TopBuild Reports Second Quarter 2025 Results; Issues Guidance to Include Progressive Roofing Acquisition

Rhea-AI Summary

TopBuild (NYSE:BLD) reported Q2 2025 results with sales of $1.3 billion, down 5.0% year-over-year, and achieved an adjusted EBITDA margin of 20.1%. The company's Installation segment saw an 8.3% decrease while Specialty Distribution grew 1.1%.

In a significant move, TopBuild completed the $810 million acquisition of Progressive Roofing in July 2025, expanding into the commercial roofing services sector. The company has updated its 2025 guidance to include Progressive Roofing, projecting sales of $5.15-$5.35 billion and adjusted EBITDA of $970-$1,070 million.

During Q2, TopBuild demonstrated strong shareholder returns by repurchasing 454,802 shares for $136.0 million, with year-to-date buybacks totaling $351.6 million. The company maintains $836.4 million in remaining share repurchase authorization.

Positive

• Strategic acquisition of Progressive Roofing for $810M expanding into commercial roofing services
• Strong adjusted EBITDA margin of 20.1% maintained despite revenue decline
• Healthy capital return with $136M in share repurchases during Q2
• Specialty Distribution segment showed growth of 1.1%
• Positive trends in heavy commercial and industrial end markets

Negative

• Overall sales declined 5.0% to $1.3B year-over-year
• Installation segment revenue decreased 8.3%
• Gross margin declined to 30.4% from 31.0% year-over-year
• Weakness in residential new construction and light commercial end markets
• Volume declined across both segments (Installation -10.5%, Specialty Distribution -2.1%)

Insights

Financial Analyst

TopBuild reports 5% revenue decline but maintains healthy margins while completing strategic $810M roofing acquisition to offset residential market weakness.

TopBuild's Q2 2025 results reveal a company navigating challenging market conditions with strategic initiatives to maintain profitability. Sales declined 5.0% to $1.3 billion, primarily driven by an 8.3% decrease in the Installation segment, partially offset by 1.1% growth in Specialty Distribution. The volume decrease of 7.8% across segments indicates significant market softness, particularly in residential construction.

Despite revenue challenges, TopBuild maintained strong profitability with an adjusted EBITDA margin of 20.1%, just slightly below the 20.3% from Q2 2024. This resilience in margins demonstrates effective cost management, as the company noted its efforts to "align our cost structure with the current demand landscape." The adjusted operating margin of 17.0% shows only a modest 0.4% decline year-over-year.

The $810 million acquisition of Progressive Roofing represents a significant strategic shift. With annual revenue of $438 million, this acquisition gives TopBuild immediate scale in commercial roofing services, a sector the company describes as "large and highly complementary." This diversification reduces TopBuild's exposure to the struggling residential construction market while creating new growth opportunities in commercial and industrial segments that are showing "ongoing positive trends."

Capital allocation priorities remain clear, with $833 million deployed for acquisitions year-to-date. Simultaneously, the company has aggressively repurchased shares, buying back 454,802 shares for $136 million in Q2 alone, and over 1.1 million shares for $351.6 million year-to-date. This dual approach of strategic acquisitions and shareholder returns reflects management's confidence despite near-term market headwinds.

The 2025 outlook of $5.15-5.35 billion in sales and $970-1,070 million in adjusted EBITDA incorporates the Progressive Roofing acquisition, which management expects will "more than offset further weakness in the residential new construction and light commercial end markets." This guidance suggests the acquisition was timely, helping stabilize the business during a challenging period for its core markets.

Delivers second quarter sales of $1.3 billion and adjusted EBITDA margin of 20.1%

2025 outlook for $5.150 to $5.350 billion in sales and $970 to $1,070 million in adjusted EBITDA includes contribution from Progressive Roofing acquisition

DAYTONA BEACH, Fla., Aug. 05, 2025 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer of insulation and commercial roofing and a specialty distributor of insulation and related building material products to the construction industry in the United States and Canada, today reported results for the second quarter ended June 30, 2025.

