Builders FirstSource (BLDR) FY2025 10-K Annual Report
Builders FirstSource (BLDR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Builders FirstSource FY2025 10-K Analysis
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
Builders FirstSource FY2025 Key Financial MetricsXBRL
Revenue
$15.2B
▼ -7.4% YoY
Net Income
$435M
▼ -59.6% YoY
Gross Margin
30.4%
▼ -244bp YoY
Operating Margin
5.2%
▼ -455bp YoY
Net Margin
2.9%
▼ -371bp YoY
ROE
10.0%
▼ -1509bp YoY
Total Assets
$11.2B
▲ +6.2% YoY
EPS (Diluted)
$3.89
▼ -57.1% YoY
Operating Cash Flow
$1.2B
▼ -35.1% YoY
Source: XBRL data from Builders FirstSource FY2025 10-K filing on SEC EDGAR. All figures in USD.
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