XPO: Wells Fargo Industrials & Materials Conference Takeaways

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XPO: Wells Fargo Industrials & Materials Conference Takeaways

Equity Research

Company Update — June 9, 2026

Trucking

XPO, Inc.

Wells Fargo Industrials & Materials Conference Takeaways Overweight

Price Target: $250.00

Our Call Ticker XPO

Upside/(Downside) to Target 9.9%

Today we hosted XPO for a fireside chat at the Wells Fargo Industrials Conference with

CSO Ali Faghri. Demand trends have outperformed normal seasonality QTD on industrial, Price (06/09/2026) $227.58

and accelerating pricing should drive 2Q and 2026 OR outperformance. 52 Week Range $116.68 - 232.00

Market Cap (MM) $27,082

2Q OR Can Outperform Seasonality - XPO expects to comfortably outperform the Enterprise Value (MM) $30,267

high end of historical 2Q OR seasonality (~250-300 bps of QoQ improvement), with Average Daily Value (MM) $336

accelerating pricing, productivity (XPO is targeting 1.5% vs. +4% in 1Q) and better vols. Dividend Yield 0.0%

XPO noted it has line of sight to outperform the high end of its 2026 ~100-150 bps YoY

OR improvement target based on 1H with pricing and productivity. Longer term price and $ (Dec) Q1 Q2 Q3 Q4 FY

cost initiatives allow for 40%+ incrementals and a path to a low-70s OR. EPS

2026E 1.01 A 1.54 E 1.48 E 1.27 E 5.30 E

Pricing Outlook Improving - Pricing conversations have become increasingly constructive 2027E 1.37 E 1.79 E 1.78 E 1.70 E 6.65 E

as LTL demand firms and capacity tightens across the truckload market. XPO continues

Source: Company Data, Wells Fargo Securities estimates, and Factset.

to expect yield growth to accelerate sequentially and YoY in 2Q, which are supported by NA = Not Available, NC = No Change, NE = No Estimate

+MSD pricing and strong contract renewals. While demand may accelerate LTL pricing,