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QXO

QXO Inc

QXO

QXO Inc • NASDAQ
$18.73 ▲ 2.57% (+0.47)
Market Cap $12.63 B
52w High $24.69
52w Low $11.85
Dividend Yield 26.18%
P/E -39.85
Volume 2.98M
Outstanding Shares 674.33M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.728B ▲ $610M ▲ $-139.4M ▼ -5.109% ▼ $-0.24 ▼ $66.9M ▲
Q2-2025 $1.906B ▲ $563.8M ▲ $-58.5M ▼ -3.069% ▼ $-0.15 ▼ $-55.078M ▼
Q1-2025 $13.508M ▼ $44.672M ▲ $8.755M ▼ 64.813% ▼ $-0.03 ▼ $17.551M ▼
Q4-2024 $14.743M ▲ $39.139M ▼ $11.289M ▼ 76.572% ▼ $0.02 ▲ $89.042M ▲
Q3-2024 $13.155M $39.268M $17.132M 130.232% $-0.01 $-33.575M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.307B ▲ $16.643B ▼ $6.821B ▼ $9.822B ▼
Q2-2025 $2.279B ▼ $17.114B ▲ $7.199B ▲ $9.915B ▲
Q1-2025 $5.082B ▲ $5.113B ▲ $53.782M ▲ $5.059B ▲
Q4-2024 $5.069B ▲ $5.098B ▲ $45.363M ▲ $5.053B ▲
Q3-2024 $5.037B $5.063B $19.885M $5.044B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-139.4M ▼ $212.5M ▲ $-29M ▲ $-155.1M ▼ $28.4M ▲ $182.4M ▲
Q2-2025 $-58.555M ▼ $-174.204M ▼ $-10.575B ▼ $7.946B ▲ $-2.803B ▼ $-193.099M ▼
Q1-2025 $8.755M ▼ $36.504M ▼ $-805K ▼ $-22.531M ▼ $13.168M ▼ $35.699M ▼
Q4-2024 $11.289M ▼ $53.96M ▲ $-38K ▼ $-22.53M ▼ $31.392M ▼ $53.922M ▲
Q3-2024 $17.132M $31.606M $-2K $4.038B $4.069B $31.604M

Five-Year Company Overview

Income Statement

Income Statement QXO’s recent income statement looks more like a financial launchpad than a mature operating company. For several years, revenue and profits were very small and fairly flat, with some uneven swings in reported earnings per share. In the most recent year, the company flipped to a modest profit and positive operating performance, but on a tiny revenue base. In plain terms: the current income statement does not yet reflect the scale of the Beacon acquisition or the long‑term roll‑up strategy. It shows a company that has just started to move from “setup phase” into “operating phase.” Expect future results to look very different as acquisitions close and integration costs, synergies, and growth investments all begin to show up. Volatility in margins and earnings is very likely while this transition plays out.

Balance Sheet

Balance Sheet The balance sheet is dominated by cash and equity, with essentially no debt. Assets have jumped dramatically in the latest year compared with prior years, and most of that is sitting as cash on hand. This points to a company that has raised capital first and is now deploying it into acquisitions and technology, rather than one that has grown gradually over many years. This cash‑heavy, debt‑light profile gives QXO financial flexibility to pursue its roll‑up strategy and invest in its tech platform. At the same time, it also means the balance sheet will change significantly over time as cash is converted into acquired businesses, systems, and integration spending. Future leverage and risk will depend on how aggressively QXO uses debt and how smoothly acquired assets perform.

Cash Flow

Cash Flow Recent cash flow is positive from operations and free cash flow, with essentially no visible spending on physical assets. This fits a company that has been running lean, with limited legacy operations, and is now gearing up for a much larger scale. Looking ahead, cash flows are likely to become more complex. Acquisitions will consume cash up front, integration and technology projects will require ongoing spending, and any economic swings in the construction and building products markets will affect day‑to‑day cash generation. In other words, the current cash flow picture is clean and favorable, but it reflects a starting point rather than a steady‑state, mature business.

Competitive Edge

Competitive Edge QXO is trying to build a competitively advantaged platform in a large, fragmented building products distribution market. Its edge is designed around two pillars: scale through acquisitions and superior technology in an industry that has historically underinvested in digital tools. On the scale side, rolling up many smaller distributors can create purchasing power, better logistics, and more standardized operations. On the tech side, QXO is pushing a modern software and data backbone—covering ordering, inventory, routing, pricing, and customer interfaces—that many regional competitors are unlikely to match quickly. The Beacon PRO+ platform and centralized pricing tools are core pieces of this advantage. Key competitive risks include: the difficulty of integrating many acquired businesses, cultural and systems clashes, and the possibility that established players respond with their own tech and pricing improvements. QXO’s position therefore rests heavily on flawless execution and the management team’s ability to repeat its past playbook in this new vertical.

Innovation and R&D

Innovation and R&D Innovation at QXO is less about classical lab R&D and more about rebuilding an analog industry on a digital foundation. The company is investing in modern enterprise software, warehouse and transport systems, AI‑driven forecasting and routing, and e‑commerce tools for contractors. These efforts aim to raise productivity, tighten pricing discipline, and make QXO’s services stickier for customers. Notable elements include AI‑assisted quoting and demand forecasting, digital procurement tools, robotics planned for distribution centers, and the Beacon PRO+ platform with features such as online ordering, real‑time delivery tracking, and integrations with contractor software. This is process and systems innovation intended to turn operational complexity into an advantage. The opportunity is to build a tech moat in a slow‑to‑modernize industry; the risk is that these systems are expensive and complex to roll out across many acquired businesses. Sustained, high‑quality investment in technology and integration will be crucial for the promised efficiency gains and customer experience improvements to actually materialize.

Summary

QXO today looks like a newly armed consolidator with a lot of cash, little debt, a small current operating base, and very large ambitions. The historical financials show a tiny, somewhat volatile company that has only recently turned profitable, while the latest balance sheet and strategy point toward a step‑change into a much larger, acquisition‑driven enterprise. The core story is strategic, not yet fully financial: use ample capital and proven deal‑making experience to assemble a national building products distribution platform, and differentiate it with a sophisticated tech and data stack. If executed well, this could lead to stronger margins, better customer retention, and a more defensible position in a big, fragmented market. Key uncertainties center on integration risk, the pace and cost of technology rollout, the cyclicality of construction activity, and how future financing (debt or equity) might reshape the balance sheet. At this stage, QXO’s numbers reflect the early innings of a transformation; the ultimate quality of the business will depend on how effectively management converts today’s cash, acquisitions, and software vision into sustainable, scaled operating performance.

NEWS

November 11, 2025 · 9:00 AM UTC

QXO Launches 2025 QXO for Veterans Program

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November 6, 2025 · 4:05 PM UTC

QXO Reports Third Quarter 2025 Results

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October 28, 2025 · 7:37 AM UTC

QXO Announces Launch of Term Loan Refinancing

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