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    GMS Reports Fourth Quarter and Fiscal Year 2025 Results

    6/18/25 6:00:00 AM ET
    $GMS
    RETAIL: Building Materials
    Consumer Discretionary
    Get the next $GMS alert in real time by email

    Resilient Pricing Despite Challenging and Uncertain End Market Conditions; Additional Structural Cost Reductions Realized

    GMS Inc. (NYSE:GMS), a leading North American specialty building products distributor, today reported financial results for the fourth quarter and fiscal year 2025 ended April 30, 2025.

    Fourth Quarter Fiscal 2025 Highlights

    (Comparisons are to the fourth quarter of fiscal 2024 unless otherwise noted)

    • Net sales of $1,333.8 million decreased 5.6%; organic net sales decreased 9.7%. On a per day basis, net sales were down 4.1% and organic net sales decreased 8.3%.
    • Net income of $26.1 million decreased 53.7% from $56.4 million. Net income per diluted share of $0.67, compared to $1.39. Net income margin was 2.0% compared to 4.0%; Adjusted net income of $50.2 million, or $1.29 per diluted share, compared to $81.6 million, or $2.01 per diluted share.
    • Adjusted EBITDA of $109.8 million compared to $146.6 million; Adjusted EBITDA margin was 8.2% compared to 10.4%.
    • Cash provided by operating activities of $196.8 million, compared to $204.2 million. Free cash flow of $183.4 million, compared with $186.7 million.
    • Repurchased 348,599 shares of common stock for $26.4 million at an average cost per share of $75.60, compared to 174,555 shares of common stock for $16.0 million at an average cost per share of $91.86.
    • Net debt leverage was 2.4 times Pro Forma Adjusted EBITDA as of the end of the fourth quarter of fiscal 2025, consistent with the end of the third quarter of fiscal 2025 and up from 1.7 times Pro Forma Adjusted EBITDA a year ago.
    • Leveraging investments in technology and efficiency optimization, the Company implemented an additional estimated $25 million in annualized cost reductions.

    Full Year Fiscal 2025 Highlights

    (Comparisons are to the full year of fiscal 2024, unless otherwise noted)

    • Net sales of $5,513.7 million increased 0.2%; organic net sales decreased 5.8%. On a per day basis, net sales were up 0.6% and organic net sales were down 5.4%.
    • Net income of $115.5 million, decreased 58.2% compared to net income of $276.1 million, inclusive of a $42.5 million non-cash goodwill impairment charge recorded during the Company's third quarter of fiscal 2025. Net income per diluted share of $2.92 decreased from $6.75. Net income margin was 2.1% compared to 5.0%; Adjusted net income of $244.0 million decreased 30.7% compared to $352.0 million. Adjusted net income per diluted share of $6.18 compared to $8.61.
    • Adjusted EBITDA of $500.9 million decreased $114.5 million, or 18.6%; Adjusted EBITDA margin decreased 210 basis points to 9.1% from 11.2%.
    • Cash provided by operating activities of $383.6 million, compared to $433.2 million. Free cash flow of $336.1 million, compared to $376.0 million.
    • Repurchased 1.9 million shares of common stock for $164.1 million at an average cost per share of $85.27, compared to 1.7 million shares of common stock for $115.6 million at an average cost per share of $67.93.
    • Demonstrating the continued execution of our strategic priorities, including platform expansion and Complementary Products growth, the Company completed three strategic acquisitions and opened four greenfield yard locations.
    • Leveraging investments in technology and efficiency optimization, the Company implemented a total estimated $55 million in annualized cost reductions.

    "We reported solid results for our fourth quarter and full year fiscal 2025 despite deterioration in end market conditions as we moved through the year," said John C. Turner, Jr, President and Chief Executive Officer of GMS. "The ongoing challenging interest rate environment and general market uncertainty continues to be a headwind for the business, contributing to reduced levels of activity in each of our major end markets. Despite these pressures, we reported $1.33 billion in net sales for the fourth quarter and achieved volume growth for the quarter in Ceilings and Complementary Products, with resilient or expanded pricing in all major product categories except for Steel Framing. Additionally, we generated significant levels of cash flow both for our full year and for the fourth quarter, highlighted by a post-Covid record level of free cash flow conversion of Adjusted EBITDA recorded for the quarter. Our balance sheet remains strong with no near-term maturities, and we are balancing capital allocations among an active pipeline of strategic acquisitions, greenfield expansions, debt reduction and opportunistic share repurchases."

    Turner continued, "As we begin fiscal 2026, we are cautiously optimistic that we are nearing the bottom of this cycle and believe pent-up demand will materialize as the macro-environment improves. Once this market demand returns, we will be well positioned to capture the opportunity as a leaner and more efficient organization."

    Fourth Quarter Fiscal 2025 Results

    (Comparisons are to the fourth quarter of fiscal 2024 unless otherwise noted)

    Net sales for the fourth quarter of fiscal 2025 of $1.33 billion decreased 5.6%, or 4.1% on a same day basis, primarily due to softer end market conditions, partially offset by resilient pricing in Wallboard, Ceilings and Complementary Products. Steel price deflation reduced net sales by an estimated $22 million for the quarter. Organic net sales decreased 9.7% in total or 8.3% on a same day basis.

    Fourth quarter year-over-year sales by product category were as follows1:

    • Wallboard sales of $526.6 million decreased 10.1% (down 12.5% on an organic basis).
    • Ceilings sales of $201.0 million increased 6.4% (up 2.9% on an organic basis).
    • Steel framing sales of $189.2 million decreased 14.2% (down 17.9% on an organic basis).
    • Complementary product sales of $416.9 million decreased 0.2% (down 7.3% on an organic basis).

