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Trex (TREX) investor relations material
Trex Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 net sales rose 22.1% year-over-year to $285.3 million, with adjusted EBITDA up 33% to $90 million and net income up 27.7% to $51.8 million, led by strong railing sales and new product contributions.
New products contributed 25% of trailing 12-month sales, up from 18% in the prior year.
Market leader in composite decking and railing, with a $5.5B market cap as of Q3 2025 and the highest brand trust and awareness in the category.
Production levels are being reduced in anticipation of muted repair and remodel activity for the rest of the year, as consumer demand softened after July.
Multi-tier product portfolio and multi-channel distribution drive growth and category leadership.
Financial highlights
Q3 2025 gross profit increased 23.9% to $115 million, with gross margin expanding to 40.5%.
Net income for Q3 was $52 million ($0.48/share), up 27.7% year-over-year; adjusted net income was $55 million ($0.51/share).
Year-to-date net sales were $1.01 billion (+3%), with net income of $188 million (-13%); adjusted net income was $198 million.
Adjusted EBITDA for TTM 2025 was $343 million, with a 29% margin.
Operating cash flow YTD was $293 million, up from $152 million in 2024.
Outlook and guidance
Q4 2025 sales expected to be $140–$150 million, reflecting muted demand and seasonal slowdown.
Full-year 2025 net sales guidance is $1.15–$1.16 billion, flat with 2024.
Adjusted EBITDA margin for 2025 guided at 28–28.5%.
CapEx for 2025 projected at $210–$220 million, with continued investment in the Arkansas facility and one-time costs of $10–14 million related to product transitions and digital transformation.
2026 gross margin expected to decline by 250 bps due to depreciation and product mix.
Future SG&A as % of sales?
Identify 2026 gross margin reduction factors.
New product contribution to TTM sales?
What drives 2026 SG&A to 18% of sales?
Offset 2026 250bps gross margin headwind.
What is the 2026 market demand outlook?
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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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