BLD TopBuild Corp

Overview and Growth

Fiscal 2025 results for TopBuild Corp combined $5.41B of revenue with net income of $521.73M and an operating cash inflow of $756.32M. Revenue of $5.41B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $5.33B in fiscal 2024, revenue recorded a 1.5% year-over-year increase. Diluted earnings per share were $18.28, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 9.9% decrease from fiscal 2024 diluted EPS of $20.29. The revenue-to-assets relationship was 0.82x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $1.57B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 29.0% of revenue, showing how much of the top line remained after direct costs. Operations produced $791.93M of income after the reported operating expense base, before the remaining non-operating and tax effects. Operating margin measured 14.6%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $521.73M, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 9.6% margin after operating costs and the remaining recognized items. Pretax income was $703.58M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 13.0% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $181.86M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 25.8% of pretax income, showing the tax burden absorbed by the year’s earnings.

Liquidity and Capital Structure

Total assets were $6.61B, supported by $4.29B of liabilities and $2.32B of shareholder equity. Current assets were $1.63B against $844.82M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.94x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $184.74M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 21.9%, excluding receivables and other current assets. Borrowings totaled $2.85B, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 1.23x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 43.1% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 64.9%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 2.8% of total assets, showing the liquid cash component within the company’s broader resource base.

Cash Flow and Earnings Quality

Cash flow from operations was $756.32M, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 1.45x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $59.43M of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 7.9%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $696.89M, leaving a positive amount after capital expenditures. Free cash flow represented 12.9% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 10.6% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.