GXO Logistics
25 named things its latest annual report says its results depend on, each in the company's own words. 10 of them are also named by other companies we've read.
Customers
Top five customers
earns from · approximately 20% of our total revenueIn 2025, our top five customers combined accounted for approximately 20% of our total revenue, and no customer represented more than 6%.Business (Item 1)
Omnichannel retail
earns from · 49% of our revenueIn 2025, 49% of our revenue was from Omnichannel retail, 12% from Technology and consumer electronics, 12% from Industrial and manufacturing, 10% from Food and beverage, 10% from Consumer packaged goods, and 7% from other industries, with the vast majority of our revenue generated in the United Kingdom, the United States, the Netherlands, France, Spain and Italy.Business (Item 1)
Suppliers
Temporary staffing agencies
depends on · 49,000 temporary workersnamed as a riskAs of December 31, 2025, we operated in 26 countries with approximately 154,000 team members (comprising approximately 105,000 full-time and part-time employees and 49,000 temporary workers engaged through third-party agencies).Business (Item 1)
Partners and platforms
Other companies
Wincanton plc
named as a riskThose conditions were met in the fall of 2025 and the integration of Wincanton into GXO has commenced.Risk factors (Item 1A)
Europe collective bargaining / trade unions
named as a riskGenerally, any deterioration in industrial relations in our European operations, such as general strike activities or other material labor disputes, could have an adverse effect on our revenues, earnings and financial position.Risk factors (Item 1A)
Holiday season (fourth quarter) seasonality
concentrated innamed as a riskMany of our customers typically realize a significant portion of their sales during the holiday season in the fourth quarter of each calendar year.Risk factors (Item 1A)
Competitors
CEVA Logistics
competes withOur competitors include CEVA Logistics, DHL Group, DSV, GEODIS, ID Logistics Group, Kuehne + Nagel and Ryder System.Business (Item 1)
DHL Group
competes withOur competitors include CEVA Logistics, DHL Group, DSV, GEODIS, ID Logistics Group, Kuehne + Nagel and Ryder System.Business (Item 1)
DSV
competes withOur competitors include CEVA Logistics, DHL Group, DSV, GEODIS, ID Logistics Group, Kuehne + Nagel and Ryder System.Business (Item 1)
GEODIS
competes withOur competitors include CEVA Logistics, DHL Group, DSV, GEODIS, ID Logistics Group, Kuehne + Nagel and Ryder System.Business (Item 1)
ID Logistics Group
competes withOur competitors include CEVA Logistics, DHL Group, DSV, GEODIS, ID Logistics Group, Kuehne + Nagel and Ryder System.Business (Item 1)
Kuehne + Nagel
competes withOur competitors include CEVA Logistics, DHL Group, DSV, GEODIS, ID Logistics Group, Kuehne + Nagel and Ryder System.Business (Item 1)
Ryder System
competes withOur competitors include CEVA Logistics, DHL Group, DSV, GEODIS, ID Logistics Group, Kuehne + Nagel and Ryder System.Business (Item 1)
Places
Commodities and inputs
Euro
exposed to its price · $29 millionnamed as a riskAs of December 31, 2025, a uniform 10% strengthening in the USD relative to the EUR and GBP would have decreased our net assets by $29 million and $96 million, respectively, net of foreign currency hedging.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
SOFR
exposed to its price · $275 millionnamed as a riskA hypothetical 1% increase in SOFR as of December 31, 2025, would have increased our interest expense by approximately $3 million.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
British pound sterling
exposed to its price · $96 millionnamed as a riskAs of December 31, 2025, a uniform 10% strengthening in the USD relative to the EUR and GBP would have decreased our net assets by $29 million and $96 million, respectively, net of foreign currency hedging.Market risk (Item 7A)
Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more
Regulators
UK Competition and Markets Authority (CMA)
subject tonamed as a riskHowever, GXO has yet to divest of a small number of Wincanton grocery contracts as required by the CMA and we are unable to predict all the risks that could arise as a result of our divestment of these contracts or failure to achieve a successful divestment.Risk factors (Item 1A)
Laws and programs
OECD Pillar Two global minimum tax
subject to · 15% global minimum taxnamed as a riskDuring 2023, the OECD issued administrative guidance for the Pillar Two Global Anti-Base Erosion rules (“Pillar Two”), which generally imposes a 15% global minimum tax on multinational companies.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
One Big Beautiful Bill Act
subject tonamed as a riskOn July 4, 2025, the One Big Beautiful Bill Act (P.L. 119-21) was signed into law.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
U.K. Bribery Act
subject tonamed as a riskThe services we provide outside the U.S. are subject to risks resulting from changes in tariffs, trade restrictions, trade agreements, tax rules and policies, difficulties in managing or overseeing foreign operations and agents, different liability standards, issues related to compliance with anti-corruption laws, such as the Foreign Corrupt Practices Act and the U.K. Bribery Act, data protection, trade compliance and intellectual property laws of countries that do not protect our rights relating to our intellectual property, including our proprietary information systems, to the same extent as U.S. laws.Risk factors (Item 1A)
California climate disclosure laws
subject tonamed as a riskAdditionally, various jurisdictions, such as the State of California, the United Kingdom, and the European Union, have enacted legislation requiring certain companies to disclose climate-related financial risk as well as GHG emissions, and other non-financial information.Risk factors (Item 1A)
U.K. defined benefit pension plans
named as a riskWe maintain defined benefit pension plans in the U.K.Risk factors (Item 1A)
European Union data protection regulation
subject tonamed as a riskIn addition, recently, regulatory and enforcement focus on data protection has heightened in the U.S. and abroad, particularly in the European Union (“EU”), and failure to comply with applicable U.S. or foreign data protection regulations or other data protection standards may expose us to litigation, fines, sanctions or other penalties, which could harm our business, its reputation, results of operations and financial condition.Risk factors (Item 1A)