Risk Sleuth
XPO · 10-K filed 5 Feb 2026 · year to 31 Dec 2025

XPO

29 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Third-party linehaul carriers

depends on · 5.1% in the fourth quarter
For the full year 2025, we lowered our cost of third-party purchased transportation by over 50% compared with 2024 and reduced outsourced linehaul miles as a percentage of total linehaul miles to 5.1% in the fourth quarter.Business (Item 1)

European subcontractors

depends onnamed as a risk
Our European business heavily relies on subcontracting and we use a large number of temporary employees in these operations.Risk factors (Item 1A)

Other companies

Goodwill

approximately $1.5 billion of goodwillnamed as a risk
At December 31, 2025, we had approximately $1.5 billion of goodwill on our consolidated balance sheet.Risk factors (Item 1A)

Also named by ES, GBCI, HBAN, PB, URI

International Brotherhood of Teamsters

19 of the 28 union elections held since 2014named as a risk
Since 2014, in the U.S., the International Brotherhood of Teamsters (“Teamsters”) has attempted to organize employees at dozens of our LTL locations, and the International Association of Machinists (“Machinists”) has attempted to organize a small number of mechanics at three LTL maintenance shops.Risk factors (Item 1A)

Also named by R, UPS, USFD

European business divestiture

named as a risk
A sale or other divestiture of our European business will result in us being a smaller, less diversified company with a more concentrated area of focus and less geographical diversification, as North American LTL would be our only remaining business.Risk factors (Item 1A)

U.S. Department of Energy weekly fuel price index

For our North American LTL business, pricing agreements with customers include a fuel surcharge that is typically indexed to fuel prices published weekly by the U.S. Department of Energy.Market risk (Item 7A)

Competitors

Old Dominion Freight Line

competes with
Our competitors in North America include local, regional and national LTL carriers that offer the same services we provide, such as Old Dominion Freight Line and Saia.Business (Item 1)

Saia

competes with
Our competitors in North America include local, regional and national LTL carriers that offer the same services we provide, such as Old Dominion Freight Line and Saia.Business (Item 1)

Places

United States

earns from · approximately 59% of revenue in North America, derived almost entirely from the U.S.
In 2025, we generated approximately 59% of revenue in North America, derived almost entirely from the U.S., 16% in France, 14% in the U.K. and 11% in the rest of Europe.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

United Kingdom

earns from · 14%
In 2025, we generated approximately 59% of revenue in North America, derived almost entirely from the U.S., 16% in France, 14% in the U.K. and 11% in the rest of Europe.Business (Item 1)

Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more

France

earns from · 16%
In 2025, we generated approximately 59% of revenue in North America, derived almost entirely from the U.S., 16% in France, 14% in the U.K. and 11% in the rest of Europe.Business (Item 1)

Also named by ATR, BAM, DDOG, HROW, IDCC, MS, UBER, UGI and 1 more

Hazards

Winter weather

named as a risk
Our productivity historically decreases during the winter season, as it does for the industry in general, because inclement weather impedes operations.Risk factors (Item 1A)

Also named by CHRD, DY, IBP, JBHT, ODFL, QXO

Hurricanes and tropical storms in the southern United States

operates innamed as a risk
Our activities in the southern United States are particularly susceptible to the occurrence of hurricanes and tropical storms and, depending on where any particular hurricane or tropical storm makes landfall, our properties and operations could experience significant damage and disruptions.Risk factors (Item 1A)

Commodities and inputs

Diesel fuel

exposed to its price · diesel prices fluctuated by as much as 14% in France, 32% in the United Kingdom, and 11% in the United Statesnamed as a risk
During the year ended December 31, 2025, diesel prices fluctuated by as much as 14% in France, 32% in the United Kingdom, and 11% in the United States.Market risk (Item 7A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Euro

exposed to its price · increase in net assets of $12 millionnamed as a risk
As of December 31, 2025, a uniform 10% strengthening in the value of the USD relative to the EUR would have resulted in an increase in net assets of $12 million, including the impacts from cross currency swaps.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

