What is QXO's operating income?

QXO's total operating income in 2025 was -$245.20 million, based on the following breakdown: Total Gross Profit: $1.57 billion Total Operating Expenses: $1.82 billion

QXO (QXO) Financials

$13.55 -0.21 (-1.55%)

As of 12:00 PM Eastern

Compare

Annual Income Statements for QXO

This table shows QXO's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	0.37	3.44	59	-12	6.79	0.18	-0.13	-0.28	-1.07	28	-279
Consolidated Net Income / (Loss)	0.37	3.44	-0.49	0.26	6.79	0.18	-0.13	-0.28	-1.07	28	-279
Net Income / (Loss) Continuing Operations	0.37	3.44	59	-0.92	-1.47	0.18	-0.13	-0.28	-1.07	28	-279
Total Pre-Tax Income	0.43	1.21	0.91	-1.20	-1.92	0.22	0.04	-0.47	-1.37	51	-337
Total Operating Income	0.36	1.27	0.94	-1.16	-1.91	0.22	-0.23	-0.39	-1.31	-71	-245
Total Gross Profit	11	13	64	1.16	15	17	17	18	22	23	1,573
Total Revenue	28	34	64	1.86	39	41	42	45	55	57	6,842
Operating Revenue	28	34	64	1.86	39	41	42	45	55	57	6,842
Total Cost of Revenue	17	21	0.00	0.70	24	25	24	27	33	34	5,270
Operating Cost of Revenue	17	21	-	0.70	24	25	24	-	33	34	5,270
Total Operating Expenses	10	11	4.34	15	17	16	17	18	23	94	1,818
Selling, General & Admin Expense	5.64	6.37	7.35	7.98	8.77	8.27	9.40	9.47	22	93	1,395
Depreciation Expense	0.49	0.68	0.62	0.65	0.72	0.71	0.88	0.95	0.83	0.20	108
Amortization Expense	-	-	-	-	-	-	-	-	-	0.90	315
Total Other Income / (Expense), net	0.08	-0.05	-0.03	-0.04	-0.02	-0.00	0.27	-0.09	-0.06	122	-92
Interest Expense	0.06	0.06	0.03	0.04	0.04	0.01	0.05	0.09	-	0.00	50
Interest & Investment Income	-	-	-	-	-	-	-	-	-0.06	122	-48
Other Income / (Expense), net	0.13	0.01	-	0.00	0.02	0.01	0.32	0.00	-	0.00	5.50
Income Tax Expense	0.06	-2.22	1.39	-0.28	-0.46	0.05	0.18	-0.19	-0.30	23	-58
Basic Earnings per Share	$0.09	$0.78	($0.11)	$0.06	$1.51	$0.04	($0.03)	($0.05)	($1.63)	($0.11)	($0.63)
Weighted Average Basic Shares Outstanding	4.30M	4.41M	4.49M	4.50M	4.50M	4.50M	5.03M	5.17M	657K	204M	613M
Diluted Earnings per Share	$0.09	$0.77	($0.11)	$0.06	$1.51	$0.04	($0.03)	($0.05)	($1.63)	($0.11)	($0.63)
Weighted Average Diluted Shares Outstanding	4.32M	4.47M	4.49M	4.50M	4.50M	4.50M	5.03M	5.17M	657K	204M	613M
Weighted Average Basic & Diluted Shares Outstanding	4.41M	4.49M	4.50M	4.50M	4.50M	5.06M	5.14M	5.26M	5.32M	409.43M	708.55M

This table shows QXO's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2022	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Total Costs & Expenses	-	-	-	-	-	-	564	-	-	-	845
Net Income / (Loss) Attributable to Common Shareholders	1.21	0.14	-0.60	17	11	8.80	-59	-139	-90	-227	-55
Consolidated Net Income / (Loss)	1.21	0.14	-0.60	17	11	8.80	-59	-139	-90	-227	-55
Net Income / (Loss) Continuing Operations	1.21	0.14	-0.60	17	11	8.80	-59	-139	-90	-227	-55
Total Pre-Tax Income	1.30	0.21	-0.80	23	28	17	-237	-11	-108	-280	-77
Total Operating Income	-1.64	0.23	-4.30	-34	-33	-39	-163	26	-70	-252	-42
Total Gross Profit	2.07	5.66	5.80	5.50	5.97	5.40	401	636	530	409	803
Total Revenue	5.18	14	15	13	15	14	1,906	2,728	2,194	1,730	3,246
Operating Revenue	5.18	14	15	13	15	14	1,906	2,728	2,194	1,730	3,246
Total Cost of Revenue	3.11	8.78	8.70	7.60	8.86	8.10	1,505	2,093	1,664	1,321	2,443
Operating Cost of Revenue	-	8.78	8.70	7.60	8.86	8.10	1,505	2,093	1,664	1,321	2,443
Total Operating Expenses	3.71	5.43	10	39	39	45	564	610	599	661	845
Selling, General & Admin Expense	2.03	5.19	9.80	39	39	44	457	453	441	497	649
Depreciation Expense	0.34	0.24	0.10	0.00	0.65	0.10	27	40	41	47	56
Amortization Expense	-	-	0.20	0.20	-	0.20	80	118	-	117	140
Total Other Income / (Expense), net	2.94	-0.02	3.50	57	61	57	-74	-36	-38	-28	-35
Interest Expense	0.05	-	0.00	0.00	-	-	46	0.00	-	-	0.00
Interest & Investment Income	-	-0.02	3.50	57	61	57	-30	-38	-36	-31	-38
Other Income / (Expense), net	-	-	0.00	0.00	-	0.00	2.00	1.40	-	2.70	3.00
Income Tax Expense	0.09	0.07	-0.20	6.10	17	8.50	-178	129	-17	-53	-22
Basic Earnings per Share	-	$0.21	($9.93)	($0.01)	$0.06	($0.03)	($0.15)	($0.24)	($0.15)	($0.35)	($0.14)
Weighted Average Basic Shares Outstanding	5.17M	664K	700K	358.80M	204.00M	451.40M	564.70M	715.30M	613M	744.40M	767.30M
Diluted Earnings per Share	-	$0.21	($9.93)	($0.01)	$0.06	($0.03)	($0.15)	($0.24)	($0.15)	($0.35)	($0.14)
Weighted Average Diluted Shares Outstanding	5.17M	664K	700K	358.80M	204.00M	451.40M	564.70M	715.30M	613M	744.40M	767.30M
Weighted Average Basic & Diluted Shares Outstanding	5.32M	5.32M	409.43M	409.43M	409.43M	518.68M	673.56M	674.39M	708.55M	725.17M	1.04B

