QXO Files Pro Forma Financials for $15B TopBuild Acquisition
BLD sits 49% above its 52-week low of $273.87.
Summary
QXO, Inc. has filed unaudited pro forma financial statements detailing the financial impact of its acquisitions of TopBuild Corp. and Kodiak Building Partners Inc., providing investors with a combined financial outlook for the newly formed entity.
Key Events · M&A and Partnerships · BLD
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Pro Forma Financials Released
QXO, Inc. filed unaudited pro forma combined financial information for its acquisitions of TopBuild Corp., Kodiak Building Partners Inc., and QXO Building Products (formerly Beacon Roofing Supply).
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TopBuild Acquisition Details
The pro forma statements incorporate the TopBuild acquisition, valued at approximately $15.03 billion, funded by cash, QXO common stock, and new debt/preferred stock.
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Kodiak Acquisition Details
The pro forma statements also include the Kodiak acquisition, valued at approximately $2.26 billion, funded by cash and QXO common stock.
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Combined Financial Picture
The pro forma balance sheet as of March 31, 2026, shows combined assets of $34.87 billion and liabilities of $15.75 billion. The pro forma income statement for the year ended December 31, 2025, shows a net loss of $(587.1) million.
Analysis · BLD · Real Estate & Construction
This filing provides the crucial pro forma financial statements for the combined entity following QXO's acquisition of TopBuild and Kodiak Building Partners. While the merger was previously announced, these detailed financials are essential for investors to understand the scale, structure, and projected financial performance of the new, larger company. This allows for detailed modeling and assessment of the post-merger investment thesis, including the significant debt and equity financing involved.
At the time of this filing, BLD was trading at $407.81 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $11.3B. The 52-week trading range was $273.87 to $559.47. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.