TopBuild Reports Fourth Quarter and Year-End 2025 Results, Provides 2026 Outlook

Fourth Quarter Highlights
Fourth quarter sales totaled $1.49 billion, up 13.2% driven by acquisitions
Completed SPI Acquisition

Full Year Highlights
Completed seven acquisitions, adding approximately $1.2 billion in annual sales
Returned $434.2 million in capital to stockholders through the repurchase of ~1.4 million shares

2026 Outlook
Expects 2026 sales between $5.925 to $6.225 billion and
adjusted EBITDA in the range of $1.005 billion to $1.155 billion
Acquisitions continue to be top priority for deploying capital

DAYTONA BEACH, Fla., Feb. 26, 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 fourth quarter and year ended December 31, 2025.

“We are incredibly proud of everything we accomplished in 2025 as our teams demonstrated resilience, strength and an unwavering commitment to drive operational excellence and increase shareholder value.

“Last year we adapted our business to address the uncertain housing environment and continued to make targeted investments across the company. We completed seven acquisitions which together add about $1.2 billion in annual revenue to TopBuild, diversify our end-market exposure and further position us for long-term growth. We see tremendous runway for growth in commercial roofing, and the SPI acquisition reinforces our leadership position in mechanical insulation in the commercial and industrial space. While M&A will continue to be the highest priority for deploying our strong free cash flow, we also returned $434.2 million in capital to shareholders through our share buyback program, a testament to our unique business model and ongoing confidence in our ability to continue compounding strong returns.

“The acquisitions of SPI and Progressive Roofing fueled our top line growth of 13.2% in the fourth quarter, more than offsetting ongoing weakness in residential and light commercial new construction. Profitability remains solid, with Installation Services delivering 21.0% adjusted EBITDA margin. While Specialty Distribution margins declined due to the impact of the SPI acquisition, we have a very clear path to drive operating improvements and generate meaningful synergies over the next two years,” concluded Mr. Buck.

Financial Highlights
Three Months Ended December 31, 2025

Sales Drivers
(comparisons are to the periods ended December 31, 2024)

Segment Profitability        
(comparisons are to the periods ended December 31, 2024)

Capital Allocation
2025 Acquisitions

2026 Acquisitions
In February, TopBuild completed the acquisitions of Applied Coatings and Upstate Spray Foam, which together total approximately $20 million in annual revenue. Earlier this week, the Company announced that it has signed an agreement to acquire Johnson Roofing with approximately $29 million in annual revenue. The Johnson Roofing transaction is expected to close in the first quarter.

Share Repurchases
During the fourth quarter, TopBuild repurchased 43,200 shares totaling $17.0 million. For the full year, the Company bought back 1.37 million shares for a total of $434.2 million. The remaining availability for share repurchases at the end of the year totaled $753.9 million.

2026 Outlook¹
TopBuild provided its full year outlook which assumes ongoing uncertainty in the residential new construction market and continued growth across a variety of verticals in the commercial and industrial end market. The Company noted that its 2026 guidance does not contemplate transactions that it expects to complete during the year.

¹ This outlook reflects management’s current view of present and future market conditions and is based on assumptions such as housing starts, general and administrative expenses, and interest rates. These targets do not include any effects related to potential acquisitions or divestitures that may close 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 are also 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 fourth quarter 2025 financial results is scheduled for today, Thursday, February 26, at 9:00 a.m. Eastern Time. The call may 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/investors 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)

This press release was published by a CLEAR® Verified individual.

CONTACT: Investor Relations and Media Contact

PI Aquino        
pi.aquino@topbuild.com
386-763-8801