QXO, Inc. (QXO) Balance Sheet
QXO balance sheet, 2025
December 31, 2025 · U.S. dollars$15.89B assets = $6.18B liabilities + $9.71B equity
Both columns are drawn to the same scale: what QXO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
QXO financial health
Descriptive bands, not a rating. Fiscal 2025.
QXO balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $10.7M2016 | $15.89B2025 | +125.2%/yr | |
| Total liabilities | $5.7M2016 | $6.18B2025 | +117.4%/yr | |
| Shareholders’ equity | $5.0M2016 | $9.71B2025 | +132.1%/yr | |
| Cash & short-term investments | $1.6M2016 | $2.36B2025 | +124.6%/yr | |
| Total debt | $947,9912016 | $3.91B2025 | +152.2%/yr | |
| Net cash (debt) | $673,0582016 | −$1.55B2025 | −$1.6B | |
| Working capital | −$192,9012016 | $4.00B2025 | +$4.0B | |
| Book value per share | $0.022016 | $15.832025 | +112.7%/yr | |
| Current ratio | 0.962016 | 3.582025 | +2.62 | |
| Debt / equity | 0.192016 | 0.402025 | +0.21 | |
| Shares outstanding | 279.6M2016 | 613.0M2025 | +9.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
QXO assets
QXO liabilities and equity
QXO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
QXO balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $2.36B | $5.07B | $6.1M | $8.0M | $6.8M | $6.6M | $8.7M | $1.9M | $2.2M | $1.6M |
| Cash & equivalents | $2.36B | $5.07B | $6.1M | $8.0M | $6.8M | $6.6M | $8.7M | $1.9M | $2.2M | $1.6M |
| Receivables | $1.60B | $13.8M | $3.0M | $2.6M | $2.2M | $1.6M | $3.9M | $2.1M | $2.8M | $3.0M |
| Inventory | $1.50B | $0 | −$337 | $0 | $1 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $83.7M | $7.3M | $2.7M | $3.1M | $1.7M | $400,820 | $455,434 | $917,969 | $403,911 | $331,094 |
| Total current assets | $5.55B | $5.09B | $11.8M | $13.7M | $10.7M | $8.6M | $13.0M | $4.9M | $5.4M | $4.9M |
| Property, plant & equipment (net) | $1.4M | $704,000 | $1.0M | $1.0M | $1.6M | $1.9M | $1.4M | $688,122 | $567,532 | $466,202 |
| Goodwill & intangible assets | $8.93B | $5.2M | $6.1M | $5.4M | $4.5M | $4.1M | $3.5M | $3.8M | $3.0M | $2.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.41B | $2.8M | $1.6M | $1.3M | $1.2M | $1.2M | $1.1M | $2.4M | $1.4M | $2.4M |
| Total assets | $15.89B | $5.10B | $20.5M | $21.4M | $18.0M | $15.9M | $19.0M | $11.7M | $10.4M | $10.7M |
| Liabilities | ||||||||||
| Accounts payable | $819.0M | $6.2M | $4.6M | $3.3M | $2.0M | $1.9M | $2.2M | $2.0M | $2.1M | $1.8M |
| Short-term debt | $156.7M | $316,000 | $1.1M | $1.3M | $1.0M | $1.1M | $833,546 | $513,705 | $352,289 | $401,391 |
| Deferred revenue | — | $2.9M | $3.2M | $3.8M | $2.5M | $2.0M | $2.0M | $1.4M | $2.2M | $1.7M |
| Total current liabilities | $1.55B | $45.1M | $11.5M | $10.8M | $7.4M | $6.7M | $8.7M | $6.2M | $5.8M | $5.1M |
| Long-term debt | $3.20B | $190,000 | $1.2M | $1.1M | $566,935 | $937,343 | $0 | $0 | $0 | $0 |
| Lease obligations | $857.2M | $577,000 | $923,319 | $945,005 | $1.3M | $1.6M | — | — | — | — |
| Other long-term liabilities | $1.43B | $71,000 | $258,620 | $60,214 | $685,461 | $954,786 | $1.4M | $1.2M | $339,495 | $578,285 |
| Total liabilities | $6.18B | $45.4M | $13.0M | $11.9M | $8.6M | $8.6M | $10.1M | $7.4M | $6.2M | $5.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $6,740 | $4,000 | $53 | $53 | $52 | $46 | $46 | $46 | $46 | $46 |
| Retained earnings (deficit) | −$394.5M | −$6.2M | −$1.9M | −$876,590 | −$594,371 | −$459,937 | −$635,584 | −$7.4M | −$7.7M | −$7.2M |
