TopBuild Reports Fourth Quarter and Year-End 2025 Results, Provides 2026 Outlook

Rhea-AI Summary

TopBuild (NYSE:BLD) reported Q4 2025 sales of $1.485B, up 13.2%, and full-year 2025 sales of $5.409B. Adjusted EBITDA for 2026 guidance is projected at $1.005B–$1.155B, with 2026 sales guidance of $5.925B–$6.225B. The company completed seven acquisitions in 2025 (~$1.205B annual revenue) and returned $434.2M via share repurchases.

Management highlighted continued M&A priority, commercial/industrial growth, and a path to improve Specialty Distribution margins following the SPI acquisition.

Positive

• Sales +13.2% Q4 to $1.485B
• Seven 2025 acquisitions adding $1.205B in annual revenue
• Full-year 2025 sales of $5.409B
• Returned $434.2M to shareholders via buybacks in 2025
• 2026 guidance targeting $1.005B–$1.155B adjusted EBITDA

Negative

• Installation Services volume down 11.2% for year
• Specialty Distribution margins declined after SPI acquisition
• Net income fell YoY: $521.7M in 2025 vs $622.6M in 2024

News Market Reaction – BLD

-3.57%

24 alerts

-3.57% News Effect

-5.1% Trough in 42 min

-$484M Valuation Impact

$13.07B Market Cap

0.5x Rel. Volume

On the day this news was published, BLD declined 3.57%, reflecting a moderate negative market reaction. Argus tracked a trough of -5.1% from its starting point during tracking. Our momentum scanner triggered 24 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $484M from the company's valuation, bringing the market cap to $13.07B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 sales: $1.49 billion 2025 full-year sales: $5,409.1 million Acquisition revenue added 2025: $1.2046 billion +5 more

8 metrics

Q4 2025 sales $1.49 billion Fourth quarter 2025 sales, up 13.2% year over year

2025 full-year sales $5,409.1 million Year ended December 31, 2025 vs. $5,329.8M in 2024

Acquisition revenue added 2025 $1.2046 billion Seven 2025 acquisitions’ total annual revenue

Capital returned 2025 $434.2 million Share repurchases of ~1.37M shares during 2025

2026 sales outlook $5.925–$6.225 billion Management full-year 2026 sales guidance range

2026 adj. EBITDA outlook $1.005–$1.155 billion Management full-year 2026 adjusted EBITDA guidance

2025 EBITDA $1,036.8 million 2025 EBITDA vs. $1,074.6M in 2024

Repurchase capacity $753.9 million Remaining share repurchase authorization at 2025 year-end

Market Reality Check

Price: $468.01 Vol: Volume 278,360 is slightl...

normal vol

$468.01 Last Close

Volume Volume 278,360 is slightly below 20-day average 297,954 (relative volume 0.93x). normal

Technical Price $486.44 trades above 200-day MA $408.53 despite a 5.04% drop.

Peers on Argus

BLD fell 5.04% while key peers like APG, ACM, MTZ and J were down a milder ~1.6–...

1 Up

BLD fell 5.04% while key peers like APG, ACM, MTZ and J were down a milder ~1.6–2.0%, and STN rose 1.66%, indicating a company-specific reaction to its earnings and outlook.

Historical Context

5 past events · Latest: Feb 24 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 24	Acquisition announcement	Positive	+1.0%	Agreement to acquire Johnson Roofing with ~<b>$29M</b> annual revenue.
Feb 03	Acquisition announcement	Positive	+3.5%	Acquisition of Applied Coatings and Upstate Spray Foam (~<b>$20M</b> revenue).
Jan 27	Earnings scheduling	Neutral	-0.1%	Set date and time for Q4 2025 earnings release and call.
Dec 09	Investor Day	Positive	-3.3%	Investor Day outlining business model and long‑term outlook through 2030.
Nov 04	Earnings & guidance	Positive	-0.9%	Q3 2025 results with higher full‑year guidance including recent acquisitions.

Pattern Detected

Recent acquisition announcements have generally seen modestly positive reactions, while broader strategic or results-related updates (Investor Day, earnings with guidance) have sometimes traded lower despite constructive messaging.

Recent Company History

Over the past several months, TopBuild has focused heavily on M&A and communication of its strategic outlook. In November 2025 it reported Q3 2025 results and raised full‑year guidance to $5.35–$5.45B in sales and $1.01–$1.06B in adjusted EBITDA, yet shares fell modestly. An Investor Day on December 9, 2025 also saw a negative move. By contrast, acquisition updates in February 2026 for Johnson Roofing (~$29M revenue) and Applied Coatings/Upstate Spray Foam (~$20M revenue) drew positive price reactions. Today’s Q4 and full‑year 2025 results, plus 2026 outlook, arrive against this backdrop of growth via acquisitions and mixed historical market responses.

