QXO reported its fourth‑quarter and full‑year 2025 financial results, posting net sales of $2.19 billion for the quarter and $6.84 billion for the year. GAAP basic and diluted loss per share for the quarter was $0.17, while adjusted diluted earnings per share rose to $0.02. Adjusted EBITDA reached $150.3 million for the quarter, a 6.9% margin, and $647.8 million for the year, a 9.5% margin.
The revenue figures represent a dramatic increase from the prior year, when Q4 2024 sales were $14.8 million and full‑year 2024 sales were $56.9 million. The jump is almost entirely attributable to the $11 billion acquisition of Beacon Roofing Supply, which added a large, high‑margin customer base to QXO’s portfolio. The company’s management noted that the integration of Beacon has been a key driver of the top‑line growth, while also acknowledging that the transition has introduced short‑term cost pressures.
Gross margin contracted to 23.0% for the full year from 40.6% in 2024, reflecting the impact of integration costs and a softer market environment. Despite the margin compression, adjusted EBITDA margin improved from a negative 35.0% in 2024 to 9.5% in 2025, indicating that operating leverage is beginning to materialize as the company scales its combined operations.
Brad Jacobs, chairman and chief executive officer, said the results were in line with the guidance issued during the prior month’s common‑stock offering and highlighted progress on the integration plan. He also emphasized the expected accretive impact of the $2.25 billion acquisition of Kodiak Building Partners, which is slated to close early in the second quarter of 2026.
Analysts had expected a non‑GAAP EPS of $0.02, which QXO met, giving the company a neutral earnings beat. Revenue also exceeded consensus estimates, driven by the Beacon acquisition and a strong demand for roofing and complementary products in the U.S. market.
Investors remained cautious after the announcement, with the company’s stock underperforming the broader industrials sector on the day of the release. Concerns about the continued GAAP loss, the debt load from recent acquisitions, and the integration timeline weighed on sentiment.
Looking forward, QXO maintains its guidance for the remainder of 2025 and 2026, focusing on completing the Kodiak integration, realizing synergies, and managing leverage. The company’s strategy to consolidate the fragmented building‑products distribution market remains central to its long‑term growth plan.
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