QXO, Inc. (QXO) Stock Price & How to Invest

QXO, Inc. is a distributor of building products, meaning it buys roofing, waterproofing, insulation, lumber-related materials and other construction supplies in bulk and sells them through a branch network to contractors, builders and trade professionals. Like most distribution businesses, it makes money on the spread between purchase and sale prices, on logistics and on the convenience and credit it extends to a fragmented base of customers who need many products delivered reliably. Its 2025 acquisition of Beacon Roofing Supply made it the largest publicly traded distributor of roofing and complementary products in the United States, and management is layering technology, pricing tools and operational discipline on top of that scale.

The company was created when serial dealmaker Brad Jacobs took control of a small software shell company in late 2023, renamed it QXO and raised billions in fresh equity to fund acquisitions. Jacobs is known for building XPO Logistics, GXO, RXO, United Rentals and United Waste into large companies through aggressive consolidation, and QXO is his bet on doing the same in the roughly $800 billion building-products distribution market. The strategy is to roll up smaller distributors, integrate them onto common systems and technology, and grow organically toward a stated long-term goal of more than $50 billion in annual revenue. After buying Beacon, QXO acquired Kodiak Building Partners in 2026 and agreed to acquire insulation leader TopBuild in a roughly $17 billion deal, while it lost a 2025 bidding war for GMS to Home Depot.

QXO is an early roll-up, so the risks are concentrated and real. Each acquisition carries integration risk, and stitching many distributors onto common systems while delivering promised synergies is operationally hard. The deal pace is funded with a mix of debt and equity, which adds leverage and dilutes existing shareholders, and rising rates raise the cost of that capital. The underlying business is tied to construction, repair-and-remodel and housing activity, all of which are cyclical and can fall sharply in a downturn. Execution is everything in a consolidation strategy, and a single poorly integrated or overpriced deal can hurt. Finally, expectations are lofty: the stock prices in years of successful dealmaking and a repeat of Jacobs's past success, so any stumble or slowdown in M&A can weigh heavily on the shares.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see QXO, Inc.'s investor relations page or your broker.

• Net sales (FY2025): About $6.84 billion (Beacon from late April 2025)
• Adjusted EBITDA (FY2025): About $647.8 million, a 9.5% margin
• GAAP loss per share (FY2025): About $(0.63); adjusted diluted EPS about $0.34
• Total debt (Dec 31, 2025): About $3.10 billion ($2.25B notes plus $850M term loan)
• Liquidity: About $1.97 billion of additional ABL availability; ~$749M net equity raise in Jan 2026
• Market cap: Roughly $13 billion (about 723 million shares, mid-2026)

Reading an early roll-up is different from reading a mature distributor. Reported revenue jumps as acquisitions close, so pro-forma or full-year figures that include a deal for only part of the year understate the run-rate, and management often points to combined-company revenue and adjusted EBITDA that assume pending deals are done. GAAP results can show losses from deal, financing and integration costs even when the underlying operations generate positive adjusted EBITDA, so it helps to watch adjusted EBITDA, leverage relative to that EBITDA, and how each deal is funded between cash, debt and stock. The stock typically trades at a premium to the assets it owns because investors are paying for the platform and the expectation of future dealmaking, which makes execution and the pace of accretive acquisitions the things that matter most.

There are three common ways to get QXO exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so QXO sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where QXO fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

QXO is an early-stage building-products distribution roll-up using Brad Jacobs's acquire-integrate-and-digitize playbook to consolidate a fragmented market. It tends to behave like an acquisitive growth and deal-driven story whose results depend heavily on execution, the construction cycle, and how each acquisition is financed, rather than on steady organic earnings.

Whether QXO is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is QXO a buy?, and where the stock could go from here in the QXO stock forecast.

For income investors, whether QXO pays a dividend and how the payout looks is covered in does QXO pay a dividend?