Revenue Recognition
Revenues by End-Market
A summary of revenues disaggregated by end-market follows:
| | | | | | | | | | | | | | | | | | | | |
| | 2025 |
| (in millions) | | CCM | | CWT | | Total |
| Non-residential construction | | $ | 3,432.9 | | | $ | 595.8 | | | $ | 4,028.7 | |
| Residential construction | | 288.8 | | | 574.3 | | | 863.1 | |
| | | | | | |
| | | | | | |
| Other | | — | | | 128.1 | | | 128.1 | |
| Total revenues | | $ | 3,721.7 | | | $ | 1,298.2 | | | $ | 5,019.9 | |
| | | | | | |
| | 2024 |
| (in millions) | | CCM | | CWT | | Total |
| Non-residential construction | | $ | 3,414.9 | | | $ | 583.6 | | | $ | 3,998.5 | |
| Residential construction | | 289.4 | | | 587.7 | | | 877.1 | |
| | | | | | |
| | | | | | |
| Other | | — | | | 128.0 | | | 128.0 | |
| Total revenues | | $ | 3,704.3 | | | $ | 1,299.3 | | | $ | 5,003.6 | |
| | | | | | |
| | 2023 |
| (in millions) | | CCM | | CWT | | Total |
| Non-residential construction | | $ | 2,986.0 | | | $ | 543.9 | | | $ | 3,529.9 | |
| Residential construction | | 267.4 | | | 667.8 | | | 935.2 | |
| | | | | | |
| | | | | | |
| Other | | — | | | 121.8 | | | 121.8 | |
| Total revenues | | $ | 3,253.4 | | | $ | 1,333.5 | | | $ | 4,586.9 | |
Revenues by Geographic Area
A summary of revenues based on the region to which the product was delivered follows:
| | | | | | | | | | | | | | | | | | | | |
| | 2025 |
| (in millions) | | CCM | | CWT | | Total |
| United States | | $ | 3,392.0 | | | $ | 1,108.3 | | | $ | 4,500.3 | |
| International: | | | | | | |
| Europe | | 231.9 | | | 18.8 | | | 250.7 | |
| North America (excluding U.S.) | | 75.7 | | | 155.3 | | | 231.0 | |
| Other | | 22.1 | | | 15.8 | | | 37.9 | |
| Total international | | 329.7 | | | 189.9 | | | 519.6 | |
| Total revenues | | $ | 3,721.7 | | | $ | 1,298.2 | | | $ | 5,019.9 | |
| | | | | | |
| | 2024 |
| (in millions) | | CCM | | CWT | | Total |
| United States | | $ | 3,373.7 | | | $ | 1,153.5 | | | $ | 4,527.2 | |
| International: | | | | | | |
| Europe | | 217.3 | | | 20.5 | | | 237.8 | |
| North America (excluding U.S.) | | 85.0 | | | 109.7 | | | 194.7 | |
| Other | | 28.3 | | | 15.6 | | | 43.9 | |
| Total international | | $ | 330.6 | | | $ | 145.8 | | | $ | 476.4 | |
| Total revenues | | $ | 3,704.3 | | | $ | 1,299.3 | | | $ | 5,003.6 | |
| | | | | | |
| | 2023 |
| (in millions) | | CCM | | CWT | | Total |
| United States | | $ | 2,949.3 | | | $ | 1,180.8 | | | $ | 4,130.1 | |
| International: | | | | | | |
| Europe | | 192.7 | | | 19.1 | | | 211.8 | |
| North America (excluding U.S.) | | 85.4 | | | 112.6 | | | 198.0 | |
| Other | | 26.0 | | | 21.0 | | | 47.0 | |
| Total international | | 304.1 | | | 152.7 | | | 456.8 | |
| Total revenues | | $ | 3,253.4 | | | $ | 1,333.5 | | | $ | 4,586.9 | |
Customer Information
QXO Inc. acquired Beacon Roofing Supply Inc. in April 2025. Revenues from QXO, Inc. and Beacon Roofing Supply, Inc. accounted for approximately 16.7%, 17.8% and 16.4% of the Company’s consolidated revenues during the years ended December 31, 2025, 2024 and 2023, respectively. Additionally, revenues from ABC Supply Co. accounted for approximately 16.3%, 15.9% and 15.3% of the Company's consolidated revenues during the years ended December 31, 2025, 2024 and 2023, respectively. Sales to both of these customers originate in the CCM and CWT segments. No other customers accounted for more than 10.0% of the Company’s consolidated revenues for the years ended December 31, 2025, 2024 and 2023.
Contract Liabilities
The Company receives payment at inception of contracts for separately priced extended service warranties. The related revenue is deferred and recognized on a straight-line basis over the life of the contracts. Remaining performance obligations for extended service warranties represent the transaction price for the remaining stand-ready obligation to perform warranty services. A summary of the change in contract liabilities follows:
| | | | | | | | | | | | | | | | | | | | |
| (in millions) | | 2025 | | 2024 | | 2023 |
| Balance as of January 1 | | $ | 350.5 | | | $ | 324.0 | | | $ | 294.8 | |
| Revenue deferred | | 52.5 | | | 55.3 | | | 56.1 | |
| Revenue recognized | | (30.7) | | | (28.8) | | | (26.9) | |
| | | | | | |
| Balance as of December 31 | | $ | 372.3 | | | $ | 350.5 | | | $ | 324.0 | |
A summary of estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of December 31, 2025 follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in millions) | | 2026 | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter |
| Extended service warranties | | $ | 29.8 | | | $ | 29.3 | | | $ | 28.2 | | | $ | 27.3 | | | $ | 26.4 | | | $ | 231.3 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.