Revenue growth reached 127.1% year-over-year in 2026Q1, though gross margins have compressed to 14.2% as the company pivots toward a high-volume industrial distribution model.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 8.56B | 6.84B | 56.87M | 54.52M | 44.99M | 41.7M | 41.22M | 38.5M | 36.1M | 34.85M | 34.12M | 27.64M | 21.46M | 17.4M | 13.18M | 10.52M | 7.49M | 7.41M | 7.72M | 7.38M | 6.59M | 4.18M | 1.7M |
| Revenue Growth % | 15209.63% | 11930.66% | 4.32% | 21.19% | 7.87% | 1.17% | 7.06% | 6.64% | 3.59% | 2.14% | 23.44% | 28.78% | 23.35% | 32.03% | 25.25% | 40.54% | 0.97% | -4.01% | 4.69% | 12.03% | 57.55% | 145.41% | - |
| Cost of Goods Sold | 7.17B | 5.69B | 33.94M | 32.9M | 27.02M | 24.49M | 24.64M | 23.82M | 22.9M | 21.61M | 22.08M | 16.8M | 12.89M | 10.65M | 8.04M | 6.12M | 4.7M | 4.56M | 5.29M | 5.12M | 4.28M | 2.77M | 1.02M |
| COGS % of Revenue | - | 83.2% | 59.68% | 60.35% | 60.07% | 58.74% | 59.78% | 61.88% | 63.42% | 62% | 64.71% | 60.77% | 60.06% | 61.21% | 61.01% | 58.18% | 62.74% | 61.53% | 68.54% | 69.37% | 65.04% | 66.34% | 59.92% |
| Gross Profit | 1.39B | 1.15B | 22.93M | 21.61M | 17.96M | 17.21M | 16.58M | 14.68M | 13.21M | 13.25M | 12.04M | 10.84M | 8.57M | 6.75M | 5.14M | 4.4M | 2.79M | 2.85M | 2.43M | 2.26M | 2.3M | 1.41M | 682.71K |
| Gross Margin % | 16.24% | 16.8% | 40.32% | 39.65% | 39.93% | 41.27% | 40.22% | 38.12% | 36.58% | 38% | 35.29% | 39.23% | 39.94% | 38.79% | 38.99% | 41.82% | 37.26% | 38.47% | 31.46% | 30.63% | 34.96% | 33.66% | 40.08% |
| Gross Profit Growth % | - | 4913.08% | 6.1% | 20.34% | 4.37% | 3.79% | 12.95% | 11.15% | -0.3% | 9.99% | 11.06% | 26.48% | 27.01% | 31.36% | 16.77% | 57.75% | -2.2% | 17.39% | 7.53% | -1.86% | 63.65% | 106.07% | - |
| Operating Expenses | 1.73B | 1.21B | 93.93M | 22.93M | 18.35M | 17.44M | 16.36M | 16.59M | 14.37M | 12.31M | 10.78M | 10.49M | 8.1M | 6.49M | 6.27M | 4.14M | 3.73M | 3.1M | 3.01M | 3.27M | 3.33M | 2.91M | 2.65M |
| OpEx % of Revenue | - | 17.63% | 165.16% | 42.05% | 40.78% | 41.82% | 39.68% | 43.08% | 39.79% | 35.31% | 31.58% | 37.93% | 37.75% | 37.31% | 47.57% | 39.35% | 49.78% | 41.87% | 38.94% | 44.28% | 50.6% | 69.59% | 155.6% |
| Selling, General & Admin | 1.73B | 1.21B | 92.94M | 19.11M | 17.4M | 16.56M | 15.65M | 15.63M | 14.37M | 12.31M | 10.78M | 10M | 7.74M | 6.19M | 6.31M | 4.14M | 3.73M | 3.1M | 3.01M | 3.11M | 3.33M | 2.91M | 2.65M |
| SG&A % of Revenue | - | 17.63% | 163.42% | 35.06% | 38.67% | 39.72% | 37.97% | 40.59% | 39.79% | 35.31% | 31.58% | 36.18% | 36.05% | 35.57% | 47.92% | 39.35% | 49.78% | 41.87% | 38.94% | 42.15% | 50.6% | 69.59% | 155.6% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 156.98K | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.13% | - | - | - |
| Other Operating Expenses | 0 | 0 | 989K | 3.81M | 948.97K | 875.57K | 705.93K | 956.89K | 0 | 0 | 0 | 485.09K | 364.57K | 301.96K | -46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -345.1M | -57M | -71M | -1.31M | -385.38K | -230.99K | 223.38K | -1.91M | -1.16M | 939.26K | 1.27M | 357.79K | 470.65K | 258.6K | -1.13M | 260.07K | -937.12K | -252.12K | -577.69K | -1.01M | -1.03M | -1.5M | -1.97M |
