QXO (QXO) Financials

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.