Why This Matters to Distributors: QXO’s second-quarter results show the rapid transformation of the building products distributor following its acquisitions of Beacon Roofing Supply and Kodiak Building Partners. The subsequent TopBuild acquisition further expanded QXO’s scale as it pursues a goal of $50 billion in annual sales.
QXO Inc. reported $3.25 billion in second-quarter sales as acquisitions continued to reshape the building products distributor, making direct year-over-year comparisons increasingly difficult.
Sales for the three months ended on June 30 compared with $1.91 billion a year earlier. QXO reported a net loss of $55 million, compared with a $59 million loss in the second quarter of 2025.
The results reflect significant changes in QXO’s business between the two periods. The 2026 quarter includes a full three months of results from Kodiak Building Partners, which QXO acquired April 1. The year-earlier quarter includes Beacon Roofing Supply results only from April 29, 2025, the date QXO completed that acquisition, through June 30.
Kodiak contributed $595 million in sales during the second quarter.
QXO expanded again immediately after the quarter ended, completing its acquisition of TopBuild on July 1. Because that transaction closed after June 30, TopBuild’s operations are not included in QXO’s second-quarter results.
Chairman and CEO Brad Jacobs said the TopBuild acquisition makes QXO the second largest publicly traded building products distributor in North America and expands its presence at customer job sites.
“We have begun upgrading technology across the company to deliver best-in-class customer service and meaningful financial growth,” Jacobs said.
QXO is targeting $50 billion in annual sales within the decade through acquisitions and internal growth. The company says it is North America’s largest distributor and installer of insulation, the second-largest distributor of roofing products, the second largest publicly traded distributor of lumber and building materials, and the largest distributor of waterproofing products.
The results also show how QXO’s product mix is changing as it adds acquired businesses.
Residential roofing products generated $1.27 billion in second-quarter sales, compared with $930 million a year earlier. Nonresidential roofing sales were $736 million, compared with $536 million.
Complementary building products generated $1.23 billion, up from $426 million in the year-earlier period. The category accounted for 37.9% of second-quarter sales, compared with 22.4% a year earlier.
Residential roofing accounted for 39% of sales, down from 48.7%, while nonresidential roofing represented 22.7%, down from 28.1%. Software products and services generated $15 million, compared with $14 million.
Gross profit was $803 million, compared with $401 million a year earlier. Gross margin was 24.7%, up from 21.1%.
Operating expenses totaled $845 million, compared with $564 million a year earlier. QXO reported an operating loss of $42 million, narrowing from a $163 million operating loss in the second quarter of 2025.
The company recorded $8 million in restructuring costs, $52 million in acquisition-related transaction costs and $24 million in transformation costs during the quarter. QXO said transformation costs include investments in information technology and artificial intelligence, integration of acquired businesses and other initiatives intended to modernize operations.
For the first six months of 2026, QXO reported sales of $4.98 billion, compared with $1.92 billion a year earlier. Its net loss widened to $282 million from $50 million. Those comparisons also reflect the timing of the Beacon and Kodiak acquisitions.
QXO had $22.67 billion in assets as of June 30, up from $15.89 billion at the end of 2025. Cash and cash equivalents totaled $2.77 billion, while long-term debt stood at $6.03 billion, compared with $3.06 billion at year-end.
The company’s acquisition campaign has quickly expanded QXO beyond its roofing distribution base and into a broader building products platform. Following the TopBuild transaction, QXO said it plans to continue pursuing acquisitions and internal growth as it works toward its $50 billion annual sales target.
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