0001166003-26-000074 | 10-Q | XBRL Viewer

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Description of Business and Basis of Presentation - Narrative (Details) € in Millions, $ in Millions	Jun. 30, 2026 USD ($)	Jun. 30, 2026 EUR (€)	Dec. 31, 2025 USD ($)
Variable Interest Entity [Line Items]
Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets	Other long-term assets
Restricted cash included in other long-term assets	$ 16		$ 20
XPO Collections Designated Activity Company Limited \| Affiliated Entity \| Trade Receivables Securitization Program Two
Variable Interest Entity [Line Items]
Maximum borrowing capacity	$ 228	€ 200
Weighted average interest rate	3.69%	3.69%

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 298	$ 310
Accounts receivable, net of allowances of $40 and $40, respectively	1,267	1,035
Other current assets	249	285
Total current assets	1,814	1,630
Long-term assets
Property and equipment, net of $2,427 and $2,360 in accumulated depreciation, respectively	3,658	3,664
Operating lease assets	782	777
Goodwill	1,528	1,547
Identifiable intangible assets, net of $604 and $580 in accumulated amortization, respectively	280	311
Other long-term assets	270	265
Total long-term assets	6,518	6,564
Total assets	8,333	8,194
Current liabilities
Accounts payable	486	455
Accrued expenses	823	760
Short-term borrowings and current maturities of long-term debt	159	60
Short-term operating lease liabilities	170	166
Other current liabilities	155	113
Total current liabilities	1,794	1,555
Long-term liabilities
Long-term debt	3,047	3,253
Deferred tax liability	508	482
Employee benefit obligations	83	86
Long-term operating lease liabilities	612	611
Other long-term liabilities	328	345
Total long-term liabilities	4,577	4,778
Stockholders’ equity
Common stock, $0.001 par value; 300 shares authorized; 117 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	0	0
Additional paid-in capital	1,005	1,160
Retained earnings	1,151	888
Accumulated other comprehensive loss	(194)	(187)
Total equity	1,962	1,861
Total liabilities and equity	$ 8,333	$ 8,194

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Measured at Fair Value in Consolidated Balance Sheet

The fair value of our derivative instruments and the related notional amounts were as follows:


	June 30, 2026
			Derivative Assets			Derivative Liabilities
(In millions)	Notional Amount		Balance Sheet Caption	Fair Value		Balance Sheet Caption	Fair Value
Derivatives designated as hedges
Cross-currency swap agreements	$	249	Other current assets	$	—	Other current liabilities	$	(26)
Cross-currency swap agreements	404		Other long-term assets	—		Other long-term liabilities	(31)

Interest rate swaps	550		Other current assets	—		Other current liabilities	—


Total				$	—		$	(57)


	December 31, 2025
			Derivative Assets			Derivative Liabilities
(In millions)	Notional Amount		Balance Sheet Caption	Fair Value		Balance Sheet Caption	Fair Value
Derivatives designated as hedges
Cross-currency swap agreements	$	284	Other current assets	$	—	Other current liabilities	$	(32)
Cross-currency swap agreements	369		Other long-term assets	—		Other long-term liabilities	(44)
Interest rate swaps	550		Other current assets	—		Other current liabilities	(2)

Total				$	—		$	(78)

Schedule of Gains and Losses Recognized on Consolidated Statements of Operations for Derivate Instruments

The effect of derivative and nonderivative instruments designated as hedges on our Condensed Consolidated Statements of Income was as follows:


	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives				Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
	Three Months Ended June 30,
(In millions)	2026		2025			2026		2025
Derivatives designated as cash flow hedges

Interest rate swaps	$	1	$	—		$	—	$	—
Derivatives designated as net investment hedges
Cross-currency swap agreements	5		(59)			2		3
Total	$	5	$	(59)		$	2	$	3


	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives				Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
	Six Months Ended June 30,
(In millions)	2026		2025			2026		2025
Derivatives designated as cash flow hedges

Interest rate swaps	$	2	$	(1)		$	—	$	—
Derivatives designated as net investment hedges
Cross-currency swap agreements	17		(84)			5		5
Total	$	19	$	(85)		$	5	$	5

Restructuring Charges

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Restructuring Charges

We engage in restructuring actions as part of our ongoing efforts to best use our resources and infrastructure. These actions primarily relate to business optimization initiatives and generally include severance and facility-related costs, including impairment of lease assets, as well as contract termination costs, and are intended to improve our efficiency and profitability.

Our restructuring-related activity was as follows:


			Six Months Ended June 30, 2026
(In millions)	Reserve Balance as of December 31, 2025		Charges Incurred		Payments		Reserve Balance as of June 30, 2026
Severance
North American LTL	$	1	$	—	$	(1)	$	—
European Transportation	3		21		(15)		9
Corporate	7		3		(8)		2









Total	$	11	$	24	$	(23)	$	11

In addition to the severance charges noted in the table above, we recorded restructuring-related charges in our European Transportation segment, North American LTL segment and Corporate of $6 million, $1 million and $1 million, respectively, during the first six months of 2026, which are primarily facility-related costs.

We expect that the majority of the cash outlays related to the severance charges incurred in the first six months of 2026 will be completed within 12 months.

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation We prepared our Condensed Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles (“GAAP”) and on the same basis as the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). The interim reporting requirements of Form 10-Q allow certain information and note disclosures normally included in annual consolidated financial statements to be condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the 2025 Form 10-K. The Condensed Consolidated Financial Statements are not audited but reflect all adjustments that are of a normal recurring nature and are necessary for a fair presentation of the financial condition, operating results and cash flows for the interim periods presented. Operating results for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. Within our Condensed Consolidated Financial Statements and the accompanying notes, certain amounts may not add due to the use of rounded numbers. Unless otherwise indicated, percentages presented are calculated from the underlying numbers in millions.
Trade Receivables Securitization and Factoring Programs	Trade Receivables Securitization and Factoring Programs In our European Transportation business, we sell certain of our trade accounts receivable under securitization and factoring programs. We use trade receivables securitization and factoring programs to help manage our cash flows and offset the impact of extended payment terms for some of our customers.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The levels of inputs used to measure fair value are: •Level 1—Quoted prices for identical instruments in active markets; •Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets; and •Level 3—Valuations based on inputs that are unobservable, generally utilizing pricing models or other valuation techniques that reflect management’s judgment and estimates. We base our fair value estimates on market assumptions and available information. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and current maturities of long-term debt approximated their fair values as of June 30, 2026 and December 31, 2025 due to their short-term nature and/or being receivable or payable on demand. The Level 1 cash equivalents include money market funds valued using quoted prices in active markets and cash deposited for the securitization program.
Accounting Pronouncements Issued but Not Yet Effective	Accounting Pronouncements Issued but Not Yet Effective In May 2026, the Financial Accounting Standards Board (“FASB”) issued ASU 2026-02, “Environmental Credits and Environmental Credit Obligations (Topic 818).” This ASU establishes recognition, measurement, presentation and disclosure requirements for (i) environmental credits and (ii) compliance obligations that may be settled by using environmental credits and is effective for annual and interim periods beginning in 2028. Early adoption is permitted. We are currently evaluating the impact of the new standard. In December 2025, the FASB issued ASU 2025-10, “Government Grants (Topic 832) – Accounting for Government Grants Received by Business Entities.” This ASU provides recognition, measurement and presentation guidance for government grants received by business entities and is effective for annual and interim periods beginning in 2029. Early adoption is permitted. We are currently evaluating the impact of the new standard. In September 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40).” The ASU updates the guidance on accounting for internal-use software costs by (i) removing all references to software development stages, and (ii) requiring that an entity capitalize software costs when both management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. This ASU is effective for annual and interim periods beginning in 2028. Early adoption is permitted. We are currently evaluating the impact of the new standard. In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40).” The ASU requires new tabular disclosures disaggregating prescribed expense categories within relevant income statement captions. In addition, the ASU requires disclosure of the total amount of selling expenses and, in annual periods, an entity’s definition of selling expenses, among other disclosure requirements. This ASU is effective for annual periods beginning in 2027, and for interim periods beginning January 1, 2028. Early adoption is permitted. We are currently evaluating the impact of the new standard, which is limited to financial statement disclosures.
Segment Reporting	We are organized into two reportable segments: North American LTL, the largest component of our business, and European Transportation. In our North American LTL segment, we provide shippers with geographic density and day-definite domestic and cross-border services to the U.S., as well as Mexico, Canada and the Caribbean. Our North American LTL segment also includes the results of our trailer manufacturing operation. In our European Transportation segment, we serve an extensive base of customers within the consumer, trade and industrial markets. We offer dedicated truckload, LTL, full truckload brokerage, warehousing, managed transportation, last mile, freight forwarding, and multimodal solutions. Corporate includes corporate headquarters costs for executive officers and certain legal and financial functions, and other costs and credits not attributed to our reportable segments.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 29
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Debt - Term Loan Facilities (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		4 Months Ended	6 Months Ended
	Jul. 30, 2026	May 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Apr. 30, 2026	Jun. 30, 2026	Jun. 30, 2025
Debt Instrument [Line Items]
Debt extinguishment loss			$ 5	$ 0		$ 5	$ 5
Term Loan Credit Agreement \| 2026 Term Loan A Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 500
Percentage of original principal amount payable in quarterly installments		5.00%
Interest rate, stated percentage			4.87%			4.87%
Term Loan Credit Agreement \| 2026 Term Loan A Facility \| Line of Credit \| Alternate Base Rate
Debt Instrument [Line Items]
Interest spread		0.25%
Term Loan Credit Agreement \| 2026 Term Loan A Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest spread		1.25%
Basis spread on variable rate, decrease		0.125%
Term Loan Credit Agreement \| 2026 Term Loan B Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 385
Interest rate, stated percentage			5.12%			5.12%
Term Loan Credit Agreement \| 2026 Term Loan B Facility \| Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 100
Term Loan Credit Agreement \| 2026 Term Loan B Facility \| Line of Credit \| Alternate Base Rate
Debt Instrument [Line Items]
Interest spread		0.50%
Term Loan Credit Agreement \| 2026 Term Loan B Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest spread		1.50%
Basis spread on variable rate, decrease		0.125%
Term Loan Credit Agreement \| 2025 Term Loan B Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Repayments of debt		$ 885			$ 100
Term Loan Credit Agreement \| Term Loans \| Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 200

