TopBuild Corp (BLD) financial statements: income statement, balance sheet and cash flow

TopBuild Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), TopBuild Corp reported revenue of $5.4B (+1.5% year on year) and net income of $521.7M (-16.2% year on year).

Income statement

TopBuild Corp income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net sales	$5.4B	$5.3B	$5.2B	$5.0B
Cost of sales	$3.8B	$3.7B	$3.6B	$3.5B
Gross profit	$1.6B	$1.6B	$1.6B	$1.5B
Selling, general, and administrative expense	$777.1M	$738.6M	$725.0M	$689.6M
Operating profit	$791.9M	$886.3M	$878.8M	$797.2M
Interest expense	($103.8M)	($73.1M)	($74.6M)	($56.7M)
Other, net	$15.4M	$27.5M	$21.3M	$1.7M
Other expense, net	($88.3M)	($45.6M)	($53.3M)	($55.0M)
Income before income taxes	$703.6M	$840.8M	$825.5M	$742.1M
Income tax expense	($181.9M)	($218.2M)	($211.2M)	($186.1M)
Net income	$521.7M	$622.6M	$614.3M	$556.0M
Basic	$18.41	$20.41	$19.44	$17.26
Diluted	$18.28	$20.29	$19.33	$17.14
Basic	28.3M	30.5M	31.6M	32.2M
Diluted	28.5M	30.7M	31.8M	32.4M

TopBuild Corp income statement, quarters

Line item	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2	Mar 31, 2025 · Q1
Net sales	$1.4B	$1.4B	$1.3B	$1.2B
Cost of sales	$1.0B	$974.2M	$903.4M	$881.8M
Gross profit	$400.3M	$418.9M	$394.0M	$351.5M
Selling, general, and administrative expense	$225.2M	$203.9M	$174.3M	$174.0M
Operating profit	$175.0M	$215.0M	$219.8M	$177.5M
Interest expense	($36.6M)	($28.4M)	($20.5M)	($16.6M)
Other, net	$1.3M	$3.9M	$4.3M	$5.1M
Other expense, net	($35.3M)	($24.5M)	($16.2M)	($11.5M)
Income before income taxes	$139.7M	$190.5M	$203.6M	$166.0M
Income tax expense	($34.9M)	($48.3M)	($52.0M)	($42.6M)
Net income	$104.8M	$142.2M	$151.6M	$123.4M
Basic	$3.75	$5.08	$5.34	$4.25
Diluted	$3.73	$5.04	$5.32	$4.23
Basic	28.0M	28.0M	28.4M	29.0M
Diluted	28.1M	28.2M	28.5M	29.2M

