- QXO, Inc. (NYSE:QXO) First-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year
May 15, 2026
Shareholders might have noticed that QXO, Inc. (NYSE:QXO) filed its quarterly result this time last week. The early response was not positive, with shares down 7.1% to US$17.43 in the past week. It was a pretty bad result overall; while revenues were in line with expectations at US$1.7b, statutory losses exploded to US$0.35 per share. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.
Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit.NYSE:QXO Earnings and Revenue Growth May 15th 2026
Taking into account the latest results, the consensus forecast from QXO's eight analysts is for revenues of US$13.5b in 2026. This reflects a sizeable 58% improvement in revenue compared to the last 12 months. The loss per share is expected to greatly reduce in the near future, narrowing 55% to US$0.40. Before this latest report, the consensus had been expecting revenues of US$11.5b and US$0.21 per share in losses. Ergo, there's been a clear change in sentiment, with the analysts lifting this year's revenue estimates, while at the same time increasing their loss per share numbers to reflect the cost of achieving this growth.
See our latest analysis for QXO
The consensus price target stayed unchanged at US$31.50, seeming to suggest that higher forecast losses are not expected to have a long term impact on the valuation. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. Currently, the most bullish analyst values QXO at US$50.00 per share, while the most bearish prices it at US$26.00. This is a fairly broad spread of estimates, suggesting that analysts are forecasting a wide range of possible outcomes for the business.
Of course, another way to look at these forecasts is to place them into context against the industry itself. We can infer from the latest estimates that forecasts expect a continuation of QXO'shistorical trends, as the 84% annualised revenue growth to the end of 2026 is roughly in line with the 94% annual growth over the past five years. Compare this with the broader industry, which analyst estimates (in aggregate) suggest will see revenues grow 7.0% annually. So although QXO is expected to maintain its revenue growth rate, it's definitely expected to grow faster than the wider industry.
Story Continues
The Bottom Line
The most important thing to note is the forecast of increased losses next year, suggesting all may not be well at QXO. Pleasantly, they also upgraded their revenue estimates, and their forecasts suggest the business is expected to grow faster than the wider industry. The consensus price target held steady at US$31.50, with the latest estimates not enough to have an impact on their price targets.
With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have estimates - from multiple QXO analysts - going out to 2028, and you can see them free on our platform here.
That said, it's still necessary to consider the ever-present spectre of investment risk. We've identified 1 warning sign with QXO , and understanding it should be part of your investment process.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
View Comments
- QXO, Inc. (QXO) Reports Q1 Loss, Beats Revenue Estimates
May 12, 2026
QXO, Inc. (QXO) came out with a quarterly loss of $0.12 per share versus the Zacks Consensus Estimate of a loss of $0.09. This compares to a loss of $0.03 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -29.73%. A quarter ago, it was expected that this company would post earnings of $0.03 per share when it actually produced earnings of $0.02, delivering a surprise of -33.33%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
QXO INC, which belongs to the Zacks Technology Services industry, posted revenues of $1.73 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.67%. This compares to year-ago revenues of $13.51 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
QXO INC shares have lost about 4.4% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for QXO INC?
While QXO INC has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for QXO INC was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.13 on $3.25 billion in revenues for the coming quarter and $0.36 on $11.4 billion in revenues for the current fiscal year.
Story Continues
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Technology Services is currently in the bottom 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Full Truck Alliance Co. Ltd. Sponsored ADR (YMM), has yet to report results for the quarter ended March 2026. The results are expected to be released on May 21.
This company is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of -27.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Full Truck Alliance Co. Ltd. Sponsored ADR's revenues are expected to be $403.53 million, up 8.5% from the year-ago quarter.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
QXO, Inc. (QXO) : Free Stock Analysis Report
Full Truck Alliance Co. Ltd. Sponsored ADR (YMM) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
View Comments
- QXO Reports First Quarter 2026 Results
May 12, 2026
GREENWICH, Conn., May 12, 2026--(BUSINESS WIRE)--QXO, Inc. ("QXO" or the "Company") (NYSE: QXO) today issued its financial results for the first quarter 2026. The Company reported a basic and diluted loss per common share of $(0.35) and an Adjusted Diluted Loss per Common Share, a non-GAAP financial measure, of $(0.12) for the three months ended March 31, 2026.
