What XPO, Inc. told the SEC could break it.

XPO's LTL/truck fleet is exposed to diesel-fuel price volatility (2025 swings of up to 14% in France, 32% in the UK, 11% in the US); fuel-surcharge/cost-recovery clauses in many customer contracts only partly mitigate the exposure.

“Commodity Price Risk We are exposed to price fluctuations for diesel fuel purchased for use in our vehicles. During the year ended December 31, 2025, diesel prices fluctuated by as much as 14% in France, 32% in the United Kingdom, and 11% in the United States. We include fuel surcharge programs or other cost-recovery mechanisms in many of our customer contracts to mitigate the effect of any fuel price increases over base amounts established in the contract.”

XPO's trucking operations require motor-carrier/broker licenses and are regulated by DOT, FMCSA, EPA, DHS, CBP, CARB and others (including hazardous-materials transport); new emissions/hours-of-service/cargo-security rules or loss of licenses could materially affect operations.

“In addition, we are subject to regulations and requirements promulgated by the DOT, EPA, FMCSA, DHS, CBP, Canada Border Services Agency and various other international, domestic, state and local agencies and port authorities. Certain of our businesses engage in the transportation of hazardous materials, the movement, handling and accidental discharge of which are highly regulated. Our failure to obtain or maintain the required licenses, or to comply with applicable regulations, could have a material adverse impact on our business and results of operations.”

About 41% of XPO's 2025 revenue was earned outside North America — 16% France, 14% UK, 11% rest of Europe — exposing results to euro and pound exchange-rate fluctuations.

“In 2025, we generated approximately 59% of revenue in North America, derived almost entirely from the U.S., 16% in France, 14% in the U.K. and 11% in the rest of Europe.”