Short answer
Installed Building Products, Inc. (IBP) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $3.0B (+1.0% year over year) and net income of $265M.
- Top risk flagged: Regulatory risk involving cybersecurity oversight by Audit Committee chaired by CERT-certified director, ensuring compliance with NIST and CIS Control frameworks
FY2025 key financial metrics · XBRL
- Revenue
- $3.0B
- +1.0% YoY
- Net income
- $265M
- +3.4% YoY
- Operating margin
- 13.0%
- +0.0 pp YoY
- Gross margin
- 34.0%
- +0.2 pp YoY
- EPS (diluted)
- $9.71
- +6.7% YoY
- ROE
- 37.4%
- +1.0 pp YoY
- Operating cash flow
- $371M
- +9.2% YoY
Source: XBRL data from the Installed Building Products, Inc. (IBP) FY2025 10-K on SEC EDGAR. USD.
Installed Building Products, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: National installer of insulation and complementary building products for residential and commercial construction across 48 states and DC
- New emphasis on manufacturing with acquisition of Carolina Precision Fibers in 2025, expanding cellulose insulation production capabilities
- Strategic shift towards increased product and end market diversification, insulation revenue down to 58% of $3.0B total revenue in 2025 from 74% in 2013
- Employee count stable with ~800 sales professionals, average tenure 11 years; installation segment largest contributor with over 90% of revenue
- Noteworthy 2025 quantitative highlights: $3.0B net revenue, distribution and manufacturing segments constitute 7% combined revenue, and commercial market revenue increased to 17% of total
Management Discussion & Analysis
- Revenue $2,970.8M in 2025, up 1.0% ($29.5M) YoY driven by 10.4% commercial end market same branch sales growth and acquisitions
- Gross profit $1,009.3M in 2025, up 1.5%; gross margin 34.0% vs 33.8% in 2024, aided by selling price and product mix improvements
- Best performing segment: Commercial end market with 11.2% sales growth and 10.4% same branch sales growth in 2025; Worst: Residential end market -4.4% same branch sales decline
- Operating cash flow $371.4M in 2025; capital returned via $87.6M dividends (6% increase) and $172.6M share repurchases; invested $51.5M in acquisitions
- 2026 outlook: Stable residential market, housing starts flat; risks from elevated mortgage rates and macro volatility; long-term growth supported by housing shortages and demographic trends
Risk Factors
- Regulatory risk involving cybersecurity oversight by Audit Committee chaired by CERT-certified director, ensuring compliance with NIST and CIS Control frameworks
- Operational risk from reliance on third-party suppliers and cloud technologies with cybersecurity evaluations to mitigate vendor-related threats
- Cybersecurity incident risk managed by Incident Response Team led by CIO, with escalation to senior management and Audit Committee for material events
- Financial risk of material impact from potential cybersecurity breaches requiring Board-level incident reporting and coordinated cross-functional response
- Competitive risk from evolving cybersecurity threats potentially undermining client trust and market position if incident response fails
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.