GREENWICH, Conn.--(BUSINESS WIRE)--February 25, 2026--
QXO, Inc. ("QXO" or the "Company") $(QXO)$ today issued its financial results for the fourth quarter 2025, in line with the preliminary fourth-quarter information provided during last month's common stock offering. The Company reported a GAAP basic and diluted loss per common share of $(0.17), primarily reflecting acquisition-related amortization and transaction costs, and an Adjusted Diluted Earnings per Common Share ("Adjusted Diluted EPS"), a non-GAAP financial measure, of $0.02 for the three months ended December 31, 2025. For the full year 2025, the Company reported a GAAP basic and diluted loss per common share of $(0.63) and an Adjusted Diluted EPS, a non-GAAP financial measure, of $0.34.
Note: the following summary financial results include the legacy Beacon Roofing Supply, Inc. ("Beacon") operational results from the date of acquisition on April 29, 2025.
FOURTH QUARTER AND FULL YEAR 2025 SUMMARY RESULTS
Three Months Ended December
31, Year Ended December 31,
--------------------------- -------------------------
(in millions,
except for per
share data) 2025 2024 2025 2024
-------------- ----------- ------------- ----------
Net sales $2,194.1 $ 14.8 $6,842.2 $ 56.9
Gross profit $ 529.9 $ 6.1 $1,572.7 $ 23.1
Adjusted
Gross
Profit(1) $ 529.9 $ 6.1 $1,704.4 $ 23.1
Gross margin 24.2% 41.2% 23.0% 40.6%
Adjusted
Gross
Margin(1) 24.2% 41.2% 24.9% 40.6%
Net (loss)
income $ (90.2) $ 11.3 $ (279.4) $ 28.0
Net margin (4.1)% 76.4% (4.1)% 49.2%
Adjusted
EBITDA(1) $ 150.3 $ (7.8) $ 647.8 $(19.9)
Adjusted
EBITDA
Margin(1) 6.9% (52.7)% 9.5% (35.0)%
Adjusted
Net
Income(1) $ 52.1 N/M $ 362.7 N/M
Basic and
diluted loss
per common
share $ (0.17) N/M $ (0.63) N/M
Adjusted
Diluted
EPS(1) $ 0.02 N/M $ 0.34 N/M
N/M - Not meaningful
(1) See the "Non-GAAP Financial Measures" section of the press release.
Brad Jacobs, chairman and chief executive officer of QXO, said, "Our fourth quarter results were in line with the pre-announcement we made last month. Operationally, we are executing against our integration plan across the legacy Beacon business, supported by disciplined investments in technology, sales capacity, and other high-return, long-term initiatives. On the M&A front, our recently announced $2.25 billion agreement to acquire Kodiak Building Partners triples our total addressable market to more than $200 billion. With Kodiak, we have grown our EBITDA run rate to more than $1 billion in under 10 months. Our acquisition pipeline remains very active, keeping us firmly on track to achieve $50 billion in annual revenue."
Fourth Quarter Highlights
Net sales were $2.19 billion for the three months ended December 31, 2025.
Adjusted Net Income, a non-GAAP financial measure, was $52.1 million for the three months ended December 31, 2025. Adjusted Diluted EPS, a non-GAAP financial measure, was $0.02 for the three months ended December 31, 2025.
Adjusted EBITDA, a non-GAAP financial measure, was $150.3 million for the three months ended December 31, 2025. Adjusted EBITDA Margin, a non-GAAP financial measure, was 6.9% for the three months ended December 31, 2025.
We expect the acquisition of Kodiak Building Partners to close early in the second quarter of 2026, subject to the satisfaction of customary closing conditions, and be highly accretive to QXO's 2026 earnings.
About QXO
QXO is the fastest growing publicly traded distributor of building products in North America. The Company is executing its strategy to become the tech-enabled leader in the $800 billion building products distribution industry and generate outsized value for its shareholders. QXO expects to achieve its target of $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.
Non-GAAP Financial Measures
As required by the rules of the Securities and Exchange Commission ("SEC"), we provide reconciliations of the non-GAAP financial measures contained in this press release to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this press release.
QXO's non-GAAP financial measures in this press release include: Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income, Adjusted Diluted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin.
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 as net (loss) income 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 EPS as Adjusted Net Income divided by the weighted-averaged 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 (loss) income 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.
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.
Forward-looking statements
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact, including statements with respect to the benefits of our long-term initiatives and the acquisition of Kodiak Building Partners, are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target," "trajectory" or the negative of these terms or other comparable terms. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.
These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC, and the following:
-- an inability to obtain the products we distribute resulting in lost
revenues and reduced margins and damaging relationships with customers;
-- a change in supplier pricing and demand adversely affecting our income
and gross margins;
-- a change in vendor rebates adversely affecting our income and gross
margins;
-- our inability to identify potential acquisition targets, successfully
complete acquisitions on acceptable terms, or successfully integrate
acquired businesses into our operations;
-- risks related to maintaining our safety record;
-- the possibility that building products distribution industry demand may
soften or shift substantially due to cyclicality or dependence on general
economic and political conditions, including inflation or deflation,
interest rates, governmental subsidies or incentives, consumer confidence,
labor and supply shortages, weather and commodity prices;
-- risks related to fragmentation in our industry and the possibility that
regional or global barriers to trade or a global trade war could increase
the cost of products in the building products distribution industry,
which could adversely impact the competitiveness of such products and the
financial results of businesses in the industry;
-- seasonality, weather-related conditions and natural disasters;
-- risks related to the effective development and proper functioning of
our information technology systems, including from cybersecurity threats,
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