Building materials distributor QXO reported its 2025 third quarter financial results on Nov. 6 for July-September. 

That period reflected the company’s first full quarter of Beacon ownership following its $10.6 billion acquisition that completed at the end of April as QXO’s first acquisition to begin its platform growth. Since then, Beacon now comprises essentially all of QXO’s current financial reporting. With that, we’ll use Beacon’s 3Q24 results for a year-over-year comparison.

Overall, while the 3Q figures showed a considerable net loss for Greenwich, CT-based QXO, they topped Wall Street expectations.

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QXO posted 3Q total sales of $2.73 billion, which trailed Beacon’s $2.77 billion of a year earlier but topped Zacks Consensus Estimate by 0.39%. The company also topped revenue estimates in 2Q.

Residential roofing products sales totaled $1.35 billion; non-res roofing sales were $734 million; and complementary products totaled $628.5 million.

3Q gross margin of 23.3% was down 330 basis points from Beacon’s 3Q24, while adjusted gross margin was down 110 bps. Sequentially, adjusted gross margin fell 200 bps.

QXO reported a Q3 net loss of $139 million vs. Beacon’s $145 million profit a year earlier and QXO’s $58.5 million loss in 2Q25. However, Q3 adjusted net profit was $166 million.

Meanwhile, QXO’s Q3 adjusted EBITDA of $302 million on 11.1% margin trailed Beacon’s $325 million of a year earlier as adjusted EBITDA margin topped the 10.7% from 2Q.

Over the past six months, QXO’s stock price has jumped approximately 20.5% from $13.39 to $16.14.

“We’re making excellent progress optimizing Beacon and continue to find new avenues for growth,” QXO Chairman and CEO Brad Jacobs said in the company’s earnings statement. “We outperformed the market this quarter and are firmly on track to organically grow legacy Beacon’s EBITDA to more than $2 billion. This momentum, combined with a very robust acquisition pipeline, primes us to reach $50 billion in annual revenue within a decade.”