• XPO average debt/equity ratio for 2023 was 2.42, a 28.72% increase from 2022.
• XPO average debt/equity ratio for 2022 was 1.88, a 25.4% increase from 2021.
• XPO average debt/equity ratio for 2021 was 2.52, a 13% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.