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Trex
Trex (TREX) investor relations material
Trex Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Achieved strong Q4 and full-year results, with 2% year-over-year sales growth despite a challenging repair and remodel (R&R) market, driven by double-digit gains in railing and new product innovations.
Maintains #1 brand position in outdoor decking, with strong consumer awareness and market share across all channels.
New products released in the last 36 months accounted for 24% of 2025 sales, up from 18% in 2024.
Leadership transition announced: Adam Zambanini to become CEO following Bryan Fairbanks' retirement in April.
Sustainability is central, with 95% of decking materials upcycled and significant community recycling initiatives.
Financial highlights
Q4 2025 net sales were $161M, down 4% year-over-year, but $17M above guidance midpoint due to strong railing sales; full-year net sales rose 2% to $1.2B.
Q4 gross profit was $49M (30.2% margin), down from $71M (42.3%) due to accounting changes and one-time costs; adjusted gross profit was $50M.
Q4 net income was $2M ($0.02/share); adjusted net income was $4M ($0.04/share).
Full-year 2025 net sales reached $1.17B, up 2% year-over-year; net income was $190M ($1.78/share); adjusted net income was $201.7M ($1.88/share); adjusted EBITDA was $336M.
Free cash flow rebounded to $125M in 2025 after a negative $93M in 2024; net debt improved to $130M in 2025 from $201M in 2024.
Outlook and guidance
2026 net sales expected between $1.185B and $1.23B, representing low to mid-single-digit growth in a flat-to-down R&R market; adjusted EBITDA guidance for 2026 is $315M–$340M.
Q1 2026 net sales projected at $335M–$355M.
Capital expenditures for 2026 forecast at $100M–$120M, down from $233M in 2025 as Arkansas facility nears completion.
$8M in EBITDA adjustments anticipated for 2026.
Anticipates outperforming a flat R&R market, driven by new product launches and expanded shelf space.
2025 growth investments: expected 2026 margin impact
Strategies to double railing market share by 2028
Long-term implications of LIFO to FIFO change
Adam's innovation focus for Trex products
Railing growth and Arkansas facility margin impact
Trex's market share gains from competitive shifts
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Next Trex earnings date
Q1 20267 May, 2026
Trex
Next Trex earnings date
Q1 20267 May, 2026
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Frequently asked questions
Trex Company, Inc. operates as a materials supplier of wood-alternative decking and railing, with a related line of installation and finishing services. It provides deck framing and drainage, outdoor lighting, furniture, permeable pavers, and decorative elements. The company also produces railings, lighting products, steel deck framing systems and aluminum gates; and accessories products include the end caps; adapters; gates; Trex pier decking supports; glass panels for gates; and solar post cap lights for illuminating the railings. In addition, it engages in the manufacture of outdoor kitchen cabinets. Trex Company serves homeowners and professional deck builders, remodelers, architects, distributors and dealers. The company was founded in 1996.
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