    Gross profit of $416.2 million decreased $35.0 million, or 7.7%. Gross margin decreased 70 basis points to 31.2%. Gross margins contracted year-over-year across most major product lines driven principally by lower vendor incentive income given reduced sales volumes. Absent the lower incentive income, we experienced generally resilient pricing and margins sequentially in most of our major product categories, consistent with previously-communicated expectations, despite the current market pressures. Developing tariff activity notwithstanding, Steel Framing pricing, for the quarter continued to be a headwind, declining both sequentially and year-over-year.

    Selling, general and administrative ("SG&A") expenses were $315.1 million for the quarter, down from $315.5 million, despite a $14 million year-over-year increase in SG&A expenses related to recent acquisitions. Overall operating costs were lower year-over-year, reflective of the realized savings from the previously disclosed cost reduction actions and reduced activity levels in response to shifting demand.

    SG&A expense as a percentage of net sales increased 130 basis points to 23.6% for the quarter compared to 22.3%. This was a sequential improvement from the prior quarter level of 24.7%. General operating cost inflation, including higher rent expense, drove 110 basis points of deleverage, the majority of which was offset by the previously announced cost reduction actions. Accident claim activity contributed 30 basis points of deleverage, and net product price deflation, led by Steel, was also unfavorable to SG&A leverage by 30 basis points. The remainder of the year-over-year difference was related to reduced absorption on lower sales, partially offset by the benefit of acquisitions. Adjusted SG&A expense as a percentage of net sales of 23.1% increased 130 basis points from 21.8%.

    All in, net income decreased 53.7% to $26.1 million compared to net income of $56.4 million. Net income per diluted share of $0.67 decreased from $1.39 per diluted share. Adjusted net income was $50.2 million, or $1.29 per diluted share, compared to $81.6 million, or $2.01 per diluted share.

    Adjusted EBITDA decreased to $109.8 million compared to $146.6 million. Adjusted EBITDA margin of 8.2% decreased 220 basis points compared to 10.4%.

    _____________________________

    1 For more details on sales by product category, including per day organic sales change due to volume and/or price, mix and foreign exchange, please refer to the tables included at the back of this press release.

    Balance Sheet, Liquidity and Cash Flow

    As of April 30, 2025, the Company had cash on hand of $55.6 million, total debt of $1.3 billion and $631.3 million of available liquidity under its revolving credit facility. Net debt leverage was 2.4 times Pro Forma Adjusted EBITDA as of the end of the quarter, up from 1.7 times Pro Forma Adjusted EBITDA at the end of the fourth quarter of fiscal 2024.

    The Company generated cash from operating activities and free cash flow of $196.8 million and $183.4 million, respectively, for the quarter ended April 30, 2025. For the quarter ended April 30, 2024, the Company generated cash from operating activities and free cash flow of $204.2 million and $186.7 million, respectively.

    During the quarter, the Company repurchased 348,599 shares of common stock for $26.4 million. As of April 30, 2025, the Company had $192.0 million of share repurchase authorization remaining.

    Platform Expansion Activities (Including Subsequent Events)

    On June 2, 2025, GMS added to its Complementary Products offerings with the acquisition of the Lutz Company. Founded in 1986 and operating out of a single location in Brooklyn Park, MN, Lutz Company is a highly-respected distributor of Exterior Insulation Finish Systems ("EIFS"), insulation board, tools and other complementary products in the greater Minneapolis, MN area.

    In addition, GMS also recently established two new greenfield locations, expanding its presence to provide enhanced service and product offerings in the following markets:

    • In Owens Sound, Ontario, Canada, GMS added a new location in March 2025, enhancing the service and geographic reach of its operating company, Watson Building Supplies.
    • In Nashville, Tennessee, GMS opened an additional location in June 2025 to enhance the capacity of its existing Valley Interiors yard, thereby providing opportunities to expand share in the Nashville market.

    Conference Call and Webcast

    GMS will host a conference call and webcast to discuss its results for the fourth quarter and full year fiscal 2025, which ended on April 30, 2025, and other information related to its business at 8:30 a.m. Eastern Time on Wednesday, June 18, 2025. Investors who wish to participate in the call should dial 877-407-3982 (domestic) or 201-493-6780 (international) at least 5 minutes prior to the start of the call. The live webcast will be available on the Investors section of the Company's website at www.gms.com. There will be a slide presentation of the results available on that page of the website as well. Replays of the call will be available through July 18, 2025 and can be accessed at 844-512-2921 (domestic) or 412-317-6671 (international) and entering the pass code 13752631.

    About GMS Inc.

    Founded in 1971, GMS operates a network of more than 320 distribution centers with extensive product offerings of wallboard, ceilings, steel framing and complementary construction products. In addition, GMS operates nearly 100 tool sales, rental and service centers, providing a comprehensive selection of building products and solutions for its residential and commercial contractor customer base across the United States and Canada. The Company's operating model combines the benefits of a national platform and strategy with a local go-to-market focus, enabling GMS to generate significant economies of scale while maintaining high levels of customer service.

    Use of Non-GAAP Financial Measures

    GMS reports its financial results in accordance with GAAP. However, it presents Adjusted net income, free cash flow, Adjusted SG&A, Adjusted EBITDA, and Adjusted EBITDA margin, which are not recognized financial measures under GAAP. GMS believes that Adjusted net income, free cash flow, Adjusted SG&A, Adjusted EBITDA, and Adjusted EBITDA margin assist investors and analysts in comparing its operating performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. The Company's management believes Adjusted net income, Adjusted SG&A, free cash flow, Adjusted EBITDA and Adjusted EBITDA margin are helpful in highlighting trends in its operating results, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which the Company operates and capital investments. In addition, the Company utilizes Adjusted EBITDA in certain calculations in its debt agreements.

