New York, Feb 11, 2026, 18:49 ET — After-hours
- QXO shares surged roughly 16.6% in late trading, following news of the Kodiak Building Partners deal.
- QXO is moving past roofing, picking up lumber and structural products too with this cash-and-stock purchase.
- Regulatory approval and the annual report due Feb. 26 are next on investors’ radar for updates.
QXO, Inc. (NYSE: QXO) surged 16.6% in after-hours action on Wednesday, closing at $27.06, after announcing plans to acquire Kodiak Building Partners for roughly $2.25 billion in a mix of cash and stock. The shares saw a session range between $23.02 and $27.14, with trading volume hitting about 17.2 million.
QXO expects the acquisition to sharply boost earnings in 2026, with management saying the transaction will be highly accretive—adding to profit per share. The company also projects the deal will widen its addressable market to over $200 billion, drawing in a bigger pool of potential sales. Notably, this takes QXO outside its usual roofing and waterproofing lineup and into lumber, trusses, and a range of other products linked to residential construction.
Since QXO snapped up Beacon Roofing Supply last year, Jacobs has been on the hunt for bolt-on acquisitions, hoping to take the fight to Home Depot and Lowe’s in the wholesale building materials space. Reuters said QXO pulled in about $3 billion in convertible preferreds, with Apollo and Temasek leading the round, all aimed at fueling more deals. The Kodiak purchase arrives as high mortgage rates continue to pressure parts of the new build and major renovation markets.
QXO disclosed in an SEC filing that it inked a merger deal on Feb. 10, agreeing to hand over $2 billion in cash to Kodiak’s owners and issue 13,157,895 QXO shares. There’s a provision: QXO can buy back those shares at $40 each. According to the document, both parties are locked in until May 1, 2026, unless the deal is finalized sooner. Antitrust clearance under the Hart-Scott-Rodino Act is required, along with Kodiak’s audited 2025 results, before the transaction can close, the filing said.
QXO chief Brad Jacobs described Kodiak as “highly complementary” for the business, touting upside for margins via procurement scale, network tweaks and inventory management powered by artificial intelligence. (That’s “AI” for short, he noted.) Over at Kodiak, CEO Steve Swinney labeled QXO “the most exciting company in the industry.” On the advisory bench: Morgan Stanley and Wells Fargo for QXO, with RBC and KeyBanc guiding Kodiak.
Kodiak moves lumber, trusses, windows, doors and more through 110 sites across 26 states, pulling in roughly $2.4 billion in revenue for 2025, the company said. “The combination could meaningfully shake up the roofing market,” said Principia analyst Lilli Tillman Smith. Roofing Contractor
Still, the deal hasn’t wrapped up, and execution risk is front and center for investors—so is the question of just how much cash gets spent, particularly if weak construction demand drags on. There’s also debate swirling around the stock piece and the repurchase clause, both of which raise fresh questions about dilution and about QXO’s headroom for future deals.
Eyes shift to QXO’s upcoming filings as traders look for more clarity on its balance sheet and cash flow. The company has pegged Feb. 26, 2026, for its annual report for 2025—a filing that may prove pivotal for market sentiment around the Kodiak integration, and whatever follows.