Market Pulse Summary

This announcement details solid top-line growth and an acquisitive strategy. Q4 2025 sales reached $...

Analysis

This announcement details solid top-line growth and an acquisitive strategy. Q4 2025 sales reached $1.49B, up 13.2%, and seven 2025 acquisitions added about $1.2046B in annual revenue. Management returned $434.2M via buybacks and guided 2026 sales to $5.925–$6.225B with adjusted EBITDA of $1.005–$1.155B. Investors may monitor integration of recent deals, margin trends given 2025 EBITDA declined from $1,074.6M to $1,036.8M, and how actual results track against the 2026 outlook.

Key Terms

adjusted ebitda, ebitda, m&a, sg&a, +1 more

5 terms

adjusted ebitda financial

"expects 2026 sales between $5.925 to $6.225 billion andadjusted EBITDA in the range"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

ebitda financial

"EBITDA | | $ 1,036,842 | | $ 1,074,595"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

m&a financial

"While M&A will continue to be the highest priority for deploying our strong free cash flow"

M&A, short for mergers and acquisitions, involves one company combining with or purchasing another company to grow, streamline operations, or gain competitive advantages. For investors, M&A activity can signal potential for increased value, new opportunities, or changes in market dynamics, making it an important factor to watch in the business landscape.

sg&a financial

"SG&A | $ 777,064 | | $ 738,575 | | $ 741,883 | | $ 707,393"

SG&A stands for Selling, General, and Administrative expenses. It includes the costs a company spends on selling products, running the business day-to-day, and managing staff, like advertising, rent, and salaries. These expenses matter because they affect how much profit a company can make from its sales.

working capital financial

"Working Capital | 15% - 17% of sales"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

AI-generated analysis. Not financial advice.

Fourth Quarter Highlights
Fourth quarter sales totaled $1.49 billion, up 13.2% driven by acquisitions
Completed SPI Acquisition

Full Year Highlights
Completed seven acquisitions, adding approximately $1.2 billion in annual sales
Returned $434.2 million in capital to stockholders through the repurchase of ~1.4 million shares

2026 Outlook
Expects 2026 sales between $5.925 to $6.225 billion and
adjusted EBITDA in the range of $1.005 billion to $1.155 billion
Acquisitions continue to be top priority for deploying capital

DAYTONA BEACH, Fla., Feb. 26, 2026 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD) a leading installer of insulation and commercial roofing and a specialty distributor of insulation and related building products to the construction industry in the United States and Canada, today reported results for the fourth quarter and year ended December 31, 2025.

“We are incredibly proud of everything we accomplished in 2025 as our teams demonstrated resilience, strength and an unwavering commitment to drive operational excellence and increase shareholder value.

“Last year we adapted our business to address the uncertain housing environment and continued to make targeted investments across the company. We completed seven acquisitions which together add about $1.2 billion in annual revenue to TopBuild, diversify our end-market exposure and further position us for long-term growth. We see tremendous runway for growth in commercial roofing, and the SPI acquisition reinforces our leadership position in mechanical insulation in the commercial and industrial space. While M&A will continue to be the highest priority for deploying our strong free cash flow, we also returned $434.2 million in capital to shareholders through our share buyback program, a testament to our unique business model and ongoing confidence in our ability to continue compounding strong returns.

“The acquisitions of SPI and Progressive Roofing fueled our top line growth of 13.2% in the fourth quarter, more than offsetting ongoing weakness in residential and light commercial new construction. Profitability remains solid, with Installation Services delivering 21.0% adjusted EBITDA margin. While Specialty Distribution margins declined due to the impact of the SPI acquisition, we have a very clear path to drive operating improvements and generate meaningful synergies over the next two years,” concluded Mr. Buck.