| Accumulated other comprehensive income | −$2.3M | — | $0 | $0 | $0 | $0 | $0 | −$46 | −$46 | −$45 |
| Total shareholders' equity | $9.71B | $5.05B | $7.5M | $9.6M | $9.4M | $7.3M | $8.9M | $4.3M | $4.2M | $5.0M |
| Key figures | ||||||||||
| Total debt | $3.91B | $577,000 | $2.6M | $2.4M | $2.3M | $3.0M | $2.2M | $1.7M | $649,529 | $947,991 |
| Net cash (debt) | −$1.55B | $5.07B | $3.5M | $5.6M | $4.5M | $3.6M | $6.4M | $210,153 | $1.6M | $673,058 |
| Working capital | $4.00B | $5.04B | $272,000 | $2.9M | $3.3M | $1.9M | $4.3M | −$1.3M | −$441,685 | −$192,901 |
| Tangible book value | $776.4M | $5.05B | $1.4M | $4.1M | $4.9M | $3.1M | $5.4M | $532,793 | $1.2M | $2.1M |
| Book value per share | $15.83 | $12.38 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.02 | $0.02 |
| Shares outstanding | 613.0M | 408.0M | 328.7M | 322.9M | 314.2M | 281.3M | 281.3M | 281.2M | 280.6M | 279.6M |
| Current ratio | 3.58 | 112.85 | 1.02 | 1.27 | 1.45 | 1.28 | 1.50 | 0.78 | 0.92 | 0.96 |
| Quick ratio | 2.56 | 112.68 | 0.79 | 0.99 | 1.22 | 1.22 | 1.45 | 0.64 | 0.86 | 0.90 |
| Debt / equity | 0.40 | 0.00 | 0.35 | 0.25 | 0.24 | 0.42 | 0.25 | 0.39 | 0.15 | 0.19 |
| Equity / assets | 61.1% | 99.1% | 36.5% | 44.6% | 52.0% | 45.8% | 46.9% | 36.9% | 40.6% | 46.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.77B | $3.05B | $2.36B | $2.31B | $2.28B | $5.08B | $5.07B | $5.04B | $971.3M | $6.3M | $6.1M | $6.9M |
| Cash & equivalents | $2.77B | $3.05B | $2.36B | $2.31B | $2.28B | $5.08B | $5.07B | $5.04B | $971.3M | $6.3M | $6.1M | $6.9M |
| Receivables | $2.36B | $1.65B | $1.60B | $2.16B | $2.27B | $14.7M | $13.8M | $2.7M | $3.6M | $3.3M | $3.0M | $3.0M |
| Inventory | $2.07B | $1.67B | $1.50B | $1.66B | $1.85B | $0 | $0 | $0 | $0 | $0 | $1 | $0 |
| Other current assets | $3.14B | $94.8M | $83.7M | $86.8M | $99.5M | $7.7M | $7.3M | $15.8M | $5.0M | $2.9M | $2.7M | $1.1M |
| Total current assets | $10.35B | $6.46B | $5.55B | $6.22B | $6.49B | $5.10B | $5.09B | $5.06B | $979.8M | $12.5M | $11.8M | $11.0M |
| Property, plant & equipment (net) | $1.65B | $1.3M | $1.38B | $1.39B | $1.44B | $747,000 | $704,000 | $776,000 | $891,000 | $937,558 | $1.0M | $907,568 |
| Goodwill & intangible assets | $10.61B | $8.83B | $8.93B | $9.01B | $9.14B | $5.6M | $5.2M | $5.4M | $5.6M | $5.8M | $6.1M | $4.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $55.0M | $1.37B | $32.4M | $30.8M | $34.1M | $2.8M | $2.8M | $1.6M | $1.8M | $1.5M | $1.6M | $1.5M |
| Total assets | $22.66B | $16.66B | $15.89B | $16.64B | $17.11B | $5.11B | $5.10B | $5.06B | $988.2M | $20.9M | $20.5M | $18.4M |
| Liabilities | ||||||||||||
| Accounts payable | $1.50B | $1.17B | $819.0M | $1.28B | $1.43B | $5.8M | $6.2M | $3.9M | $6.2M | $4.9M | $4.6M | $3.5M |
| Short-term debt | $189.0M | $160.1M | $156.7M | $155.3M | $152.8M | $313,000 | $316,000 | $331,000 | $1.1M | $1.1M | $1.1M | $841,818 |
| Deferred revenue | — | $24.9M | — | — | — | $3.5M | $2.9M | $2.9M | $3.1M | $3.6M | $3.2M | $3.4M |
| Total current liabilities | $2.52B | $1.94B | $1.55B | $2.03B | $2.17B | $53.6M | $45.1M | $19.5M | $15.8M | $12.0M | $11.5M | $10.6M |
| Long-term debt | $6.04B | $3.06B | $3.20B | $3.23B | $3.39B | $156,000 | $190,000 | $223,000 | $693,000 | $843,721 | $994,266 | $381,348 |
| Lease obligations | $997.0M | $843.9M | $857.2M | $858.5M | $863.8M | $500,000 | $577,000 | $669,000 | $769,000 | $793,030 | $923,319 | $829,781 |
| Other long-term liabilities | $1.77B | $1.50B | $1.43B | $1.55B | $1.64B | $31,000 | $71,000 | $115,000 | $411,000 | $434,438 | $505,734 | $401,824 |