This table details how cash moves in and out of QXO's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.12	0.43	0.61	-0.17	7.14	-2.06	0.22	1.19	-1.87	5,066	-2,707
Net Cash From Operating Activities	0.13	1.79	2.31	-0.40	-0.40	1.73	0.23	2.04	0.58	85	261
Net Cash From Continuing Operating Activities	0.13	1.79	2.31	-0.27	-0.90	1.73	0.23	2.04	0.58	85	261
Net Income / (Loss) Continuing Operations	0.37	3.44	-0.49	-0.92	-1.47	0.18	-0.13	-0.28	-1.07	28	-279
Consolidated Net Income / (Loss)	0.37	3.44	-0.49	0.26	6.79	0.18	-0.13	-0.28	-1.07	28	-279
Depreciation Expense	0.17	0.23	0.26	0.33	0.34	0.31	0.35	0.39	0.33	0.20	108
Amortization Expense	0.32	0.45	0.36	0.04	0.59	0.81	1.05	1.37	0.67	0.90	321
Non-Cash Adjustments To Reconcile Net Income	0.21	0.04	0.18	0.34	0.16	-0.28	-0.67	-0.38	0.28	35	109
Changes in Operating Assets and Liabilities, net	-0.95	-2.37	1.99	-0.19	-0.53	0.71	-0.36	0.94	0.37	21	1.80
Net Cash From Investing Activities	-0.64	-0.50	-0.82	-0.41	8.03	0.84	-0.51	-0.19	-0.40	-0.10	-10,630
Net Cash From Continuing Investing Activities	-0.64	-0.50	-0.82	-0.70	8.15	0.84	-0.51	-0.19	-0.40	-0.10	-10,630
Purchase of Property, Plant & Equipment	-0.07	-0.50	-0.76	-0.40	-0.15	-0.12	-0.11	-0.19	-0.40	-0.10	-78
Acquisitions	-0.71	-	-0.06	-0.30	-0.06	-0.19	-0.65	0.00	-	0.00	-10,557
Other Investing Activities, net	-	-	-	-	0.00	1.15	-	-	-	0.00	4.40
Net Cash From Financing Activities	0.40	-0.87	-0.88	-0.57	-0.87	-4.63	0.50	-0.66	-2.05	4,981	7,663
Net Cash From Continuing Financing Activities	0.40	-0.87	-0.88	-0.56	-0.87	-4.63	0.50	-0.66	-2.05	4,981	7,663
Repayment of Debt	-0.36	-0.42	-0.41	-0.43	-0.48	-3.57	-0.42	-0.42	-0.78	-1.70	-957
Payment of Dividends	0.00	-0.26	-0.36	0.00	-0.23	-4.05	-3.08	0.00	-1.05	-50	-105
Issuance of Debt	-	-	-	-	0.00	3.15	-	-	-	0.00	5,342
Issuance of Preferred Equity	0.00	0.00	-	-	-	-	-	-	0.00	982	558
Issuance of Common Equity	0.81	-	-	-	-	0.00	4.18	0.00	0.00	4,051	4,275
Other Financing Activities, net	-0.05	-0.19	-0.11	-0.13	-0.17	-0.16	-0.17	-0.23	-0.22	-0.20	-1,451
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	-	-	0.00	-0.50
Cash Interest Paid	0.06	0.06	0.03	0.04	0.04	0.04	0.05	0.04	0.06	0.10	138
Cash Income Taxes Paid	0.09	0.10	0.34	0.22	1.91	0.04	0.38	0.09	0.30	0.00	38

This table details how cash moves in and out of QXO's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-0.74	0.14	965	4,069	31	13	-2,803	28	55	685	2,723
Net Cash From Operating Activities	-0.23	0.37	-1.05	32	54	37	-174	213	187	71	-217
Net Cash From Continuing Operating Activities	-0.23	0.37	-1.05	32	54	37	-174	213	187	71	-217
Net Income / (Loss) Continuing Operations	0.42	0.14	-0.59	17	11	8.80	-59	-139	-90	-227	-55
Consolidated Net Income / (Loss)	0.42	0.14	-0.59	17	11	8.80	-59	-139	-90	-227	-55
Depreciation Expense	0.08	0.07	0.07	0.06	0.05	0.10	27	40	41	47	58
Amortization Expense	0.19	0.21	0.14	0.22	0.22	0.20	82	120	119	119	143
Non-Cash Adjustments To Reconcile Net Income	0.02	0.08	0.72	14	21	20	-87	49	127	27	36
Changes in Operating Assets and Liabilities, net	-0.94	-0.13	-1.39	0.15	22	7.20	-138	143	-11	104	-398
Net Cash From Investing Activities	-0.33	-0.06	-0.00	-0.00	-0.04	-0.80	-10,575	-29	-26	-20	-1,996
Net Cash From Continuing Investing Activities	-0.33	-0.06	-0.00	-0.00	-0.04	-0.80	-10,575	-29	-26	-20	-1,996
Purchase of Property, Plant & Equipment	-0.33	-0.06	-0.00	-0.00	-0.04	-0.10	-20	-30	-28	-23	-32
Other Investing Activities, net	-	-	-	-	-	-0.70	-	1.10	2.50	3.00	1.00
Net Cash From Financing Activities	-0.18	-0.17	966	4,038	-23	-23	7,946	-155	-106	634	4,935
Net Cash From Continuing Financing Activities	-0.18	-0.17	966	4,038	-23	-23	7,946	-155	-106	634	4,935
Repayment of Debt	-0.13	-0.12	-0.10	-1.48	-	0.00	-337	-454	-165	-46	39
Payment of Dividends	-	0.00	-	-9.75	-23	-23	-23	-29	-30	-30	-54
Issuance of Common Equity	-	-	-	-	-	0.00	-	42	-0.10	750	-0.40
Other Financing Activities, net	-0.05	-0.05	-0.10	-0.04	-0.03	0.00	-1,407	-11	-32	-40	-14
Effect of Exchange Rate Changes	-	-	-	-	-	0.00	-	-	-0.20	-0.30	0.30
Cash Interest Paid	-	0.02	0.01	0.03	0.01	0.00	22	20	96	15	91
Cash Income Taxes Paid	0.28	0.00	-0.00	-	-	0.00	35	2.10	1.00	1.40	3.60

This table presents QXO's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	8.48	11	10	12	19	16	18	21	20	5,098	15,887
Total Current Assets	4.89	4.92	5.40	4.89	13	8.63	11	14	12	5,090	5,546
Cash & Equivalents	1.19	1.62	2.24	1.90	8.66	6.60	6.81	8.01	6.14	5,069	2,362
Accounts Receivable	3.22	2.97	2.76	2.07	2.71	1.63	2.21	2.60	2.97	2.70	1,145
Inventories, net	-	-	-	-	-	-	-	-	-	0.00	1,497
Prepaid Expenses	0.44	0.33	0.40	0.43	0.46	0.40	1.69	1.57	2.68	18	84
Current Deferred & Refundable Income Taxes	0.04	-	-	-	-	-	-	-	-	0.00	31
Other Current Assets	-	-	-	0.48	-	-	0.00	1.52	-	0.00	427
Plant, Property, & Equipment, net	0.43	0.47	0.57	0.69	0.71	0.52	0.64	0.71	0.50	0.40	689
Total Noncurrent Assets	3.16	5.28	4.44	6.17	5.26	6.75	6.65	7.03	8.20	8.30	9,652
Goodwill	0.40	0.40	0.40	0.89	0.89	1.01	1.01	1.14	1.14	1.20	5,111
Intangible Assets	2.57	2.43	2.64	2.92	2.61	3.13	3.49	4.27	4.92	4.00	3,819
Other Noncurrent Operating Assets	0.03	0.03	0.04	1.08	0.89	1.57	1.16	0.52	0.69	0.50	722
Total Liabilities & Shareholders' Equity	8.48	11	10	12	19	16	18	21	20	5,098	15,887
Total Liabilities	6.93	5.69	6.19	7.41	10	8.62	8.64	12	13	45	6,180
Total Current Liabilities	5.57	5.11	5.85	6.23	8.66	6.73	7.39	11	12	45	1,550
Accounts Payable	1.59	1.82	2.09	2.03	2.21	1.88	2.04	3.27	4.56	6.20	819
Accrued Expenses	0.82	0.82	1.07	1.42	1.19	1.33	1.74	2.43	2.68	39	574
Other Current Liabilities	-	-	-	0.00	0.26	0.60	0.63	0.48	0.42	0.30	157
Total Noncurrent Liabilities	1.36	0.58	0.34	1.18	1.40	1.89	1.25	1.13	1.50	0.30	4,630
Long-Term Debt	0.99	0.49	0.23	1.07	0.78	0.94	0.57	0.67	0.99	0.00	3,057
Capital Lease Obligations	0.09	0.06	0.07	0.11	0.18	0.06	0.19	0.40	0.25	0.20	139
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	0.00	847
Other Noncurrent Operating Liabilities	0.27	0.03	0.04	0.00	0.44	0.89	0.50	0.06	0.26	0.10	587
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	-	0.00
Total Equity & Noncontrolling Interests	1.56	4.97	4.23	4.33	8.89	7.28	9.36	9.55	7.47	5,053	9,707
Total Preferred & Common Equity	1.56	4.97	4.23	4.33	8.89	7.28	9.36	9.55	7.47	5,053	9,707
Preferred Stock	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	499	1,057
Total Common Equity	1.56	4.97	4.23	4.33	8.89	7.28	9.36	9.55	7.47	4,554	8,650
Common Stock	12	12	12	12	9.53	7.74	9.95	10	9.42	4,561	9,047
Retained Earnings	-11	-7.21	-7.69	-7.43	-0.64	-0.46	-0.59	-0.88	-1.95	-6.20	-395
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-	-	0.00	-2.00