    You are encouraged to evaluate each adjustment and the reasons GMS considers it appropriate for supplemental analysis. In addition, in evaluating Adjusted net income, Adjusted SG&A and Adjusted EBITDA, you should be aware that in the future, the Company may incur expenses similar to the adjustments in the presentation of Adjusted net income, Adjusted SG&A and Adjusted EBITDA. The Company's presentation of Adjusted net income, Adjusted SG&A, Adjusted SG&A margin, Adjusted EBITDA, and Adjusted EBITDA margin should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. In addition, Adjusted net income, free cash flow, Adjusted SG&A and Adjusted EBITDA may not be comparable to similarly titled measures used by other companies in GMS's industry or across different industries. Please see the tables at the end of this release for a reconciliation of Adjusted EBITDA, free cash flow, Adjusted SG&A and Adjusted net income to the most directly comparable GAAP financial measures.

    When calculating organic net sales growth, the Company excludes from the calculation (i) net sales of acquired businesses until the first anniversary of the acquisition date, and (ii) the impact of foreign currency translation.

    Forward-Looking Statements and Information

    This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify forward-looking statements by the Company's use of forward-looking terminology such as "anticipate," "believe," "confident," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "seek," or "should," or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the markets in which GMS operates, including in particular residential and commercial construction, and the economy generally, including interest rates, pricing including, by not limited to, the ability to implement and maintain manufacturers' price increases, commodities pricing, the demand for the Company's products, the Company's strategic priorities and the results thereof, service levels and the ability to drive value and results contained in this press release may be considered forward-looking statements. In addition, forward looking statements may include statements regarding the Company's expectations concerning management's plans for execution of a stock repurchase program, including the maximum amount, manner and duration of the purchase of the Company's common stock under its authorized stock repurchase program. The Company has based forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control, including economic issues, geopolitical issues, and future public health issues, that may affect the Company's business. Forward-looking statements involve risks and uncertainties, including, but not limited to, those described in the "Risk Factors" section in the Company's most recent Annual Report on Form 10-K, and in its other periodic reports filed with the SEC. In addition, the statements in this release are made as of June 18, 2025. The Company undertakes no obligation to update any of the forward-looking statements made herein, whether as a result of new information, future events, changes in expectation or otherwise. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to June 18, 2025.

    GMS Inc.

    Condensed Consolidated Statements of Operations (Unaudited)

    (in thousands, except per share data)

     

     

     

     

    ​

    Three Months Ended

     

    Year Ended

     

    April 30,

     

    April 30,

    ​

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Net sales

    $

    1,333,796

     

     

    $

    1,413,029

     

     

    $

    5,513,738

     

     

    $

    5,501,907

     

    Cost of sales (exclusive of depreciation and amortization shown separately below)

     

    917,552

     

     

     

    961,831

     

     

     

    3,791,714

     

     

     

    3,726,806

     

    Gross profit

     

    416,244

     

     

     

    451,198

     

     

     

    1,722,024

     

     

     

    1,775,101

     

    Operating expenses (income):

     

     

     

     

     

     

     

    Selling, general and administrative

     

    315,061

     

     

     

    315,518

     

     

     

    1,265,253

     

     

     

    1,198,899

     

    Depreciation and amortization

     

    41,608

     

     

     

    35,603

     

     

     

    164,148

     

     

     

    133,362

     

    Impairment of goodwill

     

    —

     

     

     

    —

     

     

     

    42,454

     

     

     

    —

     

    Gain on sale of business

     

    —

     

     

     

    —

     

     

     

    (7,393

    )

     

     

    —

     

    Total operating expenses

     

    356,669

     

     

     

    351,121

     

     

     

    1,464,462

     

     

     

    1,332,261

     

    Operating income

     

    59,575

     

     

     

    100,077

     

     

     

    257,562

     

     

     

    442,840

     

    Other (expense) income:

     

     

     

     

     

     

     

    Interest expense

     

    (20,101

    )

     

     

    (19,021

    )

     

     

    (89,080

    )

     

     

    (75,461

    )

    Write-off of debt discount and deferred financing fees

     

    —

     

     

     

    (674

    )

     

     

    —

     

     

     

    (2,075

    )

    Other income, net

     

    1,433

     

     

     

    2,685

     

     

     

    5,813

     

     

     

    8,862

     

    Total other expense, net

     

    (18,668

    )

     

     

    (17,010

    )

     

     

    (83,267

    )

     

     

    (68,674

    )

    Income before taxes

     

    40,907

     

     

     

    83,067

     

     

     

    174,295

     

     

     

    374,166

     

    Provision for income taxes

     

    14,813

     

     

     

    26,680

     

     

     

    58,826

     

     

     

    98,087

     

    Net income

    $

    26,094

     

     

    $

    56,387

     

     

    $

    115,469

     

     

    $

    276,079

     

    Weighted average common shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    38,317

     

     

     

    39,830

     

     

     

    38,928

     

     

     

    40,229

     

    Diluted

     

    38,813

     

     

     

    40,539

     

     

     

    39,503

     

     

     

    40,906

     

    Net income per common share:

     

     

     

     

     

     

     

    Basic

    $

    0.68

     

     

    $

    1.42

     

     

    $

    2.97

     

     

    $

    6.86

     

    Diluted

    $

    0.67

     

     

    $

    1.39

     

     

    $

    2.92

     

     

    $

    6.75

     

     

    GMS Inc.