| Total liabilities | $12.29B | $6.50B | $6.18B | $6.82B | $7.20B | $53.8M | $45.4M | $19.9M | $16.9M | $13.2M | $13.0M | $11.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | $6,740 | $6,740 | $6,720 | $4,000 | $4,000 | $4,000 | — | $53 | $53 | $53 |
| Retained earnings (deficit) | −$761.0M | −$652.0M | −$394.5M | −$273.9M | −$104.1M | −$20.0M | −$6.2M | $5.0M | −$2.4M | −$1.8M | −$1.9M | −$2.4M |
| Accumulated other comprehensive income | $3.0M | — | −$2.3M | −$100,000 | −$3.1M | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $10.38B | $10.16B | $9.71B | $9.82B | $9.92B | $5.06B | $5.05B | $5.04B | $971.2M | $7.6M | $7.5M | $7.1M |
| Key figures | ||||||||||||
| Total debt | $7.04B | $3.90B | $3.91B | $3.95B | $4.12B | $500,000 | $577,000 | $669,000 | $2.2M | $2.4M | $2.6M | $1.6M |
| Net cash (debt) | −$4.26B | −$856.2M | −$1.55B | −$1.65B | −$1.84B | $5.08B | $5.07B | $5.04B | $969.0M | $3.9M | $3.5M | $5.3M |
| Working capital | $7.83B | $4.52B | $4.00B | $4.18B | $4.33B | $5.05B | $5.04B | $5.04B | $964.0M | $555,974 | $272,000 | $487,090 |
| Tangible book value | −$235.0M | $1.33B | $776.4M | $813.0M | $773.6M | $5.05B | $5.05B | $5.04B | $965.6M | $1.8M | $1.4M | $2.1M |
| Book value per share | $13.53 | $13.66 | $13.55 | $13.73 | $17.56 | $11.21 | $11.19 | $14.06 | $2.93 | $0.02 | $0.02 | $0.02 |
| Shares outstanding | 767.3M | 744.4M | 716.5M | 715.3M | 564.7M | 451.4M | 451.4M | 358.8M | 332.0M | 332.2M | 332.2M | 328.5M |
| Current ratio | 4.11 | 3.33 | 3.58 | 3.06 | 3.00 | 95.23 | 112.85 | 258.64 | 61.84 | 1.05 | 1.02 | 1.05 |
| Quick ratio | 2.04 | 2.42 | 2.56 | 2.19 | 2.10 | 95.09 | 112.68 | 257.83 | 61.52 | 0.80 | 0.79 | 0.94 |
| Debt / equity | 0.68 | 0.38 | 0.40 | 0.40 | 0.42 | 0.00 | 0.00 | 0.00 | 0.00 | 0.31 | 0.35 | 0.23 |
| Equity / assets | 45.8% | 61.0% | 61.1% | 59.0% | 57.9% | 98.9% | 99.1% | 99.6% | 98.3% | 36.5% | 36.5% | 38.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
QXO financial position
At the end of fiscal 2025 (December 31, 2025), QXO had total assets of $15.9 billion (up 211.6% from a year earlier), total liabilities of $6.2 billion and shareholders' equity of $9.7 billion. It held $2.4 billion in cash and short-term investments against $3.9 billion of debt, net debt of $1.6 billion. Its current ratio was 3.58. In the latest quarter (ended June 30, 2026) total assets were $22.7 billion and equity $10.4 billion.
Related: QXO income statement, QXO cash flow statement, QXO key metrics. See the QXO stock overview for the latest quote and news.
QXO balance sheet FAQ
What are QXO's total assets?
QXO reported total assets of $15.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.1 billion a year earlier.
How much debt does QXO have?
QXO had $3.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.40.
How much cash does QXO have?
QXO held $2.4 billion in cash and short-term investments at the end of fiscal 2025; with $3.9 billion of debt that is net debt of $1.6 billion.
What is QXO's book value?
QXO's shareholders' equity (book value) was $9.7 billion at the end of fiscal 2025, or $15.83 per share.
What is QXO's current ratio?
QXO had current assets of $5.5 billion and current liabilities of $1.6 billion, a current ratio of 3.58 (it can cover its short-term obligations).
How much goodwill does QXO have?
QXO carried $8.9 billion of goodwill and intangible assets, 56.2% of total assets, at the end of fiscal 2025.