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Home improvement retail · Consumer Cyclical · Fiscal year ends Dec 31
Builders FirstSource reported revenue of $15.2B in the fiscal year ended Dec 2025, down 7.4% from the year before. Operating income was $786M, an operating margin of 5.2%, and net income was $435M. Operating cash flow of $1.2B less capital expenditure of $363M left free cash flow of $853M. Net debt was $4.2B.
Ranks among the 7 home improvement retail companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 19,894 | 22,726 | 17,097 | 16,400 | 15,191 |
| Cost of revenue | 14,043 | 14,982 | 11,085 | 11,017 | 10,575 |
| Gross profit | 5,851 | 7,744 | 6,012 | 5,383 | 4,616 |
| Selling, general & admin | 3,464 | 3,974 | 3,836 | 3,788 | 3,830 |
| Operating income | 2,387 | 3,770 | 2,176 | 1,595 | 786 |
| Pre-tax income | 2,252 | 3,572 | 1,984 | 1,388 | 512 |
| Income tax | 526 | 822 | 444 | 310 | 77.2 |
| Net income | 1,725 | 2,749 | 1,541 | 1,078 | 435 |
| Diluted EPS | 8.48 | 16.82 | 11.94 | 9.06 | 3.89 |
| Diluted shares | 203 | 163 | 129 | 119 | 112 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 42.6 | 80.4 | 66.2 | 154 | 182 |
| Receivables | 1,709 | 1,448 | 1,437 | 1,163 | 1,061 |
| Inventory | 1,626 | 1,426 | 1,228 | 1,212 | 1,095 |
| Current assets | 3,968 | 3,498 | 3,301 | 3,141 | 2,927 |
| Net PP&E | 1,385 | 1,568 | 1,804 | 1,962 | 2,204 |
| Goodwill | 3,270 | 3,457 | 3,557 | 3,679 | 4,137 |
| Total assets | 10,714 | 10,595 | 10,499 | 10,583 | 11,238 |
| Payables | 1,093 | 803 | 881 | 868 | 715 |
| Deferred revenue | 216 | 193 | 163 | 168 | 168 |
| Current liabilities | 2,129 | 1,843 | 1,863 | 1,777 | 1,575 |
| Long-term debt | 2,978 | 2,978 | 3,177 | 3,701 | 4,427 |
| Total liabilities | 5,912 | 5,633 | 5,767 | 6,287 | 6,885 |
| Shareholders' equity | 4,802 | 4,963 | 4,732 | 4,296 | 4,352 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,744 | 3,599 | 2,307 | 1,873 | 1,216 |
| Capital expenditure | 228 | 340 | 476 | 381 | 363 |
| Free cash flow | 1,516 | 3,259 | 1,831 | 1,492 | 853 |
| Depreciation & amortisation | 547 | 497 | 558 | 562 | 591 |
| Stock-based compensation | 31.5 | 31.3 | 48.5 | 63.1 | 53.5 |
| Acquisitions | 1,206 | 628 | 239 | 336 | 1,123 |
| Share buybacks | 1,715 | 2,593 | 1,812 | 1,517 | 414 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.2% | −24.8% | −4.1% | −7.4% |
| Operating income growth (YoY) | – | 57.9% | −42.3% | −26.7% | −50.7% |
| EPS growth (YoY) | – | 98.3% | −29.0% | −24.1% | −57.1% |
| Gross margin | 29.4% | 34.1% | 35.2% | 32.8% | 30.4% |
| Operating margin | 12.0% | 16.6% | 12.7% | 9.7% | 5.2% |
| Net margin | 8.7% | 12.1% | 9.0% | 6.6% | 2.9% |
| Return on equityBlank when equity is negative | 35.9% | 55.4% | 32.6% | 25.1% | 10.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 27.8% | 43.1% | 25.2% | 18.1% | 8.1% |
| Free cash flow margin | 7.6% | 14.3% | 10.7% | 9.1% | 5.6% |
| Cash conversion (CFO ÷ net income) | 1.01x | 1.31x | 1.50x | 1.74x | 2.79x |
| Receivable days | 31 | 23 | 31 | 26 | 25 |
| Inventory days | 42 | 35 | 40 | 40 | 38 |
| Payable days | 28 | 20 | 29 | 29 | 25 |
| Debt ÷ equity | 0.62x | 0.60x | 0.67x | 0.86x | 1.02x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,935 | 2,897 | 3,111 | 3,547 | 4,245 |
| Current ratio | 1.86x | 1.90x | 1.77x | 1.77x | 1.86x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.