Here are the 10-Q quarterly reports from TopBuild Corp. (BLD) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BLD and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BLD filings page.
TopBuild Corp. reported first-quarter 2026 results and entered a definitive merger agreement with QXO, Inc. Net sales were $1,445.9 million, up 17.2% from 2025, driven mainly by acquisitions, while net income declined to $104.8 million from $123.4 million as margins compressed.
Gross margin slipped to 27.7% and operating margin to 12.1%, reflecting lower volume and pricing plus higher acquisition-related expenses and amortization. Basic EPS was $3.75 versus $4.25 a year earlier. Cash from operations rose to $160.7 million, supporting active M&A and a leveraged capital structure.
Cash and cash equivalents were $268.8 million with total liquidity of $1,203.0 million, including $934.1 million of revolver availability. Total debt, mainly senior notes and a term loan, was $2,832.4 million. The company closed the Applied Coatings and Upstate Spray Foam acquisition for about $27.5 million and recorded $15.0 million of goodwill.
After quarter-end, TopBuild agreed to be acquired by QXO so each share will convert into either $505.00 in cash or 20.200 QXO shares, subject to proration, stockholder approvals and regulatory clearances. Additional post-quarter acquisitions of Johnson Roofing and Claremont, totaling about $55.0 million, are intended to expand commercial roofing and industrial insulation capabilities.
TopBuild Corp. (BLD) reported Q3 2025 results with net sales of $1.39 billion, up slightly from $1.37 billion a year ago. Operating profit was $215.0 million and net income was $142.2 million, resulting in diluted EPS of $5.04 versus $5.65 last year. For the first nine months, net sales were $3.92 billion and diluted EPS was $14.56.
Balance sheet and cash flows shifted meaningfully. Cash rose to $1.14 billion while long-term debt increased to $2.80 billion, reflecting financing actions and acquisitions. Operating cash flow reached $579.6 million year‑to‑date; investing used $892.3 million (primarily acquisitions), and financing provided $1.05 billion, including $2.0 billion of new debt and $417.1 million of share repurchases.
Strategic moves included closing a private offering of $750 million 5.625% Senior Notes due 2034, expanding the term loan to $1.24 billion outstanding, and acquiring Progressive Roofing, which added $443.6 million of goodwill and $397.6 million of other intangibles. The company’s Board previously authorized two $1 billion share repurchase programs in 2024 and 2025. Shares outstanding were 28,071,651 as of October 28, 2025.