Builders FirstSource Inc

bldr.com

What Do They Do?

Supplies building materials, factory-built components and construction services to professional homebuilders, remodeling contractors and multifamily builders.

How Do They Make Money?

For specialty building products and services, builders generally pay shortly after goods are delivered; installation and construction work is paid during the project or shortly after completion. Other building products are generally paid shortly after delivery.

revenue

Segment	Share	How money arrives
Lumber and Lumber Sheet Goods Sold outright	26% FY2022: 36%	Sold outright
Manufactured Products Sold outright	22% FY2022: 25%	Sold outright
Windows, Doors and Millwork Sold outright	25% FY2022: 20%	Sold outright
Specialty Building Products and Services	27% FY2022: 19%

Who Are Their Customers?

Production and custom homebuilders, multifamily builders, and repair and remodeling contractors work with local sales teams to plan product packages and delivery schedules.

Customers above 10% of revenue, FY2025

of revenue from one customer

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 6 cents into free cash flow.

Operating income, FY2025

5% of revenue

▼ −51% vs FY2024 ($1.6B, 10%)

Net income, FY2025

3% of revenue

▼ −60% vs FY2024 ($1.1B, 7%)

Free cash flow, FY2025

6% of revenue

▼ −43% vs FY2024 ($1.5B, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −9%; vs $4.2B in Q2 FY2025
Net income: ▼ Now a loss; vs $185M in Q2 FY2025

Specialty Building Products and Services share of revenue vs 25.8% in Q2 FY2025

Jul 30, 2026 Cut its sales and adjusted EBITDA outlook Projected sales fell to $14.0 billion to $14.8 billion, and adjusted EBITDA to $1.0 billion to $1.2 billion.
Apr 30, 2026 Set sales and adjusted EBITDA outlook Projected sales of $14.6 billion to $15.6 billion and adjusted EBITDA of $1.1 billion to $1.5 billion.

Shrinking. Revenue fell 24% in 4 years, from $19.9B in FY2021 to $15.2B in FY2025, about 7% a year.

Revenue over time

Lumber and Lumber Sheet Goods Manufactured Products Windows, Doors and Millwork Specialty Building Products and Services

$25B$12.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with U.S. LBM, 84 Lumber, Carter Lumber, UFP Construction, Stark Truss, American Cedar and Millwork, Western Pacific, The Home Depot, SRS Distribution, GMS, and Lowe’s

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