TopBuild posts 2025 results and 2026 outlook

Q: How did TopBuild Corp. (BLD) perform financially in full-year 2025?

TopBuild generated full-year 2025 sales of $5.41 billion, slightly above 2024’s level. However, net income declined to $521.7 million and adjusted EBITDA to $1.04 billion, reflecting higher operating expenses, acquisition-related costs, and increased interest expense despite contribution from recent acquisitions.

Q: What were TopBuild Corp. (BLD)’s key fourth quarter 2025 results?

In fourth quarter 2025, TopBuild reported sales of $1.49 billion, up 13.2% year over year, mainly from acquisitions. Reported net income was $104.5 million or $3.71 per diluted share, and adjusted EBITDA reached $265.2 million with a 17.9% margin, as organic volumes remained under pressure.

Q: What is TopBuild Corp. (BLD)’s financial outlook for 2026?

For 2026, TopBuild forecasts sales between $5.925 billion and $6.225 billion and adjusted EBITDA of $1.005–$1.155 billion. Assumptions include a mid–single digit residential sales decline, low–single digit commercial and industrial growth, and $800–$850 million of sales contribution from acquisitions.

Q: How did TopBuild’s segment performance and margins trend in 2025?

In 2025, Installation Services sales were $3.18 billion with adjusted EBITDA margin of 21.7%, while Specialty Distribution sales were $2.52 billion with a 16.4% adjusted EBITDA margin. Segment operating margins declined versus 2024 as integration costs, SG&A, and purchase accounting effects weighed on profitability.

Q: What does TopBuild Corp. (BLD) expect from residential and commercial markets in 2026?

For 2026, TopBuild assumes a mid–single digit decline in residential sales and low–single digit growth in commercial and industrial sales. Management also expects acquisitions to contribute $800–$850 million of revenue, reflecting continued emphasis on M&A to support top-line expansion.

TopBuild Corp. reported mixed fourth quarter and full-year 2025 results driven largely by acquisitions.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

TopBuild Corp. reported mixed fourth quarter and full-year 2025 results driven largely by acquisitions. Fourth quarter sales reached $1.49 billion, up 13.2% from 2024, as the SPI and Progressive Roofing deals offset weaker residential and light commercial new construction. Adjusted EBITDA for the quarter was $265.2 million with a 17.9% margin, while reported net income fell to $104.5 million, or $3.71 per diluted share.

For 2025, sales edged up to $5.41 billion, but net income declined to $521.7 million and adjusted EBITDA to $1.04 billion, reflecting higher SG&A, interest expense, and integration costs. The company completed seven acquisitions adding about $1.20 billion in annual revenue and repurchased 1.37 million shares for $434.2 million, funded alongside a step-up in long-term debt to $2.78 billion.

Looking to 2026, TopBuild guides to sales of $5.925–$6.225 billion and adjusted EBITDA of $1.005–$1.155 billion. Management assumes a mid–single digit residential sales decline, low–single digit commercial and industrial growth, and $800–$850 million in M&A-driven sales contribution, with acquisitions remaining the top capital priority.

Insights

Acquisitions drive TopBuild’s growth while margins and leverage move the other way.

TopBuild is leaning heavily on deals to grow. 2025 sales rose to $5.41 billion, but organic volume declined and adjusted EBITDA slipped to $1.04 billion. Seven acquisitions adding roughly $1.20 billion in annual revenue, including SPI and Progressive Roofing, now shape the revenue mix.

Profitability softened, with full-year adjusted EBITDA margin at 19.2% versus 20.2%, and net income down to $521.7 million as SG&A, interest expense and integration costs increased. Long-term debt climbed to $2.78 billion, raising balance sheet leverage even as cash declined to $184.7 million.

For 2026, management targets sales of $5.93–$6.23 billion and adjusted EBITDA of $1.01–$1.16 billion, assuming residential softness but commercial and industrial growth plus $800–$850 million of M&A contribution. Future filings will clarify how quickly integration, margins, and leverage trends evolve relative to this outlook.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did TopBuild Corp. (BLD) perform financially in full-year 2025?

TopBuild generated full-year 2025 sales of $5.41 billion, slightly above 2024’s level. However, net income declined to $521.7 million and adjusted EBITDA to $1.04 billion, reflecting higher operating expenses, acquisition-related costs, and increased interest expense despite contribution from recent acquisitions.

What were TopBuild Corp. (BLD)’s key fourth quarter 2025 results?

In fourth quarter 2025, TopBuild reported sales of $1.49 billion, up 13.2% year over year, mainly from acquisitions. Reported net income was $104.5 million or $3.71 per diluted share, and adjusted EBITDA reached $265.2 million with a 17.9% margin, as organic volumes remained under pressure.

What acquisitions did TopBuild (BLD) complete in 2025 and how much revenue did they add?

In 2025, TopBuild completed seven acquisitions, including SPI and Progressive Roofing, adding approximately $1.20 billion in annual revenue. These deals strengthened both Installation Services and Specialty Distribution and significantly increased commercial and industrial exposure, supporting overall sales growth despite softer residential market conditions.

How much stock did TopBuild Corp. (BLD) repurchase in 2025?

TopBuild returned significant capital through buybacks, repurchasing 1.37 million shares for $434.2 million in 2025. In the fourth quarter alone, it bought 43,200 shares for $17.0 million, and year-end share repurchase authorization still had $753.9 million of remaining capacity available.

What is TopBuild Corp. (BLD)’s financial outlook for 2026?

