QXO (QXO) Q3 2026

Q3 net sales rose 79% to $4.90B, and QXO authorized a $500M share buyback.

QXO · Q3 2026 · Published Nov 13, 2026 · By DeepCell AI · Sources

QXO (QXO) Q3 2026

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · QXO (QXO) Q3 2026 earnings review

Q3 net sales rose 79% to $4.90B, and QXO authorized a $500M share buyback

  1. 1.Net sales of $4,895M beat the $4.85B Zacks consensus by 0.9%
  2. 2.Adjusted diluted EPS of $0.13 was in line with the $0.13 Zacks consensus
  3. 3.Adjusted EBITDA rose to $557M from $301M, and the net loss narrowed to $123M
  4. 4.QXO said it is on track for $4B of adjusted EBITDA by 2030
  5. 5.Shares were up 2.7% pre-market at $13.15 as of 8:35 AM EST, not a close

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. Sales growth, the consensus gap and the pre-market change are DeepCell calculations. Adjusted EBITDA and adjusted EPS are non-GAAP measures defined by QXO. Pre-market trading is not a close.Source: QXO official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 12, 2026; Zacks on Yahoo Finance, Nov 3, 2026; CNBC, Nov 13, 2026 8:35 AM EST

2

2 · Executive summary

Q3 net sales of $4.90B beat the Zacks consensus, and adjusted EPS was in line

Q3 2026 results vs. Zacks consensus (Yahoo Finance, Nov 3, 2026)

MetricActualConsensusVarianceResult
Q3 net sales$4,895M$4,850M+$45M / +0.9%Beat
Q3 adjusted diluted EPS ($)$0.13$0.13+$0.00In line

Share price, Nov 12 regular close to Nov 13 pre-market last

QXO, Inc. (NYSE)Nov 12 closePre-market, 8:35 AM ESTChange ($)Change (%)
QXO$12.81$13.15+$0.34+2.7%

Note: The Zacks estimate is dated Nov 3, before QXO’s Nov 9 preliminary results. GAAP loss per share was ($0.17). Prices are from CNBC; the pre-market figure is not a close, and the change is a DeepCell calculation.Source: QXO official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 12, 2026; Zacks on Yahoo Finance, Nov 3, 2026; CNBC, Nov 13, 2026 8:35 AM EST

3

3 · Q3 results vs. consensus

QXO gave no quarterly guidance, and it put a $4B figure on its 2030 adjusted EBITDA goal

Long-term targets: Q2 release (Aug 13, 2026) vs. Q3 release (Nov 12, 2026)

MetricQ2 releaseQ3 releaseStatus
Adjusted EBITDA by 2030More than double EBITDA$4B from businesses already ownedQuantified
Annual revenue within the decade$50B$50BUnchanged
Share repurchase authorizationNone stated$500M, no expirationNew
Quarterly or annual guidanceNone givenNone givenn.a.

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. QXO first gave the $4B 2030 figure on its Nov 9, 2026 call (Form 8-K, Item 7.01). This page compares the Nov 12 release with the Aug 13 release.Source: QXO official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 12, 2026; QXO Q2 2026 results release (Form 8-K, Aug 13, 2026)

4

4 · Targets vs. prior

Adjusted EBITDA rose 85% to $557M, but adjusted EPS fell to $0.13 from $0.14

  1. Acquisitions drove salesTopBuild added $1.64B and Kodiak $589M of Q3 net sales, as stated.
  2. Margins widenedAdjusted gross margin rose to 28.5% from 25.2%, as stated.
  3. More shares, more interestAdjusted diluted shares rose to 1,192.9 million. Net interest expense was $163M.

