| Company | XPO, Inc. (formerly XPO Logistics) |
| Parent | XPO, Inc. |
| Ticker | XPO |
| Exchange | NYSE |
| Sector | Industrials |
| S&P Rating | BB+ |
| Moody’s Rating | no verified rating |
| Investment Grade | Below Investment Grade |
| North American LTL facilities | 356 (206 leased, 150 owned) as of December 31, 2025 |
| Revenue | $8.2B (2025) |
| Median asking cap rate | Not shown: fewer than three active listings with a cap rate |
| Lease Term | Varies; confirm in the lease |
| Building Sq Ft | Varies by facility; confirm for each property |
Business Overview
XPO, Inc. (formerly XPO Logistics) says it has one of the largest less-than-truckload (LTL) networks in North America, and it also has a European transportation business (Form 10-K for 2025). It spun off its contract logistics business as GXO Logistics in 2021 and its freight brokerage business as RXO in 2022, so those are now separate companies with their own credit. Its customer base is broad: in 2025, its top five customers accounted for about 8% of revenue (Form 10-K).
North American LTL is its largest business, with 2025 revenue of $4.8 billion of XPO’s $8.2 billion total; the European Transportation segment also offers truckload, LTL, brokerage, warehousing, last mile and freight forwarding services. As of December 31, 2025, XPO had 592 locations, including 356 North American LTL facilities (206 leased and 150 owned), and its facilities are located in all 48 contiguous U.S. states (Form 10-K). For triple-net lease investors, XPO represents exposure to the essential industrial logistics sector, supporting the broader economy’s distribution infrastructure.
Visit InvestmentGrade.com for NNN lease analysis across tenant types, or explore our NNN investment guide.
Credit Rating & Investment Grade Status
XPO is not investment grade. XPO, Inc. carries issuer ratings of BB+ from S&P Global Ratings and BB+ from Fitch Ratings: all below the BBB-/Baa3 investment grade threshold. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Investment Grade Designation: No
Source: S&P Global Ratings BB+, as of August 17, 2026; Fitch Ratings BB+, as of July 14, 2026. Ratings checked October 8, 2026.
Ratings on file for XPO, Inc.: S&P: BB+ / Fitch: BB+. Our ratings database classifies XPO as not investment grade. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. For context on investment grade standards, see our investment-grade credit ratings guide.
Lease Structure & Terms
XPO leased 206 of its 356 North American LTL facilities at December 31, 2025 (Form 10-K). Lease terms, escalations, renewal options and expense responsibilities vary, so confirm them in the lease.
Tenant improvement allowances vary by lease. Property modifications for logistics operations may include dock enhancements, climate control upgrades, and specialized material handling equipment installations.
Cap Rate & Pricing Expectations
InvestmentGrade.com does not currently track enough active XPO listings with an asking cap rate to show a median.Pricing depends significantly on property condition, location, lease duration remaining, and tenant occupancy rates.
For detailed guidance on cap rate analysis, visit our investment grade guide.
Real Estate Footprint
XPO had 356 North American LTL facilities as of December 31, 2025, and its facilities are located in all 48 contiguous U.S. states (Form 10-K).
XPO’s LTL network runs through service centers with dock doors; the company says it has added more than 2,000 net new doors since the fourth quarter of 2021 (Form 10-K). Building size, clear height, door count and yard space vary by facility, so confirm them for each property.
Growth Strategy & Market Position
XPO focuses on expanding and densifying its LTL service-center network. It says it has built more than 30% excess door capacity into its network while expanding its presence in high-growth markets, and in December 2023 it signed an asset purchase agreement with Yellow Corporation.
Pros & Cons for NNN Investors
| Pros | Cons |
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Comparable Tenants
| Comparable Company | Credit Rating | Sector |
| J.B. Hunt Transport Services | Not tracked | Transportation & Logistics |
| Knight–Swift Transportation | Not tracked | Transportation & Logistics |
| Saia Inc. | Not tracked | Transportation & Logistics |
| Old Dominion Freight Line | Not tracked | Transportation & Logistics |
Frequently Asked Questions
Is XPO Logistics a suitable tenant for conservative NNN investors?
Ratings on file for XPO, Inc.: S&P: BB+ / Fitch: BB+. Our ratings database classifies XPO as not investment grade; investment grade means BBB‑/Baa3 or higher. Confirm the tenant and any guarantor in the lease before relying on any rating.
What real estate requirements does XPO have for logistics facilities?
XPO’s LTL operations rely on service centers with dock doors. We have not found published XPO requirements for clear height, building size or yard space, so confirm the specifications of each property. Location near major transportation corridors and metropolitan areas is important for operational efficiency.
How do economic cycles affect XPO Logistics triple-net leases?
As a logistics operator, XPO experiences significant sensitivity to economic cycles and shipping demand. During recessions, freight volume can decline, potentially impacting the company’s financial stability and lease payment reliability. A lease obliges the tenant to pay rent regardless of freight volumes, but that protection depends on the credit of the tenant and any guarantor, and a tenant in bankruptcy can reject leases (11 U.S.C. §365). Lease terms vary, so confirm them in the lease.
What factors influence XPO Logistics property valuations?
Key valuation factors include the property’s location in strategic logistics corridors, building specifications (clear height, dock count, yard space), remaining lease term, and current asking cap rates for logistics tenants with similar credit. Properties in stronger markets with longer remaining lease terms often ask lower cap rates.
Ready to invest in XPO Logistics NNN properties?
InvestmentGrade.com connects qualified investors with triple-net lease opportunities. Our team focuses on tenant credit analysis, cap rate comparison and portfolio diversification for NNN investors.
XPO Logistics Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market XPO Logistics properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
