• Amazon for corporate supply chains.
• United Rentals for logistics solutions.
• Tesla for logistics.

• LTL Freight Transportation: Transporting less-than-truckload shipments across a comprehensive network, consolidating goods from multiple shippers into a single trailer for cost-effective delivery.
• Logistics Technology & Analytics: Providing advanced software and data analytics to optimize routing, improve efficiency, enhance visibility, and offer sophisticated supply chain insights within its LTL services.

QXO, Inc. (symbol: QXO) is a newly formed public company that operates as an investment and holding company. Its primary business strategy involves identifying, acquiring, and operating businesses across multiple asset classes and industries, with a focus on real estate, healthcare, and services.

As per its official filings (e.g., its March 2024 Form 10-K for the fiscal year ended December 31, 2023), QXO does not currently have major customers in the traditional sense, meaning it does not directly sell products or services to other companies or individuals at this stage. The company has explicitly stated that it does not expect to generate material revenue from customers until it has acquired operating businesses.

Therefore, QXO does not have a list of major customer companies or categories of individual customers to report. Its future revenue will be generated by the operating businesses it acquires, and those acquired businesses will then have their own respective customer bases.

Brad Jacobs Chairman and Chief Executive Officer

Brad Jacobs is a career CEO and serial entrepreneur who has founded and led eight companies, all of which grew into billion-dollar or multi-billion-dollar corporations. He has completed approximately 500 M&A transactions and raised $50 billion in debt and equity capital, including three IPOs. His six publicly traded companies include United Waste, United Rentals, XPO, and its two spin-offs, GXO Logistics and RXO, and more recently, QXO. Jacobs founded United Waste in 1989, took it public in 1992, and sold it for $2.5 billion in 1997. He founded United Rentals in 1997, growing it into the world's largest equipment rental provider, and founded XPO in 2011, transforming it into a global transportation and logistics giant before spinning off GXO Logistics and RXO. Jacobs serves as executive chairman of XPO and non-executive chairman of GXO and RXO, and is the managing partner of Jacobs Private Equity. He is known for a repeatable playbook that involves consolidating fragmented industries through M&A, aiming to double profit within five years and generate significant shareholder returns. Jacobs intends to build QXO into a $50 billion company, emphasizing a durable, long-term platform rather than a short-term private equity-style flip.

Ihsan Essaid Chief Financial Officer

Ihsan Essaid was appointed Chief Financial Officer of QXO on July 15, 2024. He brings over 30 years of experience in global investment banking, providing critical advisory services for large M&A and capital markets transactions, including to corporate and private equity clients. Prior to joining QXO, he served as global head of M&A at Barclays, following roles as co-head of global M&A and co-head of Americas M&A. Essaid advised on over $50 billion of transactions since joining Barclays in 2021. His previous experience includes serving as a managing director of media and telecom M&A at Credit Suisse from 2015 to 2021, and as a partner with Perella Weinberg Partners from 2008 to 2015.

Josephine Berisha Chief Human Resources Officer

Josephine Berisha possesses over two decades of senior HR experience with global companies, encompassing human capital management, performance management, compensation and benefits, and workforce planning and analysis. She previously held the position of chief human resources officer for XPO, Inc. from 2020 to 2023. Before her tenure at XPO, Berisha spent 18 years with Morgan Stanley, where she held various HR leadership positions, including managing director, head of corporate compensation and executive pay design.

Matt Fassler Chief Strategy Officer

Matt Fassler served as Chief Strategy Officer of XPO from 2018 to 2022. He is currently a member of the board of directors of GXO Logistics. Prior to his time at XPO, Fassler spent more than 20 years at Goldman Sachs.

Austin Landow Executive Vice President

Austin Landow is a managing director of Jacobs Private Equity, LLC, where he is responsible for leading strategic projects. He worked at XPO from 2019 to 2023 and played a key role in the spin-offs of GXO Logistics and RXO. Earlier in his career, Landow managed real estate investing at Stockbridge Capital Group, LLC, and worked in the distressed debt and private equity groups at Cerberus Capital Management.

The public company QXO (symbol: QXO) faces several key business risks, primarily stemming from its aggressive growth strategy and financial structure.

