QXO QXO, Inc.
Price Chart
Executive Summary
QXO, Inc. is acquiring TopBuild Corp. in a $17 billion deal, combining QXO's roofing and building materials leadership with TopBuild's insulation distribution and installation expertise. The transaction, valued at $505 per TopBuild share (a 19.8% premium), will create the second-largest publicly traded building products distributor in North America with over $18 billion in combined revenue. The deal is structured as 45% cash and 55% stock, subject to proration, and is expected to close in Q3 2026.
Key Financial Metrics
Actionable Insight
The merger creates a dominant player in the building products distribution sector with significant cross-selling opportunities and cost synergies. Traders should monitor the shareholder vote and regulatory approval process, as the deal's success hinges on these milestones. The lack of a financing contingency reduces execution risk. The stock's reaction will likely depend on investor confidence in QXO's ability to integrate TopBuild and realize the projected $300 million in synergies.
Key Facts
- QXO is acquiring TopBuild for $17 billion enterprise value, or $505 per share, representing a 19.8% premium to TopBuild's 60-day VWAP.
- The transaction will be paid 45% in cash and 55% in stock, with a proration mechanism if election levels exceed these thresholds.
- The combined company will have over $18 billion in revenue and over $2 billion in adjusted EBITDA, creating the second-largest publicly traded building products distributor in North America.
- The deal is expected to generate $300 million in run-rate synergies by 2030 through procurement, network optimization, and commercial excellence.
- The acquisition is subject to shareholder approval from both companies and regulatory clearances, with no financing contingency, and is expected to close in Q3 2026.
Financial Impact
The $17 billion acquisition of TopBuild, which generated $6.2 billion in revenue and $1.14 billion in adjusted EBITDA in 2025, will increase QXO's scale and diversify its product offerings. The deal is expected to be immediately accretive to QXO's earnings and generate $300 million in annual synergies by 2030.
Risk Factors
- Regulatory hurdles, particularly from antitrust authorities given the combined company's scale.
- Integration risks in combining two large organizations with different operational models.
- Failure to realize the projected $300 million in synergies could disappoint investors.
Market Snapshot
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-045111 |
| Document: tm2612209d1_ex10-1.htm | 0001104659-26-045111 |
| Document: tm2612209d1_8k.htm | 0001104659-26-045111 |
| Document: tm2612209d1_ex99-2.htm | 0001104659-26-045111 |
| Document: tm2612209d1_ex99-1.htm | 0001104659-26-045111 |
| Document: 0001104659-26-045111-index-headers.html | 0001104659-26-045111 |
| Document: 0001104659-26-045111-index.html | 0001104659-26-045111 |
| Document: 0001104659-26-045111.txt | 0001104659-26-045111 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 12, 2026
2d ago
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8-K
| $16.58 awaiting T+1 | awaiting T+1 | — | $16.63 (+0.30%) |
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Jun 4, 2026
10d ago
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8-K
| $46.10 awaiting T+1 | awaiting T+1 | — | $16.63 (−63.93%) |
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Jun 2, 2026
12d ago
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8-K
| $46.41 $47.08 | ▲ +1.44% | ▲ +2.17% | $16.63 (−64.17%) |
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Jun 1, 2026
14d ago
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EFFECT
| $47.79 $46.41 | ▼ −2.89% | ▼ −3.03% | $16.63 (−65.20%) |
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May 29, 2026
16d ago
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8-K
| $47.79 $46.41 | ▼ −2.89% | ▼ −3.03% | $16.63 (−65.20%) |
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Apr 29, 2026
6w ago
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8-K
| $55.89 $55.07 | ▼ −1.47% | ▼ −1.69% | $16.63 (−70.25%) |
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Apr 20, 2026
8w ago
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8-K
| $66.51 $62.81 | ▼ −5.56% | ▼ −4.91% | $16.63 (−75.00%) |
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Mar 24, 2026
11w ago
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DEFA14A
| $20.19 $20.46 | ▲ +1.34% | ▲ +0.77% | $16.63 (−17.63%) |
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Mar 17, 2026
12w ago
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8-K
| $20.86 $20.13 | ▼ −3.50% | ▼ −2.10% | $16.63 (−20.28%) |
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Feb 28, 2026
15w ago
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Institutional Cluster
| $22.92 $21.95 | ▼ −4.23% | ▼ −3.32% | $16.63 (−27.44%) |
US Market Status
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