FIRST QUARTER 2026 SUMMARY RESULTS
Three Months Ended March 31, (in millions, except for per share data) 2026 2025 Net sales $ 1,730.2 $ 13.5 Net (loss) income $ (227.1 ) $ 8.8 Net margin (13.1 )% 65.2 % Adjusted EBITDA(1) $ 1.2 $ (9.0 ) Adjusted EBITDA Margin(1) 0.1 % (66.7 )% Adjusted Net Loss(1) $ (57.2 ) N/M Basic and diluted loss per common share $ (0.35 ) N/M Adjusted Diluted Loss per Common Share(1) $ (0.12 ) N/M N/M - Not meaningful (1) See the "Non-GAAP Financial Measures" section of the press release.
Brad Jacobs, chairman and chief executive officer of QXO, said, "Our first quarter results reflect the softness we’re seeing in the building products industry, and our investments in the business, including people and technology. Operationally, we continue to execute our integration plan across the legacy Beacon business, supported by disciplined investments in technology, sales capacity, and other long-term initiatives. On M&A, we recently closed the $2.25 billion acquisition of Kodiak Building Partners, and announced the landmark $17 billion acquisition of TopBuild. Once we close the TopBuild deal, which is expected in the third quarter, QXO will be the second largest publicly traded building products distributor in North America. We remain firmly on track to achieve $50 billion in annual revenue within a decade."
First Quarter Highlights
Operational Results
Net sales were $1.73 billion for the three months ended March 31, 2026.
Adjusted Net Loss, a non-GAAP financial measure, was $57.2 million for the three months ended March 31, 2026. Adjusted Diluted Loss per Common Share, a non-GAAP financial measure, was $(0.12) for the three months ended March 31, 2026.
Adjusted EBITDA, a non-GAAP financial measure, was $1.2 million for the three months ended March 31, 2026.
Acquisitions and Financings
In January 2026, we completed a registered common stock offering of 31.6 million shares and raised net proceeds of approximately $749 million. In addition, we received commitments from investors to invest up to $3.0 billion for the issuance of up to 300,000 shares of Series C Convertible Perpetual Preferred Stock with a stated value of $10,000 per share (the "Series C Preferred Stock"). The commitments are contingent upon the closing of one or more qualifying acquisitions (as defined in the related investment agreement).
Story Continues
On April 1, 2026, we completed our acquisition of Kodiak Building Partners ("Kodiak") for a total purchase price of $2.25 billion. The purchase price comprised $2.0 billion of cash and 13.2 million shares of the Company’s common stock, with the Company retaining the right to repurchase these shares at $40 per share at any time. On April 1, 2026, in connection with the closing of the Kodiak acquisition, we issued 200,000 shares of Series C Preferred Stock for $2.0 billion in cash, which was used to fund the Kodiak acquisition.
On April 18, 2026, we entered into a definitive agreement to acquire TopBuild Corp. ("TopBuild") for approximately $17.0 billion in a combination of cash and stock consideration. The transaction is subject to the satisfaction or waiver of customary closing conditions, including, among others, approval by the stockholders of TopBuild and QXO. The transaction is expected to close in the third quarter of 2026.
About QXO
QXO, Inc. (NYSE: QXO) is the largest publicly traded distributor of roofing, waterproofing, and related products and the second largest publicly traded distributor of lumber and building materials in North America. QXO is the fastest growing company in the $800 billion building products distribution industry and plans to become the tech-enabled leader by delivering best-in-class customer satisfaction and outsized returns for its shareholders. The company is targeting $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.
Non-GAAP Financial Measures
As required by the rules of the Securities and Exchange Commission ("SEC"), we provide reconciliations of the non-GAAP financial measures contained in this press release to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this press release.
QXO’s non-GAAP financial measures in this press release include: Adjusted Net Loss, Adjusted Diluted Loss per Common Share, Adjusted EBITDA, and Adjusted EBITDA Margin.
We calculate Adjusted Net Loss as net (loss) income excluding amortization; stock-based compensation; restructuring costs; transaction costs; transformation costs; and the income tax associated with such adjusting items. We calculate Adjusted Diluted Loss per Common Share as Adjusted Net Loss divided by the weighted-averaged number of common shares outstanding during the period plus the effect of dilutive common share equivalents based on the most dilutive result of the if-converted and two-class methods. We calculate Adjusted EBITDA as net (loss) income excluding depreciation; amortization; stock-based compensation; interest (income) expense, net; provision for (benefit from) income taxes; restructuring costs; transaction costs; and transformation costs that we do not consider representative of our underlying operations. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales.
Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating QXO’s ongoing performance. We believe these non-GAAP financial measures facilitate analysis of our ongoing business operations because they exclude items that may not be reflective of, or are unrelated to, QXO’s core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying business. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies.
