10-K · February 26, 2026
TopBuild presents a two-segment business (Installation Services ~59% of sales; Specialty Distribution ~41% of sales) with national scale (more than 200 installation branches and over 250 distribution centers) and…
Earnings analysis · 10-Q
BLD earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
TopBuild Corp. reported a solid increase in Q1 2026 revenue of $1.45 billion, climbing 17.2% year-over-year, while diluted EPS was $3.73, slightly above expectations of $3.64. However, the gross profit margin declined…
Read full summary
TopBuild Corp. reported a solid increase in Q1 2026 revenue of $1.45 billion, climbing 17.2% year-over-year, while diluted EPS was $3.73, slightly above expectations of $3.64. However, the gross profit margin declined to 27.7%, primarily due to reduced sales volume and customer pricing pressures. Notably, the company experienced strong segment growth in Specialty Distribution, which increased 31.7%, while Installation Services saw modest growth of 4.3%.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.73
What stood out
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Significant Revenue Growth
Q1 2026 revenue reached $1.45B, a 17.2% increase from $1.23B in Q1 2025.
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Solid Operating Cash Flow
Net cash provided by operating activities was $160.7M, up from $152.6M YoY.
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Increase in Specialty Distribution Sales
Specialty Distribution net sales rose to $737.1M, an increase of 31.7% compared to $559.8M.
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Improvement in Cash Position
Cash and cash equivalents increased to $268.8M from $184.7M at year-end 2025.
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Resilient Demand in Commercial Market
Ongoing strong demand in the commercial and industrial backlog supports positive segment outlook.
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Positive Free Cash Flow
Free cash flow was $139M for the period, consistent with prior year.
What to watch
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Declining Profit Margins
Gross profit margin fell to 27.7%, down from 28.5% a year prior due to pricing pressures.
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Increased SG&A Expenses
Selling, general, and administrative expenses as a percentage of sales grew to 15.6%, up from 14.1%.
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Dependence on Residential Market
Market demand is uneven, influenced by high borrowing costs impacting residential construction.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 4, 2025
TopBuild reported Q3 net sales of $1,393,158,000 (up $19,890,000 vs. Q3 2024) and GAAP diluted EPS of $5.04 (down from $5.65 a year ago). Gross margin held near 30.1% while operating profit declined to $215,010,000;…
10-Q · August 3, 2023
TopBuild reported Q2 net sales of $1,317,262,000, up from $1,274,285,000 in Q2 2022, with expanding gross and operating margins and higher EPS. Cash and liquidity strengthened (cash $526,327,000) while inventories…
10-K · February 23, 2023
TopBuild positions itself as a vertically integrated leader in insulation installation and specialty distribution in the U.S. and Canada, running two complementary segments (Installation ~59% of sales; Specialty…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.