TopBuild Reports Third Quarter 2025 Results; Raises Guidance to Include Recent Acquisitions

Delivers third quarter sales of $1.4 billion and adjusted EBITDA margin of 19.8%

Raises 2025 outlook to $5.35 to $5.45 billion in sales and $1.01 to $1.06 billion in adjusted EBITDA, to include contribution from SPI and four recent acquisitions

DAYTONA BEACH, Fla., Nov. 04, 2025 (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 third quarter ended September 30, 2025.

Robert Buck, President and CEO of TopBuild, said, "Third quarter results were in line with expectations. Sales totaled $1.4 billion in the third quarter, up 1.4% including acquisitions, as our Installation Services segment sales grew 0.2% and Specialty Distribution sales improved 1.4%. Our team's efforts to drive productivity and operational excellence are reflected in the continued strength of our profitability.

Mr. Buck continued, "We have accomplished a lot recently, including acquiring Progressive Roofing in July and SPI in October. On a year-to-date basis, we've completed acquisitions that total approximately $1.2 billion in annual revenue. These acquisitions have strengthened our insulation businesses, established a new platform for growth in commercial roofing, and further expanded our non-cyclical revenue profile. We are raising our 2025 outlook to incorporate SPI and our four recent acquisitions.

"We remain confident in the long-term fundamentals for our business and are firmly committed to delivering shareholder value. Although weak consumer confidence and economic uncertainty are weighing on demand for residential new construction in the near term, the strength in commercial and industrial is very encouraging, and we are well-positioned to capture opportunities in these important and growing end markets," Mr. Buck concluded.

Financial Highlights

(comparisons are to the periods ended September 30, 2024)

	Three Months Ended September 30, 2025
		Reported							Adjusted
	($ in thousands)		2025			2024				2025			2024
	Sales	$1,393,158			$1,373,268				$1,393,158			$1,373,268
	Gross Profit	$418,920			$421,813				$419,023			$421,813
	Gross Margin		30.1%			30.7%				30.1%			30.7%
	SG&A	$203,910			$177,820				$190,069			$175,888
	SG&A as % of Sales		14.6%			12.9%				13.6%			12.8%
	Operating Profit	$215,010			$243,993				$228,954			$245,925
	Operating Margin		15.4%			17.8%				16.4%			17.9%
	Net Income	$142,226			$168,960				$151,293			$170,075
	Net Income per diluted share	$5.04			$5.65				$5.36			$5.68
	EBITDA								$275,609			$285,057
	EBITDA Margin									19.8%			20.8%
	Nine Months Ended September 30, 2025
		Reported							Adjusted
	($ in thousands)		2025			2024				2025			2024
	Sales	$3,923,839			$4,017,597				$3,923,839			$4,017,597
	Gross Profit	$1,164,435			$1,232,885				$1,176,941			$1,232,885
	Gross Margin		29.7%			30.7%				30.0%			30.7%
	SG&A	$552,149			$563,992				$533,191			$534,497
	SG&A as % of Sales		14.1%			14.0%				13.6%			13.3%
	Operating Profit	$612,286			$668,893				$643,750			$698,388
	Operating Margin		15.6%			16.6%				16.4%			17.4%
	Net Income	$417,213			$472,064				$437,735			$493,997
	Net Income per diluted share	$14.56			$15.19				$15.28			$15.89
	EBITDA								$771,669			$816,570
	EBITDA Margin									19.7%			20.3%

	Sales Drivers
	(comparisons are to the periods ended September 30, 2024)
			Three Months Ended September 30, 2025
			Installation Services				Specialty Distribution				TopBuild, net of eliminations
	Sales($ in millions)		$858				$609				$1,393
	Sales Drivers
	Volume			(10.4%)				(2.1%)				(6.7%)
	Price			(0.5%)				1.2%				0.3%
	M&A			11.0%				2.3%				7.9%
	Total Sales Change			0.2%				1.4%				1.4%
			Nine Months Ended September 30, 2025
			Installation Services				Specialty Distribution				TopBuild, net of eliminations
	Sales($ in millions)		$2,384				$1,768				$3,924
	Sales Drivers
	Volume			(10.2%)				(2.1%)				(7.3%)
	Price			0.5%				1.1%				0.8%
	M&A			4.8%				2.7%				4.2%
	Total Sales Change			(4.9%)				1.7%				(2.3%)

