33.0 % · 9M 2026
Share of $1.013bn gross annualised awards, not share of revenue.
Reported: Slide 11: YTD 2026 contract wins by source
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 11: YTD 2026 contract wins by source | 33.0 |
New customer activity · 41.0 % · 9M 2026
Share of $1.013bn gross annualised awards, not share of revenue.
Reported: Slide 11: YTD 2026 contract wins by source
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 11: YTD 2026 contract wins by source | 41.0 |
Change in comparable year-ahead secured revenue · -8.7 % · Q3 2026 position versus Q3 2025 position
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
(630 / 690 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 4 and 11 | 630.0 |
| gxo-q326-deck | Slide 4 footnote 3 | 690.0 |
Additional signed contribution needed to reach threshold · 220.0 USD m · Q4 2026 signing target for 2027
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
850 − 630; more than this required to exceed threshold
| Source | Input | Value |
|---|---|---|
| gxo-q326-call | Andrew Cox / Bruce Chan Q&A: expect over $850m | 850.0 |
| gxo-q326-deck | Slides 4 and 11 | 630.0 |
Additional US sites planned for Digit · 2.0 sites · Early-2027 plan
Post-quarter strategic announcement; planned deployments, not completed sites or Q3 revenue.
Reported: 26 October announcement: Statesville NC and Lebanon TN in early 2027
| Source | Input | Value |
|---|---|---|
| gxo-q326-agility | 26 October announcement: Statesville NC and Lebanon TN in early 2027 | 2.0 |
Initial commercial deployment year · 2,024.0 year · 2024
GXO consolidated; reported USD, rounded company disclosure.
Reported: Flowery Branch deployment began in 2024
| Source | Input | Value |
|---|---|---|
| gxo-q326-agility | Flowery Branch deployment began in 2024 | 2024.0 |
Totes moved since first deployment · 100,000.0 totes · Cumulative since 2024 through October 2026
Company threshold, not exact throughput, productivity rate or profit.
Reported: More than 100,000 totes at Flowery Branch; threshold
| Source | Input | Value |
|---|---|---|
| gxo-q326-agility | More than 100,000 totes at Flowery Branch; threshold | 100000.0 |
New finance-lease assets · 9M 2026 · 207.0 USD m · 9M 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Supplemental cash-flow information: assets obtained under finance leases
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Supplemental cash-flow information: assets obtained under finance leases | 207.0 |
New finance-lease assets · 9M 2025 · 83.0 USD m · 9M 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Supplemental cash-flow information
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Supplemental cash-flow information | 83.0 |
Finance-lease liabilities · September 2026 · 487.0 USD m · 30 September 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note: leases, maturity and balance sheet amounts
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note: leases, maturity and balance sheet amounts | 487.0 |
Finance-lease liabilities · December 2025 · 326.0 USD m · 31 December 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note: leases
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note: leases | 326.0 |
Operating cash flow · Q3 2026 · 156.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash-flow / free-cash-flow reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 156.0 |
Operating cash flow · Q3 2025 · 232.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash-flow / free-cash-flow reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 232.0 |
Gross cash capex · Q3 2026 · 74.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash-flow / free-cash-flow reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 74.0 |
Gross cash capex · Q3 2025 · 144.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash-flow / free-cash-flow reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 144.0 |
Asset-sale proceeds · Q3 2026 · 3.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash-flow / free-cash-flow reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 3.0 |
Asset-sale proceeds · Q3 2025 · 99.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash-flow / free-cash-flow reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 99.0 |
Company free cash flow · Q3 2026 · 85.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash-flow / free-cash-flow reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 85.0 |
Company free cash flow · Q3 2025 · 187.0 USD m · Q3 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash-flow / free-cash-flow reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 187.0 |
Operating cash flow · 9M 2026 · 263.0 USD m · 9M 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash-flow / free-cash-flow reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 263.0 |
Gross cash capex · 9M 2026 · 204.0 USD m · 9M 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash-flow / free-cash-flow reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 204.0 |
Company free cash flow · 9M 2026 · 66.0 USD m · 9M 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash-flow / free-cash-flow reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 66.0 |
Company free cash flow · 9M 2025 · 96.0 USD m · 9M 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash-flow / free-cash-flow reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 96.0 |
Wincanton divestment cash payment · 38.0 USD m · 9M 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Investing cash flows: divestiture of business, net of cash divested
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Investing cash flows: divestiture of business, net of cash divested | 38.0 |
Share repurchases · Q3 2026 · 84.0 USD m · Q3 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Prepared remarks: $84m returned in third quarter
| Source | Input | Value |
|---|---|---|
| gxo-q326-call | Prepared remarks: $84m returned in third quarter | 84.0 |
Cash and cash equivalents · 340.0 USD m · 30 September 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Balance sheet: cash and cash equivalents
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Balance sheet: cash and cash equivalents | 340.0 |
Cash and cash equivalents · year-end · 854.0 USD m · 31 December 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Balance sheet
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Balance sheet | 854.0 |
Total debt · 2,818.0 USD m · 30 September 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note: debt; principal carrying balance
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note: debt; principal carrying balance | 2818.0 |
Total debt · year-end · 3,065.0 USD m · 31 December 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Note: debt
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note: debt | 3065.0 |
Undrawn revolver availability · 793.0 USD m · 30 September 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Liquidity: $793m available after letters of credit
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Liquidity: $793m available after letters of credit | 793.0 |
Company net debt · 2,480.0 USD m · 30 September 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Appendix: debt less cash plus bank overdrafts
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: debt less cash plus bank overdrafts | 2480.0 |
Accounts-receivable cash use · 9M 2026 · 215.0 USD m · 9M 2026
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash flow statement: accounts receivable −215
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Cash flow statement: accounts receivable −215 | 215.0 |
Accounts-receivable cash use · 9M 2025 · 76.0 USD m · 9M 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Cash flow statement: accounts receivable −76
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Cash flow statement: accounts receivable −76 | 76.0 |
Operating cash less gross capex · Q3 2026 · 82.0 USD m · Q3 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
156 − 74
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 156.0 |
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 74.0 |
Operating cash less gross capex · Q3 2025 · 88.0 USD m · Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
232 − 144
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 232.0 |
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 144.0 |
Lower operating cash flow · -76.0 USD m · Q3 2026 less Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
156 − 232
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 156.0 |
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 232.0 |
Lower gross capex · 70.0 USD m · Q3 2026 less Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
144 − 74; cash benefit
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 74.0 |
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 144.0 |
Lower asset-sale proceeds · -96.0 USD m · Q3 2026 less Q3 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
3 − 99
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 3.0 |
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 99.0 |
Company 9M FCF less divestment payment · 28.0 USD m · 9M 2026
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
66 − 38
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 66.0 |
| gxo-q326-filing | Investing cash flows: divestiture of business, net of cash divested | 38.0 |
Full-year EBITDA guidance · low · 945.0 USD m · FY 2026 guidance
GXO consolidated; reported USD, rounded company disclosure.
Reported: Slide 9: FY 2026 guidance unchanged
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 9: FY 2026 guidance unchanged | 945.0 |
Full-year EBITDA guidance · high · 965.0 USD m · FY 2026 guidance
GXO consolidated; reported USD, rounded company disclosure.
Reported: Slide 9: FY 2026 guidance unchanged
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 9: FY 2026 guidance unchanged | 965.0 |
Full-year 2025 adjusted EBITDA · 881.0 USD m · FY 2025
GXO consolidated; reported USD, rounded company disclosure.
Reported: Appendix EBITDA reconciliation
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix EBITDA reconciliation | 881.0 |
FCF conversion guidance · low · 30.0 % · FY 2026 guidance
GXO consolidated; reported USD, rounded company disclosure.
Reported: Slide 9: FCF / adjusted EBITDA
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 9: FCF / adjusted EBITDA | 30.0 |
FCF conversion guidance · high · 40.0 % · FY 2026 guidance
GXO consolidated; reported USD, rounded company disclosure.
Reported: Slide 9
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 9 | 40.0 |
Q4 EBITDA required · low endpoint · 275.0 USD m · Q4 2026 implied by FY guidance
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
945 − 670
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 9: FY 2026 guidance unchanged | 945.0 |
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 670.0 |
Q4 EBITDA required · high endpoint · 295.0 USD m · Q4 2026 implied by FY guidance
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
965 − 670
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 9: FY 2026 guidance unchanged | 965.0 |
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 670.0 |
Q4 2025 adjusted EBITDA · 255.0 USD m · Q4 2025
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
881 − 626
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix EBITDA reconciliation | 881.0 |
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 626.0 |
Q4 FCF needed · low combined endpoint · 217.5 USD m · Q4 2026 guidance arithmetic
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
945 × 30% − 66
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 9: FY 2026 guidance unchanged | 945.0 |
| gxo-q326-deck | Slide 9: FCF / adjusted EBITDA | 30.0 |
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 66.0 |
Q4 FCF needed · high combined endpoint · 320.0 USD m · Q4 2026 guidance arithmetic
GXO consolidated; FI arithmetic from rounded company inputs, not causal attribution.
965 × 40% − 66
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 9: FY 2026 guidance unchanged | 965.0 |
| gxo-q326-deck | Slide 9 | 40.0 |
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 66.0 |
Change in Q3 free cash flow · -102.0 USD m · Q3 2026 versus Q3 2025
Freight Insider arithmetic from rounded company inputs.
85 − 187
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 85.0 |
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 187.0 |
Increase in wins starting within the year · 10.0 percentage points · 2026 versus 2025
Approximate management description of timing mix; not a group revenue-growth contribution.
Reported: Q&A Oppenheimer, lines 639–647: about 10 percentage-point rise in in-year-for-year business
| Source | Input | Value |
|---|---|---|
| gxo-q326-call | Q&A Oppenheimer, lines 639–647: about 10 percentage-point rise in in-year-for-year business | 10.0 |
Central and administrative costs · Q3 2026 · 285.0 USD m · Q3 2026
GXO consolidated; company disclosure.
Reported: Statements of operations: SG&A
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: SG&A | 285.0 |
Central and administrative costs · Q3 2025 · 285.0 USD m · Q3 2025
GXO consolidated; company disclosure.
Reported: Statements of operations: SG&A
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: SG&A | 285.0 |
Retail, food and consumer goods · Q3 2026 · 2,373.0 USD m · Q3 2026
Freight Insider arithmetic from rounded company inputs.
1689 + 351 + 333
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1689.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 351.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 333.0 |
Retail, food and consumer goods · Q3 2025 · 2,340.0 USD m · Q3 2025
Freight Insider arithmetic from rounded company inputs.
1645 + 371 + 324
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1645.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 371.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 324.0 |
Retail, food and consumer goods increase · 33.0 USD m · Q3 2026 versus Q3 2025
Freight Insider arithmetic from rounded company inputs.
2373 − 2340
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1689.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 351.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 333.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1645.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 371.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 324.0 |
Retail, food and consumer goods growth · 1.4 % · Q3 2026 versus Q3 2025
Freight Insider arithmetic from rounded company inputs.
(2373 / 2340 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1689.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 351.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 333.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1645.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 371.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 324.0 |
Revenue growth excluding technology · 3.9 % · Q3 2026 versus Q3 2025
Freight Insider arithmetic from rounded company inputs.
((3590 − 498) / (3395 − 420) − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3590.0 |
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3395.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 498.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 420.0 |
Other sectors · 9M 2025 wins · 682.0 USD m · 9M 2025
Freight Insider arithmetic from rounded company inputs.
814 − 132
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 814.0 |
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 132.0 |
Other sectors · 9M 2026 wins · 602.0 USD m · 9M 2026
Freight Insider arithmetic from rounded company inputs.
1013 − 411
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 1013.0 |
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 411.0 |
2027 revenue added to signed book in Q3 · 267.0 USD m · Q3 2026 additions for 2027
GXO consolidated; company disclosure.
