IBP earnings analysis
What we found in IBP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Installed Building Products, Inc. reported a decline in Q1 2026 revenue of $660.5 million, a 3.5% decrease from the prior year, and EPS of $1.29, significantly below estimates of $1.95. The company cited challenges in residential job volume and increased costs impacting margins, although it reported a strong liquidity position with $474.3 million in cash.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decrease
- Q1 2026 revenue was $660.5 million, down 3.5% from $684.8 million in Q1 2025.
- EPS Misses Estimates
- Diluted EPS for Q1 2026 was $1.29, missing estimates of $1.95.
- Strong Cash Reserves
- The company reported cash and cash equivalents of $474.3 million.
- Increased Stock Repurchases
- Returned $84.6 million in capital to shareholders through dividends and stock repurchases.
- Operational Cash Flow Gains
- Net cash provided by operating activities increased to $102.3 million from $92.1 million year-over-year.
- Drop in Residential Sales
- Residential sales fell 10.3% year-over-year, with Installation segment volume declining by 9.9%.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Residential Sales Decline
- Residential segment sales dropped 10.3% year-over-year amid a challenging demand environment.
- Rising Labor and Material Costs
- Higher labor costs and vehicle insurance pressured margins, contributing to a gross profit decline of 5.1%.
- Increased Interest Expenses
- Net interest expense rose 24.1% to $10.3 million, primarily due to increased debt levels.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.29
- Gross margin
- 32.1%
- Segment
- Residential: (10.3%)
- Segment
- Commercial: 10.7%
- Segment
- Distribution & Manufacturing: 34.8%
What they said about what is next.
No specific forward guidance provided for revenue or EPS.
The filing reads worse than the one before it.
What came before.
- 10-K · February 26, 2026
- Installed Building Products reports net revenue of $3.0 billion for 2025, up from $2.9 billion in 2024 and $2.8 billion in 2023, with a national footprint (~250 branches) and a multi-decade acquisition track record…
- 10-K · February 27, 2025
- Installed Building Products (IBP) reports net revenue of $2.9 billion for the year ended December 31, 2024, with a national footprint of approximately 250 branch locations and a long-standing acquisition-led growth…
- 10-Q · November 7, 2024
- Installed Building Products reported third-quarter net revenue of $760.6 million, up $54.1 million year-over-year from $706.5 million, driven by strength in the Installation segment. Gross margin compressed modestly to…
- 10-Q · November 8, 2023
- Installed Building Products reported Q3 net revenue of $706,465 (in thousands) and diluted EPS of $2.40. Revenue declined modestly year-over-year while gross profit, operating income and operating cash flow improved,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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