The presentation reinforces strong operational momentum, particularly in LTL margins. The 79.9% adjusted OR and damage claims ratio below 0.2% are record levels. Monitor the upcoming 10-Q for full financial statements and any formal guidance updates. The 2026 planning assumptions suggest capex discipline and moderate leverage.
Price Chart
Executive Summary
XPO released an investor slide deck disclosing Q2 2026 highlights: revenue of $2.36B (+13% YoY), adjusted EBITDA of $434M (+27.6% YoY), and adjusted diluted EPS of $1.70 (+56% YoY). The LTL segment posted a record adjusted operating ratio of 79.9%, improving 300 bps YoY. The filing is a routine Regulation FD disclosure of an existing presentation, not a formal earnings release, but the underlying operational metrics are strong.
Key Facts
- Q2 2026 revenue $2.36 billion, up 13% YoY
- Adjusted EBITDA $434 million, up 27.6% YoY (excluding real estate gains: +25%)
- Adjusted diluted EPS $1.70, up 56% YoY from $1.05
- LTL adjusted operating ratio of 79.9%, a company record, improved 300 bps YoY
- LTL tonnage per day up 1% YoY, accelerating each month in the quarter
- LTL damage claims ratio below 0.2%, a company record
- 2026 planning assumptions: gross capex $500M-$600M, interest expense $205M-$215M, diluted share count ~118M
- Long-term targets: LTL revenue CAGR 6-8%, adjusted EBITDA CAGR 11-13%, adjusted OR improvement ≥600 bps (2021-2027)
Financial Impact
Revenue growth of $277M YoY (+13%), adjusted EBITDA growth of $94M (+27.6%), adjusted EPS growth of $0.65 (+56%)
Risk Factors
- Freight market softness could pressure tonnage and pricing
- Fuel surcharge revenue volatility if fuel prices decline sharply
- Execution risk on long-term LTL margin targets amid competitive environment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-088440 |
| Document: tm2616097d4_8k.htm | 0001104659-26-088440 |
| Document: 0001104659-26-088440-index-headers.html | 0001104659-26-088440 |
| Document: 0001104659-26-088440-index.html | 0001104659-26-088440 |
| Document: 0001104659-26-088440.txt | 0001104659-26-088440 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 16d ago | Insider Cluster | $174.41 $179.92 | ▲ +3.16% | ▲ +0.60% | $186.09 (+6.70%) |
Sep 9, 2026 23d ago | Press Release | $182.34 $175.34 | ▼ −3.84% | ▼ −3.34% | $186.09 (+2.06%) |
Sep 3, 2026 29d ago | Press Release | $193.10 $180.49 | ▼ −6.53% | ▼ −5.32% | $186.09 (−3.63%) |
Aug 18, 2026 6w ago | Press Release | $202.72 $191.93 | ▼ −5.32% | ▼ −5.12% | $186.09 (−8.20%) |
Jul 30, 2026 9w ago | 8-K | $199.26 $196.35 | ▼ −1.46% | ▼ −5.08% | $186.09 (−6.61%) |
Jul 30, 2026 9w ago | 8-K | $199.26 $196.35 | ▼ −1.46% | ▼ −5.08% | $186.09 (−6.61%) |
Jul 30, 2026 9w ago | Press Release | $199.26 $196.35 | ▼ −1.46% | ▼ −5.08% | $186.09 (−6.61%) |
Jul 27, 2026 9w ago | 8-K | $208.20 $200.97 | ▼ −3.47% | ▼ −4.55% | $186.09 (−10.62%) |
Jun 4, 2026 17w ago | Press Release | $218.14 $227.65 | ▲ +4.36% | ▲ +6.92% | $186.09 (−14.69%) |
Jun 3, 2026 17w ago | 8-K | $218.14 $227.65 | ▲ +4.36% | ▲ +6.92% | $186.09 (−14.69%) |
US Market Status
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