QXO, Inc.

qxo.com

What Do They Do?

Distributes roofing, waterproofing and complementary building products to professional contractors, home builders and building owners.

How Do They Make Money?

QXO sells building products and is generally paid shortly after customers accept delivery or take possession; its sales contracts are typically short-term.

FY2025 revenue

Who Are Their Customers?

Sells to professional contractors and home builders, building owners, and lumberyards and retailers across the U.S. and Canada, ranging from small contractors to national-scale operators.

Do Revenues Turn Into Profits?

Not on paper. It lost $279.4M in FY2025, but brought in more cash than it spent: $183.2M of free cash flow.

Operating income, FY2025

−4% of revenue

▲ +245% (Loss) vs FY2024 (−$71M, −125%)

Net income, FY2025

−4% of revenue

▼ Now a loss vs FY2024 ($28M, 49%)

Free cash flow, FY2025

3% of revenue

▲ +116% vs FY2024 ($84.7M, 149%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +70%; vs $1.9B in Q2 FY2025
Net income: ▼ −7% (Loss); vs −$59M in Q2 FY2025

Jul 1, 2026 Completed the acquisition of TopBuild The transaction broadened QXO’s product offering and added installation capabilities.

Growing. Revenue grew 164.1x in 4 years, from $41.7M in FY2021 to $6.8B in FY2025, about 258% a year.

Comments