BLD - 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)

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.

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 Outlook ¹
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.

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.

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