Earnings summaries and quarterly performance for TopBuild.
Executive leadership at TopBuild.
Robert Buck
Detailed
President and Chief Executive Officer
CEO
JV
Joseph Viselli
Detailed
Vice President and Chief Growth Officer
LM
Luis Machado
Detailed
Vice President, General Counsel and Corporate Secretary
RK
Robert Kuhns
Detailed
Vice President and Chief Financial Officer
SR
Steven Raia
Detailed
President, TopBuild Special Operations and Executive Adviser
Board of directors at TopBuild.
Research analysts who have asked questions during TopBuild earnings calls.
KH
Keith Hughes
Truist Financial Corporation
6 questions for BLD
Also covers: AMRZ, AWI, BLDR +21 more
Kenneth Zener
Seaport Research Partners
6 questions for BLD
Also covers: CCS, DHI, FPH +7 more
SK
Stephen Kim
Evercore ISI
6 questions for BLD
Also covers: AWI, DHI, FBIN +11 more
SM
Susan Maklari
Goldman Sachs Group Inc.
6 questions for BLD
Also covers: ALH, AOS, AWI +24 more
MR
Michael Rehaut
JPMorgan Chase & Co.
5 questions for BLD
Also covers: AZEK, BECN, CCS +17 more
Philip Ng
Jefferies
5 questions for BLD
Also covers: AWI, AZEK, BALL +26 more
Rafe Jadrosich
Bank of America
5 questions for BLD
Also covers: AWI, BLDR, DHI +14 more
AB
Adam Baumgarten
Zelman & Associates
4 questions for BLD
Also covers: AMWD, AWI, AZEK +12 more
Collin Verron
Deutsche Bank
4 questions for BLD
Also covers: BLDR, CNM, GFF +7 more
KY
Kurt Yinger
D.A. Davidson & Co.
3 questions for BLD
Also covers: BCC, BXC, GMS +8 more
Jeffrey Stevenson
Loop Capital Markets LLC
2 questions for BLD
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RG
Reuben Garner
Stifel
2 questions for BLD
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Aatish Shah
Evercore ISI
1 question for BLD
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A
Atish
Evercore ISI
1 question for BLD
Garik Shmois
Loop Capital Markets
1 question for BLD
Also covers: ACA, AMWD, AWI +13 more
Jeff Stevenson
Loop Capital Markets
1 question for BLD
Also covers: GFF, JELD
Margaret Grady
Jefferies
1 question for BLD
Also covers: IBP, TREX
Shaun Calnan
Bank of America
1 question for BLD
Also covers: LESL, POOL, SWIM
Trey Grooms
Stephens Inc.
1 question for BLD
Also covers: ACA, AZEK, BECN +13 more
Recent press releases and 8-K filings for BLD.
TopBuild Outlines Strategic Growth and Financial Targets at 2025 Investor Day
BLD
M&A
Guidance Update
New Projects/Investments
- TopBuild has significantly expanded its total addressable market (TAM) from approximately $16 billion in 2022 to over $90 billion in 2025, while doubling its non-discretionary, non-cyclical revenue from 11% to 22% over the same period. The company's commercial/industrial business now represents 50% of its operations.
- The company aims for $9-$10 billion in revenue by 2030, targeting an 8%-10% compounded annual growth rate through a combination of 4% organic growth and 4%-6% M&A growth.
- TopBuild has a strong M&A track record, completing 24 acquisitions since 2022, deploying $2.2 billion of capital, and acquiring $1.5 billion in revenue. The company projects nearly $700 million in free cash flow for 2025 and expects EBITDA between $1.01 billion and $1.06 billion, with a midpoint margin of 19.2% for the year.
Dec 9, 2025, 1:00 PM
TopBuild Outlines Growth Strategy and Financial Targets at 2025 Investor Day
BLD
M&A
Guidance Update
New Projects/Investments
- TopBuild has significantly expanded its Total Addressable Market (TAM) from $16 billion in 2022 to over $90 billion today, driven by strategic decisions including a new commercial roofing growth platform.
- The company has a strong M&A track record, completing 24 acquisitions since 2022 and 49 acquisitions in the last eight years, deploying $2.2 billion in capital and acquiring $1.5 billion in revenue over that timeframe.
- TopBuild has diversified its revenue mix, with non-discretionary, non-cyclical revenue streams doubling from 11% in 2022 to 22% today, making revenue streams more resilient.