    Condensed Consolidated Balance Sheets (Unaudited)

    (in thousands, except per share data)

     

     

     

     

    ​

    April 30,

    2025

     

    April 30,

    2024

    Assets

    Current assets:

    ​

     

     

    Cash and cash equivalents

    $

    55,599

     

     

    $

    166,148

     

    Trade accounts and notes receivable, net of allowances of $12,947 and $16,930, respectively

     

    835,888

     

     

     

    849,993

     

    Inventories, net

     

    586,191

     

     

     

    580,830

     

    Prepaid expenses and other current assets

     

    42,438

     

     

     

    42,352

     

    Total current assets

     

    1,520,116

     

     

     

    1,639,323

     

    Property and equipment, net of accumulated depreciation of $369,343 and $309,850, respectively

     

    524,008

     

     

     

    472,257

     

    Operating lease right-of-use assets

     

    325,977

     

     

     

    251,207

     

    Goodwill

     

    881,334

     

     

     

    853,767

     

    Intangible assets, net

     

    536,716

     

     

     

    502,688

     

    Deferred income taxes

     

    24,568

     

     

     

    21,890

     

    Other assets

     

    18,548

     

     

     

    18,708

     

    Total assets

    $

    3,831,267

     

     

    $

    3,759,840

     

    Liabilities and Stockholders' Equity

    Current liabilities:

     

     

     

    Accounts payable

    $

    431,494

     

     

    $

    420,237

     

    Accrued compensation and employee benefits

     

    126,442

     

     

     

    125,610

     

    Other accrued expenses and current liabilities

     

    127,396

     

     

     

    111,204

     

    Current portion of long-term debt

     

    57,901

     

     

     

    50,849

     

    Current portion of operating lease liabilities

     

    54,325

     

     

     

    49,150

     

    Total current liabilities

     

    797,558

     

     

     

    757,050

     

    Non-current liabilities:

     

     

     

    Long-term debt, less current portion

     

    1,206,445

     

     

     

    1,229,726

     

    Long-term operating lease liabilities

     

    279,373

     

     

     

    204,865

     

    Deferred income taxes, net

     

    76,483

     

     

     

    62,698

     

    Other liabilities

     

    51,228

     

     

     

    44,980

     

    Total liabilities

     

    2,411,087

     

     

     

    2,299,319

     

    Commitments and contingencies

     

     

     

    Stockholders' equity:

     

     

     

    Common stock, par value $0.01 per share, 500,000 shares authorized; 38,164 and 39,754 shares issued and outstanding as of April 30, 2025 and 2024, respectively

     

    381

     

     

     

    397

     

    Preferred stock, par value $0.01 per share, 50,000 shares authorized; 0 shares issued and outstanding as of April 30, 2025 and 2024

     

    —

     

     

     

    —

     

    Additional paid-in capital

     

    189,216

     

     

     

    334,596

     

    Retained earnings

     

    1,272,516

     

     

     

    1,157,047

     

    Accumulated other comprehensive loss

     

    (41,933

    )

     

     

    (31,519

    )

    Total stockholders' equity

     

    1,420,180

     

     

     

    1,460,521

     

    Total liabilities and stockholders' equity

    $

    3,831,267

     

     

    $

    3,759,840

     

     

    ​

    GMS Inc.

    Condensed Consolidated Statements of Cash Flows (Unaudited)

    (in thousands)

     

     

     

    Year Ended April 30,

    ​

     

    2025

     

     

     

    2024

     

    Cash flows from operating activities:

     

     

    ​

    Net income

    $

    115,469

     

     

    $

    276,079

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

    Depreciation and amortization

     

    164,148

     

     

     

    133,362

     

    Impairment of goodwill

     

    42,454

     

     

     

    —

     

    Write-off and amortization of debt discount and debt issuance costs

     

    1,774

     

     

     

    4,704

     

    Equity-based compensation

     

    19,202

     

     

     

    22,436

     

    Gain on sale of business and disposal of assets, net

     

    (5,476

    )

     

     

    (729

    )

    Deferred income taxes

     

    (8,628

    )

     

     

    3,685

     

    Other items, net

     

    10,473

     

     

     

    8,766

     

    Changes in assets and liabilities net of effects of acquisitions:

     

     

     

    Trade accounts and notes receivable

     

    54,846

     

     

     

    (26,573

    )

    Inventories

     

    2,763

     

     

     

    17,067

     

    Prepaid expenses and other assets

     

    (549

    )

     

     

    (18,652

    )

    Accounts payable

     

    (8,687

    )

     

     

    22,147

     

    Accrued compensation and employee benefits

     

    828

     

     

     

    5,795

     

    Other accrued expenses and liabilities

     

    (5,043

    )

     

     

    (14,838

    )

    Cash provided by operating activities

     

    383,574

     

     

     

    433,249

     

    Cash flows from investing activities:

     

     

     

    Purchases of property and equipment

     

    (47,490

    )

     

     

    (57,247

    )

    Proceeds from sale of business and sale of assets

     

    17,293

     

     

     

    2,668

     

    Acquisition of businesses, net of cash acquired

     

    (204,092

    )

     

     

    (376,192

    )

    Other investing activities

     

    (5,200

    )

     

     

    —

     

    Cash used in investing activities

     

    (239,489

    )

     

     

    (430,771

    )

    Cash flows from financing activities:

     

     

     