This table presents QXO's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	21	21	18	21	988	5,063	5,113	17,114	16,643	16,660	22,665
Total Current Assets	14	13	11	13	980	5,056	5,104	6,495	6,215	6,457	10,348
Cash & Equivalents	6.88	7.13	6.88	6.28	971	5,037	5,082	2,279	2,307	3,046	2,774
Accounts Receivable	3.17	2.73	3.04	3.33	3.02	2.24	3.24	1,576	1,562	1,136	1,782
Inventories, net	-	-	-	-	-	-	-	1,850	1,664	1,668	2,072
Prepaid Expenses	1.74	1.53	1.11	1.64	5.54	16	19	100	87	95	3,144
Current Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	223	99	33	45
Other Current Assets	1.79	2.03	0.01	1.28	-	-	-	469	497	479	531
Plant, Property, & Equipment, net	0.62	0.56	0.53	0.50	0.51	0.46	0.54	0.00	691	660	825
Total Noncurrent Assets	6.90	6.62	6.82	7.84	7.84	7.37	8.62	10,619	9,737	9,544	11,492
Goodwill	1.14	1.14	1.14	1.14	1.14	1.16	1.16	5,138	5,071	5,129	6,211
Intangible Assets	4.10	3.94	3.78	4.71	4.49	4.25	4.46	4,004	3,938	3,705	4,402
Other Noncurrent Operating Assets	0.63	0.65	0.56	0.61	0.60	0.52	0.39	1,478	728	710	879
Total Liabilities & Shareholders' Equity	21	21	18	21	988	5,063	5,113	17,114	16,643	16,660	22,665
Total Liabilities	11	10	11	13	17	20	54	7,199	6,821	6,495	10,326
Total Current Liabilities	10	9.47	11	12	16	20	54	2,165	2,034	1,937	2,515
Accounts Payable	2.85	2.82	3.50	4.87	6.19	3.86	5.84	1,427	1,278	1,171	1,505
Accrued Expenses	2.21	2.18	2.83	2.34	5.40	12	44	586	601	607	821
Other Current Liabilities	0.54	0.51	0.43	0.36	0.36	0.33	0.18	153	155	160	189
Total Noncurrent Liabilities	1.02	0.92	0.78	1.28	1.10	0.34	0.19	5,034	4,787	4,558	7,811
Long-Term Debt	0.55	0.45	0.38	0.84	0.69	0.00	-	3,251	3,096	3,059	6,040
Capital Lease Obligations	0.35	0.31	0.27	0.22	0.25	0.22	0.16	-	138	130	130
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	1,042	962	789	929
Other Noncurrent Operating Liabilities	0.11	0.16	0.13	0.21	0.16	0.12	0.03	740	590	581	712
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	-	1,961
Total Equity & Noncontrolling Interests	9.87	10	7.05	7.61	971	5,044	5,059	9,915	9,822	10,165	10,378
Total Preferred & Common Equity	9.87	10	7.05	7.61	971	5,044	5,059	9,915	9,822	10,165	10,378
Preferred Stock	0.00	0.00	0.00	0.00	499	499	499	1,057	1,057	1,057	1,057
Total Common Equity	9.87	10	7.05	7.61	473	4,545	4,561	8,859	8,765	9,108	9,321
Common Stock	10	10	9.42	9.42	475	4,540	4,581	8,966	9,039	9,760	10,079
Retained Earnings	-0.60	-0.26	-2.37	-1.81	-2.40	4.98	-20	-104	-274	-652	-761
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-3.10	-0.10	0.00	3.00

