Monitor the company's ability to integrate recent acquisitions and achieve synergies, as organic growth remains challenged by residential market weakness. The 2026 guidance suggests improvement, but execution risk remains high given margin pressure in the Specialty Distribution segment.
Price Chart
Executive Summary
TopBuild reported mixed financial results for 2025, with full-year revenue up 1.5% to $5.41 billion driven by acquisitions, but organic growth declined due to weakness in residential construction. Adjusted EBITDA fell 3.5% year-over-year. The company provided 2026 guidance projecting sales between $5.93-$6.23 billion and adjusted EBITDA of $1.01-$1.16 billion, assuming continued residential market weakness and commercial growth. The company returned $434 million to shareholders via buybacks.
Key Financial Metrics
Key Facts
- Fourth quarter 2025 sales: $1.49 billion, up 13.2% YoY (acquisition-driven)
- Full-year 2025 sales: $5.41 billion, up 1.5% YoY
- Full-year 2025 adjusted EBITDA: $1.037 billion, down 3.5% YoY
- 2026 guidance: sales $5.93-$6.23 billion, adjusted EBITDA $1.01-$1.16 billion
- Completed 7 acquisitions in 2025 adding ~$1.2 billion in annual sales
- Returned $434.2 million to shareholders through share repurchases in 2025
Financial Impact
Revenue growth of 1.5% in 2025 with EBITDA margin compression from 20.2% to 19.2%; 2026 guidance implies 9-15% revenue growth and 2-11% EBITDA growth
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Installation Services | $3.2B | -3.4% |
| Specialty Distribution | $2.5B | +7.8% |
Risk Factors
- Residential construction market continues to weaken, impacting organic growth
- Margin pressure in Specialty Distribution segment due to acquisition integration
- Execution risk in achieving projected 2026 growth targets
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-020046 |
| Document: bld-20260226x8k.htm | 0001104659-26-020046 |
| Document: 0001104659-26-020046-index-headers.html | 0001104659-26-020046 |
| Document: 0001104659-26-020046-index.html | 0001104659-26-020046 |
| Document: 0001104659-26-020046.txt | 0001104659-26-020046 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 3, 2026 8w ago | Institutional Cluster | — | awaiting T+1 | — | — |
Jul 1, 2026 13w ago | 25-NSE | $354.53 $354.53 | · 0.00% | ▲ +0.13% | — |
Jun 29, 2026 13w ago | 8-K | $354.53 $354.53 | · 0.00% | ▲ +0.14% | — |
Jun 22, 2026 14w ago | 425 | $413.47 $407.41 | ▼ −1.47% | ▼ −0.01% | — |
Jun 22, 2026 14w ago | 8-K | $413.47 $407.41 | ▼ −1.47% | ▼ −0.01% | — |
Jun 22, 2026 14w ago | 425 | $413.47 $407.41 | ▼ −1.47% | ▼ −0.01% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $409.84 $411.08 | ▲ +0.30% | ▼ −0.24% | — |
Jun 4, 2026 17w ago | 425 | $401.82 $399.03 | ▼ −0.69% | ▼ −0.92% | — |
Jun 4, 2026 17w ago | 8-K | $401.82 $399.03 | ▼ −0.69% | ▼ −0.92% | — |
May 29, 2026 17w ago | DEFM14A | $412.19 $407.07 | ▼ −1.24% | ▼ −1.39% | — |
US Market Status
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