QXO, Inc.

Listed Company

QXO-PBCIK 0001236275NYSENon-AcceleratedWholesale-Lumber & Other Construction MaterialsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$6.84B

Net Income

$-279.40M

Total Assets

$15.89B

Equity

$9.71B

Shares Out

708.55M

Op. Cash Flow

$261.40M

Business

QXO, Inc. is a technology solutions and professional services company that helps businesses manage and monetize their enterprise assets. It provides enterprise resource planning (ERP) software resale and implementation, value-added consulting and professional services, IT managed network and SaaS solutions, cybersecurity-as-a-service, and application hosting. Its legacy business is organized around five core components: ERP software, ERP value-added services, IT managed services and business consulting, cybersecurity, and application hosting. QXO primarily markets and delivers its offerings across North America, serving mainly small and mid-sized companies through direct sales and subscription-based channels.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	6,842	57	55	—	—
Cost of products sold	5,270	34	—	—	—
Gross profit	1,573	23	22	18	17
Selling, general and administrative	1,395	93	22	—	—
Depreciation	108	200,000	828,000	—	—
Amortization	315	900,000	—	—	—
Total operating expense	1,818	94	23	18	17
Loss from operations	−245	−71	−1	−385,379	−230,986
Interest (expense) income, net	−48	122	−56,000	—	—
Loss on debt extinguishment	−50	0	—	—	—
Other income, net	6	0	—	—	—
(Loss) income before (benefit from) provision for income taxes	−337	51	−1	−474,403	43,571
(Benefit from) provision for income taxes	−58	23	−297,000	192,184	−178,005
Net (loss) income	−279	28	−1	−282,219	−134,434
Loss per common share - basic (in usd per share)	−0.63	−0.11	−1.63	−0.05	−0.03
Loss per common share - diluted (in usd per share)	−0.63	−0.11	−1.63	−0.05	−0.03
Basic (in shares)	613	204	657,000	5	5
Diluted (in shares)	613	204	657,000	5	5

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2,362	5,069	6	8	7
Accounts receivable, net	1,145	3	3	2	2
Inventories, net	1,497	0	—	—	—
Vendor rebates receivable	427	0	—	—	—
Income tax receivable	32	0	—	—	—
Prepaid expenses and other current assets	84	18	3	2	2
Total current assets	5,546	5,090	12	14	11
Property and equipment, net	689	400,000	503,000	—	—
Goodwill	5,111	1	1	1	1
Intangibles, net	3,819	4	5	4	3
Operating lease right-of-use assets, net	690	300,000	522,000	328,562	964,990
Deferred income tax assets, net	0	3	1	1	990,958
Other assets, net	32	200,000	171,000	187,553	190,805
Total assets	15,887	5,098	20	21	18
Accounts payable	819	6	5	3	2
Accrued expenses	574	39	3	2	2
Current portion of operating lease liabilities	108	200,000	263,000	268,345	465,813
Current portion of finance lease liabilities	49	100,000	154,000	214,990	166,571
Total current liabilities	1,550	45	12	11	7
Long-term debt, net	3,057	0	994,000	671,014	463,602
Deferred income tax liabilities, net	847	0	—	—	—
Operating lease liabilities	562	100,000	259,000	60,217	499,177
Finance lease liabilities	139	200,000	247,000	401,453	186,284
Other long-term liabilities	26	0	—	—	—
Total liabilities	6,181	45	13	12	9
Commitments and contingencies (Note 11)	—	—	—	0	—
Common stock, $0.00001 par value; authorized 2,000.0 shares; 674.5 and 409.4 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0	0	53	52
Additional paid-in capital	9,047	4,561	9	10	10
Retained earnings (accumulated deficit)	−395	−6	−2	−876,590	−594,371
Accumulated other comprehensive loss	−2	0	—	—	—
Total stockholders equity	9,707	5,053	8	10	—
Total liabilities and stockholders equity	15,887	5,098	20	21	18

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	108	200,000	329,000	—	—
Stock-based compensation	145	34	41,000	—	—
Amortization of debt issuance costs	7	0	—	—	—
Provision for credit losses	14	0	115,000	160,000	−44,689
Non-cash lease expense	88	300,000	126,000	—	—
Deferred income taxes	−61	−1	—	—	—
Accounts receivable	160	200,000	103,000	−466,101	−301,928
Inventories	288	0	—	—	—
Vendor rebates receivable	−187	0	—	—	—
Income tax receivable	−11	0	—	—	—
Prepaid expenses and other current assets	20	−12	−179,000	−316,130	−784,908
Accounts payable and accrued expenses	−326	34	—	—	—
Other assets and liabilities	−68	−300,000	—	—	—
Net cash provided by operating activities	261	85	584,000	2	226,034
Capital expenditures	−78	−100,000	—	−150,000	0
Acquisition of business, net of cash acquired	−10,557	0	—	—	—
Other	4	0	—	—	—
Net cash used in investing activities	−10,630	−100,000	−400,000	−188,742	−510,464
Borrowings under revolving lines of credit	842	0	—	—	—
Payments under revolving lines of credit	−842	0	—	—	—
Borrowings under term loan	2,250	0	—	—	—
Payments under term loan	−1,400	0	—	—	—
Borrowings under senior notes	2,250	0	—	—	—
Payment of debt issuance costs	−115	0	—	—	—
Payment of other debt	0	−2	—	—	—
Payments under equipment financing facilities and finance leases	−30	−200,000	—	—	—
Proceeds from issuance of common stock related to equity awards	19	0	—	—	—
Proceeds from issuance of common stock, net of issuance costs	4,256	0	—	—	—
Proceeds from issuance of Mandatory Convertible Preferred Stock, net of issuance costs	558	0	—	—	—
Proceeds from issuance of Convertible Preferred Stock and warrants, net of issuance costs	0	982	0	—	—
Proceeds from the issuance of common stock and pre-funded warrants, net of issuance costs	0	4,051	0	—	—
Payment of taxes related to net share settlement of equity awards	−21	0	—	—	—
Payment of common-stock dividend	0	−17	−1	—	—
Payment of dividends on Convertible Preferred Stock	−90	−32	0	—	—
Payment of dividends on Mandatory Convertible Preferred Stock	−15	0	—	—	—
Net cash provided by financing activities	7,663	4,981	−2	−655,134	503,131
Effect of exchange rate changes on cash, cash equivalents and restricted cash	−500,000	0	—	—	—
Net (decrease) increase in cash, cash equivalents and restricted cash	−2,707	5,066	—	—	—
Interest	138	100,000	57,000	40,193	45,116
Income taxes, net of refunds	38	0	301,000	—	—

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