This table displays calculated financial ratios and metrics derived from QXO's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2022	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	674,392,035.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	674,392,035.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.41
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	28.78%	23.44%	88.82%	-97.11%	1,970.67%	7.06%	1.17%	7.87%	0.00%	4.32%	11,924.96%
EBITDA Growth	16.96%	100.84%	-20.51%	-150.64%	-20.39%	242.89%	9.30%	-7.72%	0.00%	-22,433.96%	371.96%
EBIT Growth	4.49%	159.73%	-26.47%	-223.62%	-62.18%	112.57%	-61.81%	-526.43%	0.00%	-5,315.71%	-237.61%
NOPAT Growth	39.56%	1,064.66%	-114.02%	-61.44%	-64.25%	113.18%	305.12%	-137.85%	0.00%	-4,158.61%	-338.60%
Net Income Growth	94.04%	818.07%	-114.16%	153.95%	2,488.95%	-97.41%	-176.54%	-109.93%	0.00%	2,713.93%	-1,097.86%
EPS Growth	80.00%	755.56%	-114.29%	154.55%	2,416.67%	-97.35%	-175.00%	-66.67%	0.00%	93.25%	-472.73%
Operating Cash Flow Growth	-87.24%	1,316.53%	28.69%	-117.26%	0.26%	535.10%	-86.93%	801.81%	0.00%	14,434.76%	208.25%
Free Cash Flow Firm Growth	-1,280.19%	144.92%	17.50%	-342.55%	124.85%	6.14%	-71.99%	104.38%	0.00%	-2,567.43%	-52,327.87%
Invested Capital Growth	371.40%	126.71%	-39.45%	83.25%	-42.11%	-22.03%	21.57%	-8.14%	0.00%	-570.80%	68,549.35%
Revenue Q/Q Growth	11.41%	0.63%	87.63%	-97.60%	541.25%	3.36%	23.92%	-13.39%	0.00%	0.23%	46.73%
EBITDA Q/Q Growth	11.18%	28.55%	-13.43%	-235.41%	55.82%	161.28%	-26.79%	32.04%	0.00%	-92.56%	213.14%
EBIT Q/Q Growth	36.93%	35.27%	-19.38%	-852.32%	29.00%	137.99%	-89.81%	54.90%	0.00%	-90.09%	-14.79%
NOPAT Q/Q Growth	-24.32%	24.09%	-174.23%	-852.32%	28.10%	139.18%	-19.68%	54.90%	0.00%	-40.96%	-17.43%
Net Income Q/Q Growth	8.08%	8.58%	-174.18%	131.54%	-12.65%	115.00%	-121.54%	56.04%	0.00%	63.02%	-57.04%
EPS Q/Q Growth	12.50%	10.00%	-173.33%	131.58%	-12.72%	0.00%	0.00%	-107.94%	0.00%	-320.00%	-152.00%
Operating Cash Flow Q/Q Growth	626.89%	2.58%	55.74%	-120.70%	73.86%	1,043.31%	-87.15%	89.32%	0.00%	176.80%	102.98%
Free Cash Flow Firm Q/Q Growth	-19.51%	191.31%	248.92%	-2,965.62%	135.52%	177.72%	-57.27%	102.21%	-100.00%	38.44%	1.47%
Invested Capital Q/Q Growth	11.83%	4.60%	-40.98%	7.80%	18.09%	-25.96%	-19.41%	-20.54%	160.68%	-330.09%	-1.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.23%	37.30%	100.00%	62.27%	38.12%	40.22%	41.27%	39.93%	39.93%	40.32%	22.99%
EBITDA Margin	3.53%	5.75%	2.42%	-42.48%	-2.47%	3.30%	3.56%	3.05%	3.05%	-122.87%	2.78%
Operating Margin	1.29%	3.71%	1.46%	-62.44%	-4.95%	0.54%	-0.55%	-0.86%	-0.86%	-124.84%	-3.58%
EBIT Margin	1.78%	3.74%	1.46%	-62.44%	-4.89%	0.57%	0.22%	-0.86%	-0.86%	-124.84%	-3.50%
Profit (Net Income) Margin	1.35%	10.07%	-0.76%	14.11%	17.65%	0.43%	-0.32%	-0.63%	-0.63%	49.18%	-4.08%
Tax Burden Percent	86.18%	283.38%	-53.60%	-21.82%	-353.34%	78.75%	-308.54%	59.49%	59.49%	55.04%	82.88%
Interest Burden Percent	88.31%	94.94%	96.63%	103.59%	102.11%	94.25%	48.21%	123.10%	123.10%	-71.57%	140.63%
Effective Tax Rate	13.82%	-183.38%	153.60%	0.00%	0.00%	21.25%	408.54%	0.00%	0.00%	44.96%	0.00%
Return on Invested Capital (ROIC)	49.27%	110.92%	-13.96%	-21.09%	-33.91%	6.85%	28.59%	-7.55%	-8.18%	0.00%	-3.26%
ROIC Less NNEP Spread (ROIC-NNEP)	7.82%	709.59%	-15.67%	-272.84%	-337.45%	6.85%	43.13%	-7.33%	-7.88%	0.00%	1.83%
Return on Net Nonoperating Assets (RNNOA)	-1.58%	-5.63%	3.38%	27.22%	136.63%	-4.68%	-30.20%	4.56%	4.41%	0.00%	-0.52%
Return on Equity (ROE)	47.68%	105.29%	-10.58%	6.13%	102.72%	2.17%	-1.62%	-2.99%	-3.78%	1.11%	-3.79%
Cash Return on Invested Capital (CROIC)	-121.29%	33.36%	35.18%	-79.87%	19.43%	31.61%	9.12%	0.93%	0.00%	0.00%	-101.77%
Operating Return on Assets (OROA)	7.26%	13.35%	8.91%	-10.48%	-12.27%	1.36%	0.55%	-1.95%	-1.88%	-2.77%	-2.28%
Return on Assets (ROA)	5.53%	35.90%	-4.62%	2.37%	44.27%	1.01%	-0.82%	-1.43%	-1.38%	1.09%	-2.66%
Return on Common Equity (ROCE)	47.68%	105.29%	-10.58%	6.13%	102.72%	2.17%	-1.62%	-2.99%	-3.78%	1.00%	-3.39%
Return on Equity Simple (ROE_SIMPLE)	24.05%	69.13%	-11.51%	6.06%	76.39%	2.41%	-1.44%	0.00%	-3.78%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.31	3.59	-0.50	-0.81	-1.33	0.18	0.71	-0.27	-0.27	-39	-172
NOPAT Margin	1.12%	10.53%	-0.78%	-43.71%	-3.47%	0.43%	1.71%	-0.60%	-0.60%	-68.72%	-2.51%
Net Nonoperating Expense Percent (NNEP)	41.45%	-598.67%	1.71%	251.75%	303.53%	-0.01%	-14.54%	-0.21%	-0.30%	2.64%	-5.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-2.36%	-	-0.77%	-1.33%
Cost of Revenue to Revenue	60.77%	62.70%	0.00%	37.73%	61.88%	59.78%	58.74%	60.07%	60.07%	59.68%	77.01%
SG&A Expenses to Revenue	20.39%	18.68%	11.41%	429.21%	22.79%	20.07%	22.55%	21.05%	21.05%	163.42%	20.39%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.93%	33.59%	6.73%	805.12%	43.08%	39.68%	41.82%	40.78%	40.78%	165.16%	26.57%
Earnings before Interest and Taxes (EBIT)	0.49	1.28	0.94	-1.16	-1.88	0.24	0.09	-0.39	-0.39	-71	-240
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.98	1.96	1.56	-0.79	-0.95	1.36	1.49	1.37	1.37	-70	190
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.30	0.10	3.16	1.69	1.59	1.60	2.28	1.26	1.94	1.43	1.50
Price to Tangible Book Value (P/TBV)	0.00	0.23	11.27	13.78	2.61	3.72	4.40	2.90	10.28	1.43	0.00
Price to Revenue (P/Rev)	0.02	0.01	0.21	3.95	0.37	0.28	0.51	0.27	0.32	114.46	1.90
Price to Earnings (P/E)	1.26	0.14	0.23	0.00	2.08	66.47	0.00	0.00	0.00	232.76	0.00
Dividend Yield	0.00%	0.00%	2.02%	0.00%	1.60%	34.70%	23.55%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	79.65%	705.89%	439.24%	0.00%	48.18%	1.50%	0.00%	0.00%	0.00%	0.43%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.44	0.00	4.35	1.43	2.02	2.94	5.59	1.72	3.13	0.00	1.41
Enterprise Value to Revenue (EV/Rev)	0.03	0.00	0.18	3.85	0.15	0.16	0.37	0.13	0.23	34.12	2.18
Enterprise Value to EBITDA (EV/EBITDA)	0.90	0.00	7.59	0.00	0.00	4.88	10.29	4.29	7.54	0.00	78.38
Enterprise Value to EBIT (EV/EBIT)	1.79	0.00	12.60	0.00	0.00	27.99	169.16	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	2.86	0.00	0.00	0.00	0.00	37.66	21.45	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	6.95	0.00	5.13	0.00	0.00	3.83	67.64	2.89	5.07	22.86	57.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	9.33	0.00	7.62	8.16	67.24	176.03	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.03	0.23	0.17	0.40	0.17	0.21	0.08	0.19	0.26	0.00	0.33
Long-Term Debt to Equity	0.70	0.11	0.07	0.27	0.11	0.14	0.05	0.11	0.17	0.00	0.33
