Press release

GXO Logistics reports third quarter 2022 results

Greenwich, USA  |  November 08, 2022

An automated robot manipulates packaging of various forms at a GXO warehouse.


  • Third quarter revenue of $2.3 billion, up 16% year-over-year; including organic revenue growth1 of 16%; net income attributable to GXO of $63 million; adjusted EBITDA1 of $192 million; diluted EPS of $0.53 and adjusted diluted EPS1 of $0.75
  • 2022 FY guidance reiterated, including 12-16% organic revenue growth and adjusted EBITDA of $715-$750 million

Business Highlights

  • Year to date wins of $977 million, with a robust sales pipeline of approximately $2.0 billion. $497 million in incremental revenue for 2023 secured by the end of 3Q 20222
  • Revenue retention rate consistently in the mid-to-high 90s since spin
  • Regulatory approval received for the acquisition of Clipper Logistics; integration has commenced
  • Reduced net leverage1 to 2.1x with investment grade balance sheet
  • Investor Days confirmed for January 12, 2023 in New York and January 17, 2023 in London

GXO Logistics, Inc. (NYSE: GXO) today announced results for the third quarter ended September 30, 2022.

Malcolm Wilson, Chief Executive Officer of GXO, said, “In the third quarter, we once again posted strong operating and financial results and were pleased to deliver our highest-ever quarterly revenue, together with net income3 of $63 million and 19% year-over-year growth in our adjusted EBITDA. We continued to gain market share across verticals and geographies, with particular strength in consumer packaged goods, technology, and industrials, as demand continues to grow from both existing and new customers looking to improve productivity and reduce costs. With receipt of final regulatory approval from the U.K.’s Competition and Markets Authority for our acquisition of Clipper Logistics, integration is underway, and we anticipate realizing the lion’s share of the planned cost synergies in 2023 and 2024.

“We look forward to closing out the year on a high note, with expected topline and margin growth, and are reaffirming our full-year guidance. With the holiday season upon us, we are seeing a smoother peak, as inventory and labor are more readily available, and are laser focused on ensuring a successful holiday season for our customers.

“Looking beyond peak, we are confident for 2023 and expect to deliver notable growth. Our global pipeline is strong, our conversion rates remain high, and demand for the types of technology we provide is only accelerating. Based on our wins to date, we’ve already secured nearly half of a billion dollars of incremental revenue for next year, further strengthening our visibility for 2023. Amidst a dynamic macroeconomic environment, there are significant benefits to being a pure-play contract logistics provider, with long-term, contractual relationships that include inflation pass-throughs and minimum volume guarantees. We are excited to present our long-term vision to drive superior returns for our shareholders at our Investor Day.”

Third Quarter 2022 Results

Revenue increased to $2.3 billion, compared with $2.0 billion for the third quarter 2021. Net income attributable to GXO was $63 million, compared with $72 million for the third quarter 2021. Third quarter 2021 net income reflected a $42 million one-time tax benefit related to the spin. Diluted earnings per share was $0.53, compared with $0.62 for the third quarter 2021.

Adjusted net income attributable to GXO1 was $89 million, compared with $65 million for the third quarter 2021. Adjusted diluted earnings per share1 was $0.75, compared with $0.56 for the third quarter 2021.

Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA1”) increased to $192 million from $162 million in the third quarter 2021.

GXO generated $116 million of cash flow from operations, compared with $105 million for the third quarter 2021. In the third quarter 2022, GXO generated $47 million of free cash flow1, compared to $50 million for the third quarter 2021.

During the third quarter 2022, GXO won new customer contracts expected to contribute $158 million in annualized revenue. The new customer contracts GXO won through the third quarter 2022 are expected to contribute $497 million in incremental revenue in 2023.

2022 Guidance4

GXO is reiterating its full-year 2022 guidance, as follows:

  • Organic revenue growth1 of 12%-16%
  • Adjusted diluted earnings per share1 of $2.70-$2.90
  • Adjusted EBITDA1 of $715 million to $750 million
  • Return on invested capital1 of greater than 30%
  • Free cash flow1 of approximately 30% of adjusted EBITDA1

Conference Call

GXO will hold a conference call on Wednesday, November 9, 2022, at 8:30 a.m. Eastern Time. Participants can call toll-free (from US/Canada) 877-407-8029; international callers dial +1 201-689-8029. Conference ID: 13733392. A live webcast of the conference will be available on the Investor Relations area of the company’s website, The conference will be archived until November 23, 2022. To access the replay by phone, call toll-free (from US/Canada) 877-660-6853; international callers dial +1 201-612-7415. Use participant passcode 13733392.

About GXO Logistics

GXO Logistics, Inc. (NYSE: GXO) is the world’s largest pure-play contract logistics provider and is benefiting from the rapid growth of ecommerce, automation and outsourcing. GXO is committed to providing a diverse, world-class workplace for approximately 130,000 team members across more than 950 facilities totaling approximately 200 million square feet. The company partners with the world’s leading blue-chip companies to solve complex logistics challenges with technologically advanced supply chain and ecommerce solutions, at scale and with speed. GXO corporate headquarters is in Greenwich, Connecticut, USA. Visit for more information and connect with GXO on LinkedIn, Twitter, Facebook, Instagram and YouTube.

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