TopBuild (BLD) Q4 2025 earnings summary

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 $1.2B in annual revenue added from acquisitions.

• $434M returned to shareholders via share repurchases, with a new $1.0B buyback program approved.

• Operational excellence and disciplined capital allocation helped offset volume and price headwinds.

• Leadership remains confident in long-term growth despite near-term market uncertainty.

Financial highlights

• Q4 2025 adjusted EBITDA was $265M (17.9% margin), with adjusted EPS at $4.50 and net income of $104.5M.

• Full-year 2025 adjusted EBITDA was $1.04B (19.2% margin), down 3.5% year-over-year.

• Q4 adjusted gross profit was $416M (28% margin); Q4 operating margin was 14.0% (adjusted).

• Year-end liquidity was $1.1B, with $185M in cash and $934M available under the revolver; net debt stood at $2.7B.

• Net cash provided by operating activities was $756.3M for 2025.

Outlook and guidance

• 2026 revenue 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 expected to contribute $800M–$850M in revenue; guidance excludes potential 2026 acquisitions.

• CapEx expected at 1%–2% of sales for 2026; tax rate projected at 26%.

• Quarterly sales expected between $1.4B–$1.6B; EBITDA margins 16.5%–18.5%, with Q1 weakest and Q3 strongest.