GXO Logistics ECONOMIC

Target: GXO Logistics, Inc. Research date: 23 October 2026 Scope: Commercial, financial, operational and supply-chain relationships with Israel and internationally recognised occupied territories.

Supply Chain & Sourcing Relationships

Business model and procurement structure

GXO describes its principal activities as contract warehousing, distribution, order fulfilment, e-commerce logistics and returns management. Its 2025 Form 10-K describes customers relying on GXO to handle goods throughout their supply chains, including goods stored or distributed on behalf of those customers. This operating model distinguishes GXO’s own procurement from inventory owned by its customers.¹

The UK Competition and Markets Authority identified GXO and Wincanton as major suppliers of dedicated warehousing services to UK grocery businesses during its 2024–2025 merger investigation. The regulator’s findings establish services provided to grocers but do not identify the agricultural origins of products handled through those facilities.²

Direct Israeli agricultural suppliers

No public evidence identified establishing a direct GXO procurement agreement with Mehadrin, Hadiklaim, Galilee Export or an Agrexco successor, including for dates, citrus, avocados, herbs or potatoes. The examined public descriptions of GXO’s operating model and grocery warehousing activities do not identify these suppliers.^{1, 2}

Importer-of-record arrangements

No public evidence identified of a GXO-owned Israeli importer-of-record company, Israeli import joint venture or dedicated Israel-origin agricultural import entity. The 2025 significant-subsidiary exhibit lists US and European entities without identifying an Israeli-incorporated entity; the exhibit expressly omits certain subsidiaries that are not significant.³

Seasonal sourcing

No public evidence identified establishing recurring December–April purchases by GXO from Israeli agricultural producers or exporters. The company’s 2025 disclosure describes outsourced logistics services without identifying an Israel-specific seasonal procurement programme.¹

Third-party and indirect sourcing

GXO’s 2023 agreement to acquire PFSweb identified an e-commerce fulfilment business serving consumer brands through distribution centres in North America, Belgium and the United Kingdom. The announcement did not establish Israeli-origin inventory or an Israeli distributor relationship.⁴

No public evidence identified linking GXO’s own procurement, customer fulfilment contracts, third-party distributors or private-label arrangements to specified Israeli-origin products. GXO’s corporate disclosures identify industry categories and services without providing shipment-level country-of-origin information.¹

Settlement sourcing and distribution

No public evidence identified establishing GXO’s sourcing, handling, storage or distribution of products originating from Israeli settlements in the West Bank, including East Jerusalem, or the occupied Golan Heights. The examined 2025 subsidiary and operational disclosures provide no settlement-specific location or shipment information.^{1, 3}

Product Origin, Labeling & Regulatory Compliance

Country-of-origin information

GXO’s disclosed business model involves providing logistics and fulfilment services for customers across retail, consumer products, industrial and other sectors. The 2025 annual filing does not provide product-level origin declarations for goods handled under customer contracts.¹

Settlement-origin products

No public evidence identified of a GXO-specific investigation, enforcement finding or documented shipment involving goods originating from the West Bank, Jordan Valley, East Jerusalem or occupied Golan Heights and presented as originating within Israel. The examined corporate and regulatory records concern logistics operations and merger regulation rather than settlement-origin merchandise.^{1, 5}

Labelling compliance and enforcement

No public evidence identified of a GXO-specific DEFRA, customs or trading-standards enforcement action concerning mislabelled Israeli or settlement-origin products. The UK CMA’s 2024–2026 proceedings concerned competition in grocery warehousing and did not establish such a labelling violation.^{5, 6}

Corporate policy

GXO publishes corporate ESG information and governance-related materials through its Impact website. No public evidence identified in the examined material of a specific corporate sourcing or labelling policy addressing Israeli settlements or products from occupied Palestinian or Syrian territory.⁷

Customer-owned inventory

The 2025 Form 10-K describes GXO’s operations as services performed for customers under contractual arrangements, including fixed-price and cost-plus structures. The filing does not establish that products moving through GXO facilities become GXO-owned inventory.¹

Investment, Capital & Financial Exposure

Direct investment and acquisitions

GXO’s 2025 Form 10-K reports that it acquired Wincanton plc, subsequently Wincanton Limited, on 29 April 2024 for £762 million, approximately $958 million at the acquisition date. The acquisition is identified as a UK logistics transaction, and the filing does not identify an Israeli operating company acquired through it.¹

GXO’s September 2023 announcement described an agreement to acquire Texas-based PFSweb for $7.50 per share, representing approximately $181 million in equity value and $142 million in enterprise value. The announced facilities were located in North America, Belgium and the UK; no Israeli acquisition target was identified.⁴

