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TopBuild Reports Third Quarter 2025 Results; Raises Guidance to Include Recent Acquisitions

1. TopBuild reports Q3 sales of $1.4 billion, up 1.4%. 2. Adjusted EBITDA margin stands at 19.8%, reflecting operational efficiency. 3. Guided 2025 sales outlook raised to $5.35-$5.45 billion. 4. Acquisitions strengthen growth in insulation and commercial roofing. 5. Weak demand in residential construction offset by strength in commercial sectors.

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Why Bullish?

TopBuild's solid quarterly performance and raised outlook signal growth potential, similar to previous earnings boosts after acquisitions.

How important is it?

Strong Q3 results and significant acquisitions create a positive narrative for investors.

Why Long Term?

Continued growth from acquisitions and improved market positioning could yield sustained positive effects on stock performance.

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Delivers third quarter sales of $1.4 billion and adjusted EBITDA margin of 19.8% Raises 2025 outlook to $5.35 to $5.45 billion in sales and $1.01 to $1.06 billion in adjusted EBITDA, to include contribution from SPI and four recent acquisitions DAYTONA BEACH, Fla., Nov. 04, 2025 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer of insulation and commercial roofing and a specialty distributor of insulation and related building products to the construction industry in the United States and Canada, today reported results for the third quarter ended September 30, 2025. Robert Buck, President and CEO of TopBuild, said, “Third quarter results were in line with expectations. Sales totaled $1.4 billion in the third quarter, up 1.4% including acquisitions, as our Installation Services segment sales grew 0.2% and Specialty Distribution sales improved 1.4%. Our team’s efforts to drive productivity and operational excellence are reflected in the continued strength of our profitability. Mr. Buck continued, “We have accomplished a lot recently, including acquiring Progressive Roofing in July and SPI in October. On a year-to-date basis, we’ve completed acquisitions that total approximately $1.2 billion in annual revenue. These acquisitions have strengthened our insulation businesses, established a new platform for growth in commercial roofing, and further expanded our non-cyclical revenue profile. We are raising our 2025 outlook to incorporate SPI and our four recent acquisitions. “We remain confident in the long-term fundamentals for our business and are firmly committed to delivering shareholder value. Although weak consumer confidence and economic uncertainty are weighing on demand for residential new construction in the near term, the strength in commercial and industrial is very encouraging, and we are well-positioned to capture opportunities in these important and growing end markets,” Mr. Buck concluded. Financial Highlights(comparisons are to the periods ended September 30, 2024)  Three Months Ended September 30, 2025   Reported Adjusted  ($ in thousands) 2025  2024   2025  2024   Sales$1,393,158 $1,373,268  $1,393,158 $1,373,268   Gross Profit$418,920 $421,813  $419,023 $421,813   Gross Margin 30.1%  30.7%   30.1%  30.7%   SG&A$203,910 $177,820  $190,069 $175,888   SG&A as % of Sales 14.6%  12.9%   13.6%  12.8%   Operating Profit$215,010 $243,993  $228,954 $245,925   Operating Margin 15.4%  17.8%   16.4%  17.9%   Net Income$142,226 $168,960  $151,293 $170,075   Net Income per diluted share$5.04 $5.65  $5.36 $5.68   EBITDA   $275,609 $285,057   EBITDA Margin    19.8%  20.8%           Nine Months Ended September 30, 2025   Reported Adjusted  ($ in thousands) 2025  2024   2025  2024   Sales$3,923,839 $4,017,597  $3,923,839 $4,017,597   Gross Profit$1,164,435 $1,232,885  $1,176,941 $1,232,885   Gross Margin 29.7%  30.7%   30.0%  30.7%   SG&A$552,149 $563,992  $533,191 $534,497   SG&A as % of Sales 14.1%  14.0%   13.6%  13.3%   Operating Profit$612,286 $668,893  $643,750 $698,388   Operating Margin 15.6%  16.6%   16.4%  17.4%   Net Income$417,213 $472,064  $437,735 $493,997   Net Income per diluted share$14.56 $15.19  $15.28 $15.89   EBITDA   $771,669 $816,570   