Financial Leverage	-0.20	-0.01	-0.22	-0.10	-0.40	-0.68	-0.70	-0.62	-0.56	-1.00	-0.29
Leverage Ratio	8.62	2.93	2.29	2.59	2.32	2.15	1.98	2.09	2.74	1.01	1.42
Compound Leverage Factor	7.62	2.78	2.21	2.68	2.37	2.03	0.95	2.57	3.38	-0.72	2.00
Debt to Total Capital	50.76%	18.50%	14.43%	28.33%	14.71%	17.50%	7.49%	16.27%	20.64%	0.00%	24.77%
Short-Term Debt to Total Capital	16.41%	9.53%	8.41%	8.87%	5.48%	6.18%	2.90%	6.87%	7.45%	0.00%	0.00%
Long-Term Debt to Total Capital	34.35%	8.96%	6.02%	19.46%	9.23%	11.33%	4.58%	9.40%	13.18%	0.00%	24.77%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.87%	8.19%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	49.24%	81.50%	85.57%	71.67%	85.29%	82.50%	92.51%	83.73%	79.36%	90.13%	67.04%
Debt to EBITDA	1.64	0.57	0.46	-2.17	-1.61	1.14	0.51	1.35	1.42	0.00	16.81
Net Debt to EBITDA	0.42	-0.25	-0.98	0.24	8.70	-3.72	-4.08	-4.49	-3.06	72.53	4.39
Long-Term Debt to EBITDA	1.11	0.28	0.19	-1.49	-1.01	0.74	0.31	0.78	0.91	0.00	16.81
Debt to NOPAT	5.20	0.31	-1.42	-2.11	-1.15	8.78	1.06	-6.88	-7.20	-0.01	-18.62
Net Debt to NOPAT	1.33	-0.14	3.02	0.23	6.20	-28.71	-8.50	22.81	15.57	129.69	-4.86
Long-Term Debt to NOPAT	3.52	0.15	-0.59	-1.45	-0.72	5.68	0.65	-3.98	-4.60	-0.01	-18.62
Altman Z-Score	1.64	2.68	6.70	-0.60	2.77	3.56	4.14	2.75	2.69	87.19	1.91
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.85%	10.54%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.88	0.96	0.92	0.78	1.50	1.28	1.47	1.27	1.02	112.85	3.58
Quick Ratio	0.79	0.90	0.86	0.64	1.31	1.22	1.24	0.99	0.81	112.44	2.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2.40	1.08	1.27	-3.08	0.76	0.81	0.23	0.03	0.00	-20	-10,728
Operating Cash Flow to CapEx	187.69%	361.20%	305.60%	-100.15%	-260.76%	1,385.69%	196.96%	1,079.99%	5,261.45%	83,218.63%	334.27%
Free Cash Flow to Firm to Interest Expense	-41.82	16.70	40.04	-73.84	19.21	59.62	4.86	0.38	0.00	0.00	-215.86
Operating Cash Flow to Interest Expense	2.20	27.74	72.84	-9.56	-9.98	126.99	4.83	22.90	22.90	0.00	5.26
Operating Cash Flow Less CapEx to Interest Expense	1.03	20.06	49.01	-19.10	-13.81	117.83	2.38	20.78	22.46	0.00	3.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	4.08	3.57	6.12	0.17	2.51	2.37	2.53	2.28	2.19	0.02	0.65
Accounts Receivable Turnover	9.97	11.04	22.49	0.77	16.11	18.97	21.70	18.70	14.22	20.06	11.92
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	76.74	76.55	124.65	2.96	54.97	66.72	71.90	66.73	89.37	125.96	19.86
Accounts Payable Turnover	11.25	12.53	0.00	0.34	11.24	12.06	12.52	10.18	5.92	6.31	12.77
Days Sales Outstanding (DSO)	36.62	33.08	16.23	474.22	22.66	19.24	16.82	19.52	25.67	18.19	30.61
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	32.46	29.14	0.00	1,072.35	32.47	30.26	29.16	35.86	61.63	57.87	28.58
Cash Conversion Cycle (CCC)	4.16	3.93	16.23	-598.13	-9.81	-11.02	-12.34	-16.34	-35.97	-39.68	2.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1.98	4.49	2.72	4.99	2.89	2.25	2.74	3.42	3.30	-15	10,541
Invested Capital Turnover	44.17	10.54	17.86	0.48	9.78	16.05	16.73	12.58	13.64	-9.38	1.30
Increase / (Decrease) in Invested Capital	2.71	2.51	-1.77	2.27	-2.10	-0.64	0.49	-0.30	0.00	-19	10,557
Enterprise Value (EV)	0.88	-0.01	12	7.15	5.83	6.62	15	5.88	10	1,940	14,900
Market Capitalization	0.47	0.49	13	7.34	14	12	21	12	15	6,510	13,009
Book Value per Share	$0.36	$1.13	$0.94	$0.96	$1.98	$1.62	$1.82	$1.86	$1.45	$11.12	$12.83
Tangible Book Value per Share	($0.33)	$0.48	$0.26	$0.12	$1.20	$0.70	$0.94	$0.81	$0.28	$11.11	($0.42)
Total Capital	3.16	6.10	4.94	6.05	10	8.82	10	11	9.42	5,053	12,903
Total Debt	1.60	1.13	0.71	1.71	1.53	1.54	0.76	1.86	1.94	0.20	3,196
Total Long-Term Debt	1.09	0.55	0.30	1.18	0.96	1.00	0.46	1.07	1.24	0.20	3,196
Net Debt	0.41	-0.49	-1.52	-0.19	-8.27	-5.05	-6.06	-6.15	-4.20	-5,068	834
Capital Expenditures (CapEx)	0.07	0.50	0.76	0.40	0.15	0.12	0.11	0.19	0.04	0.10	78
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.35	-1.23	-2.26	-2.71	-4.92	-4.15	-3.09	-4.28	-5.17	-24	1,635
Debt-free Net Working Capital (DFNWC)	-0.16	0.39	-0.03	-0.81	4.89	2.44	3.72	3.73	0.98	5,045	3,996
Net Working Capital (NWC)	-0.68	-0.19	-0.44	-1.35	4.32	1.90	3.43	2.95	0.27	5,045	3,996
Net Nonoperating Expense (NNE)	-0.07	0.15	-0.02	-1.08	-8.13	0.00	0.85	0.01	0.01	-67	108
Net Nonoperating Obligations (NNO)	0.43	-0.48	-1.51	0.65	-6.01	-5.03	-6.62	-6.13	-4.18	-5,068	834
Total Depreciation and Amortization (D&A)	0.49	0.68	0.62	0.37	0.93	1.12	1.39	1.76	1.76	1.12	430
Debt-free, Cash-free Net Working Capital to Revenue	-4.89%	-3.61%	-3.51%	-145.86%	-12.78%	-10.07%	-7.41%	-9.51%	-11.49%	-42.20%	23.89%
Debt-free Net Working Capital to Revenue	-0.57%	1.14%	-0.04%	-43.63%	12.70%	5.93%	8.93%	8.29%	2.17%	8,869.76%	58.41%
Net Working Capital to Revenue	-2.44%	-0.57%	-0.69%	-72.47%	11.21%	4.61%	8.22%	6.55%	0.61%	8,869.76%	58.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.09	$0.78	($0.11)	$0.06	$1.51	$0.04	($0.03)	($0.40)	($0.05)	($0.11)	($0.63)
Adjusted Weighted Average Basic Shares Outstanding	4.30M	4.41M	4.49M	4.50M	4.50M	4.50M	5.03M	645.89K	5.17M	204.00M	613M
Adjusted Diluted Earnings per Share	$0.09	$0.77	($0.11)	$0.06	$1.51	$0.04	($0.03)	($0.40)	($0.05)	($0.11)	($0.63)
Adjusted Weighted Average Diluted Shares Outstanding	4.32M	4.47M	4.49M	4.71M	4.50M	4.50M	5.03M	645.89K	5.17M	204.00M	613M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	4.41M	4.49M	4.50M	4.50M	4.50M	5.06M	5.14M	657.02K	5.32M	409.43M	708.55M
Normalized Net Operating Profit after Tax (NOPAT)	0.36	0.92	0.73	-0.79	-1.16	0.18	0.15	-0.14	-0.14	-39	-172
Normalized NOPAT Margin	1.31%	2.69%	1.13%	-42.66%	-3.01%	0.45%	0.35%	-0.32%	-0.32%	-68.72%	-2.51%
Pre Tax Income Margin	1.57%	3.55%	1.41%	-64.69%	-4.99%	0.54%	0.10%	-1.05%	-1.05%	89.34%	-4.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.56	19.75	29.63	-27.86	-47.30	17.38	1.93	-4.33	-4.33	0.00	-4.82
NOPAT to Interest Expense	5.36	55.53	-15.88	-19.50	-33.53	12.92	15.23	-3.03	-3.03	0.00	-3.45
EBIT Less CapEx to Interest Expense	7.38	12.07	5.80	-37.40	-51.12	8.22	-0.52	-6.45	-4.76	0.00	-6.40
NOPAT Less CapEx to Interest Expense	4.19	47.85	-39.72	-29.04	-37.36	3.76	12.78	-5.15	-3.47	0.00	-5.03
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	7.70%	-73.80%	0.00%	3.31%	2,306.41%	-2,292.36%	0.00%	0.00%	177.52%	-37.51%
Augmented Payout Ratio	0.00%	7.70%	-73.80%	1.40%	3.31%	2,306.41%	-2,292.36%	0.00%	0.00%	177.52%	-37.51%

