Why XPO (XPO) Shares Are Getting Obliterated Today

What Happened?

Shares of freight delivery company XPO (NYSE:XPO) fell 6.3% in the morning session after the company reported a decline in key operating metrics for its North American Less-Than-Truckload (LTL) business for November 2025. 

The freight transportation provider disclosed that LTL tonnage per day fell 5.4% compared to the same month in the previous year. This drop was a result of two factors: a 2.2% decrease in the number of shipments per day and a 3.2% decrease in the weight of each shipment. This report signaled a continuing trend of slowing business, as it followed a similar 3.8% year-over-year decline in tonnage per day for October 2025. The weaker volumes suggested a potential impact from a contracting manufacturing sector.

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What Is The Market Telling Us

XPO’s shares are quite volatile and have had 19 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 4 months ago when the stock dropped 9.1% on the news that the company reported disappointing second-quarter financial results that revealed a significant drop in profitability. Although revenue held flat at $2.08 billion, investors focused on the sharp decline in net income, which fell to $106 million from $150 million a year earlier. Earnings per share also dropped significantly to $0.89 from $1.25. The company’s main North American Less-Than-Truckload (LTL) division experienced a 2.5% revenue decrease. More critically, tonnage per day in this segment plunged by 6.7%, and daily shipments fell 5.1%, signaling weakness in what the company's CEO called a soft freight environment.

XPO is up 1.6% since the beginning of the year, but at $134.65 per share, it is still trading 14.9% below its 52-week high of $158.20 from December 2024. Investors who bought $1,000 worth of XPO’s shares 5 years ago would now be looking at an investment worth $1,224.

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