Segment Reporting - Selected Financial Data for Each Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Total Adjusted EBITDA	$ 434	$ 340	$ 753	$ 618
Debt extinguishment loss	5	0	5	5
Interest expense	51	56	104	112
Income tax provision	56	37	79	59
Depreciation and amortization expense	134	131	265	254
Pre-Con-way acquisition environmental matter	1	0	1	0
Legal matters	0	(2)	0	(13)
Transaction and integration costs	2	3	4	6
Restructuring costs	22	8	31	20
Net income	162	106	263	175
Operating Segments \| North American LTL
Segment Reporting [Line Items]
Total Adjusted EBITDA	390	300	680	550
Depreciation and amortization expense	100	96	197	185
Operating Segments \| European Transportation
Segment Reporting [Line Items]
Total Adjusted EBITDA	48	44	81	76
Depreciation and amortization expense	33	34	66	67
Corporate
Segment Reporting [Line Items]
Total Adjusted EBITDA	(4)	(4)	(8)	(8)
Depreciation and amortization expense	$ 1	$ 1	$ 2	$ 2

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Jul. 24, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-32172
Entity Registrant Name	XPO, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	03-0450326
Entity Address, Address Line One	Five American Lane
Entity Address, City or Town	Greenwich,
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06831
City Area Code	855
Local Phone Number	976-6951
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	XPO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business Entity	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		117,086,465
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001166003
Current Fiscal Year End Date	--12-31

Segment Reporting - Consolidated Segment Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenue	$ 2,355	$ 2,080	$ 4,451	$ 4,034
Salaries, wages and employee benefits	929	871	1,809	1,703
Purchased transportation	464	426	887	826
Fuel, operating expenses and supplies	476	384	899	777
Operating taxes and licenses	22	21	43	40
Insurance and claims	40	40	75	75
Gains on sales of property and equipment	(7)	(1)	(8)	(3)
Pension (income) expense	(4)	(1)	(7)	(3)
Adjusted EBITDA	434	340	753	618
Operating Segments \| North American LTL
Segment Reporting [Line Items]
Revenue	1,428	1,240	2,657	2,412
Salaries, wages and employee benefits	689	643	1,331	1,259
Purchased transportation	40	32	70	69
Fuel, operating expenses and supplies	275	222	511	454
Operating taxes and licenses	17	17	33	33
Insurance and claims	25	25	43	49
Gains on sales of property and equipment	(4)	2	(3)	2
Pension (income) expense	(4)	(2)	(7)	(3)
Adjusted EBITDA	390	300	680	550
Operating Segments \| European Transportation
Segment Reporting [Line Items]
Revenue	927	841	1,794	1,622
Salaries, wages and employee benefits	235	224	470	436
Purchased transportation	424	394	817	757
Fuel, operating expenses and supplies	201	163	388	324
Operating taxes and licenses	5	4	10	7
Insurance and claims	15	15	32	26
Gains on sales of property and equipment	(2)	(3)	(5)	(5)
Pension (income) expense	0	0	0	0
Adjusted EBITDA	48	44	81	76
Corporate
Segment Reporting [Line Items]
Revenue	0	0	0	0
Salaries, wages and employee benefits	4	4	8	8
Purchased transportation	0	0	0	0
Fuel, operating expenses and supplies	0	0	0	0
Operating taxes and licenses	0	0	0	0
Insurance and claims	0	0	0	0
Gains on sales of property and equipment	0	0	0	0
Pension (income) expense	0	0	0	0
Adjusted EBITDA	$ (4)	$ (4)	$ (8)	$ (8)

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Foreign currency translation gain (loss), tax	$ (1)	$ 14	$ (4)	$ 20
Unrealized gain (loss) on financial assets/liabilities designated as hedging instruments, tax	$ 0	$ 0	$ 0	$ 0

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 2,355	$ 2,080	$ 4,451	$ 4,034
United States
Disaggregation of Revenue [Line Items]
Revenue	1,398	1,212	2,600	2,358
North America (excluding United States)
Disaggregation of Revenue [Line Items]
Revenue	30	27	57	54
France
Disaggregation of Revenue [Line Items]
Revenue	364	336	706	650
United Kingdom
Disaggregation of Revenue [Line Items]
Revenue	327	281	632	539
Europe (excluding France and United Kingdom)
Disaggregation of Revenue [Line Items]
Revenue	235	224	456	433
North American LTL \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	1,428	1,240	2,657	2,412
North American LTL \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Revenue	1,398	1,212	2,600	2,358
North American LTL \| Operating Segments \| North America (excluding United States)
Disaggregation of Revenue [Line Items]
Revenue	30	27	57	54
North American LTL \| Operating Segments \| France
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
North American LTL \| Operating Segments \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
North American LTL \| Operating Segments \| Europe (excluding France and United Kingdom)
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
European Transportation \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	927	841	1,794	1,622
European Transportation \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
European Transportation \| Operating Segments \| North America (excluding United States)
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
European Transportation \| Operating Segments \| France
Disaggregation of Revenue [Line Items]
Revenue	364	336	706	650
European Transportation \| Operating Segments \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenue	327	281	632	539
European Transportation \| Operating Segments \| Europe (excluding France and United Kingdom)
Disaggregation of Revenue [Line Items]
Revenue	$ 235	$ 224	$ 456	$ 433

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 263	$ 175
Adjustments to reconcile net income to net cash from operating activities
Depreciation and amortization	265	254
Stock compensation expense	30	31
Accretion of debt	5	5
Deferred tax expense	21	6
Gains on sales of property and equipment	(8)	(3)
Other	18	14
Changes in assets and liabilities
Accounts receivable	(262)	(124)
Other assets	50	26
Accounts payable	29	(22)
Accrued expenses and other liabilities	79	26
Net cash provided by operating activities	491	389
Cash flows from investing activities
Payment for purchases of property and equipment	(238)	(395)
Proceeds from sale of property and equipment	33	12
Payment for settlement of cross-currency swaps	(3)	0
Net cash used in investing activities	(208)	(382)
Cash flows from financing activities
Proceeds from issuance of debt	885	0
Repayment of debt	(985)	0
Repayment of finance leases and other debt	(39)	(36)
Payment for debt issuance costs	(1)	(3)
Repurchase of common stock	(100)	(10)
Change in bank overdrafts	26	22
Payment for tax withholdings for restricted shares	(88)	(48)
Other	3	2
Net cash used in financing activities	(300)	(74)
Effect of exchange rates on cash, cash equivalents and restricted cash	1	2
Net decrease in cash, cash equivalents and restricted cash	(16)	(65)
Cash, cash equivalents and restricted cash, beginning of period	330	298
Cash, cash equivalents and restricted cash, end of period	314	233
Supplemental disclosure of cash flow information
Leased assets obtained in exchange for new operating lease liabilities	120	100
Leased assets obtained in exchange for new finance lease liabilities	22	26
Cash paid for interest	109	117
Cash paid for income taxes, net of refunds	$ 9	$ 31

