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QXO, Inc. (QXO) stock

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NYSE: QXO NYSE Trading Companies & Distributors Next results ~November 5, 2026

D Fundamentals grade

QXO, Inc. is a US-listed company in the trading companies & distributors industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$21

Valuation models combined (3)

Base case. Range ~$9.7–$28. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

QXO, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds445 adding, 189 cuttingOf 69 active managers that changed their stake, 50 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter QXO files

Where QXO stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $9.90bn, up 408.3% on a year earlier, slower than 15210.6% a quarter earlier. That growth ranks 3 of 931 among all the companies we cover. Free-cash-flow margin rose to 1.4% from -3.7% a year earlier. Operating margin widened to -3.4% from -13.8%. The diluted share count is up 360.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $53.57 a share, against a share price of $10.60.

Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

QXO, Inc.'s trailing-twelve-month revenue grew 408.3% year on year, with a free-cash-flow margin of 1.4%. Where it stands out: revenue growth of 408.3% ranks 1 of 32 trading companies & distributors companies we cover. Where it lags: change in growth rate of -14802.3pp ranks 32 of 32 trading companies & distributors companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 408.3% (-14802.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 408.3% over the last 12 months, against a median of 8.5% for trading companies & distributors companies we cover.
  • Margins widening. Operating margin is up 10.4 points on a year ago.

Things to watch

  • Growth slowing. The growth rate is 14802.3 points lower than a quarter earlier.
  • Loss-making. Operating margin is -3.4%: costs exceed revenue.
  • Share dilution. Diluted shares rose 2.3% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 64% and a beta of 2.6 against the S&P 500.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 1.3% ranks 23 of 29 trading companies & distributors companies we cover (median 0.5%).
  • Below peers: days sales outstanding. Days sales outstanding of 66 days ranks 21 of 27 trading companies & distributors companies we cover (median 57 days).

Latest results: FY2026 Q2

Filed August 14, 2026
Earnings per share
$0.08 against an average estimate of $0.08: beat by 1.3%
Revenue
$3.25bn, up 70.3% on a year earlier
Share reaction
-3.5% in the first session after the results on August 13, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate $0.14

QXO's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.8%
  • 1 week+11.5%
  • 1 month-3.2%
  • This year-39.5%
  • 1 year-33.9%
  • 5 years-69.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9.9B
Operating margin
-3.4%
Net margin
-5.2%
EPS (TTM, diluted)
$-0.69

Growth

Revenue growth
+408.3%
Change in growth rate
−14802.3 pts

Cash

Free cash flow (TTM)
$141M
FCF margin
1.4%
Stock pay % of revenue
1.3%

Earnings

Last results
August 13, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Announcement
  4. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

QXO, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Our value per share comes from a discounted-cash-flow model of QXO, Inc.'s free cash flow after stock-based pay ( $45.2M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value QXO, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.94 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$28 ~$14–$40 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$9.7 ~$8.7–$12 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.6 Left out: out of range vs price (0.05x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$16 ~$15–$60 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$21 ~$9.7–$28 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare QXO, Inc. with Trading Companies & Distributors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$12.28$13.80$19.83$10.87$20.88$17.29$28.30$18.74$114.03$15.90$19.29$11.68
Market value$20m$23m$33m$18m$35m$29m$53m$36m$225m$9.7bn$11.8bn$8.6bn
+ Net debt (− = net cash)$99870−$827899−$2m−$406020−$7m−$5m−$6m−$6m−$4m−$5.1bn$738m$3.3bn
Enterprise value$20m$22m$32m$18m$28m$24m$48m$31m$220m$4.7bn$12.6bn$11.9bn
Multiples
Price / sales 0.7x0.7x1.0x0.5x0.9x0.7x1.3x0.8x4.1x171.0x1.7x0.9x
Price / earnings 53.1x6.7x—69.9x5.2x166.1x———n/m——
Price / free cash flow n/m14.4x16.1x16.0x—18.2xn/m18.2xn/m114.9x64.5x61.0x
EV / EBITDA 38.2x14.9x26.5x——44.8xn/mn/m————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

33 /100

Weak moat

How hard QXO's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.0% of total assets over 10 years.

  • Pricing power 9 / 20

    Gross margin has been a median 39.1%, moving by 6.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -2.6%; its worst year was -13.8%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 8 of 10 years, at a median 1.3% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 131751.8% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (38 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $4.8bn and EPS of $0.14 (range $0.11 to $0.17) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.23 −32% $14.0bn +105%
Next $0.53 +131% $18.6bn +32%

Next year's EPS estimate has moved −26.5% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −24.1% on 90 days ago. In the last 30 days, 0 analysts raised QXO, Inc.'s forecast and 8 cut it.

