Builders FirstSource (BLDR) Company Report

Net sales decreased 6.9% to $3.9 billion; gross profit was $1.2 billion (–13.5%), with a gross margin of 30.4% (–240 bps); adjusted EBITDA was $434 million (–31%) with an 11% margin (–380 bps).
Operating cash flow of $548 million, free cash flow of $465 million, a 12-month free cash flow yield of ~8%, and net debt/adjusted EBITDA of 2.3x; no long-term debt maturities until 2030.
Deployed over $100 million in return-enhancing capital in Q3, completed acquisitions including St. George Truss and Builders Door & Trim, and have $500 million remaining on the share repurchase authorization.
Raised 2025 guidance to net sales of $15.1–15.4 billion, adjusted EBITDA of $1.625–1.675 billion, full-year gross margin of 30.1–30.5%, and free cash flow of $800 million–$1 billion.
Continued operational discipline in a weak housing market with $11 million in productivity savings, consolidation of 16 facilities year-to-date, and maintained a 92% on-time delivery rate.

Oct 30, 2025, 1:00 PM

Transcript

Builders FirstSource reports Q3 2025 results

BLDR

Earnings

Guidance Update

M&A

Q3 net sales decreased 6.9% to $3.9 billion, gross margin of 30.4%, adjusted EBITDA of $434 million (11.0% margin), and adjusted EPS of $1.88.
Operating cash flow was $548 million, free cash flow $465 million, net debt/EBITDA ~2.3×, and $500 million remaining on the share repurchase authorization.
Deployed over $100 million in Q3 capital toward organic, M&A, and buybacks, including acquisition of St. George Truss Co., Builders Door and Trim, and Ryston Construction.
2025 guidance raised to net sales of $15.1–15.4 billion, adjusted EBITDA $1.625–1.675 billion, gross margin 30.1–30.5%, and free cash flow $800 million–$1 billion.
Digital tools processed over $2.5 billion of orders and $5 billion of quotes YTD; Q3 saw key SAP conversions for accounting and reporting.

Oct 30, 2025, 1:00 PM

Transcript

Builders FirstSource reports Q3 2025 results

BLDR

Earnings

Share Buyback

Guidance Update

Builders FirstSource delivered Q3 2025 net sales of $3.94 billion, gross profit of $1.20 billion, adjusted EBITDA of $434 million, and net income of $122 million, with adjusted diluted EPS of $1.88, reflecting year-over-year declines in net sales (-6.9%), gross profit (-13.5%), adjusted EBITDA (-30.8%) and net income (-57.0%).
Generated $465 million of free cash flow in Q3 and deployed over $100 million in the quarter—$83 million in capital expenditures and $19 million in M&A—with YTD share repurchases of $404 million.
Net leverage rose to 2.3× as of Q3 2025, driven by recent acquisitions.
reaffirmed full-year 2025 guidance: net sales of $15.1–15.4 billion, adjusted EBITDA of $1.625–1.675 billion, and free cash flow of $0.8–1.0 billion.

Oct 30, 2025, 1:00 PM

Presentation

Builders FirstSource reports Q3 2025 results

BLDR

Earnings

Guidance Update

Net sales of $3.94 billion, down 6.9% year-over-year, driven by a 10.6% decline in core organic sales and commodity deflation.
Net income of $122.4 million, or $1.10 diluted EPS, compared to $284.8 million, or $2.44 diluted EPS, a 57.0% decrease, as gross profit and operating leverage contracted.
Adjusted EBITDA of $433.7 million, down 30.8%, with an 11.0% margin versus 14.8% in the prior year period.
Free cash flow of $464.9 million, a 26.8% decline, with operating cash flow of $547.7 million partially offset by $82.8 million of net capital expenditures.
2025 guidance: net sales of $15.1–15.4 billion, gross margin of 30.1–30.5%, adjusted EBITDA of $1.625–1.675 billion, and free cash flow of $0.8–1.0 billion.

