QXO outlines path to ~$4B EBITDA by 2030 from ~$2B base; no near-term equity

QXO, Inc.

Combined company revenue ~$18B, Adj. EBITDA ~$2B (2025 pro forma); targets ~$4B organic EBITDA by 2030.
Segment EBITDA targets: Beacon ~$800M to ~$2B, Kodiak ~$210M to ~$400M, TopBuild ~$1.1B to ~$1.6B.
Technology rollout: core Beacon stack substantially complete by Q1 2027; Kodiak/TopBuild by Q3 2027.
No near-term equity issuance planned; focus on integration, free cash flow, deleveraging.
Market positions: #1 insulation, #2 roofing, #1 waterproofing, #1/#2 lumber in key geographies.

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