Consensus EPS forecast QXO, Inc., last 90 days
$0.00 $0.20 $0.40 $0.60 $0.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.31 Current fiscal year, 60 days ago: $0.28 Current fiscal year, 30 days ago: $0.27 Current fiscal year, 7 days ago: $0.23 Current fiscal year, Now: $0.23 $0.23 Next fiscal year, 90 days ago: $0.73 Next fiscal year, 60 days ago: $0.65 Next fiscal year, 30 days ago: $0.64 Next fiscal year, 7 days ago: $0.53 Next fiscal year, Now: $0.53 $0.53

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.31$0.73
60 days ago $0.28$0.65
30 days ago $0.27$0.64
7 days ago $0.23$0.53
Now $0.23$0.53

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.08 $0.08 +1.3%
Dec 2025 $0.02 $0.02 +0.6%
Sept 2025 $0.13 $0.14 +5.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 13, 2026

No numeric guidance in QXO, Inc.'s latest earnings release (filed August 13, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows QXO, Inc.'s revenue by +49.1% next year and +20.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+65.0%, weight 69%) and the company's own record (+13.0%, weight 31%) . How the weights are set.

Analyst recommendations

19 analysts, Oct 2026
Buy19100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202641519
  2. Sep 202641418
  3. Aug 202641418
  4. Jul 202631316

Counts of recommendations published by analysts covering QXO, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
14.7%
of tradable shares
Days to cover
5.56
at average volume
Short interest, 1 month
+24%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
0.2%
of shares
Employees
7,794
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
QXO+64%−34%+509%−86%+21%−40%
Industry peers (median)+34%−10%+28%+0%+2%+14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
QXO42%42%75%50%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
QXO−69%−53%−34%−95%−33%−63%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 96% from June 10, 2024 to October 19, 2026. Getting back needed a 2224% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$10.14 – $27.07
From 52-week high
−56.9%
vs 50-day average
−1.8%
vs 200-day average
−32.2%
Volatility (1 year)
65%
Beta vs S&P 500
2.65

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 6 down
typical move ±4.9%
After a week
4 up, 7 down
typical move ±10.6%
After a month
7 up, 4 down
typical move ±17.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 13, 2026 −3.5% +0.5% −11.2% −19.4%
May 12, 2026 −7.7% +0.4% −13.5% −10.1%
February 25, 2026 −5.0% +0.3% −7.5% −21.8%
January 15, 2026 −6.7% +0.2% −6.3% +5.1%
November 6, 2025 +4.2% −1.0% +6.1% +29.0%
October 28, 2025 +2.3% +0.3% −6.7% +1.0%
August 14, 2025 −2.7% −0.2% −10.6% +0.8%
May 8, 2025 +4.0% +0.6% +22.0% +50.9%
March 4, 2025 +7.9% −0.1% +7.4% +19.2%
November 13, 2024 −6.1% −0.6% −1.4% −0.5%
August 14, 2024 +3.7% +2.0% +23.4% +34.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