GXO’s 2022 Form 10-K confirms the acquisition of UK-based Clipper Logistics plc on 24 May 2022. The acquisition disclosures examined do not establish an Israeli subsidiary or Israeli manufacturing operation acquired through that transaction.⁸

Acquired Israeli operating companies

No public evidence identified of an Israeli-incorporated operating company acquired by GXO or held as a controlled subsidiary. Consequently, no verified Israeli acquisition date, purchase price, ownership percentage, manufacturing location, workforce, turnover or Israeli defence and settlement relationship can be assigned to such a subsidiary.^{1, 3, 8}

Significant subsidiaries

GXO’s 2025 Exhibit 21.1 names subsidiaries incorporated in the United States, France, the Netherlands, the United Kingdom, Scotland, Spain and Italy, including Wincanton Holdings Limited. No Israeli incorporation appears in that published significant-subsidiary list, which excludes certain smaller consolidated subsidiaries.³

GXO’s 2024 Exhibit 21.1 similarly identifies significant entities principally incorporated in the United States and Europe. Comparison with the 2025 exhibit shows disclosed changes in the group structure but does not establish a controlled Israeli operating company.^{9, 3}

Israeli facilities, real estate and research centres

No public evidence identified of GXO-owned or leased warehouses, offices, land, data centres, innovation centres or R&D facilities in Israel or occupied territories. The 2025 Form 10-K reports facilities principally by the United States, United Kingdom, continental Europe and other geographic regions without separately identifying Israel.¹

Parent company and historical ownership

GXO became an independent publicly traded company on 2 August 2021 when XPO, Inc. distributed GXO shares to its shareholders. XPO’s historical role therefore establishes the origin of GXO’s independent corporate structure rather than continuing parent-company ownership.¹

Institutional shareholders

GXO’s 2026 proxy statement identifies Orbis Investment Management-related entities as a substantial beneficial ownership group. It also reports BlackRock’s ownership of approximately 9.2%, based on a Schedule 13G reporting holdings as of December 2023.¹⁰

The disclosed institutional interests are holdings in GXO shares. The proxy information does not establish that the other portfolio investments of Orbis or BlackRock are assets owned or controlled by GXO.¹⁰

Controlling principals and affiliated investment vehicles

GXO appointed Patrick Kelleher as CEO effective 19 August 2025. Brad Jacobs remained associated with the company as Chairman during that transition before the announced appointment of Patrick Byrne as Non-Executive Chairman effective 31 December 2025.^{11, 12}

The 2026 proxy statement identifies the company’s directors and executives and their disclosed share interests. No public evidence identified from the examined disclosures establishing that a current GXO controlling principal personally owns a controlling Israeli operating business or that such an investment is attributable to GXO.¹⁰

Brad Jacobs is also identified by QXO as a founder of several publicly traded businesses, including XPO, GXO and QXO. These historically connected entities have distinct corporate identities, and QXO’s board composition does not itself establish GXO ownership of QXO or its business relationships.¹³

QXO identifies Jason Aiken, an executive of General Dynamics, as a director of QXO. The source establishes a QXO governance relationship but does not establish a GXO defence contract, Israeli investment or commercial relationship with General Dynamics.¹³

Portfolio investments

No public evidence identified of GXO directly owning Israeli sovereign bonds, Israel-focused investment funds, Israeli-domiciled portfolio companies or passive minority investments in Israeli companies. The examined 2025 financial statements do not separately report an Israel-specific investment portfolio.¹

Sovereign debt, war bonds and financial services

GXO reports contract logistics as its single operating segment. No public evidence identified of GXO underwriting Israeli sovereign bonds, distributing Israel Bonds, providing sovereign-debt syndication services, underwriting Israeli military insurance or operating an Israeli state-finance business.¹

Subsidiary and group attribution

Wincanton, PFSweb and Clipper were investigated as named acquired businesses. Their documented UK, European and US operating activities cannot independently establish an Israeli commercial relationship without transaction-specific or subsidiary-specific records identifying that relationship.^{1, 4, 8}

GXO Accelerator’s published participation terms establish a potential form of economically valuable noncash support: access to senior GXO executives, operational expertise, external mentors, implementation guidance and commercialisation assistance. The programme is delivered with innovation specialist L Marks and offers participants collaboration within a structured 12-week programme. GXO expressly states that participation carries no programme fee or equity requirement. These provisions establish the resources available to selected participants but do not quantify their value or establish precisely which services CaPow received.^{14, 15, 16}

