Company: QXO-PB
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050298
Chunk: 174

Company: QXO, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 174
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 changes on cash, cash equivalents and restricted cash(0.3)— Net (decrease) increase in cash, cash equivalents and restricted cash$(2,761.3)$5,034.4 

Operating Activities

Net cash provided by operating activities was $74.8 million for the nine months ended September 30, 2025, compared to $30.9 million for the nine months ended September 30, 2024. Cash provided by operations increased $43.9 million during the nine months ended September 30, 2025. The increase in cash provided by operations was primarily due to the seasonal timing of net working capital requirements for inventory purchases and cash collections.

Investing Activities

Net cash used in investing activities was $10.6 billion for the nine months ended September 30, 2025, compared to $0.1 million for the nine months ended September 30, 2024. Cash used in investing activities increased $10.6 billion during the nine months ended September 30, 2025 primarily due to the Beacon Acquisition and an increase in capital expenditures during the period. See Note 3 –Acquisition in the Notes to the Condensed Consolidated Financial Statements for more information.

Financing Activities

Net cash provided by financing activities was $7.77 billion for the nine months ended September 30, 2025, compared to $5.0 billion for the nine months ended September 30, 2024. Cash provided by financing activities increased $2.77 billion during the nine months ended September 30, 2025 primarily due to the issuance of the Notes, net borrowings under our Term Loan Facility and ABL Facility, and net proceeds from the issuance of common stock and Mandatory Convertible Preferred Stock during the period, which were partially offset by net proceeds from the issuance of common stock, Convertible Preferred Stock and warrants in the prior year.

Item 3. Quantitative and Qualitative Disclosures about Market Risk 

We have operations principally within the U.S. and therefore have only minimal foreign currency exposure. We are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes. Information relating to quantitative and qualitative disclosures about these market risks is set forth below.

Interest Rate Risk

Our cash equivalents consist primarily of demand and money market accounts and have an original maturity date of 90 days or less. The fair value of our cash and cash equivalents would not be significantly affected by either an increase or decrease in interest rates due mainly