XPO, Inc. reported a consolidated revenue of $8.1 billion for the fiscal year ending December 31, 2024, marking a 4.2% increase from $7.7 billion in 2023. The company's net income rose to $387 million, compared to $189 million in the previous year, reflecting a significant improvement in profitability. The increase in revenue was driven by growth in both the North American Less-Than-Truckload (LTL) and European Transportation segments, although it was partially offset by a decline in fuel surcharge revenue in the North American LTL segment.
In terms of operational changes, XPO completed the acquisition of 28 service centers from Yellow Corporation in December 2023, which is expected to enhance its capacity in key freight markets. The company has also focused on expanding its network, having added over 2,000 net new doors since the implementation of its growth plan in late 2021. As of December 31, 2024, XPO employed approximately 38,000 individuals and served around 55,000 customers across 614 locations in 17 countries.
The North American LTL segment generated $4.9 billion in revenue, a 4.9% increase from the previous year, while the European Transportation segment reported $3.2 billion, up 3.3%. The North American LTL segment's adjusted EBITDA rose to $1.1 billion, reflecting improved service quality and pricing initiatives, despite a slight decrease in shipment volume. The European segment's adjusted EBITDA was $158 million, down from $163 million, primarily due to increased costs in purchased transportation and employee benefits.
Looking ahead, XPO anticipates continued growth potential in its major markets, despite facing a recessionary freight environment. The company plans to invest in capacity and align pricing with the value provided to customers. Additionally, XPO's management has indicated that they will continue to focus on enhancing operational efficiencies and expanding their technological capabilities to drive profitability. The company remains committed to its strategic plan, which includes the potential divestiture of its European business, although no definitive timeline or terms have been established for this process.
About XPO, Inc.
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