Company: QXO-PB
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050298
Chunk: 82

Company: QXO, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 82
---
 grantee or in the event of a change in control of the Company. Upon vesting, the RSUs and PRSUs result in the issuance of shares of the Company’s common stock. The holders of the RSUs and PRSUs do not have the rights of a stockholder and do not have voting rights until shares are issued and delivered in settlement of the awards. Stock-Based Compensation ExpenseStock-based compensation expense is included within selling, general and administrative expenses in the condensed consolidated statements of operations. The Company recognized stock-based compensation expense as follows:Three Months Ended September 30,Nine Months Ended September 30,(in millions)2025202420252024NSOs$0.4 $— $8.2 $— RSUs17.2 5.1 68.8 5.1 PRSUs13.5 8.9 39.3 8.9 Total stock-based compensation expense$31.1 $14.0 $116.3 $14.0 

9. Debt

The following table summarizes all outstanding debt:As ofSeptember 30, 2025(in millions)Principal BalanceCarrying ValueFair ValueRevolving Lines of CreditABL Facility(1)$43.0 $43.0 $43.0 Borrowings under revolving lines of credit$43.0 $43.0 $43.0 Long-term Debt, netTerm Loan Facility(2)$850.0 $824.0 $857.4 Notes(3)2,250.0 2,228.9 2,331.6 Long-term debt, net$3,100.0 $3,052.9 $3,189.0 (1) Effective rate on borrowings of 5.69% as of September 30, 2025.(2) Interest rate of 7.16% as of September 30, 2025.(3) Interest rate of 6.75% as of September 30, 2025.The Company did not have any outstanding debt as of December 31, 2024.As of September 30, 2025, all outstanding debt was classified as Level 2 in the fair value hierarchy. The fair values of QXO Building Products’ Notes and Term Loan Facility were based upon recent trading prices. The fair value of QXO Building Products’ ABL Facility approximated its carrying value and