GXO Logistics : First Quarter 2026 Results Presentation

May 5, 2026

First quarter 2026 results

© GXO Logistics, Inc.

Kristine Kubacki

Chief Strategy Officer

Mark Suchinski

Chief Financial Officer

Presenters

Patrick Kelleher

Chief Executive Officer

© GXO Logistics, Inc. 3

GXO is building the supply chain of the future.

We design and operate the most technologically advanced logistics solutions in the world.

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Our value creation framework

1

Outsized growth driven by secular tailwinds

2

Global scale

3

Leadership in technology and automation

Customer-centric culture

4

5

Effective capital allocation

6

Compelling financial profile

and long-term growth algorithm

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1Q 2026 executive summary

Strong revenue growth, margin expansion and

increased earnings

Pipeline at record high of $2.7 billion

Approximately 40% of new business wins were in strategic growth verticals

Increased full-year guidance for adjusted EBITDA(1) and adjusted diluted EPS(1); with adjusted diluted EPS(1) up 22% at the mid-point

1. Refer to the 'Non-GAAP Financial Measures' section on slide 2.

© GXO Logistics, Inc.

6

1Q 2026 financial highlights

Revenue $3.3 billion

Net income $5 million Organic revenue(1) Adjusted EBITDA(1)

up 4.1%

$200 million

Operating cash flow

$31 million

Free cash flow(1) Adjusted

$(31) million

Diluted EPS $0.03 diluted EPS(1) $0.50

1. Refer to the 'Non-GAAP Financial Measures' section on slide 2 and Appendix for related information.

2. Based on closing March 31, 2026, FX rates of 1.32 GBP/USD and 1.16 EUR/USD.

3. Based on 2026 average FX rates of 1.35 GBP/USD and 1.17 EUR/USD.

4. Comparable position for year-ahead incremental revenue at 1Q 2025 was $732 million.

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© GXO Logistics, Inc.

Key highlights

• Revenue grew 10.8% to $3.3 billion in 1Q 2026

• Signed new business wins of $227 million in annualized revenue during 1Q 2026(2)

• Sales pipeline grew 20% quarter-over-quarter to a record $2.7 billion as of 1Q 2026(2)

• $870 million of new FY 2026 incremental revenue won through 1Q 2026(3), up 19% year-over-year(4)

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1Q 2026 revenue growth

(In millions USD)

4.1%

Organic(1)

FX

$3,298 $2,977

10.8%

revenue

growth

Year-over-year revenue growth in 1Q was 10.8%, of which 4.1% was organic(1)

1Q 2025 Revenue Organic growth FX 1Q 2026 Revenue

1Q 2026 wins and expansions





Pipeline momentum and sales diversification

25%

In strategic growth sectors

Strategic Growth Sectors

Technology and Data Centers

Industrials(2)

Life Sciences

Aerospace

and Defense

$2.7 billion total annualized revenue opportunity

2025 TAM >$230 billion(3)

Pipeline expanded to a record $2.7 billion(1)

1. Based on closing March 31, 2026, FX rates of 1.32 GBP/USD and 1.16 EUR/USD.

2. Industrials comprises, Industrial & Construction, Energy & Chemicals and Automotive.

New contract wins and outsourcing underpin long-term growth

Expected incremental revenue contributions from contracts won through 1Q 2026

$870 million(1) signed for 2026

1Q 2026 contract wins by source(2)

37%

Won from competitors

Sites transferred from other 3PLs

$227 million total annualized contract wins

37%

Outsourcing

Sites previously operated by customers in-house

Pre-2025 wins 1Q 2025 wins 2Q 2025 wins 3Q 2025 wins 4Q 2025 wins 1Q 2026 wins 2026 total

$168 million of expected incremental revenue for 2027 won through 1Q 2026(1)

expected incremental revenue

26%

New activity

Sites set up to support

customer growth

1. Based on 2026 average FX rates of 1.35 GBP/USD and 1.17 EUR/USD.

Strong cash position and investment grade balance sheet 1Q 2026 cash flow and returns