Balance sheet

TopBuild Corp balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$184.7M	$400.3M	$848.6M	$240.1M
Receivables, net of an allowance for credit losses of $29,081 at December 31, 2025, and $18,541 at December 31, 2024	$894.4M	$751.6M	$799.0M	$836.1M
Inventories	$505.2M	$406.7M	$364.7M	$438.6M
Prepaid expenses and other current assets	$50.5M	$40.4M	$36.9M	$34.3M
Total current assets	$1.6B	$1.6B	$2.0B	$1.5B
Right of use assets	$271.4M	$189.1M	$204.6M	$205.9M
Property and equipment, net	$291.6M	$267.0M	$264.5M	$253.5M
Goodwill	$3.0B	$2.1B	$2.0B	$2.0B
Other intangible assets, net	$1.4B	$557.7M	$591.1M	$615.0M
Other assets	$10.7M	$10.4M	$10.9M	$16.5M
Total assets	$6.6B	$4.7B	$5.2B	$4.6B
Accounts payable	$440.2M	$456.4M	$469.6M	$487.1M
Current portion of long-term debt	$62.5M	$48.8M	$47.0M	$40.1M
Accrued liabilities	$249.4M	$191.8M	$187.2M	$199.4M
Short-term operating lease liabilities	$86.2M	$68.7M	$65.8M	$60.9M
Short-term finance lease liabilities	$6.6M	$1.5M	$1.9M	$2.2M
Total current liabilities	$844.8M	$767.2M	$771.5M	$789.6M
Long-term debt	$2.8B	$1.3B	$1.4B	$1.4B
Deferred tax liabilities, net	$387.6M	$240.3M	$243.9M	$251.5M
Long-term portion of insurance reserves	$58.7M	$57.7M	$58.8M	$59.8M
Long-term operating lease liabilities	$200.7M	$129.4M	$146.2M	$149.9M
Long-term finance lease liabilities	$11.0M	$2.6M	$4.2M	$6.7M
Other liabilities	$2.1M	$1.4M	$1.6M	$2.3M
Total liabilities	$4.3B	$2.5B	$2.6B	$2.7B
Common stock, $0.01 par value: 250,000,000 shares authorized; 39,643,887 shares issued and 28,069,250 outstanding at December 31, 2025, and 39,554,033 shares issued and 29,367,087 outstanding at December 31, 2024	396.0K	396.0K	394.0K	393.0K
Treasury stock, 11,574,637 shares at December 31, 2025, and 10,186,946 shares at December 31, 2024, at cost	-2.1B	-1.7B	-699.3M	-692.8M
Additional paid-in capital	$945.3M	$926.1M	$906.3M	$887.4M
Retained earnings	$3.5B	$3.0B	$2.4B	$1.8B
Accumulated other comprehensive loss	($19.8M)	($29.2M)	($14.7M)	($21.9M)
Total equity	$2.3B	$2.2B	$2.6B	$1.9B
Total liabilities and equity	$6.6B	$4.7B	$5.2B	$4.6B

TopBuild Corp balance sheet, quarters

Line item	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025
Cash and cash equivalents	$268.8M	$1.1B	$842.5M	$308.8M
Receivables, net of an allowance for credit losses of $29,680 at March 31, 2026, and $29,081 at December 31, 2025	$930.5M	$874.3M	$752.6M	$748.7M
Inventories	$515.1M	$385.6M	$385.5M	$406.1M
Prepaid expenses and other current assets	$42.1M	$44.6M	$37.6M	$30.7M
Total current assets	$1.8B	$2.4B	$2.0B	$1.5B
Right of use assets	$261.5M	$200.9M	$180.6M	$178.9M
Property and equipment, net	$286.5M	$271.8M	$254.1M	$259.7M
Goodwill	$3.1B	$2.6B	$2.1B	$2.1B
Other intangible assets, net	$1.3B	$907.4M	$531.4M	$539.6M
Other assets	$10.5M	$9.9M	$9.7M	$10.3M
Total assets	$6.7B	$6.4B	$5.1B	$4.6B
Accounts payable	$471.2M	$463.8M	$417.5M	$422.8M
Current portion of long-term debt	$62.5M	$62.5M	$50.0M	$52.5M
Accrued liabilities	$252.0M	$242.9M	$178.7M	$193.6M
Short-term operating lease liabilities	$87.3M	$68.8M	$66.9M	$68.3M
Short-term finance lease liabilities	$6.6M	$4.7M	$1.2M	$1.4M
Total current liabilities	$879.6M	$842.7M	$714.3M	$738.5M
Long-term debt	$2.8B	$2.8B	$1.8B	$1.3B
Deferred tax liabilities, net	$395.8M	$331.4M	$237.5M	$238.2M
Long-term portion of insurance reserves	$58.6M	$58.1M	$58.3M	$57.7M
Long-term operating lease liabilities	$190.1M	$147.3M	$129.2M	$129.2M
Long-term finance lease liabilities	$11.0M	$6.5M	$1.9M	$2.3M
Other liabilities	$1.8M	$2.3M	$1.4M	$1.4M
Total liabilities	$4.3B	$4.2B	$3.0B	$2.5B
Common stock, $0.01 par value: 250,000,000 shares authorized; 39,747,055 shares issued and 28,139,211 outstanding at March 31, 2026, and 39,643,887 shares issued and 28,069,250 outstanding at December 31, 2025	397.0K	396.0K	396.0K	396.0K
Treasury stock, 11,607,844 shares at March 31, 2026, and 11,574,637 shares at December 31, 2025, at cost	-2.1B	-2.1B	-2.0B	-1.9B
Additional paid-in capital	$950.3M	$942.9M	$935.8M	$931.0M
Retained earnings	$3.6B	$3.4B	$3.3B	$3.1B
Accumulated other comprehensive loss	($24.2M)	($23.0M)	($19.1M)	($29.0M)
Total equity	$2.4B	$2.2B	$2.1B	$2.1B
Total liabilities and equity	$6.7B	$6.4B	$5.1B	$4.6B

