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 InstallationServices
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
ServicesSpecialty DistributionOperating 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 $106,528 Change
(5.3%) 16.6%Adj. EBITDA Margin 19.2% 14.5% Capital Allocation
2026 Acquisitions
CompanyAnnual Revenue Month Closed($ in millions) Upstate Spray Foam Insulation and Applied Coatings (I)$19.6 FebruaryJohnson Roofing (I) 29.2 AprilEnergy Pros (I) 4.0 MayClaremont (D) 31.0 May
Total$ 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 2025Net income $104,813 $123,385Other comprehensive (loss) income: Foreign currency translation adjustment (4,342) 229Comprehensive 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 ChangeInstallation 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 ChangeResidential: 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 2025Net income, as reported $104,813 $123,385Adjustments to arrive at EBITDA, as adjusted: Interest expense and other, net 35,296 11,516Income tax expense 34,934 42,588Depreciation and amortization 56,295 35,570Share-based compensation 4,629 5,042Rationalization charges — 15,358Acquisition 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, 2026Net sales$1,297,403 $1,393,158 $1,485,247 $1,445,860 $5,621,668Acquisitions pro forma adjustment † 313,828 199,550 18,046 1,638 533,062Net 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