Operating

cash flow

1Q 2026

$31 million

Free cash flow(1)

1Q 2026

$(31) million

Operating return on invested capital(1)

1Q 2026

48%

Long-term target

>30%

1Q 2026 balance sheet

Total debt(2)

$3,109 million

Mostly fixed-rate borrowings

Net debt(1,2)

$2,315 million

Liquidity of $1,587 million available at end of 1Q

Net leverage(1)

2.5x

Prioritizing de-leveraging

1. Refer to the 'Non-GAAP Financial Measures' section on slide 2 and Appendix for related information.

2. Includes finance leases and other debt of $379 million as of March 31, 2026.

FY 2026 updated guidance

Organic revenue growth(2)	Current(1) 4% - 5%	Prior 4% - 5%
Adjusted EBITDA(2)(3)	$935 - $975 million	$930 - $970 million
Adjusted diluted EPS(2)	$2.90 - $3.20	$2.85 - $3.15
Free cash flow conversion(2)	30% - 40%	30% - 40%

1. Based on current FX rates.

2. Refer to the 'Non-GAAP Financial Measures' section on slide 2.

3. We anticipate the following quarterly adjusted EBITDA phasing in 2026 for the guidance contribution: 2Q: ~22.5%. Our quarterly phasing for the remainder of FY 2026 reflects the deferral of $12.5M of costs from 1Q.

Appendix

GXO Logistics, Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA

and Adjusted EBITDA Margins

(Unaudited)

December 31,

Three months ended March 31, Year ended

Trailing twelve

months ended

(In millions USD)		2026		2025		2025			March 31, 2026
Net income (loss) attributable to GXO	$		4	$ (96)	$		32	$	132
Net income attributable to noncontrolling interests
("NCI")	1			1		4			4
Net income (loss)	$ 5			$ (95)	$	36		$	136
Interest expense, net	32			32		133			133
Income tax expense	12			2		68			78
Depreciation and amortization expense	115			109		457			463
Transaction and integration costs	16			22		54			48
Restructuring costs and other	3			17		27			13
Regulatory matter	-			66		65			(1)
Net loss on divestiture of business	21			-		34			55
Unrealized (gain) loss on foreign currency contracts	(4)			10		7			(7)
Adjusted EBITDA(1)	$ 200			$ 163	$ 881			$ 918
Revenue	$ 3,298			$ 2,977
Operating income (loss)	$ 39			$ (56)
Operating income (loss) margin(2)	1.2 %			(1.9)%
Adjusted EBITDA margin(1)(3)	6.1 %			5.5 %

1. See the "Non-GAAP Financial Measures" section of this press release.

2. Operating income (loss) margin is calculated as operating income (loss) 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)

December 31,

Three months ended March 31, Year ended

Trailing twelve

months ended

(In millions USD)		2026			2025			2025			March 31, 2026
Net income (loss) attributable to GXO	$		4	$		(96)	$		32	$	132
Net income attributable to NCI			1			1			4		4
Net income (loss)	$		5	$		(95)	$		36	$	136
Interest expense, net			32			32			133		133
Income tax expense			12			2			68		78
Amortization of intangible assets acquired			29			29			119		119
Transaction and integration costs			16			22			54		48
Restructuring costs and other			3			17			27		13
Regulatory matter			-			66			65		(1)
Net loss on divestiture of business			21			-			34		55
Unrealized (gain) loss on foreign currency contracts			(4)			10			7		(7)
Adjusted EBITA(1)	$ 114			$ 83			$ 543			$	574

Revenue	$ 3,298	$ 2,977
Adjusted EBITA margin(1)(2)	3.5 %	2.8 %

1. See the "Non-GAAP Financial Measures" section for additional information.

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)

