Track market-moving stories before they get noisy

Wall Street expects a year-over-year increase in earnings on higher revenues when GXO Logistics (GXO - Free Report) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November 3. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis contract logistics provider is expected to post quarterly earnings of $0.86 per share in its upcoming report, which represents a year-over-year change of +8.9%.

Revenues are expected to be $3.56 billion, up 4.8% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.13% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for GXO Logistics?For GXO Logistics, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.12%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that GXO Logistics will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that GXO Logistics would post earnings of $0.58 per share when it actually produced earnings of $0.59, delivering a surprise of +1.72%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

GXO Logistics doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Digit humanoid robots to expand to additional GXO sites in 2027, building on industry-first Robots-as-a-Service agreement

GREENWICH, Conn. and Salem, Ore., Oct. 26, 2026 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (NYSE: GXO), the world’s largest pure-play contract logistics provider, and Agility Robotics, a leading humanoid robotics and physical AI company, today announced an expansion of their pioneering partnership to advance humanoid automation in logistics with deployments of Agility’s Digit humanoid robot to GXO sites in North Carolina and Tennessee.

The announcement builds on the companies’ industry-first, multi-year agreement in 2024 to deploy Agility Robotics’ Digit® humanoid robot in a live GXO warehouse environment in Flowery Branch, Georgia. The agreement was the industry’s first formal commercial deployment of humanoid robots in live operations and the first Robots-as-a-Service (RaaS) agreement for humanoid robots. Since then, Digit has moved more than 100,000 totes at the Flowery Branch facility, demonstrating its ability to perform repetitive material-handling tasks reliably in an active logistics environment.

"Innovation is most powerful when it delivers practical solutions that create value for our customers and our people," said GXO CEO Patrick Kelleher. "Our partnership with Agility Robotics has been defined by a shared commitment to turning emerging technologies into real-world operational advantage. Together, we've helped pioneer the use of humanoid robotics in the warehouse and this expansion reflects our confidence in the technology's ability to create measurable value for our customers and a better working environment for our teams."

"GXO was the first customer to put Digit to work in live operations under a commercial agreement, and expanding to additional sites is the clearest signal that the value is real," said Peggy Johnson, CEO of Agility Robotics. "Customers are moving beyond asking whether humanoid robots can work to deciding where they can scale them. Years of experience performing real work in GXO's operations have shaped how we build, deploy and support Digit, and we're focused on disciplined execution as we grow this partnership."

From Industry-First to Multi-Site Expansion

GXO and Agility began working together with a proof-of-concept pilot in late 2023 at GXO's Flowery Branch site. In June 2024, the companies signed a multi-year RaaS agreement under which GXO deployed Digit robots and Agility Arc, Agility's cloud-based platform for managing robot fleets and integrating them into customer operations. At Flowery Branch, Digit has worked alongside existing automation to move totes and place them onto conveyors.

Under the expanded agreement, Digit will support e-commerce fulfillment at GXO's Statesville and Lebanon sites, taking on highly repetitive material-handling tasks. Deployments are expected to begin in early 2027 using Digit 4 and will migrate to Digit 5 when it becomes commercially available.

The expansion reflects GXO's long-standing approach to advancing warehouse automation through practical implementation at scale. As an industry leader in advanced automation and physical AI, GXO partners with leading technology developers to test, refine and deploy emerging solutions in live operating environments. The expanded partnership underscores GXO's and Agility's shared commitment to accelerating innovation through real-world application and continuous learning.

Building the Infrastructure for Commercial Scale

Across its commercial operations and customer programs, Digit has accumulated more than 65,000 hours of real-world operation. That experience has informed the development of Digit 5, Agility's next-generation robot unveiled on September 15, 2026, which is designed for cooperatively safe work in close proximity to people and will address a broader range of industrial workflows.

To support broader commercial adoption, Agility has invested in the infrastructure needed to manufacture, deploy and support humanoid robots at scale, including RoboFab, its 70,000-square-foot manufacturing facility in Salem, Oregon, designed for annual production capacity of up to 10,000 robots; Agility Arc; and expanded software, deployment and service capabilities, including its recently announced Pittsburgh expansion.

As previously announced, Agility is preparing to become a public company through its business combination with Churchill Capital Corp XI (Nasdaq: CCXI). The business combination is expected to close in the fourth quarter of 2026, after which the combined company will operate as Agility Robotics and is expected to trade on Nasdaq under the ticker symbol "AGLT."

About GXO
GXO Logistics, Inc. (NYSE: GXO) is the world’s largest pure-play contract logistics provider and is positioned to capitalize on the rapid growth of ecommerce, automation and outsourcing. GXO has over 150,000 team members across more than 1,000 facilities, totaling more than 200 million square feet. The company serves the world’s leading blue-chip companies to solve complex logistics challenges with technologically advanced supply chain and ecommerce solutions, at scale and with speed. GXO corporate headquarters is in Greenwich, Connecticut. Visit GXO.com for more information and connect with GXO on LinkedIn, X, Facebook, Instagram and YouTube.

About Agility Robotics
Headquartered in Salem, Oregon, with offices in Pittsburgh, Pennsylvania and Fremont, California, Agility Robotics' mission is to build robot partners that augment the human workforce. Agility's groundbreaking general-purpose humanoid robot, Digit, is the first multi-purpose, human-centric robot that is Made for Work® and commercially deployed today. With more than 65,000 hours of real-world operation combined with industry-leading safety standards, we're pioneering a new era of automation that enhances human potential. To learn more, visit agilityrobotics.com.

Agility, the Agility logo, Digit, Agility Arc, RoboFab, and Made for Work are trademarks of Agility Robotics, Inc. All rights reserved. Third-party trademarks are the property of their respective owners.

About Churchill Capital Corp XI
Churchill Capital Corp XI (“Churchill XI”) is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It may pursue an initial business combination target in any business or industry.

Additional Information About the Proposed Transaction and Where to Find It

The proposed transaction will be submitted to shareholders of Churchill XI for their consideration. Churchill XI and Agility Robotics have jointly filed a registration statement on Form S-4 (the “Registration Statement”) with the Securities and Exchange Commission (the "SEC”), which was declared effective by the SEC on October 13, 2026, and which includes a definitive proxy statement/prospectus. The definitive proxy statement/prospectus and other relevant documents have been distributed to Company stockholders and Churchill XI shareholders as of September 14, 2026, the record date established for voting on the proposed transaction, in connection with Churchill XI’s solicitation of proxies for the vote by Churchill XI’s shareholders in connection with the proposed transaction and other matters described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Company stockholders in connection with the completion of the proposed transaction. Before making any voting or investment decision, Churchill XI and Agility stockholders and other interested persons are advised to read the definitive proxy statement/prospectus, as well as other documents filed with the SEC by Churchill XI in connection with the proposed transaction, as these documents contain important information about Churchill XI, the Company and the proposed transaction. Shareholders may obtain a copy of the definitive proxy statement/prospectus as well as other documents filed by Churchill XI with the SEC, without charge, at the SEC’s website located at www.sec.gov or by directing a written request to Churchill Capital Corp XI, 640 Fifth Avenue, 14th Floor, New York, NY 10019.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the federal securities laws regarding Agility and Churchill XI. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict," "should" and "would," or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of any of these words or similar expressions does not mean that a statement is not forward-looking. These forward-looking statements are based on Agility's and Churchill XI's current expectations and projections. These statements include statements relating to, without limitation: Agility's estimates of customer adoption rates, market acceptance and usage patterns; the expected expansion of Agility's partnership with GXO, including the anticipated deployment of Digit at GXO's Statesville and Lebanon sites beginning in early 2027 and the expected migration of those deployments to Digit 5 when it becomes commercially available; the timing and success of the Company's future development plans; the ability of the Company to implement its strategic initiatives and continue to innovate its existing products and services; expectations regarding the Company's ability to attract, retain and expand its customer base; the Company's expectations concerning relationships with strategic partners, suppliers, regulatory bodies and other third parties; Agility’s ability to convert paid customer programs and pilots into larger robot orders, deployments and multi-year commitments; Agility's ability to develop, validate and deploy new Digit skills and capabilities, including the expected capabilities of Digit 5 and its ability to address a broader range of industrial workflows; Agility's ability to scale manufacturing, including at RoboFab, commercial deployments and service infrastructure to support existing and future customers; Agility's preparation to operate as a public company; and Agility's ability to consummate the proposed business combination with Churchill XI, including the anticipated timing of closing and the expected listing of the combined company’s securities on Nasdaq.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many of which are beyond the control of the Company and Churchill XI.

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause the Company’s, Churchill XI’s or the combined company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such statements. Such risks and uncertainties include: that the Company is pursuing an emerging technology, faces significant technical challenges and may not achieve commercialization or market acceptance; the Company’s historical net losses and limited operating history; the Company’s expectations regarding future financial performance, capital requirements and unit economics; the Company’s use and reporting of business and operational metrics; the Company’s competitive landscape; the Company’s dependence on members of its senior management and its ability to attract and retain qualified personnel; the potential need for additional future financing; the Company’s ability to manage growth and expand its operations; potential future acquisitions or investments in companies, products, services or technologies; the Company’s reliance on strategic partners and other third parties; the Company’s ability to maintain, protect and defend its intellectual property rights; risks associated with privacy, data protection or cybersecurity incidents and related regulations; the use, rate of adoption and regulation of artificial intelligence and machine learning; uncertainty or changes with respect to laws and regulations; uncertainty or changes with respect to taxes, trade conditions and the macroeconomic environment; the combined company’s ability to maintain internal control over financial reporting and operate a public company; the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect the price of Churchill XI’s securities; the failure by the parties to satisfy the conditions to consummation of the proposed transaction, including the approval of Churchill XI’s shareholders; the possibility that required regulatory approvals for the proposed transaction are delayed or are not obtained, which could adversely affect the combined company or the expected benefits of the proposed transaction; the risk that shareholders of Churchill XI could elect to have their shares redeemed, leaving the combined company with insufficient cash to execute its business plans; the level of redemptions of Churchill XI’s public shareholders; the ability of the Company to grow and manage growth, maintain relationships with customers and retain its management and key employees; costs related to the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the outcome of any legal proceedings or government investigations that may be commenced against the Company or Churchill XI; failure to realize the anticipated benefits of the proposed transaction; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of Churchill XI or the combined company to issue equity or equity-linked securities in connection with the proposed transaction or in the future; and other factors described in Churchill XI’s filings with the SEC. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by the Company, Churchill XI or the combined company resulting from the proposed transaction with the SEC, including under the heading “Risk Factors.” If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, these statements reflect the expectations, plans and forecasts of the Company’s and Churchill XI’s management as of the date of this press release; subsequent events and developments may cause their assessments to change. While the Company and Churchill XI may elect to update these forward-looking statements at some point in the future, they specifically disclaim any obligation to do so. Accordingly, undue reliance should not be placed upon these statements.

In addition, statements that “we believe” and similar statements reflect the Company’s and Churchill XI’s beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and the Company’s and Churchill XI’s statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

An investment in Churchill XI is not an investment in any of Churchill XI’s founders’ or sponsors’ past investments, companies or affiliated funds. The historical results of those investments are not indicative of future performance of Churchill XI, which may differ materially from the performance of Churchill XI’s founders’ or sponsors’ past investments.

No Offer or Solicitation

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Media contacts:

Matthew Schmidt 
+1 203-307-2809 
[email protected]

Kathleen Juviler
+1 203-921-9121
[email protected]

GXO and Agility Robotics Expand Partnership

Key Takeaways GXO is piloting a global labor management system across five countries ahead of a 2027 expansion. GXO's system provides real-time visibility to better align labor resources with customer demand. GXO stock fell 17.5% in the past year, while the Sub-industry rose 16.5%. GXO Logistics’ (GXO - Free Report) deployment of a global Labor Management System (LMS) marks a significant step toward improving productivity and operational consistency across its international network. By piloting the system across the United States, the U.K., the Netherlands, Poland and Spain, the company is testing its ability to create a standardized approach to workforce planning and performance management across diverse operating environments.

The real-time visibility provided by the LMS could help site leaders align labor resources more closely with customer demand, potentially improving workforce utilization and reducing operational inefficiencies. A common performance framework may also make it easier for GXO to identify best practices and replicate successful processes across locations.

The planned 2027 expansion indicates that GXO views digital and data-driven labor management as an important component of its broader operational strategy. Standardizing these processes across its global footprint could support more consistent execution while contributing to productivity and profitability objectives.

Overall, the initiative highlights GXO’s focus on combining technology, data and standardized processes to strengthen operational excellence. The success of the pilots and the effectiveness of the subsequent global rollout will be important factors in determining the system’s longer-term impact on productivity and workforce planning.

GXO’s Share Price PerformanceGXO’s shares have declined 17.5% over the past year, underperforming the Transportation - Air Freight and Cargo industry’s 16.5% rise.

Image Source: Zacks Investment Research

GXO’s Zacks RankGXO currently carries a Zacks Rank #3 (Hold).

Stocks to ConsiderInvestors interested in the Zacks Transportation sector may consider a couple of better-ranked stocks like Expeditors International of Washington, Inc. (EXPD - Free Report) and Seanergy Maritime Holdings (SHIP - Free Report) .

Expeditors currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

EXPD has an expected earnings growth rate of 28.6% for 2026. The company has an encouraging earnings surprise history. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 17.15%.

Seanergy Maritime Holdings currently carries a Zacks Rank #2 (Buy).

SHIP has an expected earnings growth rate of more than 100% for the current year. The company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 38%.

A fully integrated Skypod® system processes up to 70,000 pieces per day, increasing throughput capacity and enabling GXO to scale operations for Guess across EMEA and Asia.

WASQUEHAL, France and EINDHOVEN, Netherlands, Sept. 17, 2026 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (NYSE: GXO), the world's largest pure-play contract logistics provider, and Exotec, a global warehouse robotics provider, today announced the successful deployment of the Exotec Skypod® System at GXO's Venlo facility supporting leading global fashion brand Guess in the Netherlands.

Through its deployment of the automated solution, GXO is enhancing fulfilment operations for Guess across EMEA and Asia by increasing throughput, improving productivity and supporting future growth. The installation includes 127 robots, 60,000 rack locations, eight goods-to-person picking stations and 200 meters of conveyor network. The system processes between 40,000 and 70,000 pieces per day and can achieve throughput of up to 2,200 order lines per hour during peak periods.

Fashion fulfilment demands exceptional speed, accuracy and flexibility. At the Venlo site, GXO manages inbound logistics and value-added services, including quality control and garment conditioning, and outbound distribution for Guess. Working closely together, GXO and Exotec designed and implemented a tailored automation solution to meet the unique requirements of fashion logistics, including high SKU counts, seasonal demand fluctuations and evolving customer needs. Exotec  coordinated integration and end-to-end deployment to ensure operational  reliability across the facility.

"The impact has been evident from day one,” said Mark Donné, Operations Manager, GXO Venlo. “Our automated solution with Exotec, tailored specifically for Guess, has helped take our operation to the next level, enabling faster processing, greater predictability and a smoother workflow across the site. As our business with Guess continues to grow, we have the scalability and flexibility needed to support future demand."

"Fashion logistics doesn't tolerate approximation — high SKU counts, seasonal spikes, and EMEA-wide distribution require precision engineering, not off-the-shelf automation,” said Wim Vermeir, Senior Sales Executive Benelux, Exotec. “With GXO, we designed a system built specifically for those demands, and the throughput numbers speak for themselves.The result is a highly efficient operation that supports both current performance and future growth."

The deployment further strengthens the collaboration between GXO, Exotec and Guess, demonstrating how advanced automation and operational expertise can help retailers  build supply chains that adapt with seasonal demand, scale without re-engineering and maintain throughput under pressure while enhancing service for customers.

About GXO Logistics
GXO Logistics, Inc. (NYSE: GXO) is the world’s largest pure-play contract logistics provider and is positioned to capitalize on the rapid growth of ecommerce, automation and outsourcing. GXO has over 150,000 team members across more than 1,000 facilities, totaling more than 200 million square feet. The company serves the world’s leading blue-chip companies to solve complex logistics challenges with technologically advanced supply chain and ecommerce solutions, at scale and with speed. GXO corporate headquarters is in Greenwich, Connecticut. Visit GXO.com for more information and connect with GXO on LinkedIn, Facebook, Twitter, Instagram and YouTube.

About Exotec:
Exotec is a global warehouse automation leader delivering flexible, reliable end-to-end robotic solutions for modern fulfillment operations. By designing and manufacturing its own technology and solutions, Exotec serves as a single automation provider, reducing complexity and risk while accelerating time to value compared to traditional systems. Over 75 industry-leading brands including Oxford Industries (Tommy Bahama, Lilly Pulitzer), Carrefour, Decathlon, and UNIQLO trust Exotec to improve operations across 200+ sites worldwide.
Connect with Exotec on LinkedIn and YouTube.

Media Contact: 

Reinhardt Overheu
[email protected]
+31 62 181 6281

Revenue of $3.4 billion, up 4.3% year over year, with organic revenue growth of 3.4%$410 million of new business wins, up 34% year over year, with approximately 40% in strategic growth verticals — aerospace & defense, technology, industrial and life sciencesApproximately $1 billion of incremental 2026 revenue, up 29% year over year, and $353 million of incremental 2027 revenue already securedMaintains mid-points of full-year 2026 guidance for adjusted EBITDA and adjusted diluted EPS GREENWICH, Conn., Aug. 04, 2026 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (NYSE: GXO) today announced results for the second quarter 2026.

Patrick Kelleher, chief executive officer of GXO, said, “This quarter marks five years since GXO became an independent public company, and we delivered results that reflect the momentum building across our business, including our strongest new business wins in three years. Revenue grew to $3.4 billion, with all three regions growing organically, underscoring the resiliency and predictability of our business model. We signed approximately $410 million of new business, up 34% year over year, led by marquee wins with some of the world’s leading brands and deeper penetration of our strategic growth verticals — aerospace & defense, technology, industrial and life sciences.

“Three priorities are powering our path forward: sharpening our commercial strategy, strengthening execution through the GXO Way, and leading in AI and next-generation automation through GXO IQ. We made meaningful progress in each area this quarter. Our commercial momentum is particularly evident in North America, a key growth market, where our wins in the first half of the year increased 85% over the same time last year. We launched the GXO Way playbook and GXO IQ moved from platform launch to scaled deployment, positioning us to realize greater value from AI across our network.

“With over $1 billion of incremental revenue already secured for 2026 and a commercial pipeline that has expanded from $2.3 billion at the end of the quarter to approximately $2.7 billion in July, we have strong visibility into the balance of the year and are already building momentum into 2027.”

Second Quarter 2026 Results

Revenue increased to $3.4 billion, up 4.3% year over year, compared with $3.3 billion for the second quarter 2025. Organic revenue1 grew by 3.4%.

Net income was $27 million, compared with $28 million for the second quarter 2025. Diluted earnings per share was $0.22, compared with $0.23 for the second quarter 2025.

Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA1”) increased to $219 million, compared with $212 million for the second quarter 2025.

Adjusted diluted earnings per share (“adjusted diluted EPS1”) increased to $0.59, compared with $0.57 for the second quarter 2025.

GXO generated $76 million of cash flow from operations, compared with $3 million for the second quarter 2025. In the second quarter of 2026, GXO generated $12 million of free cash flow1, compared with $43 million used for the second quarter 2025.

Cash Balances and Outstanding Debt

As of June 30, 2026, cash and cash equivalents (excluding restricted cash), total debt outstanding and net debt1 were $769 million, $3.2 billion and $2.4 billion, respectively.

2026 Guidance2

The Company updated guidance for the full year 2026 as follows:

Organic revenue growth1 of 4% to 5%;Adjusted EBITDA1 of $945 million to $965 million (previously $935 million to $975 million);Adjusted diluted EPS1 of $2.95 to $3.15 (previously $2.90 to $3.20); andFree cash flow conversion1 of 30% to 40%. Investor Day

The Company will host its 2026 Investor Day on November 16, 2026, at the New York Stock Exchange, where management will discuss its long-term strategy, financial framework and value creation opportunities. The in-person event will begin at 9:00 a.m. Eastern Time and will also be webcast live. Webcast and presentation materials will be available on the Company’s Investor Relations website at investors.gxo.com. A replay will be available following the event.

Conference Call

GXO will hold a conference call on Wednesday, August 5, 2026, at 8:30 a.m. Eastern Time. Participants can call toll free (from US/Canada) 877-407-8029; international callers dial +1 201-689-8029. Conference ID: 13761436. A live webcast of the conference will be available on the Investor Relations area of the company’s website, investors.gxo.com. The conference will be archived until August 20, 2026. To access the replay by phone, call toll-free (from US/Canada) 877-660-6853; international callers dial +1 201-612-7415. Use participant passcode 13761436.