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt


	June 30, 2026				December 31, 2025
(In millions)	Principal Balance		Carrying Value		Principal Balance		Carrying Value

Term loan A facility	$	500	$	499	$	—	$	—
Term loan B facility	385		383		985		978
6.25% senior secured notes due 2028	830		826		830		825
7.125% senior notes due 2031	450		446		450		446
7.125% senior notes due 2032	585		578		585		577
6.70% senior debentures due 2034	300		233		300		230

Finance leases and other debt	242		242		257		257
Total debt	3,292		3,206		3,407		3,313
Short-term borrowings and current maturities of long-term debt	159		159		60		60
Long-term debt	$	3,133	$	3,047	$	3,347	$	3,253

Schedule of Fair Value of Debt

The fair value hierarchy of cash equivalents was as follows:


(In millions)	Carrying Value		Fair Value		Level 1
June 30, 2026	$	270	$	270	$	270
December 31, 2025	285		285		285

The fair value of our debt and classification in the fair value hierarchy was as follows:


(In millions)	Fair Value		Level 1		Level 2
June 30, 2026	$	3,345	$	2,217	$	1,128
December 31, 2025	3,499		2,254		1,246

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

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Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

+ Details

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The computations of basic and diluted earnings per share were as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)		2026		2025		2026		2025














Net income		$	162	$	106	$	263	$	175

Basic weighted-average common shares		117		118		117		118
	Dilutive effect of stock-based awards	1		2		1		2
Diluted weighted-average common shares		118		119		119		119



Basic earnings per share		$	1.38	$	0.90	$	2.24	$	1.49













Diluted earnings per share		$	1.36	$	0.89	$	2.22	$	1.47

Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at beginning of period (in shares) at Dec. 31, 2024		117,174
Balance at beginning of period at Dec. 31, 2024	$ 1,601	$ 0	$ 1,274	$ 572	$ (246)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	175			175
Other comprehensive income (loss)	46				46
Exercise and vesting of stock compensation awards (in shares)		654
Exercise and vesting of stock compensation awards	0
Tax withholdings related to vesting of stock compensation awards	$ (64)		(64)
Retirement of common stock (in shares)	(83)	(83)
Retirement of common stock	$ (10)		(10)
Stock compensation expense	31		31
Other	2		2
Balance at end of period (in shares) at Jun. 30, 2025		117,745
Balance at end of period at Jun. 30, 2025	1,781	$ 0	1,233	747	(199)
Balance at beginning of period (in shares) at Mar. 31, 2025		117,788
Balance at beginning of period at Mar. 31, 2025	1,640	$ 0	1,227	641	(228)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	106			106
Other comprehensive income (loss)	29				29
Exercise and vesting of stock compensation awards (in shares)		40
Exercise and vesting of stock compensation awards	0
Tax withholdings related to vesting of stock compensation awards	$ (2)		(2)
Retirement of common stock (in shares)	(83)	(83)
Retirement of common stock	$ (10)		(10)
Stock compensation expense	16		16
Other	2		2
Balance at end of period (in shares) at Jun. 30, 2025		117,745
Balance at end of period at Jun. 30, 2025	1,781	$ 0	1,233	747	(199)
Balance at beginning of period (in shares) at Dec. 31, 2025		116,954
Balance at beginning of period at Dec. 31, 2025	1,861	$ 0	1,160	888	(187)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	263			263
Other comprehensive income (loss)	(7)				(7)
Exercise and vesting of stock compensation awards (in shares)		626
Exercise and vesting of stock compensation awards	0
Tax withholdings related to vesting of stock compensation awards	$ (88)		(88)
Retirement of common stock (in shares)	(497)	(497)
Retirement of common stock	$ (100)		(100)
Stock compensation expense	30		30
Other	2		2
Balance at end of period (in shares) at Jun. 30, 2026		117,083
Balance at end of period at Jun. 30, 2026	1,962	$ 0	1,005	1,151	(194)
Balance at beginning of period (in shares) at Mar. 31, 2026		117,408
Balance at beginning of period at Mar. 31, 2026	1,851	$ 0	1,055	989	(194)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	162			162
Other comprehensive income (loss)	0
Exercise and vesting of stock compensation awards (in shares)		15
Exercise and vesting of stock compensation awards	0
Tax withholdings related to vesting of stock compensation awards	$ 0
Retirement of common stock (in shares)	(341)	(341)
Retirement of common stock	$ (70)		(70)
Stock compensation expense	17		17
Other	2		2
Balance at end of period (in shares) at Jun. 30, 2026		117,083
Balance at end of period at Jun. 30, 2026	$ 1,962	$ 0	$ 1,005	$ 1,151	$ (194)

Restructuring Charges - Schedule of Restructuring (Details) - Severance $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	$ 11
Charges Incurred	24
Payments	(23)
Reserve, ending balance	11
Operating Segments \| North American LTL
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	1
Charges Incurred	0
Payments	(1)
Reserve, ending balance	0
Operating Segments \| European Transportation
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	3
Charges Incurred	21
Payments	(15)
Reserve, ending balance	9
Corporate
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	7
Charges Incurred	3
Payments	(8)
Reserve, ending balance	$ 2

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Restructuring Charges - Narrative (Details) - Other Restructuring $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Operating Segments \| European Transportation
Restructuring Cost and Reserve [Line Items]
Charges Incurred	$ 6
Operating Segments \| North American LTL
Restructuring Cost and Reserve [Line Items]
Charges Incurred	1
Corporate
Restructuring Cost and Reserve [Line Items]
Charges Incurred	$ 1

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 2,355	$ 2,080	$ 4,451	$ 4,034
Salaries, wages and employee benefits	929	871	1,809	1,703
Purchased transportation	464	426	887	826
Fuel, operating expenses and supplies	476	384	899	777
Operating taxes and licenses	22	21	43	40
Insurance and claims	40	40	75	75
Gains on sales of property and equipment	(7)	(1)	(8)	(3)
Depreciation and amortization expense	134	131	265	254
Pre-Con-way acquisition environmental matter	1	0	1	0
Legal matters	0	(2)	0	(13)
Transaction and integration costs	2	3	4	6
Restructuring costs	22	8	31	20
Operating income	271	198	445	349
Other income	(4)	(2)	(7)	(3)
Debt extinguishment loss	5	0	5	5
Interest expense	51	56	104	112
Income before income tax provision	218	143	342	234
Income tax provision	56	37	79	59
Net income	$ 162	$ 106	$ 263	$ 175
Earnings per share data
Basic earnings per share (in dollars per share)	$ 1.38	$ 0.90	$ 2.24	$ 1.49
Diluted earnings per share (in dollars per share)	$ 1.36	$ 0.89	$ 2.22	$ 1.47
Weighted-average common shares outstanding
Basic weighted-average common shares outstanding (in shares)	117	118	117	118
Diluted weighted-average common shares outstanding (in shares)	118	119	119	119

Derivative Instruments

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

In the normal course of business, we are exposed to risks arising from business operations and economic factors, including fluctuations in interest rates and foreign currencies. We use derivative instruments to manage the volatility related to these exposures. The objective of these derivative instruments is to reduce fluctuations in our earnings and cash flows associated with changes in foreign currency exchange rates and interest rates. These financial instruments are not used for trading or other speculative purposes. Historically, we have not incurred, and do not expect to incur in the future, any losses as a result of counterparty default.

The fair value of our derivative instruments and the related notional amounts were as follows:


	June 30, 2026
			Derivative Assets			Derivative Liabilities
(In millions)	Notional Amount		Balance Sheet Caption	Fair Value		Balance Sheet Caption	Fair Value
Derivatives designated as hedges
Cross-currency swap agreements	$	249	Other current assets	$	—	Other current liabilities	$	(26)
Cross-currency swap agreements	404		Other long-term assets	—		Other long-term liabilities	(31)

Interest rate swaps	550		Other current assets	—		Other current liabilities	—


Total				$	—		$	(57)


	December 31, 2025
			Derivative Assets			Derivative Liabilities
(In millions)	Notional Amount		Balance Sheet Caption	Fair Value		Balance Sheet Caption	Fair Value
Derivatives designated as hedges
Cross-currency swap agreements	$	284	Other current assets	$	—	Other current liabilities	$	(32)
Cross-currency swap agreements	369		Other long-term assets	—		Other long-term liabilities	(44)
Interest rate swaps	550		Other current assets	—		Other current liabilities	(2)

Total				$	—		$	(78)

The derivatives are classified as Level 2 within the fair value hierarchy. The derivatives are valued using inputs other than quoted prices, such as foreign exchange rates and yield curves.

