DAYTONA BEACH, Fla., May 05, 2026 (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 first quarter ended March 31, 2026.
“Our first quarter performance was in line with our expectations as we continue our focus on delivering compounding shareholder returns, driving operational excellence, and executing our long-term strategy,” said Robert Buck, CEO of TopBuild.
“In the first quarter, sales grew 17.2%, driven by the 2025 acquisitions of SPI and Progressive Roofing, offsetting the macro challenges in residential and light commercial new construction. While the residential market faces ongoing uncertainty, the heavy commercial and industrial end markets are healthy and our results are solid. We are also making excellent progress on the SPI integration and are on track to meet or exceed our original synergy targets,” Mr. Buck continued.
“M&A continues to be a priority given our strong free cash flow and robust pipeline of acquisitions across our installation and specialty distribution segments. To date in 2026, we’re pleased to have completed four acquisitions which together add more than $80 million in annual revenue, further diversify our end-market exposure and continue to position us for long-term growth.
“We are excited about our future in joining QXO, as was announced on April 19. By combining the TopBuild business with QXO, we are confident in our opportunities to accelerate our cross-selling initiatives, capitalize on procurement opportunities and leverage digital technology in a manner that will benefit our customers, employees and all stakeholders,” Mr. Buck concluded.
Financial Highlights
(comparisons are to the three months ended March 31, 2025)
| Reported | Adjusted | |||||||||||||
| ($ in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Sales | $ | 1,445,860 | $ | 1,233,278 | $ | 1,445,860 | $ | 1,233,278 | ||||||
| Gross Profit | $ | 400,253 | $ | 351,473 | $ | 400,273 | $ | 364,976 | ||||||
| Gross Margin | 27.7 | % | 28.5 | % | 27.7 | % | 29.6 | % | ||||||
| SG&A | $ | 225,210 | $ | 173,984 | $ | 222,578 | $ | 170,829 | ||||||
| SG&A as % of Sales | 15.6 | % | 14.1 | % | 15.4 | % | 13.9 | % | ||||||
| Operating Profit | $ | 175,043 | $ | 177,489 | $ | 177,695 | $ | 194,147 | ||||||
| Operating Margin | 12.1 | % | 14.4 | % | 12.3 | % | 15.7 | % | ||||||
| Net Income | $ | 104,813 | $ | 123,385 | $ | 105,375 | $ | 135,147 | ||||||
| Net Income per diluted share | $ | 3.73 | $ | 4.23 | $ | 3.75 | $ | 4.63 | ||||||
| EBITDA | $ | 238,619 | $ | 234,759 | ||||||||||
| EBITDA Margin | 16.5 | % | 19.0 | % | ||||||||||
Sales Drivers
(comparisons are to the three months ended March 31, 2025)
| Three Months Ended March 31, 2026 | ||||||||||||
| Installation Services | Specialty Distribution | TopBuild, net of eliminations | ||||||||||
| Sales (in millions) | $ | 777 | $ | 737 | $ | 1,446 | ||||||
| Sales Drivers | ||||||||||||
| Volume | (9.8 | %) | 0.3 | % | (5.5 | %) | ||||||
| Price | (2.9 | %) | 0.3 | % | (1.6 | %) | ||||||
| M&A | 16.9 | % | 31.1 | % | 24.3 | % | ||||||
| Total Sales Change | 4.3 | % | 31.7 | % | 17.2 | % | ||||||
Segment Profitability
(comparisons are to the three months ended March 31, 2025)
| Three Months Ended March 31, 2026 | ||||||
| ($ in thousands) | Installation Services | Specialty Distribution | ||||
| Operating Profit | $ | 119,191 | $ | 80,008 | ||
| Change | (8.0 | %) | 15.9 | % | ||
| Operating Margin | 15.3 | % | 10.9 | % | ||
| Adj. Operating Profit | $ | 119,549 | $ | 80,265 | ||
| Change | (13.4 | %) | 5.7 | % | ||
| Adj. Operating Margin | 15.4 | % | 10.9 | % | ||
| Adj. EBITDA | $ | 149,168 | $ | 106,528 | ||
| Change | (5.3 | %) | 16.6 | % | ||
| Adj. EBITDA Margin | 19.2 | % | 14.5 | % | ||
Capital Allocation
2026 Acquisitions
| Company | Annual Revenue | Month Closed | ||
| ($ in millions) | ||||
| Upstate Spray Foam Insulation and Applied Coatings (I) | $ | 19.6 | February | |
| Johnson Roofing (I) | 29.2 | April | ||
| Energy Pros (I) | 4.0 | May | ||
| Claremont (D) | 31.0 | May | ||
| Total | $ | 83.8 | ||
| I = Installation Services, D = Specialty Distribution | ||||
In addition to the acquisitions completed as listed above, TopBuild has signed a definitive agreement to acquire Comfort Pro, an insulation installation company based in Little Suamico, Wisc. with approximately $6 million in annual sales. The transaction is expected to close in the second quarter.
