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Jun 30
TopBuild Q2 2025 Earnings Report
TopBuild reported its second quarter 2025 results, including the Progressive Roofing acquisition.
Key Takeaways
TopBuild delivered second quarter sales of $1.3 billion, a 5.0% decline year-over-year, primarily due to an 8.3% decrease in Installation, partially offset by 1.1% growth in Specialty Distribution. Despite the sales decline, the company maintained a healthy adjusted EBITDA margin of 20.1% and reported increased operating profit and net income compared to the prior year.
Second quarter sales were $1.3 billion, a 5.0% decrease compared to the same period last year.
Adjusted EBITDA margin for the second quarter was 20.1%.
Net income increased to $151.6 million, up from $150.7 million in Q2 2024.
The company completed the acquisition of Progressive Roofing in July, adding a new platform for growth in commercial roofing services.
TopBuild
TopBuild
TopBuild Revenue by Segment
TopBuild Revenue by Geographic Location
Revenue by Segment
Installation Revenue
CapyFin.comSpecialty Distribution Revenue
CapyFin.comRevenue by Geographic Location
Residential Revenue
CapyFin.comCommercial/Industrial Revenue
CapyFin.com Forward Guidance
TopBuild issued its full-year 2025 outlook, which includes the contribution from the Progressive Roofing acquisition. The guidance anticipates sales between $5.150 billion and $5.350 billion and adjusted EBITDA between $970 million and $1.070 billion.
Positive Outlook
- The Progressive Roofing acquisition is expected to more than offset further weakness in residential new construction and light commercial markets.
- Ongoing positive trends in heavy commercial and industrial end markets are encouraging.
- Excitement about new opportunities in commercial roofing.
- Strong long-term fundamentals for the business.
- M&A remains a priority for capital deployment.
Challenges Ahead
- Assumes further weakness in the residential new construction market.
- Assumes further weakness in the light commercial end markets.
- Weak consumer confidence is pressuring new residential housing demand.
- Economic uncertainty is pressuring new residential housing demand.
- Guidance does not contemplate additional transactions that may occur during the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income