Builders FirstSource (BLDR) Company Report

Q4 net sales decreased 12% to $3.4 billion; gross margin was 29.8% (down 250 bps); adjusted EBITDA was $275 million (down 44%) with a margin of 8.2%; adjusted EPS was $1.12 (down 52%).
Q4 operating cash flow was $195 million, free cash flow was $109 million, and full-year free cash flow was $874 million; net debt/Adjusted EBITDA was 2.7× with no long-term maturities until 2030.
2026 guidance projects net sales of $14.8 billion–$15.8 billion, adjusted EBITDA of $1.3 billion–$1.7 billion (8.8%–10.8% margin), gross margin of 28.5%–30%, and free cash flow of ≈$500 million, with a heavier second-half weighting.
Continued strategic focus on cost efficiency and growth: $100 million in SG&A actions, 25 facility consolidations in 2025, >$110 million invested in value-added operations, and selective M&A to expand product offerings.

Feb 17, 2026, 1:00 PM

Transcript

Builders FirstSource reports Q4 2025 results

BLDR

Earnings

Guidance Update

M&A

Fiscal Q4 2025 net sales fell 12% to $3.4 billion, gross margin declined 250 bps to 29.8%, adjusted EBITDA decreased 44% to $275 million, and adjusted EPS was $1.12
2025 free cash flow totaled $874 million (8% yield), net debt/EBITDA ratio of 2.7x, with share repurchases boosting Q4 EPS by $0.04
2026 outlook includes net sales of $14.8–15.8 billion, adjusted EBITDA of $1.3–1.7 billion, EBITDA margin of 8.8–10.8%, and free cash flow of $500 million; Q1 sales of $3.0–3.3 billion and EBITDA of $175–225 million
Late-2025 acquisitions (Builder’s Door & Trim, Rystin Construction, Lengefeld Lumber, Pleasant Valley Homes, Premium Building Components) mark 40 deals since 2021 totaling $2.3 billion in annual sales

Feb 17, 2026, 1:00 PM

Transcript

Builders FirstSource reports Q4 2025 results

BLDR

Earnings

Guidance Update

M&A

Q4 net sales decreased 12% to $3.4 billion; gross profit of $1 billion (-19%) and gross margin of 29.8% (-250 bps); Adjusted EBITDA $275 million (-44%) with margin 8.2% (-470 bps); Adjusted EPS $1.12 (-52%)
Q4 operating cash flow of $195 million and free cash flow of $109 million; FY 2025 free cash flow of $874 million (8% yield); net debt/Adj. EBITDA ~2.7×; $500 million share repurchase capacity
2026 guidance: net sales of $14.8–15.8 billion, Adjusted EBITDA $1.3–1.7 billion, EBITDA margin 8.8–10.8%, and free cash flow approx. $500 million; expects flat starts in single-family and multifamily, and +1% repair & remodel
Completed five acquisitions including Builder’s Door & Trim, Rystin Construction, Lengefeld Lumber, Pleasant Valley Homes, and Premium Building Components, expanding into modular housing and truss/wall panel operations
Implemented $100 million in SG&A cost actions (including $75 million reductions and $25 million avoidance), consolidated 25 facilities, and continued tech and automation investments to boost productivity

Feb 17, 2026, 1:00 PM

Transcript

Builders FirstSource reports Q4 2025 results

BLDR

Earnings

Demand Weakening

Q4 net sales of $3,357.9 million, down 12.1% year-over-year
Q4 GAAP net income of $31.5 million and adjusted net income of $124.3 million (diluted EPS $1.12)
Q4 adjusted EBITDA of $274.9 million with a margin of 8.2%, versus 12.9% in Q4 2024
Q4 free cash flow of $109.1 million
Core organic sales declined 14%, driven by single-family starts down 15% and multi-family down 20%

Feb 17, 2026, 1:00 PM

Presentation

Builders FirstSource reports Q4 and full-year 2025 results and provides 2026 guidance

BLDR

Earnings

Guidance Update

Fourth quarter 2025 net sales of $3.4 billion, down 12.1% year-over-year, with gross profit margin declining to 29.8%.
Q4 adjusted EBITDA of $274.9 million, down 44.3%, and adjusted EBITDA margin of 8.2%.
Full-year 2025 net sales of $15.2 billion, down 7.4%, and adjusted EBITDA of $1.6 billion, down 32.0%.
2026 outlook: net sales of $14.8 billion to $15.8 billion, adjusted EBITDA of $1.3 billion to $1.7 billion, and free cash flow of ~$0.5 billion.

Feb 17, 2026, 12:24 PM

8-K

Builders FirstSource reports Q4 and FY 2025 results and provides 2026 outlook

BLDR

Earnings

Guidance Update

In Q4 2025, net sales were $3.4 B, down 12.1% y/y and net income was $31.5 M (EPS $0.28).
Q4 2025 Adjusted EBITDA declined 44.3% to $274.9 M, with margin contracting 470 bps to 8.2%.
For full-year 2025, net sales totaled $15.2 B (–7.4%), Adjusted EBITDA was $1.6 B (–32.0%) with a 10.4% margin, and free cash flow was $874 M.
2026 outlook calls for net sales of $14.8–15.8 B, Adjusted EBITDA of $1.3–1.7 B, and free cash flow of approximately $0.5 B.

Feb 17, 2026, 11:00 AM

Press Release

Builders FirstSource misses Q4 2025 revenue, EPS

BLDR

Earnings

Guidance Update

Demand Weakening

Builders FirstSource reported Q4 2025 adjusted EPS of $1.12 and revenue of $3.36 B, down about 12% year-over-year, missing Street estimates.
Full-year 2026 revenue guidance set at $14.8 B to $15.8 B (midpoint $15.3 B) and EBITDA guidance of $1.5 B, slightly above consensus on revenue and in line on EBITDA.
Operating margin declined to 1.8% (from 8% a year earlier) and free cash flow margin fell to 3.2%, attributed to housing affordability pressures and weak consumer confidence.
Shares dipped about 4.8% in one day and 9.5% over the past month, with a fair-value estimate near $130 cited as a potential buying opportunity.

Feb 16, 2026, 7:26 PM

Morningstar

Builders FirstSource positioned to benefit from “Trump Homes” plan

BLDR

New Projects/Investments

The “Trump Homes” initiative proposes a rent-to-own model to finance up to 1 million entry-level homes, with renters’ payments accruing toward down payments after three years.
Builders FirstSource supplies lumber, prefabricated components, trusses, and building materials at scale, aligning with the plan’s emphasis on standardization, speed, and logistics efficiency.
Implementation of the initiative could drive incremental volume growth across regional markets for Builders FirstSource.

Feb 4, 2026, 2:35 PM

Press Release

Builders FirstSource reports Q3 2025 results

BLDR

Earnings

Guidance Update

M&A

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

Earnings Transcripts

Quarterly earnings call transcripts for Builders FirstSource.

Q4 2025

Feb 17, 2026

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Q3 2025

Oct 30, 2025

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Q2 2025

Jul 31, 2025

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Builders FirstSource (BLDR)

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