Filing Flows › QXO (QXO) › Q4 2025
QXO (QXO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
QXO (QXO) reported revenue of $2.2B for the fourth quarter 2025 (Q4 2025), up 148-fold from a year earlier and -20% from the quarter before. Operating margin was -3.2%, net loss $90.2M (4.1% of revenue).
QXO, Q4 2025: revenue $2.2B (148× year over year), operating margin -3.2%, net loss $90.2M, operating cash flow $187M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.2B | -20% | 148× |
| Operating profit | −$69.5M | -369% | — |
| Net earnings | −$90.2M | — | -898% |
| Operating cash flow | $187M | -12% | +246% |
| Free cash flow | $158M | -14% | +194% |
What changed
Revenue was $2.2B in Q4 2025, up 14725% year over year and down 20% from the previous quarter.
Gross margin was 24.2%, down 17.1 points from Q4 2024. Operating costs exceeded revenue by $0.07B, an operating margin of -3.2%. Operating expenses grew 1425% against revenue growth of 14725%. The fastest-growing cost line was Other operating costs (+52667%). The quarter ended with a net loss of $0.09B, narrower than the previous quarter's $0.14B loss.
Operating cash flow was $0.19B (up 246% year over year). Non-cash charges added back $0.36B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.11B. Capital expenditures of $0.03B left free cash flow of $0.16B.
Questions
What was QXO's revenue in the fourth quarter 2025?
QXO (QXO) reported revenue of $2.2B for the fourth quarter 2025 (Q4 2025), up 148-fold from a year earlier and -20% from the quarter before.
Was QXO profitable in the fourth quarter 2025?
Operating loss was $69.5M (-3.2% of revenue) and net loss $90.2M.
Source: QXO 10-K on SEC EDGAR.