QXO (QXO) financial statements
QXO reported revenue of $6.8B in fiscal 2025, up 80.2% a year over 9 years.
Net income was -$279M and the operating margin -3.6%, against 3.7% in 2016.
Free cash flow was $183M.
The diluted share count rose 109526% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from QXO's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34M | $35M | $36M | $39M | $41M | $42M | $45M | $55M | $57M | $6.8B |
| Cost of revenue | $21M | $21M | $22M | $24M | $25M | $24M | $27M | $33M | $34M | $5.3B |
| Gross profit | $13M | $14M | $14M | $15M | $17M | $17M | $18M | $22M | $23M | $1.6B |
| Selling, general and admin | $11M | $12M | $14M | $16M | $16M | $16M | $17M | $22M | $93M | $1.4B |
| Operating income | $1M | $939,258 | -$1M | -$2M | $223,385 | -$230,986 | -$385,379 | -$1M | -$71M | -$245M |
| Interest expense | — | — | — | — | — | $46,802 | $89,024 | $55,666 | $100,000 | $174M |
| Pre-tax income | $1M | $907,562 | -$1M | -$2M | $223,038 | $43,571 | -$474,403 | -$1M | $51M | -$337M |
| Income tax | -$2M | $1M | -$281,212 | -$455,006 | $47,391 | $178,005 | -$192,184 | -$297,000 | $23M | -$58M |
| Net income | $3M | -$486,469 | $262,432 | $7M | $175,647 | -$134,434 | -$282,219 | -$1M | $28M | -$279M |
| EPS (diluted) | $6.16 | -$0.88 | $0.48 | $12.08 | $0.32 | -$0.24 | -$0.40 | -$1.63 | -$0.11 | -$0.63 |
| Diluted shares | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 204M | 613M |
| Gross margin | 37.3% | 39.8% | 38.4% | 38.1% | 40.2% | 41.3% | 39.9% | 39.6% | 40.6% | 23.0% |
| Operating margin | 3.7% | 2.7% | -3.2% | -5.0% | 0.5% | -0.6% | -0.9% | -2.4% | -124.8% | -3.6% |
| Net margin | 10.1% | -1.4% | 0.7% | 17.6% | 0.4% | -0.3% | -0.6% | -2.0% | 49.2% | -4.1% |
Balance sheet
Fiscal years, from QXO's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2M | $2M | $2M | $9M | $7M | $7M | $8M | $6M | $5.1B | $2.4B |
| Receivables | $3M | $2M | $2M | $3M | $2M | $2M | $2M | $3M | $3M | $1.1B |
| Inventory | — | — | — | — | — | — | — | — | $0 | $1.5B |
| Total current assets | $5M | $5M | $5M | $13M | $9M | $11M | $14M | $12M | $5.1B | $5.5B |
| Property, plant and equipment | $466,202 | $567,532 | $688,122 | $712,627 | $523,040 | $636,901 | $711,314 | $503,347 | $400,000 | $689M |
| Goodwill | $401,000 | $401,000 | $885,000 | $891,000 | $1M | $1M | $1M | $1M | $1M | $5.1B |
| Total assets | $11M | $10M | $12M | $19M | $16M | $18M | $21M | $20M | $5.1B | $15.9B |
| Total current liabilities | $5M | $6M | $6M | $9M | $7M | $7M | $11M | $12M | $45M | $1.6B |
| Long-term debt | $486,473 | $228,626 | $73,900 | $64,072 | $290,918 | $463,602 | $671,014 | $994,000 | $0 | $3.1B |
| Total liabilities | $6M | $6M | $7M | $10M | $9M | $9M | $12M | $13M | $45M | $6.2B |
| Shareholders' equity | $5M | $4M | $4M | $9M | $7M | $9M | $10M | $8M | $5.1B | $9.7B |
| Net debt | -$827,899 | -$2M | -$2M | -$8M | -$6M | -$6M | -$7M | -$4M | -$5.1B | $695M |
Cash flow
Fiscal years, from QXO's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2M | $2M | $1M | -$903,307 | $2M | $226,034 | $2M | $584,000 | $85M | $261M |
| Capital spending | $496,719 | $755,510 | $397,822 | $152,402 | $124,782 | $114,761 | $38,742 | $121,000 | $102,000 | $78M |
| Free cash flow | $1M | $2M | $896,742 | -$1M | $2M | $111,273 | $2M | $463,000 | $85M | $183M |
| Stock-based compensation | $42,795 | $34,265 | $28,000 | $16,910 | $10,194 | $441,310 | $180,260 | $41,000 | $34M | $144M |
| Dividends paid | $264,699 | $359,014 | $0 | $225,038 | $4M | $3M | $0 | $1M | $17M | $0 |
| Share buybacks (net) | — | $0 | -$3,661 | $0 | — | — | — | — | — | — |
| Net borrowing | -$300,033 | -$306,678 | -$213,307 | -$206,760 | -$9,179 | -$213,523 | -$316,138 | -$784,000 | -$2M | — |
| Free cash flow margin | 3.8% | 4.5% | 2.5% | -2.7% | 3.9% | 0.3% | 4.4% | 0.8% | 148.9% | 2.7% |
| Dividends per share | $0.47 | $0.64 | — | $0.40 | $7.20 | $4.90 | — | $1.60 | $0.09 | — |
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Open QXO in InvestinglyQuestions
What was QXO's revenue in 2025?
$6.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does QXO generate?
$183M in fiscal 2025 (operating cash flow minus capital spending).
From QXO's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.