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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
TopBuild
TopBuild (BLD) investor relations material
TopBuild Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved ninth consecutive year of sales and profit growth, with Q4 2025 sales up 13.2% to $1.49B, driven by seven acquisitions including SPI and Progressive Roofing.
Full-year 2025 revenue reached $5.41B, with adjusted EBITDA of $1.04B (19.2% margin), and $434M returned to shareholders via buybacks.
Maintained disciplined capital allocation, deploying $1.93B for acquisitions and prioritizing M&A and share repurchases.
Operational excellence and cost control initiatives offset volume and price headwinds, especially in residential and light commercial markets.
Strong free cash flow and robust M&A pipeline position the company for future growth.
Financial highlights
Q4 2025 sales rose 13.2% year-over-year to $1.49B; acquisitions contributed 23%, pricing added 0.7%, and volume declined 10.5%.
Q4 adjusted EBITDA was $265M (17.9% margin); Q4 adjusted EPS was $4.50, down from $5.13 in 2024.
Full-year 2025 adjusted EBITDA was $1.04B (19.2% margin), down 3.5% year-over-year.
Year-end liquidity was $1.1B, with $185M in cash and $934M available under the revolver; net debt leverage was 2.35x trailing EBITDA.
Free cash flow for 2025 was $697M.
Outlook and guidance
2026 sales guidance: $5.925B–$6.225B; adjusted EBITDA: $1.005B–$1.155B.
Residential sales expected down mid-single digits; commercial/industrial to grow low single digits.
M&A closed in the last 12 months to contribute $800M–$850M in revenue; guidance excludes potential 2026 acquisitions.
Quarterly sales expected between $1.4B–$1.6B; EBITDA margins 16.5%–18.5%, with Q1 weakest and Q3 strongest.
Interest and other expenses: $143M–$149M; tax rate ~26%; CapEx 1%–2% of sales; working capital 15%–17% of sales.
Acquired business margin improvement strategy
Why 2026 outlook excludes future M&A impact?
How acquisitions support commercial/industrial growth?
How much of cost reductions are sustainable?
Residential market outlook by key region
What drives confidence in synergy target achievement?
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Q1 20265 May, 2026
TopBuild
Next TopBuild earnings date
Q1 20265 May, 2026
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Frequently asked questions
TopBuild Corp installs and distributes insulation and building materials to residential, commercial, and industrial construction markets. The company operates through two segments: installation services and specialty distribution, serving contractors, builders, and homeowners. The company is headquartered in Daytona Beach, Florida, and its shares are listed on the NYSE.
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