About GXO Logistics

GXO Logistics, Inc. (NYSE: GXO) is the world’s largest pure-play contract logistics provider and is positioned to capitalize on the rapid growth of ecommerce, automation and outsourcing. GXO has over 150,000 team members across more than 1,000 facilities, totaling more than 200 million square feet. The company serves the world’s leading blue-chip companies to solve complex logistics challenges with technologically advanced supply chain and ecommerce solutions, at scale and with speed. GXO corporate headquarters is in Greenwich, Connecticut. Visit GXO.com for more information and connect with GXO on LinkedIn, X, Facebook, Instagram and YouTube.

Non-GAAP Financial Measures

As required by the rules of the Securities and Exchange Commission (“SEC”), we provide reconciliations of the non-GAAP financial measures contained in this press release to the most directly comparable measure under GAAP, which are set forth in the attached financial tables.

GXO’s non-GAAP financial measures in this press release include: adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), adjusted EBITDA margin, adjusted earnings before interest, taxes and amortization (“adjusted EBITA”), adjusted EBITA, net of income taxes paid, adjusted EBITA margin, adjusted net income attributable to GXO, adjusted earnings per share (basic and diluted) (“adjusted EPS”), free cash flow, free cash flow conversion, organic revenue, organic revenue growth, net leverage ratio, net debt, and operating return on invested capital (“ROIC”).

We believe that the above adjusted financial measures facilitate analysis of our ongoing business operations because they exclude items that may not be reflective of, or are unrelated to, GXO’s core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures used by other companies. GXO’s non-GAAP financial measures should only be used as supplemental measures of our operating performance.

Adjusted EBITDA, adjusted EBITA, adjusted net income attributable to GXO and adjusted EPS include adjustments for transaction and integration costs, restructuring costs and unrealized gain/loss on FX contracts, a regulatory matter as well as net loss on divestiture of business, as set forth in the attached financial tables. Transaction and integration adjustments are generally incremental costs that result from an actual or planned acquisition and may include consulting fees, retention awards, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities), and certain costs related to integrating and separating IT systems. Restructuring costs and other primarily consisted of severance paid to exiting members of the Company’s leadership team and to individuals as part of an initiative to optimize corporate expenses. The regulatory matter relates to a regulatory settlement. And net loss on divestiture of business primarily relates to the write-down loss resulting from the held-for-sale classification.

We believe that adjusted EBITDA, adjusted EBITDA margin, adjusted EBITA, adjusted EBITA, net of income taxes paid, and adjusted EBITA margin, improve comparability from period to period by removing the impact of our capital structure (interest expense), asset base (depreciation and amortization), tax impacts and other adjustments as set forth in the attached financial tables, which management has determined are not reflective of core operating activities and thereby assist investors with assessing trends in our underlying businesses.

We believe that organic revenue and organic revenue growth are important measures because they exclude the impact of foreign currency exchange rate fluctuations.

We believe that adjusted net income attributable to GXO and adjusted EPS improve the comparability of our operating results from period to period by removing the impact of certain costs and gains as set forth
in the attached financial tables, which management has determined are not reflective of our core operating activities, including amortization of intangible assets acquired.

We believe that free cash flow and free cash flow conversion are important measures of our ability to repay maturing debt or fund other uses of capital that we believe will enhance stockholder value. We calculate free cash flow as cash flows from operations less capital expenditures plus proceeds from sale of property and equipment. We calculate free cash flow conversion as free cash flow divided by adjusted EBITDA, expressed as a percentage.

We believe that net debt and net leverage ratio are important measures of our overall liquidity position and are calculated by removing cash and cash equivalents (excluding restricted cash) from our total debt and net debt as a ratio of our trailing twelve months adjusted EBITDA. We calculate ROIC as our trailing twelve months adjusted EBITA, net of income taxes paid, divided by the average invested capital. We believe ROIC provides investors with an important perspective on how effectively GXO deploys capital and use this metric internally as a high-level target to assess overall performance throughout the business cycle.

Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating GXO’s ongoing performance.

With respect to our financial targets for full-year 2026 organic revenue growth, adjusted EBITDA, adjusted diluted EPS, and free cash flow conversion, a reconciliation of these non-GAAP measures to the corresponding GAAP measures is not available without unreasonable effort due to the variability and complexity of the reconciling items described above that we exclude from these non-GAAP target measures. The variability of these items may have a significant impact on our future GAAP financial results and, as a result, we are unable to prepare the forward-looking statements of income and cash flows in accordance with GAAP, that would be required to produce such a reconciliation.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements, including our full-year 2026 financial guidance of organic revenue growth, adjusted EBITDA, adjusted diluted EPS and free cash flow conversion. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “trajectory” or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by the company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the company believes are appropriate in the circumstances.