- The company reiterated its 2025 guidance, projecting sales of $5.35 billion-$5.45 billion and EBITDA of $1.01 billion-$1.06 billion.
- Looking ahead to 2030, TopBuild targets $9 billion-$10 billion in sales with an 8%-10% compounded annual growth rate and $1.7 billion-$2 billion in EBITDA, expecting to generate $4.2 billion-$5 billion in free cash flow over the next five years.
Dec 9, 2025, 1:00 PM
TopBuild Corp Outlines Strategic Growth and Financial Targets at 2025 Investor Day
BLD
Guidance Update
M&A
New Projects/Investments
- TopBuild has strategically expanded its total addressable market from approximately $16 billion in 2022 to over $90 billion today, driven by acquisitions in commercial and industrial insulation and entry into the commercial roofing market.
- The company projects $5.35 billion-$5.45 billion in sales and $1.01 billion-$1.06 billion in EBITDA for 2025, with a long-term sales target of $9-$10 billion and EBITDA of $1.7-$2 billion by 2030, supported by an 8%-10% compounded annual growth rate.
- TopBuild has a proven M&A strategy, completing 49 acquisitions over its history, and has allocated $7 billion in capital over the last 10 years, with a primary focus on M&A, complemented by share repurchases (30% of shares retired).
- The company has transformed its revenue profile, with commercial and industrial now representing 47% of its end market mix, up from 20% a decade ago, and a highly flexible cost structure with over 70% variable costs, enabling significant free cash flow generation (nearly $700 million in 2025).
Dec 9, 2025, 1:00 PM
TopBuild Reports Q3 2025 Results, Updates Full-Year Guidance, and Details Acquisitions
BLD
Earnings
Guidance Update
M&A
- TopBuild reported Q3 2025 total sales growth of 1.4% to $1.4 billion, with adjusted EBITDA of $275.6 million and an adjusted EBITDA margin of 19.8%.
- The company completed several acquisitions, including Progressive Roofing (adding roughly $440 million in annual sales) and the SPI transaction (expected to deliver $35 million-$40 million in annual run rate synergies), significantly expanding its commercial roofing and mechanical insulation platforms.
- TopBuild updated its full-year 2025 guidance, expecting sales between $5.35 billion and $5.45 billion and adjusted EBITDA between $1.01 billion and $1.06 billion, with an adjusted EBITDA margin of 19.2% at the midpoint.
- The residential new construction market remains weak, with residential sales expected to be down low double digits for the year, while commercial and industrial backlogs are growing, and pricing in these segments is holding up better.
- The company repurchased $65.5 million in shares during Q3 2025, bringing the year-to-date total to $417.1 million.
Nov 4, 2025, 2:00 PM
TopBuild (BLD) Announces Q3 2025 Results and Raises Full-Year Guidance
BLD
Earnings
Guidance Update
M&A
- TopBuild (BLD) reported Q3 2025 sales of $1,393,158 thousand, an increase of 1.4% compared to Q3 2024, while Adjusted Operating Profit decreased by (6.9)% to $228,954 thousand.
- Year-to-date 2025 acquisitions are expected to add approximately $1.2 billion in annual revenue, including the Q3 Progressive Roofing acquisition (~$440 million) and the Q4 SPI transaction (~$700 million), increasing exposure to non-cyclical revenue streams.
- The company raised its 2025 guidance, with projected sales between $5,350 million and $5,450 million and adjusted EBITDA between $1,010 million and $1,060 million, reflecting the inclusion of recent acquisitions.
- TopBuild returned $65.5 million in capital to shareholders in Q3 2025, contributing to $417.1 million in year-to-date share repurchases.
Nov 4, 2025, 2:00 PM
BLD Reports Q3 2025 Results, Updates Full-Year Guidance, and Details Recent Acquisitions
BLD
Earnings
Guidance Update
M&A
- BLD reported Q3 2025 total sales growth of 1.4% to $1.4 billion, with an Adjusted EBITDA margin of 19.8% and adjusted earnings per diluted share of $5.36.
- The company completed significant acquisitions, including Progressive Roofing (adding $440 million in annual sales) in Q3 and SPI in October, which is expected to deliver $35-$40 million in annual run rate synergies over two years.
- Full-year 2025 sales guidance was updated to $5.35-$5.45 billion, and adjusted EBITDA guidance was raised to $1.01-$1.06 billion, representing a 19.2% adjusted EBITDA margin at the midpoint.