Forward-looking statements
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target," "trajectory" or the negative of these terms or other comparable terms. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.
These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC, and the following:
an inability to obtain the products we distribute resulting in lost revenues and reduced margins and damaging relationships with customers; a change in supplier pricing and demand adversely affecting our income and gross margins; a change in vendor rebates adversely affecting our income and gross margins; our inability to identify potential acquisition targets, successfully complete acquisitions on acceptable terms, or successfully integrate acquired businesses into our operations; risks related to maintaining our safety record; the possibility that building products distribution industry demand may soften or shift substantially due to cyclicality or dependence on general economic and political conditions, including inflation or deflation, interest rates, governmental subsidies or incentives, consumer confidence, labor and supply shortages, weather and commodity prices; risks related to fragmentation in our industry and the possibility that regional or global barriers to trade or a global trade war could increase the cost of products in the building products distribution industry, which could adversely impact the competitiveness of such products and the financial results of businesses in the industry; seasonality, weather-related conditions and natural disasters; risks related to the effective development and proper functioning of our information technology systems, including from cybersecurity threats, artificial intelligence use, and digital transformation initiatives; loss of key talent or our inability to attract and retain new qualified talent; risks related to work stoppages, union negotiations, labor disputes and other matters associated with our labor force or the labor force of our suppliers or customers; our dependence on Brad Jacobs as chairman and chief executive officer and the impact of the loss of Mr. Jacobs in these roles; the risk that Mr. Jacobs’ past performance may not be representative of future results; the risk that the anticipated benefits of our acquisition of Beacon Roofing Supply, Inc. (the "Beacon Acquisition"), Kodiak Building Partners (the "Kodiak Acquisition"), TopBuild Corp. ("TopBuild Acquisition") or any future acquisition may not be fully realized or may take longer to realize than expected; the effect of the Beacon Acquisition and Kodiak Acquisition, the pendency of the TopBuild Acquisition or any future acquisition on our business relationships with employees, customers or suppliers, operating results and business generally; risks related to our obligations under the indebtedness we incurred in connection with the Beacon Acquisition and intend to incur in connection with the TopBuild Acquisition; the possible economic impact of the Company’s outstanding warrants and preferred stock on the Company and the holders of its common stock, including market price volatility, dilution from the exercise or conversion of the warrants or preferred stock, or the impact of dividend payments or liquidation preferences from preferred stock that remains outstanding; challenges raising additional equity or debt capital from public or private markets to pursue the Company’s business plan and the effects that raising such capital may have on the Company and its business; the possibility that new investors in any future financing transactions could gain rights, preferences and privileges senior to those of the Company’s existing stockholders; risks associated with periodic litigation, regulatory proceedings and enforcement actions, which may adversely affect the Company’s business and financial performance; the impact of legislative, regulatory, economic, competitive and technological changes; unknown liabilities and uncertainties regarding general economic, business, competitive, legal, regulatory, tax and geopolitical conditions; the risk that the TopBuild Acquisition may not be completed on the anticipated terms or timeline, or at all, including as a result of the failure to obtain required regulatory or stockholder approvals; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement with TopBuild, including in circumstances requiring us to pay a termination fee; the possibility that the TopBuild Acquisition may be more expensive to complete than anticipated, including as a result of unexpected factors or events, significant transaction costs or unknown liabilities; potential litigation and/or regulatory action relating to the TopBuild Acquisition; and other factors, including those set forth in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.
All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements except to the extent required by law.