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include, but are not limited to, the risks discussed in our filings with the SEC and the following: economic conditions generally; supply chain challenges, including labor shortages; competition and pricing pressures; our ability to align our investments in capital assets, including equipment, service centers and warehouses, to our respective customers’ demands; our ability to successfully integrate and realize anticipated benefits, synergies, cost savings and profit improvement opportunities with respect to acquired companies, including the acquisition of Wincanton; acquisitions may be unsuccessful or result in other risks or developments that adversely affect our financial condition and results; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; our indebtedness; our ability to raise debt and equity capital; litigation; labor matters, including our ability to manage our subcontractors, and risks associated with labor disputes at our customers’ facilities and efforts by labor organizations to organize our employees; risks associated with defined benefit plans for our current and former employees; our ability to attract or retain necessary talent; the increased costs associated with labor; fluctuations in currency exchange rates; fluctuations in fixed and floating interest rates; fluctuations in customer confidence and spending; issues related to our intellectual property rights; governmental regulation, including environmental laws, trade compliance laws, as well as changes in international trade policies and tax regimes; governmental or political actions, including the United Kingdom’s exit from the European Union; natural disasters, terrorist attacks or similar incidents; damage to our reputation; a material disruption of our operations; the inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted; failure in properly handling the inventory of our customers; failure to successfully incorporate artificial intelligence and humanoids in
connection with our growth strategy; the impact of potential cyber-attacks and information technology or data security breaches; and the inability to implement technology initiatives or business systems successfully; our ability to achieve Environmental, Social and Governance goals; and a determination by the IRS that the distribution or certain related spin-off transactions should be treated as taxable transactions. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Such forward-looking statements should therefore be construed in the light of such factors.

All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.

Investor Contact

Kristine Kubacki, CFA
+1 (203) 769-7206
[email protected]

Media Contact

Matthew Schmidt
+1 (203) 307-2809
[email protected]

GXO Logistics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)  Three Months Ended June 30, Six Months Ended June 30,(Dollars in millions, shares in thousands, except per share amounts)  2026   2025   2026   2025 Revenue $3,441  $3,299  $6,739  $6,276 Direct operating expense  2,933   2,813   5,741   5,371 Selling, general and administrative expense  295   272   591   533 Depreciation and amortization expense  117   110   232   219 Transaction and integration costs  12   14   28   36 Restructuring costs and other  5   2   8   19 Regulatory matter  —   (1)  —   65 Net loss on divestiture of business  2   —   23   — Operating income  77   89   116   33 Other income (expense), net  6   (10)  16   (15)Interest expense, net  (35)  (36)  (67)  (68)Income (loss) before income taxes  48   43   65   (50)Income tax expense  (21)  (15)  (33)  (17)Net income (loss)  27   28   32   (67)Net income attributable to noncontrolling interests (“NCI”)  (2)  (2)  (3)  (3)Net income (loss) attributable to GXO $25  $26  $29  $(70)         Earnings (loss) per share        Basic $0.22  $0.23  $0.25  $(0.60)Diluted $0.22  $0.23  $0.25  $(0.60)         Weighted-average shares outstanding used in computation of earnings (loss) per share        Basic  115,013   114,812   114,862   116,890 Diluted  115,718   115,055   115,780   116,890  GXO Logistics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)  June 30, December 31,(Dollars in millions, shares in thousands, except per share amounts)  2026   2025 ASSETS    Current assets    Cash and cash equivalents $769  $854 Accounts receivable, net of allowance of $14 and $15  2,070   2,028 Other current assets  414   406 Total current assets  3,253   3,288 Long-term assets    Property and equipment, net of accumulated depreciation of $2,208 and $2,126  1,261   1,151 Operating lease assets  2,698   2,563 Goodwill  3,727   3,781 Intangible assets, net of accumulated amortization of $805 and $781  839   909 Other long-term assets  593   570 Total long-term assets  9,118   8,974 Total assets $12,371  $12,262 LIABILITIES AND EQUITY    Current liabilities    Accounts payable $707  $758 Accrued expenses  1,445   1,492 Current debt  751   446 Current operating lease liabilities  779   745 Other current liabilities  439   434 Total current liabilities  4,121   3,875 Long-term liabilities    Long-term debt  2,452   2,619 Long-term operating lease liabilities  2,137   2,044 Other long-term liabilities  639   709 Total long-term liabilities  5,228   5,372 Commitments and Contingencies    Stockholders’ Equity    Common Stock, $0.01 par value per share; 300,000 shares authorized, 120,458 and 119,868 shares issued and 114,770 and 114,512 shares outstanding, respectively  1   1 Treasury stock, at cost; 5,688 and 5,356 shares, respectively  (218)  (202)Preferred Stock, $0.01 par value per share; 10,000 shares authorized, 0 issued and outstanding  —   — Additional Paid-In Capital (“APIC”)  2,680   2,667 Retained earnings  747   718 Accumulated Other Comprehensive Income (Loss) (“AOCIL”)  (223)  (201)Total stockholders’ equity before NCI  2,987   2,983 NCI  35   32 Total equity  3,022   3,015 Total liabilities and equity $12,371  $12,262  GXO Logistics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)  Six Months Ended June 30,(In millions)  2026   2025 Cash flows from operating activities:    Net income (loss) $32  $(67)Adjustments to reconcile net income (loss) to net cash provided by operating activities    Depreciation and amortization expense  232   219 Stock-based compensation expense  23   23 Deferred tax benefit  (1)  (25)Other  (8)  7 Changes in operating assets and liabilities    Accounts receivable  (63)  18 Other assets  (36)  39 Accounts payable  (44)  (151)Accrued expenses and other liabilities  (28)  (31)Net cash provided by operating activities  107   32 Cash flows from investing activities:    Capital expenditures  (130)  (125)Proceeds from sale of property and equipment  4   2 Net cash used in investing activities  (126)  (123)Cash flows from financing activities:    Common stock repurchased and excise tax paid  (18)  (200)Net borrowings under revolving credit facilities  —   8 Repayments of debt  —   (55)Repayments of finance lease obligations  (25)  (24)Proceeds from exercise of stock options  7   — Taxes paid related to net share settlement of equity awards  (17)  (7)Net obligations under factoring arrangements  (10)  (12)Net changes in bank overdraft positions  1   64 Other  —   (1)Net cash used in financing activities  (62)  (227)Effect of exchange rates on cash and cash equivalents  (3)  40 Net decrease in cash, restricted cash and cash equivalents  (84)  (278)Cash, restricted cash and cash equivalents, beginning of period  857   485 Cash, restricted cash and cash equivalents, end of period $773  $207      Non-cash financing activities:    Excise tax liability related to stock repurchases $—  $2      Reconciliation of cash, restricted cash and cash equivalents June 30, 2026 December 31, 2025Cash and cash equivalents $769  $854 Restricted Cash (included in Other current assets)  3   2 Restricted Cash (included in Other long-term assets)  1   1 Total cash, restricted cash and cash equivalents $773  $857  GXO Logistics, Inc.
Key Data
Disaggregation of Revenue
(Unaudited)

