QXO, Inc. (NYSE: QXO)

QXO, Inc. operates as a leading distributor of roofing, waterproofing, and complementary building products in North America. The company was formerly known as SilverSun Technologies, Inc. before rebranding to QXO in June 2024. QXO's primary business activities revolve around the distribution of high-quality exterior building products, serving both residential and non-residential customers. The company's operations span approximately 600 branches across all 50 states in the U.S. and seven provinces in Canada, making it a significant player in the building products distribution sector.

QXO generates revenue through the sale of a wide range of building products, including asphalt shingles, single-ply membranes, insulation, waterproofing materials, siding, plywood/OSB, and windows and doors. The company's product portfolio also includes its private label brand, TRI-BUILT, which offers high-quality and superior-value alternatives. QXO's customer base comprises professional contractors, home builders, building owners, lumberyards, and retailers who rely on the company for reliable access to building products for various projects. The company's extensive network and broad product offerings enable it to fulfill the majority of warehouse orders with inventory on hand, ensuring timely delivery and customer satisfaction.

• QXO Building Products: This segment is the core of QXO's operations, serving the building industry with a comprehensive range of exterior products. The segment operates through approximately 600 branches, offering products such as asphalt shingles, single-ply membranes, insulation, waterproofing materials, siding, plywood/OSB, and windows and doors. The segment caters to over 110,000 residential and non-residential customers, providing them with high-quality professional-grade products and value-added services.

QXO holds a strong position within the building products distribution industry, being the largest publicly-traded distributor of roofing, waterproofing, and complementary building products in North America. The company's scale and leading position in the market provide it with significant competitive advantages, including greater purchasing power, the ability to invest in differentiating technology, and a virtuous cycle of market share gains and fixed cost leverage. QXO competes with a mix of national, multi-regional, and local distributors, as well as big box retailers. The company's principal competitive factors include the availability of materials and supplies, technical product knowledge and advisory expertise, delivery and other services including digital capabilities, pricing of products, and the availability of credit and capital. QXO believes it competes favorably with its competitors on the basis of these factors.

QXO's customer base is diverse, ranging from relatively small contractors to large contractors and builders that operate on a national scale. The company's customers depend on reliable local access to building products for residential and non-residential projects. For the year ended December 31, 2025, no single customer accounted for more than 1% of QXO's net sales, indicating a well-distributed customer base. The company's extensive network and broad product offerings enable it to serve a wide range of customers effectively, ensuring timely delivery and customer satisfaction.