QXO, Inc. (QXO) Cash Flow Statement
Where QXO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $261.4M +208.0% vs 2024
- Capital expenditures
- $78.2M 1.1% of revenue
- Free cash flow
- $183.2M 2.7% margin
- Returned to shareholders
- $104.8M 57% of free cash flow
- Change in cash
- −$2.71B cash at year-end $2.37B
Cash from operations
$261.4M
Capital expenditures
−$78.2M
Acquisitions & other
−$10.55B
Dividends
−$104.8M
Share buybacks (net)
+$4.83B
Net borrowing (repayment)
+$3.07B
Shares issued
+$4.81B
Other financing
−$4.95B
Change in cash
−$2.71B
Drawn to scale: where the cash came from and how it was used. Hover for values.
QXO operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
QXO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.8M2016 | $261.4M2025 | +73.9%/yr | |
| Capital expenditures | $496,7192016 | $78.2M2025 | +75.4%/yr | |
| Free cash flow | $1.3M2016 | $183.2M2025 | +73.3%/yr | |
| Free cash flow margin | 3.8%2016 | 2.7%2025 | −1.1 pts | |
| Operating cash flow / net income | 0.522016 | 3.032024 | +2.51 | |
| Stock-based compensation | $42,7952016 | $144.5M2025 | +146.6%/yr | |
| Dividends paid | $264,6992016 | $104.8M2025 | +94.4%/yr | |
| Share buybacks (net) | $3,6612018 | $02025 | −100.0% | |
| Capex / revenue | 1.5%2016 | 1.1%2025 | −0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
QXO cash flow by activity
OperatingInvestingFinancingChange in cash
QXO net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
QXO cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$279.4M | $28.0M | −$1.1M | −$282,219 | −$134,434 | $175,647 | −$1.5M | −$921,573 | −$486,469 | $3.4M |
| Depreciation & amortization | $423.1M | $1.1M | $1.0M | $1.8M | $1.4M | $1.1M | $932,200 | $649,427 | $620,297 | $684,660 |
| Stock-based compensation | $144.5M | $34.5M | $41,000 | $180,260 | $441,310 | $10,194 | $16,910 | $73,307 | $101,688 | $42,795 |
| Change in working capital | −$124.4M | $22.1M | $709,000 | $339,631 | −$1.2M | $588,133 | −$305,677 | $117,557 | $977,261 | −$154,792 |
| Other non-cash items | $97.6M | −$846,000 | −$97,000 | $44,893 | −$317,922 | −$166,876 | $427,034 | $1.4M | $1.1M | −$2.2M |
| Cash from operating activities | $261.4M | $84.9M | $584,000 | $2.0M | $226,034 | $1.7M | −$397,397 | $1.3M | $2.3M | $1.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$78.2M | −$102,000 | −$121,000 | −$38,742 | −$114,761 | −$124,782 | −$152,402 | −$397,822 | −$755,510 | −$496,719 |
| Investments (net) | — | −$102,000 | −$399,416 | −$188,742 | −$510,464 | $839,808 | — | — | — | — |
| Acquisitions & other investing | −$10.55B | $102,000 | $120,416 | $38,742 | $114,761 | $124,782 | $8.2M | −$665,723 | −$60,000 | $0 |
| Cash from investing activities | −$10.63B | −$102,000 | −$400,000 | −$188,742 | −$510,464 | $839,808 | $8.0M | −$1.1M | −$815,510 | −$496,719 |
| Financing activities | ||||||||||
| Dividends paid | −$104.8M | −$49.6M | −$1.1M | $0 | −$3.1M | −$4.1M | −$225,038 | — | −$359,014 | −$264,699 |
| Share repurchases & issuance (net) | $4.83B | $5.03B | — | $0 | — | $0 | $0 | −$3,661 | — | — |
| Net borrowing (repayment) | $3.07B | −$1.9M | −$999,000 | −$655,134 | −$596,067 | — | — | — | — | — |
| Shares issued | $4.81B | $5.03B | $0 | $0 | $4.2M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$4.95B | −$5.03B | $0 | $0 | $0 | −$580,739 | −$645,132 | −$561,846 | −$520,003 | −$605,006 |
| Cash from financing activities | $7.66B | $4.98B | −$2.0M | −$655,134 | $503,131 | −$4.6M | −$870,170 | −$565,507 | −$879,017 | −$869,705 |
| Summary | ||||||||||
| Net change in cash | −$2.71B | $5.07B | −$1.9M | $1.2M | $218,701 | −$2.1M | $6.8M | −$334,490 | $614,298 | $427,736 |
| Cash at end of period | $2.37B | $5.07B | $6.1M | $8.0M | $6.8M | $6.6M | $8.7M | $1.9M | $2.2M | $1.6M |
| Free cash flow | $183.2M | $84.8M | $463,000 | $2.0M | $111,273 | $1.6M | −$549,799 | $896,740 | $1.6M | $1.3M |
| Free cash flow margin | 2.7% | 149.1% | 0.8% | 4.4% | 0.3% | 3.9% | −1.4% | 2.5% | 4.5% | 3.8% |
| Capex / revenue | 1.1% | 0.2% | 0.2% | 0.1% | 0.3% | 0.3% | 0.4% | 1.1% | 2.2% | 1.5% |
| Operating cash flow / net income | — | 3.03 | — | — | — | 9.84 | — | — | — | 0.52 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$55.0M | −$227.1M | −$90.2M | −$139.4M | −$58.6M | $8.8M | $11.3M | $17.1M | −$591,000 | $138,000 | $419,231 | −$2.1M |
