Installed Building Products Inc

installedbuildingproducts.com

What Do They Do?

Installs insulation and complementary building products, including garage doors and waterproofing, for residential and commercial builders and homeowners.

How Do They Make Money?

Builders and other customers pay for installation jobs under contracts: shorter jobs are billed by agreement, while longer projects are invoiced as work proceeds, usually monthly. Distribution and manufacturing businesses sell products to customers when the products are transferred.

revenue

Segment	Share	How money arrives
Insulation Recurring	58% FY2022: 60%	Recurring
Shower doors, shelving and mirrors Recurring	7.4% FY2022: 6.5%	Recurring
Garage doors	5.8% FY2022: 6.3%
Waterproofing Recurring	5.4% FY2022: 4.7%	Recurring
Rain gutters Recurring	4.2% FY2022: 4.3%	Recurring
Fireproofing/firestopping Recurring	3.9% FY2022: 2.4%	Recurring
Window blinds Recurring	2.6% FY2022: 2.3%	Recurring
Other building products Recurring	6.2% FY2022: 7.4%	Recurring
Other Sold outright	7.0% FY2022: 5.9%	Sold outright

Who Are Their Customers?

Homebuilders, commercial construction firms, homeowners and repair contractors are installation customers. Regional distribution businesses sell insulation and gutter supplies to independent contractors, while manufacturing operations sell products to distributors, retailers and insulation contractors.

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.

Operating income, FY2025

13% of revenue

▲ +1% vs FY2024 ($382.5M, 13%)

Net income, FY2025

9% of revenue

▲ +3% vs FY2024 ($256.6M, 9%)

Free cash flow, FY2025

10% of revenue

▲ +20% vs FY2024 ($251.4M, 9%)

How Are They Changing?

Since the FY2025 annual report

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

Revenue: ▲ +2%; vs $760.3M in Q2 FY2025
Net income: ▼ −6%; vs $69M in Q2 FY2025

Insulation share of revenue vs 58.7% in Q2 FY2025

Aug 6, 2026 Completed acquisitions adding approximately $30 million in annual revenue The purchases included mechanical insulation, shower doors, shelving and mirrors, and door, bath and fencing hardware.
May 7, 2026 Completed first-quarter acquisitions adding approximately $28 million in annual revenue The acquisitions included spray-foam and mechanical insulation, insulation services, and waterproofing.

Growing. Revenue grew 51% in 4 years, from $2B in FY2021 to $3B in FY2025, about 11% a year.

Revenue over time

Insulation Shower doors, shelving and mirrors Garage doors Waterproofing Rain gutters Fireproofing/firestopping Window blinds Other building products Other

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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