This table displays calculated financial ratios and metrics derived from QXO's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2022	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	674,392,035.00	708,551,189.00	725,168,030.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	674,392,035.00	708,551,189.00	725,168,030.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-0.13	-0.32	-0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	9.96%	9.38%	-2.41%	0.87%	-6.43%	13,047.59%	20,726.72%	14,660.44%	12,716.30%	70.30%
EBITDA Growth	0.00%	-19.08%	-757.90%	-1,338.57%	-4,917.39%	-7,836.49%	-1,184.61%	657.61%	376.32%	-112.05%	408.80%
EBIT Growth	0.00%	-38.39%	-1,042.98%	-1,213.33%	-7,983.97%	-17,330.70%	-3,630.23%	180.71%	-109.50%	-534.10%	75.78%
NOPAT Growth	0.00%	-47.98%	-942.38%	-1,289.33%	-3,170.90%	-13,268.20%	-3,669.77%	172.60%	-265.81%	-782.06%	74.23%
Net Income Growth	0.00%	-50.24%	-274.42%	915.17%	2,583.57%	6,244.20%	-9,650.00%	-910.47%	-901.41%	-2,680.68%	6.78%
EPS Growth	0.00%	0.00%	-2,009.62%	99.69%	-90.63%	-114.29%	98.49%	-2,300.00%	-350.00%	-1,066.67%	6.67%
Operating Cash Flow Growth	0.00%	146.68%	-331.99%	2,667.08%	23,169.66%	9,901.10%	-16,257.18%	572.47%	246.20%	93.42%	-24.13%
Free Cash Flow Firm Growth	0.00%	154.80%	-114.76%	-2,517.91%	821.87%	11.36%	-4,611,496.49%	-35,287.81%	-198,330.73%	-641,675.27%	55.67%
Invested Capital Growth	0.00%	-30.47%	-62.33%	429.19%	-570.80%	-685.59%	649,941.79%	160,503.62%	68,549.35%	55,893.86%	44.51%
Revenue Q/Q Growth	-61.43%	178.84%	0.44%	-9.66%	13.26%	-8.96%	14,013.12%	43.11%	-19.58%	-21.14%	87.61%
EBITDA Q/Q Growth	59.95%	165.34%	-888.62%	-742.51%	1.77%	-18.54%	-30.95%	465.71%	-51.29%	-190.89%	295.28%
EBIT Q/Q Growth	35.96%	113.89%	-1,985.96%	-683.72%	1.40%	-18.23%	-308.29%	116.96%	-355.93%	-257.97%	84.35%
NOPAT Q/Q Growth	-608.20%	109.96%	-2,089.83%	-726.49%	46.62%	-50.01%	-469.64%	115.92%	-369.82%	-261.85%	83.33%
Net Income Q/Q Growth	157.20%	-88.56%	-534.78%	2,966.67%	-34.70%	-22.05%	-768.19%	-138.29%	35.25%	-151.62%	75.78%
EPS Q/Q Growth	0.00%	0.00%	-4,828.57%	99.90%	700.00%	-150.00%	-400.00%	-60.00%	37.50%	-133.33%	60.00%
Operating Cash Flow Q/Q Growth	6.93%	-70.06%	-391.78%	3,067.14%	70.83%	-32.38%	-577.22%	221.98%	-12.19%	-62.17%	-406.80%
Free Cash Flow Firm Q/Q Growth	-100.00%	0.00%	-115.55%	-12,605.16%	117.79%	-68.32%	-644,067.37%	2.51%	1.11%	0.98%	53.57%
Invested Capital Q/Q Growth	160.68%	-4.32%	-46.90%	299.58%	-330.09%	-19.95%	59,041.16%	-1.28%	-1.94%	-2.22%	52.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.94%	39.19%	40.00%	41.98%	40.26%	39.87%	21.07%	23.30%	24.15%	23.66%	24.74%
EBITDA Margin	-17.30%	4.05%	-27.42%	-255.73%	-221.78%	-288.77%	-2.68%	6.85%	4.15%	-4.78%	4.98%
Operating Margin	-31.65%	1.58%	-29.66%	-257.25%	-223.95%	-290.84%	-8.50%	0.95%	-3.17%	-14.56%	-1.29%
EBIT Margin	-31.65%	1.58%	-29.66%	-257.25%	-223.95%	-290.84%	-8.41%	1.00%	-3.17%	-14.40%	-1.20%
Profit (Net Income) Margin	23.32%	0.96%	-4.14%	131.30%	75.70%	64.81%	-3.07%	-5.11%	-4.11%	-13.13%	-1.69%
Tax Burden Percent	92.80%	66.51%	75.00%	73.82%	39.96%	50.70%	24.76%	1,327.62%	83.91%	81.02%	71.43%
Interest Burden Percent	-79.38%	91.19%	18.60%	-69.14%	-84.58%	-43.95%	147.32%	-38.60%	154.52%	112.48%	197.44%
Effective Tax Rate	7.20%	33.49%	0.00%	26.18%	60.04%	49.30%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-400.78%	12.63%	-387.05%	-2,708.32%	0.00%	0.00%	-2.13%	0.57%	-2.89%	-16.96%	-0.67%
ROIC Less NNEP Spread (ROIC-NNEP)	-466.10%	12.90%	-387.54%	-2,709.98%	0.00%	0.00%	3,289.49%	8.24%	-0.93%	-14.90%	-1.85%
Return on Net Nonoperating Assets (RNNOA)	260.46%	-7.22%	385.13%	2,705.71%	0.00%	0.00%	1.01%	-2.28%	0.27%	4.83%	-0.36%
Return on Equity (ROE)	-140.32%	5.40%	-1.92%	-2.60%	1.11%	1.44%	-1.12%	-1.70%	-2.62%	-12.13%	-1.04%
Cash Return on Invested Capital (CROIC)	0.00%	26.35%	-51.44%	-833.23%	0.00%	0.00%	-203.39%	-202.47%	-101.77%	-103.29%	-38.18%
Operating Return on Assets (OROA)	-69.47%	3.48%	-3.36%	-5.75%	-4.98%	-6.34%	-1.81%	0.43%	-2.07%	-11.32%	-0.60%
Return on Assets (ROA)	51.18%	2.11%	-0.47%	2.93%	1.68%	1.41%	-0.66%	-2.20%	-2.68%	-10.32%	-0.84%
Return on Common Equity (ROCE)	-140.32%	5.40%	-0.95%	-2.34%	1.00%	1.30%	-0.96%	-1.53%	-2.35%	-10.89%	-0.85%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-5.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.52	0.15	-3.01	-25	-13	-20	-113	18	-49	-176	-29
NOPAT Margin	-29.37%	1.05%	-20.76%	-189.90%	-89.50%	-147.46%	-5.95%	0.66%	-2.22%	-10.19%	-0.91%
Net Nonoperating Expense Percent (NNEP)	65.33%	-0.27%	0.49%	1.67%	0.97%	1.13%	-3,291.62%	-7.66%	-1.96%	-2.06%	1.17%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-0.31%	-0.49%	-0.26%	-0.39%	-0.86%	0.14%	-0.38%	-1.32%	-0.18%
Cost of Revenue to Revenue	60.06%	60.81%	60.00%	58.02%	59.74%	60.13%	78.93%	76.70%	75.85%	76.34%	75.26%
SG&A Expenses to Revenue	39.21%	19.70%	67.59%	297.71%	262.54%	328.85%	23.96%	16.59%	20.10%	28.73%	19.99%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	71.59%	37.61%	69.66%	299.24%	264.22%	330.71%	29.57%	22.36%	27.32%	38.22%	26.03%
Earnings before Interest and Taxes (EBIT)	-1.64	0.23	-4.30	-34	-33	-39	-160	27	-70	-249	-39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.90	0.59	-3.98	-34	-33	-39	-51	187	91	-83	162
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.94	9.21	0.10	1.42	1.43	1.22	1.26	1.46	1.50	1.51	1.34
Price to Tangible Book Value (P/TBV)	10.28	39.81	0.10	1.42	1.43	1.22	0.00	0.00	0.00	50.16	0.00
Price to Revenue (P/Rev)	0.32	1.51	0.84	113.78	114.46	99.09	5.74	2.75	1.90	1.61	1.27
Price to Earnings (P/E)	0.00	0.00	0.00	376.34	232.76	151.52	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	1.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.27%	0.43%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.13	20.81	0.00	286.63	0.00	0.00	1.21	1.38	1.41	1.45	1.20
Enterprise Value to Revenue (EV/Rev)	0.23	1.42	0.00	33.81	34.12	17.24	6.78	3.18	2.18	1.75	1.91
Enterprise Value to EBITDA (EV/EBITDA)	7.54	53.25	0.00	0.00	0.00	0.00	0.00	244.15	78.38	102.18	52.60
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	5.07	20.59	0.00	62.56	22.86	7.97	0.00	115.09	57.00	50.62	74.76
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	64.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.26	0.24	0.00	0.00	0.00	0.00	0.33	0.33	0.33	0.31	0.50
Long-Term Debt to Equity	0.17	0.14	0.00	0.00	0.00	0.00	0.33	0.33	0.33	0.31	0.50
Financial Leverage	-0.56	-0.56	-0.99	-1.00	-1.00	-1.00	0.00	-0.28	-0.29	-0.32	0.20
Leverage Ratio	2.74	2.40	1.03	1.01	1.01	1.01	1.66	1.46	1.42	1.43	1.79