QXO, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) QXO, Inc.
$0 $5B $10B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $52.2M Revenue (TTM), FY23 Q4: $54.5M Revenue (TTM), FY24 Q1: $55.8M Revenue (TTM), FY24 Q2: $57.1M Revenue (TTM), FY24 Q3: $56.7M Revenue (TTM), FY24 Q4: $56.8M Revenue (TTM), FY25 Q1: $55.9M Revenue (TTM), FY25 Q2: $1.9B Revenue (TTM), FY25 Q3: $4.7B Revenue (TTM), FY25 Q4: $6.8B Revenue (TTM), FY26 Q1: $8.6B Revenue (TTM), FY26 Q2: $9.9B $9.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $52.2M
FY23 Q4 $54.5M
FY24 Q1 $55.8M
FY24 Q2 $57.1M
FY24 Q3 $56.7M
FY24 Q4 $56.8M
FY25 Q1 $55.9M
FY25 Q2 $1.9B
FY25 Q3 $4.7B
FY25 Q4 $6.8B
FY26 Q1 $8.6B
FY26 Q2 $9.9B
Revenue growth, TTM YoY QXO, Inc.
0% 5000% 10000% 15000% 20000% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 21.3% Revenue growth, TTM YoY, FY23 Q4: 21.2% Revenue growth, TTM YoY, FY24 Q1: 18.6% Revenue growth, TTM YoY, FY24 Q2: 14.8% Revenue growth, TTM YoY, FY24 Q3: 8.7% Revenue growth, TTM YoY, FY24 Q4: 4.3% Revenue growth, TTM YoY, FY25 Q1: 0.1% Revenue growth, TTM YoY, FY25 Q2: 3312.5% Revenue growth, TTM YoY, FY25 Q3: 8116.9% Revenue growth, TTM YoY, FY25 Q4: 11938.1% Revenue growth, TTM YoY, FY26 Q1: 15210.6% Revenue growth, TTM YoY, FY26 Q2: 408.3% 408.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 21.3%
FY23 Q4 21.2%
FY24 Q1 18.6%
FY24 Q2 14.8%
FY24 Q3 8.7%
FY24 Q4 4.3%
FY25 Q1 0.1%
FY25 Q2 3312.5%
FY25 Q3 8116.9%
FY25 Q4 11938.1%
FY26 Q1 15210.6%
FY26 Q2 408.3%
Operating margin (TTM) QXO, Inc.
-200% -150% -100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -3.6% Operating margin (TTM), FY23 Q4: -2.4% Operating margin (TTM), FY24 Q1: -2.6% Operating margin (TTM), FY24 Q2: -10.9% Operating margin (TTM), FY24 Q3: -65.8% Operating margin (TTM), FY24 Q4: -124.9% Operating margin (TTM), FY25 Q1: -197.7% Operating margin (TTM), FY25 Q2: -13.8% Operating margin (TTM), FY25 Q3: -4.5% Operating margin (TTM), FY25 Q4: -3.6% Operating margin (TTM), FY26 Q1: -5.4% Operating margin (TTM), FY26 Q2: -3.4% -3.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -3.6%
FY23 Q4 -2.4%
FY24 Q1 -2.6%
FY24 Q2 -10.9%
FY24 Q3 -65.8%
FY24 Q4 -124.9%
FY25 Q1 -197.7%
FY25 Q2 -13.8%
FY25 Q3 -4.5%
FY25 Q4 -3.6%
FY26 Q1 -5.4%
FY26 Q2 -3.4%
FCF margin (TTM) QXO, Inc.
-100% 0% 100% 200% 300% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 3.2% FCF margin (TTM), FY23 Q4: 0.8% FCF margin (TTM), FY24 Q1: 2.8% FCF margin (TTM), FY24 Q2: 0.1% FCF margin (TTM), FY24 Q3: 53.8% FCF margin (TTM), FY24 Q4: 149.0% FCF margin (TTM), FY25 Q1: 216.0% FCF margin (TTM), FY25 Q2: -3.7% FCF margin (TTM), FY25 Q3: 1.7% FCF margin (TTM), FY25 Q4: 2.7% FCF margin (TTM), FY26 Q1: 2.3% FCF margin (TTM), FY26 Q2: 1.4% 1.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 3.2%
FY23 Q4 0.8%
FY24 Q1 2.8%
FY24 Q2 0.1%
FY24 Q3 53.8%
FY24 Q4 149.0%
FY25 Q1 216.0%
FY25 Q2 -3.7%
FY25 Q3 1.7%
FY25 Q4 2.7%
FY26 Q1 2.3%
FY26 Q2 1.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 7 11 13 17 21 28 34 35 36 39 41 42 45 55 57 6,842 9,899
Gross profit 3 4 5 7 9 11 13 14 14 15 17 17 18 22 23 1,573 2,378
EBITDA −1 0 −1 0 1 1 1 1 −1 −2 1 0 0 −0 −71 −137 −153
Operating income −1 0 −1 0 0 0 1 1 −1 −2 0 −0 −0 −1 −71 −245 −338
Net income −0 3 −1 0 0 0 3 −0 0 7 0 −0 −0 −1 28 −279 −512
Diluted EPS −$0.35 $0.05 −$0.00 $0.21 $0.02 $0.03 $0.26 −$0.04 $0.02 $0.50 $0.01 −$0.01 −$0.02 −$0.54 −$0.04 −$0.63 −$0.69
Growth (year on year)
Revenue — +40.5% +25.3% +32.0% +23.4% +28.8% +23.4% +2.1% +3.6% +6.6% +7.1% +1.2% +7.9% +21.2% +4.4% +>999% +408.3%
EBITDA — — −403.7% — +62.4% −11.4% — −20.3% −169.9% — — — — — — — —
Operating income — — −552.4% — — −24.0% — −25.9% −223.6% — — — — — — — —
Net income — — −147.2% — — — — −114.2% — — −97.4% — — — — <−999% —
Diluted EPS — — −106.3% — — — — −114.3% — — −97.4% — — — — — —
Margins
Gross margin 38.4% 42.7% 40.5% 38.8% 39.9% 39.2% 37.3% 39.8% 38.4% 38.1% 40.2% 41.3% 39.9% 39.6% 40.6% 23.0% 24.0%
EBITDA margin −11.4% 3.4% −8.2% 2.1% 2.8% 1.9% 4.4% 3.4% −2.3% −4.1% 1.3% 0.3% 0.0% −0.9% −124.4% −2.0% −1.5%
Operating margin −12.5% 2.5% −8.9% 1.5% 2.2% 1.3% 3.7% 2.7% −3.2% −5.0% 0.5% −0.6% −0.9% −2.4% −124.8% −3.6% −3.4%
Net margin −6.3% 24.9% −9.4% 1.9% 0.9% 1.4% 10.1% −1.4% 0.7% 17.6% 0.4% −0.3% −0.6% −2.0% 49.2% −4.1% −5.2%
Free-cash-flow margin −0.9% 8.2% 2.2% 4.1% 4.2% 0.2% 4.7% 5.9% 3.2% −2.5% 3.9% 0.3% 4.4% 0.8% 148.9% 2.7% 1.4%
Cash flow
Cash from operations −0 1 0 1 1 0 2 2 1 −1 2 0 2 1 85 261 253
Capital spending 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 78 112
Free cash flow −0 1 0 1 1 0 2 2 1 −1 2 0 2 0 85 183 141
Stock-based pay — 0 1 0 0 0 0 0 0 0 0 0 0 0 34 145 128
Free cash flow after stock pay — 1 −1 1 1 −0 2 2 1 −1 2 −0 2 0 50 39 14
Balance sheet
Cash 0 0 0 1 1 1 2 2 2 9 7 7 8 6 5,069 2,362 2,774
Total debt 1 0 0 0 0 1 1 0 1 1 1 1 2 2 3 3,100 6,100
Net debt (negative = net cash) 1 −0 0 −0 −1 0 −1 −2 −0 −7 −5 −6 −6 −4 −5,066 738 3,326
Diluted shares 1m 40m 43m 1m 1m 2m 2m 2m 2m 2m 2m 2m 2m 2m 612m 613m 737m
Returned to shareholders
Dividends — — — — — 0 0 0 0 0 4 3 0 1 17 0 —
Buybacks — — — — — — — 0 0 0 — — — — — — —
Total returned — — — — — 0 0 0 0 0 4 3 0 1 17 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $22.7bn
Short-term assets $10.3bnLonger-term assets $12.3bn
What it owes, and who funded it · $20.7bn
Short-term liabilities $2.5bnLonger-term liabilities $7.8bnShareholders' equity $10.4bn
  • Short-term assets cover short-term liabilities $10.3bn of assets due within a year against $2.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $10.3bn short-term assets against $7.8bn of longer-dated liabilities.
  • More cash than debt $2.8bn of cash against $6.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 58% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 5% to 58% over five years.
  • A year's operating cash flow covers at least 20% of debt $253m of operating cash flow against $6.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$338m against $242m of interest.