Key figures (U.S. GAAP and non-GAAP)

$M unless notedQ3 2025Q3 2026YoY
Net sales$2,728M$4,895M79.4%
Gross profit$636M$1,380M117.0%
Net loss($139M)($123M)n.m.
Adjusted EBITDA$301M$557M85.0%
Adjusted diluted EPS ($)$0.14$0.13-7.1%

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. The YoY column is a DeepCell calculation. Adjusted figures are non-GAAP measures defined by QXO. n.m. means not meaningful.Source: QXO official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 12, 2026; analysis of company data

5

5 · Q3 key financials

Net sales rose to $4.90B from $2.73B, led by the TopBuild deal

Net sales

$B, Q3 2025 vs Q3 2026

v · Q3 2025: $2.7Bv · Q3 2026: $4.9BQ3 2025Q3 2026$0.0B$2.0B$4.0B$6.0B$2.7B$4.9B
Companywide pricing rose 2.2%, and TRI-BUILT reached 10.6% of sales, as stated.“Our organic daily revenue trends improved for the second consecutive quarter despite a soft construction market.” Brad Jacobs, chairman and CEO

Note: TopBuild and Kodiak added $2,229M, or 46% of Q3 net sales. Kodiak was acquired on Apr 1, 2026, and TopBuild on Jul 1, 2026.Source: QXO official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 12, 2026; analysis of company data

6

6 · Net sales growth

Net sales excluding TopBuild and Kodiak were $2.67B, down 2.3% on Q3 2025

  1. Acquired salesTopBuild and Kodiak together added $2,229M of net sales.
  2. Rest of QXOThe rest of QXO had $2,666M of net sales, against $2,728M for all of QXO a year earlier.
  3. Product mixComplementary product sales in roofing and waterproofing rose 4.2%. Mechanical insulation revenue rose 16%, as stated.

Net sales build, Q3 2026

$MQ3 2025Q3 2026
Net sales from TopBuildn.a.$1,640M
Net sales from Kodiakn.a.$589M
Net sales, rest of QXO$2,728M$2,666M
Total net sales$2,728M$4,895M

Note: The rest-of-QXO figure is a DeepCell calculation, net sales less the stated TopBuild and Kodiak amounts. It is not QXO’s organic daily sales measure and does not adjust for selling days.Source: QXO official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 12, 2026; analysis of company data

7

7 · Sales excluding acquisitions

Adjusted gross margin rose 330 bps to 28.5%

Adjusted gross margin

Q3 2025 vs Q3 2026

Adjusted gross margin · Q3 2025: 25.2%Adjusted gross margin · Q3 2026: 28.5%Q3 2025Q3 20260%10%20%35%25.2%28.5%
GAAP gross margin rose to 28.2% from 23.3%. Inventory fair value adjustments fell to $17M.

Note: Adjusted gross margin excludes inventory fair value adjustments from acquisitions, as defined by QXO. The basis-point change is a DeepCell calculation.Source: QXO official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 12, 2026; analysis of company data

8

8 · Adjusted gross margin

Adjusted EBITDA rose to $557M, and the margin reached 11.4%

Adjusted EBITDA

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $301Mv · Q3 2026: $557MQ3 2025Q3 2026$0M$200M$400M$600M$700M$301M$557M
Adjusted EBITDA margin was 11.1% a year earlier. Amortization of $288M was the largest add-back.

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA adds back interest, taxes, depreciation, amortization, stock-based compensation and deal-related costs to the net loss of $123M.Source: QXO official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 12, 2026; analysis of company data

9

9 · Adjusted EBITDA

Total debt rose to $9.0B, and cash fell to $528M after the TopBuild deal

  1. More debtLong-term debt rose to $8,948M from $3,057M. QXO also issued $2,942M of Series C preferred stock.
  2. Cash useNine-month operating cash flow was an outflow of $145M. Capital expenditures were $111M.
  3. BuybackThe board authorized a $500M share repurchase program with no expiration date.