Three months ended March 31,

(In millions USD, shares in thousands, except per share amounts)	2026		2025
Net income (loss)	$	5	$	(95)
Net income attributable to NCI		(1)		(1)
Net income (loss) attributable to GXO	$	4	$	(96)
Amortization of intangible assets acquired		29		29
Transaction and integration costs		16		22
Restructuring costs and other		3		17
Regulatory matter		-		66
Net loss on divestiture of business		21		-
Unrealized (gain) loss on foreign currency contracts		(4)		10
Income tax associated with the adjustments above(1)		(11)		(14)
Adjusted net income attributable to GXO(2)	$ 58		$	34
Adjusted basic EPS(2)	$ 0.51		$	0.29
Adjusted diluted EPS(2)	$ 0.50		$	0.29
Weighted-average shares outstanding used in computation of adjusted earnings per share
Basic	114,710			118,991
Diluted(3)	115,840			119,288

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 for additional information.

3. The three months ended March 31, 2025 calculation of loss per share - diluted (GAAP) excludes 297 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 March 31,

(In millions USD)	2026		2025
Cash flows from operations(1)	$	31	$	29
Capital expenditures		(65)		(78)
Proceeds from sale of property and equipment		3		1
Net capital expenditures ("Net capex")(2)		(62)		(77)
Free cash flow(2)	$ (31)		$	(48)

1. Net cash provided by operating activities.

2. See the "Non-GAAP Financial Measures" section for additional information.

Reconciliation of revenue to organic revenue:

GXO Logistics, Inc. Other Reconciliations (Unaudited)

Three months ended March 31,

(In millions USD)	2026		2025
Revenue	$	3,298	$	2,977
Foreign exchange rates		(198)		-
Organic revenue(1)	$ 3,100		$ 2,977
Revenue growth(2)	10.8 %
Organic revenue growth(1)(3)	4.1 %

1. See the "Non-GAAP Financial Measures" section for additional information.

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 USD)		March 31, 2026
Current debt	$		463
Long-term debt			2,646
Total debt(1)	$		3,109
Less: Cash and cash equivalents (excluding restricted cash)			(794)
Net debt(2)	$		2,315

Reconciliation of total debt to net income ratio: (In millions USD)		March 31, 2026
Total debt	$		3,109
Trailing twelve months net income	$		136
Debt to net income ratio			22.9x
Reconciliation of net leverage ratio: (In millions USD)		March 31, 2026
Net debt(2)	$		2,315
Trailing twelve months adjusted EBITDA(2)	$		918
Net leverage ratio(2) 2.5x

1. Includes finance leases and other debt of $379 million as of March 31, 2026.

2. See the "Non-GAAP Financial Measures" section for additional information.

   GXO Logistics, Inc.

   Return on Invested Capital

   (Unaudited)

   Adjusted EBITA, net of income taxes paid/received:

   December 31,

   Three months ended March 31, Year ended

   Trailing twelve

   months ended

   (In millions USD)	2026	2025		2025	March 31, 2026
   Adjusted EBITA(1)	$ 114 $		83	$ 543	$ 574
   Less: Cash (paid) received for income taxes	(6)		8	(59)	(73)
   Adjusted EBITA(1), net of income taxes paid/received $ 108 $ 91 $ 484 $ 501

   Return on invested capital:

   March 31,

   (In millions USD) 2026 2025 Average

   Selected assets:
   Accounts receivable, net	$ 2,020	$ 1,895	$ 1,958
   Other current assets	397	446	422
   Property and equipment, net	1,181	1,216	1,199
   Selected liabilities:
   Accounts payable	(713)	(720)	(717)
   Accrued expenses	(1,437)	(1,398)	(1,418)
   Other current liabilities	(413)	(396)	(405)
   Invested capital $ 1,035 $ 1,043 $ 1,039

   Trailing twelve months net income to average invested capital 13.1%

Operating return on invested capital(1)(2) 48.2%

1. See the "Non-GAAP Financial Measures" section for additional information.

2. The ratio of operating return on invested capital is calculated as trailing twelve months adjusted EBITA, net of income taxes paid/received, divided by the average invested capital.

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