QXO Sales Hit $4.90 Billion as It Courts Homebuilders
Building products distributor QXO reported $4.90 billion in third-quarter sales and a $500 million buyback while pitching itself as a primary supplier to homebuilders.
By Katia Clara · · 2 min read
Brad Jacobs built his fortune on trucks and warehouses. Now he wants to be the store a homebuilder never has to leave.
QXO, the building products distributor Jacobs runs, reported third-quarter net sales of $4.90 billion, according to its November 12 earnings release filed with the SEC [1]. TopBuild, bought this year, supplied $1.64 billion of that, and Kodiak, another 2026 purchase, added $589 million [1].
How we got here
- QXO paid $17 billion for insulation installer TopBuild, which works at roughly 22,000 job sites every day, HousingWire reports [2].
- Its $2.25 billion Kodiak deal added lumber, trusses, doors and windows sold to big production builders [2].
- Companywide pricing rose 2.2% from a year earlier, and private label brand TRI-BUILT hit a record 10.6% of roofing sales [1].
- Roughly 50% of QXO's revenue comes from residential construction, according to HousingWire [2].
| Measure | Q3 2025 | Q3 2026 |
|---|---|---|
| Net sales | $2,728 | $4,895 |
| Gross margin | 23.3% | 28.2% |
| Adjusted EBITDA | $301 | $557 |
| Net loss | $(139) | $(123) |
But the growth is mostly bought, not grown. QXO still lost $123 million in the quarter, and Jacobs called the construction market soft [1]. HousingWire also notes the company is studying strategic price increases, which builders who lean on one supplier would feel first [2].
What it means for you
Materials pricing flows straight into new-home costs. By our math, a 2.2% rise on a $100,000 package of materials adds about $2,200 to one house. If you invest in builder stocks or new rentals, watch whether builders absorb that or pass it on. QXO says its wider offering helps customers use fewer suppliers and cut construction costs [1].
Zoom out
QXO serves 194,000 customers and targets $50 billion in yearly revenue within the decade [1]. A supplier that big gains bargaining power over both its vendors and the builders it serves.
This is market commentary, not investment advice.
Sources
- [1]QXO, Inc. via SEC, QXO Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1), Nov 12, 2026.
- [2]HousingWire, Why QXO sees homebuilders as its mainstay of future growth, Nov 12, 2026.
