The company's financial flexibility is constrained by a debt-to-equity ratio of 1.98 and a current ratio of 0.85, indicating a tight liquidity buffer for short-term obligations.
| Total Current Assets | 3.21B | 3.29B | 2.64B | 2.57B | 2.43B | 2.1B | 1.84B | 1.49B |
| Cash & Short-Term Investments | 794M | 854M | 413M | 468M | 495M | 333M | 328M | 200M |
| Cash Only | 794M | 854M | 413M | 468M | 495M | 333M | 328M | 200M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.02B | 2.03B | 1.8B | 1.75B | 1.65B | 1.51B | 1.22B | 1.07B |
| Days Sales Outstanding | 54.17 | 56.17 | 56.08 | 65.44 | 66.85 | 69.28 | 72.12 | 64.03 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 397M | 406M | 429M | 347M | 286M | 259M | 284M | 219M |
| Total Non-Current Assets | 8.98B | 8.97B | 8.63B | 6.94B | 6.79B | 5.17B | 4.71B | 4.66B |
| Property, Plant & Equipment | 3.81B | 3.71B | 3.49B | 3.15B | 3.19B | 2.63B | 2.2B | 2.2B |
| Fixed Asset Turnover | 3.55x | 3.55x | 3.36x | 3.10x | 2.82x | 3.01x | 2.81x | 2.77x |
| Goodwill | 3.73B | 3.78B | 3.55B | 2.89B | 2.73B | 2.02B | 2.06B | 1.98B |
| Intangible Assets | 865M | 909M | 986M | 567M | 570M | 257M | 299M | 343M |
| Long-Term Investments | 214M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 577M | 570M | 601M | 327M | 306M | 263M | 146M | 136M |
| Total Assets | 12.19B | 12.26B | 11.27B | 9.51B | 9.22B | 7.27B | 6.55B | 6.15B |
| Asset Turnover | 1.12x | 1.07x | 1.04x | 1.03x | 0.98x | 1.09x | 0.95x | 0.99x |
| Asset Growth % | 21.58% | 8.84% | 18.5% | 3.12% | 26.79% | 11.04% | 6.45% | - |
| Total Current Liabilities | 3.77B | 3.88B | 3.19B | 2.63B | 2.53B | 2.33B | 1.74B | 1.48B |
| Accounts Payable | 713M | 758M | 776M | 709M | 717M | 624M | 415M | 413M |
| Days Payables Outstanding | 29.63 | 23.75 | 27.58 | 30.82 | 33.67 | 32.67 | 27.58 | 27.84 |
| Short-Term Debt | 1.21B | 1.19B | 110M | 27M | 67M | 34M | 58M | 31M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.85B | 1.93B | 385M | 327M | 193M | 220M | 149M | 94M |
| Current Ratio | 0.85x | 0.85x | 0.83x | 0.98x | 0.96x | 0.90x | 1.06x | 1.00x |
| Quick Ratio | 0.85x | 0.85x | 0.83x | 0.98x | 0.96x | 0.90x | 1.06x | 1.00x |
| Cash Conversion Cycle | 24.53 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 5.42B | 5.37B | 5.04B | 3.94B | 4.01B | 2.55B | 1.86B | 1.97B |
| Long-Term Debt | 2.65B | 4.66B | 2.52B | 1.62B | 1.74B | 927M | 615M | 642M |
| Capital Lease Obligations | 8.35B | 2.04B | 1.9B | 1.84B | 1.85B | 1.39B | 1.1B | 1.12B |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 54M | 85M |
| Other Non-Current Liabilities | 668M | -1.33B | 623M | 473M | 417M | 234M | 94M | 120M |
| Total Liabilities | 9.19B | 9.25B | 8.23B | 6.56B | 6.54B | 4.88B | 3.6B | 3.45B |
| Total Debt | 5.96B | 7.9B | 5.18B | 4.09B | 4.22B | 2.81B | 2.1B | 2.13B |
| Net Debt | 5.17B | 7.04B | 4.76B | 3.62B | 3.72B | 2.47B | 1.78B | 1.93B |
| Debt / Equity | 1.98x | 2.62x | 1.71x | 1.39x | 1.58x | 1.17x | 0.71x | 0.79x |
| Debt / EBITDA | 6.73x | 8.95x | 8.18x | 6.02x | 7.39x | 5.77x | 6.21x | 4.72x |
| Net Debt / EBITDA | 5.83x | 7.99x | 7.52x | 5.33x | 6.52x | 5.09x | 5.24x | 4.28x |
| Interest Coverage | 3.51x | 1.78x | 2.42x | 6.02x | 10.10x | 8.29x | 0.75x | 4.58x |
| Total Equity | 3B | 3.02B | 3.04B | 2.95B | 2.68B | 2.39B | 2.95B | 2.7B |
| Equity Growth % | -0.69% | -0.66% | 3.02% | 10.01% | 12.05% | -18.93% | 9.31% | - |
| Book Value per Share | 25.92 | 25.92 | 25.33 | 24.65 | 22.77 | 20.68 | 25.72 | 23.53 |
| Total Shareholders' Equity | 2.97B | 2.98B | 3B | 2.91B | 2.65B | 2.35B | 2.82B | 2.57B |
| Common Stock | 1M | 1M | 1M | 1M | 1M | 1M | 0 | 0 |
| Retained Earnings | 722M | 718M | 686M | 552M | 323M | 126M | 0 | 0 |
| Treasury Stock | -202M | -202M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -222M | -201M | -313M | -239M | -254M | -130M | 58M | -66M |
| Minority Interest | 35M | 32M | 32M | 34M | 33M | 39M | 125M | 130M |
High leverage and goodwill
As reported in recent financial statements, GXO's debt-to-equity ratio reached 1.98 in 2026Q1, reflecting a significant reliance on external financing to fund its aggressive acquisition strategy and infrastructure rollouts, which warrants close monitoring given the company's thin net margins and sensitivity to interest rate fluctuations.
The increase in debt levels suggests that management is prioritizing rapid scale over balance sheet conservatism, potentially limiting the company's ability to navigate cyclical downturns. Investors should consider whether the current leverage profile is sustainable if the integration of recent acquisitions fails to yield the expected operational synergies.
Based on the 2026Q1 balance sheet, goodwill accounts for approximately 30% of total assets at $3.7 billion, indicating that a substantial portion of the company's valuation is tied to intangible premiums from past acquisitions rather than tangible, revenue-generating physical infrastructure like robotics or warehouse facilities.
This high concentration of goodwill suggests that the balance sheet is sensitive to impairment risks if the acquired businesses underperform their projected growth targets. The reliance on intangibles complicates the assessment of true asset backing, as the tangible PPE base remains relatively stagnant compared to the total asset growth.
According to quarterly filings, GXO's current ratio has consistently hovered below 1.0, settling at 0.85 in 2026Q1, which suggests that the company maintains a narrow liquidity buffer to cover its short-term obligations, potentially leaving it vulnerable to unexpected operational disruptions or sudden shifts in working capital requirements.
The persistent sub-unity current ratio implies that the company relies heavily on the continuous conversion of receivables and the availability of credit facilities to meet its immediate liabilities. This liquidity profile appears strained, particularly when considering the capital-intensive nature of maintaining automated fulfillment centers.
Data from the last ten quarters indicates that while total assets have grown from $9.5 billion in 2023Q4 to $12.2 billion in 2026Q1, this expansion has been largely debt-funded, resulting in a weakening balance sheet trajectory that prioritizes inorganic growth over organic capital accumulation.
The trend suggests that the company is aggressively expanding its footprint, yet the lack of meaningful growth in retained earnings indicates that this strategy has not yet translated into durable shareholder value. The trajectory appears to be one of increasing financial risk, where the benefits of scale are being offset by the costs of servicing a growing debt burden.
Quick answers to the most common questions about buying GXO stock.
As of 2025, GXO Logistics, Inc. (GXO) had total assets of $12.26B including $3.29B in current assets.
GXO Logistics, Inc. (GXO) carries total debt of $7.90B, offset by $854.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
GXO Logistics, Inc. (GXO) has total shareholders' equity (book value) of $2.98B ($25.92 book value per share). Book value represents the net worth of the company belonging to common stock holders.
GXO Logistics, Inc. (GXO) reported a current ratio of 0.85x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.