QXO (QXO) Q3 2025 earnings summary

Executive summary

• Completed the $10.6 billion Beacon Acquisition, transforming into the largest publicly traded distributor of roofing, waterproofing, and complementary building products in North America.

• Transitioned from a technology solutions company to a building products distribution company, with a strategic goal of reaching $50 billion in annual revenues within the next decade through acquisitions and organic growth.

• Integration of Beacon is ongoing, with significant restructuring and transformation initiatives underway.

• Reported third quarter 2025 results in line with prior guidance, highlighting progress in optimizing operations and growth initiatives.

• Outperformed the market and reaffirmed a long-term target of $50 billion in annual revenue within a decade through organic growth and acquisitions.

Financial highlights

• Net sales for Q3 2025 were $2.73 billion, up from $13.1 million in Q3 2024, driven by the Beacon Acquisition.

• Net loss for Q3 2025 was $139.4 million, compared to net income of $17.2 million in Q3 2024.

• Adjusted EBITDA for Q3 2025 was $301.9 million, with an Adjusted EBITDA margin of 11.1%.

• Adjusted Net Income was $166.2 million and Adjusted Diluted EPS was $0.14 for Q3 2025.

• Gross profit for Q3 2025 was $635.8 million, with a gross margin of 23.3%; Adjusted Gross Profit was $687.2 million (Adjusted Gross Margin 25.2%).

Outlook and guidance

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

• Management targets organic EBITDA growth for legacy operations to over $2 billion.

• Robust acquisition pipeline supports long-term growth strategy.

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