Company Overview
−Removed: GXO Logistics, Inc., together with its subsidiaries (“GXO,” the “Company,” “our” or “we”), is the largest pure-play contract logistics provider in the world and a foremost innovator in an industry propelled by strong secular tailwinds.
+Added: GXO Logistics, Inc., together with its subsidiaries (“GXO,” the “Company,” “our” or “we”), is the largest pure-play contract logistics provider in the world and a foremost innovator in the industry.
We provide our customers with high-value-added warehousing and distribution, order fulfillment, e-commerce, reverse logistics and other supply chain services differentiated by our ability to deliver technology-enabled, customized solutions at scale.
−Removed: As of December 31, 2023, our 131,000 team members operated in 974 facilities worldwide totaling 199 million square feet of space, primarily on behalf of large corporations that have outsourced their warehousing, distribution and other related activities to us.
+Added: As of December 31, 2024, our approximately 152,000 team members operated in 1,030 facilities worldwide totaling approximately 218 million square feet of space, primarily on behalf of large corporations that have outsourced their warehousing, distribution and other related activities to us.
Our revenue is diversified among over one thousand customers, including many multinational corporations, across numerous verticals.
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Our customer base includes many blue-chip leaders in sectors that demonstrate high growth and/or durable demand, with significant growth potential through customer outsourcing of logistics services.
−Removed: GXO became a standalone publicly traded company on August 2, 2021, when GXO completed its separation (the “Separation”) from XPO, Inc.
−Removed: (“XPO”) and began regular-way trading on the New York Stock Exchange under the ticker symbol “GXO.” GXO was incorporated as a Delaware corporation in February 2021.
+Added: GXO’s common stock, par value of $0.01 per share, began trading on the New York Stock Exchange under the ticker symbol “GXO” on August 2, 2021.
+Added: GXO was incorporated as a Delaware corporation in February 2021.
+Added: On April 29, 2024, we completed the acquisition of Wincanton plc (“Wincanton”), a logistics company based in Chippenham, United Kingdom (the “Wincanton Acquisition”).
+Added: Wincanton is a logistics provider specializing in warehousing and transportation solutions in the U.K.
+Added: Wincanton services industries in grocery, retail and manufacturing, consumer goods, e-commerce, healthcare, defense, industrial, and energy.
+Added: The Wincanton Acquisition is subject to a review by the Competition and Markets Authority (the “CMA”) in the U.K.
+Added: On November 14, 2024, the CMA referred the completed acquisition by GXO Logistics, Inc.
+Added: of Wincanton plc for an in-depth investigation (“Phase 2”) with a statutory deadline of April 30, 2025.
+Added: See Item 8 of Part II, “Financial Statements and Supplementary Data — Note — 4 Acquisitions” to the Consolidated Financial Statements for additional information.
We design and operate the most advanced warehouse solutions in the world.
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Technology is a core competitive advantage for GXO and fundamental to how we win and retain business.
−Removed: GXO was an early adopter of technology, and more than 30% of our warehouses are technology-enabled compared to the industry average of approximately 10%.
−Removed: Technology enables us to add value to our customers’ end-to-end
−Removed: operations in terms of cost, efficiency, accuracy and environmental impact.
+Added: Technology enables us to add value to our customers’ end-to-end operations in terms of cost, efficiency, accuracy and environmental impact.
Investments in cutting-edge technology are a major growth driver for our business.
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We have developed analytics that predict surges in demand using a combination of historical data and customer forecasting.
−Removed: As an industry leader that invests substantially in technology, we have access to an immense amount of data, as well as the analytical processing capabilities to capitalize on that data by incorporating our learnings into customer solutions.
+Added: As an industry leader that invests in technology, we have access to an immense amount of data, as well as the analytical processing capabilities to capitalize on that data by incorporating our learnings into customer solutions.
We believe our ability to process and act upon data is a key competitive advantage and differentiator.
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The diversification of our customer base reduces concentration risk.
−Removed: In 2023, our top five customers combined accounted for approximately 17% of our total revenue, and no customer represented more than 4%.
+Added: In 2024, our top five customers combined accounted for no more than 20% of our total revenue, and no customer represented more than 6%.
Our revenue is highly diversified due to our expertise across multiple verticals, reflecting our customers’ principal industry sectors.
−Removed: In 2023, 42% of our revenue was from Omnichannel retail, 15% from Technology and consumer electronics, 14% from Food and beverage, 11% from Industrial and manufacturing, 11% from Consumer packaged goods, and 7% from other industries, with the vast majority of our revenue generated in the United Kingdom, the United States, the Netherlands, France, Spain and Italy.
