QXO (QXO) opened Q1 2026 with total revenue of US$1.7 billion and a basic EPS loss of US$0.31, as net income excluding extra items came in at a loss of US$227.1 million. Over the last five reported quarters, the company has seen revenue move from US$13.5 million in Q1 2025 to US$2.2 billion in Q4 2025 and then to US$1.7 billion in Q1 2026, while quarterly EPS moved from a loss of US$0.03 to a loss of US$0.17 and then to a loss of US$0.31 over the same stretch. For investors, the key focus this quarter is how that expanding top line compares with the still heavy losses and compressed margins.

See our full analysis for QXO.

With the latest numbers on the table, the next step is to see how this earnings profile lines up with the most widely discussed bull and bear narratives around QXO.

TTM losses reach US$624.2 million despite US$8.6 billion in revenue

• Over the last twelve months, QXO generated about US$8.6 billion in revenue and reported a loss of US$624.2 million, with trailing EPS at a loss of US$0.91.
• Bears point to the 96.3% annual rate of historical earnings declines and the current lack of profitability, and this trailing loss profile lines up with that concern.
  • Quarterly net loss excluding extra items widened from US$84.1 million in Q2 2025 to US$227.1 million in Q1 2026, while quarterly revenue moved between US$1.9 billion and US$2.7 billion over that stretch.
  • At the per share level, basic EPS moved from a loss of US$0.15 in Q2 2025 to a loss of US$0.31 in Q1 2026, which fits the bearish focus on pressure at both margin and per share outcomes.

Revenue forecasts of ~20% growth vs three more years of losses

• Revenue is modeled to grow roughly 20% per year, while the company is not forecast to reach profitability over the next three years. As a result, the current growth story sits alongside ongoing losses.
• What stands out for the bearish argument is that this expected revenue growth has so far come with persistent losses, rather than a clear path to positive earnings.
  • Across the last five reported quarters, total revenue moved from US$13.5 million in Q1 2025 to between US$1.7 billion and US$2.7 billion thereafter, yet net income excluding extra items stayed in loss territory every time, including a loss of US$227.1 million in Q1 2026.
  • Trailing twelve month EPS is a loss of US$0.91, and even with the revenue growth forecast, bears highlight that the stated three year window without profitability keeps the focus on execution risk rather than earnings support.

DCF fair value of US$46.04 vs US$17.02 price and 1.4x P/S

• The stock trades around US$17.02 with a P/S of 1.4x, compared with peers at 1.7x and the US Trade Distributors industry at 1.1x. A DCF fair value of US$46.04 sits well above the current price.
• Consensus narrative in the analysis weighs this apparent discount against heavy losses and shareholder dilution, which makes the valuation picture more of a tradeoff than a one way upside case.
  • The roughly 63% gap between the US$17.02 share price and the US$46.04 DCF fair value lines up with the view that the stock screens as cheap on modeled cash flows and on P/S compared with peers.
  • At the same time, the trailing twelve month loss of US$624.2 million and the record of substantial dilution over the past year support the idea that any valuation upside needs to be considered alongside the impact on per share ownership and ongoing losses.

To see how this valuation gap and the loss profile are being interpreted by different investors, and how they tie these figures into long term narratives, it is worth looking at the broader discussion around QXO.📊 Read the what the Community is saying about QXO.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for QXO on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Given the mix of concerns and optimism throughout this earnings story, it makes sense to review the data yourself and move quickly to shape a personal view using the 2 key rewards and 3 important warning signs.

See What Else Is Out There

QXO is growing revenue but still reports sizeable losses, compressed margins, and shareholder dilution, which keeps earnings support and capital preservation in question.

If you want ideas where the focus is more on resilience than on turning around heavy losses, check out 68 resilient stocks with low risk scores to quickly scan companies with lower risk profiles and potentially steadier fundamentals.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.