QXO said its combined business now generates about $18 billion in revenue and nearly $2 billion in adjusted EBITDA, based on 2025 actual results adjusted for full-year ownership of Beacon, Kodiak and TopBuild. The company said that platform now includes about 28,000 employees and 1,150 locations across all 50 U.S. states and seven Canadian provinces.
The company laid out a path to roughly $4 billion of EBITDA by 2030 from that nearly $2 billion base, and said it sees a route to about $5.5 billion of EBITDA by 2030 when self-funded tuck-in deals and moderate leverage are included. It also said it has a clear line of sight to more than $50 billion in revenue within a decade.
QXO’s operating footprint now spans multiple building-product categories. It said it is No. 1 in insulation and waterproofing, No. 2 in roofing, and No. 1 or No. 2 in lumber and building materials in the key geographies it serves.
TopBuild added a major job-site presence, with about 22,000 job sites visited per day. QXO said that gives it real-time visibility into project stage, product needs and cross-sell opportunities. The company said TopBuild also broadened its exposure closer to the customer and the job site, while Beacon and Kodiak had already expanded its midstream distribution capability.
On the portfolio mix, QXO said TopBuild helped create a roughly 50/50 split between new construction and repair-and-remodel, and a roughly 60/40 split between residential and commercial. It said the business is now less cyclical than a pure distributor because of that mix.
The company also gave specific internal EBITDA targets by segment. It said legacy Beacon is expected to rise from roughly $800 million to about $2 billion, Kodiak from about $210 million to about $400 million, and TopBuild from about $1.1 billion to about $1.6 billion, before any future insulation tuck-in acquisitions.
QXO pointed to several operating levers it expects to show up in results: sequential improvement in Beacon volumes, pricing, procurement, gross margin and EBITDA progression. It also said investors should watch gross margin expansion, product availability, invoice accuracy, on-time and in-full delivery, free cash flow and deleveraging.
Within Kodiak, the company highlighted a vendor overlap with Beacon: 16 of Kodiak’s top 20 vendors are shared with Beacon, and those vendors represent about $5.3 billion of spend. That overlap, QXO said, creates a concrete procurement synergy opportunity. Following these announcements, the company's shares moved -0.58%, and are now trading at a price of $14.575. For more information, read the company's full 8-K submission here.
