QXO, Inc.

QXO, Inc. is a U.S.-based holding company that has transitioned into building products distribution through its wholly owned subsidiary QXO Building Products, Inc. The business distributes roofing, waterproofing, and complementary exterior building materials to contractors and other customers across the United States and Canada.

−2,0 %

23,0 %

−4,1 %

+11 925,0 %

3.58

2.61

— QXO, Inc.
%
Residential roofing40% Shingles and related roofing materials sold for home repair and reroofing.
Commercial roofing25% Membranes, insulation, and accessories used in non-residential roofing projects.
Complementary building products25% Siding, waterproofing, plywood/OSB, windows, and doors sold alongside roofing.
Private-label products5% TRI-BUILT® branded products offering a lower-cost alternative for customers.
Services and support5% Training, technical support, and project guidance provided by the sales force.

QXO sells primarily to residential and non-residential contractors that need a broad assortment of exterior building...

  • Residential roofing contractorsprimary

    Buy asphalt shingles and related materials for reroofing and repair work.

  • Commercial roofing contractorsprimary

    Buy membranes, insulation, and accessories for non-residential roof systems.

  • Builders and remodelerssecondary

    Buy complementary products such as siding, windows, doors, and OSB.

  • Non-residential maintenance customerssecondary

    Buy materials for ongoing repair and refurbishment of older structures.

  • Regional and local contractorsprimary

    Use branch inventory, delivery, and credit services to support project execution.

QXO operates through a North American branch network, with approximately 600 branches across all 50 U.S...

  • •Operations span all 50 U.S. states and seven Canadian provinces
  • •North America is the core market for roofing and complementary products
  • •Branch density matters because delivery speed is part of the value proposition
  • •Local market coverage supports contractor relationships and inventory availability

QXO’s stated strategy is to build a tech-enabled platform in building products distribution, using scale, branch...

01
Scale the distribution platformmedium-term

Larger scale improves purchasing power, service breadth, and market reach.

02
Pursue acquisition-led consolidationmedium-term

The market is fragmented, creating room to add distributors and expand coverage.

03
Increase technology and digital capabilitieslong-term

Digital tools and better systems can improve ordering, service, and customer retention.

04
Expand complementary product mixmedium-term

Broader product assortment increases wallet share and cross-sell opportunities.

QXO is exposed to supply-chain dependence, customer retention risk after acquisitions, and heavy leverage from the...

high

Product supply and vendor dependence

The company must source a wide range of branded materials from manufacturers.

Scope
Lost revenue, lower margins, and weaker customer relationships if supply is constrained
Materiality
high
high

Acquisition integration and retention

The business has expanded through a major acquisition and must retain customers, suppliers, and employees.

Scope
Operational disruption, delayed decisions, or relationship losses after the transaction
Materiality
high
high

Leverage and debt service

The Beacon acquisition added substantial indebtedness to the capital structure.

Scope
Reduced financial flexibility and higher sensitivity to cash flow swings
Materiality
high
high

Information technology and cybersecurity

Branch operations, inventory, and customer service depend on functioning systems.

Scope
Disruption to ordering, collections, cost control, and execution
Materiality
medium
medium

Seasonality and weather dependence

Exterior building materials demand is tied to construction cycles and weather patterns.

Scope
Quarterly volatility, especially weaker first-quarter activity
Materiality
medium
Acquisition accounting and goodwill
Can affect reported equity, amortization, and impairment charges
Debt extinguishment and financing costs
Can materially affect net income and comparability
Seasonality in revenue and margins
Quarterly results may not reflect underlying annual demand
Allowance for credit losses and inventory reserves
Affects receivables, inventory carrying values, and operating results
Deferred tax assets and valuation allowance
Can change reported tax expense and balance sheet assets

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: 29/04/2026