XPO Reports Record LTL Margins in Q2 2026, Raises Long-Term Targets
XPO sits 77% above its 52-week low of $116.68.
Summary
XPO posted Q2 2026 adjusted diluted EPS of $1.70 on revenue of $2.36 billion, with its North American LTL segment achieving a record 79.9% adjusted operating ratio. The company also issued 2026 guidance and long-term LTL targets.
Key Events · Earnings and Guidance · XPO
-
Record LTL Operating Ratio
North American LTL adjusted operating ratio improved to 79.9%, a company record, driven by a 4.4% increase in yield excluding fuel and a 36% jump in adjusted operating income.
-
Strong Q2 Earnings Beat
Adjusted diluted EPS of $1.70 (up 56% YoY) on revenue of $2.36 billion, with adjusted EBITDA of $434 million, exceeding expectations.
-
2026 Guidance Issued
Full-year 2026 expectations include gross capex of $500-600 million, interest expense of $205-215 million, and an adjusted effective tax rate of 23-24%.
-
Long-Term LTL Targets Reaffirmed
XPO targets a 2021-2027 LTL revenue CAGR of 6-8%, adjusted EBITDA CAGR of 11-13%, and at least 600 bps of adjusted operating ratio improvement.
Analysis · XPO · Energy & Transportation
XPO's Q2 2026 investor presentation reveals a record LTL adjusted operating ratio of 79.9%, a 300 bps improvement year-over-year, driven by yield growth and cost efficiencies. Adjusted diluted EPS of $1.70 beat expectations, up 56% from a year ago. The company also provided full-year 2026 guidance and reiterated ambitious 2027 LTL targets, signaling confidence in sustained margin expansion even in a soft freight environment.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 29.2% of the 1496 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, XPO was trading at $206.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $23.4B. The 52-week trading range was $116.68 to $232.05. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.