Qxo, Inc. (QXO)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$9.9B

Revenue growth

408.2%

Net income, last twelve months

-$511.8M

Earnings per share

-$0.90

Gross margin

24.0%

Operating margin

-3.4%

Net margin

-5.2%

Free cash flow

$140.6M

Return on equity

-4.9%

Market value

$7.9B

Cash

$2.8B

Debt

$6.0B

Debt to equity

0.58

Shares outstanding

725.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 13 August 2026.

• Net sales rose with Kodiak included. Net sales were $3,246 million against $1,906 million a year earlier. Management said the total includes $595 million from legacy Kodiak operations, consolidated from April 1, 2026.
• Net loss narrowed to $55 million. Net loss was $55 million against $59 million a year earlier. Basic and diluted loss per share was $(0.14), against $(0.15); Adjusted Diluted Earnings per share was $0.08, against $0.11.
• Adjusted EBITDA rose; margin lower. Adjusted EBITDA was $272 million against $204 million, and the margin on net sales was 8.4% against 10.7%.
• Residential roofing sales rose. Residential roofing products were $1,266 million, 39.0% of net sales, against $930 million and 48.7% a year earlier. Its share of the mix fell as other lines grew.
• Non-residential roofing sales rose. Non-residential roofing products were $736 million, 22.7% of net sales, against $536 million and 28.1% a year earlier.
• Complementary products grew fastest. Complementary building products were $1,229 million, against $426 million a year earlier. Its share of net sales rose to 37.9% from 22.4%, close to residential roofing's 39.0%.
• Software sales little changed. Software products and services were $15 million, 0.4% of net sales, against $14 million and 0.8% a year earlier.
• Gross margin up, adjusted margin down. Gross margin was 24.7% against 21.1%. Adjusted Gross Margin was 24.7% against 25.3%, because the prior-year figure excluded $80 million of inventory fair value adjustments.
• Selling and administrative expense higher. SG&A expense was $649 million against $457 million, and depreciation was $56 million against $27 million a year earlier.
• Amortization rose to $140 million. Amortization was $140 million against $80 million a year earlier. Six-month amortization was $257 million against $80 million.
• Transaction and transformation costs. Transaction costs were $52 million against $66 million, and transformation costs were $24 million against $12 million. The company excludes both from Adjusted EBITDA.
• Largest insulation distributor and installer. The company describes itself as North America's largest distributor and installer of insulation, and as second-largest in roofing and in publicly traded lumber and building materials.
• Serves an $800 billion market. The company describes itself as a leading distributor and installer of building products in an $800 billion market.
• Mission to modernize distribution. The stated mission is to modernize the building products industry through technology and a customer experience the release describes as best-in-class.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2024

Company events

The newest 8-K filings of 180 held.

Every filing

The newest filings with the SEC of 496 held.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

729 funds held it at 30 Jun 2026: 442 added and 109 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Boise Cascade Co. (BCC): revenue $6.5B, market value $2.6B

What the company does

QXO, Inc. is a building products distributor that sells roofing, waterproofing and complementary building products in North America. It was formerly SilverSun Technologies, Inc., a software and professional services company, and changed its name to QXO on 6 June 2024. On 29 April 2025 it completed the acquisition of Beacon Roofing Supply, Inc., which was renamed QXO Building Products, Inc. The company says it is the largest publicly-traded distributor of roofing, waterproofing and complementary building products in North America. QXO Building Products operates approximately 600 branches across all 50 states of the United States and seven provinces of Canada, and has served the building industry for over 95 years.

How the business is organised Before the Beacon acquisition, QXO provided software applications, consulting, programming, training and technical support to small and mid-size companies in manufacturing, distribution and services.

- Residential roofing products: 48.3% - Non-residential roofing products: 27.5% - Complementary building products: 23.3% - Software products and services: 0.9%

QXO buys products through its national headquarters, regional offices and local branches. It says this lets it use both its scale and local market conditions when purchasing.

What it sells In the residential market, asphalt shingles make up the largest share of what QXO sells. In the non-residential market, single-ply membranes, insulation and accessories make up the largest share. Complementary products are mainly waterproofing, siding, plywood / oriented strand board, and windows and doors. QXO also sells a private label brand, TRI-BUILT®. It fills the vast majority of its warehouse orders from inventory on hand at its branches. Its sales force advises customers through the life of a project, including training and technical support.

Who buys from it Customers are professional contractors, home builders, building owners, lumberyards and retailers in the United States and Canada. The company says it serves over 110,000 residential and non-residential customers, from small contractors to national builders. No single customer accounted for more than 1% of net sales.

The company says repair and re-roofing makes up approximately 80% of roofing distribution industry revenue, and that approximately 94% of that repair work is non-discretionary. It puts the remaining 20% down to new construction. Demand for exterior building materials follows the seasons and the weather.

Suppliers and how it competes QXO buys from many roofing, complementary product and exterior waterproofing manufacturers, which it says reduces dependence on any one company. Its largest suppliers include Owens Corning, GAF, Carlisle Construction Materials, CertainTeed Roofing and Siding, IKO Manufacturing, TAMKO Building Products, Johns Manville, James Hardie Building Products, Dow and Sika USA. Manufacturers ship primarily to QXO's branches, and also directly to customers.

Competitors are national, regional and local specialty distributors and big box retailers. The filing says there are over 7,000 distributors in North America and approximately 13,000 in Europe. It also says approximately 30% of the roofing supply industry is held by over 500 dealers that remain locally competitive.

- Availability of materials and supplies - Technical product knowledge and advisory expertise - Delivery and other services, including digital capabilities - Pricing - Availability of credit and capital

Strategy The company says it intends to grow through acquisitions, organic growth including greenfield openings, and changes to the operations of businesses it acquires. It names technology, pricing, inventory planning, supply chain and branch network changes as areas of focus. It also names growth in products complementary to roofing, more private label sales and more digital sales. On 10 February 2026 it agreed to acquire Kodiak Building Partners from Court Square Capital Partners. The company says it expects that deal to close early in the second quarter of 2026.

Its people and regulation QXO had 7,794 active employees as of 31 December 2025. Of these, 320 are represented by labor unions, and the filing reports no material outstanding labor disputes. QXO is subject to regulation by federal, state, provincial and local agencies, including the Environmental Protection Agency, Department of Transportation, Occupational Safety and Health Administration, Department of Labor and Equal Employment Opportunity Commission. The company says compliance has no material effect on its capital expenditures, earnings or competitive position.

*From QXO's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1236275/000162828026012601/qxo-20251231.htm)*

From the company's 10-K.