TopBuild Q1 Net Income $104.8M, Revenue $1.45B Beats Estimates as Sales Grow 17.2%
BLD•TopBuild reported Q1 net income of $104.8 million ($3.73 per share), or $3.75 adjusted, on revenue of $1.45 billion, surpassing analyst forecasts. First-quarter sales rose 17.2% driven by acquisitions, while gross margin slipped to 27.7% and the company closed four deals adding $83.8 million in annual revenue.
1. Financial Results
TopBuild posted Q1 net income of $104.8 million, or $3.73 per diluted share, and $3.75 adjusted EPS on revenue of $1.45 billion, topping analyst estimates of $3.64 EPS and $1.42 billion revenue. EBITDA reached $238.6 million, reflecting a 16.5% margin.
2. Segment and Margin Performance
Installation Services sales amounted to $777 million, down 5.5% organically but up 4.3% overall, while Specialty Distribution sales jumped 31.7% to $737 million. Gross margin narrowed to 27.7%, SG&A rose to 15.6% of sales and operating margin declined to 12.1%.
3. Acquisition Activity
In 2026 TopBuild closed four acquisitions—Upstate Spray Foam, Johnson Roofing, Energy Pros and Claremont—adding $83.8 million in annual revenue and advancing SPI integration. The company also signed a definitive agreement to acquire Comfort Pro, expected to close in Q2 and contribute about $6 million annually.
4. QXO Combination
TopBuild reaffirmed its planned merger with QXO, aiming to accelerate cross-selling initiatives, capture procurement synergies and leverage digital technology across its installation and distribution businesses to drive long-term growth.