Reported: Prepared remarks lines 199–204
| Source | Input | Value |
|---|---|---|
| gxo-q326-call | Prepared remarks lines 199–204 | 267.0 |
2026 revenue added to signed book in prior Q3 · 206.0 USD m · Q3 2025 additions for 2026
GXO consolidated; company disclosure.
Reported: Prepared remarks lines 199–204
| Source | Input | Value |
|---|---|---|
| gxo-q326-call | Prepared remarks lines 199–204 | 206.0 |
Prior Q4 increase in year-ahead signed revenue · 84.0 USD m · Q4 2025 change in company-disclosed position
Freight Insider arithmetic from rounded company inputs.
774 − 690
| Source | Input | Value |
|---|---|---|
| gxo-q326-call | Andrew Cox / Bruce Chan Q&A: $774m entering this year | 774.0 |
| gxo-q326-deck | Slide 4 footnote 3 | 690.0 |
Cash capital expenditure · 9M 2025 · 269.0 USD m · 9M 2025
GXO consolidated; company disclosure.
Reported: Cash flow statement, capital expenditures
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Cash flow statement, capital expenditures | 269.0 |
Increase in finance-lease liabilities · 161.0 USD m · September 2026 versus December 2025
Freight Insider arithmetic from rounded company inputs.
487 − 326
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note: leases, maturity and balance sheet amounts | 487.0 |
| gxo-q326-filing | Note: leases | 326.0 |
Required Q4 EBITDA growth · lower end · 7.8 % · Q4 2026 versus Q4 2025
Freight Insider arithmetic from rounded company inputs.
(275 / 255 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 9: FY 2026 guidance unchanged | 945.0 |
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 670.0 |
| gxo-q326-deck | Appendix EBITDA reconciliation | 881.0 |
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 626.0 |
Required Q4 EBITDA growth · upper end · 15.7 % · Q4 2026 versus Q4 2025
Freight Insider arithmetic from rounded company inputs.
(295 / 255 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 9: FY 2026 guidance unchanged | 965.0 |
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 670.0 |
| gxo-q326-deck | Appendix EBITDA reconciliation | 881.0 |
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 626.0 |
Retail revenue · 9M 2026 · 4,887.0 USD m · 9M 2026
GXO consolidated; company disclosure.
Reported: Note 3, industry revenue / nine months / Retail
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Retail | 4887.0 |
Retail revenue · H1 2026 · 3,198.0 USD m · H1 2026
Freight Insider arithmetic from rounded company inputs.
Nine months less Q3
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Retail | 4887.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1689.0 |
Retail revenue · 9M 2025 · 4,693.0 USD m · 9M 2025
GXO consolidated; company disclosure.
Reported: Note 3, industry revenue / nine months / Retail
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Retail | 4693.0 |
Retail revenue · H1 2025 · 3,048.0 USD m · H1 2025
Freight Insider arithmetic from rounded company inputs.
Nine months less Q3
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Retail | 4693.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1645.0 |
Retail · H1 growth · 4.9 % · H1 2026 versus H1 2025
Freight Insider arithmetic from rounded company inputs.
(H1 2026 / H1 2025 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Retail | 4887.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1689.0 |
| gxo-q326-filing | Note 3, industry revenue / nine months / Retail | 4693.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1645.0 |
Technology revenue · 9M 2026 · 1,370.0 USD m · 9M 2026
GXO consolidated; company disclosure.
Reported: Note 3, industry revenue / nine months / Technology
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Technology | 1370.0 |
Technology revenue · H1 2026 · 872.0 USD m · H1 2026
Freight Insider arithmetic from rounded company inputs.
Nine months less Q3
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Technology | 1370.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 498.0 |
Technology revenue · 9M 2025 · 1,215.0 USD m · 9M 2025
GXO consolidated; company disclosure.
Reported: Note 3, industry revenue / nine months / Technology
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Technology | 1215.0 |
Technology revenue · H1 2025 · 795.0 USD m · H1 2025
Freight Insider arithmetic from rounded company inputs.
