Two months after closing its $10.6 billion acquisition of Beacon Roofing Supply, QXO Inc. reported second-quarter results that showed both the costs and early benefits of integrating one of the nation’s largest roofing distributors.

The company’s results reflect two months of combined operations following the April 29 deal closure, meaning QXO has owned the former Beacon for the last two months of the second quarter. Net sales totaled $1.91 billion for the quarter, with adjusted EBITDA of $204.6 million and an adjusted EBITDA margin of 10.7%.

Chief Executive Brad Jacobs said the integration of Beacon is progressing and the company has identified opportunities that exceed initial expectations. QXO has launched what it calls a “broad transformation initiative” focused on pricing, procurement, sales, organizational structure and logistics.

“We’re confident we will at least double legacy Beacon EBITDA organically,” Jacobs said in a statement. “Looking ahead, we see strong momentum in both our acquisition pipeline and organic initiatives, reinforcing our long-term goal of reaching $50 billion in annual revenue within the next decade.”

QXO raised $4.9 billion in debt and $4.8 billion through equity and preferred share issuances to finance the Beacon acquisition. The company subsequently paid down $1.4 billion of its term loan facility during the quarter, ending with a net debt position of approximately $1.2 billion as of June 30.

The company reported an adjusted gross margin of 25.3% for the quarter ending June 30, 2025. Adjusted net income was $109.2 million. 

“Our deal pipeline is deeper than it has ever been, positioning us to reach $50 billion in revenue within the next decade through accretive acquisitions and sustained organic growth,” a QXO spokesperson said.

Regarding tariffs, company officials said they have limited exposure, with the vast majority of its products made and sold in the U.S.

QXO, the largest publicly traded distributor of roofing, waterproofing and complementary building products in North America, is targeting the $800 billion building products distribution industry with plans to reach $50 billion in annual revenue within 10 years through acquisitions and organic growth.

“On day one, we rebranded to QXO, including the e-commerce platform and customer-facing app, while flattening the organizational structure to increase speed and accountability,” said Joe Checkler, senior vice president of communications.

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The ambitious revenue target would represent significant growth from current levels.

The building products distribution industry remains highly fragmented—an estimated 7,000 to 10,000 regional and local distributors serve contractors across North America. This fragmentation mirrors the state of the logistics industry when Jacobs founded XPO in 2011 and grew it from a small $175 million operation to a $15+ billion enterprise by the early 2020s. He then orchestrated the August 2021 spin-off of XPO’s contract logistics arm as GXO Logistics and, in November 2022, the creation of RXO from its brokerage and managed transport operations.