    Repayments on revolving credit facility

     

    (1,657,599

    )

     

     

    (605,409

    )

    Borrowings from revolving credit facility

     

    1,615,132

     

     

     

    765,373

     

    Payments of principal on long-term debt

     

    (4,988

    )

     

     

    (2,500

    )

    Payments of principal on finance lease obligations

     

    (46,720

    )

     

     

    (41,786

    )

    Borrowings from term loan amendments

     

    —

     

     

     

    390,574

     

    Repayments of term loan amendments

     

    —

     

     

     

    (390,076

    )

    Repurchases of common stock(a)

     

    (165,502

    )

     

     

    (116,439

    )

    Debt issuance costs

     

    —

     

     

     

    (7,070

    )

    Proceeds from exercises of stock options

     

    3,499

     

     

     

    6,336

     

    Payments for taxes related to net share settlement of equity awards

     

    (5,006

    )

     

     

    (4,026

    )

    Proceeds from issuance of stock pursuant to employee stock purchase plan

     

    5,967

     

     

     

    4,586

     

    Cash used in financing activities

     

    (255,217

    )

     

     

    (437

    )

    Effect of exchange rates on cash and cash equivalents

     

    583

     

     

     

    (638

    )

    (Decrease) increase in cash and cash equivalents

     

    (110,549

    )

     

     

    1,403

     

    Cash and cash equivalents, beginning of year

     

    166,148

     

     

     

    164,745

     

    Cash and cash equivalents, end of year

    $

    55,599

     

     

    $

    166,148

     

    Supplemental cash flow disclosures:

     

     

     

    Cash paid for income taxes

    $

    63,168

     

     

    $

    120,352

     

    Cash paid for interest

     

    87,996

     

     

     

    70,798

     

    ________________________________________

    (a) Includes repurchases pursuant to our repurchase programs plus excise taxes.

    GMS Inc.

    Net Sales by Product Group (Unaudited)

    (dollars in thousands)

     

     

     

     

    ​

    Three Months Ended

     

    Year Ended

    ​

    April 30,

    2025

     

    % of Total

     

    April 30,

    2024

     

    % of Total

     

    April 30,

    2025

     

    % of Total

     

    April 30,

    2024

     

    % of Total

    ​

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Wallboard

    $

    526,612

     

    39.5

    %

     

    $

    586,052

     

    41.5

    %

     

    $

    2,198,363

     

    39.9

    %

     

    $

    2,263,337

     

    41.1

    %

    Ceilings

     

    201,037

     

    15.1

    %

     

     

    188,873

     

    13.4

    %

     

     

    793,312

     

    14.4

    %

     

     

    695,151

     

    12.6

    %

    Steel framing

     

    189,227

     

    14.2

    %

     

     

    220,499

     

    15.6

    %

     

     

    796,155

     

    14.4

    %

     

     

    892,730

     

    16.2

    %

    Complementary products

     

    416,920

     

    31.2

    %

     

     

    417,605

     

    29.5

    %

     

     

    1,725,908

     

    31.3

    %

     

     

    1,650,689

     

    29.9

    %

    Total net sales

    $

    1,333,796

     

     

     

    $

    1,413,029

     

     

     

    $

    5,513,738

     

     

     

    $

    5,501,907

     

     

     

    ​

    GMS Inc.

    Net Sales and Organic Sales by Product Group (Unaudited)

    (dollars in millions)

     

     

     

     

     

     

    ​

    Net Sales

     

     

    Organic Sales

     

    ​

    Three Months Ended April 30,

     

     

    Three Months Ended April 30,

     

    ​

     

    2025

     

     

    2024

    Change

     

     

    2025

     

     

    2024

    Change

    Wallboard

    $

    526.6

     

    $

    586.0

    (10.1

    )%

     

    $

    512.8

     

    $

    586.0

    (12.5

    )%

    Ceilings

     

    201.0

     

     

    188.9

    6.4

    %

     

     

    194.3

     

     

    188.9

    2.9

    %

    Steel framing

     

    189.2

     

     

    220.5

    (14.2

    )%

     

     

    181.1

     

     

    220.5

    (17.9

    )%

    Complementary products

     

    416.9

     

     

    417.6

    (0.2

    )%

     

     

    387.2

     

     

    417.6

    (7.3

    )%

    Total net sales

    $

    1,333.7

     

    $

    1,413.0

    (5.6

    )%

     

    $

    1,275.4

     

    $

    1,413.0

    (9.7

    )%

     

    ​

    Net Sales

     

     

    Organic Sales

     

    ​

    Year Ended April 30,

     

     

    Year Ended April 30,

     

    ​

     

    2025

     

     

    2024

    Change

     

     

    2025

     

     

    2024

    Change

    Wallboard

    $

    2,198.3

     

    $

    2,263.3

    (2.9

    )%

     

    $

    2,141.0

     

    $

    2,263.3

    (5.4

    )%

    Ceilings

     

    793.3

     

     

    695.2

    14.1

    %

     

     

    721.7

     

     

    695.2

    3.8

    %

    Steel framing

     

    796.2

     

     

    892.7

    (10.8

    )%

     

     

    755.5

     

     

    892.7

    (15.4

    )%

    Complementary products

     

    1,725.9

     

     

    1,650.7

    4.6

    %

     

     

    1,564.2

     

     

    1,650.7

    (5.2

    )%

    Total net sales

    $

    5,513.7

     

    $

    5,501.9

    0.2

    %

     

    $

    5,182.4

     

    $

    5,501.9

    (5.8

    )%

     

    GMS Inc.