Cash flow statement

TopBuild Corp cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$521.7M	$622.6M	$614.3M	$556.0M
Depreciation and amortization	$169.4M	$140.5M	$132.9M	$123.3M
Share-based compensation	$16.6M	$16.6M	$15.8M	$12.3M
Loss on sale of assets	$1.1M	$1.0M	$2.3M	—
Amortization of debt issuance costs	$3.6M	$2.9M	$2.9M	$2.9M
Provision for bad debt expense	$14.5M	$15.7M	$6.5M	$5.5M
Provision for inventory obsolescence	$8.9M	$7.6M	$4.8M	$6.7M
Impairment losses	$9.4M	—	—	—
Deferred income taxes, net	($14.6M)	($3.5M)	($7.5M)	$6.0M
Receivables, net	$79.8M	$56.0M	$20.8M	($169.3M)
Inventories	$17.1M	($41.7M)	$74.5M	($93.9M)
Prepaid expenses and other current assets	($2.6M)	($3.1M)	($2.6M)	($9.2M)
Accounts payable	($65.4M)	($30.4M)	($8.9M)	$26.6M
Accrued liabilities	($798.0K)	($5.8M)	($4.4M)	$20.7M
Other, net	($2.4M)	($2.3M)	($2.0M)	$6.4M
Net cash provided by operating activities	$756.3M	$776.0M	$849.4M	$495.8M
Purchases of property and equipment	($59.4M)	($69.3M)	($64.0M)	($76.4M)
Acquisition of businesses, net of $7,853 cash acquired	($1.9B)	($136.8M)	($149.2M)	($20.5M)
Proceeds from sale of assets	$1.2M	$2.6M	$15.0M	—
Net cash used in investing activities	($2.0B)	($203.5M)	($198.2M)	($93.9M)
Proceeds from issuance of long-term debt	$2.0B	—	—	—
Repayment of long-term debt	($515.6M)	($47.0M)	($40.1M)	($38.7M)
Excise taxes paid on share repurchases	($9.4M)	—	—	—
Payment of debt issuance costs	($17.4M)	—	—	—
Proceeds from revolving credit facility	$178.0M	—	—	$70.0M
Repayment of revolving credit facility	($178.0M)	—	—	($70.0M)
Principal payments on finance lease obligations	($3.6M)	—	—	—
Taxes withheld and paid on employees' equity awards	($5.8M)	($6.1M)	($6.5M)	($11.7M)
Exercise of stock options	$2.8M	$3.2M	$3.1M	$2.0M
Repurchase of shares of common stock	-434.2M	-966.4M	—	-250.1M
Net cash provided by (used in) financing activities	$1.0B	($1.0B)	($43.8M)	($300.1M)
Impact of exchange rate changes on cash	$1.8M	($4.5M)	$1.1M	($1.5M)
Net (decrease) increase in cash and cash equivalents	($215.6M)	($448.2M)	$608.5M	$100.3M
Cash and cash equivalents - Beginning of period	$400.3M	$848.6M	$240.1M	$139.8M
Cash and cash equivalents - End of period	$184.7M	$400.3M	$848.6M	$240.1M
Interest	$88.5M	$70.0M	$71.5M	$49.9M
U.S. Federal	$136.5M	—	—	—
U.S. state and local	$37.8M	—	—	—
Canada	$12.6M	—	—	—
Total cash paid for income taxes	$186.9M	—	—	—
Leased assets obtained in exchange for new operating lease liabilities	$102.5M	$50.5M	$56.3M	$104.0M
Leased assets obtained in exchange for new finance lease liabilities	$642.0K	—	—	—
Accruals for property and equipment	$773.0K	$1.0M	$912.0K	$141.0K
Excise taxes capitalized to treasury stock	$4.1M	$9.4M	—	—

