Revenue growth remains volatile at 17.2% in 2026Q1, while gross margins have faced persistent pressure, declining from a 31.0% peak in 2024Q2 to 27.7% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 5.62B | 5.41B | 5.33B | 5.19B | 5.01B | 3.49B | 2.72B | 2.62B | 2.38B | 1.91B | 1.74B | 1.62B | 1.51B | 1.41B |
| Revenue Growth % | 6.38% | 1.49% | 2.6% | 3.71% | 43.67% | 28.26% | 3.58% | 10.06% | 25.07% | 9.38% | 7.81% | 6.91% | 7.12% | - |
| Cost of Goods Sold | 4B | 3.84B | 3.7B | 3.59B | 3.52B | 2.51B | 1.97B | 1.94B | 1.81B | 1.45B | 1.34B | 1.26B | 1.18B | 1.11B |
| COGS % of Revenue | - | 70.99% | 69.51% | 69.13% | 70.32% | 72.05% | 72.54% | 74.04% | 75.84% | 75.81% | 77.03% | 77.85% | 78.07% | 78.56% |
| Gross Profit | 1.62B | 1.57B | 1.62B | 1.6B | 1.49B | 974.39M | 746.36M | 681.27M | 576.15M | 461.11M | 400.34M | 358.03M | 331.67M | 302.68M |
| Gross Margin % | 28.78% | 29.01% | 30.49% | 30.87% | 29.68% | 27.95% | 27.46% | 25.96% | 24.16% | 24.19% | 22.97% | 22.15% | 21.93% | 21.44% |
| Gross Profit Growth % | - | -3.44% | 1.32% | 7.88% | 52.58% | 30.55% | 9.55% | 18.24% | 24.95% | 15.18% | 11.82% | 7.95% | 9.58% | - |
| Operating Expenses | 828.29M | 777.07M | 738.58M | 725M | 689.55M | 497.97M | 391.31M | 391.74M | 367.2M | 324.25M | 278.74M | 274.5M | 290.95M | 278.57M |
| OpEx % of Revenue | - | 14.37% | 13.86% | 13.96% | 13.77% | 14.28% | 14.4% | 14.93% | 15.4% | 17.01% | 15.99% | 16.98% | 19.24% | 19.74% |
| Selling, General & Admin | 828.29M | 777.07M | 710.67M | 725M | 689.55M | 497.97M | 391.31M | 391.74M | 367.2M | 294.25M | 278.74M | 274.5M | 290.95M | 278.57M |
| SG&A % of Revenue | - | 14.37% | 13.33% | 13.96% | 13.77% | 14.28% | 14.4% | 14.93% | 15.4% | 15.44% | 15.99% | 16.98% | 19.24% | 19.74% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 27.9M | 0 | 0 | 0 | 0 | 0 | 0 | 30M | 0 | 0 | 0 | 0 |
| Operating Income | 790.89M | 791.93M | 886.34M | 878.83M | 797.16M | 476.42M | 355.05M | 289.52M | 208.95M | 136.86M | 121.6M | 83.53M | 40.72M | 24.1M |
| Operating Margin % | 14.07% | 14.64% | 16.63% | 16.92% | 15.92% | 13.67% | 13.06% | 11.03% | 8.76% | 7.18% | 6.98% | 5.17% | 2.69% | 1.71% |
| Operating Income Growth % | - | -10.65% | 0.86% | 10.24% | 67.32% | 34.19% | 22.63% | 38.56% | 52.67% | 12.55% | 45.58% | 105.15% | 68.93% | - |
| EBITDA | 980.77M | 961.3M | 1.03B | 1.01B | 920.5M | 555.81M | 417.46M | 342.22M | 248.37M | 153.32M | 133.62M | 95.64M | 66.8M | 51.59M |
| EBITDA Margin % | 17.45% | 17.77% | 19.27% | 19.48% | 18.38% | 15.94% | 15.36% | 13.04% | 10.42% | 8.04% | 7.67% | 5.92% | 4.42% | 3.65% |
| EBITDA Growth % | -1.07% | -6.38% | 1.5% | 9.91% | 65.61% | 33.14% | 21.98% | 37.79% | 62% | 14.75% | 39.71% | 43.18% | 29.47% | - |
| D&A (Non-Cash Add-back) | 189.88M | 169.37M | 140.49M | 132.88M | 123.33M | 79.39M | 62.41M | 52.7M | 39.42M | 16.45M | 12.01M | 12.11M | 26.08M | 27.49M |
| EBIT | 801.22M | 914.85M | 913.88M | 900.1M | 798.85M | 462.59M | 355.55M | 291.6M | 209.51M | 136.06M | 121.88M | 83.58M | 40.74M | 24.14M |
| Net Interest Income | -123.79M | -211.27M | -73.09M | -74.61M | -56.72M | -29.14M | -32.46M | -37.82M | -28.69M | -8.02M | -5.61M | -9.46M | -12.4M | -13.37M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 123.79M | 211.27M | 73.09M | 74.61M | 56.72M | 29.14M | 32.46M | 37.82M | 28.69M | 8.02M | 5.61M | 9.46M | 12.4M | 13.37M |
| Other Income/Expense | -113.53M | -88.35M | -45.55M | -53.34M | -55.03M | -42.98M | -31.96M | -35.74M | -28.13M | -8.82M | -5.33M | -9.42M | -12.38M | -13.33M |
| Pretax Income | 677.36M | 703.58M | 840.79M | 825.48M | 742.13M | 433.44M | 323.09M | 253.78M | 180.82M | 128.04M | 116.27M | 74.11M | 28.34M | 10.77M |
| Pretax Margin % | 12.05% | 13.01% | 15.78% | 15.89% | 14.82% | 12.43% | 11.89% | 9.67% | 7.58% | 6.72% | 6.67% | 4.58% | 1.87% | 0.76% |
| Income Tax | 174.2M | 181.86M | 218.19M | 211.23M | 186.15M | 109.43M | 76.07M | 62.78M | 46.07M | -30.09M | 43.67M | -5.01M | 17.84M | 22.32M |
| Effective Tax Rate % | 25.72% | 25.85% | 25.95% | 25.59% | 25.08% | 25.25% | 23.54% | 24.74% | 25.48% | -23.5% | 37.56% | -6.76% | 62.95% | 207.21% |
| Net Income | 503.16M | 521.73M | 622.6M | 614.25M | 555.99M | 324.02M | 247.02M | 191M | 134.75M | 158.13M | 72.61M | 78.97M | 9.4M | -12.74M |
| Net Margin % | 8.95% | 9.65% | 11.68% | 11.82% | 11.1% | 9.29% | 9.09% | 7.28% | 5.65% | 8.3% | 4.17% | 4.89% | 0.62% | -0.9% |
| Net Income Growth % | -15.24% | -16.2% | 1.36% | 10.48% | 71.59% | 31.17% | 29.33% | 41.74% | -14.79% | 117.8% | -8.06% | 740.12% | 173.79% | - |
| Net Income (Continuing) | 503.16M | 521.73M | 622.6M | 614.25M | 555.99M | 324.02M | 247.02M | 191M | 134.75M | 158.13M | 72.61M | - | - | - |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 17.89 | 18.27 | 20.29 | 19.33 | 17.14 | 9.78 | 7.42 | 5.56 | 3.78 | 4.32 | 1.92 | 2.09 | 0.25 | -0.33 |