Financial Highlights
Three Months Ended December 31, 2025

		Reported							Adjusted
	($ in thousands)		2025			2024				2025			2024
	Sales	$1,485,247			$1,312,206				$1,485,247			$1,312,206
	Gross Profit	$404,562			$392,033				$415,988			$392,033
	Gross Margin		27.2%			29.9%				28.0%			29.9%
	SG&A	$224,915			$174,583				$208,692			$172,896
	SG&A as % of Sales		15.1%			13.3%				14.1%			13.2%
	Operating Profit	$179,647			$217,450				$207,296			$219,137
	Operating Margin		12.1%			16.6%				14.0%			16.7%
	Net Income	$104,515			$150,540				$126,661			$151,262
	Net Income per diluted share	$3.71			$5.11				$4.50			$5.13
	EBITDA								$265,175			$258,025
	EBITDA Margin									17.9%			19.7%
	Year Ended December 31, 2025
		Reported							Adjusted
	($ in thousands)		2025			2024				2025			2024
	Sales	$5,409,086			$5,329,803				$5,409,086			$5,329,803
	Gross Profit	$1,568,997			$1,624,918				$1,592,929			$1,624,918
	Gross Margin		29.0%			30.5%				29.4%			30.5%
	SG&A	$777,064			$738,575				$741,883			$707,393
	SG&A as % of Sales		14.4%			13.9%				13.7%			13.3%
	Operating Profit	$791,933			$886,343				$851,046			$917,525
	Operating Margin		14.6%			16.6%				15.7%			17.2%
	Net Income	$521,727			$622,602				$564,395			$645,258
	Net Income per diluted share	$18.28			$20.29				$19.77			$21.03
	EBITDA								$1,036,842			$1,074,595
	EBITDA Margin									19.2%			20.2%

Sales Drivers
(comparisons are to the periods ended December 31, 2024)

			Three Months Ended December 31, 2025
			Installation Services				Specialty Distribution				TopBuild, net of eliminations
	Sales (in millions)		$798				$755				$1,485
	Sales Drivers
	Volume			(14.5	%)			(5.5	%)			(10.5	%)
	Price			(0.5	%)			2.2	%			0.7	%
	M&A			16.3	%			28.9	%			23.0	%
	Total Sales Change			1.2	%			25.5	%			13.2	%
			Year Ended December 31, 2025
			Installation Services				Specialty Distribution				TopBuild, net of eliminations
	Sales (in millions)		$3,183				$2,523				$5,409
	Sales Drivers
	Volume			(11.2	%)			(3.0	%)			(8.1	%)
	Price			0.2	%			1.4	%			0.8	%
	M&A			7.6	%			9.4	%			8.8	%
	Total Sales Change			(3.4	%)			7.8	%			1.5	%

Segment Profitability        
(comparisons are to the periods ended December 31, 2024)

		Three Months Ended December 31, 2025			Year Ended December 31, 2025
	($ in thousands)	Installation Services	Specialty Distribution		Installation Services	Specialty Distribution
	Operating Profit	$137,675	$79,311		$589,494	$322,966
	Change	(7.9%)	(12.4%)		(9.2%)	(8.4%)
	Operating Margin	17.2%	10.5%		18.5%	12.8%
	Adj. Operating Profit	$138,013	$91,656		$597,659	$342,504
	Change	(7.7%)	0.5%		(8.0%)	(2.8%)
	Adj. Operating Margin	17.3%	12.1%		18.8%	13.6%
	Adj. EBITDA	$167,321	$116,154		$691,998	$413,443
	Change	(1.0%)	8.9%		(4.7%)	(0.2%)
	Adj. EBITDA Margin	21.0%	15.4%		21.7%	16.4%

Capital Allocation
2025 Acquisitions

Company	Annual Revenue		Month Closed
	($ in millions)
Seal-Rite Insulation (I)	$	15.2	April
Progressive Roofing (I)		438.0	July
Insulation Fabrics (D)		6.1	September
Specialty Products and Insulation (D)		698.8	October
Diamond Door Products (D)		30.4	October
Performance Insulation Fabricators (D)		8.9	October
L&L Insulation (I)		7.2	November
Total	$	1,204.6
I = Installation Services, D = Specialty Distribution

2026 Acquisitions
In February, TopBuild completed the acquisitions of Applied Coatings and Upstate Spray Foam, which together total approximately $20 million in annual revenue. Earlier this week, the Company announced that it has signed an agreement to acquire Johnson Roofing with approximately $29 million in annual revenue. The Johnson Roofing transaction is expected to close in the first quarter.

Share Repurchases
During the fourth quarter, TopBuild repurchased 43,200 shares totaling $17.0 million. For the full year, the Company bought back 1.37 million shares for a total of $434.2 million. The remaining availability for share repurchases at the end of the year totaled $753.9 million.

2026 Outlook¹
TopBuild provided its full year outlook which assumes ongoing uncertainty in the residential new construction market and continued growth across a variety of verticals in the commercial and industrial end market. The Company noted that its 2026 guidance does not contemplate transactions that it expects to complete during the year.