QXO, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in millions, except per share data) (Unaudited) Three Months Ended March 31, 2026 2025 Net sales $ 1,730.2 $ 13.5 Cost of products sold 1,320.9 8.1 Gross profit 409.3 5.4 Operating expense: Selling, general and administrative 497.0 44.4 Depreciation 47.3 0.1 Amortization 116.9 0.2 Total operating expense 661.2 44.7 Loss from operations (251.9 ) (39.3 ) Interest (expense) income, net (31.1 ) 56.6 Other income, net 2.7 — (Loss) income before (benefit from) provision for income taxes (280.3 ) 17.3 (Benefit from) provision for income taxes (53.2 ) 8.5 Net (loss) income $ (227.1 ) $ 8.8 Loss per common share - basic and diluted $ (0.35 ) $ (0.03 ) Total weighted-average common shares outstanding: Basic 744.4 451.4 Diluted 744.4 451.4
QXO, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in millions, except per share amounts) (Unaudited) March 31,
2026 December 31,
2025 Assets Current assets: Cash and cash equivalents $ 3,046.3 $ 2,361.6 Accounts receivable, net 1,135.7 1,145.1 Inventories, net 1,668.2 1,497.3 Vendor rebates receivable 478.8 427.0 Income tax receivable 32.8 31.6 Prepaid expenses and other current assets 94.8 83.7 Total current assets 6,456.6 5,546.3 Property and equipment, net 659.7 688.6 Goodwill 5,129.4 5,111.3 Intangibles, net 3,704.5 3,819.1 Operating lease right-of-use assets, net 669.7 689.6 Other assets, net 40.3 32.4 Total assets $ 16,660.2 $ 15,887.3 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 1,170.8 $ 819.0 Accrued expenses 606.5 574.3 Current portion of operating lease liabilities 110.1 107.5 Current portion of finance lease liabilities 49.8 49.2 Total current liabilities 1,937.2 1,550.0 Long-term debt, net 3,058.6 3,057.3 Deferred income tax liabilities, net 789.4 847.2 Operating lease liabilities 554.4 561.8 Finance lease liabilities 129.6 138.7 Other long-term liabilities 26.1 25.5 Total liabilities 6,495.3 6,180.5 Stockholders’ equity: Mandatory Convertible Preferred Stock, $0.001 par value; 0.6 shares authorized, issued and outstanding as of March 31, 2026 and December 31, 2025 558.1 558.1 Convertible Preferred Stock, $0.001 par value; authorized 10.0 shares, 1.0 shares issued and outstanding as of March 31, 2026 and December 31, 2025 498.6 498.6 Common stock; $0.00001 par value; authorized 2,000.0 shares; 710.8 and 674.5 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively — — Additional paid-in capital 9,760.2 9,046.9 Retained earnings (accumulated deficit) (652.0 ) (394.5 ) Accumulated other comprehensive loss — (2.3 ) Total stockholders’ equity 10,164.9 9,706.8 Total liabilities and stockholders’ equity $ 16,660.2 $ 15,887.3
QXO, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in millions) (Unaudited) Three Months Ended March 31, 2026 2025 Operating Activities Net (loss) income $ (227.1 ) $ 8.8 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation 47.3 0.1 Amortization 116.9 0.2 Stock-based compensation 39.2 20.2 Amortization of debt issuance costs 2.3 — Provision for credit losses 11.5 — Non-cash lease expense 32.3 — Deferred income taxes (53.3 ) — Changes in operating assets and liabilities: Accounts receivable 0.3 (0.5 ) Inventories (183.9 ) — Vendor rebates receivable (56.0 ) — Income tax receivable (1.3 ) — Prepaid expenses and other current assets (11.2 ) (0.8 ) Accounts payable and accrued expenses 379.2 8.5 Other assets and liabilities (25.6 ) — Net cash provided by operating activities 70.6 36.5 Investing Activities Capital expenditures (22.5 ) (0.1 ) Other 3.0 (0.7 ) Net cash used in investing activities (19.5 ) (0.8 ) Financing Activities Payments under equipment financing facilities and finance leases (12.2 ) — Proceeds from issuance of common stock related to equity awards 0.9 — Proceeds from issuance of common stock, net of issuance costs 749.5 — Payment of taxes related to net share settlement of equity awards (28.1 ) — Payment of costs to obtain Series C Preferred Stock commitment (45.8 ) — Payment of dividends on Convertible Preferred Stock (22.5 ) (22.5 ) Payment of dividends on Mandatory Convertible Preferred Stock (7.9 ) — Net cash provided by (used in) financing activities 633.9 (22.5 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (0.3 ) — Net increase in cash, cash equivalents and restricted cash 684.7 13.2 Cash, cash equivalents and restricted cash, beginning of period 2,365.4 5,072.0 Cash, cash equivalents and restricted cash, end of period $ 3,050.1 $ 5,085.2 Supplemental Cash Flow Information Cash paid during the period for: Interest $ 15.4 $ — Income taxes, net of refunds $ 1.4 $ —
QXO, INC. AND SUBSIDIARIES Consolidated Sales by Line of Business (in millions, except percentages) (Unaudited) Sales by Line of Business(1) Three Months Ended March 31, 2026 2025 Net Sales Mix % Net Sales Mix % Residential roofing products $ 799.1 46.2 % $ — — % Non-residential roofing products 463.6 26.8 % — — % Complementary building products 452.9 26.2 % — — % Software products and services 14.6 0.8 % 13.5 100.0 % Total net sales $ 1,730.2 100.0 % $ 13.5 100.0 %
(1) Net sales mix percentages may not recalculate due to rounding.