Revenue disaggregated by geographical area was as follows:  Three Months Ended June 30,
 Six Months Ended June 30,
(In millions)  2026   2025   2026   2025 United Kingdom $1,684  $1,590  $3,279  $2,981 United States  782   767   1,533   1,519 Netherlands  256   253   526   485 France  213   216   421   402 Spain  181   166   343   309 Italy  112   105   221   200 Other  213   202   416   380 Total $3,441  $3,299  $6,739  $6,276  The Company’s revenue can also be disaggregated by various verticals, reflecting the customers’ principal industry. Revenue disaggregated by industry was as follows:  Three Months Ended June 30,
 Six Months Ended June 30,
(In millions)  2026   2025   2026   2025 Omnichannel retail $1,637  $1,626  $3,198  $3,048 Technology and consumer electronics  439   402   872   795 Industrial and manufacturing  408   403   802   765 Consumer packaged goods  331   290   665   574 Food and beverage  341   359   658   673 Other  285   219   544   421 Total $3,441  $3,299  $6,739  $6,276  GXO Logistics, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
and Adjusted EBITDA Margins
(Unaudited)  Three Months Ended June 30, Six Months Ended June 30, Year Ended
December 31, 2025
 Trailing Twelve
Months Ended
June 30, 2026
(In millions)  2026   2025   2026   2025   Net income (loss) attributable to GXO $25  $26  $29  $(70) $32  $131 Net income attributable to NCI  2   2   3   3   4   4 Net income (loss) $27  $28  $32  $(67) $36  $135 Interest expense, net  35   36   67   68   133   132 Income tax expense  21   15   33   17   68   84 Depreciation and amortization expense  117   110   232   219   457   470 Transaction and integration costs  12   14   28   36   54   46 Restructuring costs and other  5   2   8   19   27   16 Regulatory matter  —   (1)  —   65   65   — Net loss on divestiture of business  2   —   23   —   34   57 Unrealized (gain) loss on foreign currency contracts  —   8   (4)  18   7   (15)Adjusted EBITDA(1) $219  $212  $419  $375  $881  $925               Revenue $3,441  $3,299  $6,739  $6,276      Operating income $77  $89  $116  $33      Operating income margin(2)  2.2%  2.7%  1.7%  0.5%     Adjusted EBITDA margin(1)(3)  6.4%  6.4%  6.2%  6.0%     (1) See the “Non-GAAP Financial Measures” section of this press release.
(2) Operating income margin is calculated as operating income divided by revenue for the period.
(3) Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue for the period. GXO Logistics, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITA
and Adjusted EBITA Margins
(Unaudited)  Three Months Ended June 30, Six Months Ended June 30, Year Ended
December 31, 2025
 Trailing Twelve
Months Ended
June 30, 2026
(In millions)  2026   2025   2026   2025   Net income (loss) attributable to GXO $25  $26  $29  $(70) $32  $131 Net income attributable to NCI  2   2   3   3   4   4 Net income (loss) $27  $28  $32  $(67) $36  $135 Interest expense, net  35   36   67   68   133   132 Income tax expense  21   15   33   17   68   84 Amortization of intangible assets acquired  28   30   57   59   119   117 Transaction and integration costs  12   14   28   36   54   46 Restructuring costs and other  5   2   8   19   27   16 Regulatory matter  —   (1)  —   65   65   — Net loss on divestiture of business  2   —   23   —   34   57 Unrealized (gain) loss on foreign currency contracts  —   8   (4)  18   7   (15)Adjusted EBITA(1) $130  $132  $244  $215  $543  $572               Revenue $3,441  $3,299  $6,739  $6,276      Adjusted EBITA margin(1)(2)  3.8%  4.0%  3.6%  3.4%     (1) See the “Non-GAAP Financial Measures” section of this press release.
(2) Adjusted EBITA margin is calculated as adjusted EBITA divided by revenue for the period. GXO Logistics, Inc.
Reconciliation of Net Income (Loss) to Adjusted Net Income
and Adjusted Earnings Per Share
(Unaudited)(Dollars in millions, shares in thousands, except per share amounts)
 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Net income (loss) $27  $28  $32  $(67)Net income attributable to NCI  (2)  (2)  (3)  (3)Net income (loss) attributable to GXO $25  $26  $29  $(70)Amortization of intangible assets acquired  28   30   57   59 Transaction and integration costs  12   14   28   36 Restructuring costs and other  5   2   8   19 Regulatory matter  —   (1)  —   65 Net loss on divestiture of business  2   —   23   — Unrealized (gain) loss on foreign currency contracts  —   8   (4)  18 Income tax associated with the adjustments above(1)  (4)  (13)  (15)  (27)Adjusted net income attributable to GXO(2) $68  $66  $126  $100          Adjusted basic EPS(2) $0.59  $0.57  $1.10  $0.86 Adjusted diluted EPS(2) $0.59  $0.57  $1.09  $0.85          Weighted-average shares outstanding used in computation of adjusted earnings per share        Basic  115,013   114,812   114,862   116,890 Diluted(3)  115,718   115,055   115,780   117,160 (1) The income tax rate applied to items is based on the GAAP annual effective tax rate.