Oct 30, 2025, 11:00 AM

8-K

Builders FirstSource reports Q3 2025 results

BLDR

Earnings

Guidance Update

Net sales of $3.9 billion, down 6.9% year-over-year; gross profit margin declined 240 bps to 30.4% in Q3 2025.
Net income of $122.4 million (EPS $1.10), versus $284.8 million (EPS $2.44) in prior year; Adjusted EBITDA fell 30.8% to $433.7 million, with margin at 11.0%.
Free cash flow of $464.9 million, with liquidity of $2.1 billion and net debt/LTM Adjusted EBITDA ratio of 2.3x as of September 30, 2025.
2025 guidance: net sales of $15.1 billion–$15.4 billion, Adjusted EBITDA of $1.625 billion–$1.675 billion, and free cash flow of $0.8 billion–$1.0 billion.

Oct 30, 2025, 11:00 AM

Press Release

Builders FirstSource acquires two millwork companies in Las Vegas area

BLDR

M&A

New Projects/Investments

Builders FirstSource announced the acquisition of Builder’s Door & Trim and Rystin Construction, strengthening its turnkey millwork solutions in the Las Vegas area.
The deal fills a critical gap in the company’s millwork operations by expanding into a region where it previously had no presence.
The acquired businesses had $48 million in trailing twelve months sales as of June 30, 2025.

Oct 1, 2025, 8:15 PM

Press Release

Builders FirstSource Announces New Revolving Credit Facility Agreement

BLDR

Debt Issuance

The company replaced its previous $1,800.0M revolving commitment with a new $2,200.0M facility and extended its maturity date to May 20, 2030, marking a key refinancing move with Bank of America.
The amended credit agreement introduces updated interest rate benchmarks and fee structures, reflecting significant changes to the company’s borrowing terms.

May 22, 2025, 12:00 AM

8-K

Builders FirstSource Prices $750 Million Senior Notes Offering

BLDR

Debt Issuance

Builders FirstSource has priced an offering of $750 million aggregate principal amount of 6.750% Senior Notes due 2035, reflecting a $250 million increase from the previously announced size.
The offering is expected to close on May 8, 2025, and the net proceeds will be used to repay indebtedness under the company's senior secured ABL facility.

May 8, 2025, 12:00 AM

8-K

Builders FirstSource Launches $500 Million Senior Note Offering

BLDR

Debt Issuance

Offering Announcement: Builders FirstSource, Inc. announced the launch of an offering for $500 million aggregate principal amount of unsecured Senior Notes due 2035, intended to repay outstanding indebtedness under its ABL Facility.
Offering Conditions: The transaction is subject to market conditions and will be offered only to qualified institutional buyers and non-U.S. persons under an exemption from registration requirements.

May 5, 2025, 12:00 AM

8-K

Builders FirstSource Inc Q1 2025 Earnings Overview & Updates

BLDR

Earnings

M&A

Guidance Update

Share Buyback

Q1 Performance: Net sales declined 6% to $3.7 billion driven by lower organic sales, fewer selling days, and commodity deflation.
Profitability Metrics: Reported $369M adjusted EBITDA, diluted adjusted EPS of $1.51, GAAP diluted EPS of $0.84, and net income of $96.3M.
Operational Initiatives: Achieved $17M in productivity savings, advanced its digital strategy with incremental digital sales of $19M and boosted digital orders to over $1.5 billion while enhancing its value‐added product mix (~48%).
Acquisitions & Growth: Completed multiple acquisitions – including two with aggregate prior-year sales of roughly $565M and additional activity totaling $828M – and added Truckee Tahoe Lumber.
Capital Actions: Executed significant share repurchases exceeding $400M and delivered $45M free cash flow, including repurchasing ~0.1M shares at an average of $131.51 for roughly $13M.
2025 Guidance: Full-year net sales are expected between $16.05B and $17.05B with adjusted EBITDA projected from $1.7B to $2.1B; estimated tariff cost impacts range from $175M to $250M (excluded).

May 1, 2025, 1:01 PM

Transcript Presentation 8-K

Earnings Transcripts

Quarterly earnings call transcripts for Builders FirstSource.

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