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QXO cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$248M in Q2 2026 · $141M over twelve months

Operating cash flow−$217M
Capital spending−$31.5M
Free cash flow−$248M
Cash conversion cycle61 days

Analysis

In Q2 2026, QXO generated −$217M of operating cash flow and spent $31.5M on capital projects, leaving free cash flow of −$248M. That is $53.7M less than in Q2 2025 (−$194M).

Over the twelve months to Jun 30, 2026, operating cash flow was $253M; the largest uses were acquisitions ($2.0B), capital spending ($112M), taxes on employees’ shares ($48.5M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.8B), other financing ($2.6B); the cash balance rose by $3.5B.

Operating cash flow was −$217M against net income of −$55.0M. The largest differences: receivables −$441M, payables +$333M, inventory −$183M.

Its cash conversion cycle was 61 days (receivables 41 + inventory 70 − payables 50).

Free cash flow

QXO: free cash flow by quarterQXO: free cash flow by quarter$31.6MQ3 2024$53.9MQ4 2024$36.4MQ1 2025−$194MQ2 2025$183MQ3 2025$158MQ4 2025$48.1MQ1 2026−$248MQ2 2026
Operating cash flow less capital spending.
QXO: operating cash flow against capital spendingQXO: operating cash flow against capital spendingOperating cash flowCapital spending$31.6M$2KQ3 2024$53.9M$38KQ4 2024$36.5M$146KQ1 2025−$174M$19.9MQ2 2025$213M$29.8MQ3 2025$187M$28.4MQ4 2025$70.6M$22.5MQ1 2026−$217M$31.5MQ2 2026
Latest (Q2 2026): Operating cash flow −$217M, Capital spending $31.5M.

Capital allocation, year by year

QXO: where the cash came from (up) and went (down), by fiscal yearQXO: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $226KFY2021: Net borrowing −$387KFY2021: Shares issued $4.2MFY2021: Asset sales $250KFY2021: Capital spending −$115KFY2021: Acquisitions −$646KFY2021: Dividends −$3.1M$4.7MFY2021FY2022: Operating cash flow $2.0MFY2022: Net borrowing −$547KFY2022: Capital spending −$150KFY2022: Acquisitions −$150K$2.0MFY2022FY2023: Operating cash flow $584KFY2023: Net borrowing −$999KFY2023: Capital spending −$121KFY2023: Acquisitions −$278KFY2023: Dividends −$1.1M$584KFY2023FY2024: Operating cash flow $84.8MFY2024: Net borrowing −$1.9MFY2024: Capital spending −$102KFY2024: Dividends −$17.4M$84.8MFY2024FY2025: Operating cash flow $261MFY2025: Net borrowing $2.2BFY2025: Shares issued $577MFY2025: Capital spending −$78.2MFY2025: Acquisitions −$10.6B$3.1BFY2025
Over these 5 years operating cash flow totalled $349M; the largest uses were acquisitions ($10.6B) and capital spending ($78.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.8B
Debt$6.0B
Net debt$3.3B

QXO funds itself: free cash flow was $141M over the last twelve months, and $2.8B of cash and investments stands against $6.0B of debt.

Where the cash came from and went

QXO: sources (+) and uses (−) of cash, Q2 2026QXO: sources (+) and uses (−) of cash, Q2 2026Other financing$4.9BCash drawn (+) / kept (−)−$2.7BOther investing−$2.0BOperating cash flow−$217MCapital spending−$31.5MNet borrowing (+) / repaid (−)−$13.8MShares issued$1.1MExchange rates$300KTaxes on employees’ shares$100K
QXO: sources (+) and uses (−) of cash, TTM to Q2 2026QXO: sources (+) and uses (−) of cash, TTM to Q2 2026Cash drawn (+) / kept (−)−$3.5BNet borrowing (+) / repaid (−)$2.8BOther financing$2.6BAcquisitions−$2.0BOperating cash flow$253MCapital spending−$112MTaxes on employees’ shares−$48.5MOther investing$7.4MShares issued$7.0MExchange rates−$500K

From profit to cash

QXO: net income to operating cash flow, Q2 2026QXO: net income to operating cash flow, Q2 2026Net income−$55.0MDepreciation & amortization$56.0MStock-based pay$28.8MDeferred taxes−$21.7MReceivables−$441MInventory−$183MPayables$333MPrepaid and other assets−$37.8MOther operating capital−$44.4MOperating cash flow−$217M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202641705061
Q1 2026591086899
Q4 202557875886
Q3 202553775971

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$217M−$31.5M—−$13.8M$1.1M−$2.7B−$248M
Q1 2026$70.6M−$22.5M—−$12.2M$900K−$685M$48.1M
Q4 2025$187M−$28.4M—−$54.8M$400K−$54.7M$158M
Q3 2025$213M−$29.8M$500K−$169M$4.6M−$28.7M$183M
Q2 2025−$174M−$19.9M—−$7.0M$14.0M$2.8B−$194M
Q1 2025$36.5M−$146K———−$13.2M$36.4M
Q4 2024$53.9M−$38K———−$31.4M$53.9M
Q3 2024$31.6M−$2K—−$1.6M—−$4.1B$31.6M

QXO: income statement and cash flow

QXO, Q2 2026: revenue $3.2B (+70% year over year), operating margin -1.3%. The chart follows the revenue to costs, profit and cash.

QXO: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.