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GMS (GMS) investor relations material

GMS Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary28 Aug, 2025

Executive summary

  • Net sales for the quarter ended July 31, 2025, were $1,414.3 million, down 2.4% year-over-year, mainly due to softening market conditions and pricing pressure in steel framing, partially offset by acquisitions and resilient pricing in other products; results were in line with expectations.

  • Net income was $43.6 million, a 23.9% decrease from the prior year, driven by lower gross margin, negative price/cost dynamics, and $5.5 million in one-time merger-related transaction costs.

  • Adjusted EBITDA was $135.5 million, down 7.1% year-over-year, with margin contracting to 9.6% from 10.1%.

  • The company completed one acquisition and opened one new greenfield location during the quarter.

Financial highlights

  • Gross profit was $436.5 million, down 3.3% year-over-year, with gross margin declining to 30.9% from 31.2% due to lower vendor incentive income and reduced volumes.

  • Operating income was $81.2 million, compared to $98.4 million in the prior year.

  • Adjusted net income was $68.0 million, down from $77.6 million year-over-year.

  • Free cash flow was negative $39.4 million, compared to negative $31.9 million last year.

  • Cash and cash equivalents at quarter-end were $39.9 million, down from $55.6 million at the start of the quarter.

Outlook and guidance

  • The pending merger with The Home Depot is expected to close in the second half of 2025, subject to customary conditions.

  • Management expects to maintain adequate liquidity and capital resources to support operations, growth, and share repurchases for at least the next twelve months.

  • Net sales and adjusted EBITDA results were consistent with management expectations for the quarter.

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Frequently asked questions

GMS Inc is a distributor of building products including wallboard, suspended ceilings, insulation, and related construction materials. The company serves residential and commercial construction markets through a network of distribution centers across the United States and Canada. It supplies contractors, builders, and other end-users. GMS Inc is headquartered in Tucker, Georgia, and its shares are listed on the NYSE.

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