QXO completes $2.25B Kodiak buy, announces $17B TopBuild deal amid rapid M&A expansion

Filed May 12, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

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  Closed $2.25 billion Kodiak acquisition April 1, 2026 ($2B cash + 13.2M shares); announced pending $17 billion TopBuild acquisition expected Q3 2026, requiring stockholder approvals from both companies.

  MD&A: Kodiak and TopBuild Acquisitions verify on EDGAR →
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  Q1 2026 revenue jumped to $1.73 billion from $13.5 million prior year (Beacon consolidation), but posted $227 million net loss driven by integration costs, amortization, and interest expense on acquisition debt.

  MD&A: Q1 2026 Financial Results verify on EDGAR →
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  Raised $4.1 billion through four equity offerings (April 2025-January 2026) at progressively higher prices ($13.25 to $23.80 per share), significantly diluting existing common stockholders to fund acquisition strategy.

  MD&A: Multiple Equity Offerings verify on EDGAR →