GXO Logistics has reported record revenue for both the fourth quarter and full year of 2024, with organic revenue growth accelerating sequentially throughout the year. The company closed over $1 billion in new business wins for the second consecutive year and secured its largest-ever contract, valued at $2.5 billion, in the health sciences sector.
In the fourth quarter, GXO’s revenue increased 25% year over year to $3.3 billion, with organic revenue growth of 4%. Net income rose to $100 million from $73 million in Q4 2023, while diluted earnings per share (EPS) increased to $0.83 from $0.61. Adjusted EBITDA reached $251 million, up from $193 million in the same period the previous year.
For the full year 2024, GXO reported revenue of $11.7 billion, a 20% increase compared to 2023. Organic revenue growth stood at 3%. Adjusted EBITDA grew to $815 million from $741 million, while adjusted EPS rose to $2.80 from $2.59. However, net income declined to $138 million from $233 million in 2023, while free cash flow decreased to $251 million from $302 million.
GXO continued its expansion efforts in 2024, completing the acquisition of British transport firm Wincanton. The acquisition is expected to drive growth in key verticals, with Germany now emerging as GXO’s fastest-growing market. The company also reported a 15% increase in its overall business pipeline year over year, with a 20% rise in the Americas.
“Our customer satisfaction scores are at an all-time high, and we are particularly proud that more than 40 existing customers expanded into new geographies with GXO,” said Malcolm Wilson, CEO of GXO. “The strength of our pipeline and new business wins continue to benefit from structural tailwinds such as outsourcing, automation, and e-commerce.”
Looking ahead, GXO has provided financial guidance for 2025, projecting organic revenue growth of 3% to 6%. The company expects adjusted EBITDA in the range of $840 million to $860 million, with adjusted diluted EPS between $2.40 and $2.60. Additionally, GXO anticipates an adjusted EBITDA to free cash flow conversion rate of 25% to 35%.