Robert Buck, President and CEO of TopBuild, commented, “We have accomplished a great deal in 2025 to date, most recently closing the acquisition of Progressive Roofing and establishing a new platform for growth in the large and highly complementary roofing services sector. Additionally, our teams’ efforts early in the year to align our cost structure with the current demand landscape and drive operational improvements are reflected in our healthy second quarter adjusted EBITDA margin of 20.1%. Second quarter sales of $1.3 billion declined 5.0%, driven by an 8.3% decrease in Installation, which was partly offset by 1.1% growth in Specialty Distribution.

Mr. Buck stated, “Our 2025 outlook assumes that the contribution from the Progressive Roofing acquisition for the rest of the year will more than offset further weakness in the residential new construction and light commercial end markets. In the near term, although weak consumer confidence and economic uncertainty are pressuring new residential housing demand, we are encouraged by the ongoing positive trends in our heavy commercial and industrial end markets and excited about our long runway of new opportunities in commercial roofing.

“We remain optimistic that the long-term fundamentals for our business are strong and confident in our ability to drive increased shareholder returns. M&A continues to be our priority for deploying capital and we are returning capital to shareholders. In the second quarter, we repurchased nearly 455,000 shares, returning $136.0 million in capital to shareholders,” Mr. Buck concluded.

	Financial Highlights (comparisons are to the periods ended June 30, 2024)
	Three Months Ended June 30, 2025
		Reported							Adjusted
	($ in thousands)		2025			2024				2025			2024
	Sales	$	1,297,403		$	1,365,612			$	1,297,403		$	1,365,612
	Gross Profit	$	394,043		$	423,922			$	392,943		$	423,922
	Gross Margin		30.4	%		31.0	%			30.3	%		31.0	%
	SG&A	$	174,254		$	213,530			$	172,292		$	185,893
	SG&A as % of Sales		13.4	%		15.6	%			13.3	%		13.6	%
	Operating Profit	$	219,789		$	210,392			$	220,651		$	238,029
	Operating Margin		16.9	%		15.4	%			17.0	%		17.4	%
	Net Income	$	151,602		$	150,723			$	151,296		$	170,800
	Net Income per diluted share	$	5.32		$	4.78			$	5.31		$	5.42
	EBITDA								$	261,302		$	277,694
	EBITDA Margin									20.1	%		20.3	%
	Six Months Ended June 30, 2025
		Reported							Adjusted
	($ in thousands)		2025			2024				2025			2024
	Sales	$	2,530,681		$	2,644,329			$	2,530,681		$	2,644,329
	Gross Profit	$	745,516		$	811,072			$	757,919		$	811,072
	Gross Margin		29.5	%		30.7	%			29.9	%		30.7	%
	SG&A	$	348,239		$	386,172			$	343,122		$	358,609
	SG&A as % of Sales		13.8	%		14.6	%			13.6	%		13.6	%
	Operating Profit	$	397,277		$	424,900			$	414,797		$	452,463
	Operating Margin		15.7	%		16.1	%			16.4	%		17.1	%
	Net Income	$	274,986		$	303,104			$	286,442		$	323,922
	Net Income per diluted share	$	9.53		$	9.56			$	9.93		$	10.22
	EBITDA								$	496,060		$	531,513
	EBITDA Margin									19.6	%		20.1	%

 

	Sales Drivers
	(comparisons are to the periods ended June 30, 2024)
			Three Months Ended June 30, 2025
			Installation				Specialty Distribution				TopBuild, net of eliminations
	Sales ($ in millions)		$	781			$	599			$	1,297
	Sales Drivers
	Volume			(10.5	%)			(2.1	%)			(7.8	%)
	Price			0.9	%			0.8	%			0.9	%
	M&A			1.4	%			2.3	%			1.9	%
	Total Sales Change			(8.3	%)			1.1	%			(5.0	%)
			Six Months Ended June 30, 2025
			Installation				Specialty Distribution				TopBuild, net of eliminations
	Sales ($ in millions)		$	1,526			$	1,159			$	2,531
	Sales Drivers
	Volume			(10.1	%)			(2.1	%)			(7.6	%)
	Price			1.0	%			1.1	%			1.1	%
	M&A			1.6	%			2.8	%			2.2	%
	Total Sales Change			(7.5	%)			1.8	%			(4.3	%)

  

