TopBuild (BLD) Company Report

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

Transcript

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

Presentation

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

Transcript

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

Transcript

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

Transcript

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

Press Release

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

Press Release

TopBuild Acquires Specialty Products and Insulation

BLD

M&A

Debt Issuance

TopBuild has acquired Specialty Products and Insulation (SPI) in an all-cash transaction valued at $1 billion, which closed on October 7, 2025.
The acquisition is expected to generate $35 million to $40 million in annual run-rate cost synergies within two years and is immediately accretive to EPS.
SPI, a leading specialty distributor and fabricator of mechanical insulation solutions, reported revenue of ~$700 million and EBITDA of $75 million as of June 30, 2025.
The acquisition was funded by cash on hand and proceeds from a $750 million senior notes issuance in September.

Oct 8, 2025, 1:00 PM

Presentation

TopBuild Completes $1 Billion Acquisition of Specialty Products and Insulation

BLD

M&A

Debt Issuance

New Projects/Investments

TopBuild (BLD) completed the $1 billion all-cash acquisition of Specialty Products and Insulation (SPI) on October 7.
SPI, a leading specialty distributor and fabricator of mechanical insulation solutions, reported $700 million in revenue and $75 million in EBITDA for the trailing twelve months ended June 30, 2025.
The acquisition multiple was 12.4 times trailing twelve months EBITDA, expected to reduce to 8.3 times post-synergies with anticipated $35 to $40 million in annual run-rate synergies within two years.
The transaction was funded by cash on hand, including $750 million from a September senior notes issuance, resulting in a pro forma net debt to adjusted EBITDA of approximately 2.4 times as of June 30, 2025.
The acquisition increases TopBuild's pro forma total revenue to $6.4 billion for the trailing twelve months ended June 30, 2025, and enhances revenue resiliency by increasing non-cyclical revenue to approximately 22% of total sales.

Oct 8, 2025, 1:00 PM

Transcript

TopBuild Acquires Specialty Products and Insulation

BLD

M&A

Debt Issuance

New Projects/Investments

TopBuild Corp. completed the acquisition of Specialty Products and Insulation (SPI) for $1.0 billion in cash on October 7, 2025, funded by cash on hand and proceeds from a September senior notes issuance.
SPI generated approximately $700 million in revenue and $75 million in EBITDA for the trailing twelve months ended June 30, 2025, with the transaction multiple at 12.4x EBITDA, or 8.3x considering $35-$40 million in annual run-rate cost synergies.
The acquisition is immediately accretive to earnings per share and enhances TopBuild's leadership in specialty distribution, expands its geographic footprint, and increases its non-cyclical revenue mix, as approximately 55% of SPI's revenue is from recurring maintenance and repair.
On a pro forma combined basis for the trailing twelve months ended June 30, 2025, net sales are $6,385 million and adjusted EBITDA is $1,208 million, resulting in a net debt leverage of 2.4x.

Oct 8, 2025, 10:45 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for TopBuild.

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