	Segment Profitability
	(comparisons are to the periods ended September 30, 2024)
		Three Months Ended September 30, 2025							Nine Months Ended September 30, 2025
	($ in thousands)	Installation Services			Specialty Distribution				Installation Services			Specialty Distribution
	Operating Profit	$166,762			$87,114				$451,819			$243,655
	Change		(3.2%)			(8.2%)				(9.6%)			(7.0%)
	Operating Margin		19.4%			14.3%				18.9%			13.8%
	Adj. Operating Profit	$167,065			$87,456				$459,646			$250,849
	Change		(3.0%)			(8.0%)				(8.1%)			(4.0%)
	Adj. Operating Margin		19.5%			14.4%				19.3%			14.2%
	Adj. EBITDA	$193,060			$102,976				$524,678			$297,289
	Change		0.9%			(6.9%)				(5.8%)			(3.3%)
	Adj. EBITDA Margin		22.5%			16.9%				22.0%			16.8%

Capital Allocation

2025 Acquisitions

TopBuild continues to prioritize acquisitions for capital allocation and as of September 30, 2025, spent approximately $851.2 million on acquisitions year-to-date.

In the fourth quarter, the Company completed the acquisitions of Specialty Products and Insulation (SPI), Diamond Door Products, and Performance Insulation Fabricators. The acquisition of L&L Insulation is expected to close in November. Following this, the Company will have spent approximately $1.08 billion for acquisitions in the fourth quarter.

2025 Acquisitions
Company	Annual Revenue			Month Closed
	($ in millions)
Seal-Rite Insulation (I)		15.2		April
Progressive Roofing (I)		438.0		July
Insulation Fabrics (D)		6.1		September
Specialty Products and Insulation (D)		698.8		October
Diamond Door Products (D)		30.4		October
Performance Insulation Fabricators (D)		8.9		October
L&L Insulation (I)		7.2		November1
Total	$	1,204.6
I = Installation Services, D = Specialty Distribution
1 Expected Closing

Share Repurchases

During the third quarter, TopBuild repurchased 177,983 shares totaling $65.5 million. On a year-to-date basis, the Company bought back 1,326,666 shares for $417.1 million. The remaining availability for share repurchases at the end of the third quarter totaled $770.9 million.

2025 Outlook¹

TopBuild updated its full year outlook to include the contribution of its recent acquisitions: Insulation Fabrics, SPI, Diamond Door Products, Performance Insulation Fabricators, and L&L Insulation. The guidance does not contemplate additional transactions that it expects to complete during the remainder of the year.

	($ in millions)
		Low		Mid		High
	Sales	$	5,350	$	5,400	$	5,450
	EBITDA, as adjusted		1,010		1,035		1,060
	Depreciation and amortization		171		169		166
	Share-based compensation		19		19		18
	EBIT, as adjusted		820		848		876
	Interest expense and other, net		91		90		88
	Adjusted profit before tax		729		758		788
	Adjusted income tax expense		190		197		205
	Income, as adjusted	$	539	$	561	$	583

¹ This outlook reflects management's current view of present and future market conditions and is based on assumptions such as housing starts, economic conditions, and interest rates. These targets do not include any effects related to potential acquisitions or divestitures that may occur 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 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 third quarter 2025 financial results is scheduled for today, Tuesday, November 4^th, at 9:00 a.m. Eastern Time. The call can 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 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)

TopBuild Corp.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per common share amounts)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net sales		$	1,393,158			$	1,373,268			$	3,923,839			$	4,017,597
Cost of sales			974,238				951,455				2,759,404				2,784,712
Gross profit			418,920				421,813				1,164,435				1,232,885
Selling, general, and administrative expense			203,910				177,820				552,149				563,992
Operating profit			215,010				243,993				612,286				668,893
Other income (expense), net:
Interest expense			(28,415	)			(18,449	)			(65,561	)			(55,811	)
Other, net			3,911				2,355				13,345				24,987
Other expense, net			(24,504	)			(16,094	)			(52,216	)			(30,824	)
Income before income taxes			190,506				227,899				560,070				638,069
Income tax expense			(48,280	)			(58,939	)			(142,857	)			(166,005	)
Net income		$	142,226			$	168,960			$	417,213			$	472,064
Net income per common share:
Basic		$	5.08			$	5.68			$	14.65			$	15.28
Diluted		$	5.04			$	5.65			$	14.56			$	15.19
Weighted average shares outstanding:
Basic			28,019,746				29,751,713				28,469,514				30,901,788
Diluted			28,204,354				29,925,400				28,653,031				31,083,857