EBITDA Margin    19.7%  20.3%                     Sales Drivers        (comparisons are to the periods ended September 30, 2024)               Three Months Ended September 30, 2025    Installation Services Specialty Distribution TopBuild, net of eliminations  Sales($ in millions) $858  $609  $1,393   Sales Drivers        Volume  (10.4%)   (2.1%)   (6.7%)   Price  (0.5%)   1.2%   0.3%   M&A  11.0%   2.3%   7.9%   Total Sales Change  0.2%   1.4%   1.4%                       Nine Months Ended September 30, 2025    Installation Services Specialty Distribution TopBuild,net of eliminations  Sales($ in millions) $2,384  $1,768  $3,924   Sales Drivers        Volume  (10.2%)   (2.1%)   (7.3%)   Price  0.5%   1.1%   0.8%   M&A  4.8%   2.7%   4.2%   Total Sales Change  (4.9%)   1.7%   (2.3%)                     Segment Profitability       (comparisons are to the periods ended September 30, 2024)           Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025  ($ in thousands)Installation ServicesSpecialty Distribution Installation Services Specialty Distribution  Operating Profit$166,762 $87,114  $451,819 $243,655   Change (3.2%)  (8.2%)   (9.6%)  (7.0%)   Operating Margin 19.4%  14.3%   18.9%  13.8%   Adj. Operating Profit$167,065 $87,456  $459,646 $250,849   Change (3.0%)  (8.0%)   (8.1%)  (4.0%)   Adj. Operating Margin 19.5%  14.4%   19.3%  14.2%   Adj. EBITDA$193,060 $102,976  $524,678 $297,289   Change 0.9%  (6.9%)   (5.8%)  (3.3%)   Adj. EBITDA Margin 22.5%  16.9%   22.0%  16.8%           Capital Allocation 2025 Acquisitions TopBuild continues to prioritize acquisitions for capital allocation and as of September 30, 2025, spent approximately $851.2 million on acquisitions year-to-date. In the fourth quarter, the Company completed the acquisitions of Specialty Products and Insulation (SPI), Diamond Door Products, and Performance Insulation Fabricators. The acquisition of L&L Insulation is expected to close in November. Following this, the Company will have spent approximately $1.08 billion for acquisitions in the fourth quarter.     2025 Acquisitions   CompanyAnnual Revenue Month Closed ($ in millions)  Seal-Rite Insulation (I) 15.2 AprilProgressive Roofing (I) 438.0 JulyInsulation Fabrics (D) 6.1 SeptemberSpecialty Products and Insulation (D) 698.8 OctoberDiamond Door Products (D) 30.4 OctoberPerformance Insulation Fabricators (D) 8.9 OctoberL&L Insulation (I) 7.2 November1Total$ 1,204.6  I = Installation Services, D = Specialty Distribution  1 Expected Closing    Share RepurchasesDuring the third quarter, TopBuild repurchased 177,983 shares totaling $65.5 million. On a year-to-date basis, the Company bought back 1,326,666 shares for $417.1 million. The remaining availability for share repurchases at the end of the third quarter totaled $770.9 million. 2025 Outlook1TopBuild updated its full year outlook to include the contribution of its recent acquisitions: Insulation Fabrics, SPI, Diamond Door Products, Performance Insulation Fabricators, and L&L Insulation. The guidance does not contemplate additional transactions that it expects to complete during the remainder of the year.      ($ in millions)     LowMidHigh Sales$ 5,350$ 5,400$ 5,450 EBITDA, as adjusted 1,010 1,035 1,060 Depreciation and amortization 171 169 166 Share-based compensation 19 19 18 EBIT, as adjusted 820 848 876 Interest expense and other, net 91 90 88 Adjusted profit before tax 729 758 788 Adjusted income tax expense 190 197 205 Income, as adjusted$ 539$ 561$ 583         1 This outlook reflects management’s current view of present and future market conditions and is based on assumptions such as housing starts, economic conditions, and interest rates. These targets do not include any effects related to potential acquisitions or divestitures that may occur after the date of this press release. A reconciliation of non-GAAP targets to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, the costs and expenses that may be incurred in the future and therefore cannot be reasonably predicted. The effect of these excluded items may be significant. Factors that could cause actual long-term results to differ materially from TopBuild’s current expectations are discussed below and detailed