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 March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net sales | $ | 1,445,860 | $ | 1,233,278 | ||||
| Cost of sales | 1,045,607 | 881,805 | ||||||
| Gross profit | 400,253 | 351,473 | ||||||
| Selling, general, and administrative expense | 225,210 | 173,984 | ||||||
| Operating profit | 175,043 | 177,489 | ||||||
| Other income (expense), net: | ||||||||
| Interest expense | (36,623 | ) | (16,602 | ) | ||||
| Other, net | 1,327 | 5,086 | ||||||
| Other expense, net | (35,296 | ) | (11,516 | ) | ||||
| Income before income taxes | 139,747 | 165,973 | ||||||
| Income tax expense | (34,934 | ) | (42,588 | ) | ||||
| Net income | $ | 104,813 | $ | 123,385 | ||||
| Net income per common share: | ||||||||
| Basic | $ | 3.75 | $ | 4.25 | ||||
| Diluted | $ | 3.73 | $ | 4.23 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 27,976,514 | 29,028,234 | ||||||
| Diluted | 28,130,208 | 29,174,892 | ||||||
| TopBuild Corp. | |||||||
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||||||
| (in thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Net income | $ | 104,813 | $ | 123,385 | |||
| Other comprehensive (loss) income: | |||||||
| Foreign currency translation adjustment | (4,342 | ) | 229 | ||||
| Comprehensive income | $ | 100,471 | $ | 123,614 | |||
| TopBuild Corp. | |||||||
| Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited) | |||||||
| (dollars in thousands) | |||||||
| As of | |||||||
| March 31, | December 31, | ||||||
| 2026 | 2025 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 268,847 | $ | 184,742 | |||
| Receivables, net of an allowance for credit losses of $29,680 at March 31, 2026, and $29,081 at December 31, 2025 | 930,521 | 894,408 | |||||
| Inventories | 515,143 | 505,167 | |||||
| Prepaid expenses and other current assets | 42,148 | 50,478 | |||||
| Total current assets | 1,756,659 | 1,634,795 | |||||
| Right of use assets | 261,536 | 271,396 | |||||
| Property and equipment, net | 286,525 | 291,556 | |||||
| Goodwill | 3,070,940 | 3,045,227 | |||||
| Other intangible assets, net | 1,325,038 | 1,351,612 | |||||
| Other assets | 10,465 | 10,726 | |||||
| Total assets | $ | 6,711,163 | $ | 6,605,312 | |||
| LIABILITIES | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 471,217 | $ | 440,214 | |||
| Current portion of long-term debt | 62,500 | 62,500 | |||||
| Accrued liabilities | 251,991 | 249,361 | |||||
| Short-term operating lease liabilities | 87,302 | 86,170 | |||||
| Short-term finance lease liabilities | 6,611 | 6,571 | |||||
| Total current liabilities | 879,621 | 844,816 | |||||
| Long-term debt | 2,769,888 | 2,784,197 | |||||
| Deferred tax liabilities, net | 395,765 | 387,594 | |||||
| Long-term portion of insurance reserves | 58,645 | 58,681 | |||||
| Long-term operating lease liabilities | 190,086 | 200,729 | |||||
| Long-term finance lease liabilities | 11,014 | 11,020 | |||||
| Other liabilities | 1,782 | 2,115 | |||||
| Total liabilities | 4,306,801 | 4,289,152 | |||||
| EQUITY | 2,404,362 | 2,316,160 | |||||
| Total liabilities and equity | $ | 6,711,163 | $ | 6,605,312 | |||
| As of March 31, | |||||||
| 2026 | 2025 | ||||||
| Other Financial Data | |||||||
| Receivables, net plus inventories less accounts payable | $ | 974,447 | $ | 731,997 | |||
| Net sales, acquisition adjusted † | $ | 6,154,730 | $ | 5,329,105 | |||
| Receivables, net plus inventories less accounts payable as a percent of sales (TTM) † | 15.8 | % | 13.7 | % | |||
| † 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) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Cash Flows Provided by (Used in) Operating Activities: | ||||||||
| Net income | $ | 104,813 | $ | 123,385 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 56,295 | 35,791 | ||||||