The effect of derivative and nonderivative instruments designated as hedges on our Condensed Consolidated Statements of Income was as follows:


	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives				Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
	Three Months Ended June 30,
(In millions)	2026		2025			2026		2025
Derivatives designated as cash flow hedges

Interest rate swaps	$	1	$	—		$	—	$	—
Derivatives designated as net investment hedges
Cross-currency swap agreements	5		(59)			2		3
Total	$	5	$	(59)		$	2	$	3


	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives				Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
	Six Months Ended June 30,
(In millions)	2026		2025			2026		2025
Derivatives designated as cash flow hedges

Interest rate swaps	$	2	$	(1)		$	—	$	—
Derivatives designated as net investment hedges
Cross-currency swap agreements	17		(84)			5		5
Total	$	19	$	(85)		$	5	$	5

Cross-Currency Swap Agreements

We enter into cross-currency swap agreements to manage the foreign currency exchange risk related to our international operations by effectively converting our fixed-rate USD-denominated debt, including the associated interest payments, to fixed-rate, euro (“EUR”)-denominated debt. The risk management objective of these transactions is to manage foreign currency risk relating to net investments in subsidiaries denominated in foreign currencies and reduce the variability in the functional currency equivalent cash flows of this debt.

During the term of the swap contracts, we receive interest on a quarterly basis from the counterparties based on USD fixed interest rates, and we pay interest, also on a quarterly basis, to the counterparties based on EUR fixed interest rates. At maturity, we will repay the original principal amount in EUR and receive the principal amount in USD. These agreements expire at various dates through 2028.

We designated these cross-currency swaps as qualifying hedging instruments and account for them as net investment hedges. We apply the simplified method of assessing the effectiveness of our net investment hedging relationships. Under this method, for each reporting period, the change in the fair value of the cross-currency swaps is initially recognized in Accumulated other comprehensive income (loss) (“AOCI”). The change in the fair value due to foreign exchange remains in AOCI and the initial component excluded from effectiveness testing will initially remain in AOCI and then will be reclassified from AOCI to Interest expense each period in a systematic manner. Cash flows related to the periodic exchange of interest payments for these net investment hedges are included in Cash flows from operating activities on our Condensed Consolidated Statements of Cash Flows.

In March 2026, we paid approximately $3 million related to cross-currency swaps that were partially settled during the period. The fair value adjustments related to these swaps remain in AOCI and partially offset foreign currency translation adjustment losses on our net investments in foreign subsidiaries. The payments were included in Cash flows from investing activities on our Condensed Consolidated Statements of Cash Flows.

Interest Rate Hedging

We execute short-term interest rate swaps to mitigate variability in forecasted interest payments on our term loan facilities. The interest rate swaps convert floating-rate interest payments into fixed rate interest payments. We designated the interest rate swaps as qualifying hedging instruments and account for these derivatives as cash flow hedges. Our outstanding interest rate swaps mature in the fourth quarter of 2026.

We record gains and losses resulting from fair value adjustments to the designated portion of interest rate swaps in AOCI and reclassify them to Interest expense on the dates that interest payments accrue. Cash flows related to the interest rate swaps are included in Cash flows from operating activities on our Condensed Consolidated Statements of Cash Flows.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
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-Publisher FASB
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+ Details

Debt - Letters of Credit Facility (Details) - Uncommitted Secured Letter of Credit Facility $ in Millions	Jun. 30, 2026 USD ($)
Debt Instrument [Line Items]
Face amount	$ 131
Maximum borrowing capacity	$ 200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Earnings per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings per Share

The computations of basic and diluted earnings per share were as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)		2026		2025		2026		2025














Net income		$	162	$	106	$	263	$	175

Basic weighted-average common shares		117		118		117		118
	Dilutive effect of stock-based awards	1		2		1		2
Diluted weighted-average common shares		118		119		119		119



Basic earnings per share		$	1.38	$	0.90	$	2.24	$	1.49













Diluted earnings per share		$	1.36	$	0.89	$	2.22	$	1.47

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Selected Financial Data for Each Reportable Segment

The following tables present revenue and significant segment expenses that are included within adjusted EBITDA:


	Three Months Ended June 30, 2026
(In millions)	North American LTL		European Transportation		Corporate (1)		Total
Revenue	$	1,428	$	927	$	—	$	2,355
Salaries, wages and employee benefits	689		235		4		929
Purchased transportation	40		424		—		464
Fuel, operating expenses and supplies	275		201		—		476
Operating taxes and licenses	17		5		—		22
Insurance and claims	25		15		—		40
(Gains) losses on sales of property and equipment	(4)		(2)		—		(7)
Pension (income) expense	(4)		—		—		(4)

Adjusted EBITDA	$	390	$	48	$	(4)	$	434


	Three Months Ended June 30, 2025
(In millions)	North American LTL		European Transportation		Corporate (1)		Total
Revenue	$	1,240	$	841	$	—	$	2,080
Salaries, wages and employee benefits	643		224		4		871
Purchased transportation	32		394		—		426
Fuel, operating expenses and supplies	222		163		—		384
Operating taxes and licenses	17		4		—		21
Insurance and claims	25		15		—		40
(Gains) losses on sales of property and equipment	2		(3)		—		(1)
Pension (income) expense	(2)		—		—		(1)

Adjusted EBITDA	$	300	$	44	$	(4)	$	340


	Six Months Ended June 30, 2026
(In millions)	North American LTL		European Transportation		Corporate (1)		Total
Revenue	$	2,657	$	1,794	$	—	$	4,451
Salaries, wages and employee benefits	1,331		470		8		1,809
Purchased transportation	70		817		—		887
Fuel, operating expenses and supplies	511		388		—		899
Operating taxes and licenses	33		10		—		43
Insurance and claims	43		32		—		75
(Gains) losses on sales of property and equipment	(3)		(5)		—		(8)
Pension (income) expense	(7)		—		—		(7)

Adjusted EBITDA	$	680	$	81	$	(8)	$	753


	Six Months Ended June 30, 2025
(In millions)	North American LTL		European Transportation		Corporate (1)		Total
Revenue	$	2,412	$	1,622	$	—	$	4,034
Salaries, wages and employee benefits	1,259		436		8		1,703
Purchased transportation	69		757		—		826
Fuel, operating expenses and supplies	454		324		—		777
Operating taxes and licenses	33		7		—		40
Insurance and claims	49		26		—		75
(Gains) losses on sales of property and equipment	2		(5)		—		(3)
Pension (income) expense	(3)		—		—		(3)

Adjusted EBITDA	$	550	$	76	$	(8)	$	618

(1) Primarily represents unallocated corporate costs.

The following table presents adjusted EBITDA by segment and provides a reconciliation to consolidated net income:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Adjusted EBITDA
North American LTL	$	390	$	300	$	680	$	550
European Transportation	48		44		81		76
Corporate	(4)		(4)		(8)		(8)
Total Adjusted EBITDA	434		340		753		618
Less:
Debt extinguishment loss	5		—		5		5
Interest expense	51		56		104		112
Income tax provision	56		37		79		59
Depreciation and amortization expense	134		131		265		254
Pre-Con-way acquisition environmental matter	1		—		1		—
Legal matters (1)	—		(2)		—		(13)
Transaction and integration costs	2		3		4		6
Restructuring costs	22		8		31		20

Net Income	$	162	$	106	$	263	$	175

(1) Reflects the settlement of claims against certain truck manufacturers related to purchases by our European Transportation segment covering periods prior to our acquisition of Norbert Dentressangle SA in 2015.

