GXO Logistics is the world's largest pure-play contract logistics provider. GXO's core business is outsourced warehousing and distribution — GXO takes over warehouse operations for large corporations, handling receiving, inventory management, order fulfillment, and returns processing. GXO charges customers fees under long-term contracts (typically five years) that include minimum volume commitments and inflation pass-throughs, providing revenue stability. Variable volumes on top of the contractual base create upside during peak periods. GXO's largest vertical is omnichannel retail and e-commerce (~49% of revenue), followed by technology and consumer electronics, industrial and manufacturing, food and beverage, and CPG (~10-12% each). No single customer exceeds 6% of revenue. GXO operates in 26 countries, with roughly two-thirds of revenue outside the US; the UK is its largest market. GXO argues its primary differentiator is technology — the company has deployed over 15,000 automated units and cobots, and is scaling GXO IQ, its proprietary AI-powered warehouse operating system, across its network. Labor is the largest direct cost, so automation and AI drive margin improvement over time. GXO is deliberately expanding into higher-margin B2B verticals including aerospace and defense, life sciences, and data center logistics. The 2024 Wincanton acquisition accelerated this push in Europe, adding customers like Boeing, BAE Systems, and Thales. GXO also views North America as underpenetrated and is investing in sales capacity and leadership there.