TopBuild Corp cash flow statement, quarters

Line item	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD	Mar 31, 2025 · Q1
Net income	$104.8M	$417.2M	$275.0M	$123.4M
Depreciation and amortization	$56.3M	$114.0M	$71.7M	$35.8M
Share-based compensation	$4.6M	$14.1M	$9.8M	$5.0M
Loss on sale of assets	$327.0K	$927.0K	$711.0K	$829.0K
Amortization of debt issuance costs	$1.2M	$2.4M	$1.5M	$720.0K
Provision for bad debt expense	$3.4M	$12.8M	$8.1M	$3.7M
Provision for inventory obsolescence	$2.3M	$6.7M	$4.6M	$2.8M
Deferred income taxes, net	($20.0K)	($2.0M)	($2.7M)	($1.8M)
Receivables, net	($38.5M)	($10.6M)	($5.0M)	($1.1M)
Inventories	($18.3M)	$23.5M	$20.1M	($2.2M)
Prepaid expenses and other current assets	$8.2M	($2.4M)	$2.9M	$9.6M
Accounts payable	$31.5M	($14.8M)	($39.1M)	($32.3M)
Accrued liabilities	$4.7M	$12.4M	($7.7M)	($1.1M)
Other, net	$257.0K	($4.1M)	($2.4M)	($631.0K)
Net cash provided by operating activities	$160.7M	$579.6M	$346.3M	$152.6M
Purchases of property and equipment	($14.0M)	($42.1M)	($24.9M)	($13.4M)
Acquisition of businesses, net of cash acquired	($27.9M)	($851.2M)	($21.2M)	$294.0K
Proceeds from sale of assets	$394.0K	$982.0K	$610.0K	$248.0K
Net cash used in investing activities	($41.5M)	($892.3M)	($45.5M)	($12.9M)
Repayment of long-term debt	($15.6M)	($500.0M)	($487.5M)	($11.3M)
Proceeds from revolving credit facility	$65.0M	—	—	—
Repayment of revolving credit facility	($65.0M)	—	—	—
Principal payments on finance lease obligations	($1.9M)	—	—	—
Taxes withheld and paid on employees' equity awards	($18.3M)	($5.4M)	($5.4M)	($4.5M)
Exercise of stock options	$1.4M	$2.8M	—	—
Net cash used in financing activities	($34.4M)	$1.1B	$139.1M	($231.3M)
Impact of exchange rate changes on cash	($753.0K)	$1.4M	$2.3M	$101.0K
Net increase (decrease) in cash and cash equivalents	$84.1M	$742.1M	$442.2M	($91.5M)
Cash and cash equivalents - Beginning of period	$184.7M	$400.3M	$400.3M	$400.3M
Cash and cash equivalents - End of period	$268.8M	$1.1B	$842.5M	$308.8M
Leased assets obtained in exchange for new operating lease liabilities	$13.0M	$58.7M	$34.0M	$17.5M
Leased assets obtained in exchange for new finance lease liabilities	$1.8M	$465.0K	—	—
Accruals for property and equipment	$685.0K	$1.7M	$353.0K	$444.0K

TopBuild Corp score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.