TopBuild Corp. reported third‑quarter 2025 results, posting net sales of $1.40 billion, up 1.4% year‑to‑year when acquisitions are included. Adjusted EBITDA margin was 19.8%, slightly lower than the 20.1% margin reported in Q2 2025.
GAAP earnings per share were $5.04, down from $5.65 in Q3 2024, while adjusted EPS rose to $5.36 from $5.68. Installation Services segment sales grew 0.2% and Specialty Distribution segment sales increased 1.4%.
The company cited incremental amortization from recent acquisitions and higher interest expense as reasons for the margin decline, while cost‑control initiatives and pricing gains in the specialty distribution segment helped offset pressure.
TopBuild raised its full‑year 2025 outlook to sales of $5.35 billion to $5.45 billion and adjusted EBITDA of $1.01 billion to $1.06 billion. The higher guidance reflects the contribution of SPI, Progressive Roofing, Diamond Door Products, Performance Insulation Fabricators, and the pending L&L Insulation deal, as well as expected $30 million in annual savings from a footprint‑optimization project.
Share repurchases totaled 177,983 shares for $65.5 million during the quarter, bringing cumulative repurchases to 1,326,666 shares for $417.1 million year‑to‑date. Remaining repurchase availability stands at $770.9 million.
The company highlighted its continued focus on expanding its commercial and industrial footprint through acquisitions, noting that the recent M&A activity diversifies its product offerings and strengthens its position in less cyclical markets amid a soft residential environment.
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