QXO (QXO) Q2 2025 earnings summary

Executive summary

• Completed the $10.6B Beacon Acquisition on April 29, 2025, transforming into the largest publicly traded distributor of roofing and complementary building products in North America.

• Transitioned from a technology solutions company to a building products distribution business, targeting $50B in annual revenues within a decade via acquisitions and organic growth.

• Launched transformation initiatives in pricing, procurement, sales, logistics, and organizational structure.

• Q2 2025 results reflect the inclusion of Beacon's operations from April 29, 2025, onward; prior periods are not comparable.

Financial highlights

• Q2 2025 net sales were $1.91B, up from $14.5M year-over-year, driven by the Beacon Acquisition.

• Q2 2025 net loss was $58.5M, with basic/diluted loss per share of $(0.15).

• Adjusted EBITDA for Q2 2025 was $204.6M, with an Adjusted EBITDA margin of 10.7%.

• Adjusted net income for Q2 2025 was $83.6M; Adjusted Diluted EPS was $0.11.

• Gross margin for Q2 2025 was 21.1%; Adjusted Gross Margin was 25.3% after excluding $80.3M in inventory fair value adjustments.

Outlook and guidance

• Management targets $50B in annual revenues within the next decade, focusing on accretive acquisitions and organic growth.

• Management expects to at least double legacy Beacon EBITDA organically.

• Existing liquidity and capital resources are considered sufficient to support operations over the next 12 months.

• Strong momentum anticipated in both acquisition pipeline and organic initiatives.