QXO, INC. AND SUBSIDIARIES Reconciliation of Non-GAAP Measures (in millions, except per share data) (Unaudited)
Adjusted Net Loss and Adjusted Diluted Loss per Common Share
A reconciliation of net loss and diluted loss per common share to Adjusted Net Loss and Adjusted Diluted Loss per Common Share is as follows:
Three Months Ended March 31, 2026 Net loss $ (227.1 ) Benefit from income taxes (53.2 ) Loss before benefit from income taxes (280.3 ) Amortization 116.9 Stock-based compensation 39.2 Restructuring costs 16.3 Transaction costs 19.3 Transformation costs 11.4 Adjusted loss before benefit from income taxes (77.2 ) Income tax associated with the adjustments above(1) 20.0 Adjusted Net Loss(2) $ (57.2 ) Convertible Preferred Stock dividend (22.5 ) Mandatory Convertible Preferred Stock dividend (7.9 ) Undistributed income allocated to participating securities — Adjusted Net Loss attributable to common stockholders $ (87.6 ) Basic and diluted loss per common share $ (0.35 ) Adjusted Diluted Loss per Common Share(2)(3) $ (0.12 ) Adjusted diluted weighted-average common shares outstanding(3) 744.4
(1) The effective tax rate to calculate Adjusted Net Loss for the three months ended March 31, 2026 is 26.0% due to the tax calculated on adjusted loss before benefit from income taxes. (2) See the "Non-GAAP Financial Measures" section of the press release. (3) Adjusted Diluted Loss per Common Share is calculated as Adjusted Net Loss divided by the weighted-average number of common shares outstanding during the period plus the effect of dilutive common share equivalents based on the most dilutive result of the if-converted and two-class methods.
QXO, INC. AND SUBSIDIARIES Reconciliation of Non-GAAP Measures (cont.) (in millions, except percentages) (Unaudited)
Adjusted EBITDA and Adjusted EBITDA Margin
A reconciliation of net (loss) income and net margin to Adjusted EBITDA and Adjusted EBITDA Margin is as follows:
Three Months Ended March 31, 2026 2025 Net (loss) income $ (227.1 ) $ 8.8 Depreciation 47.3 0.1 Amortization 116.9 0.2 Stock-based compensation 39.2 20.2 Interest expense (income), net 31.1 (56.6 ) (Benefit from) provision for income taxes (53.2 ) 8.5 Restructuring costs 16.3 — Transaction costs 19.3 9.8 Transformation costs 11.4 — Adjusted EBITDA(1) $ 1.2 $ (9.0 ) Net sales $ 1,730.2 $ 13.5 Net margin(2) (13.1 )% 65.2 % Adjusted EBITDA Margin(1)(2) 0.1 % (66.7 )%
(1) See the "Non-GAAP Financial Measures" section of the press release. (2) Net margin is calculated as net (loss) income divided by net sales. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net sales.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260512151798/en/
Contacts
Media Contact
Joe Checkler
joe.checkler@qxo.com
203-609-9650
Investor Contact
Mark Manduca
mark.manduca@qxo.com
203-321-3889
View Comments
- QXO, Inc. (QXO) Reports Q1 Loss, Beats Revenue Estimates
May 12, 2026 · zacks.com
QXO, Inc. (QXO) came out with a quarterly loss of $0.12 per share versus the Zacks Consensus Estimate of a loss of $0.09. This compares to a loss of $0.03 per share a year ago.
- QXO Reports First Quarter 2026 Results
May 12, 2026 · businesswire.com
GREENWICH, Conn.--(BUSINESS WIRE)--QXO, Inc. (“QXO” or the “Company”) (NYSE: QXO) today issued its financial results for the first quarter 2026. The Company reported a basic and diluted loss per common share of $(0.35) and an Adjusted Diluted Loss per Common Share, a non-GAAP financial measure, of $(0.12) for the three months ended March 31, 2026. FIRST QUARTER 2026 SUMMARY RESULTS Three Months Ended March 31, (in millions, except for per share data) 2026 2025 Net sales $ 1,730.2 .
- QXO REPORTS FIRST QUARTER 2026 RESULTS
May 12, 2026
GREENWICH, CONN.--(BUSINESS WIRE)--QXO, INC. (“QXO” OR THE “COMPANY”) (NYSE: QXO) TODAY ISSUED ITS FINANCIAL RESULTS FOR THE FIRST QUARTER 2026. THE COMPANY REPORTED A BASIC AND DILUTED LOSS PER COMMON SHARE OF $(0.35) AND AN ADJUSTED DILUTED LOSS PER COMMON SHARE, A NON-GAAP FINANCIAL MEASURE, OF $(0.12) FOR THE THREE MONTHS ENDED MARCH 31, 2026. FIRST QUARTER 2026 SUMMARY RESULTS THREE MONTHS ENDED MARCH 31, (IN MILLIONS, EXCEPT FOR PER SHARE DATA) 2026 2025 NET SALES $ 1,730.2 .