	Segment Profitability
	(comparisons are to the periods ended June 30, 2024)
		Three Months Ended June 30, 2025							Six Months Ended June 30, 2025
	($ in thousands)	Installation			Specialty Distribution				Installation			Specialty Distribution
	Operating Profit	$	155,441		$	87,482			$	285,057		$	156,541
	Change		(8.9	%)		(2.1	%)			(13.0	%)		(6.2	%)
	Operating Margin		19.9	%		14.6	%			18.7	%		13.5	%
	Adj. Operating Profit	$	154,541		$	87,429			$	292,581		$	163,393
	Change		(9.6	%)		(2.2	%)			(10.7	%)		(1.7	%)
	Adj. Operating Margin		19.8	%		14.6	%			19.2	%		14.1	%
	Adj. EBITDA	$	174,062		$	102,946			$	331,618		$	194,313
	Change		(8.4	%)		(1.8	%)			(9.3	%)		(1.3	%)
	Adj. EBITDA Margin		22.3	%		17.2	%			21.7	%		16.8	%

 

Capital Allocation

2025 Acquisitions
TopBuild continues to prioritize acquisitions for capital allocation and as of June 30, 2025, spent approximately $23 million on acquisitions. In addition, in July, the Company completed the acquisition of Progressive Roofing for $810 million, bringing the year-to-date capital deployed for acquisitions to approximately $833 million.

	Company	Annual Revenue		Month Closed
		($ in millions)
	Progressive Roofing (I)1	$	438.0	July
	Seal-Rite Insulation (I)		15.2	April
	Total	$	453.2
	I = Installation
	1 Trailing 12 months ended 3/31/25

Share Repurchases
During the second quarter, TopBuild repurchased 454,802 shares totaling $136.0 million. On a year-to-date basis, the Company bought back 1,148,683 shares for $351.6 million. The remaining availability for share repurchases at the end of the second quarter totaled $836.4 million.

2025 Outlook¹
TopBuild issued its full year outlook which includes the contribution of the Progressive Roofing acquisition which closed in July. The guidance does not contemplate additional transactions that it expects to complete during the year.

$ in millions
2025 Outlook	Low		High
Sales	$	5,150.0	$	5,350.0
Adjusted EBITDA	$	970.0	$	1,070.0

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 occur 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 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 second quarter 2025 financial results is scheduled for today, Tuesday, August 5^th, at 9:00 a.m. Eastern Time. The call can 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 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 material products to the construction industry in the United States and Canada. We provide insulation and commercial roofing installation services nationwide through our Installation segment which has over 200 branches located across the United States. We distribute building and mechanical insulation, insulation accessories and other building product materials for the residential, commercial, and industrial end markets through our Specialty Distribution business. Our Specialty Distribution network encompasses more than 150 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.

Investor Relations and Media Contact

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

(tables follow)

TopBuild Corp.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per common share amounts)
		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Net sales		$	1,297,403			$	1,365,612			$	2,530,681			$	2,644,329
Cost of sales			903,360				941,690				1,785,165				1,833,257
Gross profit			394,043				423,922				745,516				811,072
Selling, general, and administrative expense			174,254				213,530				348,239				386,172
Operating profit			219,789				210,392				397,277				424,900
Other income (expense), net:
Interest expense			(20,545	)			(18,568	)			(37,147	)			(37,363	)
Other, net			4,348				11,350				9,434				22,632
Other expense, net			(16,197	)			(7,218	)			(27,713	)			(14,731	)
Income before income taxes			203,592				203,174				369,564				410,169
Income tax expense			(51,990	)			(52,451	)			(94,578	)			(107,065	)
Net income		$	151,602			$	150,723			$	274,986			$	303,104
Net income per common share:
Basic		$	5.34			$	4.81			$	9.58			$	9.63
Diluted		$	5.32			$	4.78			$	9.53			$	9.56
Weighted average shares outstanding:
Basic			28,371,644				31,324,833				28,698,125				31,483,144
Diluted			28,515,554				31,524,063				28,858,719				31,693,524