For 2026, TopBuild forecasts sales between $5.925 billion and $6.225 billion and adjusted EBITDA of $1.005–$1.155 billion. Assumptions include a mid–single digit residential sales decline, low–single digit commercial and industrial growth, and $800–$850 million of sales contribution from acquisitions.

How did TopBuild’s segment performance and margins trend in 2025?

In 2025, Installation Services sales were $3.18 billion with adjusted EBITDA margin of 21.7%, while Specialty Distribution sales were $2.52 billion with a 16.4% adjusted EBITDA margin. Segment operating margins declined versus 2024 as integration costs, SG&A, and purchase accounting effects weighed on profitability.

What does TopBuild Corp. (BLD) expect from residential and commercial markets in 2026?

For 2026, TopBuild assumes a mid–single digit decline in residential sales and low–single digit growth in commercial and industrial sales. Management also expects acquisitions to contribute $800–$850 million of revenue, reflecting continued emphasis on M&A to support top-line expansion.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/26/2026 - 06:50 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 26, 2026

TopBuild Corp.

(Exact name of registrant as specified in its charter)


Delaware	001-36870	47-3096382
(State or other Jurisdiction of	(Commission	(IRS Employer
Incorporation)	File Number)	Identification No.)

475 North Williamson Boulevard

Daytona Beach, Florida

32114

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (386) 304-2200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	BLD	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 26, 2026, TopBuild Corp., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the quarter and year ended December 31, 2025 (the “Press Release”). The Press Release, which is furnished as Exhibit 99.1, and the information included in Item 7.01 of this Current Report on Form 8-K (this “Report”) are incorporated by reference in this Item 2.02.

The information in the Press Release and in this Item 2.02 is “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except to the extent such other filing specifically incorporates such information by reference.

Item 7.01. Regulation FD Disclosure.

On February 26, 2026, the Company issued the Press Release. The Press Release, which is furnished as Exhibit 99.1, and the information included in Item 2.02 of this Report are incorporated by reference in this Item 7.01.

The information in the Press Release and in this Item 7.01 is “furnished” and not “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference in another filing under the Exchange Act or the Securities Act except to the extent such other filing specifically incorporates such information by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits


Exhibit Number		Description
99.1		Press release issued by TopBuild Corp., dated February 26, 2026, announcing its financial results for the quarter and year ended December 31, 2025.

104		Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	TOPBUILD CORP.

	By:	/s/ Madeline Otero
		Name:	Madeline Otero
		Title:	Vice President and Chief Accounting Officer (Principal Accounting Officer)
Dated: February 26, 2026

Exhibit 99.1

TopBuild Reports Fourth Quarter and Year-End 2025 Results,

Provides 2026 Outlook

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, FL – February 26, 2026 — 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.


NYSE:BLD	February 26, 2026	topbuild.com

“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%


NYSE:BLD	February 26, 2026	topbuild.com

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%


NYSE:BLD	February 26, 2026	topbuild.com

Capital Allocation

2025 Acquisitions


Company	Annual Revenue ($ in millions)		Month Closed
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


NYSE:BLD	February 26, 2026	topbuild.com

¹This 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 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.


NYSE:BLD	February 26, 2026	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)


NYSE:BLD	February 26, 2026	topbuild.com

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


NYSE:BLD	February 26, 2026	topbuild.com

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


NYSE:BLD	February 26, 2026	topbuild.com

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


NYSE:BLD	February 26, 2026	topbuild.com

TopBuild Corp.
Consolidated Statements 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


NYSE:BLD	February 26, 2026	topbuild.com

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	%


NYSE:BLD	February 26, 2026	topbuild.com

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


NYSE:BLD	February 26, 2026	topbuild.com

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

(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


NYSE:BLD	February 26, 2026	topbuild.com

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


NYSE:BLD	February 26, 2026	topbuild.com

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


NYSE:BLD	February 26, 2026	topbuild.com

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.


NYSE:BLD	February 26, 2026	topbuild.com

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


NYSE:BLD	February 26, 2026	topbuild.com

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


NYSE:BLD	February 26, 2026	topbuild.com

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

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EX-99.1 EX-99.1 1.4 MB

TopBuild posts 2025 results and 2026 outlook

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8-K Event Classification

FAQ

How did TopBuild Corp. (BLD) perform financially in full-year 2025?

What were TopBuild Corp. (BLD)’s key fourth quarter 2025 results?

What acquisitions did TopBuild (BLD) complete in 2025 and how much revenue did they add?

How much stock did TopBuild Corp. (BLD) repurchase in 2025?

What is TopBuild Corp. (BLD)’s financial outlook for 2026?

How did TopBuild’s segment performance and margins trend in 2025?

What does TopBuild Corp. (BLD) expect from residential and commercial markets in 2026?

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TopBuild posts 2025 results and 2026 outlook

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Equity research analyst neutral

8-K Event Classification

FAQ

How did TopBuild Corp. (BLD) perform financially in full-year 2025?

What were TopBuild Corp. (BLD)’s key fourth quarter 2025 results?

What acquisitions did TopBuild (BLD) complete in 2025 and how much revenue did they add?

How much stock did TopBuild Corp. (BLD) repurchase in 2025?

What is TopBuild Corp. (BLD)’s financial outlook for 2026?

How did TopBuild’s segment performance and margins trend in 2025?

What does TopBuild Corp. (BLD) expect from residential and commercial markets in 2026?

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