BECN on NASDAQ

Beacon Roofing Supply

American publicly traded company

QXO, Inc. is an American publicly traded distributor and installer of building products based in Greenwich, Connecticut.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1928Founded1

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  • TickerBECN on NASDAQ1
  • IndustryWholesale-Lumber & Other Construction Materials1
  • HeadquartersHerndon1
  • Websitewww.becn.com/welcome-to-beacon
  • Legal formDelaware corporation1
  • Incorporated inDE4
  • Business address505 Huntmar Park Drive, Suite 300, Herndon, Va 201704
  • Filer categoryLarge accelerated filer4

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QXO, Inc. is an American publicly traded distributor and installer of building products based in Greenwich, Connecticut. After the acquisition of TopBuild Corp. in July 2026, QXO had approximately 28,000 employees, about 1,150 locations across the U.S. and Canada, and a fleet of more than 10,000 vehicles. QXO is North America's largest distributor and installer of insulation and second-largest publicly traded distributor of building products, with distribution across roofing, waterproofing, and lumber-related building materials.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

25.7%Gross margin6
6.8%Operating margin6
3.7%Net margin6
7.1%Revenue growth, 20246
18.2%Return on equity6
1.33×Debt to equity6
$292.8MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue74¢$7.3B
  • Selling, general and admin17¢$1.6B
  • Other costs4¢$381.5M
  • Income tax1¢$124.0M
  • Profit4¢$361.7M

Out of $9.8B in revenue.6

Where each dollar of operating cash went, fiscal 2024

  • Capital spending30¢$126.6M
  • Share buybacks54¢$225.0M
  • Kept or used elsewhere16¢$67.8M

Out of $419.4M of cash from operations.6

Financial statements

Revenue789106$9.8B in 2024+52% since 2018
0$2.5B$5.0B$7.5B$10.0B2018: $6.4B$6.4B20182019: $6.0B$6.0B2019−7%2020: $5.9B$5.9B2020−1%2021: $6.6B$6.6B2021+12%2022: $8.4B$8.4B2022+27%2023: $9.1B$9.1B2023+8%2024: $9.8B$9.8B2024+7%
Gross profit789106$2.5B in 2024+57% since 2018
0$1.0B$2.0B$3.0B2018: $1.6B$1.6B20182019: $1.4B$1.4B2019−10%2020: $1.4B$1.4B2020−0%2021: $1.8B$1.8B2021+24%2022: $2.2B$2.2B2022+27%2023: $2.3B$2.3B2023+5%2024: $2.5B$2.5B2024+7%
Operating income789106$665.4M in 2024+225% since 2018
0$200.0M$400.0M$600.0M$800.0M2018: $204.6M$204.6M20182019: $131.4M$131.4M2019−36%2020: $35.0M$35.0M2020−73%2021: $456.8M$456.8M2021+1205%2022: $703.4M$703.4M2022+54%2023: $712.2M$712.2M2023+1%2024: $665.4M$665.4M2024−7%
Net income789106$361.7M in 2024+267% since 2018
-$200.0M0$200.0M$400.0M$600.0M2018: $98.6M$98.6M20182019: -$10.6M-$10.6M20192020: -$80.9M-$80.9M2020+663%2021: -$45.5M-$45.5M2021−44%2022: $458.4M$458.4M20222023: $435.0M$435.0M2023−5%2024: $361.7M$361.7M2024−17%
Fiscal year2018201920202021202220232024
Revenue$6.4B7$6.0B8$5.9B9$6.6B10$8.4B6$9.1B6$9.8B6
Cost of revenue$4.8B7$4.6B8$4.5B9$4.9B10$6.2B6$6.8B6$7.3B6
Gross profit$1.6B7$1.4B8$1.4B9$1.8B10$2.2B6$2.3B6$2.5B6
Selling, general and admin$1.2B7$1.1B8$1.1B9$1.1B10$1.4B6$1.5B6$1.6B6
Operating income$204.6M7$131.4M8$35.0M9$456.8M10$703.4M6$712.2M6$665.4M6
Interest$136.5M7$153.5M8$128.6M9$98.1M10$83.7M10$126.1M10
Income tax-$30.5M7-$3.2M8-$27.0M9$77.3M10$161.3M6$151.1M6$124.0M6
Net income$98.6M7-$10.6M8-$80.9M9-$45.5M10$458.4M6$435.0M6$361.7M6
Earnings per share$1.077-$0.518-$1.529-$1.0010$5.666-$0.436$5.786
Earnings per share (diluted)$1.057-$0.518-$1.529-$0.5710$5.556-$0.436$5.686

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The story

History

In June 2024, Brad Jacobs' family office and co-investors invested $1 billion into SilverSun Technologies, a small-cap publicly traded software and IT services company, through a private investment in public equity (PIPE) consisting of $900 million from Jacobs and $100 million from co-investors, including Sequoia Heritage. Jacobs, founder and former Chief executive officer of United Rentals and XPO, Inc., became chairman and chief executive officer. Renamed QXO, the company subsequently entered building products distribution and installation through acquisitions, including Beacon Roofing Supply in 2025, and Kodiak Building Partners and TopBuild in 2026.

In January 2025, QXO launched an all-cash tender offer to acquire Beacon for approximately $11 billion. After initially resisting the offer, Beacon entered into a definitive merger agreement with QXO in March 2025. QXO completed the acquisition in April 2025.

In February 2026, QXO announced an agreement to acquire Kodiak Building Partners from Court Square Capital for $2.25 billion, and the transaction closed in April 2026. Later that month, QXO announced an agreement to acquire TopBuild for $17 billion, and the transaction closed in July 2026, adding insulation distribution and installation capabilities.

Products and services

QXO's customers include professional contractors, homebuilders, building owners, data center operators, and tradespeople in the United States and Canada. QXO sells building products, including insulation, residential and commercial roofing materials, lumber, and waterproofing. In addition, the company offers windows, doors, siding, gutters, trusses, construction supplies, and other building materials. QXO also exclusively distributes the Tri-Built brand.

Through the acquisitions of Kodiak and TopBuild, the company added installation services alongside assembly and fabrication capabilities, primarily for lumber and insulation products.

Financial information

Between June 2024 and the completion of the TopBuild acquisition in 2026, QXO raised approximately $13.5 billion through equity and equity-linked financings to support acquisitions, including a $3 billion convertible preferred stock commitment led by Apollo and Temasek in 2026.

Institutional and private investors in QXO include AustralianSuper, Franklin Templeton, ICONIQ, Jorge Paulo Lemann, Liberty Mutual, Morgan Stanley Investment Management, New York State Common Retirement Fund and Orbis Investment Management.

Following its acquisitions of Beacon, Kodiak and TopBuild, QXO reported approximately $18 billion in combined revenue and nearly $2 billion in combined adjusted EBITDA for 2025, based on actual results adjusted to reflect full-year ownership of the three companies.

From Wikipedia’s article on QXO, shared under CC BY-SA 4.0.5

Former names

  • BEACON ROOFING SUPPLY INCJul 19, 2002 to Apr 29, 20254

Timeline

  1. Sep 23, 2004Went public Listed on NASDAQ1
  2. 1928Founded Founded1

Recent filings

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Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

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