- Does This $8 Million Stock Buy Suggest Confidence in an Industrial Turnaround Story?
May 11, 2026
Catawba River Capital reported a purchase of 356,493 additional GPGI(NYSE:GPGI) shares in its May 11, 2026, SEC filing, with the estimated transaction value at $7.73 million based on quarterly average pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated May 11, 2026, Catawba River Capital increased its stake in GPGI by 356,493 shares. The estimated value of these share purchases is $7.73 million, based on the average closing price during the first quarter of 2026. The fund’s quarter-end GPGI position value rose by $6.02 million, a figure that reflects both trading activity and price movement over the period.
What else to know
The buy increased GPGI’s weighting to 3.18% of Catawba River Capital’s $208.00 million in reportable U.S. equity assets. Top holdings after the filing:
NYSEMKT:FBND: $22.94 million (11.0% of AUM) NYSE:QXO: $22.04 million (10.6% of AUM) NYSEMKT:GLD: $18.69 million (9.0% of AUM) NASDAQ:ROAD: $15.62 million (7.5% of AUM) NYSE:PRM: $15.51 million (7.5% of AUM) As of May 10, 2026, GPGI shares were priced at $13.88, up 20% over one year and underperforming the S&P 500 by 10.56 percentage points.
Company overview
Metric Value Market Capitalization $3.89 billion Net Income (TTM) ($136 million) Price (as of market close May 8, 2026) $13.88
Company snapshot
GPGI provides metal payment cards, security and authentication solutions, and manufactures injection molding machines and systems through its CompoSecure and Husky Technologies segments. The company operates as a diversified compounder, acquiring and scaling high-quality businesses to generate value across multiple industries. Primary customers include financial institutions seeking secure payment solutions and industrial clients requiring advanced manufacturing equipment.
GPGI, Inc. is a multi-industry holding company with a focus on acquiring and operating businesses in the metal fabrication and industrial manufacturing sectors. Through its subsidiaries, the company leverages expertise in security solutions and advanced manufacturing to serve a diverse client base. GPGI's strategy centers on growth through acquisition and operational excellence, positioning it as a competitive player in its target markets.
What this transaction means for investors
GPGI has lagged the broader market over the past year, but Catawba River Capital appears to be leaning into the weakness rather than backing away from it.
The company’s latest quarter helps explain both the opportunity and the risk. GPGI reported pro forma adjusted net sales of $421.2 million in the first quarter, up 3% year over year, though adjusted EBITDA fell 16% to $82.1 million as newly acquired Husky Technologies dealt with tariff uncertainty and volatile oil and resin prices. Management still projected as much as $2.1 billion in full-year revenue and up to $610 million in adjusted EBITDA for 2026.
The bigger story may be whether GPGI can successfully apply its “Resolute Operating System” playbook across its acquired businesses and drive margin expansion over time. Investors should also keep an eye on leverage, which climbed sharply following the Husky deal, with non-GAAP debt topping $2.1 billion at quarter-end. Ultimately, however, this looks less like a momentum trade and more like a patient operational turnaround bet with meaningful upside if execution improves.
Story Continues
Should you buy stock in Gpgi right now?
Before you buy stock in Gpgi, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Gpgi wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $471,827!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,319,291!*
Now, it’s worth noting Stock Advisor’s total average return is 986% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of May 11, 2026.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Construction Partners and QXO. The Motley Fool has a disclosure policy.
Does This $8 Million Stock Buy Suggest Confidence in an Industrial Turnaround Story? was originally published by The Motley Fool
View Comments
- What to Know as One Fund Cuts a $7.9 Million Position in This Defense Equipment Stock
May 11, 2026
On May 11, 2026, Catawba River Capital disclosed in a Securities and Exchange Commission (SEC) filing that it sold 199,018 shares of Cadre Holdings(NYSE:CDRE) in the first quarter, an estimated $7.95 million transaction based on quarterly average pricing.
What happened
According to a filing published by the SEC on May 11, 2026, Catawba River Capital sold 199,018 shares of Cadre Holdings during the first quarter. The estimated transaction value was $7.95 million, calculated using the average closing price for the period. The fund’s remaining stake at the end of the quarter stood at 260,318 shares, valued at $8.37 million. The net position value change, including price movement, was a decrease of $10.38 million.