The following table presents depreciation and amortization expense by segment:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Depreciation and amortization expense
North American LTL	$	100	$	96	$	197	$	185
European Transportation	33		34		66		67
Corporate	1		1		2		2
Total	$	134	$	131	$	265	$	254

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are involved, and expect to continue to be involved, in numerous proceedings arising out of the conduct of our business. These proceedings may include claims for property damage or personal injury incurred in connection with the transportation of freight, cargo damage or loss, environmental liability, commercial disputes, insurance coverage disputes and employment-related claims, including claims involving asserted breaches of employee restrictive covenants. We establish accruals for specific legal proceedings when it is considered probable that a loss has been incurred and the amount of the loss can be reasonably estimated. We review and adjust, as appropriate, accruals for loss contingencies at least quarterly and as additional information becomes available. If a loss is not both probable and reasonably estimable, or if an exposure to loss exists in excess of the amount accrued, we assess whether there is at least a reasonable possibility that a loss, or additional loss, may have been incurred. If there is a reasonable possibility that a loss, or additional loss, may have been incurred, we disclose the estimate of the possible loss or range of loss if it is material and an estimate can be made, or disclose that such an estimate cannot be made. The determination as to whether a loss can be considered reasonably possible or probable is based on our assessment, together with legal counsel, regarding the ultimate outcome of the matter. We believe that we have adequately accrued for the potential impact of loss contingencies that are probable and reasonably estimable. We do not believe that the ultimate resolution of any matters to which we are presently a party will have a material adverse effect on our results of operations, financial condition or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material adverse effect on our financial condition, results of operations or cash flows. Legal costs incurred related to these matters are expensed as incurred. We carry liability and excess umbrella insurance policies that we deem sufficient to cover potential legal claims arising in the normal course of conducting our operations as a transportation company. In the event we are required to satisfy a legal claim outside the scope of the coverage provided by insurance, our financial condition, results of operations or cash flows could be negatively impacted. Insurance Contribution Litigation We have been engaged in litigation in a case captioned Allianz Global Risks US Ins. Co. v. ACE Property & Casualty Ins. Co., et al., Multnomah County Circuit Court (Case No. 1204-04552) since we acquired Con-way in 2015. In April 2012, prior to the acquisition, Allianz Global Risks US Ins. Co. (“Allianz”) filed suit against eighteen insurance companies seeking contribution on environmental and product liability claims that Allianz agreed to defend and indemnify on behalf of its insured, Daimler Trucks North America (“DTNA”). These claims involved truck and part manufacturing plants of Freightliner, a former subsidiary of Con-way, which Con-way sold to DTNA in 1981. The defendants had insured Freightliner’s assets and Con-way and Freightliner had self-insured under fronting agreements with three of the defendant insurers, ACE, Westport, and General. Under those agreements, Con-way agreed to indemnify the fronting carriers for damages assessed under the fronting policies. Con-way’s captive insurer, Centron, was also a named defendant. In connection with the acquisition of Con-way, we became responsible for any potential liability of Con-way related to this matter. After a seven-week jury trial in 2014, the jury found that Con-way and the fronting insurers never intended that the fronting insurers defend or indemnify any claims against Freightliner. In June 2015, Allianz appealed to the Oregon Court of Appeals. In May 2019, the Oregon Court of Appeals upheld the jury verdict. In September 2019, Allianz appealed to the Oregon Supreme Court. In March 2021, the Oregon Supreme Court reversed the jury verdict, holding that it was an error to allow the jury to decide how the parties intended the fronting policies to operate, and also holding that the trial court improperly instructed the jury concerning application of certain policy pollution exclusions. In July 2021, the matter was remanded to the trial court for further proceedings consistent with the Oregon Supreme Court’s decision. In June 2023, the trial court decided the parties’ cross-motions for summary judgment and determined that the fronting policies do provide coverage for the environmental and product liability claims. The pollution exclusion and allocation issues remained open. The trial on the pollution exclusion issue took place in October 2024, where the jury issued a favorable verdict, finding that the pollution exclusion applied to the General policy over several years for which Allianz seeks contribution. The trial addressing legal and factual issues relating to the allocation of defense and indemnity costs among the applicable insurance policies took place during the first half of 2025 and final hearings on allocation and potential application of prejudgment interest took place in October 2025 and early February 2026, respectively. A hearing on the final judgment occurred in May 2026, and the court entered its final judgment. In the third quarter of 2025, in anticipation of a final judgment, we revised our estimate for our share of the liability associated with this matter and recognized a charge of approximately $35 million, which included an allocation of defense and indemnity costs already incurred by Allianz as well as an estimate of future allocated defense and indemnity costs. The final judgment entered was in alignment with the amount accrued and the expected allocation of defense and indemnity costs already incurred by Allianz. The final judgment is now subject to appeal by Allianz as well as multiple defendants, with Notice of Appeal submitted in June 2026. No appellate schedule, including briefing schedule, has yet been established, nor have the portions of the final judgment which are subject to the appeals been identified. This matter is solely related to a legacy Con-way truck manufacturing business and is unrelated to our current Less-than-Truckload operations.

Derivative Instruments - Schedule of Derivative Instruments Measured at Fair Value in Consolidated Balance Sheet (Details) - Level 2 - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 0	$ 0
Derivative Liabilities	(57)	(78)
Derivatives designated as hedges \| Cross-currency swap agreements \| Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent
Derivatives, Fair Value [Line Items]
Notional Amount	249	284
Derivative Assets	0	0
Derivatives designated as hedges \| Cross-currency swap agreements \| Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent
Derivatives, Fair Value [Line Items]
Notional Amount	404	369
Derivative Assets	0	0
Derivatives designated as hedges \| Cross-currency swap agreements \| Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(26)	(32)
Derivatives designated as hedges \| Cross-currency swap agreements \| Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(31)	(44)
Derivatives designated as hedges \| Interest rate swaps \| Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent
Derivatives, Fair Value [Line Items]
Notional Amount	550	550
Derivative Assets	0	0
Derivatives designated as hedges \| Interest rate swaps \| Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 0	$ (2)

Segment Reporting - Narrative (Details) $ in Millions	6 Months Ended
Segment Reporting - Narrative (Details) $ in Millions	Jun. 30, 2026 USD ($) segment	Dec. 31, 2025 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	2
Non-US
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Right-of-use assets \| $	$ 843	$ 844

Description of Business and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable Securitization and Factoring Programs

Information related to the trade receivables sold was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Securitization programs
Receivables sold in period	$	462	$	495	$	944	$	920
Cash consideration	462		495		944		920

Factoring programs
Receivables sold in period	23		14		43		37
Cash consideration	22		13		41		35

Schedule of Fair Value Hierarchy of Cash Equivalents

The fair value hierarchy of cash equivalents was as follows:


(In millions)	Carrying Value		Fair Value		Level 1
June 30, 2026	$	270	$	270	$	270
December 31, 2025	285		285		285

The fair value of our debt and classification in the fair value hierarchy was as follows:


(In millions)	Fair Value		Level 1		Level 2
June 30, 2026	$	3,345	$	2,217	$	1,128
December 31, 2025	3,499		2,254		1,246

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenues

Our revenue disaggregated by geographic area based on sales office location was as follows:


	Three Months Ended June 30, 2026
(In millions)	North American LTL		European Transportation		Total
Revenue
United States	$	1,398	$	—	$	1,398
North America (excluding United States)	30		—		30
France	—		364		364
United Kingdom	—		327		327
Europe (excluding France and United Kingdom)	—		235		235

Total	$	1,428	$	927	$	2,355


	Three Months Ended June 30, 2025
(In millions)	North American LTL		European Transportation		Total
Revenue
United States	$	1,212	$	—	$	1,212
North America (excluding United States)	27		—		27
France	—		336		336
United Kingdom	—		281		281
Europe (excluding France and United Kingdom)	—		224		224

Total	$	1,240	$	841	$	2,080


	Six Months Ended June 30, 2026
(In millions)	North American LTL		European Transportation		Total
Revenue
United States	$	2,600	$	—	$	2,600
North America (excluding United States)	57		—		57
France	—		706		706
United Kingdom	—		632		632
Europe (excluding France and United Kingdom)	—		456		456

Total	$	2,657	$	1,794	$	4,451


	Six Months Ended June 30, 2025
(In millions)	North American LTL		European Transportation		Total
Revenue
United States	$	2,358	$	—	$	2,358
North America (excluding United States)	54		—		54
France	—		650		650
United Kingdom	—		539		539
Europe (excluding France and United Kingdom)	—		433		433

Total	$	2,412	$	1,622	$	4,034

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 40	$ 40
Property and equipment, accumulated depreciation	2,427	2,360
Identifiable intangible assets, accumulated amortization	$ 604	$ 580
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300	300
Common stock, shares issued (in shares)	117	117
Common stock, shares outstanding (in shares)	117	117

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

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+ Details

Description of Business and Basis of Presentation - Schedule of Accounts Receivable Securitization and Factoring Programs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Securitization programs
Receivables sold in period	$ 462	$ 495	$ 944	$ 920
Cash consideration	462	495	944	920
Factoring programs
Receivables sold in period	23	14	43	37
Cash consideration	$ 22	$ 13	$ 41	$ 35

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2026
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Share Repurchases In March 2025, our Board of Directors authorized repurchases of up to $750 million of our common stock. The repurchase authorization permits us to purchase shares in both the open market and in private transactions, with the timing and number of shares dependent on a variety of factors, including price, general business and market conditions, alternative investment opportunities and funding considerations. We retire common shares that we repurchase upon settlement. The share repurchase program has no expiration date and may be utilized over time, with no obligation to repurchase any specific number of shares. We may suspend or discontinue this program at any time. This plan replaced our previous share repurchase plan, authorized in February 2019. In the second quarter of 2026, we repurchased 341 thousand shares of common stock with an aggregate value of $70 million at an average price of $205.22 per share. In the first six months of 2026, we repurchased 497 thousand shares of common stock with an aggregate value of $100 million at an average price of $201.13 per share. The share repurchases were funded by cash on hand. In the second quarter and first six months of 2025, we repurchased 83 thousand shares of common stock with an aggregate value of $10 million at an average price of $120.41 per share. As of June 30, 2026, our remaining share repurchase authorization was $525 million, reflecting $225 million of cumulative repurchases to date under the program.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt


	June 30, 2026				December 31, 2025
(In millions)	Principal Balance		Carrying Value		Principal Balance		Carrying Value

Term loan A facility	$	500	$	499	$	—	$	—
Term loan B facility	385		383		985		978
6.25% senior secured notes due 2028	830		826		830		825
7.125% senior notes due 2031	450		446		450		446
7.125% senior notes due 2032	585		578		585		577
6.70% senior debentures due 2034	300		233		300		230

Finance leases and other debt	242		242		257		257
Total debt	3,292		3,206		3,407		3,313
Short-term borrowings and current maturities of long-term debt	159		159		60		60
Long-term debt	$	3,133	$	3,047	$	3,347	$	3,253

The fair value of our debt and classification in the fair value hierarchy was as follows:


(In millions)	Fair Value		Level 1		Level 2
June 30, 2026	$	3,345	$	2,217	$	1,128
December 31, 2025	3,499		2,254		1,246

We valued Level 1 debt using quoted prices in active markets and Level 2 debt using bid evaluation pricing models.

Revolving Credit Facility

In February 2025, we terminated our Second Amended and Restated Revolving Credit Agreement, as amended (the “ABL Facility”), and entered into a Revolving Credit Agreement (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for revolving credit commitments in an aggregate amount of $600 million (the “Revolving Credit Facility”), of which $200 million is available for issuances of letters of credit. The maturity date of the Revolving Credit Facility is April 30, 2030.

As of June 30, 2026, we have approximately $600 million available to draw under our Revolving Credit Facility, after considering outstanding letters of credit of less than $1 million.

As of June 30, 2026, we were in compliance with the Revolving Credit Facility’s financial covenants.

Letters of Credit Facility

As of June 30, 2026, we have $131 million in aggregate face amount of letters of credit outstanding under our $200 million uncommitted secured evergreen letter of credit facility.

Term Loan A Facility

In May 2026, we entered into a Senior Secured Term Loan A Credit Agreement (the “Term Loan A Credit Agreement”). The agreement provides for a senior secured term loan A facility in an initial aggregate amount of $500 million, maturing on May 29, 2029 (the “Term Loan A Facility”). Proceeds from the Term Loan A Facility were drawn in full on the closing date and, together with the proceeds from the 2026 Term Loan B Facility, defined below, were used to repay borrowings under the existing term loan B credit agreement.

The Term Loan A Facility bears interest at a rate per annum equal to, at the Company’s option, either alternate base rate (“ABR”) or Term Secured Overnight Financing Rate (“SOFR”) plus (i) in the case of ABR loans, 0.25% or, (ii) in the case of Term SOFR loans, 1.25%, which, on or after September 30, 2026, shall be reduced by 0.125% upon achievement of a leverage ratio defined in the Term Loan A Credit Agreement. In the third year of the facility, the Term Loan A Facility is subject to amortization of principal, payable in quarterly installments, equal to 5% of the original principal amount per annum, which may be reduced by prepayments.

Subject to customary exceptions, the Term Loan A Facility includes customary prepayment requirements, representations and warranties, events of default, reporting and other affirmative and negative covenants, including limitations on indebtedness, liens, investments, dividends, repayments of junior financings and asset sales, and is secured by a lien on substantially all of our assets and the assets of our guarantors. Certain covenants under the Term Loan A Credit Agreement will terminate or be amended, and all guarantees and liens securing the facility will be released, upon the Company’s achievement of investment grade ratings from at least two rating agencies.

As of June 30, 2026, we were in compliance with the Term Loan A Facility’s financial covenants. The interest rate on our Term Loan A Facility was approximately 4.87% as of June 30, 2026.

Term Loan B Facility

In May 2026, we amended our Senior Secured Term Loan Credit Agreement (“Amended Term Loan B Credit Agreement”). Pursuant to the amendment, the lenders provided the Company a new tranche of Term B-4 loans in an initial aggregate principal amount of $385 million, maturing on February 1, 2031 (the “2026 Term Loan B Facility”). The proceeds from the 2026 Term Loan B Facility, together with the proceeds from the Term Loan A Facility, were used to repay $885 million of outstanding principal, representing all outstanding indebtedness under our existing term loan B credit agreement. During the first half of 2026, prior to the refinancing, we used cash on hand to repay $100 million of outstanding principal under the existing term loan B credit agreement. We recorded a debt extinguishment loss of $5 million during the six months ended June 30, 2026, primarily related to the refinancing, and a debt extinguishment loss of $5 million during the six months ended June 30, 2025 related to the refinancing of our term loans in February 2025.

The 2026 Term Loan B Facility bears interest at a rate per annum equal to, at the Company’s option, either ABR or Term SOFR plus (i) in the case of ABR loans, 0.50% or, (ii) in the case of Term SOFR loans, 1.50%, which, after November 29, 2026, shall be reduced by 0.125% upon achievement of a leverage ratio defined in the Amended Term Loan B Credit Agreement.

The 2026 Term Loan B Facility includes customary prepayment requirements, representations and warranties, events of default, reporting and other affirmative and negative covenants, including limitations on indebtedness, liens, investments, dividends, repayments of junior financings and asset sales, subject to customary exceptions.

In July 2026, we used cash on hand to repay $100 million of outstanding principal under the 2026 Term Loan B Facility, which was classified within Short-term borrowings and current maturities of long-term debt as of June 30, 2026. The debt extinguishment loss recorded in connection with the repayment was not material. Including the July repayment, we used cash on hand to repay $200 million of outstanding principal under our term loans on a cumulative basis year to date.

The interest rate on our 2026 Term Loan B Facility was approximately 5.12% as of June 30, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Revolving Credit Facility (Details) - USD ($)	Jun. 30, 2026	Feb. 28, 2025
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 600,000,000
Revolving Credit Facility \| ABL facility
Line of Credit Facility [Line Items]
Remaining borrowing availability	$ 600,000,000
Outstanding letters of credit	$ 1,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 200,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt - Schedule of Fair Value of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Fair value of debt	$ 3,345	$ 3,499
Level 1
Debt Instrument [Line Items]
Fair value of debt	2,217	2,254
Level 2
Debt Instrument [Line Items]
Fair value of debt	$ 1,128	$ 1,246

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2026	Jun. 30, 2026	Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Payment for settlement of cross-currency swaps	$ 3	$ 3	$ 0

Revenue Recognition

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Our revenue disaggregated by geographic area based on sales office location was as follows:


	Three Months Ended June 30, 2026
(In millions)	North American LTL		European Transportation		Total
Revenue
United States	$	1,398	$	—	$	1,398
North America (excluding United States)	30		—		30
France	—		364		364
United Kingdom	—		327		327
Europe (excluding France and United Kingdom)	—		235		235

Total	$	1,428	$	927	$	2,355


	Three Months Ended June 30, 2025
(In millions)	North American LTL		European Transportation		Total
Revenue
United States	$	1,212	$	—	$	1,212
North America (excluding United States)	27		—		27
France	—		336		336
United Kingdom	—		281		281
Europe (excluding France and United Kingdom)	—		224		224

Total	$	1,240	$	841	$	2,080


	Six Months Ended June 30, 2026
(In millions)	North American LTL		European Transportation		Total
Revenue
United States	$	2,600	$	—	$	2,600
North America (excluding United States)	57		—		57
France	—		706		706
United Kingdom	—		632		632
Europe (excluding France and United Kingdom)	—		456		456