    Per Day Net Sales and Per Day Organic Sales by Product Group (Unaudited)

    (dollars in millions)

     

     

     

     

     

     

    ​

    Per Day Net Sales

     

     

    Per Day Organic Sales

     

    ​

    Three Months Ended April 30,

     

     

    Three Months Ended April 30,

     

    ​

     

    2025

     

     

    2024

    Change

     

     

    2025

     

     

    2024

    Change

    Wallboard

    $

    8.4

     

    $

    9.2

    (8.7

    )%

     

    $

    8.1

     

    $

    9.2

    (11.1

    )%

    Ceilings

     

    3.2

     

     

    3.0

    8.1

    %

     

     

    3.1

     

     

    3.0

    4.5

    %

    Steel framing

     

    3.0

     

     

    3.4

    (12.8

    )%

     

     

    2.9

     

     

    3.4

    (16.6

    )%

    Complementary products

     

    6.6

     

     

    6.5

    1.4

    %

     

     

    6.1

     

     

    6.5

    (5.8

    )%

    Total net sales

    $

    21.2

     

    $

    22.1

    (4.1

    )%

     

    $

    20.2

     

    $

    22.1

    (8.3

    )%

     

    ​

    Per Day Net Sales

     

     

    Per Day Organic Sales

     

    ​

    Year Ended April 30,

     

     

    Year Ended April 30,

     

    ​

     

    2025

     

     

    2024

    Change

     

     

    2025

     

     

    2024

    Change

    Wallboard

    $

    8.7

     

    $

    8.9

    (2.5

    )%

     

    $

    8.4

     

    $

    8.9

    (5.0

    )%

    Ceilings

     

    3.1

     

     

    2.7

    14.6

    %

     

     

    2.8

     

     

    2.7

    4.2

    %

    Steel framing

     

    3.1

     

     

    3.5

    (10.5

    )%

     

     

    3.0

     

     

    3.5

    (15.0

    )%

    Complementary products

     

    6.8

     

     

    6.5

    5.0

    %

     

     

    6.2

     

     

    6.5

    (4.9

    )%

    Total net sales

    $

    21.7

     

    $

    21.6

    0.6

    %

     

    $

    20.4

     

    $

    21.6

    (5.4

    )%

     

    ​

    Per Day Organic Growth(a)

     

    Per Day Organic Growth(a)

     

    Three Months Ended April 30, 2025

     

    Year Ended April 30, 2025

    ​

    Volume

     

    Price/Mix/Fx

     

    Volume

     

    Price/Mix/Fx

    Wallboard

    (12.1

    )%

     

    1.0

    %

     

    (6.2

    )%

     

    1.2

    %

    Ceilings

    (1.5

    )%

     

    6.0

    %

     

    (2.2

    )%

     

    6.4

    %

    Steel framing

    (10.1

    )%

     

    (6.5

    )%

     

    (8.3

    )%

     

    (6.7

    )%

    ________________________________________

    (a) Given the wide breadth of offerings and units of measure in Complementary Products, segregated price vs volume reporting is not available at a consolidated level.

    GMS Inc.

    Reconciliation of Net Income to Adjusted EBITDA (Unaudited)

    (in thousands)

     

     

     

     

    ​

    Three Months Ended

     

    Year Ended

    ​

    April 30,

     

    April 30,

    ​

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

     

     

     

     

     

     

     

     

    Net income

    $

    26,094

     

     

    $

    56,387

     

     

    $

    115,469

     

     

    $

    276,079

     

    Interest expense

     

    20,101

     

     

     

    19,021

     

     

     

    89,080

     

     

     

    75,461

     

    Write-off of debt discount and deferred financing fees

     

    —

     

     

     

    674

     

     

     

    —

     

     

     

    2,075

     

    Interest income

     

    (167

    )

     

     

    (610

    )

     

     

    (919

    )

     

     

    (1,754

    )

    Provision for income taxes

     

    14,813

     

     

     

    26,680

     

     

     

    58,826

     

     

     

    98,087

     

    Depreciation expense

     

    21,979

     

     

     

    18,640

     

     

     

    83,007

     

     

     

    69,206

     

    Amortization expense

     

    19,629

     

     

     

    16,963

     

     

     

    81,141

     

     

     

    64,156

     

    EBITDA

    $

    102,449

     

     

    $

    137,755

     

     

    $

    426,604

     

     

    $

    583,310

     

    Impairment of goodwill

     

    —

     

     

     

    —

     

     

     

    42,454

     

     

     

    —

     

    Stock appreciation expense(a)

     

    965

     

     

     

    1,983

     

     

     

    2,296

     

     

     

    5,391

     

    Redeemable noncontrolling interests(b)

     

    111

     

     

     

    302

     

     

     

    1,260

     

     

     

    1,427

     

    Equity-based compensation(c)

     

    3,621

     

     

     

    3,644

     

     

     

    15,646

     

     

     

    15,618

     

    Severance and other permitted costs(d)

     

    2,153

     

     

     

    307

     

     

     

    11,851

     

     

     

    2,628

     

    Transaction costs (acquisitions and other)(e)

     

    658

     

     

     

    1,483

     

     

     

    3,920

     

     

     

    4,856

     

    Gain on disposal of assets(f)

     

    (650

    )

     

     

    (66

    )

     

     

    (5,476

    )

     

     

    (729

    )

    Effects of fair value adjustments to inventory(g)

     

    1

     

     

     

    1,183

     

     

     

    485

     

     

     

    1,633

     

    Change in fair value of contingent consideration(h)

     

    468

     

     

     

    —

     

     

     

    1,882

     