Compound Leverage Factor	-2.18	2.19	0.19	-0.70	-0.86	-0.45	2.45	-0.56	2.20	1.61	3.53
Debt to Total Capital	20.64%	19.12%	0.18%	0.00%	0.00%	0.07%	24.69%	24.77%	24.77%	23.88%	33.34%
Short-Term Debt to Total Capital	7.45%	7.79%	0.08%	0.00%	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	13.18%	11.33%	0.10%	0.00%	0.00%	0.00%	24.69%	24.77%	24.77%	23.88%	33.34%
Preferred Equity to Total Capital	0.00%	0.00%	51.25%	9.89%	9.87%	9.85%	8.03%	8.09%	8.19%	7.91%	5.71%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.59%
Common Equity to Total Capital	79.36%	80.88%	48.57%	90.11%	90.13%	90.08%	67.28%	67.13%	67.04%	68.21%	50.36%
Debt to EBITDA	1.42	1.46	-0.34	-0.01	0.00	-0.03	-20.55	53.27	16.81	21.78	17.13
Net Debt to EBITDA	-3.06	-3.64	189.75	138.80	72.53	46.42	-6.15	15.27	4.39	0.97	9.43
Long-Term Debt to EBITDA	0.91	0.87	-0.18	-0.01	0.00	0.00	-20.55	53.27	16.81	21.78	17.13
Debt to NOPAT	-7.20	-4.87	-0.40	-0.01	-0.01	-0.06	-17.31	-22.13	-18.62	-9.95	-26.17
Net Debt to NOPAT	15.57	12.14	223.09	181.67	129.69	85.24	-5.18	-6.34	-4.86	-0.44	-14.40
Long-Term Debt to NOPAT	-4.60	-2.89	-0.22	-0.01	-0.01	0.00	-17.31	-22.13	-18.62	-9.95	-26.17
Altman Z-Score	2.48	5.34	2.90	196.01	87.21	63.01	1.31	1.69	1.95	2.01	1.53
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	50.81%	9.87%	9.85%	9.84%	14.29%	10.46%	10.54%	10.22%	18.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.02	1.05	61.84	258.64	112.85	95.23	3.00	3.06	3.58	3.33	4.11
Quick Ratio	0.81	0.80	61.49	257.81	112.44	94.88	1.78	1.90	2.26	2.16	1.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	1.53	-0.24	-30	5.39	1.71	-11,000	-10,724	-10,605	-10,502	-4,876
Operating Cash Flow to CapEx	0.00%	603.91%	-2,730.77%	0.00%	2,699,150.00%	25,002.74%	-890.89%	705.98%	657.04%	313.78%	-687.62%
Free Cash Flow to Firm to Interest Expense	0.00	76.47	0.00	0.00	0.00	0.00	-240.70	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	26.14	18.22	0.00	0.00	0.00	0.00	-3.81	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	26.91	15.20	0.00	0.00	0.00	0.00	-4.24	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.19	2.21	0.11	0.02	0.02	0.02	0.22	0.43	0.65	0.79	0.50
Accounts Receivable Turnover	14.22	14.25	19.87	21.50	20.06	17.04	2.47	5.96	11.92	15.03	5.90
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.84
Fixed Asset Turnover	89.37	82.62	106.86	114.77	125.96	108.43	0.00	13.49	19.86	25.93	0.00
Accounts Payable Turnover	5.92	7.26	7.66	9.25	6.31	6.22	2.13	5.64	12.77	11.19	5.13
Days Sales Outstanding (DSO)	25.67	25.61	18.37	16.98	18.19	21.42	147.92	61.24	30.61	24.29	61.90
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	95.17
Days Payable Outstanding (DPO)	61.63	50.26	47.63	39.45	57.87	58.73	171.02	64.71	28.58	32.62	71.15
Cash Conversion Cycle (CCC)	-35.97	-24.65	-29.26	-22.47	-39.68	-37.31	-23.11	-3.48	2.04	-8.34	85.92
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3.30	3.15	1.68	6.69	-15	-18	10,888	10,749	10,541	10,307	15,735
Invested Capital Turnover	13.64	12.04	18.65	14.26	-9.38	-7.30	0.36	0.87	1.30	1.66	0.74
Increase / (Decrease) in Invested Capital	0.00	-1.38	-2.77	5.43	-19	-22	10,887	10,743	10,557	10,325	4,847
Enterprise Value (EV)	10	66	-423	1,918	1,940	964	13,202	14,822	14,900	14,959	18,945
Market Capitalization	15	70	48	6,457	6,510	5,544	11,172	12,838	13,009	13,760	12,531
Book Value per Share	$1.45	$1.43	$675.07	$11.10	$11.12	$11.14	$17.08	$13.01	$12.83	$12.85	$12.85
Tangible Book Value per Share	$0.28	$0.33	$667.04	$11.09	$11.11	$11.13	($0.55)	($0.36)	($0.42)	$0.39	($1.78)
Total Capital	9.42	9.41	973	5,044	5,053	5,063	13,167	13,056	12,903	13,353	18,509
Total Debt	1.94	1.80	1.72	0.22	0.20	3.79	3,251	3,234	3,196	3,188	6,170
Total Long-Term Debt	1.24	1.07	0.94	0.22	0.20	0.16	3,251	3,234	3,196	3,188	6,170
Net Debt	-4.20	-4.48	-970	-5,037	-5,068	-5,078	973	927	834	142	3,396
Capital Expenditures (CapEx)	-0.04	0.06	0.04	0.00	0.00	0.15	20	30	28	23	32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5.17	-4.99	-6.51	-1.02	-24	-28	2,051	1,874	1,635	1,473	5,059
Debt-free Net Working Capital (DFNWC)	0.98	1.29	965	5,036	5,045	5,054	4,329	4,181	3,996	4,519	7,833
Net Working Capital (NWC)	0.27	0.56	964	5,036	5,045	5,050	4,329	4,181	3,996	4,519	7,833
Net Nonoperating Expense (NNE)	-2.73	0.01	-2.41	-42	-25	-29	-55	157	42	51	26
Net Nonoperating Obligations (NNO)	-4.18	-4.46	-970	-5,037	-5,068	-5,078	973	927	834	142	3,396
Total Depreciation and Amortization (D&A)	0.74	0.36	0.32	0.20	0.32	0.28	109	160	161	167	201
Debt-free, Cash-free Net Working Capital to Revenue	-11.49%	-10.78%	-11.40%	-1.80%	-42.20%	-49.32%	105.29%	40.19%	23.89%	17.21%	51.11%
Debt-free Net Working Capital to Revenue	2.17%	2.78%	1,690.56%	8,874.91%	8,869.76%	9,034.01%	222.27%	89.66%	58.41%	52.80%	79.13%
Net Working Capital to Revenue	0.61%	1.20%	1,689.19%	8,874.91%	8,869.76%	9,027.53%	222.27%	89.66%	58.41%	52.80%	79.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($9.93)	($0.01)	$0.06	($0.03)	($0.15)	($0.24)	($0.15)	($0.35)	($0.14)
Adjusted Weighted Average Basic Shares Outstanding	5.17M	5.32M	664K	358.81M	204.00M	451.43M	564.70M	715.30M	613M	744.40M	767.30M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($9.93)	($0.01)	$0.06	($0.03)	($0.15)	($0.24)	($0.15)	($0.35)	($0.14)
Adjusted Weighted Average Diluted Shares Outstanding	5.17M	5.32M	664K	358.81M	204.00M	451.43M	564.70M	715.30M	613M	744.40M	767.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.06	$0.00	$0.00	$0.00	($0.15)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	5.32M	5.32M	409.43M	409.43M	409.43M	518.68M	673.56M	674.39M	708.55M	725.17M	1.04B
Normalized Net Operating Profit after Tax (NOPAT)	-1.39	0.15	-3.01	-25	-23	-20	-113	18	-49	-176	-29
Normalized NOPAT Margin	-26.89%	1.05%	-20.76%	-189.90%	-156.77%	-147.46%	-5.95%	0.66%	-2.22%	-10.19%	-0.91%
Pre Tax Income Margin	25.13%	1.44%	-5.52%	177.86%	189.42%	127.83%	-12.40%	-0.38%	-4.90%	-16.20%	-2.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-35.09	11.35	0.00	0.00	0.00	0.00	-3.51	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-32.56	7.55	0.00	0.00	0.00	0.00	-2.48	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-34.31	8.33	0.00	0.00	0.00	0.00	-3.94	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-31.79	4.53	0.00	0.00	0.00	0.00	-2.91	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-856.79%	158.54%	177.52%	197.21%	-362.44%	-54.44%	-37.51%	-21.87%	-28.12%
Augmented Payout Ratio	0.00%	0.00%	-856.79%	158.54%	177.52%	197.21%	-362.44%	-54.44%	-37.51%	-21.87%	-28.12%

