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XPO cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$284M in Q3 2026

Operating cash flow$415M
Capital spending−$131M
Free cash flow+$284M
Cash / net income2.3×

Analysis

In Q3 2026, XPO generated $415M of operating cash flow and spent $131M on capital projects, leaving free cash flow of $284M. That is $69.0M more than in Q3 2025 ($215M).

Operating cash flow was $415M against net income of $181M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$134M, accrued liabilities +$54.0M, payables +$18.0M.

Free cash flow

XPO: free cash flow by quarterXPO: free cash flow by quarter$23.0MQ4 2024−$57.0MQ1 2025$51.0MQ2 2025$215MQ3 2025$72.0MQ1 2026$181MQ2 2026$284MQ3 2026
Operating cash flow less capital spending.
XPO: operating cash flow against capital spendingXPO: operating cash flow against capital spendingOperating cash flowCapital spending$189M$166MQ4 2024$142M$199MQ1 2025$247M$196MQ2 2025$371M$156MQ3 2025$183M$111MQ1 2026$308M$127MQ2 2026$415M$131MQ3 2026
Latest (Q3 2026): Operating cash flow $415M, Capital spending $131M.

Capital allocation, year by year

XPO: where the cash came from (up) and went (down), by fiscal yearXPO: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksFY2021: Operating cash flow $656MFY2021: Net borrowing −$275MFY2021: Asset sales $131MFY2021: Capital spending −$269M$787MFY2021FY2022: Operating cash flow $824MFY2022: Net borrowing −$60.0MFY2022: Asset sales $88.0MFY2022: Capital spending −$521M$912MFY2022FY2023: Operating cash flow $694MFY2023: Net borrowing $2.9BFY2023: Asset sales $29.0MFY2023: Capital spending −$1.5B$3.6BFY2023FY2024: Operating cash flow $808MFY2024: Net borrowing −$72.0MFY2024: Asset sales $75.0MFY2024: Capital spending −$789M$883MFY2024FY2025: Operating cash flow $986MFY2025: Net borrowing −$63.0MFY2025: Asset sales $41.0MFY2025: Capital spending −$657MFY2025: Buybacks −$125M$1.0BFY2025
Over these 5 years operating cash flow totalled $4.0B; the largest uses were capital spending ($3.8B) and net borrowing ($470M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$260M
Debt$3.0B
Net debt$2.7B

XPO funds itself: free cash flow was — over the last twelve months, and $260M of cash and investments stands against $3.0B of debt.

XPO: debt maturities by year (FY2025)XPO: debt maturities by year (FY2025)$1.4BYear 3$1.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $260M of cash and investments now.

Where the cash came from and went

XPO: sources (+) and uses (−) of cash, Q3 2026XPO: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$415MBuybacks−$150MOther financing−$136MCapital spending−$131MTaxes on employees’ shares−$36.0MCash drawn (+) / kept (−)$30.0MAsset & business sales$7.0MOther investing$1.0M

From profit to cash

XPO: net income to operating cash flow, Q3 2026XPO: net income to operating cash flow, Q3 2026Net income$181MDepreciation & amortization$134MStock-based pay$15.0MDeferred taxes$14.0MGains on disposals$2.0MOther non-cash$7.0MReceivables$6.0MPayables$18.0MAccrued liabilities$54.0MPrepaid and other assets−$18.0MOperating cash flow$415M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksCash drawn (+) / kept (−)Free cash flow
Q3 2026$415M−$131M−$150M$30.0M$284M
Q2 2026$308M−$127M−$70.0M−$56.0M$181M
Q1 2026$183M−$111M−$30.0M$72.0M$72.0M
Q3 2025$371M−$156M−$47.0M−$107M$215M
Q2 2025$247M−$196M−$10.0M−$13.0M$51.0M
Q1 2025$142M−$199M—$78.0M−$57.0M
Q4 2024$189M−$166M—$87.0M$23.0M

XPO: income statement and cash flow

XPO, Q3 2026: revenue $2.4B (+12% year over year), operating margin 12.1%. The chart follows the revenue to costs, profit and cash.

XPO: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.