From QXO, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Sales & admin spending
20.6%
of revenue
Days sales outstanding
66 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in trading companies & distributors
Last 12 months unless stated QXO FAST AER CNM WSO RUSHA Median
Revenue, last 12 months $9.9bn $9.1bn $8.5bn $7.7bn $7.3bn $7.2bn $2.2bn
Revenue growth, last 12 months 408.3% 13.5% 6.5% −0.5% −3.0% −5.9% 8.4%
Revenue growth, 3-year average 484.0% 7.6% 100.9% 5.1% 0.5% −1.9% 5.1%
Revenue growth, latest quarter 70.3% 15.5% — 2.5% 2.1% −1.6% 9.0%
Gross margin 24.0% 44.6% 18.1% 27.0% 27.5% 19.7% 28.3%
Operating margin −3.4% 20.5% 27.0% 9.6% 9.4% 5.1% 5.5%
Operating margin, 3-year average −9.4% 20.4% — 9.7% 10.0% 5.6% 6.4%
Net margin −5.2% 15.6% 44.0% 6.0% 6.5% 3.7% 3.5%
Cash from operations / revenue 2.6% 15.8% 63.3% 8.9% 10.1% 9.3% 4.9%
Free-cash-flow margin 1.4% 13.0% 32.2% 8.2% 9.6% 4.8% 2.4%
Free-cash-flow margin, 3-year average −0.7% 13.0% 32.6% 8.7% 8.4% 3.1% 3.1%
Stock pay / revenue 1.3% 0.1% 2.0% 0.2% 0.5% 0.4% 0.5%
Change in share count 2.3% −0.7% −9.4% −1.8% 1.0% −2.4% −0.5%

