QXO, Inc. announced on November 9, 2026, that Chairman and CEO Brad Jacobs is leading a $1 billion cash investment in CKX Lands, a public company listed on the NYSE American under the ticker CKX. The investment is expected to consist of $900 million from Jacobs and $100 million from co-investors led by Heritage Partners, formerly Sequoia Heritage. Upon closing, Jacobs will own a majority stake in CKX and become its chairman and CEO, while retaining his roles at QXO.
CKX is currently a land management company that generates revenue from royalty interests and mineral leases related to oil and gas production, as well as timber sales and surface rents. The company is expected to become a standalone public entity under a new name following the transaction. The deal is intended to provide existing CKX stockholders with an upfront cash payment of $20.8 million, the opportunity to retain the value of the existing business, and participation in future upside. Completion remains subject to closing conditions, including CKX stockholder approval.
In addition to the new venture, QXO provided preliminary third-quarter results. The company reported adjusted EBITDA of $557 million on revenue of $4.9 billion, with an adjusted EBITDA margin of 11.4%. The company noted that September performance was stronger than expected. QXO stated it is the number one distributor of insulation products and number one in waterproofing in North America, with 28,000 employees serving 194,000 customers across 1,150 branches.
QXO highlighted progress in pricing, procurement, and cross-selling. Companywide pricing improved by 400 basis points year-over-year, moving from negative 1.7% in April to positive 2.3% in September. The company also noted that private-label penetration in Roofing and Waterproofing reached a record 10.6% of sales. Sales momentum accelerated into October, with daily sales increasing 5.4% year-over-year by month's end.