$ in millions
2026 Outlook	Low		High
Sales	$	5,925.0	$	6,225.0
Adjusted EBITDA	$	1,005.0	$	1,155.0

2026 Assumptions
Residential Sales	Mid-single digit decline
Commercial/Industrial Sales	Low-single digit growth
M&A Sales Contribution	$800 - $850 million
Interest Expense and Other, net	$143 - $149 million
Tax Rate	∼26%
Capital Expenditures	1.0% - 2.0% of sales
Working Capital	15% - 17% of sales

¹ This outlook reflects management’s current view of present and future market conditions and is based on assumptions such as housing starts, general and administrative expenses, and interest rates. These targets do not include any effects related to potential acquisitions or divestitures that may close after the date of this press release. A reconciliation of non-GAAP targets to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, the costs and expenses that may be incurred in the future and therefore cannot be reasonably predicted. The effect of these excluded items may be significant. Factors that could cause actual long-term results to differ materially from TopBuild’s current expectations are discussed below and are also detailed in the Company’s most recent Annual Report on Form 10-K and subsequent SEC reports.

Conference Call

A conference call to discuss the fourth quarter 2025 financial results is scheduled for today, Thursday, February 26, at 9:00 a.m. Eastern Time. The call may be accessed by dialing (877) 407-9037. A simultaneous webcast of the call, along with management’s formal remarks and a presentation, will be available on the Company’s website at www.topbuild.com/investors shortly before the call begins.

About TopBuild

TopBuild Corp., headquartered in Daytona Beach, Florida, is a leading installer of insulation and commercial roofing and is also a specialty distributor of insulation and related building products to the construction industry in the United States and Canada. We provide insulation and commercial roofing installation services nationwide through our Installation Services segment which has over 200 branches located across the United States. We distribute building and mechanical insulation, insulation accessories, and other building products for the residential, commercial, and industrial end markets through our Specialty Distribution business. Our Specialty Distribution network encompasses more than 250 branches across the United States and Canada. To learn more about TopBuild please visit our website at www.topbuild.com.

Use of Non-GAAP Financial Measures

Adjusted EBITDA, incremental EBITDA margin, adjusted EBITDA margin, the “adjusted” financial measures presented above, and figures presented on a “same branch basis” are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes that these non-GAAP financial measures, which are used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods. We define same branch sales as sales from branches in operation for at least 12 full calendar months. Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in tables contained in this press release. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under GAAP. Additional information may be found in the Company’s filings with the Securities and Exchange Commission which are available on TopBuild’s website under “SEC Filings” at www.topbuild.com.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, and our plan to repurchase our common stock under stock repurchase transactions. These forward-looking statements can be identified by words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “may,” “project,” “estimate” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including those described in the risk factors contained in our filings with the Securities and Exchange Commission, may cause our actual results to differ from those expressed in forward-looking statements. Although TopBuild believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved and it undertakes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

(tables follow)

TopBuild Corp.
Consolidated Statements of Operations
(in thousands, except share and per common share amounts)
		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Net sales		$	1,485,247			$	1,312,206			$	5,409,086			$	5,329,803
Cost of sales			1,080,685				920,173				3,840,089				3,704,885
Gross profit			404,562				392,033				1,568,997				1,624,918
Selling, general, and administrative expense			224,915				174,583				777,064				738,575
Operating profit			179,647				217,450				791,933				886,343
Other income (expense), net:
Interest expense			(38,207	)			(17,280	)			(103,768	)			(73,092	)
Other, net			2,074				2,551				15,418				27,537
Other expense, net			(36,133	)			(14,729	)			(88,350	)			(45,555	)
Income before income taxes			143,514				202,721				703,583				840,788
Income tax expense			(38,999	)			(52,181	)			(181,856	)			(218,186	)
Net income		$	104,515			$	150,540			$	521,727			$	622,602
Net income per common share:
Basic		$	3.74			$	5.13			$	18.41			$	20.41
Diluted		$	3.71			$	5.11			$	18.28			$	20.29
Weighted average shares outstanding:
Basic			27,930,422				29,319,538				28,333,633				30,504,064
Diluted			28,135,351				29,485,271				28,541,263				30,679,660

TopBuild Corp.
Consolidated Statements of Comprehensive Income
(in thousands)
		Three Months Ended December 31,							Year Ended December 31,
		2025			2024				2025			2024
Net income		$	104,515		$	150,540			$	521,727		$	622,602
Other comprehensive income (loss):
Foreign currency translation adjustment			3,166			(11,076	)			9,383			(14,541	)
Comprehensive income		$	107,681		$	139,464			$	531,110		$	608,061