TopBuild Corp.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(in thousands)
		Three Months Ended September 30,							Nine Months Ended September 30,
		2025				2024			2025			2024
Net income		$	142,226			$	168,960		$	417,213		$	472,064
Other comprehensive (loss) income:
Foreign currency translation adjustment			(3,880	)			2,463			6,217			(3,464	)
Comprehensive income		$	138,346			$	171,423		$	423,430		$	468,600

TopBuild Corp.
Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited)
(dollars in thousands)
		As of
		September 30, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	1,142,403		$	400,318
Receivables, net of an allowance for credit losses of $28,119 at September 30, 2025, and $18,541 at December 31, 2024			874,308			751,612
Inventories			385,642			406,662
Prepaid expenses and other current assets			44,563			40,382
Total current assets			2,446,916			1,598,974
Right of use assets			200,870			189,146
Property and equipment, net			271,765			266,992
Goodwill			2,573,475			2,112,259
Other intangible assets, net			907,395			557,689
Other assets			9,879			10,366
Total assets		$	6,410,300		$	4,735,426
LIABILITIES
Current liabilities:
Accounts payable		$	463,798		$	456,446
Current portion of long-term debt			62,500			48,750
Accrued liabilities			242,931			191,786
Short-term operating lease liabilities			68,762			68,713
Short-term finance lease liabilities			4,713			1,487
Total current liabilities			842,704			767,182
Long-term debt			2,798,678			1,327,159
Deferred tax liabilities, net			331,425			240,343
Long-term portion of insurance reserves			58,120			57,700
Long-term operating lease liabilities			147,272			129,360
Long-term finance lease liabilities			6,510			2,618
Other liabilities			2,343			1,446
Total liabilities			4,187,052			2,525,808
EQUITY			2,223,248			2,209,618
Total liabilities and equity		$	6,410,300		$	4,735,426
		As of September 30,
		2025			2024
Other Financial Data
Receivables, net plus inventories less accounts payable		$	796,152		$	758,506
Net sales, acquisition adjusted †		$	5,597,753		$	5,366,716
Receivables, net plus inventories less accounts payable as a percent of sales (TTM) †			14.2	%		14.1	%
† 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)
		Nine Months Ended September 30,
		2025				2024
Cash Flows Provided by (Used in) Operating Activities:
Net income		$	417,213			$	472,064
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			114,018				104,777
Share-based compensation			14,121				13,405
Loss on sale of assets			927				672
Amortization of debt issuance costs			2,438				2,161
Provision for bad debt expense			12,769				13,730
Provision for inventory obsolescence			6,714				6,713
Impairment losses			9,442				—
Deferred income taxes, net			(1,989	)			(622	)
Change in certain assets and liabilities, net of effects of businesses acquired:
Receivables, net			(10,648	)			(30,294	)
Inventories			23,495				(30,916	)
Prepaid expenses and other current assets			(2,407	)			(6,849	)
Accounts payable			(14,783	)			(17,441	)
Accrued liabilities			12,369				(15,695	)
Other, net			(4,091	)			(1,907	)
Net cash provided by operating activities			579,588				509,798
Cash Flows Provided by (Used in) Investing Activities:
Purchases of property and equipment			(42,064	)			(56,794	)
Acquisition of businesses, net of cash acquired			(851,181	)			(88,460	)
Proceeds from sale of assets			982				2,336
Net cash used in investing activities			(892,263	)			(142,918	)
Cash Flows Provided by (Used in) Financing Activities:
Proceeds from issuance of long-term debt			2,000,000				—
Repayment of long-term debt			(500,000	)			(35,651	)
Excise taxes paid on share repurchases			(9,444	)			—
Payment of debt issuance costs			(17,395	)			—
Taxes withheld and paid on employees' equity awards			(5,374	)			(6,088	)
Exercise of stock options			2,771				3,224
Repurchase of shares of common stock			(417,148	)			(919,186	)
Net cash provided by (used in) financing activities			1,053,410				(957,701	)
Impact of exchange rate changes on cash			1,350				(402	)
Net increase (decrease) in cash and cash equivalents			742,085				(591,223	)
Cash and cash equivalents - Beginning of period			400,318				848,565
Cash and cash equivalents - End of period		$	1,142,403			$	257,342
Supplemental disclosure of noncash activities:
Leased assets obtained in exchange for new operating lease liabilities		$	58,662			$	35,718
Leased assets obtained in exchange for new finance lease liabilities			465				—
Accruals for property and equipment			1,713				227
Excise taxes capitalized to treasury stock			4,171				9,342