What else to know
Catawba River Capital’s sale reduced Cadre Holdings to 4.03% of its reportable AUM, down from 8.3% the prior quarter. Top holdings after the filing:
NYSEMKT:FBND: $22.94 million (11.0% of AUM) NYSE:QXO: $22.04 million (10.6% of AUM) NYSEMKT:GLD: $18.69 million (9.0% of AUM) NASDAQ:ROAD: $15.62 million (7.5% of AUM) NYSE:PRM: $15.51 million (7.5% of AUM) As of May 8, 2026, Cadre Holdings shares were priced at $29.85, down 17.3% over one year and underperforming the S&P 500 by 47.90 percentage points.
Company overview
Metric Value Revenue (TTM) $610.31 million Net income (TTM) $44.14 million Dividend yield 1.26% Price (as of market close May 8, 2026) $29.85
Company snapshot
Cadre manufactures and distributes safety and survivability equipment, including body armor, bomb suits, duty gear, and law enforcement accessories under brands such as Safariland and Protech Tactical. The firm operates through Products and Distribution segments, generating revenue from both proprietary protective equipment and third-party products such as uniforms, optics, boots, firearms, and ammunition. It serves a diverse customer base comprising state and local law enforcement, first responders, federal agencies, and international government clients.
Cadre Holdings is a leading provider of protective equipment for law enforcement and first responders, leveraging a broad product portfolio and established brands to address critical safety needs. The company’s dual-segment model supports diversified revenue streams and positions it as a key supplier to both domestic and international government agencies. Scale, specialized expertise, and a strong reputation for reliability underpin its competitive advantage in the safety and defense industry.
What this transaction means for investors
It’s worth noting here that while Catawba River Capital still kept a sizable Cadre position, cutting the stake from 8% of assets to roughly 4% suggests the firm may be tempering expectations around near-term defense and law enforcement spending growth.
That said, Cadre’s underlying business still appears to be moving in the right direction, albeit perhaps not as quickly as investors might be hoping for. The company generated record adjusted EBITDA for a third consecutive year in 2025, while annual net sales climbed to $610.3 million from $567.6 million a year earlier. Gross margin also expanded to 42.5% from 41.1%, helped by pricing strength and acquisitions. Still, shares fell after earnings due to softer-than-expected revenue and earnings.
For long-term investors, Cadre still looks like a differentiated niche defense supplier with sticky government relationships. The question now is whether acquisitions and margin gains can reignite the stock after a year of sharp underperformance.
Story Continues
Should you buy stock in Cadre right now?
Before you buy stock in Cadre, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cadre wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $471,827!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,319,291!*
Now, it’s worth noting Stock Advisor’s total average return is 986% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of May 11, 2026.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Construction Partners and QXO. The Motley Fool has a disclosure policy.
What to Know as One Fund Cuts a $7.9 Million Position in This Defense Equipment Stock was originally published by The Motley Fool
View Comments
- QXO Posts Investor Q&A to Website
May 11, 2026
GREENWICH, Conn., May 11, 2026--(BUSINESS WIRE)--QXO, Inc. (NYSE: QXO), today posted an investor Q&A document to its website. The document was also filed by QXO as an exhibit to a Form 8-K with the U.S. Securities and Exchange Commission.
The Q&A is directly accessible at this link: https://investors.qxo.com/events-and-presentations/default.aspx.
About QXO
QXO, Inc. (NYSE: QXO) is the largest publicly traded distributor of roofing, waterproofing, and related products and the second largest publicly traded distributor of lumber and building materials in North America. QXO is the fastest growing company in the $800 billion building products distribution industry and plans to become the tech-enabled leader by delivering best-in-class customer satisfaction and outsized returns for its shareholders. The company is targeting $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth. Visit www.qxo.com for more information.