| Share-based compensation | 4,629 | 5,042 | ||||||
| Loss on sale of assets | 327 | 829 | ||||||
| Amortization of debt issuance costs | 1,216 | 720 | ||||||
| Provision for bad debt expense | 3,412 | 3,666 | ||||||
| Provision for inventory obsolescence | 2,284 | 2,820 | ||||||
| Impairment losses | — | 9,868 | ||||||
| Deferred income taxes, net | (20 | ) | (1,822 | ) | ||||
| Change in certain assets and liabilities, net of effects of businesses acquired: | ||||||||
| Receivables, net | (38,542 | ) | (1,118 | ) | ||||
| Inventories | (18,336 | ) | (2,215 | ) | ||||
| Prepaid expenses and other current assets | 8,198 | 9,646 | ||||||
| Accounts payable | 31,464 | (32,342 | ) | |||||
| Accrued liabilities | 4,739 | (1,050 | ) | |||||
| Other, net | 257 | (631 | ) | |||||
| Net cash provided by operating activities | 160,736 | 152,589 | ||||||
| Cash Flows Provided by (Used in) Investing Activities: | ||||||||
| Purchases of property and equipment | (13,999 | ) | (13,395 | ) | ||||
| Acquisition of businesses, net of cash acquired | (27,888 | ) | 294 | |||||
| Proceeds from sale of assets | 394 | 248 | ||||||
| Net cash used in investing activities | (41,493 | ) | (12,853 | ) | ||||
| Cash Flows Provided by (Used in) Financing Activities: | ||||||||
| Repayment of long-term debt | (15,625 | ) | (11,250 | ) | ||||
| Proceeds from revolving credit facility | 65,000 | — | ||||||
| Repayment of revolving credit facility | (65,000 | ) | — | |||||
| Principal payments on finance lease obligations | (1,861 | ) | — | |||||
| Taxes withheld and paid on employees' equity awards | (18,293 | ) | (4,466 | ) | ||||
| Exercise of stock options | 1,394 | — | ||||||
| Repurchase of shares of common stock | — | (215,628 | ) | |||||
| Net cash used in financing activities | (34,385 | ) | (231,344 | ) | ||||
| Impact of exchange rate changes on cash | (753 | ) | 101 | |||||
| Net increase (decrease) in cash and cash equivalents | 84,105 | (91,507 | ) | |||||
| Cash and cash equivalents - Beginning of period | 184,742 | 400,318 | ||||||
| Cash and cash equivalents - End of period | $ | 268,847 | $ | 308,811 | ||||
| Supplemental disclosure of noncash activities: | ||||||||
| Leased assets obtained in exchange for new operating lease liabilities | $ | 12,987 | $ | 17,547 | ||||
| Leased assets obtained in exchange for new finance lease liabilities | 1,831 | — | ||||||
| Accruals for property and equipment | 685 | 444 | ||||||
| Excise taxes capitalized to treasury stock | — | 2,156 | ||||||
| TopBuild Corp. | ||||||||||
| Segment Data (Unaudited) | ||||||||||
| (dollars in thousands) | ||||||||||
| Three Months Ended March 31, | ||||||||||
| 2026 | 2025 | Change | ||||||||
| Installation Services | ||||||||||
| Sales | $ | 777,329 | $ | 745,533 | 4.3 | % | ||||
| Operating profit, as reported | $ | 119,191 | $ | 129,616 | ||||||
| Operating margin, as reported | 15.3 | % | 17.4 | % | ||||||
| Rationalization charges | — | 8,281 | ||||||||
| Acquisition related costs | 358 | 143 | ||||||||
| Operating profit, as adjusted | $ | 119,549 | $ | 138,040 | ||||||
| Operating margin, as adjusted | 15.4 | % | 18.5 | % | ||||||
| Share-based compensation | 428 | 349 | ||||||||
| Depreciation and amortization | 29,191 | 19,167 | ||||||||
| EBITDA, as adjusted | $ | 149,168 | $ | 157,556 | (5.3 | )% | ||||
| EBITDA margin, as adjusted | 19.2 | % | 21.1 | % | ||||||
| Specialty Distribution | ||||||||||
| Sales | $ | 737,080 | $ | 559,804 | 31.7 | % | ||||
| Operating profit, as reported | $ | 80,008 | $ | 69,059 | ||||||
| Operating margin, as reported | 10.9 | % | 12.3 | % | ||||||
| Rationalization charges | — | 6,868 | ||||||||
| Acquisition related costs | 257 | 37 | ||||||||