TopBuild Corp.
Segment Data (Unaudited)
(dollars in thousands)
		Three Months Ended September 30,												Nine Months Ended September 30,
			2025				2024		Change						2025			2024			Change
Installation Services
Sales		$	858,264			$	856,350			0.2		%		$	2,384,475		$	2,506,076				(4.9	)	%
Operating profit, as reported		$	166,762			$	172,243							$	451,819		$	499,717
Operating margin, as reported			19.4		%		20.1	%							18.9	%		19.9		%
Rationalization charges			(125	)			—								7,223			—
Acquisition related costs			428				31								604			364
Operating profit, as adjusted		$	167,065			$	172,274							$	459,646		$	500,081
Operating margin, as adjusted			19.5		%		20.1	%							19.3	%		20.0		%
Share-based compensation			310				71								933			719
Depreciation and amortization			25,685				19,037								64,099			56,016
EBITDA, as adjusted		$	193,060			$	191,382			0.9		%		$	524,678		$	556,816				(5.8	)	%
EBITDA margin, as adjusted			22.5		%		22.3	%							22.0	%		22.2		%
Specialty Distribution
Sales		$	608,892			$	600,387			1.4		%		$	1,767,879		$	1,739,007				1.7		%
Operating profit, as reported		$	87,114			$	94,911							$	243,655		$	261,862
Operating margin, as reported			14.3		%		15.8	%							13.8	%		15.1		%
Rationalization charges			342				194								7,143			(556	)
Acquisition related costs			—				4								51			14
Operating profit, as adjusted		$	87,456			$	95,109							$	250,849		$	261,320
Operating margin, as adjusted			14.4		%		15.8	%							14.2	%		15.0		%
Share-based compensation			398				374								1,282			1,187
Depreciation and amortization			15,122				15,117								45,158			45,000
EBITDA, as adjusted		$	102,976			$	110,600			(6.9	)	%		$	297,289		$	307,507				(3.3	)	%
EBITDA margin, as adjusted			16.9		%		18.4	%							16.8	%		17.7		%

TopBuild Corp.
Adjusted EBITDA (Unaudited)
(dollars in thousands)
		Three Months Ended September 30,													Nine Months Ended September 30,
		2025				2024					Change				2025				2024					Change
Total net sales
Sales before eliminations		$	1,467,156			$	1,456,737								$	4,152,354			$	4,245,083
Intercompany eliminations			(73,998	)			(83,469	)								(228,515	)			(227,486	)
Net sales after eliminations		$	1,393,158			$	1,373,268				1.4		%		$	3,923,839			$	4,017,597				(2.3	)	%
Operating profit, as reported - segments		$	253,876			$	267,154								$	695,474			$	761,579
General corporate expense, net			(24,152	)			(9,685	)								(42,914	)			(55,610	)
Intercompany eliminations			(14,714	)			(13,476	)								(40,274	)			(37,076	)
Operating profit, as reported		$	215,010			$	243,993								$	612,286			$	668,893
Operating margin, as reported			15.4		%		17.8		%							15.6		%		16.6		%
Rationalization charges			218				485									14,556				(7	)
Refinancing costs			—				—									226				—
Acquisition related costs †			13,726				1,447									16,682				6,502
Acquisition termination fee			—				—									—				23,000
Operating profit, as adjusted		$	228,954			$	245,925								$	643,750			$	698,388
Operating margin, as adjusted			16.4		%		17.9		%							16.4		%		17.4		%
Share-based compensation			4,314				3,646									14,121				13,405
Depreciation and amortization			42,341				35,486									113,798				104,777
EBITDA, as adjusted		$	275,609			$	285,057				(3.3	)	%		$	771,669			$	816,570				(5.5	)	%
EBITDA margin, as adjusted			19.8		%		20.8		%							19.7		%		20.3		%
Sales change period over period			19,890													(93,758	)
EBITDA, as adjusted, change period over period			(9,448	)												(44,901	)
Decremental EBITDA, as adjusted, as a percentage of change in sales			NM													(47.9	)	%
† Acquisition related costs include corporate level adjustments as well as segment operating adjustments
NM Not meaningful