| Operating Margin % | -4.03% | -0.83% | -124.84% | -2.4% | -0.86% | -0.55% | 0.54% | -4.95% | -3.22% | 2.7% | 3.71% | 1.29% | 2.19% | 1.49% | -8.58% | 2.47% | -12.52% | -3.4% | -7.48% | -13.66% | -15.64% | -35.93% | -115.52% |
| Operating Income Growth % | - | 19.72% | -5315.71% | -240.18% | -66.84% | -203.4% | 111.71% | -64.25% | -223.62% | -25.89% | 254.22% | -23.98% | 82% | 122.88% | -534.67% | 127.75% | -271.69% | 56.36% | 42.66% | 2.2% | 31.42% | 23.66% | - |
| EBITDA | 241.9M | 366.1M | -69.88M | -310K | 1.37M | 1.16M | 1.35M | -974.86K | -511.67K | 1.56M | 1.95M | 842.88K | 835.22K | 560.57K | -934.87K | 357.08K | -854.24K | -61.12K | -275.66K | -702.04K | -848.14K | -1.45M | -1.94M |
| EBITDA Margin % | 2.83% | 5.35% | -122.87% | -0.57% | 3.05% | 2.79% | 3.26% | -2.53% | -1.42% | 4.47% | 5.72% | 3.05% | 3.89% | 3.22% | -7.09% | 3.39% | -11.41% | -0.82% | -3.57% | -9.52% | -12.88% | -34.77% | -114.05% |
| EBITDA Growth % | 321.14% | 623.91% | -22441.29% | -122.62% | 17.77% | -13.5% | 238.01% | -90.52% | -132.81% | -20.1% | 131.59% | 0.92% | 49% | 159.96% | -361.81% | 141.8% | -1297.71% | 77.83% | 60.73% | 17.23% | 41.64% | 25.19% | - |
| D&A (Non-Cash Add-back) | 587M | 423.1M | 1.12M | 1M | 1.76M | 1.39M | 1.12M | 932.2K | 649.43K | 620.3K | 684.66K | 485.09K | 364.57K | 301.96K | 195.56K | 97.01K | 82.88K | 191K | 302.03K | 305.52K | 182.03K | 48.78K | 24.92K |
| EBIT | -345.1M | -57M | 50.87M | -1.29M | -385.38K | 90.37K | 236.65K | -1.88M | -1.16M | 939.26K | 1.27M | 491.79K | 470.65K | 258.6K | -1.16M | 2.85M | -454.04K | -1.32M | -1.21M | -414.5K | -1.07M | -1.95M | -1.87M |
| Net Interest Income | -135.4M | -47.7M | 121.81M | -55.67K | -89.02K | -46.8K | -13.62K | -39.81K | -41.68K | -31.7K | -64.68K | -57.48K | -59.75K | -56.06K | -76.67K | -142.11K | -114.47K | -186.57K | -278.98K | -1.2M | -1.25M | -456.3K | -523.14K |
| Interest Income | 50M | 125.8M | 121.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 185.4M | 173.5M | 60K | 55.67K | 89.02K | 46.8K | 13.62K | 39.81K | 41.68K | 31.7K | 64.68K | 57.48K | 59.75K | 56.06K | 76.67K | 142.11K | 114.47K | 186.57K | 278.98K | 1.2M | 1.25M | 456.3K | 523.14K |
| Other Income/Expense | -289.5M | -280.1M | 121.81M | -56K | -89.02K | 274.56K | -347 | -15.81K | -41.68K | -31.7K | -54.68K | 76.52K | -59.75K | -56.06K | -58.74K | 2.45M | 368.61K | -1.25M | -908.71K | -606.45K | -1.29M | -906.56K | -423.14K |
| Pretax Income | -634.6M | -337.1M | 50.81M | -1.37M | -474.4K | 43.57K | 223.04K | -1.92M | -1.2M | 907.56K | 1.21M | 434.31K | 410.9K | 202.55K | -1.24M | 2.71M | -568.5K | -1.5M | -1.49M | -1.61M | -2.32M | -2.41M | -2.39M |
| Pretax Margin % | -7.41% | -4.93% | 89.34% | -2.51% | -1.05% | 0.1% | 0.54% | -4.99% | -3.33% | 2.6% | 3.55% | 1.57% | 1.91% | 1.16% | -9.37% | 25.75% | -7.59% | -20.26% | -19.24% | -21.88% | -35.25% | -57.62% | -140.36% |