| Operating profit, as adjusted | $ | 80,265 | $ | 75,964 | ||||||
| Operating margin, as adjusted | 10.9 | % | 13.6 | % | ||||||
| Share-based compensation | 843 | 463 | ||||||||
| Depreciation and amortization | 25,420 | 14,939 | ||||||||
| EBITDA, as adjusted | $ | 106,528 | $ | 91,366 | 16.6 | % | ||||
| EBITDA margin, as adjusted | 14.5 | % | 16.3 | % | ||||||
| TopBuild Corp. | |||||||||||
| Adjusted EBITDA (Unaudited) | |||||||||||
| (dollars in thousands) | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | Change | |||||||||
| Total net sales | |||||||||||
| Sales before eliminations | $ | 1,514,409 | $ | 1,305,337 | |||||||
| Intercompany eliminations | (68,549 | ) | (72,059 | ) | |||||||
| Net sales after eliminations | $ | 1,445,860 | $ | 1,233,278 | 17.2 | % | |||||
| Operating profit, as reported - segments | $ | 199,199 | $ | 198,675 | |||||||
| General corporate expense, net | (10,674 | ) | (9,259 | ) | |||||||
| Intercompany eliminations | (13,482 | ) | (11,927 | ) | |||||||
| Operating profit, as reported | $ | 175,043 | $ | 177,489 | |||||||
| Operating margin, as reported | 12.1 | % | 14.4 | % | |||||||
| Rationalization charges | — | 15,358 | |||||||||
| Acquisition related costs † | 2,652 | 1,300 | |||||||||
| Operating profit, as adjusted | $ | 177,695 | $ | 194,147 | |||||||
| Operating margin, as adjusted | 12.3 | % | 15.7 | % | |||||||
| Share-based compensation | 4,629 | 5,042 | |||||||||
| Depreciation and amortization | 56,295 | 35,570 | |||||||||
| EBITDA, as adjusted | $ | 238,619 | $ | 234,759 | 1.6 | % | |||||
| EBITDA margin, as adjusted | 16.5 | % | 19.0 | % | |||||||
| Sales change period over period | 212,582 | ||||||||||
| EBITDA, as adjusted, change period over period | 3,860 | ||||||||||
| Incremental EBITDA, as adjusted, as a percentage of change in sales | 1.8 | % | |||||||||
| † Acquisition related costs include corporate level adjustments as well as segment operating adjustments. | |||||||||||
| TopBuild Corp. | ||||||||
| Same Branch and Acquisition Metrics (Unaudited) | ||||||||
| (dollars in thousands) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net sales | ||||||||
| Same branch: | ||||||||
| Installation Services | $ | 651,097 | $ | 745,533 | ||||
| Specialty Distribution | 562,934 | 559,804 | ||||||
| Eliminations | (68,315 | ) | (72,059 | ) | ||||
| Total same branch | $ | 1,145,716 | $ | 1,233,278 | ||||
| Acquisitions (a): | ||||||||
| Installation Services | $ | 126,232 | $ | — | ||||
| Specialty Distribution | 174,146 | — | ||||||
| Eliminations | (234 | ) | — | |||||
| Total acquisitions | 300,144 | — | ||||||
| Total net sales | $ | 1,445,860 | $ | 1,233,278 | ||||
| EBITDA, as adjusted | ||||||||
| Same branch: | ||||||||
| Installation Services | $ | 126,695 | $ | 157,557 | ||||
| Specialty Distribution | 86,071 | 91,367 | ||||||
| Eliminations | (17,077 | ) | (14,165 | ) | ||||
| Total same branch | $ | 195,689 | $ | 234,759 | ||||
| Acquisitions (a): | ||||||||
| Installation Services | $ | 22,473 | $ | — | ||||
| Specialty Distribution | 20,457 | — | ||||||
| Total acquisitions | 42,930 | — | ||||||
| Total EBITDA, as adjusted | $ | 238,619 | $ | 234,759 | ||||
| EBITDA, as adjusted, as a percentage of sales | ||||||||
| Same branch (b) | 17.1 | % | ||||||
| Acquisitions (c) | 14.3 | % | ||||||
| Total (d) | 16.5 | % | 19.0 | |||||
| As Adjusted (Decremental)/Incremental EBITDA, as a percentage of change in sales | ||||||||
| Same branch (e) | (44.6 | )% | ||||||
| Acquisitions (c) | 14.3 | % | ||||||
| Total (f) | 1.8 | % | ||||||
| (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 | ||||||||
| TopBuild Corp. | ||||||||||
| Same Branch Revenue by Line of Business (Unaudited) | ||||||||||