Total	$	2,657	$	1,794	$	4,451


	Six Months Ended June 30, 2025
(In millions)	North American LTL		European Transportation		Total
Revenue
United States	$	2,358	$	—	$	2,358
North America (excluding United States)	54		—		54
France	—		650		650
United Kingdom	—		539		539
Europe (excluding France and United Kingdom)	—		433		433

Total	$	2,412	$	1,622	$	4,034

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
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+ Details

Restructuring Charges (Tables)

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring - Related Activity

Our restructuring-related activity was as follows:


			Six Months Ended June 30, 2026
(In millions)	Reserve Balance as of December 31, 2025		Charges Incurred		Payments		Reserve Balance as of June 30, 2026
Severance
North American LTL	$	1	$	—	$	(1)	$	—
European Transportation	3		21		(15)		9
Corporate	7		3		(8)		2









Total	$	11	$	24	$	(23)	$	11

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	3 Months Ended			6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Apr. 30, 2012 claimant defendant	Jun. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Loss Contingencies [Line Items]
Pre-Con-way acquisition environmental matter		$ 1		$ 0	$ 1	$ 0
Insurance Contribution Litigation
Loss Contingencies [Line Items]
Number of insurance companies \| claimant	18
Number of defendant insurers \| defendant	3
Pre-Con-way acquisition environmental matter			$ 35

- Definition

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+ Details

Derivative Instruments - Schedule of Gains and Losses Recognized on Consolidated Statements of Operations for Derivate Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives	$ 5	$ (59)	$ 19	$ (85)
Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	2	3	5	5
Derivatives designated as hedges \| Cash Flow Hedging \| Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives	1	0	2	(1)
Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	0	0	0	0
Derivatives designated as hedges \| Net Investment Hedging \| Cross-currency swap agreements
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives	5	(59)	17	(84)
Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	$ 2	$ 3	$ 5	$ 5

- Definition

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Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Net income	$ 162	$ 106	$ 263	$ 175
Basic weighted-average common shares (in shares)	117	118	117	118
Dilutive effect of stock-based awards (in shares)	1	2	1	2
Diluted weighted-average common shares (in shares)	118	119	119	119
Basic earnings per share (in dollars per share)	$ 1.38	$ 0.90	$ 2.24	$ 1.49
Diluted earnings per share (in dollars per share)	$ 1.36	$ 0.89	$ 2.22	$ 1.47

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Description of Business and Basis of Presentation - Schedule of Fair Value Hierarchy of Cash Equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 270	$ 285
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	270	285
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 270	$ 285

Description of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

Nature of Operations

XPO, Inc., together with its subsidiaries (“XPO,” “we” or the “Company”), is a leading provider of freight transportation services. We use our proprietary technology to move goods efficiently through our customers’ supply chains in North America and Europe. See Note 2—Segment Reporting for additional information on our operations.

Basis of Presentation

We prepared our Condensed Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles (“GAAP”) and on the same basis as the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). The interim reporting requirements of Form 10-Q allow certain information and note disclosures normally included in annual consolidated financial statements to be condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the 2025 Form 10-K.

The Condensed Consolidated Financial Statements are not audited but reflect all adjustments that are of a normal recurring nature and are necessary for a fair presentation of the financial condition, operating results and cash flows for the interim periods presented. Operating results for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

Within our Condensed Consolidated Financial Statements and the accompanying notes, certain amounts may not add due to the use of rounded numbers. Unless otherwise indicated, percentages presented are calculated from the underlying numbers in millions.

Restricted Cash

As of June 30, 2026 and December 31, 2025, our restricted cash included in Other long-term assets on our Condensed Consolidated Balance Sheets was $16 million and $20 million, respectively.

Trade Receivables Securitization and Factoring Programs

In our European Transportation business, we sell certain of our trade accounts receivable under securitization and factoring programs. We use trade receivables securitization and factoring programs to help manage our cash flows and offset the impact of extended payment terms for some of our customers.

The maximum amount of net cash proceeds available at any one time under our securitization program, inclusive of any unsecured borrowings, is €200 million (approximately $228 million as of June 30, 2026). As of June 30, 2026, the maximum amount available under the program was utilized. The weighted average interest rate was 3.69% as of June 30, 2026. In January 2026, the program was amended to extend the maturity date through March 2029.

Information related to the trade receivables sold was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Securitization programs
Receivables sold in period	$	462	$	495	$	944	$	920
Cash consideration	462		495		944		920

Factoring programs
Receivables sold in period	23		14		43		37
Cash consideration	22		13		41		35

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The levels of inputs used to measure fair value are:

•Level 1—Quoted prices for identical instruments in active markets;

•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets; and

•Level 3—Valuations based on inputs that are unobservable, generally utilizing pricing models or other valuation techniques that reflect management’s judgment and estimates.

We base our fair value estimates on market assumptions and available information. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and current maturities of long-term debt approximated their fair values as of June 30, 2026 and December 31, 2025 due to their short-term nature and/or being receivable or payable on demand. The Level 1 cash equivalents include money market funds valued using quoted prices in active markets and cash deposited for the securitization program.

The fair value hierarchy of cash equivalents was as follows:


(In millions)	Carrying Value		Fair Value		Level 1
June 30, 2026	$	270	$	270	$	270
December 31, 2025	285		285		285

For information on the fair value hierarchy of our derivative instruments and financial liabilities, see Note 5—Derivative Instruments and Note 6—Debt, respectively.

Accounting Pronouncements Issued but Not Yet Effective

In May 2026, the Financial Accounting Standards Board (“FASB”) issued ASU 2026-02, “Environmental Credits and Environmental Credit Obligations (Topic 818).” This ASU establishes recognition, measurement, presentation and disclosure requirements for (i) environmental credits and (ii) compliance obligations that may be settled by using environmental credits and is effective for annual and interim periods beginning in 2028. Early adoption is permitted. We are currently evaluating the impact of the new standard.

In December 2025, the FASB issued ASU 2025-10, “Government Grants (Topic 832) – Accounting for Government Grants Received by Business Entities.” This ASU provides recognition, measurement and presentation guidance for government grants received by business entities and is effective for annual and interim periods beginning in 2029. Early adoption is permitted. We are currently evaluating the impact of the new standard.

In September 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40).” The ASU updates the guidance on accounting for internal-use software costs by (i) removing all references to software development stages, and (ii) requiring that an entity capitalize software costs when both management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. This ASU is effective for annual and interim periods beginning in 2028. Early adoption is permitted. We are currently evaluating the impact of the new standard.

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40).” The ASU requires new tabular disclosures disaggregating prescribed expense categories within relevant income statement captions. In addition, the ASU requires disclosure of the total amount of selling expenses and, in annual periods, an entity’s definition of selling expenses, among other disclosure requirements. This ASU is effective for annual periods beginning in 2027, and for interim periods beginning January 1, 2028. Early adoption is permitted. We are currently evaluating the impact of the new standard, which is limited to financial statement disclosures.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 162	$ 106	$ 263	$ 175
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss), net of tax effect of $(1), $14, $(4) and $20	0	29	(8)	47
Unrealized gain (loss) on financial assets/liabilities designated as hedging instruments, net of tax effect of $—, $—, $— and $—	0	0	2	(1)
Other comprehensive income (loss)	0	29	(7)	46
Comprehensive income	$ 162	$ 135	$ 256	$ 222

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt, principal balance	$ 3,292	$ 3,407
Short-term borrowings and current maturities of long-term debt, principal balance	159	60
Long-term debt, principal balance	3,133	3,347
Long-term debt, carrying value	3,047	3,253
Carrying Value
Debt Instrument [Line Items]
Long-term debt, carrying value	3,047	3,253
Total debt, carrying value	3,206	3,313
Short-term borrowings and current maturities of long-term debt, carrying value	159	60
Term loan A facility
Debt Instrument [Line Items]
Long-term debt, principal balance	500	0
Term loan A facility \| Carrying Value
Debt Instrument [Line Items]
Long-term debt, carrying value	499	0
Term loan B facility
Debt Instrument [Line Items]
Long-term debt, principal balance	385	985
Term loan B facility \| Carrying Value
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 383	978
6.25% senior secured notes due 2028
Debt Instrument [Line Items]
Interest rate, stated percentage	6.25%
Long-term debt, principal balance	$ 830	830
6.25% senior secured notes due 2028 \| Carrying Value
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 826	825
7.125% senior notes due 2031
Debt Instrument [Line Items]
Interest rate, stated percentage	7.125%
Long-term debt, principal balance	$ 450	450
7.125% senior notes due 2031 \| Carrying Value
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 446	446
7.125% senior notes due 2032
Debt Instrument [Line Items]
Interest rate, stated percentage	7.125%
Long-term debt, principal balance	$ 585	585
7.125% senior notes due 2032 \| Carrying Value
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 578	577
6.70% senior debentures due 2034
Debt Instrument [Line Items]
Interest rate, stated percentage	6.70%
Long-term debt, principal balance	$ 300	300
6.70% senior debentures due 2034 \| Carrying Value
Debt Instrument [Line Items]
Long-term debt, carrying value	233	230
Finance leases and other debt
Debt Instrument [Line Items]
Finance leases and other debt	242	257
Finance leases and other debt \| Carrying Value
Debt Instrument [Line Items]
Finance leases and other debt	$ 242	$ 257