Nine months less Q3
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Technology | 1215.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 420.0 |
Technology · H1 growth · 9.7 % · H1 2026 versus H1 2025
Freight Insider arithmetic from rounded company inputs.
(H1 2026 / H1 2025 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Technology | 1370.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 498.0 |
| gxo-q326-filing | Note 3, industry revenue / nine months / Technology | 1215.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 420.0 |
Food and beverage revenue · 9M 2026 · 1,009.0 USD m · 9M 2026
GXO consolidated; company disclosure.
Reported: Note 3, industry revenue / nine months / Food and beverage
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Food and beverage | 1009.0 |
Food and beverage revenue · H1 2026 · 658.0 USD m · H1 2026
Freight Insider arithmetic from rounded company inputs.
Nine months less Q3
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Food and beverage | 1009.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 351.0 |
Food and beverage revenue · 9M 2025 · 1,044.0 USD m · 9M 2025
GXO consolidated; company disclosure.
Reported: Note 3, industry revenue / nine months / Food and beverage
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Food and beverage | 1044.0 |
Food and beverage revenue · H1 2025 · 673.0 USD m · H1 2025
Freight Insider arithmetic from rounded company inputs.
Nine months less Q3
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Food and beverage | 1044.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 371.0 |
Food and beverage · H1 growth · -2.2 % · H1 2026 versus H1 2025
Freight Insider arithmetic from rounded company inputs.
(H1 2026 / H1 2025 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Food and beverage | 1009.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 351.0 |
| gxo-q326-filing | Note 3, industry revenue / nine months / Food and beverage | 1044.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 371.0 |
Consumer packaged goods revenue · 9M 2026 · 998.0 USD m · 9M 2026
GXO consolidated; company disclosure.
Reported: Note 3, industry revenue / nine months / Consumer packaged goods
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Consumer packaged goods | 998.0 |
Consumer packaged goods revenue · H1 2026 · 665.0 USD m · H1 2026
Freight Insider arithmetic from rounded company inputs.
Nine months less Q3
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Consumer packaged goods | 998.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 333.0 |
Consumer packaged goods revenue · 9M 2025 · 898.0 USD m · 9M 2025
GXO consolidated; company disclosure.
Reported: Note 3, industry revenue / nine months / Consumer packaged goods
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Consumer packaged goods | 898.0 |
Consumer packaged goods revenue · H1 2025 · 574.0 USD m · H1 2025
Freight Insider arithmetic from rounded company inputs.
Nine months less Q3
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Consumer packaged goods | 898.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 324.0 |
Consumer packaged goods · H1 growth · 15.9 % · H1 2026 versus H1 2025
Freight Insider arithmetic from rounded company inputs.
(H1 2026 / H1 2025 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Consumer packaged goods | 998.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 333.0 |
| gxo-q326-filing | Note 3, industry revenue / nine months / Consumer packaged goods | 898.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 324.0 |
Consumer sectors · H1 2026 · 4,521.0 USD m · H1 2026
Freight Insider arithmetic from rounded company inputs.
Retail + food and beverage + consumer packaged goods
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Retail | 4887.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1689.0 |
| gxo-q326-filing | Note 3, industry revenue / nine months / Food and beverage | 1009.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 351.0 |
| gxo-q326-filing | Note 3, industry revenue / nine months / Consumer packaged goods | 998.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 333.0 |
Consumer sectors · H1 2025 · 4,295.0 USD m · H1 2025
Freight Insider arithmetic from rounded company inputs.
Retail + food and beverage + consumer packaged goods
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Retail | 4693.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1645.0 |
| gxo-q326-filing | Note 3, industry revenue / nine months / Food and beverage | 1044.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 371.0 |
| gxo-q326-filing | Note 3, industry revenue / nine months / Consumer packaged goods | 898.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 324.0 |
Consumer sectors · H1 · 5.3 % · H1 2026 versus H1 2025
Freight Insider arithmetic from rounded company inputs.