As of 23 October 2026 - no public evidence identified establishing the monetary value, personnel hours, individually delivered advisory services, intellectual-property transfers, grants, subsidies or other separately identifiable in-kind contributions provided by GXO specifically to CaPow. Searches of the accelerator’s published participation terms, programme description, CaPow coverage and independent industry reporting establish the collaboration framework but provide no CaPow-specific resource allocation, expenditure statement or executed support schedule.^{14, 15, 17, 18}

The accelerator’s published terms distinguish participation from subsequent investment and commercial rights. GXO states that investment decisions would be considered at the programme’s conclusion. It does not require participants to surrender equity or grant exclusivity during the programme, although competitor-related exclusivity may be requested following a subsequent commercial agreement. Participation requires a mutual nondisclosure agreement, while travel assistance remains discretionary. Accordingly, the published terms establish a conditional framework rather than evidence of an executed GXO investment, equity entitlement, exclusivity arrangement or travel subsidy involving CaPow.¹⁴

GXO’s published accelerator terms distinguish access to operational resources from financial investment. They specify that participants may collaborate with senior executives, receive expert guidance and pilot products within GXO operations, while investment decisions are deferred until the programme concludes. GXO’s separate programme announcement identifies collaboration with operational and technology teams as an opportunity for selected participants. Neither document identifies a CaPow-specific payment, procurement order, equity investment, commercial introduction, delivered mentoring session or completed implementation service. These resources represent potential economic benefits, but their actual delivery and value to CaPow remain unverified.^{14, 19}

As of 29 October 2026 - no public evidence identified establishing the legal recipient, contractual counterparty, delivered quantity or monetary valuation of any CaPow-specific GXO accelerator support. The examined programme FAQ, GXO announcement, accelerator team biographies and CaPow’s October publication do not publish an executed participation agreement, identify the precise CaPow legal entity receiving services, or document an individual GXO-funded benefit. The publicly identified participant is CaPow, but that commercial name alone is insufficient to establish which incorporated entity held contractual rights or received resources.^{20, 14, 19, 21}

A separate 2026 GXO Accelerator team directory identifies Claire Charlton as GXO’s Head of Open Innovation, responsible for identifying, testing and scaling innovative solutions and collaborating with programme participants, internal teams and customers. This establishes an identifiable GXO function capable of providing operational and commercial-development assistance. It does not establish that Charlton personally mentored CaPow, facilitated an introduction, allocated a testbed or delivered another individually identifiable service to the company. The directory also identifies other programme sponsors, but does not assign a named sponsor or mentor specifically to CaPow.²¹

Operational Presence & Market Activity

Global operational footprint

As of 31 December 2025, GXO reported approximately 154,000 employees working across 1,043 facilities occupying approximately 221 million square feet worldwide. The company’s 2025 Form 10-K identifies 383 facilities in the United Kingdom, 325 in the United States and 282 in continental Europe, with other operations reported separately.¹

GXO’s current CEO biography describes the company as operating across 27 markets. This is a global market count and does not independently identify Israel as an operating market.²²

Israeli physical presence

No public evidence identified of a GXO-branded warehouse, fulfilment centre, distribution depot, corporate office, sales office or support centre in Israel. The geographic property table in the 2025 Form 10-K does not disclose Israel separately.¹

Occupied-territory physical presence

No public evidence identified of a GXO-owned, GXO-leased or GXO-operated facility in the occupied West Bank, East Jerusalem or Golan Heights. The 2025 significant-subsidiary exhibit does not identify an entity incorporated in those territories.³

Employment

GXO reported approximately 154,000 employees worldwide at year-end 2025. No Israel-specific headcount or workforce allocation was separately disclosed in the examined annual filing.¹

Tax and regulatory registration

The 2025 Form 10-K identifies GXO as a Delaware-incorporated US company with a US employer identification number and principal executive offices in Connecticut. No public evidence identified establishing Israeli corporate tax residence, Israeli VAT registration or Preferred Technology Enterprise status.¹

Market positioning

GXO characterises itself as a major global contract logistics provider, supplying services to customers in retail, technology, consumer products, manufacturing and other sectors. No public evidence identified in its 2025 Form 10-K of Israel being characterised separately as a strategic growth market, regional headquarters or significant revenue market.¹

Government and defence-related business

GXO’s current leadership page identifies Dan Davis as President, Aerospace & Defense. This establishes an aerospace and defence business function but does not identify an Israeli defence customer or government contract.²³

The 2026 proxy statement discusses the strategic expansion of GXO’s Aerospace & Defense capabilities following Wincanton’s acquisition. The disclosure does not establish a specific Israeli Ministry of Defence, IDF or settlement-related logistics contract.¹⁰