TopBuild Corp.
Consolidated Balance Sheets and Other Financial Data
(dollars in thousands)
		As of December 31,
		2025			2024
ASSETS
Current assets:
Cash and cash equivalents		$	184,742		$	400,318
Receivables, net of an allowance for credit losses of $29,081 at December 31, 2025, and $18,541 at December 31, 2024			894,408			751,612
Inventories			505,167			406,662
Prepaid expenses and other current assets			50,478			40,382
Total current assets			1,634,795			1,598,974
Right of use assets			271,396			189,146
Property and equipment, net			291,556			266,992
Goodwill			3,045,227			2,112,259
Other intangible assets, net			1,351,612			557,689
Other assets			10,726			10,366
Total assets		$	6,605,312		$	4,735,426
LIABILITIES
Current liabilities:
Accounts payable		$	440,214		$	456,446
Current portion of long-term debt			62,500			48,750
Accrued liabilities			249,361			191,786
Short-term operating lease liabilities			86,170			68,713
Short-term finance lease liabilities			6,571			1,487
Total current liabilities			844,816			767,182
Long-term debt			2,784,197			1,327,159
Deferred tax liabilities, net			387,594			240,343
Long-term portion of insurance reserves			58,681			57,700
Long-term operating lease liabilities			200,729			129,360
Long-term finance lease liabilities			11,020			2,618
Other liabilities			2,115			1,446
Total liabilities			4,289,152			2,525,808
EQUITY			2,316,160			2,209,618
Total liabilities and equity		$	6,605,312		$	4,735,426
		As of December 31,
		2025			2024
Other Financial Data
Receivables, net plus inventories less accounts payable		$	959,361		$	701,828
Net sales, acquisition adjusted †		$	6,214,054		$	5,409,852
Receivables, net plus inventories less accounts payable as a percent of sales (TTM) †			15.4	%		13.0	%
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches

TopBuild Corp.
Consolidated Statement of Cash Flows
(in thousands)
		Year Ended December 31,
		2025				2024
Cash Flows Provided by (Used in) Operating Activities:
Net income		$	521,727			$	622,602
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			169,372				140,491
Share-based compensation			16,644				16,579
Loss on sale of assets			1,080				1,014
Amortization of debt issuance costs			3,616				2,881
Provision for bad debt expense			14,498				15,742
Provision for inventory obsolescence			8,917				7,586
Impairment losses			9,442				—
Deferred income taxes, net			(14,613	)			(3,462	)
Change in certain assets and liabilities, net of effects of businesses acquired:
Receivables, net			79,774				56,017
Inventories			17,089				(41,723	)
Prepaid expenses and other current assets			(2,643	)			(3,143	)
Accounts payable			(65,427	)			(30,420	)
Accrued liabilities			(798	)			(5,816	)
Other, net			(2,359	)			(2,322	)
Net cash provided by operating activities			756,319				776,026
Cash Flows Provided by (Used in) Investing Activities:
Purchases of property and equipment			(59,431	)			(69,349	)
Acquisition of businesses, net of $7,853 cash acquired			(1,932,229	)			(136,767	)
Proceeds from sale of assets			1,219				2,593
Net cash used in investing activities			(1,990,441	)			(203,523	)
Cash Flows Provided by (Used in) Financing Activities:
Proceeds from issuance of long-term debt			2,000,000				—
Repayment of long-term debt			(515,625	)			(47,039	)
Excise taxes paid on share repurchases			(9,444	)			—
Payment of debt issuance costs			(17,429	)			—
Proceeds from revolving credit facility			178,000				—
Repayment of revolving credit facility			(178,000	)			—
Principal payments on finance lease obligations			(3,597	)			—
Taxes withheld and paid on employees' equity awards			(5,759	)			(6,107	)
Exercise of stock options			2,772				3,226
Repurchase of shares of common stock			(434,151	)			(966,352	)
Net cash provided by (used in) financing activities			1,016,767				(1,016,272	)
Impact of exchange rate changes on cash			1,779				(4,478	)
Net decrease in cash and cash equivalents			(215,576	)			(448,247	)
Cash and cash equivalents - Beginning of period			400,318				848,565
Cash and cash equivalents - End of period		$	184,742			$	400,318
Supplemental disclosure of cash paid for:
Interest		$	88,460			$	69,975
Income taxes
U.S. Federal			136,514				164,000
U.S. state and local			37,841				47,974
Canada			12,569				7,510
Total cash paid for income taxes			186,924				219,484
Supplemental disclosure of noncash activities:
Leased assets obtained in exchange for new operating lease liabilities		$	102,496			$	50,502
Leased assets obtained in exchange for new finance lease liabilities			642				—
Accruals for property and equipment			773				1,023
Excise taxes capitalized to treasury stock			4,074				9,444

