QXO outlines plan to more than double EBITDA to $4B by 2030 through operational improvements

QXO disclosed that it posted an investor Q&A on its website and is furnishing supplemental historical financial information. This is a Regulation FD disclosure, meaning the company is making material information publicly available to all investors simultaneously. The actual content of the Q&A and financial details are in the attached exhibits, which are not included in this filing body.

QXO disclosed that its combined platform (Beacon, Kodiak, and TopBuild) generated approximately $18 billion in revenue and nearly $2 billion in Adjusted EBITDA on a pro forma full-year 2025 basis. The company now operates 1,150 locations with 28,000 employees across North America, establishing it as a scaled building products distribution platform.

QXO disclosed a phased technology deployment schedule, with the core Beacon ERP, WMS, point-of-sale, and e-commerce stack targeted for substantial completion by Q1 2027, followed by Kodiak and TopBuild integration by Q3 2027. The company expects accelerated organic growth in 2027 and beyond once the technology stack and integration work mature.

QXO stated it does not anticipate near-term equity issuance and will prioritize integration, free cash flow generation, and deleveraging following the TopBuild acquisition. The company indicated it is in a digestion phase focused on operational execution rather than large M&A, though tuck-in acquisitions remain part of the long-term strategy.

QXO reported combined company revenue of $18,088.7 million for the year ended December 31, 2025. This figure aggregates net sales from QXO ($6,842.2M), pre-acquisition Beacon ($2,694.6M), Kodiak ($2,337.8M), and TopBuild ($6,214.1M), with TopBuild's amount including net sales of certain businesses prior to TopBuild's acquisition of such businesses during 2025, most significantly SPI acquired in October 2025 and Progressive Roofing acquired in July 2025.

QXO disclosed combined company Adjusted EBITDA of $2,129.6 million for 2025, comprising QXO Adjusted EBITDA of $647.8M, pre-acquisition Beacon Adjusted EBITDA of $135.2M, Kodiak Adjusted EBITDA of $204.7M, and TopBuild Adjusted EBITDA of $1,141.9M. This non-GAAP measure excludes items such as depreciation, amortization, stock-based compensation, transaction costs, transformation costs, restructuring costs, and inventory fair value adjustments.

QXO reported a net loss of $279.4 million for 2025, which after adjustments for depreciation ($108.4M), amortization ($314.7M), stock-based compensation ($144.5M), interest expense ($47.7M), loss on debt extinguishment ($49.7M), restructuring costs ($59.6M), transaction costs ($83.7M), transformation costs ($44.9M), and inventory fair value adjustments ($131.7M), resulted in Adjusted EBITDA of $647.8 million. The loss on debt extinguishment resulted from the partial prepayment of borrowings under the company's term loan facility in May 2025 and the subsequent refinancing of the term loan facility in November 2025.

For the pre-acquisition period of January 1, 2025 through April 28, 2025, Beacon reported a net loss of $71.9 million, which after adjustments for depreciation, amortization, stock-based compensation, interest expense, restructuring costs ($38.7M), transaction costs ($44.2M), and transformation costs, resulted in Adjusted EBITDA of $135.2 million.

TopBuild reported net income of $521.7 million for 2025, which after adjustments for depreciation, amortization, stock-based compensation, interest expense, income taxes, transaction costs, inventory fair value adjustments, restructuring costs, and refinancing costs, resulted in Adjusted EBITDA of $1,036.8 million. Including pre-acquisition Adjusted EBITDA of $105.1 million from businesses acquired during 2025 (primarily SPI and Progressive Roofing), TopBuild's total Adjusted EBITDA was $1,141.9 million.