QXO doubles revenue with TopBuild deal closing
The combined company now expects over $18 billion in annual sales and $2 billion in adjusted EBITDA.
The building-products distributor QXO (QXO) completed its $17 billion acquisition of TopBuild, vaulting combined revenue above $18 billion and adjusted EBITDA past $2 billion. The transaction closed in the quarter ended June 30, 2026, capping a six-month acquisition spree that also included the $2.25 billion purchase of Kodiak Building Partners.
The deal reshaped QXO’s scale and profitability. Standalone 2025 revenue of $11.9 billion and adjusted EBITDA of $1.0 billion nearly doubled on a pro-forma basis, while adjusted EBITDA margin widened to a projected 12% from 8%. TopBuild contributed industry-leading margins of roughly 18%, lifting the combined company’s earnings power.
Revenue for the quarter reached $6.8 billion, up from $3.1 billion a year earlier, reflecting the full inclusion of TopBuild and Kodiak. Adjusted earnings came in at $2.45 a share, compared with $1.20 in the prior-year period. The company said the results included one-time integration costs of $85 million.
Segment performance was driven by insulation and roofing, where QXO now holds the number-one and number-two market positions, respectively. Kodiak added $2.4 billion in 2025 revenue, concentrated in Florida and Texas, and expanded the company’s addressable market to over $300 billion from $200 billion.
Management disclosed $300 million in expected synergies by 2030, split between revenue uplift from cross-selling and cost savings in procurement, logistics, and technology. TopBuild’s 2025 adjusted EBITDA of $1.14 billion is projected to rise to $1.7 billion–$2.0 billion by 2030, with free-cash-flow conversion of 60%–70%.
The company priced $3 billion in senior notes to fund the acquisitions, with $1.5 billion due in 2031 at 6.500% and $1.5 billion due in 2034 at 6.875%. Headcount rose to 28,000 employees across 1,150 locations, up from 13,000 and 700 before the deals.
QXO did not provide formal guidance for the full year, citing integration work. The company said it expects to realize $120 million in synergies in 2027, rising to the full $300 million by 2030.