(4521 / 4295 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3, industry revenue / nine months / Retail | 4887.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1689.0 |
| gxo-q326-filing | Note 3, industry revenue / nine months / Food and beverage | 1009.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 351.0 |
| gxo-q326-filing | Note 3, industry revenue / nine months / Consumer packaged goods | 998.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 333.0 |
| gxo-q326-filing | Note 3, industry revenue / nine months / Retail | 4693.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1645.0 |
| gxo-q326-filing | Note 3, industry revenue / nine months / Food and beverage | 1044.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 371.0 |
| gxo-q326-filing | Note 3, industry revenue / nine months / Consumer packaged goods | 898.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 324.0 |
Consumer sectors share of Q3 revenue · 66.1 % · Q3 2026
Freight Insider arithmetic from rounded company inputs.
2373 / 3590 × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 1689.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 351.0 |
| gxo-q326-filing | Note 3 revenue disaggregation by customer industry | 333.0 |
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3590.0 |
Amazon cash capex · Q3 2026 · 75.9 USD bn · Q3 2026
Amazon consolidated cash capital expenditures: primarily technology infrastructure and fulfilment capacity. Not GXO revenue or customer exposure.
Reported: Liquidity and capital resources, cash capital expenditures
| Source | Input | Value |
|---|---|---|
| amazon-q326 | Liquidity and capital resources, cash capital expenditures | 75.9 |
Amazon cash capex · Q3 2025 · 34.2 USD bn · Q3 2025
Amazon consolidated; same cash-capex definition as current period.
Reported: Liquidity and capital resources, cash capital expenditures
| Source | Input | Value |
|---|---|---|
| amazon-q326 | Liquidity and capital resources, cash capital expenditures | 34.2 |
Microsoft calendar-2026 capex expectation · 170.0 USD bn · Calendar 2026 forecast, 28 October
Microsoft company-defined capex includes finance leases; not comparable to Amazon cash capex. Capacity delivery timing evidence, not a GXO contract or customer attribution.
Reported: CFO outlook: calendar spend approximately $170bn; third-party capacity delayed to fiscal H2
| Source | Input | Value |
|---|---|---|
| microsoft-fy27q1 | CFO outlook: calendar spend approximately $170bn; third-party capacity delayed to fiscal H2 | 170.0 |
Q3 2025 · 15.8 USD per USD 100 sales · Q3 2025
Freight Insider arithmetic from rounded company inputs.
(Revenue − direct operating costs) / revenue × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3395.0 |
| gxo-q326-filing | Statements of operations: Direct costs | 2857.0 |
Q3 2026 · 14.7 USD per USD 100 sales · Q3 2026
Freight Insider arithmetic from rounded company inputs.
(Revenue − direct operating costs) / revenue × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3590.0 |
| gxo-q326-filing | Statements of operations: Direct costs | 3064.0 |
Direct costs above prior-year revenue ratio · 42.9 USD m · Q3 2026 versus Q3 2025
Mechanical sensitivity at Q3 2026 sales and prior Q3 direct-cost ratio. Not a measured startup cost, profit forecast or causal allocation.
3064 − 3590 × 2857 / 3395
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Statements of operations: Direct costs | 3064.0 |
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3590.0 |
| gxo-q326-filing | Statements of operations: Direct costs | 2857.0 |
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3395.0 |
One percentage point of Q3 revenue · 35.9 USD m · Q3 2026 versus Q3 2025
Freight Insider arithmetic from rounded company inputs.
3590 × 1%
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Condensed consolidated statements of operations: revenue | 3590.0 |
North America · Q3 2025 · 713.0 USD m · Q3 2025
Approximate from rounded company pipeline value and share; uncontracted opportunities.
Pipeline × North America share
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 5 | 2300.0 |
| gxo-q326-deck | Slide 5 stacked pipeline bars | 31.0 |
Other regions · Q3 2025 · 1,587.0 USD m · Q3 2025
Approximate rest-of-world residual; not signed business.
Pipeline × (1 − North America share)
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slide 5 | 2300.0 |
| gxo-q326-deck | Slide 5 stacked pipeline bars | 31.0 |
North America · Q3 2026 · 1,333.0 USD m · Q3 2026
Approximate from rounded company pipeline value and share; uncontracted opportunities.