in the Company’s most recent Annual Report on Form 10-K and subsequent SEC reports. Conference Call A conference call to discuss the third quarter 2025 financial results is scheduled for today, Tuesday, November 4th, at 9:00 a.m. Eastern Time. The call can be accessed by dialing (877) 407-9037. A simultaneous webcast of the call, along with management’s formal remarks and a presentation, will be available on the Company’s website at www.topbuild.com shortly before the call begins. About TopBuild TopBuild Corp., headquartered in Daytona Beach, Florida, is a leading installer of insulation and commercial roofing and is also a specialty distributor of insulation and related building products to the construction industry in the United States and Canada. We provide insulation and commercial roofing installation services nationwide through our Installation Services segment which has over 200 branches located across the United States. We distribute building and mechanical insulation, insulation accessories, and other building products for the residential, commercial, and industrial end markets through our Specialty Distribution business. Our Specialty Distribution network encompasses more than 250 branches across the United States and Canada. To learn more about TopBuild please visit our website at www.topbuild.com. Use of Non-GAAP Financial Measures Adjusted EBITDA, incremental EBITDA margin, adjusted EBITDA margin, the “adjusted” financial measures presented above, and figures presented on a “same branch basis” are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes that these non-GAAP financial measures, which are used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods. We define same branch sales as sales from branches in operation for at least 12 full calendar months. Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in tables contained in this press release. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under GAAP. Additional information may be found in the Company’s filings with the Securities and Exchange Commission which are available on TopBuild’s website under “SEC Filings” at www.topbuild.com. Safe Harbor Statement This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, and our plan to repurchase our common stock under stock repurchase transactions. These forward-looking statements can be identified by words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “may,” “project,” “estimate” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including those described in the risk factors contained in our filings with the Securities and Exchange Commission, may cause our actual results to differ from those expressed in forward-looking statements. Although TopBuild believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved and it undertakes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law. (tables follow) TopBuild Corp.             Condensed Consolidated Statements of Operations (Unaudited)          (in thousands, except share and per common share amounts)                          Three Months Ended September 30, Nine Months Ended September 30,   2025  2024  2025  2024  Net sales $1,393,158  $1,373,268  $3,923,839  $4,017,597  Cost of sales  974,238   951,455   2,759,404   2,784,712  Gross profit  418,920   421,813   1,164,435   1,232,885                Selling, general, and administrative expense  203,910   177,820   552,149   563,992  Operating profit  215,010   243,993   612,286   668,893                Other income (expense), net:             Interest expense  (28,415)  (18,449)  (65,561)  (55,811) Other, net  3,911   2,355   13,345   24,987  Other expense, net  (24,504)  (16,094)  (52,216)  (30,824) Income before income taxes  190,506   227,899   560,070   638,069                Income tax expense  (48,280)  (58,939)  (142,857)  (166,005) Net income $142,226  $168,960  $417,213  $472,064                Net income per common share:             Basic $5.08  $5.68  $14.65  $15.28  Diluted $5.04  $5.65  $14.56  $15.19                Weighted average shares outstanding:             Basic  28,019,746   29,751,713   28,469,514   30,901,788  Diluted  28,204,354   29,925,400   28,653,031   31,083,857                 TopBuild Corp.            