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
Company	($ in millions)		Month Closed
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

Investor Relations and Media Contact

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

TopBuild Reports First Quarter 2026 Results