QXO Sales Jump After Beacon Deal as Losses Reflect Acquisition Costs

QXO said sales climbed sharply in the fourth quarter and the full year because the company began including Beacon Roofing Supply’s business after buying the distributor in April.

That timing matters: QXO’s 2024 results reflect a much smaller legacy business. In 2025, QXO began reporting Beacon’s sales from the closing date through year-end. The year-over-year comparisons mostly reflect the addition of Beacon, not underlying growth in the old QXO business.

Sales were $2.19 billion in the fourth quarter from $14.8 million a year earlier. For the full year, sales were $6.84 billion, from $56.9 million in 2024.

QXO reported a loss of $90.2 million in the fourth quarter, compared with profit of $11.3 million a year earlier. For the full year, QXO reported a loss of $279.4 million, compared with profit of $28.0 million in 2024.

The company said the losses were largely tied to the Beacon transaction — including deal costs, the work of combining the businesses, and accounting items created by adding Beacon to QXO’s books.

“Our fourth quarter results were in line with the pre-announcement we made last month,” said Brad Jacobs, QXO’s chairman and chief executive officer. “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.”

With Beacon now forming most of QXO’s business, sales in the quarter were concentrated in roofing and related products. Residential roofing generated $1.03 billion, followed by $614.4 million from non-residential roofing and $538.1 million from complementary building products. Software products and services added $16.0 million.

Jacobs also highlighted QXO’s next major acquisition: a $2.25 billion agreement to buy Kodiak Building Partners. QXO expects the deal to close early in the second quarter of 2026, subject to standard closing conditions.

QXO ended 2025 with $2.36 billion in cash, down from $5.07 billion a year earlier, reflecting the Beacon purchase and related financing. The company reported $3.06 billion in long-term debt at year-end.

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