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 Outlook 1
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

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