Pipeline × North America share
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10 | 3100.0 |
| gxo-q326-deck | Slide 5 stacked pipeline bars | 43.0 |
Other regions · Q3 2026 · 1,767.0 USD m · Q3 2026
Approximate rest-of-world residual; not signed business.
Pipeline × (1 − North America share)
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10 | 3100.0 |
| gxo-q326-deck | Slide 5 stacked pipeline bars | 43.0 |
North America · 620.0 USD m · Q3 2026 versus Q3 2025
Freight Insider arithmetic from rounded company inputs.
1333 − 713
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10 | 3100.0 |
| gxo-q326-deck | Slide 5 stacked pipeline bars | 43.0 |
| gxo-q326-deck | Slide 5 | 2300.0 |
| gxo-q326-deck | Slide 5 stacked pipeline bars | 31.0 |
Other regions · 180.0 USD m · Q3 2026 versus Q3 2025
Freight Insider arithmetic from rounded company inputs.
1767 − 1587
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10 | 3100.0 |
| gxo-q326-deck | Slide 5 stacked pipeline bars | 43.0 |
| gxo-q326-deck | Slide 5 | 2300.0 |
| gxo-q326-deck | Slide 5 stacked pipeline bars | 31.0 |
North America share of pipeline increase · 77.5 % · Q3 2026 versus Q3 2025
Freight Insider arithmetic from rounded company inputs.
620 / (620 + 180) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10 | 3100.0 |
| gxo-q326-deck | Slide 5 stacked pipeline bars | 43.0 |
| gxo-q326-deck | Slide 5 | 2300.0 |
| gxo-q326-deck | Slide 5 stacked pipeline bars | 31.0 |
Strategic share of pipeline · 34.0 % · Q3 2026
GXO consolidated; company disclosure.
Reported: Pipeline slide: strategic growth verticals 34%
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Pipeline slide: strategic growth verticals 34% | 34.0 |
Other sectors: change in 9M awards · -11.7 % · 9M 2026 versus 9M 2025
Freight Insider arithmetic from rounded company inputs.
(602 / 682 − 1) × 100
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 1013.0 |
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 411.0 |
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 814.0 |
| gxo-q326-deck | Slides 5 and 10: annualised new business wins, respective quarter closing FX | 132.0 |
Q2 2026 annualised awards · 410.0 USD m · Q2 2026
GXO consolidated; company disclosure.
Reported: Q&A Oppenheimer lines 639–642
| Source | Input | Value |
|---|---|---|
| gxo-q326-call | Q&A Oppenheimer lines 639–642 | 410.0 |
Finance-lease depreciation · Q3 2026 · 31.0 USD m · Q3 2026
GXO consolidated; company disclosure.
Reported: Note 5, amortisation of assets under finance leases
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 5, amortisation of assets under finance leases | 31.0 |
Finance-lease depreciation · Q3 2025 · 12.0 USD m · Q3 2025
GXO consolidated; company disclosure.
Reported: Note 5, amortisation of assets under finance leases
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 5, amortisation of assets under finance leases | 12.0 |
Finance-lease interest · Q3 2026 · 7.0 USD m · Q3 2026
GXO consolidated; company disclosure.
Reported: Note 5, interest on finance-lease liabilities
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 5, interest on finance-lease liabilities | 7.0 |
Finance-lease interest · Q3 2025 · 5.0 USD m · Q3 2025
GXO consolidated; company disclosure.
Reported: Note 5, interest on finance-lease liabilities
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 5, interest on finance-lease liabilities | 5.0 |
Finance-lease principal payments · 9M 2026 · 46.0 USD m · 9M 2026
GXO consolidated; company disclosure.
Reported: Cash flow statement, repayment of finance leases
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Cash flow statement, repayment of finance leases | 46.0 |
Share repurchases and excise tax · 9M 2026 · 102.0 USD m · 9M 2026
GXO consolidated; company disclosure.
