TopBuild Corp., together with its subsidiaries, engages in the installation and distribution of insulation and other building material products to the construction ...
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Operator: Greetings, and welcome to TopBuild's Fourth Quarter and Full Year 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to P.I. Aquino, Vice President of Investor Relations. Thank you. You may begin. P.I. Aquino: Good morning and thanks for joining us. With me today are Robert Buck, our President and CEO; John Achille, our COO; and Rob Kuhns, our CFO. Our earnings release, senior management's formal remarks and a deck summarizing our comments can be found on our website at topbuild.com. Many of our remarks today will include forward-looking statements which are subject to known and unknown risks and uncertainties, including those set forth in this morning's press release and in the company's SEC filings. The company assumes no obligation to update any forward-looking statements because of new information, future events or otherwise. Please note that some of the financial measures to be discussed during this call will be on a non-GAAP basis. These non-GAAP measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. We have provided a reconciliation of these financial measures to the most comparable GAAP measures in today's press release and in our presentation, both of which are available on our website. Let me now turn the call over to our President and CEO, Robert Buck. Robert Buck: Thanks, and good morning, everyone. We appreciate you being with us. As P.I. mentioned, Rob and I are joined by John Achille, our COO. I've asked John to start joining us so he can share his business insights, including our ongoing efforts to drive operational excellence across the organization. Many of you will remember meeting John at our Investor Day a few months ago. We were really pleased to see many of you at our Investor Day in December, and if you weren't able to attend in person, I hope you've taken the opportunity to watch the replay on our website. I'd like to start my comments today by reiterating a couple of the key themes and messages that we shared in December. First, we have a clear, profitable growth strategy and a proven track record of delivering compounded growth and strong shareholder returns. Second, we have significant growth opportunities across our $95 billion total addressable market, which has increased non-cyclical and non-discretionary revenue drivers. We generate very strong free cash flow and we're disciplined in deploying capital both organically and through M&A. Third, we have a differentiated business model and we will continue to leverage our connected technology platform to continue driving growth and operational excellence to improve the customer experience. Finally, we have a cycle-tested leadership team. We're proud of the people-first culture we've built at TopBuild and we're grateful for the commitment of our nearly …
Est. EPS $5.11 · Revenue $1.57B · 6 analysts
Est. EPS $18.14 · Revenue $6.07B · 4 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| The total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). |
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Robert Buck | CEO & Director | USD 2,216,525 | Male | 1970 | Active |
Robert Kuhns | Chief Financial Officer | USD 972,589 |
| Male |
| 1974 |
| Active |
Steven Raia | President of Special Operations & Executive Adviser | USD 918,187 | Male | 1955 | Active |
Joseph Viselli | Vice President & Chief Growth Officer | USD 833,795 | Male | 1968 | Active |
Luis Francisco Machado | Vice President, General Counsel & Corporate Secretary | USD 752,380 | Male | 1963 | Active |
Jeffrey Krestancic | President of TruTeam | — | Male | 1984 | Active |
John Achille | President & COO | — | Male | 1979 | Active |
Sridhar Pullareddy | Chief Information Officer | — | Male | — | Active |
Jennifer Shoffner | Chief Human Resources Officer | — | Female | 1973 | Active |
Madeline Ortero | Chief Accounting Officer & Vice President | — | Female | 1976 | Active |
Aquino | Vice President of Investor Relations | — | Female | — | Active |
Est. EPS $4.53 · Revenue $1.51B · 2 analysts
Est. EPS $4.33 · Revenue $1.50B · 2 analysts
EPS $3.73 · Revenue $1.45B
EPS $4.23 · Revenue $1.23B
EPS $20.29 · Revenue $5.33B
| $5.4B |
| +1.5% |
| -2.7% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $521.7M | -16.2% | +0.3% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +29.0% | -4.9% | +1.6% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +14.6% | -12.0% | +0.9% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +9.6% | -17.4% | +3.0% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $696.9M | -1.4% | -7.9% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +12.9% | -2.8% | -5.4% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 136.1% | +90.5% | -4.4% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 1.94x | -7.2% | +3.2% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $6.7B | +42.2% | -0.3% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 18.27 vs 19.84 | -7.9% | 3.73 vs 5.11 | -27.1% |
| Revenue Surprise | $5.4B vs $5.4B | -0.1% | $1.4B vs $1.6B | -7.8% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Jul 1, 2026 | TAYLOR NANCY M | director | Common Stock | D | 6,088 | — |
| Jul 1, 2026 | TAYLOR NANCY M | director | Common Stock | D | 343 | — |
| Jul 1, 2026 | Machado Luis Francisco | officer: VP, Gen. Counsel, Corp Sec. | Common Stock | D | 6,296 | — |
| Jul 1, 2026 | Machado Luis Francisco | officer: VP, Gen. Counsel, Corp Sec. | Common Stock | D | 1,495 | — |
| Jul 1, 2026 | Machado Luis Francisco | officer: VP, Gen. Counsel, Corp Sec. | Common Stock | D | 3,440 | — |