SOFR

exposed to its price · $10 millionnamed as a risk
Assuming an average annual aggregate principal amount outstanding of $985 million, a hypothetical 1% increase in the interest rate would have increased our annual interest expense by $10 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 · decrease in net assets of $36 millionnamed as a risk
As of December 31, 2025, a uniform 10% strengthening in the value of the USD relative to the GBP would have resulted in a decrease in net assets of $36 million.Market risk (Item 7A)

Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more

Regulators

California Air Resources Board (CARB)

subject tonamed as a risk
Other federal and state agencies, such as the U.S. Environmental Protection Agency (“EPA”), the U.S. Food and Drug Administration (“FDA”), the U.S. Department of Homeland Security (“DHS”) and the California Air Resources Board (“CARB”), also regulate our equipment and operations.Business (Item 1)

Also named by CMI, CRC, CVLG, F, FND, GM, GNRC, HTLD and 11 more

GXO and RXO spin-offs tax-free treatment (IRS)

subject tonamed as a risk
In the event the IRS were to prevail with such challenge, XPO and XPO stockholders could be subject to significant U.S. federal income tax liability.Risk factors (Item 1A)

Federal Motor Carrier Safety Administration (FMCSA)

subject to
In the U.S., our subsidiaries that operate as motor carriers and freight transportation brokers are licensed by the Federal Motor Carrier Safety Administration (“FMCSA”) of the U.S. Department of Transportation (“DOT”).Business (Item 1)

Also named by CASY, CVLG, ET, FDXF, HTLD, IOT, JBHT, LSTR and 5 more

Canada Border Services Agency

subject to
In addition, we are subject to regulations and requirements promulgated by the DOT, EPA, FMCSA, DHS, CBP, Canada Border Services Agency and various other international, domestic, state and local agencies and port authorities.Risk factors (Item 1A)

Laws and programs

OECD Pillar Two global minimum tax

subject to · 15% global minimum taxnamed as a risk
During 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

Europe collective bargaining agreements

subject to · 85% of our employees in Europenamed as a risk
As of December 31, 2025, none of our employees were represented by a union in North America and 85% of our employees in Europe were covered by a collective bargaining or similar agreement, consistent with our December 31, 2024 position.Business (Item 1)

One Big Beautiful Bill Act

subject tonamed as a risk
On 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.S. tariffs and trade policy

subject tonamed as a risk
Foreign governments, including the European Union (“EU”), have imposed tariffs on certain goods imported from the U.S.Risk factors (Item 1A)

Also named by ADSK, CTAS, EMR, EXP, FDX, FLR, GWW, HPE and 8 more

Heavy-duty vehicle greenhouse gas emissions standards

subject tonamed as a risk
If emission compliant vehicles are not available or not commercially viable for the less-than-truckload market, we may be required to modify or curtail our operations in applicable jurisdictions which could have a material adverse effect on our financial condition, results of operations, and cash flows or may require us to incur significant additional costs, any of which could negatively impact our business.Risk factors (Item 1A)

European trade receivables securitization program

named as a risk
Our European trade receivables securitization program (the “Receivables Securitization Program”) provides for an interest rate at lenders’ cost of funds plus an applicable margin.Risk factors (Item 1A)

U.K. Bribery Act and Sapin II

subject tonamed as a risk
The U.S. Foreign Corrupt Practices Act (“FCPA”), the U.K. Bribery Act, Sapin II and other anti-corruption laws and regulations prohibit corrupt payments by our employees, vendors, or agents.Risk factors (Item 1A)

FMCSA Compliance Safety Accountability (CSA) program

subject to
Like all motor carriers, XPO must participate in the FMCSA’s Compliance Safety Accountability (“CSA”) program, which uses a Safety Measurement System (“SMS”) to rank motor carriers on seven categories of safety-related data, known as Behavioral Analysis and Safety Improvement Categories (“BASICs”), including those related to, withoutBusiness (Item 1)

Also named by CVLG, HTLD, RXO