| (dollars in thousands) | ||||||||||
| Three Months Ended March 31, | ||||||||||
| 2026 | 2025 | Change | ||||||||
| Residential: | ||||||||||
| Same branch | $ | 685,972 | $ | 769,751 | (10.9 | )% | ||||
| Acquisitions (a) | 23,127 | — | ||||||||
| Total Residential sales | 709,099 | 769,751 | (7.9 | )% | ||||||
| Commercial/Industrial: | ||||||||||
| Same branch | $ | 459,744 | $ | 463,527 | (0.8 | )% | ||||
| Acquisitions (a) | 277,017 | — | ||||||||
| Total Commercial/Industrial sales | 736,761 | 463,527 | 58.9 | % | ||||||
| Total net sales | $ | 1,445,860 | $ | 1,233,278 | 17.2 | % | ||||
| (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 March 31, | ||||||||
| 2026 | 2025 | |||||||
| Gross Profit Reconciliation | ||||||||
| Net Sales | $ | 1,445,860 | $ | 1,233,278 | ||||
| Gross profit, as reported | $ | 400,253 | $ | 351,473 | ||||
| Acquisition related costs | 20 | — | ||||||
| Rationalization charges | — | 13,503 | ||||||
| Gross profit, as adjusted | $ | 400,273 | $ | 364,976 | ||||
| Gross margin, as reported | 27.7 | % | 28.5 | % | ||||
| Gross margin, as adjusted | 27.7 | % | 29.6 | % | ||||
| Selling, General and Administrative Expense Reconciliation | ||||||||
| Selling, general, and administrative expense, as reported | $ | 225,210 | $ | 173,984 | ||||
| Rationalization charges | — | 1,855 | ||||||
| Acquisition related costs | 2,632 | 1,300 | ||||||
| Selling, general, and administrative expense, as adjusted | $ | 222,578 | $ | 170,829 | ||||
| Operating Profit Reconciliation | ||||||||
| Operating profit, as reported | $ | 175,043 | $ | 177,489 | ||||
| Rationalization charges | — | 15,358 | ||||||
| Acquisition related costs | 2,652 | 1,300 | ||||||
| Operating profit, as adjusted | $ | 177,695 | $ | 194,147 | ||||
| Operating margin, as reported | 12.1 | % | 14.4 | % | ||||
| Operating margin, as adjusted | 12.3 | % | 15.7 | % | ||||
| Income Per Common Share Reconciliation | ||||||||
| Income before income taxes, as reported | $ | 139,747 | $ | 165,973 | ||||
| Rationalization charges | — | 15,358 | ||||||
| Acquisition related costs | 2,652 | 1,300 | ||||||
| Income before income taxes, as adjusted | 142,399 | 182,631 | ||||||
| Tax rate at 26.0% | (37,024 | ) | (47,484 | ) | ||||
| Income, as adjusted | $ | 105,375 | $ | 135,147 | ||||
| Income per common share, as adjusted | $ | 3.75 | $ | 4.63 | ||||
| Weighted average diluted common shares outstanding | 28,130,208 | 29,174,892 | ||||||
| TopBuild Corp. | ||||||
| Reconciliation of Adjusted EBITDA to Net Income (Unaudited) | ||||||
| (in thousands) | ||||||
| Three Months Ended March 31, | ||||||
| 2026 | 2025 | |||||
| Net income, as reported | $ | 104,813 | $ | 123,385 | ||
| Adjustments to arrive at EBITDA, as adjusted: | ||||||
| Interest expense and other, net | 35,296 | 11,516 | ||||
| Income tax expense | 34,934 | 42,588 | ||||
| Depreciation and amortization | 56,295 | 35,570 | ||||
| Share-based compensation | 4,629 | 5,042 | ||||
| Rationalization charges | — | 15,358 | ||||
| Acquisition related costs | 2,652 | 1,300 | ||||
| EBITDA, as adjusted | $ | 238,619 | $ | 234,759 | ||
| TopBuild Corp. | ||||||||||||||
| Acquisition Adjusted Net Sales (Unaudited) | ||||||||||||||
| (in thousands) | ||||||||||||||
| 2025 | 2026 | Trailing Twelve Months Ended | ||||||||||||
| Q2 | Q3 | Q4 | Q1 | March 31, 2026 | ||||||||||
| Net sales | $ | 1,297,403 | $ | 1,393,158 | $ | 1,485,247 | $ | 1,445,860 | $ | 5,621,668 | ||||
| Acquisitions pro forma adjustment † | 313,828 | 199,550 | 18,046 | 1,638 | 533,062 | |||||||||
| Net sales, acquisition adjusted | $ | 1,611,231 | $ | 1,592,708 | $ | 1,503,293 | $ | 1,447,498 | $ | 6,154,730 | ||||
| † Sales have been adjusted for the pro forma effect of acquired branches | ||||||||||||||
