TopBuild (BLD) Company Report

TopBuild reported Q4 2025 sales of $1.49 billion, a 13.2% increase year-over-year, contributing to full-year 2025 revenue exceeding $5.4 billion and adjusted EBITDA of $1.04 billion. Adjusted earnings per diluted share for Q4 2025 were $4.50.
In 2025, the company deployed $1.9 billion for acquisitions, completing seven deals that added approximately $1.2 billion in annual revenue. This includes the acquisition of SPI and the recently announced Johnson Roofing, expected to close in Q1 2026, contributing about $29 million in annual sales.
For 2026, TopBuild projects sales between $5.925 billion and $6.225 billion and adjusted EBITDA between $1.005 billion and $1.155 billion. This guidance anticipates low single-digit declines in both volume and price, with residential sales expected to be down mid-single digits and commercial and industrial sales projected to grow low single digits.
Weakness in residential and light commercial end markets persisted in Q4 2025, driven by low consumer confidence and elevated interest rates, though long-term housing fundamentals are considered strong. The company continues to focus on operational excellence and cost structure optimization, noting that over 70% of its costs are variable.

1 day ago

Transcript

TopBuild Reports Q4 2025 Results and Provides 2026 Guidance

BLD

Earnings

Guidance Update

M&A

TopBuild's Q4 2025 sales increased 13.2% to $1.49 billion, contributing to a full-year 2025 revenue of over $5.4 billion and adjusted EBITDA of $1.04 billion with a 19.2% margin. Adjusted earnings per diluted share for Q4 2025 were $4.50.
In 2025, the company deployed $1.9 billion for acquisitions, adding approximately $1.2 billion in annual revenue, and returned $434 million to shareholders through its share repurchase program.
For 2026, TopBuild issued guidance projecting sales between $5.925 billion and $6.225 billion and adjusted EBITDA between $1.005 billion and $1.155 billion.
The 2026 guidance assumes low single-digit declines in overall volume and price, with residential sales (approximately 52% of total) expected to be down mid-single digits, and commercial and industrial sales (approximately 48% of total) expected to grow low single digits.
Weakness in the residential and light commercial end markets persisted in Q4 2025 due to low consumer confidence, elevated interest rates, and affordability issues, although the company believes underlying fundamentals support long-term growth.

1 day ago

Transcript

TopBuild Reports Q4 and Full Year 2024 Results, Provides 2025 Outlook

BLD

Earnings

Guidance Update

Share Buyback

TopBuild reported FY 2024 sales of $5,330 million and Adjusted EBITDA of $1,075 million, marking its ninth consecutive year of sales and profit growth.
In Q4 2024, the company's sales increased by 2.0% to $1,312,206 thousand, with Adjusted Operating Profit growing by 3.3% to $219,137 thousand.
For 2024, TopBuild completed 8 acquisitions totaling $153.1 million in annual sales and repurchased ~2.5 million shares for $966.4 million; a new $1.0 billion share repurchase program was also approved by the Board.
The company provided a 2025 outlook for sales between $5,050 million and $5,350 million and Adjusted EBITDA between $925 million and $1,075 million.
The 2024 Return on Invested Capital (ROIC) was 18.2%.

1 day ago

Presentation

TopBuild Reports Q4 2025 Results and Provides 2026 Guidance

BLD

Earnings

Guidance Update

M&A

TopBuild reported Q4 2025 sales of $1.49 billion, an increase of 13.2%, contributing to full-year 2025 revenue exceeding $5.4 billion and adjusted EBITDA of $1.04 billion.
In 2025, the company deployed $1.9 billion for acquisitions, adding approximately $1.2 billion in annual revenue, and returned $434 million to shareholders through share repurchases.
For 2026, TopBuild projects sales between $5.925 billion and $6.225 billion and adjusted EBITDA between $1.005 billion and $1.155 billion, with M&A from the last 12 months expected to contribute $800 million to $850 million in revenue.
The company noted persistent weakness in residential and light commercial end markets in Q4 2025, driven by low consumer confidence and elevated interest rates, while commercial and industrial bidding activity and backlogs are solid.

1 day ago

Transcript

TopBuild Reports Q4 and Full-Year 2025 Results, Provides 2026 Outlook

BLD

Earnings

Guidance Update

M&A

TopBuild reported fourth quarter 2025 sales of $1.49 billion, an increase of 13.2% driven by acquisitions.
For the full year 2025, the company's sales totaled $5.409 billion and adjusted diluted net income per share was $19.77.
In 2025, TopBuild completed seven acquisitions, adding approximately $1.2 billion in annual sales, and returned $434.2 million in capital to stockholders through share repurchases.
The company's 2026 outlook projects sales between $5.925 billion to $6.225 billion and adjusted EBITDA in the range of $1.005 billion to $1.155 billion.

2 days ago

8-K

TopBuild Reports Q4 and Full Year 2025 Results, Provides 2026 Outlook

BLD

Earnings

Guidance Update

M&A

TopBuild reported fourth quarter 2025 sales of $1.49 billion, an increase of 13.2% driven by acquisitions, and full year 2025 sales of $5.409 billion.
In 2025, the company completed seven acquisitions, adding approximately $1.2 billion in annual sales, with M&A remaining a top priority for capital deployment.
TopBuild returned $434.2 million to stockholders in 2025 through the repurchase of approximately 1.4 million shares.
For 2026, TopBuild expects sales between $5.925 billion and $6.225 billion, and adjusted EBITDA in the range of $1.005 billion to $1.155 billion.

2 days ago

Press Release

TopBuild to Acquire Johnson Roofing

BLD

M&A

New Projects/Investments

TopBuild Corp. has entered into an agreement to acquire Johnson Roofing, a commercial roofing installation services company.
Johnson Roofing, founded in 1941, generates approximately $29 million in annual revenue and serves commercial roofing projects in Texas, Louisiana, and Oklahoma.
This acquisition is intended to expand TopBuild's offerings in Central Texas and further build its commercial roofing services platform.

4 days ago

Press Release

TopBuild acquires Applied Coatings and Upstate Spray Foam

BLD

M&A

TopBuild Corp. acquired Applied Coatings and Upstate Spray Foam.
The acquired companies together generate approximately $20 million in annual revenue.
They primarily install spray foam and fireproofing for residential and commercial markets in New York, Pennsylvania, and Massachusetts.
This acquisition is expected to strengthen TopBuild's presence in the Northeast and drive growth and profitability.

Feb 3, 2026, 12:30 PM

Press Release

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

Transcript

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

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for TopBuild.

Q4 2025

Feb 26, 2026

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Q3 2025

Nov 4, 2025

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Q2 2025

Aug 5, 2025

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View All Transcripts

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TopBuild (BLD)

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