| Depreciation & amortization | $197.8M | $164.2M | $158.3M | $157.5M | $107.0M | $278,000 | $271,000 | $137,000 | $356,533 | $276,000 | $113,996 | $49,000 |
| Stock-based compensation | $28.8M | $39.2M | $28.2M | $31.1M | $64.9M | $20.3M | $20.5M | $14.0M | $0 | $0 | $0 | $497 |
| Change in working capital | −$417.5M | $100.0M | $144.6M | $111.9M | −$388.0M | $7.1M | $22.9M | −$21,000 | −$599,419 | −$200,000 | −$740,083 | $3.4M |
| Other non-cash items | $29.3M | −$5.7M | −$54.3M | $51.4M | $100.4M | $62,000 | −$1.1M | $373,000 | −$214,626 | $151,000 | −$27,062 | −$170,497 |
| Cash from operating activities | −$216.6M | $70.6M | $186.6M | $212.5M | −$174.2M | $36.5M | $54.0M | $31.6M | −$1.0M | $365,000 | −$233,918 | $1.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$31.5M | −$22.5M | −$28.4M | −$30.1M | −$18.9M | −$805,000 | −$38,000 | −$2,000 | −$1,476 | −$61,000 | −$46,020 | −$51,000 |
| Investments (net) | — | — | — | −$29.0M | −$10.57B | −$805,000 | −$38,000 | −$2,000 | −$1,476 | −$60,524 | −$324,509 | −$50,907 |
| Acquisitions & other investing | −$1.96B | $3.0M | $2.5M | $30.1M | $18.9M | $805,000 | $38,000 | $2,000 | $1,476 | $60,524 | $46,020 | $50,907 |
| Cash from investing activities | −$2.00B | −$19.5M | −$25.9M | −$29.0M | −$10.57B | −$805,000 | −$38,000 | −$2,000 | −$1,476 | −$61,000 | −$324,509 | −$51,000 |
| Financing activities | ||||||||||||
| Dividends paid | −$53.6M | −$30.4M | −$30.4M | −$29.4M | −$22.5M | −$22.5M | −$22.5M | −$9.8M | −$17.4M | $0 | −$1.1M | −$1.1M |
| Share repurchases & issuance (net) | −$24.2M | −$28.1M | $4.83B | $4.83B | $4.79B | $0 | $45,000 | $5.03B | −$45,000 | — | — | — |
| Net borrowing (repayment) | $3.00B | −$12.2M | −$54.8M | −$168.0M | $3.29B | −$31,000 | −$30,000 | −$1.5M | — | — | — | — |
| Shares issued | $1.99B | $749.5M | $0 | $23.8M | $4.79B | $0 | $0 | $4.05B | $0 | $0 | $0 | $0 |
| Other financing | $24.2M | −$44.9M | −$4.85B | −$4.81B | −$4.91B | $0 | −$45,000 | −$5.03B | $983.5M | −$169,000 | $873,000 | −$290,000 |
| Cash from financing activities | $4.94B | $633.9M | −$105.8M | −$155.1M | $7.95B | −$22.5M | −$22.5M | $4.04B | $966.1M | −$169,000 | −$178,000 | −$1.3M |
| Summary | ||||||||||||
| Net change in cash | −$276.1M | $684.7M | $54.7M | $28.4M | −$2.80B | $13.2M | $31.4M | $4.07B | $965.0M | $135,000 | −$736,222 | −$250,000 |
| Cash at end of period | $2.77B | $3.05B | $2.37B | $2.31B | $2.28B | $5.09B | $5.07B | $5.04B | $971.3M | $6.3M | $6.1M | $6.9M |
| Free cash flow | −$248.1M | $48.1M | $158.2M | $182.4M | −$193.1M | $35.7M | $53.9M | $31.6M | −$1.0M | $304,000 | −$279,938 | $1.1M |
| Free cash flow margin | −7.6% | 2.8% | 7.2% | 6.7% | −10.1% | 264.3% | 365.7% | 240.2% | −7.2% | 2.1% | −1.9% | 8.1% |
| Capex / revenue | 1.0% | 1.3% | 1.3% | 1.1% | 1.0% | 6.0% | 0.3% | 0.0% | 0.0% | 0.4% | 0.3% | 0.4% |
| Operating cash flow / net income | — | — | — | — | — | 4.17 | 4.78 | 1.84 | — | 2.64 | −0.56 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
QXO cash generation
In fiscal 2025 (ended December 31, 2025), QXO generated $261.4 million of cash from operations (up 208.0%) and spent $78.2 million on capital expenditures, leaving free cash flow of $183.2 million, 2.7% of revenue. It returned $104.8 million to shareholders through dividends ($104.8 million) and net share buybacks ($0). Cash and equivalents fell by $2.7 billion over the year.
Related: QXO income statement, QXO balance sheet. See the QXO stock overview for the latest quote and news.
QXO cash flow FAQ
What is QXO's free cash flow?
QXO's free cash flow was $183.2 million in fiscal 2025: $261.4 million of operating cash flow minus $78.2 million of capital expenditures It was $84.8 million a year earlier..
How much cash does QXO generate from operations?
QXO generated $261.4 million of cash from operating activities in fiscal 2025.
How much does QXO spend on capital expenditures?
QXO spent $78.2 million on capital expenditures in fiscal 2025, 1.1% of revenue, compared with $0.1 million the year before.
How much does QXO pay in dividends?
QXO paid $104.8 million in dividends in fiscal 2025, 57.2% of free cash flow.