- While the residential new construction market remains weak, ongoing growth in heavy commercial and industrial segments is noted, and BLD repurchased $65.5 million in shares during Q3.
Nov 4, 2025, 2:00 PM
TopBuild Reports Q3 2025 Results, Updates Full-Year Guidance, and Details Recent Acquisitions
BLD
Earnings
Guidance Update
M&A
- TopBuild reported Q3 2025 total sales of $1.4 billion, a 1.4% increase, with an adjusted EBITDA margin of 19.8% and adjusted diluted EPS of $5.36.
- The company completed several acquisitions in Q3 and October 2025, including Progressive Roofing (adding approximately $440 million in annual sales) and FPI (SPI), which is expected to deliver $35 million to $40 million in annual run rate synergies over the next two years. Additionally, Insulation Fabrics, Diamond Door Products, Performance Insulation Fabricators, and L&L Insulation were acquired, adding over $50 million in annual revenue.
- For the full year 2025, TopBuild updated its guidance, expecting sales between $5.35 billion and $5.45 billion and adjusted EBITDA between $1.01 billion and $1.06 billion.
- M&A remains the top capital allocation priority, with the company repurchasing $417.1 million in shares year-to-date. The net debt leverage ratio was 1.6 times at the end of Q3 2025, rising to 2.4 times on a pro forma basis including recent acquisitions.
Nov 4, 2025, 2:00 PM
TopBuild Reports Q3 2025 Results, Updates Full-Year Guidance, and Details Acquisitions
BLD
Earnings
Guidance Update
M&A
- TopBuild reported Q3 2025 total sales growth of 1.4% to $1.4 billion, with an Adjusted EBITDA margin of 19.8% and adjusted earnings per diluted share of $5.36.
- The company completed several acquisitions, including Progressive Roofing (adding approximately $440 million in annual sales) and the SPI transaction, which is expected to deliver $35-$40 million in annual run rate synergies over two years.
- TopBuild updated its full-year 2025 guidance, expecting sales between $5.35-$5.45 billion and raising adjusted EBITDA to $1.01-$1.06 billion, representing a 19.2% adjusted EBITDA margin at the midpoint.
- In Q3 2025, the company repurchased nearly 178,000 shares for $65.5 million, bringing the year-to-date total to $417.1 million or over 1.3 million shares.
- The residential new construction market continues to be weak, with full-year residential sales expected to be down low double digits on a same-branch basis, while heavy commercial and industrial segments show ongoing growth.
Nov 4, 2025, 2:00 PM
TopBuild Reports Q3 2025 Results and Raises Guidance
BLD
Earnings
Guidance Update
M&A
- TopBuild reported third quarter 2025 sales of $1.4 billion and an adjusted EBITDA margin of 19.8%.
- The company raised its 2025 outlook for sales to $5.35 billion to $5.45 billion and adjusted EBITDA to $1.01 billion to $1.06 billion, incorporating recent acquisitions.
- As of September 30, 2025, TopBuild spent approximately $851.2 million on acquisitions year-to-date, which contribute approximately $1.2 billion in annual revenue.
- During the third quarter of 2025, TopBuild repurchased 177,983 shares totaling $65.5 million, with year-to-date repurchases amounting to 1,326,666 shares for $417.1 million.
- Net income for the third quarter ended September 30, 2025, was $142,226 thousand, compared to $168,960 thousand for the same period in 2024.
Nov 4, 2025, 11:45 AM
TopBuild Announces Acquisitions
BLD
M&A
New Projects/Investments
- TopBuild Corp. announced four acquisitions: Insulation Fabrics, Diamond Door Products, Performance Insulation Fabricators, and L&L Insulation, which are expected to add approximately $53 million in annual revenue.
- These acquisitions strengthen both the Specialty Distribution segment (Insulation Fabrics, Performance Insulation Fabricators, and Diamond Door Products) and the Installation Services segment (L&L Insulation).
- The individual annual revenues for the acquired companies are: Insulation Fabrics ($6.1 million), Diamond Door Products ($30.4 million), Performance Insulation Fabricators ($8.9 million), and L&L Insulation ($7.2 million).
- The acquisition of L&L Insulation, which expands geographic reach in the mountain states, is expected to close in November.
Nov 3, 2025, 12:00 PM
Quarterly earnings call transcripts for TopBuild.
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