Constructive-notice period

GXO acquired Wincanton in April 2024, and the UK competition investigation continued after 19 July 2024 and November 2024. The CMA records confirm subsequent regulatory proceedings and completion of the required divestment in September 2026. These records establish the timing of the UK corporate transaction but do not establish Israeli or settlement activity continuing during those periods.^{5, 6}

Settlement customers and services

No public evidence identified of a named Israeli settlement enterprise receiving GXO-operated warehousing, fulfilment, distribution or transportation services. The company’s published service descriptions and significant-subsidiary disclosures do not identify settlement customers.^{1, 3}

CaPow was publicly identified as a participant in GXO Accelerator’s first cohort. GXO’s publicly accessible announcement names CaPow among the selected innovators and describes plans for cohort members to pilot and validate their technologies in real operational environments. The programme’s published structure provides access to operational specialists, senior executives and mentors, with implementation guidance during a 12-week programme. This establishes CaPow’s selection and the commercial-development opportunities available to it. The reviewed CaPow-specific reporting does not identify completed individual mentoring sessions, named advisers assigned to CaPow, documented introductions to commercial customers or completed business-development deliverables.^{14, 15, 17}

The programme’s official schedule identifies 31 August 2026 as the planned start of its operational phase and the week commencing 16 November 2026 as Demo Day. Its FAQ describes Demo Day as an opportunity to present outcomes to GXO leadership and discuss potential longer-term commercial deployment. CaPow’s participation therefore falls within an identifiable 2026 programme period, but the published schedule does not independently verify the dates, frequency or duration of expert services actually delivered to CaPow.^{14, 15}

As of 23 October 2026 - no public evidence identified establishing the precise legal recipient of any GXO-funded noncash services, an executed GXO–CaPow support agreement, service-level obligations, reimbursement arrangements, financial valuation, continuing commercial rights or post-programme benefits. The examined accelerator FAQ refers generically to participating companies and prospective agreements, while GXO’s cohort announcement identifies CaPow’s participation without publishing contractual terms. No evidence in these sources establishes a separate binding agreement involving a named CaPow legal entity or an enforceable entitlement to future GXO business.^{14, 17, 18}

As of 29 October 2026 - CaPow’s own article dated 8 October 2026 identifies GXO as a logistics operator actively testing technologies in live warehouse environments. This provides additional contemporaneous acknowledgement by CaPow of GXO’s operational testing activities. However, the article does not state that CaPow’s Power-in-Motion equipment had been installed or tested at a named GXO facility, identify the personnel involved, or report measurements from a GXO–CaPow trial. It therefore supports the existence of an operational testing environment but does not independently establish that CaPow actually received or used a specific GXO testbed.²⁰

As of 29 October 2026 - no public evidence identified establishing a completed GXO–CaPow pilot, operational acceptance test, individually assigned mentor, documented GXO employee-hours contribution, implementation milestone or measured performance result. The programme FAQ identifies 31 August 2026 as the scheduled commencement of live pilots and the week commencing 16 November 2026 as Demo Day. It states that testbeds could be located at different GXO operating sites across the UK and that each participant’s implementation would depend on its specific use case. CaPow’s 8 October publication acknowledges GXO’s live testing activities but supplies no CaPow-specific location, installation record or performance result. The documented status is therefore participation in an accelerator whose operational phase was scheduled to be underway, without independently verified completion or delivery details for CaPow.^{20, 14}

Corporate Structure & Foundational Ties

Foundation and incorporation

GXO Logistics, Inc. is incorporated in Delaware and maintains its principal executive offices at Two American Lane, Greenwich, Connecticut. The company became separately publicly traded on 2 August 2021 through a spin-off from XPO.¹

GXO’s 2022 Form 10-K records its initial period as an independent company and its subsequent acquisition of Clipper Logistics. The filing does not identify Israel as GXO’s founding jurisdiction or original headquarters.⁸

Headquarters

GXO’s 2025 Form 10-K identifies Greenwich, Connecticut, as its corporate headquarters. No Israeli headquarters or dual-headquarters arrangement is identified in the examined filing.¹

Current leadership

GXO’s current leadership disclosures identify Patrick Kelleher as Chief Executive Officer, Bart Beeks as Chief Operating Officer, Karen Bomber as Chief Commercial Officer and Mark Suchinski as Chief Financial Officer.²³

GXO announced Patrick Byrne’s appointment as Non-Executive Chairman effective 31 December 2025, succeeding Brad Jacobs.¹²

