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Sep 30, 2025
TopBuild Q3 2025 Earnings Report
TopBuild posted Q3 2025 results with modest sales growth and solid profitability amid ongoing acquisition activity.
Key Takeaways
TopBuild delivered $1.39 billion in revenue and maintained strong margins despite headwinds in residential construction, with growth driven by acquisitions and commercial demand.
Revenue reached $1.393 billion, up 1.4% from Q3 2024, driven primarily by M&A activity.
Adjusted EBITDA margin stood at 19.8%, reflecting continued operational efficiency.
Net Income for the quarter was $142.2 million, or $5.04 per diluted share; Adjusted EPS was $5.36.
Commercial/Industrial segment grew 22% to $589 million, offsetting weakness in Residential.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
TopBuild raised its full-year 2025 guidance to reflect contributions from recent acquisitions including SPI, with improved revenue and EBITDA expectations.
Positive Outlook
- Raised sales outlook to $5.35–$5.45 billion.
- Raised adjusted EBITDA guidance to $1.01–$1.06 billion.
- Acquisitions expected to contribute over $1.2 billion in annualized revenue.
- Strong commercial and industrial demand anticipated to continue.
- Continued execution on acquisition strategy including Progressive Roofing and SPI.
Challenges Ahead
- Residential new construction demand impacted by weak consumer confidence.
- Ongoing economic uncertainty could limit near-term growth.
- Slight decline in gross and operating margins vs. prior year.
- Adjusted EBITDA margin declined from 20.8% to 19.8%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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