TopBuild Corp.
Segment Data (Unaudited)
(dollars in thousands)
		Three Months Ended December 31,												Year Ended December 31,
			2025				2024		Change						2025			2024			Change
Installation Services
Sales		$	798,377			$	788,554			1.2		%		$	3,182,853		$	3,294,630				(3.4	)	%
Operating profit, as reported		$	137,675			$	149,445							$	589,494		$	649,162
Operating margin, as reported			17.2		%		19.0	%							18.5	%		19.7		%
Rationalization charges			—				—								7,223			—
Acquisition related costs			338				92								942			456
Operating profit, as adjusted		$	138,013			$	149,537							$	597,659		$	649,618
Operating margin, as adjusted			17.3		%		19.0	%							18.8	%		19.7		%
Share-based compensation			61				258								993			976
Depreciation and amortization			29,247				19,214								93,346			75,230
EBITDA, as adjusted		$	167,321			$	169,009			(1.0	)	%		$	691,998		$	725,824				(4.7	)	%
EBITDA margin, as adjusted			21.0		%		21.4	%							21.7	%		22.0		%
Specialty Distribution
Sales		$	755,444			$	601,830			25.5		%		$	2,523,323		$	2,340,837				7.8		%
Operating profit, as reported		$	79,311			$	90,569							$	322,966		$	352,431
Operating margin, as reported			10.5		%		15.0	%							12.8	%		15.1		%
Rationalization charges			—				80								7,143			(476	)
Acquisition related costs			919				511								969			525
Acquisition purchase accounting (inventory step-up)			11,426				—								11,426			—
Operating profit, as adjusted		$	91,656			$	91,160							$	342,504		$	352,480
Operating margin, as adjusted			12.1		%		15.1	%							13.6	%		15.1		%
Share-based compensation			(45	)			358								1,238			1,545
Depreciation and amortization			24,543				15,156								69,701			60,157
EBITDA, as adjusted		$	116,154			$	106,674			8.9		%		$	413,443		$	414,182				(0.2	)	%
EBITDA margin, as adjusted			15.4		%		17.7	%							16.4	%		17.7		%

TopBuild Corp.
Adjusted EBITDA (Unaudited)
(dollars in thousands)
		Three Months Ended December 31,												Year Ended December 31,
		2025				2024					Change			2025				2024					Change
Total net sales
Sales before eliminations		$	1,553,821			$	1,390,384							$	5,706,176			$	5,635,467
Intercompany eliminations			(68,574	)			(78,178	)							(297,090	)			(305,664	)
Net sales after eliminations		$	1,485,247			$	1,312,206				13.2	%		$	5,409,086			$	5,329,803				1.5		%
Operating profit, as reported - segments		$	216,986			$	240,014							$	912,460			$	1,001,593
General corporate expense, net			(23,733	)			(9,807	)							(66,647	)			(65,416	)
Intercompany eliminations			(13,606	)			(12,757	)							(53,880	)			(49,834	)
Operating profit, as reported		$	179,647			$	217,450							$	791,933			$	886,343
Operating margin, as reported			12.1		%		16.6		%						14.6		%		16.6		%
Rationalization charges			—				80								14,556				73
Refinancing costs			—				—								226				—
Acquisition related costs †			16,223				1,607								32,905				8,109
Acquisition purchase accounting (inventory step-up)			11,426				—								11,426				—
Acquisition termination fee			—				—								—				23,000
Operating profit, as adjusted		$	207,296			$	219,137							$	851,046			$	917,525
Operating margin, as adjusted			14.0		%		16.7		%						15.7		%		17.2		%
Share-based compensation			2,524				3,174								16,644				16,579
Depreciation and amortization			55,355				35,714								169,152				140,491
EBITDA, as adjusted		$	265,175			$	258,025				2.8	%		$	1,036,842			$	1,074,595				(3.5	)	%
EBITDA margin, as adjusted			17.9		%		19.7		%						19.2		%		20.2		%
Sales change period over period			173,041												79,283
EBITDA, as adjusted, change period over period			7,150												(37,753	)
Incremental EBITDA, as adjusted, as a percentage of change in sales			4.1		%										NM
† Acquisition related costs include corporate level adjustments as well as segment operating adjustments
NM Not meaningful

