QXO · QXO, Inc.

QXO's first quarter 2026 results show a dramatic scale-up with net sales surging to $1.73 billion from $13.5 million year-over-year, driven by integration of the legacy Beacon business and investments in technology and sales capacity. However, the company posted a substantial GAAP net loss of $227.1 million, or $(0.35) per share, compared to a $8.8 million profit last year, primarily due to elevated operating expenses of $661.2 million including $116.9 million amortization and $497.0 million SG&A, alongside $31.1 million interest expense. Gross profit stood at $409.3 million, but operational losses totaled $251.9 million. Non-GAAP metrics paint a brighter picture with Adjusted EBITDA turning positive at $1.2 million (0.1% margin) from a $9.0 million loss, and Adjusted Net Loss at $57.2 million. Chairman and CEO Brad Jacobs attributed softness to building products industry conditions but emphasized execution on integration and long-term initiatives. Key capital events bolster the balance sheet: a January stock offering raised $749 million net proceeds, and $2.0 billion from Series C Preferred Stock funded the April 1 Kodiak acquisition for $2.25 billion total consideration. The pending $17 billion TopBuild deal, announced April 18, positions QXO as North America's second-largest public building products distributor post-close in Q3 2026, supporting the $50 billion annual revenue target within a decade through accretive M&A and organic growth. Balance sheet strength is evident with cash at $3.05 billion as of March 31, up from $2.36 billion year-end.