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Kyle Wismans [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 15, 2026, each of Kyle Wismans, Chief Financial Officer, and David Bates, Chief Operating Officer, entered into a 10b5-1 trading plan. The trading plan for Mr. Wismans provides for the potential sale of up to 16,378 shares of Company common stock. The trading plan for Mr. Bates provides for the sale of up to 15,456 shares of Company common stock. Amounts may include shares to be earned as performance-based restricted stock unit awards and are presented at their target amounts. The actual number of shares earned, if any, will depend on the relative attainment of the performance metrics. Each of the trading plans will be in effect until the earlier of (i) August 31, 2027 and (ii) the date upon the completion or expiration of all transactions under the trading plan. Each of the trading plans were entered into during an open insider trading window and intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and the Company’s policies regarding transactions in Company securities.
Name	Kyle Wismans
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 15, 2026
Expiration Date	August 31, 2027
Arrangement Duration	442 days
Aggregate Available	16,378
David Bates [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 15, 2026, each of Kyle Wismans, Chief Financial Officer, and David Bates, Chief Operating Officer, entered into a 10b5-1 trading plan. The trading plan for Mr. Wismans provides for the potential sale of up to 16,378 shares of Company common stock. The trading plan for Mr. Bates provides for the sale of up to 15,456 shares of Company common stock. Amounts may include shares to be earned as performance-based restricted stock unit awards and are presented at their target amounts. The actual number of shares earned, if any, will depend on the relative attainment of the performance metrics. Each of the trading plans will be in effect until the earlier of (i) August 31, 2027 and (ii) the date upon the completion or expiration of all transactions under the trading plan. Each of the trading plans were entered into during an open insider trading window and intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and the Company’s policies regarding transactions in Company securities.
Name	David Bates
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 15, 2026
Expiration Date	August 31, 2027
Arrangement Duration	442 days
Aggregate Available	15,456

Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended		6 Months Ended		16 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Mar. 31, 2025
Equity [Abstract]
Stock repurchase program authorized amount						$ 750,000,000
Stock repurchased and retired during period, shares (in shares)	341	83	497	83
Retirement of common stock	$ 70,000,000	$ 10,000,000	$ 100,000,000	$ 10,000,000	$ 225,000,000
Shares acquired, average cost per share (in dollars per share)	$ 205.22	$ 120.41	$ 201.13	$ 120.41
Shares repurchased, remaining authorization amount	$ 525,000,000		$ 525,000,000		$ 525,000,000

- Definition

Number of shares that have been repurchased and retired during the period.

+ References

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+ Details

- Definition

Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).

+ References

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+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

We are organized into two reportable segments: North American LTL, the largest component of our business, and European Transportation.

In our North American LTL segment, we provide shippers with geographic density and day-definite domestic and cross-border services to the U.S., as well as Mexico, Canada and the Caribbean. Our North American LTL segment also includes the results of our trailer manufacturing operation.

In our European Transportation segment, we serve an extensive base of customers within the consumer, trade and industrial markets. We offer dedicated truckload, LTL, full truckload brokerage, warehousing, managed transportation, last mile, freight forwarding, and multimodal solutions.

Corporate includes corporate headquarters costs for executive officers and certain legal and financial functions, and other costs and credits not attributed to our reportable segments.

Our chief operating decision maker (“CODM”) is our chairman and chief executive officer. Our CODM regularly reviews financial information at the operating segment level to allocate resources to the segments and to assess their performance. We include items directly attributable to a segment, and those that can be allocated on a reasonable basis, including corporate costs, in segment results reported to the CODM. We do not provide asset information by segment to the CODM.

Our CODM evaluates segment profit (loss) based on adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), which we define as income before debt extinguishment loss, interest expense, income tax provision, depreciation and amortization expense, legal matters, transaction and integration costs, restructuring costs and other adjustments.

Our CODM uses adjusted EBITDA to allocate resources, including property and equipment and financial or capital resources, to the segments and to assess their performance by monitoring budget-to-actual and year-over-year variances.

The following tables present revenue and significant segment expenses that are included within adjusted EBITDA:


	Three Months Ended June 30, 2026
(In millions)	North American LTL		European Transportation		Corporate (1)		Total
Revenue	$	1,428	$	927	$	—	$	2,355
Salaries, wages and employee benefits	689		235		4		929
Purchased transportation	40		424		—		464
Fuel, operating expenses and supplies	275		201		—		476
Operating taxes and licenses	17		5		—		22
Insurance and claims	25		15		—		40
(Gains) losses on sales of property and equipment	(4)		(2)		—		(7)
Pension (income) expense	(4)		—		—		(4)

Adjusted EBITDA	$	390	$	48	$	(4)	$	434


	Three Months Ended June 30, 2025
(In millions)	North American LTL		European Transportation		Corporate (1)		Total
Revenue	$	1,240	$	841	$	—	$	2,080
Salaries, wages and employee benefits	643		224		4		871
Purchased transportation	32		394		—		426
Fuel, operating expenses and supplies	222		163		—		384
Operating taxes and licenses	17		4		—		21
Insurance and claims	25		15		—		40
(Gains) losses on sales of property and equipment	2		(3)		—		(1)
Pension (income) expense	(2)		—		—		(1)

Adjusted EBITDA	$	300	$	44	$	(4)	$	340


	Six Months Ended June 30, 2026
(In millions)	North American LTL		European Transportation		Corporate (1)		Total
Revenue	$	2,657	$	1,794	$	—	$	4,451
Salaries, wages and employee benefits	1,331		470		8		1,809
Purchased transportation	70		817		—		887
Fuel, operating expenses and supplies	511		388		—		899
Operating taxes and licenses	33		10		—		43
Insurance and claims	43		32		—		75
(Gains) losses on sales of property and equipment	(3)		(5)		—		(8)
Pension (income) expense	(7)		—		—		(7)

Adjusted EBITDA	$	680	$	81	$	(8)	$	753


	Six Months Ended June 30, 2025
(In millions)	North American LTL		European Transportation		Corporate (1)		Total
Revenue	$	2,412	$	1,622	$	—	$	4,034
Salaries, wages and employee benefits	1,259		436		8		1,703
Purchased transportation	69		757		—		826
Fuel, operating expenses and supplies	454		324		—		777
Operating taxes and licenses	33		7		—		40
Insurance and claims	49		26		—		75
(Gains) losses on sales of property and equipment	2		(5)		—		(3)
Pension (income) expense	(3)		—		—		(3)

Adjusted EBITDA	$	550	$	76	$	(8)	$	618

(1) Primarily represents unallocated corporate costs.

The following table presents adjusted EBITDA by segment and provides a reconciliation to consolidated net income:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Adjusted EBITDA
North American LTL	$	390	$	300	$	680	$	550
European Transportation	48		44		81		76
Corporate	(4)		(4)		(8)		(8)
Total Adjusted EBITDA	434		340		753		618
Less:
Debt extinguishment loss	5		—		5		5
Interest expense	51		56		104		112
Income tax provision	56		37		79		59
Depreciation and amortization expense	134		131		265		254
Pre-Con-way acquisition environmental matter	1		—		1		—
Legal matters (1)	—		(2)		—		(13)
Transaction and integration costs	2		3		4		6
Restructuring costs	22		8		31		20

Net Income	$	162	$	106	$	263	$	175

The following table presents depreciation and amortization expense by segment:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Depreciation and amortization expense
North American LTL	$	100	$	96	$	197	$	185
European Transportation	33		34		66		67
Corporate	1		1		2		2
Total	$	134	$	131	$	265	$	254

As of June 30, 2026 and December 31, 2025, we held long-lived tangible assets outside of the U.S., including right of use assets, of $843 million and $844 million, respectively.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details