QXO, Inc. — Form 10-Q
Filed August 14, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 22/100
What the filing says
QXO executed two supplemental indentures adding 66 subsidiary guarantors (49 on May 20, 2026, and 17 on July 1, 2026) to the company's 6.75% Senior Secured Notes due 2032 with principal of $2,250 million issued April 29, 2025. The guarantees are unconditional and joint-and-several, expanding debt covenant coverage to acquired/new subsidiaries including TopBuild entities, roofing services, insulation, and building materials operations. No dollar amounts or collateral specifics were altered; this is standard post-acquisition integration of subsidiaries into debt guarantees.
Why this rating
Routine debt-covenant compliance; adding guarantors is administrative/expected following acquisitions. $2.25B debt is 16% of $13.7B market cap—material debt level, but supplemental indentures are standard. No financial impact, price risk, or operational change.
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