Simpson Manufacturing (SSD) Q4 2025 earnings summary

Executive summary

• Full-year 2025 net sales were $2.33 billion, up 4.5% year-over-year; growth reflected pricing, acquisitions and FX, partly offset by a 1% volume decline.

• Q4 net sales were $539.3 million, up 4.2% year-over-year.

• Full-year diluted EPS was $8.24, up 8.4%; Q4 diluted EPS was $1.35, up 3.1%.

• 2025 operating income was $458.1 million, with a 19.6% margin, up from 19.3% in 2024.

• Total Recordable Incident Rate remained below 1.0 for the second consecutive year.

Financial highlights

• 2025 gross profit was $1.07 billion, up 4.5%, with a 45.9% gross margin.

• Adjusted EBITDA was $544.3 million, up 3.3% year-over-year.

• Cash provided by operating activities was $458.6 million, up from $338.2 million in 2024.

• Year-end cash and cash equivalents totaled $384.1 million; total debt was $374.2 million.

• Q4 net income was $56.2 million.

Outlook and guidance

• 2026 consolidated operating margin expected at 19.5%–20.5%, including a projected $10–12 million land-sale gain.

• Gross margin expected to be slightly lower due to tariffs and higher depreciation.

• 2026 capital expenditures projected at $75–85 million; effective tax rate estimated at 25.0%–26.0%.

• U.S. housing starts assumed flat; Europe expected to see slight market growth.