0001628280-25-050298
SEC filingQXO完成Beacon收购后首季营收$2.73B，但净亏$139.4M，转型建材分销龙头。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $2,728.3M | $13.1M | +20727% |
| Gross Profit | $635.8M | $5.5M | +11460% |
| Gross Margin | 23.3% | 42.0% | -1870 bps |
| Operating Income | $25.8M | -$33.7M | +176% |
| Operating Margin | 0.9% | -257.3% | +25820 bps |
| Net Income | -$139.4M | $17.2M | -910% |
| Diluted EPS | -$0.24 | -$0.01 | - |
| Adjusted EBITDA | $301.9M | -$11.4M | +2748% |
| Operating Cash Flow | $74.8M | $30.9M | +142% |
| Free Cash Flow | $25.0M | $30.8M | -19% |
QXO本季完成对Beacon Roofing Supply的收购，营收从$13.1M暴增至$2.73B，主要来自Beacon的并表。毛利率从42.0%大幅下降至23.3%，主要受$51.4M库存公允价值调整影响，调整后毛利率为25.2%，仍低于去年同期，反映建材分销业务毛利率较低的特性。
净亏损$139.4M，主要由于$128.9M的所得税费用（因收购产生的递延税负债）和$117.8M的摊销费用。剔除一次性项目后，调整后净利为$166.2M，调整后EPS为$0.14，显示核心业务盈利能力良好。调整后EBITDA为$301.9M，调整后EBITDA利润率为11.1%，表明Beacon业务本身具有较好的现金流创造能力。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Residential roofing products | $1,351.7M | — | — | — | 最大分部，占49.6% |
| Non-residential roofing products | $734.0M | — | — | — | 占26.9% |
| Complementary building products | $628.5M | — | — | — | 占23.0% |
| Software products and services | $14.1M | +7.6% | — | — | 原业务，占比极小 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $2,306.9M | -$2,761.6M |
| Total Debt | $3,100.0M | +$3,100.0M |
| Net Debt | $793.1M | +$793.1M |
| Inventory | $1,663.8M | +$1,663.8M |
| Operating Cash Flow | $74.8M | +$43.9M |
| Capex | $49.8M | +$49.7M |
| Free Cash Flow | $25.0M | -$5.8M |
| FCF 转化率 | 13.2% | — |
资本配置：QXO在Q3支付了$22.5M的Convertible Preferred Stock股息和$7.9M的Mandatory Convertible Preferred Stock股息。公司通过发行股票和优先股筹集了大量资金，用于收购Beacon和偿还债务。Q3末现金$2.31B，总债务$3.1B，净债务$793.1M，杠杆水平可控。
前瞻指引：公司未提供具体财务指引，但重申了十年内实现$50B年营收的目标，通过增值收购和有机增长实现。
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