QXO, Inc. entered into a definitive agreement to acquire TopBuild Corp. for approximately $17 billion, with the transaction expected to close in the third quarter of 2026. The deal brings together QXO’s tech‑enabled distribution platform with TopBuild’s status as the largest distributor and installer of insulation and related building products in North America.
The acquisition is designed to create the second‑largest publicly traded building‑products distributor in North America, with combined revenues projected to exceed $18 billion and adjusted EBITDA above $2 billion. It also positions QXO to hold #1 market positions in insulation and waterproofing, #2 in roofing, and #1 or #2 in lumber and building materials, thereby expanding its geographic reach and product mix in line with its Ambition 2025 strategy to become a tech‑enabled leader in the $800 billion industry and achieve $50 billion in annual revenue within the next decade.
Financially, the deal is expected to be immediately and substantially accretive to QXO’s earnings. QXO reported an adjusted diluted EPS of $0.02 for Q4 2025, compared with a loss of $(0.17) in the same quarter a year earlier, while TopBuild posted an EPS of $4.50 for Q4 2025 versus $5.13 a year earlier. The combination of these earnings profiles will lift QXO’s adjusted diluted EPS and strengthen its profitability profile.
The transaction follows QXO’s aggressive consolidation strategy, which included the $2.25 billion acquisition of Kodiak Building Partners in April 2026 and the $11 billion purchase of Beacon Roofing Supply in April 2025. By adding TopBuild’s insulation expertise and distribution network, QXO will capture a larger share of the $800 billion building‑products distribution market and accelerate its growth trajectory.
While the fact‑check does not provide specific synergy numbers, the combination is expected to deliver cost savings and revenue enhancements through cross‑selling opportunities and operational efficiencies. Shareholder approval has been obtained, and regulatory approvals, including antitrust clearance, are anticipated as part of the closing process. The acquisition aligns with QXO’s goal of doubling EBITDA within three to five years through integration, technology upgrades, and cost management.
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