Cautionary Statement Regarding Forward-Looking Information
This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets or goals, the expected timing of the closing of the proposed acquisition, the anticipated benefits of the proposed acquisition, including synergies, and expected future financial position, total addressable market, positions in building product verticals and results of operations, are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as "may," "will," "should," "expect," "opportunity," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," or "continue," or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Factors that could cause actual results to differ materially from those described herein include, among others: (i) the risk that the proposed acquisition of TopBuild may not be completed on the anticipated terms in a timely manner or at all; (ii) the failure to satisfy any of the conditions to the consummation of the proposed acquisition, including the risk that the required shareholder approvals may not be obtained; (iii) the effect of the pendency of the proposed acquisition on each of QXO’s and TopBuild’s business relationships with employees, customers, or suppliers, or on operating results or the businesses generally; (iv) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the acquisition agreement for TopBuild, including circumstances that require the payment of a termination fee; (v) the possibility that the proposed acquisition may be more expensive to complete than anticipated, including as a result of unexpected factors or events, significant transaction costs or unknown liabilities; (vi) potential litigation and/or regulatory action relating to the proposed acquisition; (vii) the risk that the anticipated benefits of the proposed acquisition may not be fully realized or may take longer to realize than expected; (viii) the impacts of legislative, regulatory, economic, competitive or technological changes; (ix) QXO’s ability to finance the proposed acquisition; (x) unknown liabilities and uncertainties regarding general economic, market sector, competitive, legal, regulatory, tax and geopolitical conditions; and (xi) those risks and uncertainties set forth in QXO’s and TopBuild’s filings with the Securities and Exchange Commission (the "SEC"), including each company’s Annual Report on Form 10-K for the year ended December 31, 2025 and any subsequent Quarterly Reports on Form 10-Q. Forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. Neither QXO nor TopBuild undertakes any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.
Story Continues
Important Information for Investors and Stockholders
In connection with the proposed acquisition, QXO expects to file a registration statement on Form S-4 with the SEC containing a preliminary prospectus of QXO that also constitutes a preliminary joint proxy statement of each of QXO and TopBuild. After the registration statement is declared effective, each of QXO and TopBuild will mail a definitive joint proxy statement/prospectus to stockholders of QXO and TopBuild, respectively. This communication is not a substitute for the joint proxy statement/prospectus or registration statement or for any other document that QXO or TopBuild may file with the SEC in connection with the proposed acquisition. INVESTORS AND SECURITY HOLDERS OF QXO AND TOPBUILD ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the joint proxy statement/prospectus (when available) and other documents filed with the SEC by QXO or TopBuild through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by QXO will be available free of charge on QXO’s website at https://investors.qxo.com and copies of the documents filed with the SEC by TopBuild will be available free of charge on TopBuild’s website at https://www.topbuild.com/investors. Additionally, copies may be obtained by contacting the investor relations department of QXO or TopBuild.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
QXO and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from QXO’s stockholders in connection with the proposed acquisition. Information regarding QXO’s directors and its executive officers, including a description of their direct or indirect interests, by security holdings or otherwise, can be found under the captions "Security Ownership of Certain Beneficial Owners and Management," "Executive Compensation," and "Director Compensation" contained in QXO’s definitive proxy statement on Schedule 14A for QXO’s 2026 annual meeting of stockholders, which was filed with the SEC on March 24, 2026. To the extent holdings of QXO’s securities by its directors or executive officers have changed since the applicable "as of" date described in its 2026 proxy statement, such changes will be reflected on Statements of Beneficial Ownership on Form 4 filed with the SEC.
TopBuild and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from TopBuild’s stockholders in connection with the proposed acquisition. Information regarding TopBuild’s directors and its executive officers, including a description of their direct or indirect interests, by security holdings or otherwise, can be found under the captions "Common Stock Ownership of Officers, Directors and Significant Shareholders," "Compensation Committee Report," and "Director Compensation" contained in TopBuild’s definitive proxy statement on Schedule 14A for TopBuild’s 2026 annual meeting of stockholders, which was filed with the SEC on March 17, 2026. To the extent holdings of TopBuild’s securities by its directors or executive officers have changed since the applicable "as of" date described in its 2026 proxy statement, such changes will be reflected on Statements of Beneficial Ownership on Form 4 filed with the SEC.
The information regarding the interests of such participants in the solicitation of proxies in respect of the proposed acquisition will be included in the registration statement and joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260511549194/en/
Contacts
QXO Contacts:
Media
Joe Checkler
joe.checkler@qxo.com
203-609-9650
Investors
Mark Manduca
mark.manduca@qxo.com
203-321-3889
View Comments
- QXO Posts Investor Q&A to Website
May 11, 2026 · businesswire.com
GREENWICH, Conn.--(BUSINESS WIRE)--QXO, Inc. (NYSE: QXO), today posted an investor Q&A document to its website. The document was also filed by QXO as an exhibit to a Form 8-K with the U.S. Securities and Exchange Commission. The Q&A is directly accessible at this link: https://investors.qxo.com/events-and-presentations/default.aspx. About QXO QXO, Inc. (NYSE: QXO) is the largest publicly traded distributor of roofing, waterproofing, and related products and the second largest publicly t.