TopBuild Corp.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(in thousands)
		Three Months Ended June 30,							Six Months Ended June 30,
		2025			2024				2025			2024
Net income		$	151,602		$	150,723			$	274,986		$	303,104
Other comprehensive income (loss):
Foreign currency translation adjustment			9,868			(1,836	)			10,096			(5,928	)
Comprehensive income		$	161,470		$	148,887			$	285,082		$	297,176

TopBuild Corp.
Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited)
(dollars in thousands)
		As of
		June 30, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	842,493		$	400,318
Receivables, net of an allowance for credit losses of $24,268 at June 30, 2025, and $18,541 at December 31, 2024			752,559			751,612
Inventories			385,466			406,662
Prepaid expenses and other current assets			37,566			40,382
Total current assets			2,018,084			1,598,974
Right of use assets			180,626			189,146
Property and equipment, net			254,127			266,992
Goodwill			2,125,827			2,112,259
Other intangible assets, net			531,411			557,689
Other assets			9,743			10,366
Total assets		$	5,119,818		$	4,735,426
LIABILITIES
Current liabilities:
Accounts payable		$	417,500		$	456,446
Current portion of long-term debt			50,000			48,750
Accrued liabilities			178,709			191,786
Short-term operating lease liabilities			66,884			68,713
Short-term finance lease liabilities			1,192			1,487
Total current liabilities			714,285			767,182
Long-term debt			1,833,213			1,327,159
Deferred tax liabilities, net			237,503			240,343
Long-term portion of insurance reserves			58,339			57,700
Long-term operating lease liabilities			129,166			129,360
Long-term finance lease liabilities			1,948			2,618
Other liabilities			1,366			1,446
Total liabilities			2,975,820			2,525,808
EQUITY			2,143,998			2,209,618
Total liabilities and equity		$	5,119,818		$	4,735,426
		As of June 30,
		2025			2024
Other Financial Data
Receivables, net plus inventories less accounts payable		$	720,525		$	792,396
Net sales, acquisition adjusted †		$	5,248,415		$	5,353,117
Receivables, net plus inventories less accounts payable as a percent of sales (TTM) †			13.7	%		14.8	%
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches

TopBuild Corp.
Condensed Consolidated Statement of Cash Flows (Unaudited)
(in thousands)
		Six Months Ended June 30,
		2025				2024
Cash Flows Provided by (Used in) Operating Activities:
Net income		$	274,986			$	303,104
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			71,677				69,291
Share-based compensation			9,806				9,759
Loss (gain) on sale of assets			711				(131	)
Amortization of debt issuance costs			1,549				1,440
Provision for bad debt expense			8,121				9,874
Provision for inventory obsolescence			4,570				4,892
Impairment losses			8,636				—
Deferred income taxes, net			(2,668	)			(72	)
Change in certain assets and liabilities, net of effects of businesses acquired:
Receivables, net			(4,988	)			(58,411	)
Inventories			20,146				(30,758	)
Prepaid expenses and other current assets			2,884				(6,595	)
Accounts payable			(39,053	)			(17,480	)
Accrued liabilities			(7,677	)			(13,348	)
Other, net			(2,421	)			(2,437	)
Net cash provided by operating activities			346,279				269,128
Cash Flows Provided by (Used in) Investing Activities:
Purchases of property and equipment			(24,915	)			(35,974	)
Acquisition of businesses, net of cash acquired			(21,185	)			(88,123	)
Proceeds from sale of assets			610				2,150
Net cash used in investing activities			(45,490	)			(121,947	)
Cash Flows Provided by (Used in) Financing Activities:
Proceeds from issuance of long-term debt			1,000,000				—
Repayment of long-term debt			(487,500	)			(23,873	)
Excise taxes paid on share repurchases			(9,444	)			—
Payment of debt issuance costs			(6,970	)			—
Taxes withheld and paid on employees' equity awards			(5,374	)			(6,059	)
Exercise of stock options			—				3,224
Repurchase of shares of common stock			(351,621	)			(505,241	)
Net cash provided by (used in) financing activities			139,091				(531,949	)
Impact of exchange rate changes on cash			2,295				(576	)
Net increase (decrease) in cash and cash equivalents			442,175				(385,344	)
Cash and cash equivalents - Beginning of period			400,318				848,565
Cash and cash equivalents - End of period		$	842,493			$	463,221
Supplemental disclosure of noncash activities:
Leased assets obtained in exchange for new operating lease liabilities		$	33,978			$	20,180
Accruals for property and equipment			353				277
Excise taxes capitalized to treasury stock			3,516				5,202

