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QXO announced today that it has entered into a definitive agreement to acquire TopBuild Corp. for approximately $17 billion, significantly expanding QXO’s scale and capabilities across the building products value chain. The transaction is expected to be immediately and substantially accretive to the company’s earnings. Through the acquisitions of Beacon, Kodiak and now TopBuild, QXO has in less than a year gone from no building products revenue or EBITDA to the second largest publicly traded building products distributor in North America.
“Over the past 11 months, we’ve built QXO into a market leader through more than $13 billion of acquisitions, closing on Beacon in 2025 and Kodiak earlier this month,” says Brad Jacobs, chairman and CEO of QXO. “TopBuild will be our most significant acquisition yet, making QXO the second largest publicly traded building products distributor in North America, with more than $18 billion of combined company revenue and more than $2 billion of combined company adjusted EBITDA.”
TopBuild is the largest distributor and installer of insulation and related building products in North America. The combination will bring together QXO’s leading positions in roofing, waterproofing, lumber-related building materials and associated products with TopBuild’s insulation capabilities, creating a higher-margin business with expansive value-added offerings for customers.
The transaction has been unanimously approved by the boards of directors of both companies and is subject to customary closing conditions, including approval by the shareholders of TopBuild and QXO. The acquisition is expected to close in the third quarter of 2026.
On April 1, 2026, QXO completed its previously announced acquisition of Kodiak Building Partners for approximately $2.25 billion. Upon completion of the TopBuild transaction, QXO will operate in an addressable market of more than $300 billion and hold leadership positions in key building product verticals in North America, including No. 1 in insulation, No. 2 in roofing and No. 1 in waterproofing.