TopBuild Corp.
Same Branch and Acquisition Metrics (Unaudited)
(dollars in thousands)
		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Net sales
Same branch:
Installation Services		$	670,046			$	788,554			$	2,933,318			$	3,294,630
Specialty Distribution			581,549				601,830				2,303,338				2,340,837
Eliminations			(68,367	)			(78,178	)			(296,879	)			(305,664	)
Total same branch		$	1,183,228			$	1,312,206			$	4,939,777			$	5,329,803
Acquisitions (a):
Installation Services		$	128,331			$	—			$	249,535			$	—
Specialty Distribution			173,895				—				219,985				—
Eliminations			(207	)			—				(211	)			—
Total acquisitions			302,019				—				469,309				—
Total net sales		$	1,485,247			$	1,312,206			$	5,409,086			$	5,329,803
EBITDA, as adjusted
Same branch		$	221,024			$	258,025			$	963,483			$	1,074,595
Acquisitions (a)			44,151				—				73,359				—
Total		$	265,175			$	258,025			$	1,036,842			$	1,074,595
EBITDA, as adjusted, as a percentage of sales
Same branch (b)			18.7		%						19.5		%
Acquisitions (c)			14.6		%						15.6		%
Total (d)			17.9		%		19.7		%		19.2		%		20.2		%
As Adjusted (Decremental)/Incremental EBITDA, as a percentage of change in sales
Same branch (e)			(28.7	)	%						(28.5	)	%
Acquisitions (c)			14.6		%						15.6		%
Total (f)			4.1								NM
(a) Represents current year impact of acquisitions in their first twelve months
(b) Same branch metric, as adjusted, as a percentage of same branch sales
(c) Acquired metric, as adjusted, as a percentage of acquired sales
(d) Total EBITDA, as adjusted, as a percentage of total sales
(e) Change in same branch EBITDA, as adjusted, as a percentage of change in same branch sales
(f) Change in total EBITDA, as adjusted, as a percentage of change in total sales
NM Not meaningful

TopBuild Corp.
Same Branch Revenue by Line of Business (Unaudited)
(dollars in thousands)
		Three Months Ended December 31,											Year Ended December 31,
		2025			2024			Change					2025			2024			Change
Residential:
Same branch (a)		$	718,133		$	839,041			(14.4	)	%		$	3,074,976		$	3,448,340			(10.8	)	%
Acquisitions			25,172			—								51,724			—
Total Residential sales			743,305			839,041			(11.4	)	%			3,126,700			3,448,340			(9.3	)	%
Commercial/Industrial:
Same branch (a)		$	465,095		$	473,165			(1.7	)	%		$	1,864,801		$	1,881,463			(0.9	)	%
Acquisitions			276,847			—								417,585			—
Total Commercial/Industrial sales			741,942			473,165			56.8		%			2,282,386			1,881,463			21.3		%
Total net sales		$	1,485,247		$	1,312,206			13.2		%		$	5,409,086		$	5,329,803			1.5		%
(a) Represents current year impact of acquisitions in their first twelve months

TopBuild Corp.
Non-GAAP Reconciliations (Unaudited)
(in thousands, except share and per common share amounts)
		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Gross Profit Reconciliation
Net sales		$	1,485,247			$	1,312,206			$	5,409,086			$	5,329,803
Gross profit, as reported		$	404,562			$	392,033			$	1,568,997			$	1,624,918
Acquisition purchase accounting (inventory step-up)			11,426				—				11,426				—
Rationalization charges			—				—				12,506				—
Gross profit, as adjusted		$	415,988			$	392,033			$	1,592,929			$	1,624,918
Gross margin, as reported			27.2		%		29.9		%		29.0		%		30.5		%
Gross margin, as adjusted			28.0		%		29.9		%		29.4		%		30.5		%
Selling, General and Administrative Expense Reconciliation
Selling, general, and administrative expense, as reported		$	224,915			$	174,583			$	777,064			$	738,575
Rationalization charges			—				80				2,050				73
Refinancing costs			—				—				226				—
Acquisition related costs			16,223				1,607				32,905				8,109
Acquisition termination fee			—				—				—				23,000
Selling, general, and administrative expense, as adjusted		$	208,692			$	172,896			$	741,883			$	707,393
Operating Profit Reconciliation
Operating profit, as reported		$	179,647			$	217,450			$	791,933			$	886,343
Rationalization charges			—				80				14,556				73
Refinancing costs			—				—				226				—
Acquisition related costs			16,223				1,607				32,905				8,109
Acquisition purchase accounting (inventory step-up)			11,426				—				11,426				—
Acquisition termination fee			—				—				—				23,000
Operating profit, as adjusted		$	207,296			$	219,137			$	851,046			$	917,525
Operating margin, as reported			12.1		%		16.6		%		14.6		%		16.6		%
Operating margin, as adjusted			14.0		%		16.7		%		15.7		%		17.2		%
Income Per Common Share Reconciliation
Income before income taxes, as reported		$	143,514			$	202,721			$	703,583			$	840,788
Rationalization charges			—				80				14,556				73
Refinancing costs			—				—				226				—
Acquisition related costs			16,223				1,607				32,905				8,109
Acquisition purchase accounting (inventory step-up)			11,426				—				11,426				—
Acquisition termination fee			—				—				—				23,000
Income before income taxes, as adjusted			171,163				204,408				762,696				871,970
Tax rate at 26.0%			(44,502	)			(53,146	)			(198,301	)			(226,712	)
Income, as adjusted		$	126,661			$	151,262			$	564,395			$	645,258
Income per common share, as adjusted		$	4.50			$	5.13			$	19.77			$	21.03
Weighted average diluted common shares outstanding			28,135,351				29,485,271				28,541,263				30,679,660