Financials Breakdown Chart

Key Financial Trends

QXO’s recent financial statements show a dramatic shift from a tiny legacy business into a much larger, acquisition-driven company, but also a business still working through profitability and integration issues. Over the last several quarters, revenue has surged, gross profit has scaled meaningfully, and operating cash flow has turned positive in most recent periods. At the same time, QXO is carrying a large amount of goodwill and intangible assets, and the income statement remains under pressure from heavy operating expenses, interest, and acquisition-related balance sheet changes.

Revenue has expanded sharply year over year. Q1 2026 revenue was $1.73 billion, up from $13.5 million in Q1 2025 and far above the pre-acquisition levels seen in 2024.
Gross profit is now substantial in dollar terms. Q1 2026 gross profit was $409.3 million, showing the business has scale even though margins remain pressured.
Operating cash flow turned positive in Q1 2026. QXO generated $70.6 million of operating cash flow, compared with negative operating cash flow in Q2 2025 and much smaller figures before the company’s scale-up.
The company ended Q1 2026 with a large cash balance. Cash and equivalents were $3.05 billion, which provides flexibility for integration, debt service, and future deals.
Equity issuance boosted liquidity. Q1 2026 included $750.4 million of common equity issuance, helping offset operating and investing cash needs.
Operating assets and liabilities contributed positively to cash flow. In Q1 2026, changes in working capital added $104.2 million to operating cash flow, which helped support the quarter’s positive cash generation.
QXO’s Q1 2026 balance sheet is large and asset-heavy. The company reported $16.66 billion of total assets, including $5.13 billion of goodwill and $3.70 billion of intangible assets.
Debt is material, but not overwhelming relative to the new asset base. Long-term debt was $3.06 billion in Q1 2026, down from $3.10 billion in Q3 2025 and $3.25 billion in Q2 2025.
The company is still heavily adjusting to acquisition accounting and integration. The jump in assets, liabilities, and equity since early 2025 suggests major transaction activity rather than organic growth alone.
QXO remains unprofitable. Q1 2026 net loss was $227.1 million, after a $90.3 million loss in Q4 2025 and a $139.4 million loss in Q3 2025.
Operating expenses are still consuming most of gross profit. In Q1 2026, SG&A was $497.0 million versus gross profit of $409.3 million, resulting in a $251.9 million operating loss.
Interest and other below-the-line costs remain a headwind. Q1 2026 pre-tax loss was $280.3 million, showing that profitability is not just an operating issue.
Recent financing activity appears dilution-heavy. The company issued common equity in Q1 2026, and share counts have risen materially from earlier periods.
There is a high concentration of intangible assets and goodwill on the balance sheet. That increases the risk of future impairment charges if acquired assets underperform expectations.

Bottom line: QXO’s financial profile has improved dramatically in scale and liquidity, but the company is still in the early stages of proving it can turn that scale into consistent earnings. For retail investors, the key questions are whether revenue growth can be converted into margin improvement and whether acquisition-driven growth can create sustainable shareholder value without excessive dilution or balance sheet risk.

08/24/26 10:33 AM ETAI Generated. May Contain Errors.

QXO Financials - Frequently Asked Questions

According to the most recent income statement we have on file, QXO's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

QXO's net income appears to be on an upward trend, with a most recent value of -$279.40 million in 2025, falling from $374.31 thousand in 2015. The previous period was $28 million in 2024. Check out QXO's forecast to explore projected trends and price targets.

QXO's total operating income in 2025 was -$245.20 million, based on the following breakdown:

Total Gross Profit: $1.57 billion
Total Operating Expenses: $1.82 billion

Over the last 10 years, QXO's total revenue changed from $27.64 million in 2015 to $6.84 billion in 2025, a change of 24,652.9%.

QXO's total liabilities were at $6.18 billion at the end of 2025, a 13,512.3% increase from 2024, and a 89,113.2% increase since 2015.

In the past 10 years, QXO's cash and equivalents has ranged from $1.19 million in 2015 to $5.07 billion in 2024, and is currently $2.36 billion as of their latest financial filing in 2025.

Over the last 10 years, QXO's book value per share changed from 0.36 in 2015 to 12.83 in 2025, a change of 3,445.2%.

Related Companies

Financial statements for NYSE:QXO last updated on 8/14/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

QXO (QXO) Financials

Financials Breakdown Chart

Key Financial Trends

QXO Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

QXO (QXO) Financials

Annual Income Statements for QXO

Quarterly Income Statements for QXO

Annual Cash Flow Statements for QXO

Quarterly Cash Flow Statements for QXO

Annual Balance Sheets for QXO

Quarterly Balance Sheets for QXO

Annual Metrics And Ratios for QXO

Quarterly Metrics And Ratios for QXO

Financials Breakdown Chart

Key Financial Trends

QXO Financials - Frequently Asked Questions

When does QXO's financial year end?

How has QXO's net income changed over the last 10 years?

What is QXO's operating income?

How has QXO's revenue changed over the last 10 years?

How much debt does QXO have?

How much cash does QXO have?

How has QXO's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools