Filing Flows › QXO (QXO) › Q1 2026 › vs Q4 2025
QXO (QXO) Q1 2026 vs Q4 2025 (quarter over quarter)
QXO's revenue fell $464M (-21%) from $2.2B in Q4 2025 to $1.7B in Q1 2026.
QXO, Q1 2026: revenue $1.7B (128× year over year), operating margin -14.6%, net loss $227M, operating cash flow $70.6M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 2.8% | 7.2% | -4.4 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $1.7B | $2.2B | −$464M | -21% |
| Income tax benefit | $53.2M | $17.3M | $35.9M | +208% |
| Net loss | $227M | $90.2M | $137M | +152% |
| Costs & expenses | $2.0B | $2.3B | −$291M | -13% |
| Operating costs | $2.0B | $2.3B | −$282M | -12% |
| Interest & other, net | $28.4M | $38.0M | −$9.6M | -25% |
| Cost of revenue | $1.3B | $1.7B | −$343M | -21% |
| SG&A | $497M | $441M | $55.9M | +13% |
| Other operating costs | $164M | $158M | $5.9M | +4% |
| Operating cash sources | $298M | $277M | $20.9M | +8% |
| Depreciation & amortization | $164M | $158M | $5.9M | +4% |
| Share-based compensation | $39.2M | $28.2M | $11.0M | +39% |
| Working capital & other | $94.3M | $90.3M | $4.0M | +4% |
| Net loss absorbed | $227M | $90.2M | $137M | +152% |
| Operating cash flow | $70.6M | $187M | −$116M | -62% |
| Free cash flow (OCF − capex) | $48.1M | $158M | −$110M | -70% |
| Capital expenditures | $22.5M | $28.4M | −$5.9M | -21% |
Questions
How much did QXO's revenue grow quarter over quarter in Q1 2026?
QXO's revenue fell $464M (-21%) from $2.2B in Q4 2025 to $1.7B in Q1 2026.