News / GXO Logistics reports 20% boost in revenue and $1bn in new business last year

The world’s largest pure-play contract logistics operator, GXO Logistics, recorded a 20% increase in annual revenues in 2024 over 2023, to $11.7bn.

Adjusted EBITDA for 2024 was $815m, compared with $741m for 2023.

“In 2024, GXO delivered record revenue and adjusted EBITDA, and drove strong operating return on invested capital,” said CEO Malcolm Wilson.

“We also accelerated our organic growth sequentially throughout the year and closed more than $1bn of new business wins for the second consecutive year,” he added.

Growth accelerated in the fourth quarter, with sales hitting $3.3bn, representing a 25% year-on-year increase over the final three months of 2023, while adjusted EBITDA increased 30% year on year, to $251m, compared with $193m for Q4 23.

“In 2024, we completed the acquisition of Wincanton, which will accelerate our growth in key verticals, and we expanded in new geographies like Germany, which is now our fastest-growing market. Our pipeline is up 15% year over year, and our pipeline in the Americas is up 20%,” Mr Wilson added.

However, GXO’s £960m proposed takeover of UK-based Wincanton continues to be under the eye of competition regulators, with the Competition and Markets Authority (CMA) deciding that its possible effect on the UK’s contract logistics market warranted a phase 2 investigation, as previously reported by The Loadstar.

However, the firm remained confident it would win clearance later this year and today issued 2025 guidance that suggests organic revenue growth this year of 3%-6%, implying full-year revenue of between $12.05bn and $12.4bn, with adjusted EBITDA forecast at $840m-$860m, implying relatively modest growth of 5.5% over 2024 at the top end.

“Our guidance for 2025 reflects our confidence in our core business growth, the phasing of start-ups, the impact of foreign exchange, and our current expectation of the timing of the Wincanton regulatory review,” said Mr Wilson.

“The strength of our pipeline and the pace of our new business wins continue to benefit from the structural tailwinds – outsourcing, automation, and e-commerce – at our backs.

“As brands around the world face unprecedented supply chain complexity, GXO is well positioned to help them turn supply chain challenges into competitive advantages,” he added.