QXO completed its $17 billion acquisition of TopBuild on July 1, expanding its building products distribution platform and adding major insulation installation capabilities to the company’s fast-growing portfolio.

The closing came two days after shareholders of both QXO and TopBuild approved the deal, which was first announced April 19. TopBuild’s shares will cease trading on the New York Stock Exchange.

QXO said the acquisition gives the company leadership positions across several major building product categories in North America, including No. 1 in insulation, No. 2 in roofing, No. 1 in waterproofing and No. 1 or No. 2 in lumber and building materials in key served geographies. The company also said the transaction is expected to be substantially accretive to earnings.

“By acquiring TopBuild, we’re broadening our product offering, adding installation capabilities and expanding our exposure to fast-growing end markets like data centers,” QXO Chairman and CEO Brad Jacobs said in the release. “By 2030, we expect to generate at least $300 million in annual synergies largely from procurement, pricing and cross-selling, while applying TopBuild’s operational excellence across QXO.”

QXO said Alec Covington, TopBuild’s former Chairman, has joined its board of directors, effective immediately. He replaces Jared Kushner, who resigned from the board to focus on other commitments.

TopBuild reported $5.4 billion in 2025 revenue, including $2.4 billion in distribution sales. On MDM’s 2026 Top Distributors List for Building Materials/Construction, QXO ranked No. 4 and TopBuild ranked No. 14. By adding TopBuild’s revenue, QXO now has approximately $16.3 billion in annual revenue, with $14.3 billion in distribution sales, which would position it No. 3 on MDM’s list behind ABC Supply ($20.2 billion in 2025) and Builders FirstSource ($15.2 billion).

The acquisition follows QXO’s 2025 acquisition of Beacon and its April 2026 closing of the $2.25 billion acquisition of Kodiak Building Partners. Combined, those deals have quickly moved QXO from a would-be building products consolidator into one of the largest players across several contractor-facing categories. And QXO has done it in just 2.5 years since the company launched.

QXO previously said TopBuild adds a different strategic dimension than Beacon and Kodiak because of TopBuild’s insulation installation operations, which give the company more direct visibility into job-site activity. In a May investor Q&A, QXO highlighted TopBuild’s roughly 22,000 daily job-site visits as an asset that could support inventory planning, procurement alignment and cross-selling across the broader platform.

QXO Maps Out Post-Deal Playbook as it Integrates Beacon, Kodiak and Adds TopBuild (Premium)

MDM Analysis

The closing of the TopBuild deal marks QXO’s most important step yet in building a multi-category building products distribution platform.

Beacon gave QXO a major position in roofing and waterproofing. Kodiak expanded its reach across lumber, building materials and related contractor supplies. TopBuild now adds insulation distribution and installation, giving QXO a stronger presence inside the building envelope and a more direct connection to the job site.

That combination changes QXO’s competitive profile. Rather than operating as a scaled roofing distributor or lumber/building materials platform, QXO is positioning itself as a broader contractor supply partner across roofing, waterproofing, insulation, lumber and other building materials. Its stated synergy targets point to procurement, pricing and cross-selling as the core value levers.

The biggest near-term question is execution. QXO is integrating Beacon, Kodiak and TopBuild within a compressed window while also pursuing a technology-led operating model and a long-term target of $50 billion in annual revenue. But with TopBuild now closed, QXO has the category breadth, scale and job-site exposure to reshape competitive dynamics across several of building materials distribution’s largest product sectors.