Short answer
Builders FirstSource (BLDR) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $15.2B (−7.4% year over year) and net income of $435M.
- Top risk flagged: Regulatory risk from U.S. Census data reliance for operations in 48 of top 50 and 94 of top 100 CBSAs by single family housing permits in 2025
FY2025 key financial metrics · XBRL
- Revenue
- $15.2B
- −7.4% YoY
- Net income
- $435M
- −59.6% YoY
- Operating margin
- 5.2%
- −4.6 pp YoY
- Gross margin
- 30.4%
- −2.4 pp YoY
- EPS (diluted)
- $3.89
- −57.1% YoY
- ROE
- 10.0%
- −15.1 pp YoY
- Operating cash flow
- $1.2B
- −35.1% YoY
Source: XBRL data from the Builders FirstSource (BLDR) FY2025 10-K on SEC EDGAR. USD.
Builders FirstSource FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Integrated homebuilding solutions supplying structural building products nationwide through manufacturing, distribution, and professional installation
- New emphasis on multi-family and light commercial markets via recent acquisitions, expanding value-added components and millwork offerings
- Strategic expansion with $1.1B in 2025 acquisitions plus January 2026 acquisition of Premium Building Components in eastern New York
- Operating footprint of approximately 585 locations across 43 states, organized into three regional divisions (East, Central, West)
- Increasing focus on prefabricated components to address skilled labor shortage and improve homebuilding efficiency
Management Discussion & Analysis
- Revenue $15.2B in 2025, down 7.4% YoY from $16.4B in 2024; core organic sales down 10.3%
- Gross margin 30.4% in 2025 vs 32.8% in 2024; income from operations margin 5.2% vs 9.7%
- Specialty building products segment best perf. with 4.1% sales increase to $4.07B; manufactured prod. worst at -14.4% to $3.41B
- Net interest expense $274M, up $66M; SG&A 25.2% of sales vs 23.1%, cash liquidity $1.7B includes $1.5B available Revolving Facility
- Management highlights liquidity risks, potential capital raises, and possible cost actions if conditions worsen
Risk Factors
- Regulatory risk from U.S. Census data reliance for operations in 48 of top 50 and 94 of top 100 CBSAs by single family housing permits in 2025
- Macroeconomic exposure to material price inflation via leases with rent escalations tied to consumer price index
- Supply chain vulnerability in reliance on 190 owned plus 395 leased facilities across 43 U.S. states for manufacturing and distribution
- Competitive risk from efficient multi-product manufacturing (trusses, panels, windows) potentially challenged by integrated homebuilding tech firms
- Key-person risk in cybersecurity leadership reporting chain from CISO to CIO to CEO, critical for risk oversight and mitigation
Generated from the filing text; verify against the original. How to read a 10-K
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