QXO, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
QXO$13.73-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating Activities | ||
| Net (loss) income | $(189.2) | $16.7 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation | 67.0 | 0.2 |
| Amortization | 197.8 | 0.6 |
| Stock-based compensation | 116.3 | 14.0 |
| Amortization of debt issuance costs | 4.4 | — |
| Loss on debt extinguishment | 45.7 | — |
| Provision for credit losses | 7.0 | — |
| Non-cash lease expense | 70.1 | 0.2 |
| Deferred income taxes | 24.7 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (229.4) | 0.7 |
| Inventories | 161.9 | — |
| Vendor rebates receivable | (256.7) | — |
| Income tax receivable | (77.9) | — |
| Prepaid expenses and other current assets | 12.9 | (10.1) |
| Accounts payable and accrued expenses | 176.7 | 8.8 |
| Other assets and liabilities | (56.5) | (0.2) |
| Net cash provided by operating activities | 74.8 | 30.9 |
| Investing Activities | ||
| Capital expenditures | (49.8) | (0.1) |
| Acquisition of business, net of cash acquired | (10,556.5) | — |
| Other | 1.9 | — |
| Net cash used in investing activities | (10,604.4) | (0.1) |
| Financing Activities | ||
| Borrowings under revolving lines of credit | 719.7 | — |
| Payments under revolving lines of credit | (676.8) | — |
| 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 | (114.4) | — |
| Payment of other debt | — | (1.7) |
| Payments under equipment financing facilities and finance leases | (18.5) | (0.2) |
| Proceeds from issuance of common stock related to equity awards | 18.5 | — |
| Proceeds from issuance of common stock, net of issuance costs | 4,256.5 | — |
| Proceeds from issuance of Mandatory Convertible Preferred Stock, net of issuance costs | 558.1 | — |
| Proceeds from issuance of Convertible Preferred Stock and warrants, net of issuance costs | — | 981.6 |
| Proceeds from the issuance of common stock and pre-funded warrants, net of issuance costs | — | 4,051.1 |
| Payment of taxes related to net share settlement of equity awards | (0.1) | — |
| Payment of common-stock dividend | — | (17.4) |
| Payment of dividends on Convertible Preferred Stock | (67.5) | (9.8) |
| Payment of dividends on Mandatory Convertible Preferred Stock | (6.9) | — |
| Net cash provided by financing activities | 7,768.6 | 5,003.6 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.3) | — |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (2,761.3) | 5,034.4 |
| Cash, cash equivalents and restricted cash, beginning of period | 5,072.0 | 6.2 |
| Cash, cash equivalents and restricted cash, end of period | $2,310.7 | $5,040.6 |
| Supplemental Cash Flow Information | ||
| Cash paid during the period for: | ||
| Interest | $42.4 | $0.1 |
| Income taxes, net of refunds | $37.2 | $— |
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