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Earnings analysis · 10-Q

BLDR earnings analysis

Filed April 30, 2026 · Our reading of the company's report

The latest report

Builders FirstSource reported disappointing Q1 2026 results with net sales of $3.3 billion, down 10.1% year-over-year and below estimates. The company reported a diluted EPS loss of $(0.43) versus an expected profit of…

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Builders FirstSource reported disappointing Q1 2026 results with net sales of $3.3 billion, down 10.1% year-over-year and below estimates. The company reported a diluted EPS loss of $(0.43) versus an expected profit of $0.38, indicating significant challenges amid a declining housing market. Gross margin also decreased to 28.3%, reflecting adverse market conditions.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

33% Gross margin Operating margin May 2024 Apr 2026

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.

Of every $100 of revenue Cost of sales $71 Operating expenses $28 Left as operating profit $1

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish Feb 2024 Apr 2026

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
$-0.43

What stood out

  • Significant Revenue Drop

    Net sales were $3.3 billion, down 10.1% year-over-year from $3.7 billion.

  • Negative Diluted EPS

    Diluted EPS was $(0.43), missing expected EPS of $0.38.

  • Decreased Gross Margin

    Gross margin fell to 28.3% from 30.5% year-over-year.

  • Cash Flow Decline

    Operating cash flow was $87.5 million, down from $132.3 million year-over-year.

  • Increased Interest Expense

    Interest expense rose to $74.4 million, up from $64.9 million in the prior year.

  • Share Repurchase Activity

    The company repurchased 3.3 million shares at an average price of $92.25, totaling $302.9 million.

What to watch

  • Negative Net Income

    The company reported a net loss of $46.0 million compared to $95.0 million of net income a year earlier.

  • Cash Flow Pressure

    Operating cash flow decreased to $87.5 million from $132.3 million, impacted by lower net income.

  • Higher Interest Costs

    Interest expense increased by $9.5 million, rising pressure on profitability.

Management's outlook

Full-year 2026 net sales guidance reflects a challenging outlook in housing starts.

Earlier filings 4

10-K · February 17, 2026

Builders FirstSource positions itself as a scale-driven, vertically integrated supplier to professional homebuilders, emphasizing manufactured components, value-added services and digital capabilities (Paradigm) to…

10-Q · October 30, 2025

Builders FirstSource reported Q3 net sales of $3,941,190 (in thousands) and diluted EPS of $1.10; revenue and profitability declined versus the year-ago quarter as gross margin contracted to 30.4% and income from…

10-Q · July 31, 2025

Builders FirstSource reported Q2 net sales of $4,234,064,000 and diluted EPS of $1.66, both down materially versus the year‑ago quarter. Gross margin contracted to 30.7% and operating income fell to $311,287,000 as…

10-Q · May 1, 2025

Builders FirstSource reported Q1 net sales of $3,657,496,000 (vs $3,891,352,000 a year ago), with gross margin declining to $1,115,241,000 (30.5% of sales) and income from operations falling to $184,441,000 (5.0%…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.