TopBuild Corp.
Segment Data (Unaudited)
(dollars in thousands)
		Three Months Ended June 30,											Six Months Ended June 30,
			2025				2024		Change					2025			2024			Change
Installation
Sales		$	780,678			$	850,983			(8.3	)	%	$	1,526,211		$	1,649,726				(7.5	)	%
Operating profit, as reported		$	155,441			$	170,718						$	285,057		$	327,475
Operating margin, as reported			19.9		%		20.1	%						18.7	%		19.9		%
Rationalization charges			(933	)			—							7,348			—
Acquisition related costs			33				288							176			333
Operating profit, as adjusted		$	154,541			$	171,006						$	292,581		$	327,808
Operating margin, as adjusted			19.8		%		20.1	%						19.2	%		19.9		%
Share-based compensation			274				318							623			648
Depreciation and amortization			19,247				18,712							38,414			36,979
EBITDA, as adjusted		$	174,062			$	190,036			(8.4	)	%	$	331,618		$	365,435				(9.3	)	%
EBITDA margin, as adjusted			22.3		%		22.3	%						21.7	%		22.2		%
Specialty Distribution
Sales		$	599,184			$	592,826			1.1		%	$	1,158,987		$	1,138,620				1.8		%
Operating profit, as reported		$	87,482			$	89,373						$	156,541		$	166,951
Operating margin, as reported			14.6		%		15.1	%						13.5	%		14.7		%
Rationalization charges			(67	)			—							6,801			(750	)
Acquisition related costs			14				10							51			10
Operating profit, as adjusted		$	87,429			$	89,383						$	163,393		$	166,211
Operating margin, as adjusted			14.6		%		15.1	%						14.1	%		14.6		%
Share-based compensation			421				380							884			813
Depreciation and amortization			15,096				15,047							30,036			29,883
EBITDA, as adjusted		$	102,946			$	104,810			(1.8	)	%	$	194,313		$	196,907				(1.3	)	%
EBITDA margin, as adjusted			17.2		%		17.7	%						16.8	%		17.3		%

TopBuild Corp.
Adjusted EBITDA (Unaudited)
(dollars in thousands)
		Three Months Ended June 30,													Six Months Ended June 30,
		2025				2024					Change				2025				2024					Change
Total net sales
Sales before eliminations		$	1,379,862			$	1,443,809								$	2,685,198			$	2,788,346
Intercompany eliminations			(82,459	)			(78,197	)								(154,517	)			(144,017	)
Net sales after eliminations		$	1,297,403			$	1,365,612				(5.0	)	%		$	2,530,681			$	2,644,329				(4.3	)	%
Operating profit, as reported - segments		$	242,923			$	260,091								$	441,598			$	494,426
General corporate expense, net			(9,502	)			(36,859	)								(18,762	)			(45,926	)
Intercompany eliminations			(13,632	)			(12,840	)								(25,559	)			(23,600	)
Operating profit, as reported		$	219,789			$	210,392								$	397,277			$	424,900
Operating margin, as reported			16.9		%		15.4		%							15.7		%		16.1		%
Rationalization charges			(1,021	)			258									14,337				(492	)
Refinancing costs			226				—									226				—
Acquisition related costs †			1,657				4,379									2,957				5,055
Acquisition termination fee			—				23,000									—				23,000
Operating profit, as adjusted		$	220,651			$	238,029								$	414,797			$	452,463
Operating margin, as adjusted			17.0		%		17.4		%							16.4		%		17.1		%
Share-based compensation			4,765				4,632									9,806				9,759
Depreciation and amortization			35,886				35,033									71,457				69,291
EBITDA, as adjusted		$	261,302			$	277,694				(5.9	)	%		$	496,060			$	531,513				(6.7	)	%
EBITDA margin, as adjusted			20.1		%		20.3		%							19.6		%		20.1		%
Sales change period over period			(68,209	)												(113,648	)
EBITDA, as adjusted, change period over period			(16,392	)												(35,453	)
Decremental EBITDA, as adjusted, as a percentage of change in sales			(24.0	)	%											(31.2	)	%
† Acquisition related costs include corporate level adjustments as well as segment operating adjustments

TopBuild Corp.
Same Branch and Acquisition Metrics (Unaudited)
(dollars in thousands)
		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Net sales
Same branch:
Installation		$	768,717			$	850,983			$	1,499,542			$	1,649,726
Specialty Distribution			585,611				592,826				1,126,868				1,138,620
Eliminations			(82,459	)			(78,197	)			(154,517	)			(144,017	)
Total same branch		$	1,271,869			$	1,365,612			$	2,471,893			$	2,644,329
Acquisitions (a):
Installation		$	11,961			$	—			$	26,669			$	—
Specialty Distribution			13,573				—				32,119				—
Total acquisitions			25,534				—				58,788				—
Total net sales		$	1,297,403			$	1,365,612			$	2,530,681			$	2,644,329
EBITDA, as adjusted
Same branch		$	255,946			$	277,694			$	485,860			$	531,513
Acquisitions (a)			5,356				—				10,200				—
Total		$	261,302			$	277,694			$	496,060			$	531,513
EBITDA, as adjusted, as a percentage of sales
Same branch (b)			20.1		%						19.7		%
Acquisitions (c)			21.0		%						17.4		%
Total (d)			20.1		%		20.3		%		19.6		%		20.1		%
As Adjusted (Decremental)/Incremental EBITDA, as a percentage of change in sales
Same branch (e)			(23.2	)	%						(26.5	)	%
Acquisitions (c)			21.0		%						17.4		%
Total (f)			(24.0	)	%						(31.2	)	%
(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

TopBuild Corp.
Same Branch Revenue by Line of Business (Unaudited)
(dollars in thousands)
		Three Months Ended June 30,											Six Months Ended June 30,
		2025			2024			Change					2025			2024			Change
Residential:
Same branch (a)		$	801,031		$	884,100			(9.4	)	%		$	1,555,856		$	1,718,943			(9.5	)	%
Acquisitions			8,469			—								23,396			—
Total Residential sales			809,500			884,100			(8.4	)	%			1,579,252			1,718,943			(8.1	)	%
Commercial/Industrial:
Same branch (a)		$	470,838		$	481,512			(2.2	)	%		$	916,037		$	925,386			(1.0	)	%
Acquisitions			17,065			—								35,392			—
Total Commercial/Industrial sales			487,903			481,512			1.3		%			951,429			925,386			2.8		%
Total net sales		$	1,297,403		$	1,365,612			(5.0	)	%		$	2,530,681		$	2,644,329			(4.3	)	%
(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 June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Gross Profit Reconciliation
Net sales		$	1,297,403			$	1,365,612			$	2,530,681			$	2,644,329
Gross profit, as reported		$	394,043			$	423,922			$	745,516			$	811,072
Rationalization charges			(1,100	)			—				12,403				—
Gross profit, as adjusted		$	392,943			$	423,922			$	757,919			$	811,072
Gross margin, as reported			30.4		%		31.0		%		29.5		%		30.7		%
Gross margin, as adjusted			30.3		%		31.0		%		29.9		%		30.7		%
Selling, General and Administrative Expense Reconciliation
Selling, general, and administrative expense, as reported		$	174,254			$	213,530			$	348,239			$	386,172
Rationalization charges			79				258				1,934				(492	)
Refinancing costs			226				—				226				—		��
Acquisition related costs			1,657				4,379				2,957				5,055
Acquisition termination fee			—				23,000				—				23,000
Selling, general, and administrative expense, as adjusted		$	172,292			$	185,893			$	343,122			$	358,609
Operating Profit Reconciliation
Operating profit, as reported		$	219,789			$	210,392			$	397,277			$	424,900
Rationalization charges			(1,021	)			258				14,337				(492	)
Refinancing costs			226				—				226				—
Acquisition related costs			1,657				4,379				2,957				5,055
Acquisition termination fee			—				23,000				—				23,000
Operating profit, as adjusted		$	220,651			$	238,029			$	414,797			$	452,463
Operating margin, as reported			16.9		%		15.4		%		15.7		%		16.1		%
Operating margin, as adjusted			17.0		%		17.4		%		16.4		%		17.1		%
Income Per Common Share Reconciliation
Income before income taxes, as reported		$	203,592			$	203,174			$	369,564			$	410,169
Rationalization charges			(1,021	)			258				14,337				(492	)
Refinancing costs			226				—				226				—
Acquisition related costs			1,657				4,379				2,957				5,055
Acquisition termination fee			—				23,000				—				23,000
Income before income taxes, as adjusted			204,454				230,811				387,084				437,732
Tax rate at 26.0%			(53,158	)			(60,011	)			(100,642	)			(113,810	)
Income, as adjusted		$	151,296			$	170,800			$	286,442			$	323,922
Income per common share, as adjusted		$	5.31			$	5.42			$	9.93			$	10.22
Weighted average diluted common shares outstanding			28,515,554				31,524,063				28,858,719				31,693,524

