In FY2025, despite steady revenues, GMS's cash flow from operations (or CFO) declined by 11% compared to a year ago. Free cash flow (or FCF), excluding acquisitions, also deteriorated. In FY2026, it expects capex at $40 million-$45 million, or slightly lower than the FY2025 level.

You’ve heard of Home Depot. But have you heard of QXO, a relatively new company in the building supplies industry? Probably not. That could soon change. There’s a chance that QXO may go toe to toe with the mighty home improvement retailer in a bidding war for materials distributor GMS.