     

     

    —

     

    Debt transaction costs(i)

     

    —

     

     

     

    (13

    )

     

     

    —

     

     

     

    1,320

     

    EBITDA adjustments

     

    7,327

     

     

     

    8,823

     

     

     

    74,318

     

     

     

    32,144

     

    Adjusted EBITDA

    $

    109,776

     

     

    $

    146,578

     

     

    $

    500,922

     

     

    $

    615,454

     

    ​

     

     

     

     

     

     

     

    Net sales

    $

    1,333,796

     

     

    $

    1,413,029

     

     

    $

    5,513,738

     

     

    $

    5,501,907

     

    Adjusted EBITDA Margin

     

    8.2

    %

     

     

    10.4

    %

     

     

    9.1

    %

     

     

    11.2

    %

    ___________________________________

    (a) Represents changes in the fair value of stock appreciation rights.

    (b) Represents changes in the fair values of noncontrolling interests and deferred compensation agreements.

    (c) Represents non-cash equity-based compensation expense related to the issuance of share-based awards.

    (d) Represents severance expenses and other costs permitted in the calculation of Adjusted EBITDA under the ABL Facility and the Term Loan Facility.

    (e) Represents costs related to acquisitions paid to third parties.

    (f) Includes gains from the sale of assets and the sale of the Company's Michigan-based installed insulation contracting business, net of losses and impairments.

    (g) Represents the non-cash cost of sales impact of acquisition accounting adjustments to increase inventory to its estimated fair value.

    (h) Represents the change in fair value of contingent consideration arrangements.

    (i) Represents costs paid to third-party advisors related to debt refinancing activities.​

    GMS Inc.

    Reconciliation of Cash Provided By Operating Activities to Free Cash Flow (Unaudited)

    (in thousands)

     

     

     

     

    ​

    Three Months Ended

     

    Year Ended

    ​

    April 30,

     

    April 30,

    ​

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Cash provided by operating activities

    $

    196,768

     

     

    $

    204,223

     

     

    $

    383,574

     

     

    $

    433,249

     

    Purchases of property and equipment

     

    (13,397

    )

     

     

    (17,519

    )

     

     

    (47,490

    )

     

     

    (57,247

    )

    Free cash flow (a)

    $

    183,371

     

     

    $

    186,704

     

     

    $

    336,084

     

     

    $

    376,002

     

    ________________________________________

    (a) Free cash flow is a non-GAAP financial measure that we define as net cash provided by (used in) operations less capital expenditures.

    GMS Inc.

    Reconciliation of Selling, General and Administrative Expense to Adjusted SG&A (Unaudited)

    (in thousands)

     

     

     

     

    ​

    Three Months Ended

     

    Year Ended

    ​

    April 30,

     

    April 30,

    ​

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Selling, general and administrative expense

    $

    315,061

     

     

    $

    315,518

     

     

    $

    1,265,253

     

     

    $

    1,198,899

     

     

     

     

     

     

     

     

     

    Adjustments

     

     

     

     

     

     

     

    Stock appreciation expense(a)

     

    (965

    )

     

     

    (1,983

    )

     

     

    (2,296

    )

     

     

    (5,391

    )

    Redeemable noncontrolling interests(b)

     

    (111

    )

     

     

    (302

    )

     

     

    (1,260

    )

     

     

    (1,427

    )

    Equity-based compensation(c)

     

    (3,621

    )

     

     

    (3,644

    )

     

     

    (15,646

    )

     

     

    (15,618

    )

    Severance and other permitted costs(d)

     

    (2,153

    )

     

     

    (307

    )

     

     

    (11,851

    )

     

     

    (2,628

    )

    Transaction costs (acquisitions and other)(e)

     

    (658

    )

     

     

    (1,483

    )

     

     

    (3,920

    )

     

     

    (4,856

    )

    Gain (loss) on disposal of assets(f)

     

    650

     

     

     

    66

     

     

     

    (1,917

    )

     

     

    729

     

    Debt transaction costs(g)

     

    —

     

     

     

    13

     

     

     

    —

     

     

     

    (1,320

    )

    Adjusted SG&A

    $

    308,203

     

     

    $

    307,878

     

     

    $

    1,228,363

     

     

    $

    1,168,388

     

     

     

     

     

     

     

     

     

    Net sales

    $

    1,333,796

     

     

    $

    1,413,029

     

     

    $

    5,513,738

     

     

    $

    5,501,907

     

    Adjusted SG&A margin

     

    23.1

    %

     

     

    21.8

    %

     

     

    22.3

    %

     

     

    21.2

    %

    ___________________________________

    (a) Represents changes in the fair value of stock appreciation rights.

    (b) Represents changes in the fair values of noncontrolling interests and deferred compensation agreements.

    (c) Represents non-cash equity-based compensation expense related to the issuance of share-based awards.

    (d) Represents severance expenses and other costs permitted in the calculation of Adjusted EBITDA under the ABL Facility and the Term Loan Facility.

    (e) Represents costs related to acquisitions paid to third parties.

    (f) Includes gains from the sale of assets and the sale of the Company's Michigan-based installed insulation contracting business, net of losses and impairments.

    (g) Represents costs paid to third-party advisors related to debt refinancing activities.​

    GMS Inc.

