QXO Inc. shares hit a 52-week low of $12.79 on Thursday, extending a steep decline that has seen the stock fall roughly 40% over the past year and nearly 39% over the last six months. The share price trades 54% below its 52-week high of $27.61.
The drop comes even as QXO reported second-quarter 2026 results that broadly exceeded consensus estimates. Revenue reached $3.25 billion, beating the estimated $3.19 billion, while adjusted earnings per share of $0.08 aligned with analyst expectations. EBITDA also surpassed estimates, though the company did not disclose a specific figure.
Revenue growth was bolstered by the acquisition of Kodiak Building Partners, which closed on April 1, 2026. The transaction contributed $595 million to the quarter's top line. On a year-over-year basis, QXO reported a 70% increase in revenue.
Management highlighted improvements in pricing, volume, and gross margin during the second quarter compared to the first quarter of 2026. Benchmark maintained a "Buy" rating on the stock with a $50 price target, pointing to progress on the company's technology rollout.
QXO shares have significantly underperformed relative to their 52-week high, and the gap between current valuation and Benchmark's price target suggests analysts still see meaningful upside potential from the stock.
