QXO (QXO) Q2 results exceeded estimates for revenue, but an unclear view on when the macroeconomic environment will improve has led Oppenheimer to lower its 2026 to 2028 estimates, the brokerage said in a note emailed Monday.

Oppenheimer's updated model includes QXO's TopBuild acquisition, which closed July 1, across all periods, and anticipates the acquisition will be accretive, while leaving its 2029 and 2030 estimates unchanged, according to the note.

Oppenheimer's 2030 estimates remain at about $35 billion in revenue, $5.5 billion in adjusted EBITDA and $3.7 billion in free cash flow.

QXO on late Thursday reported Q2 revenue of $3.25 billion, up from $1.91 billion a year earlier, while adjusted EPS of $0.08 was down from $0.11.

Oppenheimer maintains an outperform rating and a $32 price target.

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