TopBuild Corp.
Reconciliation of Adjusted EBITDA to Net Income (Unaudited)
(in thousands)
		Three Months Ended December 31,						Year Ended December 31,
		2025			2024			2025			2024
Net income, as reported		$	104,515		$	150,540		$	521,727		$	622,602
Adjustments to arrive at EBITDA, as adjusted:
Interest expense and other, net			36,133			14,729			88,350			45,555
Income tax expense			38,999			52,181			181,856			218,186
Depreciation and amortization			55,355			35,714			169,152			140,491
Share-based compensation			2,524			3,174			16,644			16,579
Rationalization charges			—			80			14,556			73
Refinancing costs			—			—			226			—
Acquisition related costs			16,223			1,607			32,905			8,109
Acquisition purchase accounting (inventory step-up)			11,426			—			11,426			—
Acquisition termination fee			—			—			—			23,000
EBITDA, as adjusted		$	265,175		$	258,025		$	1,036,842		$	1,074,595
Pro forma acquisition EBITDA(a)									105,100
Pro forma TTM EBITDA, as adjusted								$	1,141,942
(a) Represents the trailing twelve months pro forma impact of acquisitions completed in 2025.

TopBuild Corp.
Acquisition Adjusted Net Sales (Unaudited)
(in thousands)
	2025												Year Ended
	Q1			Q2			Q3			Q4			December 31, 2025
Net sales	$	1,233,278		$	1,297,403		$	1,393,158		$	1,485,247		$	5,409,086
Acquisitions pro forma adjustment †		289,594			308,195			194,047			13,132			804,968
Net sales, acquisition adjusted	$	1,522,872		$	1,605,598		$	1,587,205		$	1,498,379		$	6,214,054
† Sales have been adjusted for the pro forma effect of acquired branches

TopBuild Corp.
2026 Estimated Guidance Range (Unaudited)
(in millions)
	Twelve Months Ending December 31, 2026
		Low			Mid			High
Estimated net income	$	446.0		$	507.0		$	568.0
Adjustments to arrive at estimated adjusted measures:
Interest expense and other, net		149.0			146.0			143.0
Income tax expense		157.0			178.0			199.0
Estimated EBIT, as adjusted		752.0			831.0			910.0
Share-based compensation		23.0			21.5			20.0
Depreciation and amortization		230.0			227.5			225.0
Estimated EBITDA, as adjusted	$	1,005.0		$	1,080.0		$	1,155.0

This press release was published by a CLEAR® Verified individual.

Investor Relations and Media Contact

PI Aquino        
pi.aquino@topbuild.com
386-763-8801

FAQ

What were TopBuild's (BLD) fourth quarter 2025 sales and growth rate?

TopBuild reported Q4 2025 sales of $1.485 billion, up 13.2% year-over-year. According to the company, acquisitions including SPI and Progressive Roofing drove the top-line increase, offsetting weakness in residential new construction.

What full-year 2025 results did TopBuild (BLD) report for sales and EBITDA?

TopBuild reported full-year 2025 sales of $5.409 billion and adjusted EBITDA of $1.0368 billion. According to the company, acquisitions and segment performance produced these results despite margin pressure in Specialty Distribution.

How much did TopBuild (BLD) spend on share repurchases in 2025 and remaining buyback capacity?

TopBuild repurchased 1.37 million shares for $434.2 million in 2025. According to the company, remaining repurchase authorization at year-end was approximately $753.9 million to deploy for capital return.

What guidance did TopBuild (BLD) give for 2026 sales and adjusted EBITDA?

TopBuild guided 2026 sales of $5.925B–$6.225B and adjusted EBITDA of $1.005B–$1.155B. According to the company, guidance assumes housing-market uncertainty and expects $800–$850M of M&A sales contribution.

How did acquisitions affect TopBuild's (BLD) 2025 performance and 2026 priorities?

Acquisitions added about $1.205B in annual revenue and lifted Q4 growth; M&A remains the top capital deployment priority. According to the company, deal activity diversified end-market exposure and supports commercial growth targets.