# QXO, Inc. (QXO)

> Source: Nexqual · https://nexqual.com/QXO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, QXO, Inc. (QXO), nexqual.com/QXO" · informational, not investment advice.

**Price:** USD 11.02 (+6.89% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 10.31 · day 10.17–11.11 · 52w 10.04–27.61 · market cap $11.4B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.90B, net income -$512M (-5.2% margin), free cash flow $141M (SEC filings).
- 3 of 80 tracked superinvestors hold QXO (13F, Q2 2026): 0 new, 3 added, 0 reduced, 0 unchanged.
- Total return with dividends: 1Y -39.8% vs S&P 500 +14.9%; 5Y -68.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.14, revenue estimate $4.83B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $41.7M | $45.0M | $54.5M | $56.9M | $6.84B | $9.90B |
| Gross profit | $17.2M | $18.0M | $21.6M | $23.1M | $1.57B | — |
| Operating income | -$231K | -$385K | -$1.3M | -$71.0M | -$245M | -$338M |
| Net income | -$134K | -$282K | -$1.1M | $28.0M | -$279M | -$512M |
| EPS (diluted) | -$0.24 | -$0.40 | -$1.63 | -$0.11 | -$0.63 | — |
| Free cash flow | $111K | $2.0M | $463K | $84.7M | $183M | $141M |
| Gross margin | 41.3% | 39.9% | 39.6% | 40.6% | 23.0% | — |
| Operating margin | -0.6% | -0.9% | -2.4% | -124.8% | -3.6% | -3.4% |
| Net margin | -0.3% | -0.6% | -2.0% | 49.2% | -4.1% | -5.2% |
| Revenue growth | +1.2% | +7.9% | +21.2% | +4.4% | +11925.0% | — |
| Cash + short-term investments | $6.8M | $8.0M | $6.1M | $5.07B | $2.36B | — |
| Total debt | $969K | $1.5M | $1.7M | $2.9M | $3.06B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.2x · EV/Sales 1.5x · P/FCF 81.0x · P/B 1.1x · FCF yield 1.24% · Earnings yield -4.48% · Net debt $3.25B · EV $14.7B
P/E at fiscal year-ends: Dec 2024 115.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold QXO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Samantha McLemore | Patient Capital Management | 4.10% | $123M | Added +5.3% |
| Harry Burn | Sound Shore | 2.77% | $89.8M | Added +32.3% |
| First Eagle Investment | First Eagle Investment Management | 0.02% | $11.5M | Added +197.0% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Wells Fargo | Target lowered | Overweight | $16 → $15 |
| 2026-10-13 | Wells Fargo | Target lowered | Overweight | $18 → $16 |
| 2026-10-08 | Truist Securities | Target lowered | Buy | $26 → $15 |
| 2026-10-07 | RBC Capital | Target lowered | Outperform | $27 → $18 |
| 2026-08-25 | DA Davidson | Initiated | Buy | $26 |
| 2026-07-13 | Citigroup | Target lowered | Buy | $28 → $25 |
| 2026-07-10 | RBC Capital | Reiterated | Outperform | $27 |
| 2026-07-01 | Keybanc | Target lowered | Overweight | $32 → $28 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -39.8% | -68.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -39.9% | -20.6% |
| Volatility (annualized) | 63.4% | 120.9% |
| Max drawdown | -62.5% (Feb 2026→Oct 2026) | -95.1% (Jun 2024→Oct 2026) |

## Peers (Industrial Distribution)
AIT (Applied Industrial Technologies) USD 319.4 -5.75% · WSO (Watsco, Inc.) USD 327.04 +7.22% · CNM (Core & Main, Inc.) USD 42.33 +2.17% · WCC (WESCO International, Inc.) USD 323.68 -7.23% · POOL (Pool Corporation) USD 197.21 +14.36% · XMTR (Xometry, Inc.) USD 89.16 +0.25%

## More
Full page: https://nexqual.com/QXO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in QXO's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1236275/000162828026012601/qxo-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Beacon Roofing Supply | "•the effect of the Beacon Acquisition or any future acquisition on our business relationships with employees, customers or suppliers, operating results and business generally;" |
| Supplier | Corning (GLW) | "Our largest suppliers include predominantly domestic companies such as Owens Corning, GAF, Carlisle Construction Materials, CertainTeed Roofing and Siding, IKO Manufacturing, TAMKO Building Products, Johns Manville, Jame…" |
| Partner | Apollo Global Management, Inc. (APO) | "In January 2026, the Company entered into an investment agreement with AP Quince Holdings, L.P., a fund managed by affiliates of Apollo Global Management, Inc., and the other investors party thereto, pursuant to which su…" |
| Partner | Jacobs Private Equity II | "In connection with that transaction, we also entered into a registration rights agreement with JPE and certain of the Investors, pursuant to which JPE has certain demand registration rights that may require us to conduct…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Residential Roofing Products | $1.27B | 39.0% | +36.1% |
| Complementary Building Products | $1.23B | 37.9% | +188.5% |
| Nonresidential Roofing Products | $736.0M | 22.7% | +37.3% |
| Software Products & Services | $15.0M | 0.5% | +7.1% |
| Total revenue | $3.25B | 100% | — |

## Company outlook (8-K filed 2026-08-13)

- "Represent severance and employee-related costs and abandoned lease costs associated with a restructuring plan that is expected to yield annualized savings but excludes stock-based compensation expense recognized as a result of a restructuring plan. • Transaction costs ."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.14 | $0.19 | -27.0% | $4.83B | 16 |
| Next quarter (ends 2026-12-31) | $0.07 | $0.09 | -25.9% | $4.24B | 16 |
| Current fiscal year (ends 2026-12-31) | $0.23 | $0.31 | -25.6% | $14.04B | 19 |
| Next fiscal year (ends 2027-12-31) | $0.53 | $0.75 | -28.3% | $18.59B | 19 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±11.6%; earnings reaction alone ±4.2%; last 8 reports averaged ±4.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 68.9% | ±7.5% |
| 2026-11-06 | 14 | 71.5% | ±11.6% |
| 2026-11-13 | 21 | 70.7% | ±13.9% |
| 2026-11-20 | 28 | 73.9% | ±16.6% |
| 2026-11-27 | 35 | 67.4% | ±16.8% |
| 2026-12-04 | 42 | 66.6% | ±18.2% |
| 2026-12-18 | 56 | 65.0% | ±20.4% |
| 2027-01-15 | 84 | 66.5% | ±25.4% |