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# GXO Organic Revenue Grows 6.4%, Its Fastest In Over Three Years, But Free Cash Flow Falls To $85 Million
- URL: https://www.bullished.co/gxo-organic-revenue-grows-6-4-its-fastest-in-over-three-years-but-free-cash-flow-falls-to-a656f3ac/
- Published: 2026-11-03T22:07:29.000Z
- Updated: 2026-11-03T22:07:29.000Z
- Description: The contract logistics company reaffirmed 2026 guidance, reported a record $3.1 billion sales pipeline and set Investor Day for November 16.
- Author: Matteo Parrino
- Tags: SEC Filings, GXO, Industry: Industrials

[GXO Logistics](https://www.bullished.co/tag/gxo/), which runs warehouses and fulfillment operations for large corporations, said Tuesday that third-quarter [organic revenue grew 6.4%](https://www.sec.gov/Archives/edgar/data/0001852244/000185224426000051/gxo2026q3earningsreleaseex.htm?ref=bullished.co), its highest in more than three years, while adjusted EBITDA was flat at $251 million and free cash flow fell to $85 million from $187 million.

## Growth up, cash and profit flat

Revenue rose 5.7% to $3.6 billion, from $3.4 billion a year earlier, according to the [8-K](https://www.sec.gov/Archives/edgar/data/0001852244/000185224426000051/gxo-20261103.htm?ref=bullished.co) and earnings release. Net income was $65 million against $60 million, and diluted earnings per share were $0.56 against $0.51\. Adjusted earnings per share rose to $0.89 from $0.79.

Adjusted EBITDA, earnings before interest, taxes, depreciation and amortization with the company's adjustments, matched last year's $251 million. Adjusted EBITDA margin slipped to 7.0% from 7.4%.

Cash from operations dropped to $156 million from $232 million. Capital spending fell to $74 million from $144 million, but proceeds from equipment sales shrank to $3 million from $99 million, which helped drive the free cash flow decline.

## A record $3.1 billion pipeline

New business wins totaled $375 million, up 34%, the second straight quarter of growth above 30%. Wins for the year to date topped $1 billion, and the sales pipeline reached a record $3.1 billion, up more than 30% from a year earlier.

About 40% of year-to-date wins came from aerospace and defense, technology, industrial and life sciences customers. CEO Patrick Kelleher said the new strategy "is delivering results," and that year-to-date wins are "nearly matching all of 2025 with a quarter still to go." He added that execution is improving, particularly in North America, with a unified labor management system rolling out and its GXO IQ platform being deployed across its footprint.

GXO's 10-K for 2025 describes a business that handles distribution, order fulfillment, e-commerce and returns for outsourcing clients, with no customer above 6% of 2025 revenue.

## Guidance held, buybacks continue

GXO reaffirmed full-year guidance: organic revenue growth of 4% to 5%, adjusted EBITDA of $945 million to $965 million, adjusted diluted earnings per share of $2.95 to $3.15, and free cash flow conversion of 30% to 40%.

It repurchased $84 million of stock in the quarter, bringing the year-to-date total to $100 million, with $200 million left under its authorization. At September 30, net debt was $2.5 billion against trailing twelve-month adjusted EBITDA of $925 million, a net leverage ratio of 2.7x. Cash stood at $340 million.

GXO holds a conference call Wednesday at 8:30 a.m. ET, then an Investor Day at the New York Stock Exchange on November 16 at 9:00 a.m. ET to lay out its long-term strategy and financial framework.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — GXO Logistics, Inc. (GXO)](https://www.sec.gov/Archives/edgar/data/0001852244/000185224426000051/gxo-20261103.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit gxo2026q3earningsreleaseex.htm — GXO Logistics, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001852244/000185224426000051/gxo2026q3earningsreleaseex.htm?ref=bullished.co) — SEC EDGAR

### More on GXO Logistics

- [GXO Has $630 Million Of 2027 Revenue Already Signed, Down From $690 Million A Year Ago](https://www.bullished.co/gxo-has-630-million-of-2027-revenue-already-signed-down-from-690-million-a-year-ago-b837b6f2/)

[All GXO Logistics (GXO) coverage →](https://www.bullished.co/tag/gxo/)