Governance and shareholder structure

The 2026 proxy statement describes GXO’s board, executive remuneration, beneficial ownership and governance arrangements. Its ownership disclosures identify substantial institutional shareholders and relatively small direct holdings for the current directors and executive officers as a group.¹⁰

Israeli-Nexus Floor: founding jurisdiction

No public evidence identified of GXO having been founded or incorporated in Israel. Its SEC filing establishes Delaware incorporation and its 2021 separation from XPO.¹

Israeli-Nexus Floor: headquarters and management

No public evidence identified of GXO maintaining its headquarters or principal place of management in Israel. Its SEC filing identifies Connecticut headquarters, and its published executive leadership is presented within the global GXO corporate structure.^{1, 23}

Israeli-Nexus Floor: tax residency or PTE status

No public evidence identified of Israeli corporate tax residency, Israeli Preferred Technology Enterprise status or Israeli innovation-tax designation. The examined annual filing identifies US incorporation and does not disclose Israeli tax status.¹

Israeli-Nexus Floor: Israeli beneficial ownership

No public evidence identified establishing Israeli majority ownership, an Israeli controlling shareholder or control by Israeli state capital. The 2026 proxy identifies substantial institutional investors including Orbis-related entities and BlackRock but does not establish Israeli controlling ownership.¹⁰

Acquired Israeli corporate identity

No public evidence identified of an acquired Israeli manufacturer, logistics operator, software company or other Israeli operating business whose Israeli identity was incorporated into GXO through a controlling acquisition. GXO’s disclosed acquisitions include Clipper Logistics, PFSweb and Wincanton, with the examined documents identifying their UK or US origins.^{1, 4, 8}

Government ownership and appointments

No public evidence identified of an Israeli state shareholding, Israeli government-appointed GXO director or Israeli government special voting right. The 2026 proxy sets out GXO’s disclosed governance and beneficial ownership arrangements without identifying such mechanisms.¹⁰

Structural governance rights

No public evidence identified of an Israeli government golden share, reserved board appointment right, founder voting agreement or charter provision requiring GXO to support Israeli state policy. The examined proxy describes GXO’s corporate governance structure without establishing an Israel-specific governance mechanism.¹⁰

Profit Repatriation & Economic Contribution

Consolidated revenue

GXO’s 2025 Form 10-K reports approximately $13.2 billion in annual revenue, compared with approximately $11.7 billion in 2024. The company attributes part of the increase to Wincanton and the implementation of new customer contracts.¹

Geographic revenue

GXO reports geographic financial information and operates as one reportable segment. No Israel-specific revenue figure or percentage of consolidated sales is separately identified in the examined 2025 annual filing.¹

Israeli operating profit

No public evidence identified of GXO’s operating profit, EBITDA or net income earned specifically in Israel. The examined consolidated statements do not provide an Israel-specific operating segment.¹

Israeli tax contribution

No public evidence identified quantifying Israeli corporate income tax, VAT, payroll tax or other Israeli tax payments by GXO or its controlled subsidiaries. The company’s examined disclosures provide consolidated tax information without identifying an Israeli tax contribution.¹

Profit repatriation into Israel

No public evidence identified of GXO’s consolidated profits being repatriated to an Israeli-domiciled parent or controlling corporate shareholder. The company’s legal domicile is Delaware, and its 2026 proxy describes its beneficial ownership through disclosed shareholders rather than an Israeli parent entity.^{1, 10}

Profit repatriation from Israel

No public evidence identified of a GXO Israeli operating subsidiary paying dividends, royalties, management fees or other repatriated profits to a foreign parent. The examined significant-subsidiary exhibit and financial statements do not separately identify such a subsidiary or transfer.^{1, 3}

Israeli capital expenditure

No public evidence identified of GXO capital expenditure on Israeli warehouses, logistics infrastructure, research facilities or commercial real estate. Its 2025 filing provides capital and property information without identifying an Israel-specific investment project.¹

Role within the Israeli economic ecosystem

No public evidence identified of an Israeli governmental or industry designation naming GXO as a major Israeli logistics employer, national infrastructure operator, major domestic distributor or strategic Israeli supply-chain provider. GXO’s corporate publications describe a global logistics business without a separately documented Israeli economic role.^{1, 22}

Settlement-related financial contribution

No public evidence identified establishing revenue, tax payments, rental payments, operating profit or other quantified financial contributions by GXO to settlement-based enterprises in the occupied West Bank, East Jerusalem or Golan Heights. The examined public financial and subsidiary disclosures contain no settlement-level financial breakdown.^{1, 3}