Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Selected Financial Data for Each Reportable Segment

The following tables present revenue and significant segment expenses that are included within adjusted EBITDA:


	Three Months Ended June 30, 2026
(In millions)	North American LTL		European Transportation		Corporate (1)		Total
Revenue	$	1,428	$	927	$	—	$	2,355
Salaries, wages and employee benefits	689		235		4		929
Purchased transportation	40		424		—		464
Fuel, operating expenses and supplies	275		201		—		476
Operating taxes and licenses	17		5		—		22
Insurance and claims	25		15		—		40
(Gains) losses on sales of property and equipment	(4)		(2)		—		(7)
Pension (income) expense	(4)		—		—		(4)

Adjusted EBITDA	$	390	$	48	$	(4)	$	434


	Three Months Ended June 30, 2025
(In millions)	North American LTL		European Transportation		Corporate (1)		Total
Revenue	$	1,240	$	841	$	—	$	2,080
Salaries, wages and employee benefits	643		224		4		871
Purchased transportation	32		394		—		426
Fuel, operating expenses and supplies	222		163		—		384
Operating taxes and licenses	17		4		—		21
Insurance and claims	25		15		—		40
(Gains) losses on sales of property and equipment	2		(3)		—		(1)
Pension (income) expense	(2)		—		—		(1)

Adjusted EBITDA	$	300	$	44	$	(4)	$	340


	Six Months Ended June 30, 2026
(In millions)	North American LTL		European Transportation		Corporate (1)		Total
Revenue	$	2,657	$	1,794	$	—	$	4,451
Salaries, wages and employee benefits	1,331		470		8		1,809
Purchased transportation	70		817		—		887
Fuel, operating expenses and supplies	511		388		—		899
Operating taxes and licenses	33		10		—		43
Insurance and claims	43		32		—		75
(Gains) losses on sales of property and equipment	(3)		(5)		—		(8)
Pension (income) expense	(7)		—		—		(7)

Adjusted EBITDA	$	680	$	81	$	(8)	$	753


	Six Months Ended June 30, 2025
(In millions)	North American LTL		European Transportation		Corporate (1)		Total
Revenue	$	2,412	$	1,622	$	—	$	4,034
Salaries, wages and employee benefits	1,259		436		8		1,703
Purchased transportation	69		757		—		826
Fuel, operating expenses and supplies	454		324		—		777
Operating taxes and licenses	33		7		—		40
Insurance and claims	49		26		—		75
(Gains) losses on sales of property and equipment	2		(5)		—		(3)
Pension (income) expense	(3)		—		—		(3)

Adjusted EBITDA	$	550	$	76	$	(8)	$	618

(1) Primarily represents unallocated corporate costs.

The following table presents adjusted EBITDA by segment and provides a reconciliation to consolidated net income:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Adjusted EBITDA
North American LTL	$	390	$	300	$	680	$	550
European Transportation	48		44		81		76
Corporate	(4)		(4)		(8)		(8)
Total Adjusted EBITDA	434		340		753		618
Less:
Debt extinguishment loss	5		—		5		5
Interest expense	51		56		104		112
Income tax provision	56		37		79		59
Depreciation and amortization expense	134		131		265		254
Pre-Con-way acquisition environmental matter	1		—		1		—
Legal matters (1)	—		(2)		—		(13)
Transaction and integration costs	2		3		4		6
Restructuring costs	22		8		31		20

Net Income	$	162	$	106	$	263	$	175

(1) Reflects the settlement of claims against certain truck manufacturers related to purchases by our European Transportation segment covering periods prior to our acquisition of Norbert Dentressangle SA in 2015.

The following table presents depreciation and amortization expense by segment:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Depreciation and amortization expense
North American LTL	$	100	$	96	$	197	$	185
European Transportation	33		34		66		67
Corporate	1		1		2		2
Total	$	134	$	131	$	265	$	254

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

XPO, Inc. 10-Q