TopBuild Corp.
Same Branch and Acquisition Metrics (Unaudited)
(dollars in thousands)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net sales
Same branch:
Installation Services		$	763,729			$	856,350			$	2,263,271			$	2,506,076
Specialty Distribution			594,921				600,387				1,721,789				1,739,007
Eliminations			(73,998	)			(83,469	)			(228,515	)			(227,486	)
Total same branch		$	1,284,652			$	1,373,268			$	3,756,545			$	4,017,597
Acquisitions (a):
Installation Services		$	94,535			$	—			$	121,204			$	—
Specialty Distribution			13,971				—				46,090				—
Total acquisitions			108,506				—				167,294				—
Total net sales		$	1,393,158			$	1,373,268			$	3,923,839			$	4,017,597
EBITDA, as adjusted
Same branch		$	256,601			$	285,057			$	742,460			$	816,570
Acquisitions (a)			19,008				—				29,209				—
Total		$	275,609			$	285,057			$	771,669			$	816,570
EBITDA, as adjusted, as a percentage of sales
Same branch (b)			20.0		%						19.8		%
Acquisitions (c)			17.5		%						17.5		%
Total (d)			19.8		%		20.8		%		19.7		%		20.3		%
As Adjusted (Decremental)/Incremental EBITDA, as a percentage of change in sales
Same branch (e)			(32.1	)	%						(28.4	)	%
Acquisitions (c)			17.5		%						17.5		%
Total (f)			NM								(47.9	)	%
(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
NM Not meaningful

TopBuild Corp.
Same Branch Revenue by Line of Business (Unaudited)
(dollars in thousands)
		Three Months Ended September 30,											Nine Months Ended September 30,
		2025			2024			Change					2025			2024			Change
Residential:
Same branch (a)		$	800,987		$	890,356			(10.0	)	%		$	2,356,843		$	2,609,299			(9.7	)	%
Acquisitions			3,157			—								26,553			—
Total Residential sales			804,144			890,356			(9.7	)	%			2,383,396			2,609,299			(8.7	)	%
Commercial/Industrial:
Same branch (a)		$	483,669		$	482,912			0.2		%		$	1,399,706		$	1,408,298			(0.6	)	%
Acquisitions			105,345			—								140,737			—
Total Commercial/Industrial sales			589,014			482,912			22.0		%			1,540,443			1,408,298			9.4		%
Total net sales		$	1,393,158		$	1,373,268			1.4		%		$	3,923,839		$	4,017,597			(2.3	)	%
(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 September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Gross Profit Reconciliation
Net sales		$	1,393,158			$	1,373,268			$	3,923,839			$	4,017,597
Gross profit, as reported		$	418,920			$	421,813			$	1,164,435			$	1,232,885
Rationalization charges			103				—				12,506				—
Gross profit, as adjusted		$	419,023			$	421,813			$	1,176,941			$	1,232,885
Gross margin, as reported			30.1		%		30.7		%		29.7		%		30.7		%
Gross margin, as adjusted			30.1		%		30.7		%		30.0		%		30.7		%
Selling, General and Administrative Expense Reconciliation
Selling, general, and administrative expense, as reported		$	203,910			$	177,820			$	552,149			$	563,992
Rationalization charges			115				485				2,050				(7	)
Refinancing costs			—				—				226				—
Acquisition related costs			13,726				1,447				16,682				6,502
Acquisition termination fee			—				—				—				23,000
Selling, general, and administrative expense, as adjusted		$	190,069			$	175,888			$	533,191			$	534,497
Operating Profit Reconciliation
Operating profit, as reported		$	215,010			$	243,993			$	612,286			$	668,893
Rationalization charges			218				485				14,556				(7	)
Refinancing costs			—				—				226				—
Acquisition related costs			13,726				1,447				16,682				6,502
Acquisition termination fee			—				—				—				23,000
Operating profit, as adjusted		$	228,954			$	245,925			$	643,750			$	698,388
Operating margin, as reported			15.4		%		17.8		%		15.6		%		16.6		%
Operating margin, as adjusted			16.4		%		17.9		%		16.4		%		17.4		%
Income Per Common Share Reconciliation
Income before income taxes, as reported		$	190,506			$	227,899			$	560,070			$	638,069
Rationalization charges			218				485				14,556				(7	)
Refinancing costs			—				—				226				—
Acquisition related costs			13,726				1,447				16,682				6,502
Acquisition termination fee			—				—				—				23,000
Income before income taxes, as adjusted			204,450				229,831				591,534				667,564
Tax rate at 26.0%			(53,157	)			(59,756	)			(153,799	)			(173,567	)
Income, as adjusted		$	151,293			$	170,075			$	437,735			$	493,997
Income per common share, as adjusted		$	5.36			$	5.68			$	15.28			$	15.89
Weighted average diluted common shares outstanding			28,204,354				29,925,400				28,653,031				31,083,857

TopBuild Corp.
Reconciliation of Adjusted EBITDA to Net Income (Unaudited)
(in thousands)
		Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Net income, as reported		$	142,226		$	168,960		$	417,213		$	472,064
Adjustments to arrive at EBITDA, as adjusted:
Interest expense and other, net			24,504			16,094			52,216			30,824
Income tax expense			48,280			58,939			142,857			166,005
Depreciation and amortization			42,341			35,486			113,798			104,777
Share-based compensation			4,314			3,646			14,121			13,405
Rationalization charges			218			485			14,556			(7	)
Refinancing costs			—			—			226			—
Acquisition related costs			13,726			1,447			16,682			6,502
Acquisition termination fee			—			—			—			23,000
EBITDA, as adjusted		$	275,609		$	285,057		$	771,669		$	816,570

TopBuild Corp.
Acquisition Adjusted Net Sales (Unaudited)
(in thousands)
	2024			2025									Trailing Twelve Months Ended
	Q4			Q1			Q2			Q3			September 30, 2025
Net sales	$	1,312,206		$	1,233,278		$	1,297,403		$	1,393,158		$	5,236,045
Acquisitions proforma adjustment †		115,966			114,778			115,841			15,123			361,708
Net sales, acquisition adjusted	$	1,428,172		$	1,348,056		$	1,413,244		$	1,408,281		$	5,597,753
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches

TopBuild Corp.
2025 Estimated Guidance Ranges (Unaudited)
(in millions)
	Twelve Months Ending December 31, 2025
		Low				Mid				High
Estimated net income	$	497.0			$	519.9			$	542.0
Adjustments to arrive at estimated adjusted measures:
Interest expense and other, net		91.0				89.5				88.0
Income tax expense		175.0				182.6				191.0
Rationalization charges		15.0				15.0				15.0
Acquisition related costs		42.0				41.0				40.0
Estimated EBIT, as adjusted		820.0				848.0				876.0
Share-based compensation		19.0				18.5				18.0
Depreciation and amortization		171.0				168.5				166.0
Estimated EBITDA, as adjusted	$	1,010.0			$	1,035.0			$	1,060.0
	Twelve Months Ending December 31, 2025
		Low				Mid				High
Estimated net income	$	497.0			$	519.9			$	542.0
Adjustments to arrive at estimated income, as adjusted:
Rationalization charges		15.0				15.0				15.0
Acquisition related costs		42.0				41.0				40.0
Normalized income tax impact of rationalization charges and acquisition related costs (26%)		(14.8	)			(14.6	)			(14.3	)
Estimated income, as adjusted	$	539.2			$	561.3			$	582.7

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