    Reconciliation of Income Before Taxes to Adjusted Net Income (Unaudited)

    (in thousands, except per share data)

     

     

     

     

    ​

    Three Months Ended

     

    Year Ended

    ​

    April 30,

     

    April 30,

    ​

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

     

     

     

     

     

     

     

     

    Income before taxes

    $

    40,907

     

     

    $

    83,067

     

     

    $

    174,295

     

     

    $

    374,166

     

    EBITDA adjustments

     

    7,327

     

     

     

    8,823

     

     

     

    74,318

     

     

     

    32,144

     

    Write-off of discount and deferred financing fees

     

    —

     

     

     

    674

     

     

     

    —

     

     

     

    2,075

     

    Amortization expense (1)

     

    19,629

     

     

     

    16,963

     

     

     

    81,141

     

     

     

    64,156

     

    Adjusted pre-tax income

     

    67,863

     

     

     

    109,527

     

     

     

    329,754

     

     

     

    472,541

     

    Adjusted income tax expense

     

    17,644

     

     

     

    27,929

     

     

     

    85,736

     

     

     

    120,498

     

    Adjusted net income

    $

    50,219

     

     

    $

    81,598

     

     

    $

    244,018

     

     

    $

    352,043

     

    Effective tax rate (2)

     

    26.0

    %

     

     

    25.5

    %

     

     

    26.0

    %

     

     

    25.5

    %

     

     

     

     

     

     

     

     

    Weighted average shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    38,317

     

     

     

    39,830

     

     

     

    38,928

     

     

     

    40,229

     

    Diluted

     

    38,813

     

     

     

    40,539

     

     

     

    39,503

     

     

     

    40,906

     

    Adjusted net income per share:

     

     

     

     

     

     

     

    Basic

    $

    1.31

     

     

    $

    2.05

     

     

    $

    6.27

     

     

    $

    8.75

     

    Diluted

    $

    1.29

     

     

    $

    2.01

     

     

    $

    6.18

     

     

    $

    8.61

     

    ________________________________________

    (1) Represents all non-cash amortization resulting from business combinations. To make the financial presentation more consistent with other public building products companies, beginning in the first quarter 2025 we include an adjustment for all non-cash amortization expense related to acquisitions, as opposed to non-cash amortization and depreciation for select acquisitions.

    (2) Normalized cash tax rate excluding the impact of acquisition accounting and certain other deferred tax amounts.

    GMS Inc.

    Reconciliation of Net Income to Pro Forma Adjusted EBITDA (Unaudited)

    (in thousands)

     

     

    ​

    Last Twelve Months Ended

    ​

    April 30,

    ​

     

    2025

     

     

     

    2024

     

    Net income

    $

    115,469

     

     

    $

    276,079

     

    Interest expense

     

    89,080

     

     

     

    75,461

     

    Write-off of debt discount and deferred financing fees

     

    —

     

     

     

    2,075

     

    Interest income

     

    (919

    )

     

     

    (1,754

    )

    Provision for income taxes

     

    58,826

     

     

     

    98,087

     

    Depreciation expense

     

    83,007

     

     

     

    69,206

     

    Amortization expense

     

    81,141

     

     

     

    64,156

     

    EBITDA

    $

    426,604

     

     

    $

    583,310

     

    Impairment of goodwill

     

    42,454

     

     

     

    —

     

    Stock appreciation expense(a)

     

    2,296

     

     

     

    5,391

     

    Redeemable noncontrolling interests and deferred compensation(b)

     

    1,260

     

     

     

    1,427

     

    Equity-based compensation(c)

     

    15,646

     

     

     

    15,618

     

    Severance and other permitted costs(d)

     

    11,851

     

     

     

    2,628

     

    Transaction costs (acquisitions and other)(e)

     

    3,920

     

     

     

    4,856

     

    Gain on disposal of assets(f)

     

    (5,476

    )

     

     

    (729

    )

    Effects of fair value adjustments to inventory(g)

     

    485

     

     

     

    1,633

     

    Change in fair value of contingent consideration(h)

     

    1,882

     

     

     

    —

     

    Debt transaction costs(i)

     

    —

     

     

     

    1,320

     

    EBITDA adjustments

     

    74,318

     

     

     

    32,144

     

    Adjusted EBITDA

     

    500,922

     

     

     

    615,454

     

    Contributions from acquisitions(j)

     

    6,983

     

     

     

    24,213

     

    Pro Forma Adjusted EBITDA

    $

    507,905

     

     

    $

    639,667

     

     

     

     

     

    Cash and cash equivalents

    $

    55,599

     

     

    $

    166,148

     

    Total debt

     

    1,264,346

     

     

     

    1,280,575

     

    Net debt

    $

    1,208,747

     

     

    $

    1,114,427

     

    Net debt / Pro Forma Adjusted EBITDA

    2.4x

     

    1.7x

    ________________________________________

    (a) Represents changes in the fair value of stock appreciation rights.

    (b) Represents changes in the fair values of noncontrolling interests and deferred compensation agreements.

    (c) Represents non-cash equity-based compensation expense related to the issuance of share-based awards.

    (d) Represents severance expenses and certain other cost adjustments as permitted under the ABL Facility and the Term Loan Facility.

    (e) Represents costs related to acquisitions paid to third parties.

    (f) Includes gains from the sale of assets and the sale of the Company's Michigan-based installed insulation contracting business, net of losses and impairments.

    (g) Represents the non-cash cost of sales impact of acquisition accounting adjustments to increase inventory to its estimated fair value.

    (h) Represents the change in fair value of contingent consideration arrangements.

    (i) Represents costs paid to third-party advisors related to debt refinancing activities.

    (j) Represents the pro forma impact of earnings from acquisitions from the beginning of the last twelve month period to the date of acquisition, including synergies.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250618987424/en/

    Investors:

    Carey Phelps

    [email protected]

    770-723-3369

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