QXO
QXO · NYSEWholesale-Lumber & Other Construction Materials · Fiscal year ends Dec 31
QXO reported revenue of $6.8B in the fiscal year ended Dec 2025, up 11925.0% from the year before. Operating income was −$245M, an operating margin of −3.6%, and net income was −$279M. Operating cash flow of $261M less capital expenditure of $78M left free cash flow of $183M. Net debt was $695M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $42M | $45M | $55M | $57M | $6.8B |
| Cost of revenue | $24M | $27M | $33M | $34M | $5.3B |
| Gross profit | $17M | $18M | $22M | $23M | $1.6B |
| Selling, general & admin | – | – | $22M | $93M | $1.4B |
| Operating income | −$230,986 | −$385,379 | −$1M | −$71M | −$245M |
| Net interest incomeBanks | −$46,802 | – | – | – | – |
| Interest expense | $46,802 | $89,024 | $55,666 | $100,000 | $174M |
| Pre-tax income | $43,571 | −$474,403 | −$1M | $51M | −$337M |
| Income tax | $178,005 | −$192,184 | −$297,000 | $23M | −$58M |
| Net income | −$134,434 | −$282,219 | −$1M | $28M | −$279M |
| Diluted EPS | −0.03 | −0.05 | −1.63 | −0.11 | −0.63 |
| Diluted shares | 5M | 5M | 1M | 204M | 613M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $7M | $8M | $6M | $5.1B | $2.4B |
| Receivables | $2M | $2M | $3M | $3M | $1.1B |
| Inventory | – | – | – | $0 | $1.5B |
| Current assets | $11M | $14M | $12M | $5.1B | $5.5B |
| Net PP&E | $636,901 | $711,314 | $503,347 | – | – |
| Goodwill | $1M | $1M | $1M | $1M | $5.1B |
| Total assets | $18M | $21M | $20M | $5.1B | $15.9B |
| Payables | $2M | $3M | $5M | $6M | $819M |
| Deferred revenue | $2M | $4M | $3M | $3M | $20M |
| Current liabilities | $7M | $11M | $12M | $45M | $1.6B |
| Short-term debt | $293,696 | $680,146 | $702,000 | $3M | – |
| Long-term debt | $463,602 | $671,014 | $994,000 | $0 | $3.1B |
| Total liabilities | $9M | $12M | $13M | $45M | $6.2B |
| Shareholders' equity | $9M | $10M | $8M | $5.1B | $9.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $226,034 | $2M | $584,000 | $85M | $261M |
| Capital expenditure | $114,761 | $38,742 | $121,000 | $102,000 | $78M |
| Free cash flow | $111,273 | $2M | $463,000 | $85M | $183M |
| Depreciation & amortisation | $346,202 | $386,847 | $828,000 | $200,000 | $108M |
| Stock-based compensation | $441,310 | $180,260 | $41,000 | $34M | $145M |
| Acquisitions | – | – | – | $0 | $10.6B |
| Dividends paid | $3M | $0 | $1M | $17M | $0 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.9% | 21.2% | 4.4% | 11925.0% |
| Gross margin | 41.3% | 39.9% | 39.6% | 40.6% | 23.0% |
| Operating margin | −0.6% | −0.9% | −2.4% | −124.8% | −3.6% |
| Net margin | −0.3% | −0.6% | −2.0% | 49.2% | −4.1% |
| Return on equityBlank when equity is negative | −1.4% | −3.0% | −14.3% | 0.6% | −2.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −2.2% | −3.6% | −14.6% | −1.4% | −1.7% |
| Free cash flow margin | 0.3% | 4.4% | 0.8% | 148.9% | 2.7% |
| Cash conversion (CFO ÷ net income) | −1.68x | −7.22x | −0.55x | 3.03x | −0.94x |
| Receivable days | 17 | 18 | 20 | 17 | 61 |
| Inventory days | – | – | – | 0 | 104 |
| Payable days | 30 | 44 | 51 | 67 | 57 |
| Interest cover | −4.94x | −4.33x | −23.6x | −710x | −1.41x |
| Debt ÷ equity | 0.08x | 0.14x | 0.23x | 0.00x | 0.31x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$6M | −$7M | −$4M | −$5.1B | $695M |
| Current ratio | 1.45x | 1.27x | 1.02x | 113x | 3.58x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.