GMS Inc.
gms.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2026 10-Q, filed Aug 28, 2025. Its latest SEC filing is a SCHEDULE 13G/A from Oct 9, 2025.
10-Q for Q1 FY2026, filed Aug 28, 2025
The sections below describe the company as of the FY2025 annual report.
What Did They Do?
Distributes wallboard, ceilings and other specialty building products to residential and commercial contractors and homebuilders across the United States and Canada.
10-K for FY2025, filed Jun 18, 2025GMS Inc. (together with its consolidated subsidiaries, “we,” “our,” “us,” “GMS” or the “Company”), through its wholly owned operating…View ↗
We provide a comprehensive product offering of wallboard, ceilings, steel framing and complementary construction products. By carrying a…View ↗
We have a diversified portfolio of customers across the United States and Canada that includes professional contractors and homebuilders.…View ↗
How Did They Make Money?
Customers buy building products for delivery; payment terms vary, but payment is due soon after the sale.
10-K for FY2025, filed Jun 18, 2025Performance Obligations. The Company satisfies its performance obligations at a point in time, which is upon delivery of products. The…View ↗
$5.5B
-
10-K for FY2025, filed Jun 19, 2025
$5.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Wallboard
Sold outright
10-K for FY2025, filed Jun 18, 2025 |
40%
FY2022: 37%
|
Wallboard, FY2025
$2.2B Sources
|
Sold outright |
|
Complementary products
Sold outright
10-K for FY2025, filed Jun 18, 2025 |
31%
FY2022: 29%
|
Complementary products, FY2025
$1.7B Sources
|
Sold outright |
|
Steel framing
Sold outright
10-K for FY2025, filed Jun 18, 2025 |
14%
FY2022: 22%
|
Steel framing, FY2025
$796.2M Sources
|
Sold outright |
|
Ceilings
Sold outright
10-K for FY2025, filed Jun 18, 2025 |
14%
FY2022: 12%
|
Ceilings, FY2025
$793.3M Sources
|
Sold outright |
Who Were Their Customers?
Professional contractors and homebuilders work with GMS through local branches and its sales force; tool products are also distributed through tool centers and independent wholesale dealers.
10-K for FY2025, filed Jun 18, 2025We have a diversified portfolio of customers across the United States and Canada that includes professional contractors and homebuilders.…View ↗
Our sales and marketing strategy is to provide a comprehensive suite of high-quality products and superior services to contractors and…View ↗
We distribute our products primarily through our broad network of distribution centers. We distribute ATF tools and related tools and…View ↗
Did Revenues Turn Into Profits?
Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 6 cents into free cash flow.
10-K for FY2025, filed Jun 19, 2025
$257.6MView ↗
10-K for FY2025, filed Jun 19, 2025
$115.5MView ↗
10-K for FY2025, filed Jun 19, 2025
$336.1MView ↗
How Were They Changing?
- Net income
-
Sources
10-Q for Q1 FY2026, filed Aug 29, 2025
$43.6MView ↗
- ▼ −24%
- vs $57.2M in Q1 FY2025
10-Q for Q1 FY2026, filed Aug 28, 2025
Open tableView ↗
-
Sep 4, 2025
GMS became a wholly owned subsidiary after the merger
The merger also led GMS to request delisting its shares from the NYSE.
Sources
8-K, filed Sep 4, 2025
Prior to the Effective Time, the Shares were listed and traded on the NYSE under the trading symbol “GMS”. In connection with the…View ↗
-
Jun 30, 2025
The Home Depot agreed to acquire GMS
The agreement called for a cash tender offer of $110.00 per share.
Sources
8-K, filed Jun 30, 2025
On June 29, 2025, GMS Inc., a Delaware corporation (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”)…View ↗
Grew. Revenue grew 67% in 4 years, from $3.3B in FY2021 to $5.5B in FY2025, about 14% a year.
Who Did They Compete With?
Competes with Foundation Building Materials and L&W Supply
10-K for FY2022, filed Jun 23, 2022We compete against other specialty distributors as well as big box retailers and lumberyards. Among specialty distributors, we compete…View ↗
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