+Added: In 2024, 46% of our revenue was from Omnichannel retail, 13% from Technology and consumer electronics, 11% from Industrial and manufacturing, 11% from Food and beverage, 11% from Consumer packaged goods, and 8% from other industries, with the vast majority of our revenue generated in the United Kingdom, the United States, the Netherlands, France, Spain and Italy.
During the fourth quarter, our business benefits from strong positioning in the e-commerce sector, where demand is characterized by surges in activity associated with the holiday season.
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Our competitors include local, regional, national and international companies that offer services similar to those we provide.
−Removed: Our competitors include CEVA, DHL, DSV, GEODIS, ID Logistics, Kuehne + Nagel and Ryder.
+Added: Our competitors include CEVA Logistics, DHL Group, DSV, GEODIS, ID Logistics Group, Kuehne + Nagel and Ryder Systems.
Due to the competitive nature of our marketplace, we strive daily to strengthen and expand existing business relationships and forge new relationships.
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Throughout our business, GXO has identified GHG emissions and waste associated with operations as our greatest opportunities to reduce our environmental impact.
−Removed: In 2021, we established environmental
−Removed: targets to track and prioritize our reduction of Scopes 1 and 2 GHG emissions and increase waste diversion rates globally.
+Added: In 2021, we established environmental targets to track and prioritize our reduction of Scopes 1 and 2 GHG emissions and increase waste diversion rates globally.
Part of our environmental strategy focuses on improving the energy efficiency of our buildings.
We have a global initiative to replace our warehouse lighting with LED and are developing our strategy to increase the amount of renewable electricity used in our buildings.
−Removed: In 2023, we began an exercise to quantify our full carbon footprint, including our Scope 3 emissions.
−Removed: We anticipate the results of this exercise in the first half of 2024.
Human Capital
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The majority of our employees in Europe and the United Kingdom were covered by collective bargaining agreements, while none of our employees in North America were covered by collective bargaining agreements.
−Removed: As of December 31, 2023, approximately 36% of our global workforce were women, and 66% of our workforce in the U.S.
+Added: As of December 31, 2024, approximately 32% of our global workforce were women, and 68% of our full-time workforce in the U.S.
were ethnic minorities.
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Richard Cawston 51 Chief Revenue Officer
−Removed: Malcolm Wilson has served as Chief Executive Officer since the Separation in August 2021, after serving as Chief Executive Officer of XPO Logistics Europe since September 2017.
+Added: Corinna Refsgaard 57 Chief Human Resources Officer
+Added: Malcolm Wilson has served as Chief Executive Officer and a director since August 2021, after serving as Chief Executive Officer of XPO Logistics Europe since September 2017.
He joined XPO in 2015 through XPO’s acquisition of Norbert Dentressangle, where he led the logistics division and served on the executive board.
−Removed: Baris Oran has served as Chief Financial Officer since the Separation in August 2021.
+Added: In December 2024, Mr.
+Added: Wilson announced his retirement as Chief Executive Officer (“CEO”) and director of the Company in 2025.
+Added: Baris Oran has served as Chief Financial Officer since August 2021.
Oran joined XPO in May 2021 as Chief Financial Officer of XPO’s Logistics segment after having previously served as Chief Financial Officer of the Sabanci Group, one of Turkey’s largest publicly traded companies.
Oran served as Chief Financial Officer of Sabanci from 2016 to 2021, prior to which he held other senior finance roles at the company.
−Removed: Karlis Kirsis has served as Chief Legal Officer since the Separation in August 2021, after serving as Senior Vice President, European Chief Legal Officer, Corporate Secretary for XPO, a role he had held since February 2020.
+Added: Karlis Kirsis has served as Chief Legal Officer since August 2021, after serving as Senior Vice President, European Chief Legal Officer, Corporate Secretary for XPO, a role he had held since February 2020.
Kirsis previously served in various roles at XPO, including Senior Vice President, Corporate Counsel from July 2017 to February 2020 and Vice President, Corporate and Securities Counsel from September 2016 to July 2017.
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He joined XPO in 2015 through XPO’s acquisition of Norbert Dentressangle, where he was Managing Director of the logistics division in the United Kingdom and Ireland.
+Added: Corinna Refsgaard has served as Chief Human Resource Officer since April 2024.
+Added: Prior to her time with GXO, Ms.
+Added: Refsgaard served as Group Chief People and Culture Officer at ISS, one of the world’s leading workplace experience and facility management companies, from November 2018 to March 2024.
+Added: Over the course of three decades, she has held global, regional and business unit HR roles at firms, including Kontron, Fujitsu Technology Solutions, EADS and Mercedes-Benz.
Available Information
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.