Reported: Cash flow statement, common stock repurchases and excise tax
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Cash flow statement, common stock repurchases and excise tax | 102.0 |
Lease depreciation and interest · Q3 2025 · 17.0 USD m · Q3 2025
Freight Insider arithmetic from rounded company inputs.
Finance-lease asset amortisation + finance-lease interest
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 5, amortisation of assets under finance leases | 12.0 |
| gxo-q326-filing | Note 5, interest on finance-lease liabilities | 5.0 |
Lease depreciation and interest · Q3 2026 · 38.0 USD m · Q3 2026
Freight Insider arithmetic from rounded company inputs.
Finance-lease asset amortisation + finance-lease interest
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Note 5, amortisation of assets under finance leases | 31.0 |
| gxo-q326-filing | Note 5, interest on finance-lease liabilities | 7.0 |
After finance-lease principal · 20.0 USD m · 9M 2026
Freight Insider arithmetic from rounded company inputs.
66 − 46
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 66.0 |
| gxo-q326-filing | Cash flow statement, repayment of finance leases | 46.0 |
After divestment payment · -18.0 USD m · 9M 2026
Freight Insider arithmetic from rounded company inputs.
66 − 46 − 38
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 66.0 |
| gxo-q326-filing | Cash flow statement, repayment of finance leases | 46.0 |
| gxo-q326-filing | Investing cash flows: divestiture of business, net of cash divested | 38.0 |
After share repurchases and tax · -120.0 USD m · 9M 2026
Cash generated after selected uses, before other debt repayments, financing, FX and other movements. Not the change in cash balance.
66 − 46 − 38 − 102
| Source | Input | Value |
|---|---|---|
| gxo-q326-release | Cash-flow / free-cash-flow reconciliation | 66.0 |
| gxo-q326-filing | Cash flow statement, repayment of finance leases | 46.0 |
| gxo-q326-filing | Investing cash flows: divestiture of business, net of cash divested | 38.0 |
| gxo-q326-filing | Cash flow statement, common stock repurchases and excise tax | 102.0 |
Additional receivables cash use · 139.0 USD m · 9M 2026 versus 9M 2025
Freight Insider arithmetic from rounded company inputs.
215 − 76
| Source | Input | Value |
|---|---|---|
| gxo-q326-filing | Cash flow statement: accounts receivable −215 | 215.0 |
| gxo-q326-filing | Cash flow statement: accounts receivable −76 | 76.0 |
Full-year EBITDA if Q4 is flat · 925.0 USD m · Illustrative FY2026 scenario
Freight Insider arithmetic from rounded company inputs.
670 + 255
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 670.0 |
| gxo-q326-deck | Appendix EBITDA reconciliation | 881.0 |
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 626.0 |
Shortfall to minimum annual guidance · 20.0 USD m · Illustrative FY2026 scenario
Freight Insider arithmetic from rounded company inputs.
945 − (670 + 255)
| Source | Input | Value |
|---|---|---|
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 670.0 |
| gxo-q326-deck | Appendix EBITDA reconciliation | 881.0 |
| gxo-q326-deck | Appendix: adjusted EBITDA / EBITA reconciliation | 626.0 |
| gxo-q326-deck | Slide 9: FY 2026 guidance unchanged | 945.0 |
Sources & basis
- GXO Q3 2026 results and reconciliations
GXO Logistics · 2026-11-03 - GXO Q3 2026 Form 10-Q: statements and notes
GXO Logistics · 2026-11-04 - GXO Q3 2026 full earnings-call transcript, including all Q&A
GXO Logistics · 2026-11-04 - GXO Q3 2026 presentation (company slides, retained mirror PDF)
GXO Logistics · 2026-11-03 - GXO Q2 2026 presentation and prior-quarter comparator
GXO Logistics · 2026-08-04 - GXO opens a strategic logistics hub in Malaysia
GXO Logistics · 2026-10-27 - GXO and Agility Robotics expand their partnership
GXO Logistics · 2026-10-26 - Amazon Q3 2026 Form 10-Q: cash investment
Amazon · 2026-10-30 - Microsoft FY2027 Q1 earnings call: capacity timing
Microsoft · 2026-10-28
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