(2) See the “Non-GAAP Financial Measures” section of this press release.
(3) The six months ended June 30, 2025, calculation of earnings per share - diluted (GAAP) excludes 270 thousand shares due to their anti-dilutive effect. GXO Logistics, Inc.
Other Reconciliations
(Unaudited)Reconciliation of Cash Flows from Operations to Free Cash Flow:  Three Months Ended June 30, Six Months Ended June 30,(In millions)  2026   2025   2026   2025 Cash flows from operations(1) $76  $3  $107  $32 Capital expenditures  (65)  (47)  (130)  (125)Proceeds from sale of property and equipment  1   1   4   2 Free cash flow(2) $12  $(43) $(19) $(91)(1) Net cash provided by operating activities.
(2) See the “Non-GAAP Financial Measures” section of this press release. Reconciliation of Revenue to Organic Revenue:  Three Months Ended June 30,
 Six Months Ended June 30,
(In millions)  2026   2025   2026   2025 Revenue $3,441  $3,299  $6,739  $6,276 Foreign exchange rates  (29)  —   (227)  — Organic revenue(1) $3,412  $3,299  $6,512  $6,276            Revenue growth(2)  4.3%     7.4%   Organic revenue growth(1)(3)  3.4%     3.8%   (1) See the “Non-GAAP Financial Measures” section of this press release.
(2) Revenue growth is calculated as the change in the period-over-period revenue divided by the prior period, expressed as a percentage.
(3) Organic revenue growth is calculated as the change in the period-over-period organic revenue divided by the prior period, expressed as a percentage. GXO Logistics, Inc.
Liquidity Reconciliations
(Unaudited)Reconciliation of Total Debt and Net Debt:(In millions) June 30, 2026Current debt $751 Long-term debt  2,452 Total debt(1) $3,203 Plus: Bank overdrafts (included in Other current liabilities)  1 Less: Cash and cash equivalents (excluding restricted cash)  (769)Net debt(2) $2,435 (1) Includes finance leases and other debt of $479 million as of June 30, 2026.
(2) See the “Non-GAAP Financial Measures” section of this press release. Reconciliation of Total debt to Net income Ratio:(In millions) June 30, 2026 Total debt $3,203 Trailing twelve months net income $135 Debt to net income ratio 23.7x Reconciliation of Net Leverage Ratio:(In millions) June 30, 2026 Net debt(1) $2,435 Trailing twelve months adjusted EBITDA(1) $925 Net leverage ratio(1) 2.6x(1) See the “Non-GAAP Financial Measures” section of this press release. GXO Logistics, Inc.
Return on Invested Capital
(Unaudited)Adjusted EBITA, net of income taxes paid:        Six Months Ended June 30, Year Ended
December 31, 2025
 Trailing Twelve
Months Ended
June 30, 2026
(In millions)  2026   2025   Adjusted EBITA(1) $244  $215  $543  $572 Less: Cash paid for income taxes  (30)  (10)  (59)  (79)Adjusted EBITA(1), net of income taxes paid $214  $205  $484  $493 (1) See the “Non-GAAP Financial Measures” section of this press release.
Return on Invested Capital (ROIC):

  June 30,  (In millions)  2026   2025  AverageSelected Assets:      Accounts receivable, net $2,070  $1,950  $2,010 Other current assets  414   434   424 Property and equipment, net  1,261   1,264   1,263 Selected Liabilities:      Accounts payable $(707) $(691) $(699)Accrued expenses  (1,445)  (1,381)  (1,413)Other current liabilities(1)  (438)  (452)  (445)Invested capital $1,155  $1,124  $1,140        Trailing twelve months net income to average invested capital      11.8%Operating return on invested capital(2)(3)      43.2%(1) As of June 30, 2026 and June 30, 2025, excludes $1 million and $64 million of bank overdraft, respectively.
(2) See the “Non-GAAP Financial Measures” section of this press release.
(3) The ratio of operating return on invested capital is calculated as trailing twelve months adjusted EBITA, net of income taxes paid, divided by the average invested capital.
__________________________________
1 For definitions of non-GAAP measures see the “Non-GAAP Financial Measures” section in this press release.
2 Our guidance reflects current FX rates.