| Income Tax | -119.4M | -57.7M | 22.84M | -297K | -192.18K | 178K | 47.39K | -455.01K | -281.21K | 1.39M | -2.22M | 60K | 218K | -120K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 18.82% | 17.12% | 44.96% | 21.73% | 40.51% | 408.54% | 21.25% | 23.66% | 23.38% | 153.6% | -183.38% | 13.82% | 53.05% | -59.25% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -515.2M | -279.4M | 27.97M | -1.07M | -282.22K | -134.43K | 175.65K | 6.79M | 262.43K | -486.47K | 3.44M | 374.31K | 192.9K | 322.55K | -1.24M | 2.62M | -468.92K | -1.54M | -1.49M | -1.61M | -2.32M | -2.41M | -2.39M |
| Net Margin % | -6.02% | -4.08% | 49.18% | -1.96% | -0.63% | -0.32% | 0.43% | 17.65% | 0.73% | -1.4% | 10.07% | 1.35% | 0.9% | 1.85% | -9.37% | 24.87% | -6.26% | -20.77% | -19.24% | -21.88% | -35.25% | -57.62% | -140.36% |
| Net Income Growth % | -1505.96% | -1098.96% | 2713.93% | -279.14% | -109.93% | -176.54% | -97.41% | 2488.95% | 153.95% | -114.16% | 818.07% | 94.04% | -40.19% | 126.11% | -147.21% | 657.99% | 69.56% | -3.63% | 7.91% | 30.48% | 3.61% | -0.75% | - |
| Net Income (Continuing) | -515.2M | -279.4M | 27.97M | -1.07M | -282.22K | -134.43K | 175.65K | -1.47M | -921.57K | -486.47K | 3.44M | 374.31K | 192.9K | 322.55K | -1.24M | 2.71M | -568.5K | -1.5M | -1.49M | -1.61M | -2.32M | -2.41M | -2.39M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.3M | 1.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47.21K | -45.18K | 54.41K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.69 | -0.63 | -0.11 | -1.63 | -0.40 | -0.21 | 0.31 | -2.64 | 0.47 | -0.87 | 6.15 | 0.70 | 0.39 | 0.66 | -2.40 | 4.80 | -31.20 | -143.43 | -169.51 | -4.35 | -4.14 | -4.30 | -4.26 |
| EPS Growth % | 90.9% | -472.73% | 93.25% | -307.5% | -90.48% | -167.74% | 111.74% | -661.7% | 154.02% | -114.15% | 778.57% | 79.49% | -40.91% | 127.5% | -150% | 115.38% | 78.25% | 15.39% | -3796.78% | -5.07% | 3.72% | -0.94% | - |
| EPS (Basic) | - | -0.63 | -0.11 | -1.63 | -0.40 | -0.21 | 0.31 | -2.61 | 0.47 | -0.87 | 6.23 | 0.70 | 0.39 | 0.64 | -2.40 | 139.20 | -31.20 | -143.43 | -169.51 | -4.35 | -4.14 | -4.30 | -4.26 |
| Diluted Shares Outstanding | 744.4M | 613M | 408M | 328.72M | 322.94M | 314.15M | 281.33M | 281.3M | 281.22M | 280.56M | 279.59M | 539.81K | 492.85K | 487.75K | 480.81K | 440.84K | 15.08K | 10.81K | 8.76K | 2.42K | 561.27K | 561.27K | 561.27K |
| Basic Shares Outstanding | 744.4M | 613M | 408M | 328.72M | 322.94M | 314.15M | 281.33M | 281.3M | 281.22M | 280.56M | 275.92M | 537.72K | 492.85K | 503.98K | 480.81K | 18.67K | 15.08K | 10.81K | 8.76K | 2.42K | 560.77K | 560.77K | 560.77K |
| Dividend Payout Ratio | - | - | 62.21% | - | - | - | 2306.41% | 3.31% | - | - | 7.7% | - | - | - | - | - | - | - | - | - | - | - | - |
Integration and execution friction
As reported in recent financial statements, QXO's revenue surged to $1.7 billion in 2026Q1, reflecting a massive 127.1% year-over-year growth rate that underscores the company's rapid transition from a small-scale IT consultancy into a high-volume industrial distribution platform through aggressive, acquisition-led scaling strategies.