Balance sheet and cash flow

$MPriorCurrent
Cash and cash equivalents (Dec 31 / Sep 30)$2,362M$528M
Total debt (Dec 31 / Sep 30)$3,057M$8,978M
Net debt (Dec 31 / Sep 30)$695M$8,450M
Goodwill (Dec 31 / Sep 30)$5,111M$14,536M
Operating cash flow, nine months$75M($145M)

Note: Total debt and net debt are DeepCell calculations from the balance sheet, excluding leases. Balance sheet rows compare Dec 31, 2025 with Sep 30, 2026.Source: QXO official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 12, 2026; analysis of company data

10

10 · Balance sheet and cash

Integration, leverage and a soft construction market are the main watch items

Indicator
What to watch
Implication
Latest reading
Integration
TopBuild and Kodiak are new
Deal costs stay in the results
Transaction costs $40M
Leverage
Debt funded the TopBuild deal
Interest expense rose sharply
Net debt $8.5B
Per-share results
More shares and preferred dividends
Adjusted EPS fell on higher sales
Adjusted EPS $0.13

Source: QXO official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 12, 2026; analysis of company data

11

11 · Key risks to the outlook

Appendix: adjusted EBITDA bridge

ClaimEvidenceCalculation
Net loss($123M)Statement of operations
Add: depreciation and amortization$83M and $288MDepreciation includes cost of sales
Add: interest and taxes$163M and ($27M)Tax was a benefit in Q3 2026
Add: stock pay and other costs$79M stock-based payPlus $9M restructuring, $40M transaction and $28M transformation
Adjusted EBITDA$557MIncluding $17M of inventory adjustments

EBITDA is earnings before interest, taxes, depreciation and amortization. Source: QXO official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 12, 2026; analysis of company data

12

12 · Appendix: EBITDA bridge

13 · Appendix: Balance sheet

Appendix: income statement detail

Sales and gross profit

$M unless notedQ3 2025Q3 2026YoY
Net sales$2,728M$4,895M79.4%
Gross profit$636M$1,380M117.0%
SG&A$453M$1,024M126.0%

Earnings

$M unless notedQ3 2025Q3 2026YoY
Income from operations$25M$2Mn.m.
Interest expense, net$37M$163M340.5%
Adjusted net income$166M$229M38.0%

Note: SG&A is selling, general and administrative. YoY rates in this appendix are DeepCell calculations. Expenses are shown without signs. n.m. means not meaningful.Source: QXO official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 12, 2026; analysis of company data

14

14 · Appendix: Income statement

Appendix: sources

  • Results release, Q3 2026 (Form 8-K, Ex. 99.1, accession 0001628280-26-073410, Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/1236275/000162828026073410/qxoq3-26earningsrelease.htm
  • Prior targets: Q2 2026 results release (Form 8-K, Ex. 99.1, Aug 13, 2026) — https://www.sec.gov/Archives/edgar/data/1236275/000162828026056734/qxoq2-26earningsrelease.htm
  • Context only: Nov 9, 2026 call transcript (Form 8-K, Item 7.01, 0000950142-26-002986) — https://www.sec.gov/Archives/edgar/data/1236275/000095014226002986/eh260853599_ex9901.htm
  • Context only: CFO appointment release (Form 8-K, Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/1236275/000110465926125578/tm2629649d1_ex99-1.htm
  • Consensus: Zacks, Yahoo Finance, Nov 3, 2026 — https://finance.yahoo.com/markets/stocks/articles/qxo-report-q3-earnings-heres-142900196.html
  • Share price: CNBC QXO quote, Nov 12, 2026 close $12.81 and pre-market last $13.15 at 8:35 AM EST — https://www.cnbc.com/quotes/QXO
  • Figures come from the Nov 12 release, not the Nov 9 preliminary results. QXO reports under U.S. GAAP in $ millions.

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15

15 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from QXO, Inc.’s Q3 2026 results release, furnished on Form 8-K on November 12, 2026. Consensus estimates (Zacks, via Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are U.S. GAAP unless labelled adjusted, in U.S. dollars, for the three months ended September 30, 2026 and September 30, 2025. Adjusted figures are non-GAAP measures defined by QXO.

Forward-looking statements. Company targets, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the pre-market last at 8:35 AM EST on November 13, 2026. The pre-market last is not a close.

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16

16 · Disclosures

Sources

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