Median of all 32 companies we cover in trading companies & distributors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

32 trading companies & distributors companies
Measure Company Peer median Rank
Revenue growth Growth 408.3% 8.5% 1 of 32
Change in growth rate Growth -14802.3pp +0.8pp 32 of 32
Gross margin Profitability 24.0% 28.9% 20 of 26
Operating margin Profitability -3.4% 5.5% 24 of 28
Net margin Profitability -5.2% 3.5% 28 of 32
Free-cash-flow margin Cash generation 1.4% 2.8% 20 of 32
Stock pay as % of revenue Cash generation 1.3% 0.5% 23 of 29
Long-term debt as % of assets Balance sheet 26.6% 21.4% 16 of 29
Days sales outstanding Balance sheet 66 days 57 days 21 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$15.4B
Institutions reporting
636
Shares held vs prior quarter
▲ 27.8%
Positions opened / closed
134 / 82

Top buyers and sellers, Q2 2026: 445 institutions bought and 189 sold ; the biggest buyer was Baillie Gifford & Co (+34.2M shares) and the biggest seller Cercano Management LLC (−4.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Morgan Stanley $1.5B 86.5M 9.7% ▲ 15.9%
Orbis Allan Gray Ltd $1.3B 74.0M 8.3% 0.0%
Invesco Ltd. $831M 48.1M 5.4% ▲ 26.2%
Baillie Gifford & Co $827M 47.9M 5.4% ▲ 251.3%
Blackrock, Inc. $804M 46.5M 5.2% ▲ 84.1%
Affinity Partners Gp LP $565M 32.7M 3.7% 0.0%
UBS Group AG $522M 30.2M 3.4% ▲ 98.2%
Vanguard Capital Management LLC $513M 29.7M 3.3% ▲ 5.1%
Fred Alger Management, LLC $473M 27.4M 3.1% ▲ 22.1%
Vanguard Portfolio Management LLC $468M 27.1M 3.0% ▲ 5.5%
Alpha Wave Global, LP $421M 24.4M 2.7% 0.0%
Mfn Partners Management, LP $405M 23.5M 2.6% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not QXO, Inc.'s complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 26, 2026 estimated from the company's past filing pattern, not announced

  • August 13, 2026
  • May 12, 2026
  • February 25, 2026
  • January 15, 2026
  • November 6, 2025
  • October 28, 2025

Recent SEC filings

Data status

When each part of this page on QXO, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

QXO, Inc. in brief

What does QXO, Inc. do?
QXO, Inc. is a US-listed company in the trading companies & distributors industry. Its financial year ends in December.
What is QXO, Inc.'s stock ticker?
QXO, Inc. trades under the ticker QXO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is QXO, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, QXO, Inc. reported revenue of $9.9B, 408.3% higher than a year earlier, according to its SEC filings.
What is QXO, Inc.'s free cash flow?
QXO, Inc.'s free-cash-flow margin is 1.4% of revenue over the trailing twelve months, ranking 20 of the 32 trading companies & distributors companies we cover.
Who are QXO, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Morgan Stanley, Orbis Allan Gray Ltd and Invesco Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is QXO, Inc.'s market cap?
On November 2, 2026, QXO, Inc.'s market capitalisation was about $8.6B and net debt of $3.3B. Market figures come from third-party market data and may be delayed.
How much debt does QXO, Inc. have?
QXO, Inc.'s debt-to-equity ratio is 58.1%, from its latest balance sheet (5.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are QXO, Inc.'s competitors?
In our Trading Companies & Distributors peer group, the companies closest to QXO, Inc. are Fastenal, Aercap Holdings N.V., Core & Main, Inc., Watsco Inc and Rush Enterprises Inc \tx\. The side-by-side comparison below sets their revenue, margins and growth against QXO, Inc.'s.
When is QXO, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — QXO, Inc. announces its own schedule.