The dramatic revenue trajectory is clearly a function of capital deployment rather than organic demand, as the company pivots its entire business model. Investors should monitor whether this pace of onboarding volume can be sustained without diluting the quality of the underlying assets or overextending the management team's integration capacity.
Based on the latest quarterly data, QXO's gross margin has compressed to 14.2% in 2026Q1, a significant decline from the 40%+ levels seen during the legacy IT services period, reflecting the lower-margin, high-volume nature of the new industrial distribution business model.
This margin profile is consistent with the wholesale distribution industry, yet it remains below the 29-34% range observed in established peers like IBP and Pool Corporation. The current margin contraction suggests that the company has yet to achieve the procurement scale necessary to offset the inherent costs of physical goods distribution.
According to the income statement, QXO reported an operating loss of $204.9 million in 2026Q1, indicating that SG&A expenses are currently scaling faster than gross profit as the company invests heavily in the infrastructure required to support its newly acquired industrial distribution footprint.
The negative operating margin of 11.8% highlights the 'build phase' of the current strategy, where administrative and integration overheads are outpacing revenue contributions. It appears that achieving positive operating leverage will require a significant increase in transaction volume to absorb the fixed costs of the new logistics network.
As evidenced by the $39.2 million in stock-based compensation reported in 2026Q1, QXO's net income is currently impacted by significant non-cash expenses and restructuring costs that complicate the assessment of true operational profitability during this period of rapid corporate transformation.
The persistent net losses, including the $227.1 million deficit in the most recent quarter, suggest that GAAP earnings are currently an unreliable metric for evaluating the company's progress. Analysts should focus on the underlying cash burn and integration efficiency rather than bottom-line figures, which are likely to remain volatile due to ongoing M&A activity.
Quick answers to the most common questions about buying QXO stock.
For fiscal year 2025, QXO, Inc. (QXO) reported total revenue of $6.84B. This represents a 401607.1% increase compared to $1.7M in 2004.
QXO, Inc. (QXO) reported a net loss of $279.4M for the fiscal year ending 2025.
QXO, Inc. (QXO) reported an operating income of $-57.0M, resulting in an operating profit margin of -0.8%. This margin reflects the operational efficiency of the business before interest and taxes.
QXO, Inc. (QXO) generated $1.15B in gross profit for the year, representing a gross profit margin of 16.8%. This demonstrates the company's core pricing power and production efficiency.