QXO reports third quarter 2026 results

Finalized financial results available from QXO.

QXO, Inc. (“QXO” or the “Company”) (NYSE: QXO) today reported financial results for the third quarter of 2026. For the three months ended September 30, 2026, basic and diluted loss per common share was $(0.17). Adjusted Diluted Earnings per Common Share, a non-GAAP financial measure, was $0.13.

Note: The following summary of financial results for the three and nine months ended September 30, 2026, includes the legacy Kodiak Building Partners, Inc. (“Kodiak”) operational results from the date of acquisition on April 1, 2026, through September 30, 2026 and the legacy TopBuild Corp. (“TopBuild”) operational results from the date of the acquisition on July 1, 2026, through September 30, 2026. The summary of financial results for the nine months ended September 30, 2025, includes the legacy Beacon Roofing Supply, Inc. (“Beacon”) operational results from the date of acquisition on April 29, 2025, through September 30, 2025.

Brad Jacobs, chairman and chief executive officer of QXO, said, “Our organic daily revenue trends improved for the second consecutive quarter despite a soft construction market. Companywide pricing increased 2.2% year over year. We’re prioritizing higher-margin products; in Roofing and Waterproofing, complementary product sales grew 4.2%, and TRI-BUILT reached a record 10.6% of sales. Mechanical insulation distribution revenue grew 16%, supported by strong data center demand.”

Jacobs continued, “We have significant opportunities to grow by further integrating our businesses. We serve 194,000 customers across the legacy Beacon, Kodiak and TopBuild businesses, but typically supply only a portion of what they need for a project. Our broader offering helps customers work with fewer suppliers, coordinate installation and reduce construction costs. We’re also improving our purchasing terms and applying successful operating practices from individual businesses across QXO.

“Technology will help us serve customers better and operate more efficiently across our network. We’re connecting our sales, inventory and warehouse systems so employees can access information more easily and spend less time entering data in multiple applications. Our people will be able to provide quotes faster, check inventory in real time and respond to customers more quickly. AI will help salespeople identify opportunities to sell additional products and win back dormant accounts. Better delivery planning will improve service and reduce transportation costs.

“We’re on track to reach $4 billion in adjusted EBITDA by 2030 from the businesses we already own and $50 billion in annual revenue within the decade through organic growth and disciplined acquisitions.”

In addition, the Company’s Board of Directors has authorized a common share repurchase program of $500 million with no expiration date. The authorization to repurchase common shares will be used at management’s discretion, and the amount and timing of common share repurchases under the authorization will be subject to various factors. The program does not obligate the Company to repurchase any shares and may be suspended or discontinued at any time.

Third Quarter Highlights

Net sales totaled $4.90 billion for the three months ended September 30, 2026, including $1.64 billion from TopBuild and $589 million from Kodiak.

For the third quarter of 2026, net loss was $123 million and Adjusted Net Income, a non-GAAP financial measure, was $229 million. Basic and diluted loss per common share was $(0.17) and Adjusted Diluted Earnings per Common Share, a non-GAAP financial measure, was $0.13.

Adjusted EBITDA, a non-GAAP financial measure, was $557 million for the three months ended September 30, 2026.

About QXO

QXO is a leading distributor and installer of building products in North America, serving an $800 billionmarket. The company’s mission is to modernize the building products industry through advanced technology and a best-in-class customer experience. QXO is the largest distributor and installer of insulation, the second-largest distributor of roofing products, the second-largest publicly traded distributor of lumber and building materials and the largest distributor of waterproofing products. The company is targeting $50 billion in annual revenue within the decade through accretive acquisitions and organic growth. For more information, visit QXO.com.

Non-GAAP Financial Measures

As required by the Securities and Exchange Commission (“SEC”) rules, the financial tables attached to this press release reconcile each non-GAAP financial measure to its most directly comparable measure under GAAP.

We calculate Adjusted Gross Profit as gross profit excluding inventory fair value adjustments, and we calculate Adjusted Gross Margin as Adjusted Gross Profit divided by net sales. We calculate Adjusted Net Income (Loss) as net income (loss) excluding amortization; stock-based compensation; loss on debt extinguishment; restructuring costs; transaction costs; transformation costs; inventory fair value adjustments; and the income tax associated with such adjusting items. We calculate Adjusted Diluted Earnings (Loss) per Common Share as Adjusted Net Income (Loss) attributable to common stockholders divided by the weighted-average number of common shares outstanding during the period plus the effect of dilutive common share equivalents based on the most dilutive result of the if-converted and two-class methods. We calculate Adjusted EBITDA as net income (loss) excluding depreciation; amortization; stock-based compensation; interest (income) expense, net; loss on debt extinguishment; provision for (benefit from) income taxes; restructuring costs; transaction costs; transformation costs; and inventory fair value adjustments that we do not consider representative of our underlying operations. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales.

The following expenses are excluded from Adjusted Net Income (Loss) and Adjusted EBITDA:

Restructuring costs. Represent severance and employee-related costs and abandoned lease costs associated with a restructuring plan that is expected to yield annualized savings but excludes stock-based compensation expense recognized as a result of a restructuring plan.

Transaction costs. Represent certain direct and incremental costs related to M&A activities. Transaction costs are impacted by the timing and size of the acquisitions.

Transformation costs. Represent certain direct costs for strategic investments to modernize our business and operations and to integrate acquired businesses into QXO, including rebranding costs, retention costs for key employees of acquired businesses, IT infrastructure transformation costs, costs incurred to invest in new technologies such as artificial intelligence and costs associated with non-recurring transformational initiatives to improve or optimize business operations. These costs are directed at optimizing the Company’s processes to modernize the Company’s operations.

We have provided a reconciliation below of Adjusted Gross Profit to gross profit, the most directly comparable financial measure as measured in accordance with GAAP, as well as a calculation of gross margin and Adjusted Gross Margin. We have provided a reconciliation below of Adjusted Net Income (Loss) to net income (loss), the most directly comparable financial measure as measured in accordance with GAAP, as well as a calculation of diluted earnings (loss) per common share and Adjusted Diluted Earnings (Loss) per Common Share. We have also provided a reconciliation below of Adjusted EBITDA to net income (loss), the most directly comparable financial measure as measured in accordance with GAAP, as well as a calculation of net margin and Adjusted EBITDA Margin. We have not reconciled our Adjusted EBITDA target to net income, the most directly comparable GAAP measure, because we cannot predict without unreasonable efforts the outcome of certain items that are necessary for the reconciliation, including future acquisitions, stock-based compensation, transaction and transformation costs and provision for (benefit from) income taxes, the impact of which could be significant.

Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating QXO’s ongoing performance. We believe these non-GAAP financial measures facilitate analysis of our ongoing business operations because they exclude items that may not be reflective of, or are unrelated to, QXO’s core operating performance and may assist investors with comparisons to prior periods and assessing trends in our underlying business. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies.