Groowe Groowe BETA / Newsroom
⏱ News is delayed by 15 minutes. Sign in for real-time access. Sign in

Form 8-K

sec.gov

8-K — TopBuild Corp

Accession: 0001104659-26-055225

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001633931

SIC: 1700 (CONSTRUCTION SPECIAL TRADE CONTRACTORS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — bld-20260505x8k.htm (Primary)

EX-99.1 (bld-20260505xex99d1.htm)

GRAPHIC (bld-20260505xex99d1001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: bld-20260505x8k.htm · Sequence: 1

TopBuild Corp_May 5, 2026

0001633931false00016339312026-05-052026-05-05

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

​

FORM 8-K

​

​

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

​

Date of report (Date of earliest event reported): May 5, 2026

​

​

TopBuild Corp.

​

(Exact name of registrant as specified in its charter)

​

​

​

​

​

​

​

Delaware

​

001-36870

​

47-3096382

(State or other Jurisdiction of

​

(Commission

​

(IRS Employer

Incorporation)

​

File Number)

​

Identification No.)

​

​

​

​

475 North Williamson Boulevard

Daytona Beach, Florida

​

32114

(Address of Principal Executive Offices)

​

(Zip Code)

​

Registrant’s telephone number, including area code: (386) 304-2200

​

​

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

​

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

​

Securities registered pursuant to Section 12(b) of the Act:

​

​

​

​

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

BLD

New York Stock Exchange

​

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

​

Emerging growth company ☐

​

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

​

​

​

Item 2.02.  Results of Operations and Financial Condition.

​

On May 5, 2026, TopBuild Corp., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the quarter ended March 31, 2026 (the “Press Release”).  The Press Release, which is furnished as Exhibit 99.1, and the information included in Item 7.01 of this Current Report on Form 8-K (this “Report”) are incorporated by reference in this Item 2.02.

​

The information in the Press Release and in this Item 2.02 is “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section.  Such information shall not be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except to the extent such other filing specifically incorporates such information by reference.

​

Item 7.01.  Regulation FD Disclosure.

​

On May 5, 2026, the Company issued the Press Release.  The Press Release, which is furnished as Exhibit 99.1, and the information included in Item 2.02 of this Report are incorporated by reference in this Item 7.01.

​

The information in the Press Release and in this Item 7.01 is “furnished” and not “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section.  Such information shall not be incorporated by reference in another filing under the Exchange Act or the Securities Act except to the extent such other filing specifically incorporates such information by reference.

​

Item 9.01.  Financial Statements and Exhibits.

​

(d)  Exhibits

​

​

Exhibit

Number

​ ​ ​

Description

99.1

​

Press release issued by TopBuild Corp., dated May 5, 2026, announcing its financial results for the quarter ended March 31, 2026.

​

​

​

104

​

Cover Page Interactive Data File (formatted as Inline XBRL)

​

​

2

​

SIGNATURES

​

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

​

​

TOPBUILD CORP.

​

​

By:

/s/ Madeline Otero

Name:

Madeline Otero

Title:

Vice President and Chief Accounting Officer

(Principal Accounting Officer)

Dated: May 5, 2026

​

​

​

3

​

EX-99.1

EX-99.1

Filename: bld-20260505xex99d1.htm · Sequence: 2

Exhibit 99.1

​

TopBuild Reports First Quarter 2026 Results

First quarter sales grew 17.2% to $1.45 billion driven by acquisitions

​

DAYTONA BEACH, FL – May 5, 2026 — 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.

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

​

​

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%

​

​

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

​

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

($ 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.

​

​

​

​

​

NYSE:BLD

May 5, 2026

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.

Investor Relations and Media Contact

​

PI Aquino

pi.aquino@topbuild.com

386-763-8801

(tables follow)

​

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

​

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

​

​

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

​

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

​

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

​

TopBuild Corp.

Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited)

(dollars in thousands)

​

​

​

​

​

​

​

​

​

As of

​

​

March 31, 2026

​

December 31, 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

​

​

​

​

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

​

TopBuild Corp.

Condensed Consolidated Statements 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

​

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

​

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

%

​

​

​

​

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

​

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.

​

​

​

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

​

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

​

​

​

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

​

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

​

​

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

​

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

​

​

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

​

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

​

​

​

​

​

NYSE:BLD

May 5, 2026

topbuild.com

​

GRAPHIC

GRAPHIC

Filename: bld-20260505xex99d1001.jpg · Sequence: 3

Binary file (7326 bytes)

Download bld-20260505xex99d1001.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Document and Entity Information

May 05, 2026

Document and Entity Information [Abstract]

Document Type

8-K

Document Period End Date

May 05, 2026

Entity File Number

001-36870

Entity Registrant Name

TopBuild Corp

Entity Incorporation, State or Country Code

DE

Entity Tax Identification Number

47-3096382

Entity Address, Address Line One

475 North Williamson Boulevard

Entity Address, State or Province

FL

Entity Address, City or Town

Daytona Beach

Entity Address, Postal Zip Code

32114

City Area Code

386

Local Phone Number

304-2200

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common stock, par value $0.01 per share

Trading Symbol

BLD

Security Exchange Name

NYSE

Entity Emerging Growth Company

false

Entity Central Index Key

0001633931

Amendment Flag

false

X

- References

No definition available.

+ Details

Name:

bld_DocumentAndEntityInformationAbstract

Namespace Prefix:

bld_

Data Type:

xbrli:stringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

na

Period Type:

duration

X

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration