QXO Reports Preliminary Net Loss of $123 Million in Third Quarter of 2026
Key Facts
QXO said its net loss under generally accepted accounting principles was about $123 million in the third quarter of 2026, compared with a loss of $139 million in the same period of 2025, according to a filing with the U.S. Securities and Exchange Commission. In the same filing, the company estimated adjusted EBITDA at about $557 million, up 85% from $301 million a year earlier. The preliminary figures present a mixed picture for the quarter: a net accounting loss smaller than a year earlier, alongside a sharp increase in the adjusted earnings measure. The company said the quarter’s results include contributions from companies it acquired during 2026. The difference in the group of companies included in the comparison means adjusted earnings growth should be viewed in light of the group’s expansion, as well as changes in the performance of existing operations.
The GAAP net loss was about $123 million, compared with $139 million in the third quarter of 2025, according to QXO’s filing. This figure measures the accounting result after items included in net income or loss are taken into account, while adjusted EBITDA excludes certain items under the company’s methodology. QXO estimated adjusted EBITDA at $557 million, compared with $301 million a year earlier, and said it rose 85%. The filing therefore showed year-over-year improvement in both figures, while the net result remained negative. The filing provided here did not include further details on the items explaining the difference between the net loss and adjusted EBITDA.
Third-quarter results include contributions from Kodiak Building Partners starting April 1, 2026, and from TopBuild starting July 1, 2026, the acquisition dates specified in the company’s filing. Third-quarter 2025 results included neither company, according to the filing. The current period’s figures therefore do not compare the same group of companies as the year-earlier period; QXO’s business scope expanded during the year as the two companies were included in its results. This provides important context for reading the year-over-year increase in adjusted EBITDA, but does not by itself establish how much the acquisitions contributed to growth. Adjusted EBITDA and net loss also reflect different measures of the quarter’s financial performance.
QXO is targeting annual revenue of $50 billion within the decade through acquisitions and organic growth, according to its filing. The target places acquisitions within a stated strategy to expand the business, alongside growth in existing operations. In the third-quarter results, Kodiak and TopBuild appeared for the first time in the comparison covering the two periods, while neither was included in the comparable quarter of 2025. The company said in August that second-quarter results reflected current market conditions and the progress it was making across its businesses, adding: "Second-quarter results reflect current market conditions and the progress we are making across the company." The statement provides background on management’s characterization of the prior quarter’s performance, while the current third-quarter figures remain preliminary, according to the filing.
QXO said demand in the building products distribution sector may weaken or change significantly because of the sector’s cyclicality and dependence on broader economic and political conditions. The company cited interest rates, consumer confidence, weather and commodity prices among the relevant factors. The warning places the quarterly results in the context of a sector where demand can shift as broader conditions change, according to the company. The group’s expansion through acquisitions is taking place alongside the sector’s exposure to these factors. The reported net loss and adjusted EBITDA remain preliminary estimates for the third quarter, while the filing provided here does not include a verified sales figure for the period or a confirmed date for the release of full results.