1. Shareholder Dilution and Capital Raising Challenges: QXO has experienced significant shareholder dilution due to the issuance of millions of new shares. The company anticipates needing substantial additional capital in the future to support its business growth, and any future issuances of common stock or other equity securities could further dilute existing shareholders or grant new investors senior rights, preferences, and privileges.
2. Integration Risks from Acquisitions: QXO's strategy heavily relies on strategic acquisitions, most notably the recent acquisition of Beacon Roofing Supply, Inc. There are considerable risks associated with integrating complex organizations, systems, operating procedures, compliance programs, technology, and cultures of acquired businesses. Failure to successfully integrate these operations could lead to operational disruptions, cost overruns, and an inability to realize anticipated synergies and benefits.
3. Operational Losses and Profitability Challenges: The company has reported ongoing operating losses and negative profitability margins, including negative EBIT and pre-tax profit margins. Elevated operating expenses, which include share-based compensation and severance costs, pose a challenge to converting revenue growth into sustainable earnings and could impede the company's long-term financial health.

The aggressive expansion of Amazon Freight into the third-party freight brokerage market. Amazon, leveraging its vast internal logistics network, proprietary technology, and substantial capital, poses a significant threat by offering competitive pricing and efficiency that could intensify competition, compress margins, and challenge the market share of established players like QXO.

The addressable market for QXO's main products and services, which include the distribution of roofing, waterproofing, and complementary building products, is approximately $800 billion. This market size is for the United States.

1. Strategic Acquisitions and Consolidation: QXO has an aggressive strategy to acquire and integrate other companies within the highly fragmented building products distribution industry. The company has publicly stated its goal to achieve $50 billion in annual revenue within a decade through accretive acquisitions and organic growth, with the acquisition of Beacon Roofing Supply in April 2025 being a significant foundational step. This strategy involves identifying acquisition targets across existing and adjacent verticals.
2. Organic Growth and Operational Efficiencies: QXO is focused on optimizing the operations of its acquired businesses, particularly Beacon, to drive substantial organic growth. Key initiatives involve revamping procurement processes, improving inventory management, and boosting sales productivity. The company aims to at least double Beacon's legacy EBITDA organically, supported by "self-help margin improvements".
3. Technology and Digital Transformation: A core component of QXO's strategy is to become a "tech-enabled leader" in the building products distribution industry. This involves significant investment in a proprietary e-commerce platform tailored for contractors and builders, providing real-time access to inventory, pricing, order placement, and delivery tracking. Additionally, QXO is implementing AI-driven procurement tools to automate replenishment and optimize warehouse inventory, which is expected to improve gross margins and customer loyalty.
4. Expansion into New Markets and Verticals: QXO plans to leverage its platform to expand into new geographical areas and product verticals, driven by strong underlying market demand. The U.S. housing shortfall and federal infrastructure investments are highlighted as significant tailwinds that will support sustained demand for building products.
5. Customer Growth and Retention: Through enhanced digital offerings and operational improvements, QXO aims to grow its customer base and increase "wallet share" with existing clients. The focus on providing "speed, visibility, and control" through intuitive and frictionless experiences is designed to improve customer stickiness and attract new business wins.

Share Repurchases

• QXO's Ambition 2025 plan included a $225 million accelerated share repurchase program.

Share Issuance

• In the second quarter of 2025, QXO raised $4.8 billion through a combination of common equity and mandatory convertible preferred share issuances.
• Earlier in 2025, QXO issued 5.50% Series B Mandatory Convertible Preferred stock with net proceeds of $558.1 million.
• In May 2025, QXO priced offerings of common stock and depositary shares, raising approximately $1.3 billion in gross proceeds (before deductions), primarily to repay debt and position for future acquisitions.

Inbound Investments

• QXO was formed in June 2024 through a $1 billion equity investment led by Jacobs Private Equity into SilverSun Technologies.
• In mid-2024, QXO secured an additional $3.5 billion in private placement financing, bringing its total capital for acquisitions to $4.5 billion.

Outbound Investments

• QXO acquired Beacon Roofing Supply for approximately $11 billion in April 2025, utilizing a mix of debt and equity.
• Less than two months after the Beacon acquisition, QXO launched an unsolicited $5 billion all-cash offer for GMS Inc.

Capital Expenditures

• Expected capital expenditures for the full year 2024 were approximately $125 million.
• Capital expenditures for the third quarter of 2025 were $(19.7) million, with $(49.8) million for the nine months ended September 30, 2025.
• Primary focus of capital expenditures includes investments in digital infrastructure, modern warehouse management systems, machine learning for demand forecasting and inventory optimization, and modernizing transportation management systems.