TopBuild Corp.
Reconciliation of Adjusted EBITDA to Net Income (Unaudited)
(in thousands)
		Three Months Ended June 30,							Six Months Ended June 30,
		2025				2024			2025			2024
Net income, as reported		$	151,602			$	150,723		$	274,986		$	303,104
Adjustments to arrive at EBITDA, as adjusted:
Interest expense and other, net			16,197				7,218			27,713			14,731
Income tax expense			51,990				52,451			94,578			107,065
Depreciation and amortization			35,886				35,033			71,457			69,291
Share-based compensation			4,765				4,632			9,806			9,759
Rationalization charges			(1,021	)			258			14,337			(492	)
Refinancing costs			226				—			226			—
Acquisition related costs			1,657				4,379			2,957			5,055
Acquisition termination fee			—				23,000			—			23,000
EBITDA, as adjusted		$	261,302			$	277,694		$	496,060		$	531,513

TopBuild Corp.
Acquisition Adjusted Net Sales (Unaudited)
(in thousands)
	2024						2025						Trailing Twelve Months Ended
	Q3			Q4			Q1			Q2			June 30, 2025
Net sales	$	1,373,268		$	1,312,206		$	1,233,278		$	1,297,403		$	5,216,155
Acquisitions proforma adjustment †		16,695			12,058			3,297			210			32,260
Net sales, acquisition adjusted	$	1,389,963		$	1,324,264		$	1,236,575		$	1,297,613		$	5,248,415
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches

TopBuild Corp.
2025 Estimated Adjusted EBITDA Range (Unaudited)
(in millions)
	Twelve Months Ending December 31, 2025
		Low			High
Estimated net income, as reported	$	499.0		$	584.0
Adjustments to arrive at estimated EBITDA, as adjusted:
Interest expense and other, net		82.0			78.0
Income tax expense		175.0			205.0
Depreciation and amortization		163.0			155.0
Share-based compensation		19.0			18.0
Rationalization charges		15.0			15.0
Acquisition related costs		17.0			15.0
Estimated EBITDA, as adjusted	$	970.0		$	1,070.0

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) Q2 2025 earnings results?

TopBuild reported Q2 2025 sales of $1.3 billion (down 5.0% YoY) with an adjusted EBITDA margin of 20.1%. Net income was $151.6 million with earnings per diluted share of $5.32.

How much did TopBuild pay for Progressive Roofing acquisition?

TopBuild acquired Progressive Roofing in July 2025 for $810 million. Progressive Roofing had annual revenue of $438 million based on trailing 12 months ended March 31, 2025.

What is TopBuild's 2025 financial guidance?

TopBuild projects 2025 sales of $5.15-$5.35 billion and adjusted EBITDA of $970-$1,070 million, including the contribution from Progressive Roofing acquisition.

How many shares did TopBuild repurchase in Q2 2025?

TopBuild repurchased 454,802 shares for $136.0 million in Q2 2025. Year-to-date, the company has bought back 1,148,683 shares for $351.6 million.

What was TopBuild's Installation segment performance in Q2 2025?

The Installation segment saw sales decline of 8.3% with volume down 10.5%. The segment's operating margin was 19.9% with adjusted EBITDA margin of 22.3%.