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Qxo$QXO · filed: grew revenue 11925% in FY2025 to $6.8BSound shipNext year $372.9B–$472.5B sealedCheck ▾Close ▴
What Qxo filed
Grew revenue 11925% in FY2025 to $6.8 billion, operating margin -3.6% against a 5.0% median for lumber & other construction materials, equity 61.1% of assets. Every figure links to the filing it came from on Qxo’s card. Sound ship: one warning sign.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $372.9B and $472.5B, an 80% range sealed on 27 Sept 2026 · receipt #6b52f0 · graded in public by the revenue in Qxo’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Jacobs owns the installer base; now he consolidates the suppliers who need that labor to reach job sites.
$17 billion
acquisition of TopBuild last week
440
branches across the residential and commercial construction supply chain
$5.1 billion
in revenue over the trailing twelve months with EBITDA…
14%
The company holds
QXO Inc. closed its $17 billion acquisition of TopBuild last week. The stock gained in overnight trading after three consecutive sessions of decline. Brad Jacobs, the serial roll-up architect behind XPO Logistics and GXO Logistics, now controls the largest insulation installer in North America and 440 branches across the residential and commercial construction supply chain.
TopBuild generated $5.1 billion in revenue over the trailing twelve months with EBITDA margins near 14%. The company holds 30% share in residential insulation installation, a fragmented market where the next 15 competitors combined hold less than 20%. QXO paid 13.2x trailing EBITDA after a four-month negotiation that began with unsolicited outreach in September. The deal closed 38 days after shareholder approval, faster than the 60-day average for transactions above $10 billion.
The thesis is infrastructure scarcity dressed as building materials consolidation. Skilled installation labor has been in structural decline since 2008. Insulation installer headcount dropped 22% between 2008 and 2023 while building codes added six new energy efficiency requirements. TopBuild owns the training infrastructure and recruiting pipelines that competitors cannot replicate at scale. The margin expansion comes from cross-selling roofing, siding, and HVAC installation through the same labor base, not from cost cuts.
Jacobs telegraphed a $50 billion acquisition pipeline in December across 15 subsectors of building products distribution. The model is identical to his prior vehicles: buy the category leader with defensible operations, then acquire 30-40 smaller distributors at 6-8x EBITDA within 36 months. He has executed this pattern three times with a 94% success rate on projected synergies. QXO entered the public markets through a SPAC merger in November with $3.75 billion in cash and a $10 billion credit facility led by Goldman Sachs and Bank of America.
Allocators should monitor three datapoints. First, QXO's next acquisition, likely in exterior building products or mechanical systems distribution, expected within 90 days based on Jacobs' prior cadence. Second, TopBuild's April earnings call on integration milestones and any margin guidance revision. Third, residential construction starts in March, which will clarify whether the 18-month housing slowdown is reversing or extending. A spring pickup in single-family permits would validate the installation capacity thesis immediately.
Jacobs has raised $87 billion in equity across four vehicles since 2011. None have underperformed the Russell 2000 in their first 24 months post-anchor acquisition.
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For the principal
Track QXO's next three deals; Jacobs' model works when he controls both distribution and the constrained labor that makes it valuable.
For the operator
Watch TopBuild's April call for integration cost and margin trajectory; any guidance raise signals the installer shortage thesis is monetizing faster than modeled.
For the house
Hold QXO position through next two acquisitions; exit if deal pace slips past 120-day intervals or if he pivots outside building products infrastructure.
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