Xpo (XPO) Operating Expenses (2010 - 2026)
Xpo's Operating Expenses was $476 million in Q2 2026, up 24.0% from $384 million a year earlier and up 12.5% from the prior quarter.
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Analysis
Xpo (XPO) Operating Expenses (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, Xpo's Operating Expenses was $1.69 billion through Jun 30, 2026, up 9.1% year-over-year; for FY2025, it came in at $1.57 billion, down 1.1% from FY2024.
- Operating Expenses has now declined for three consecutive years, with a five-year compound annual growth rate of -23.1% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $1.59 billion in FY2024 (-2.1%), $1.62 billion in FY2023 (-3.8%), $1.69 billion in FY2022 (+13.1%) and $1.49 billion in FY2021 (-74.4%).
- The Q2 2026 figure marks the highest quarterly Operating Expenses since Q2 2021.
- Compared with a year earlier, Operating Expenses has increased for four straight quarters, with growth averaging 2.4% over the last eight quarters.
- The best year-over-year quarter for Operating Expenses over five years was Q2 2026 (growth of 24.0%); the worst was Q4 2021 (a decline of 91.2%).
- Per Business Quant data, XPO's Operating Expenses in the three quarters before Q2 2026 was $423 million (Q1 2026), $388 million (Q4 2025) and $406 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 170.88 Bn | 165.40 Bn | - | 4.10 Bn |
| 2 | Csx | 89.42 Bn | 85.63 Bn | - | 2.43 Bn |
| 3 | United Parcel Service | 84.27 Bn | 61.16 Bn | - | 21.90 Bn |
| 4 | Canadian Pacific Kansas City | 77.41 Bn | 76.43 Bn | - | 1.95 Bn |
| 5 | Norfolk Southern | 73.25 Bn | 67.89 Bn | - | 2.34 Bn |
| 6 | Fedex | 71.28 Bn | 37.23 Bn | - | 23.46 Bn |
| 7 | Delta Air Lines | 50.09 Bn | 32.28 Bn | - | 18.73 Bn |
| 8 | Old Dominion Freight Line | 39.26 Bn | 38.52 Bn | - | 1.09 Bn |
| 9 | United Airlines Holdings | 31.82 Bn | -24.55 Bn | - | 16.58 Bn |
| 10 | Xpo | 21.88 Bn | 20.70 Bn | - | 476.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 476.00 Mn |
| Mar 31, 2026 | 423.00 Mn |
| Dec 31, 2025 | 388.00 Mn |
| Sep 30, 2025 | 406.00 Mn |
| Jun 30, 2025 | 384.00 Mn |
| Mar 31, 2025 | 393.00 Mn |
| Dec 31, 2024 | 376.00 Mn |
| Sep 30, 2024 | 399.00 Mn |
| Jun 30, 2024 | 402.00 Mn |
| Mar 31, 2024 | 413.00 Mn |
| Dec 31, 2023 | 400.00 Mn |
| Sep 30, 2023 | 406.00 Mn |
| Jun 30, 2023 | 390.00 Mn |
| Mar 31, 2023 | 427.00 Mn |
| Dec 31, 2022 | 410.00 Mn |
| Sep 30, 2022 | 425.00 Mn |
| Jun 30, 2022 | 434.00 Mn |
| Mar 31, 2022 | 418.00 Mn |
| Dec 31, 2021 | 434.00 Mn |
| Sep 30, 2021 | 366.00 Mn |
API Access
Xpo Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=XPO&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "XPO", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=XPO&period=max&api_key=YOUR_API_KEY");
const data = await res.json();