Condensed Consolidated Statements of Comprehensive Income (Unaudited)       (in thousands)                           Three Months Ended September 30, Nine Months Ended September 30,  2025  2024 2025 2024 Net income $142,226  $168,960 $417,213 $472,064 Other comprehensive (loss) income:            Foreign currency translation adjustment  (3,880)  2,463  6,217  (3,464)Comprehensive income $138,346  $171,423 $423,430 $468,600               TopBuild Corp.        Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited)        (dollars in thousands)          As of    September 30, 2025 December 31, 2024  ASSETS        Current assets:        Cash and cash equivalents $1,142,403 $400,318  Receivables, net of an allowance for credit losses of $28,119 at September 30, 2025, and $18,541 at December 31, 2024  874,308  751,612  Inventories  385,642  406,662  Prepaid expenses and other current assets  44,563  40,382  Total current assets  2,446,916  1,598,974           Right of use assets  200,870  189,146  Property and equipment, net  271,765  266,992  Goodwill  2,573,475  2,112,259  Other intangible assets, net  907,395  557,689  Other assets  9,879  10,366  Total assets $6,410,300 $4,735,426           LIABILITIES        Current liabilities:        Accounts payable $463,798 $456,446  Current portion of long-term debt  62,500  48,750  Accrued liabilities  242,931  191,786  Short-term operating lease liabilities  68,762  68,713  Short-term finance lease liabilities  4,713  1,487  Total current liabilities  842,704  767,182           Long-term debt  2,798,678  1,327,159  Deferred tax liabilities, net  331,425  240,343  Long-term portion of insurance reserves  58,120  57,700  Long-term operating lease liabilities  147,272  129,360  Long-term finance lease liabilities  6,510  2,618  Other liabilities  2,343  1,446  Total liabilities  4,187,052  2,525,808           EQUITY  2,223,248  2,209,618  Total liabilities and equity $6,410,300 $4,735,426             As of September 30,    2025 2024  Other Financial Data        Receivables, net plus inventories less accounts payable $796,152 $758,506  Net sales, acquisition adjusted † $5,597,753 $5,366,716  Receivables, net plus inventories less accounts payable as a percent of sales (TTM) †  14.2%14.1%          † Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches         TopBuild Corp.       Condensed Consolidated Statement of Cash Flows (Unaudited)       (in thousands)                 Nine Months Ended September 30,   2025  2024  Cash Flows Provided by (Used in) Operating Activities:      Net income $417,213  $472,064  Adjustments to reconcile net income to net cash provided by operating activities:       Depreciation and amortization  114,018   104,777  Share-based compensation  14,121   13,405  Loss on sale of assets  927   672  Amortization of debt issuance costs  2,438   2,161  Provision for bad debt expense  12,769   13,730  Provision for inventory obsolescence  6,714   6,713  Impairment losses  9,442   —  Deferred income taxes, net  (1,989)  (622) Change in certain assets and liabilities, net of effects of businesses acquired:       Receivables, net  (10,648)  (30,294) Inventories  23,495   (30,916) Prepaid expenses and other current assets  (2,407)  (6,849) Accounts payable  (14,783)  (17,441) Accrued liabilities  12,369   (15,695) Other, net  (4,091)  (1,907) Net cash provided by operating activities  579,588   509,798          Cash Flows Provided by (Used in) Investing Activities:       Purchases of property and equipment  (42,064)  (56,794) Acquisition of businesses, net of cash acquired  (851,181)  (88,460) Proceeds from sale of assets  982   2,336  Net cash used in investing activities  (892,263)  (142,918)         Cash Flows Provided by (Used in) Financing Activities:       Proceeds from issuance of long-term debt  2,000,000   —  Repayment of long-term debt  (500,000)  (35,651) Excise taxes paid on share repurchases  (9,444)  —  Payment of debt issuance costs  (17,395)  —  Taxes withheld and paid on employees' equity awards  (5,374)  (6,088) Exercise of stock options  2,771   3,224  Repurchase of shares of common stock  (417,148)  (919,186) Net cash provided by (used in) financing activities  1,053,410   (957,701) Impact of exchange rate changes on cash  1,350   (402) Net increase (decrease) in cash and cash equivalents  742,085   (591,223) Cash and cash equivalents - Beginning of period  400,318   848,565  Cash and cash equivalents - End of period $1,142,403  $257,342          Supplemental disclosure of noncash activities:       Leased assets obtained in exchange for new operating lease liabilities $58,662  $35,718  Leased assets obtained in exchange for new finance lease liabilities  465   —  Accruals for property and equipment  1,713   227  Excise taxes capitalized to treasury stock  4,171   9,342           TopBuild Corp.                    Segment Data (Unaudited)                    (dollars in thousands)                                           Three Months Ended September 30,     Nine Months Ended September 30,       2025   2024 Change   2025  2024  Change Installation Services                    Sales $858,264  $856,350  0.2 % $2,384,475 $2,506,076   (4.9)%                     Operating profit, as reported $166,762  $172,243     $451,819 $499,717     Operating margin, as reported  19.4 % 20.1%     18.9% 19.9 %                        Rationalization charges  (125)  —      7,223  —    Acquisition related costs  428   31      604  364     Operating profit, as adjusted $167,065  $172,274     $459,646 $500,081     Operating margin, as adjusted  19.5 % 20.1%     19.3% 20.0 %                        Share-based compensation  310   71      933  719     Depreciation and amortization  25,685   19,037      64,099  56,016     EBITDA, as adjusted $193,060  $191,382  0.9 % $524,678 $556,816   (5.8)%EBITDA margin, as adjusted  22.5 % 22.3%     22.0% 22.2 %                        Specialty Distribution                    Sales $608,892  $600,387  1.4 % $1,767,879 $1,739,007   1.7 %                     Operating profit, as reported $87,114  $94,911     $243,655 $261,862     Operating margin, as reported  14.3 % 15.8%     13.8% 15.1 %                        Rationalization charges  342   194      7,143  (556)    Acquisition related costs  —   4      51  14     Operating profit, as adjusted $87,456  $95,109     $250,849 $261,320     Operating margin, as adjusted  14.4 % 15.8%     14.2% 15.0 %                        Share-based compensation  398   374      1,282  1,187     Depreciation and amortization  15,122   15,117      45,158  45,000     EBITDA, as adjusted $102,976  $110,600  (6.9)% $297,289 $307,507   (3.3)%EBITDA margin, as adjusted  16.9 % 18.4%     16.8% 17.7 %                         TopBuild Corp.                    Adjusted EBITDA (Unaudited)                    (dollars in thousands)                                           Three Months Ended September 30,     Nine Months Ended September 30,      2025  2024   Change 2025  2024   ChangeTotal net sales                    Sales before eliminations $1,467,156  $1,456,737      $4,152,354  $4,245,083     Intercompany eliminations  (73,998)  (83,469)      (228,515)  (227,486)    Net sales after eliminations $1,393,158  $1,373,268   1.4 % $3,923,839  $4,017,597   (2.3)%                     Operating profit, as reported - segments $253,876  $267,154      $695,474  $761,579     General corporate expense, net  (24,152)  (9,685)      (42,914)  (55,610)    Intercompany eliminations  (14,714)  (13,476)      (40,274)  (37,076)    Operating profit, as reported $215,010  $243,993      $612,286  $668,893     Operating margin, as reported  15.4 % 17.8 %     15.6 % 16.6 %                        Rationalization charges  218   485       14,556   (7)    Refinancing costs  —   —       226   —     Acquisition related costs †  13,726   1,447       16,682   6,502     Acquisition termination fee  —   —       —   23,000     Operating profit, as adjusted $228,954  $245,925      $643,750  $698,388     Operating margin, as adjusted  16.4 % 17.9 %     16.4 % 17.4 %                        Share-based compensation  4,314   3,646       14,121   13,405     Depreciation and amortization  42,341   35,486       113,798   104,777     EBITDA, as adjusted $275,609  $285,057   (3.3)% $771,669  $816,570   (5.5)%EBITDA margin, as adjusted  19.8 % 20.8 %     19.7 % 20.3 %                        Sales change period over period  19,890          (93,758)       EBITDA, as adjusted, change period over period  (9,448)         (44,901)       Decremental EBITDA, as adjusted, as a percentage of change in sales  NM         (47.9)%                           † Acquisition related costs include corporate level adjustments as well as segment operating adjustments          NM Not meaningful                                          TopBuild Corp.             Same Branch and Acquisition Metrics (Unaudited)             (dollars in thousands)                             Three Months Ended September 30,  Nine Months Ended September 30,    2025  2024  2025  2024  Net sales             Same branch:             Installation Services $763,729  $856,350  $2,263,271  $2,506,076  Specialty Distribution  594,921   600,387   1,721,789   1,739,007  Eliminations  (73,998)  (83,469)  (228,515)  (227,486) Total same branch $1,284,652  $1,373,268  $3,756,545  $4,017,597                Acquisitions (a):             Installation Services $94,535  $—  $121,204  $—  Specialty Distribution  13,971   —   46,090   —  Total acquisitions  108,506   —   167,294   —  Total net sales $1,393,158  $1,373,268  $3,923,839  $4,017,597                EBITDA, as adjusted             Same branch $256,601  $285,057  $742,460  $816,570  Acquisitions (a)  19,008   —   29,209   —  Total $275,609  $285,057  $771,669  $816,570                EBITDA, as adjusted, as a percentage of sales             Same branch (b)  20.0 %    19.8 %   Acquisitions (c)  17.5 %    17.5 %   Total (d)  19.8 % 20.8 %19.7 % 20.3 %              As Adjusted (Decremental)/Incremental EBITDA, as a percentage of change in sales             Same branch (e)  (32.1)%    (28.4)%   Acquisitions (c)  17.5 %    17.5 %   Total (f)  NM     (47.9)%                 (a) Represents current year impact of acquisitions in their first twelve months             (b) Same branch metric, as adjusted, as a percentage of same branch sales             (c) Acquired metric, as adjusted, as a percentage of acquired sales             (d) Total EBITDA, as adjusted, as a percentage of total sales             (e) Change in same branch EBITDA, as adjusted, as a percentage of change in same branch sales          (f) Change in total EBITDA, as adjusted, as a percentage of change in total sales             NM Not meaningful                            TopBuild Corp.                    Same Branch Revenue by Line of Business (Unaudited)                 (dollars in thousands)                                           Three Months Ended September 30,     Nine Months Ended September 30,      2025 2024 Change  2025 2024 Change Residential:                    Same branch (a) $800,987 $890,356  (10.0)% $2,356,843 $2,609,299  (9.7)%Acquisitions  3,157  —      26,553  —    Total Residential sales  804,144  890,356  (9.7)%  2,383,396  2,609,299  (8.7)%                     Commercial/Industrial:                    Same branch (a) $483,669 $482,912  0.2 % $1,399,706 $1,408,298  (0.6)%Acquisitions  105,345  —      140,737  —    Total Commercial/Industrial sales  589,014  482,912  22.0 %  1,540,443  1,408,298  9.4 %Total net sales $1,393,158 $1,373,268  1.4 % $3,923,839 $4,017,597  (2.3)%                     (a) Represents current year impact of acquisitions in their first twelve months                                     TopBuild Corp.             Non-GAAP Reconciliations (Unaudited)             (in thousands, except share and per common share amounts)                             Three Months Ended September 30,  Nine Months Ended September 30,    2025  2024  2025  2024  Gross Profit Reconciliation                           Net sales $1,393,158  $1,373,268  $3,923,839  $4,017,597                Gross profit, as reported $418,920  $421,813  $1,164,435  $1,232,885                Rationalization charges  103   —   12,506   —  Gross profit, as adjusted $419,023  $421,813  $1,176,941  $1,232,885                Gross margin, as reported  30.1 % 30.7 % 29.7 % 30.7 %Gross margin, as adjusted  30.1 % 30.7 % 30.0 % 30.7 %              Selling, General and Administrative Expense Reconciliation                           Selling, general, and administrative expense, as reported $203,910  $177,820  $552,149  $563,992                Rationalization charges  115   485   2,050   (7) Refinancing costs  —   —   226   —  Acquisition related costs  13,726   1,447   16,682   6,502  Acquisition termination fee  —   —   —   23,000  Selling, general, and administrative expense, as adjusted $190,069  $175,888  $533,191  $534,497                Operating Profit Reconciliation                           Operating profit, as reported $215,010  $243,993  $612,286  $668,893                Rationalization charges  218   485   14,556   (7) Refinancing costs  —   —   226   —  Acquisition related costs  13,726   1,447   16,682   6,502  Acquisition termination fee  —   —   —   23,000  Operating profit, as adjusted $228,954  $245,925  $643,750  $698,388                Operating margin, as reported  15.4 % 17.8 % 15.6 % 16.6 %Operating margin, as adjusted  16.4 % 17.9 % 16.4 % 17.4 %              Income Per Common Share Reconciliation                           Income before income taxes, as reported $190,506  $227,899  $560,070  $638,069                Rationalization charges  218   485   14,556   (7) Refinancing costs  —   —   226   —  Acquisition related costs  13,726   1,447   16,682   6,502  Acquisition termination fee  —   —   —   23,000  Income before income taxes, as adjusted  204,450   229,831   591,534   667,564                Tax rate at 26.0%  (53,157)  (59,756)  (153,799)  (173,567) Income, as adjusted $151,293  $170,075  $437,735  $493,997                Income per common share, as adjusted $5.36  $5.68  $15.28  $15.89                Weighted average diluted common shares outstanding  28,204,354   29,925,400   28,653,031   31,083,857                 TopBuild Corp.            Reconciliation of Adjusted EBITDA to Net Income (Unaudited)         (in thousands)                           Three Months Ended September 30, Nine Months Ended September 30,  2025 2024 2025 2024 Net income, as reported $142,226 $168,960 $417,213 $472,064 Adjustments to arrive at EBITDA, as adjusted:            Interest expense and other, net  24,504  16,094  52,216  30,824 Income tax expense  48,280  58,939  142,857  166,005 Depreciation and amortization  42,341  35,486  113,798  104,777 Share-based compensation  4,314  3,646  14,121  13,405 Rationalization charges  218  485  14,556  (7)Refinancing costs  —  —  226  — Acquisition related costs  13,726  1,447  16,682  6,502 Acquisition termination fee  —  —  —  23,000 EBITDA, as adjusted $275,609 $285,057 $771,669 $816,570               TopBuild Corp.              Acquisition Adjusted Net Sales (Unaudited)              (in thousands)               2024 2025 Trailing TwelveMonths Ended Q4 Q1 Q2 Q3 September 30, 2025Net sales$1,312,206 $1,233,278 $1,297,403 $1,393,158 $5,236,045Acquisitions proforma adjustment † 115,966  114,778  115,841  15,123  361,708Net sales, acquisition adjusted$1,428,172 $1,348,056 $1,413,244 $1,408,281 $5,597,753                              † Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches                           TopBuild Corp.         2025 Estimated Guidance Ranges (Unaudited)         (in millions)                    Twelve Months Ending December 31, 2025   Low  Mid  High Estimated net income$497.0  $519.9  $542.0  Adjustments to arrive at estimated adjusted measures:         Interest expense and other, net 91.0   89.5   88.0  Income tax expense 175.0   182.6   191.0  Rationalization charges 15.0   15.0   15.0  Acquisition related costs 42.0   41.0   40.0  Estimated EBIT, as adjusted 820.0   848.0   876.0  Share-based compensation 19.0   18.5   18.0  Depreciation and amortization 171.0   168.5   166.0  Estimated EBITDA, as adjusted$1,010.0  $1,035.0  $1,060.0             Twelve Months Ending December 31, 2025   Low  Mid  High Estimated net income$497.0  $519.9  $542.0  Adjustments to arrive at estimated income, as adjusted:         Rationalization charges 15.0   15.0   15.0  Acquisition related costs 42.0   41.0   40.0  Normalized income tax impact of rationalization charges and acquisition related costs (26%) (14.8)  (14.6)  (14.3) Estimated income, as adjusted$539.2  $561.3  $582.7             This press release was published by a CLEAR® Verified individual.

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