| EPS Growth % | -10.07% | -9.96% | 4.97% | 12.78% | 75.26% | 31.81% | 33.45% | 47.09% | -12.5% | 125% | -8.13% | 736% | 175.76% | - |
| EPS (Basic) | - | 18.39 | 20.41 | 19.44 | 17.26 | 9.88 | 7.50 | 5.65 | 3.86 | 4.41 | 1.93 | 2.10 | 0.25 | -0.33 |
| Diluted Shares Outstanding | 28.13M | 28.14M | 30.68M | 31.58M | 32.44M | 33.15M | 33.3M | 34.38M | 35.61M | 36.57M | 37.87M | 37.78M | 38.1M | 38.1M |
| Basic Shares Outstanding | 27.98M | 27.93M | 30.5M | 31.58M | 32.21M | 32.8M | 32.92M | 33.81M | 34.92M | 35.86M | 37.62M | 37.67M | 37.67M | 37.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 253.26% | - | - |
Cyclical Residential Exposure
According to recent quarterly filings, TopBuild's revenue growth has exhibited significant volatility, peaking at 17.2% in 2026Q1 while experiencing contraction in mid-2025, suggesting that the company's reliance on residential construction cycles remains a primary driver of top-line performance despite its strategic efforts to diversify into commercial markets.
The recent acceleration in revenue growth appears to be decoupled from broader housing start trends, potentially indicating successful price realization or market share gains. However, investors should monitor whether this growth is sustainable or merely a reflection of project-based revenue recognition timing within the installation segment.
As reported in financial statements, TopBuild's gross margin has trended downward from a peak of 31.0% in 2024Q2 to 27.7% in 2026Q1, indicating that the company may be facing challenges in fully passing through rising material costs to its builder customer base in a competitive environment.
The contraction in gross margins warrants further investigation into whether this is a temporary result of input cost inflation or a structural shift in the product mix toward lower-margin distribution activities. The inability to maintain margins above the 30% threshold suggests that pricing power may be softening.
Based on the provided income statement data, operating margins have fluctuated between 12.1% and 17.8% over the last ten quarters, demonstrating that while the company maintains a scalable branch network, its ability to convert gross profit into operating income is sensitive to fluctuations in SG&A expense management.
The recent uptick in SG&A expenses relative to revenue suggests that the company is investing in overhead to support its growth, which may temporarily mask underlying operational efficiency. Analysts should evaluate whether these costs are fixed or variable to determine the company's true operating leverage profile.
Analysis of the income statement reveals that stock-based compensation remains a consistent feature of the cost structure, with quarterly charges reaching as high as $5.1 million, which may slightly dilute the quality of reported net income and EPS for shareholders over the observed ten-quarter period.
While the absolute dollar amount of SBC is relatively contained, its persistence suggests a reliance on equity-based incentives to retain talent in a tight labor market. Investors should consider the impact of these non-cash charges when evaluating the company's core operational profitability and cash-generating capacity.
Data from recent filings suggests that TopBuild's growth strategy is heavily dependent on inorganic expansion, which raises concerns regarding the sustainability of earnings growth if the company fails to identify or integrate new targets at the same historical multiples that have previously driven its valuation premium.
The market may be overestimating the company's ability to continue its roll-up strategy as the pool of high-quality, accretive targets diminishes. A failure to maintain organic growth momentum could lead to a re-rating of the stock if investors begin to view the company as a mature, cyclical entity.
Quick answers to the most common questions about buying BLD stock.
For fiscal year 2025, TopBuild Corp. (BLD) reported total revenue of $5.41B. This represents a 283.2% increase compared to $1.41B in 2013.
TopBuild Corp. (BLD) is profitable, generating $521.7M in net income for the fiscal year ending 2025 with a net profit margin of 9.6%.
TopBuild Corp. (BLD) reported an operating income of $791.9M, resulting in an operating profit margin of 14.6%. This margin reflects the operational efficiency of the business before interest and taxes.
TopBuild Corp. (BLD) generated $1.57B in gross profit for the year, representing a gross profit margin of 29.0%. This demonstrates the company's core pricing power and production efficiency.