Jun 2026 (Q2 FY26) — Jul 30, 2026
Builders FirstSource Q2 FY26 — Updated Guidance Reflects Challenging Housing Market
Read the full callBuilders FirstSource (BLDR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Builders FirstSource earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,863 | −8.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 3.3 | −4.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -3.9 | −102.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
12 of 17 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA | $300 million to $350 million | Mar 2026 | Adjusted EBITDA was $329 million, down 35% and adjusted EBITDA margin was 8.5%, down 350 basis points primarily due to lower gross profit and reduced operating leverage on the sales decline. | Achieved |
| Adjusted EBITDA | $1.3 billion to $1.7 billion | Dec 2025 | As a result, we are guiding net sales in the range of $14 billion to $14.8 billion, adjusted EBITDA of $1 billion to $1.2 billion and adjusted EBITDA margin of 7.1% to 8.1%. | Revised Down |
| Adjusted EBITDA | $275 million to $325 million | Jun 2026 | For Q3, we expect net sales to be billion to $3.6 billion to $3.9 billion and adjusted EBITDA to be $275 million to $325 million. | New |
5 of Builders FirstSource, Inc.'s 37 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 34 more targets are in the full ledger.
Claimed
- Maintained market share in a challenging environment, reflecting competitive value proposition.
- Generated $28 million in productivity savings through supply chain and logistics initiatives.
- Identified an additional $40 million in run-rate cost savings, increasing total targeted actions for 2026 to $115 million.
- Deployed approximately $50 million towards return-enhancing opportunities, including $14 million on acquisitions.
- Strong liquidity of $1.6 billion supports operations and strategic investments.
Qualified
- Net sales decreased approximately 9% to $3.9 billion, driven by lower core organic sales and commodity deflation.
- Adjusted EBITDA declined 35% to $329 million, with adjusted EBITDA margin down 350 basis points to 8.5%.
- Adjusted EPS decreased 51% to $1.17 compared to the prior year.
- Full-year 2026 net sales guidance lowered to $14 billion to $14.8 billion, reflecting a more cautious view of housing starts.
- Multifamily results expected to remain pressured through the balance of the year due to higher interest rates and cautious developer approach.
Price
$53.68 +6.25% · +$3.16
Performance −58.1% 1Y
1Y: $128.09 on 14 Oct 2025 → $53.68. High $128.96 (15 Jan 2026), low $50.52 (14 Oct 2026).
- Previous close
- $50.52
- 52-week range
- $50.52 – $128.96
- One year
- −57.49%
Overview
- Symbol
- BLDR
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
12 of 17 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA | $300 million to $350 million | Mar 2026 | Adjusted EBITDA was $329 million, down 35% and adjusted EBITDA margin was 8.5%, down 350 basis points primarily due to lower gross profit and reduced operating leverage on the sales decline. | Achieved |
| Adjusted EBITDA | $1.3 billion to $1.7 billion | Dec 2025 | As a result, we are guiding net sales in the range of $14 billion to $14.8 billion, adjusted EBITDA of $1 billion to $1.2 billion and adjusted EBITDA margin of 7.1% to 8.1%. | Revised Down |
| Adjusted EBITDA | $275 million to $325 million | Jun 2026 | For Q3, we expect net sales to be billion to $3.6 billion to $3.9 billion and adjusted EBITDA to be $275 million to $325 million. | New |
Claimed
- Maintained market share in a challenging environment, reflecting competitive value proposition.
- Generated $28 million in productivity savings through supply chain and logistics initiatives.
- Identified an additional $40 million in run-rate cost savings, increasing total targeted actions for 2026 to $115 million.
- Deployed approximately $50 million towards return-enhancing opportunities, including $14 million on acquisitions.
- Strong liquidity of $1.6 billion supports operations and strategic investments.
Qualified
- Net sales decreased approximately 9% to $3.9 billion, driven by lower core organic sales and commodity deflation.
- Adjusted EBITDA declined 35% to $329 million, with adjusted EBITDA margin down 350 basis points to 8.5%.
- Adjusted EPS decreased 51% to $1.17 compared to the prior year.
- Full-year 2026 net sales guidance lowered to $14 billion to $14.8 billion, reflecting a more cautious view of housing starts.
- Multifamily results expected to remain pressured through the balance of the year due to higher interest rates and cautious developer approach.
The full ledger
Open Builders FirstSource, Inc.’s full ledger
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Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Builders FirstSource Q1 FY26 — Strong Share Growth Amidst Weak Housing Market
Read the full callEvery analysed call
Builders FirstSource earnings calls (BLDR)
Financials
What the filings say
Net profit, year on year: −102% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,232 | 3,820 | 3,657 | 4,234 | 3,941 | 3,358 | 3,287 | 3,863 |
| Operating profit | 428 | 304 | 184 | 311 | 229 | 62 | 17 | 129 |
| Operating margin | 10.1% | 8.0% | 5.0% | 7.3% | 5.8% | 1.8% | 0.5% | 3.3% |
| Profit before tax | 374 | 251 | 120 | 239 | 160 | -6 | -58 | 52 |
| Tax rate | 23.8% | 24.2% | 19.4% | 22.7% | 23.3% | 626.8% | 18.1% | 107.4% |
| Net profit | 285 | 190 | 96 | 185 | 122 | 31 | -47 | -4 |
| EPS ($ per share) | 2.45 | — | 0.85 | 1.67 | 1.11 | — | -0.43 | -0.04 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 |
| Reserves | 35 | 249 | 562 | 540 | 704 | 460 | 24 | 154 |
| Total liabilities | 2,336 | 2,425 | 3,021 | 5,912 | 5,633 | 5,767 | 6,287 | 6,885 |
| Fixed assets | 670 | 722 | 749 | 1,385 | 1,568 | 1,804 | 1,962 | 2,204 |
| Total assets | 2,932 | 3,249 | 4,174 | 10,714 | 10,595 | 10,499 | 10,583 | 11,238 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 283 | 504 | 260 | 1,744 | 3,599 | 2,307 | 1,873 | 1,216 |
| Cash from investing | -97 | -199 | -136 | -1,345 | -957 | -668 | -711 | -1,467 |
| Cash from financing | -234 | -301 | 286 | -780 | -2,604 | -1,653 | -1,075 | 279 |
| Capital expenditure | -101 | -113 | -112 | -228 | -340 | -476 | -381 | -363 |
| Free cash flow | 181 | 391 | 148 | 1,516 | 3,259 | 1,831 | 1,492 | 853 |
BLDR revenue by segment
Manufactured Products shrank from 24% to 22% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Lumber and Lumber Sheet Goods | 25% | 25% | 27% | 27% | 25% | 23% | 26% | 27% | -8.3% |
| Specialty Building Products and Services | 26% | 26% | 25% | 26% | 28% | 28% | 26% | 27% | -7.2% |
| Windows Doors and Millwork | 26% | 26% | 25% | 24% | 25% | 27% | 26% | 25% | -7.3% |
| Manufactured Products | 24% | 24% | 23% | 23% | 22% | 22% | 22% | 22% | -12.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
88 filings between Nov 5, 2025 and Sep 10, 2026.
Open market
decisions to buy or sellPurchases
$4.39M
1 purchase by 1 insider
Sales
$390.9K
1 sale by 1 insider
Compensation
not trading decisions- 69
- Award — granted as compensation
- 12
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| LEVY PAUL S | $4.39M | — | Mar 13, 2026 |
| Rush David E | — | $390.9K | May 8, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 10, 2026 | Charles Dirkson R Director | Award | 470 | $0 |
| Sep 10, 2026 | LEVY PAUL S Director | Award | 1,204 | $0 |
| Sep 10, 2026 | CHRISTOPHE CLEVELAND A Director | Award | 564 | $0 |
| Sep 10, 2026 | OLEARY JAMES Director | Award | 564 | $0 |
| Sep 10, 2026 | Renz Maria Director | Award | 489 | $0 |
| Sep 10, 2026 | Boydston Cory Jacobs Director | Award | 470 | $0 |
| Sep 10, 2026 | Hayes William B Director | Award | 583 | $0 |
| Sep 10, 2026 | Steinke Craig Arthur Director | Award | 564 | $0 |
| Jul 18, 2026 | Vance Todd President - East Division | Award | 3,366 | $0 |
| Jul 18, 2026 | Vaughn Paul President - West Division | Award | 3,366 | $0 |
| Jul 18, 2026 | O'Brien Matthew Coley Chief Human Resources Officer | Award | 7,406 | $0 |
| Jun 13, 2026 | Narayan Gayatri President - Tech & Digital | Tax withheld | 2,842 | $221.0K |
| Jun 5, 2026 | Herron Stephen J Chief Operating Officer | Gift | 850 | $0 |
| Jun 4, 2026 | Hiller Michael COO-Designate | Gift | 900 | $0 |
| Jun 1, 2026 | LEVY PAUL S Director | Award | 1,049 | $80.0K |
| Jun 1, 2026 | CHRISTOPHE CLEVELAND A Director | Award | 491 | $37.4K |
| Jun 1, 2026 | OLEARY JAMES Director | Award | 491 | $37.4K |
| Jun 1, 2026 | Boydston Cory Jacobs Director | Award | 409 | $31.2K |
| Jun 1, 2026 | Renz Maria Director | Award | 426 | $32.5K |
| Jun 1, 2026 | Steinke Craig Arthur Director | Award | 491 | $37.4K |
| Jun 1, 2026 | Hayes William B Director | Award | 508 | $38.7K |
| Jun 1, 2026 | Charles Dirkson R Director | Award | 409 | $31.2K |
| Jun 1, 2026 | ALEXANDER MARK A Director | Award | 409 | $31.2K |
| May 14, 2026 | OLEARY JAMES Director | Award | 2,558 | $0 |
| May 14, 2026 | CHRISTOPHE CLEVELAND A Director | Award | 2,558 | $0 |
| May 14, 2026 | LEVY PAUL S Director | Award | 2,558 | $0 |
| May 14, 2026 | Hayes William B Director | Award | 2,558 | $0 |
| May 14, 2026 | Renz Maria Director | Award | 2,558 | $0 |
| May 14, 2026 | ALEXANDER MARK A Director | Award | 2,558 | $0 |
| May 14, 2026 | Rush David E Director | Award | 2,558 | $0 |
| May 14, 2026 | MILGRIM BRETT N Director | Award | 2,558 | $0 |
| May 14, 2026 | Steinke Craig Arthur Director | Award | 2,558 | $0 |
| May 14, 2026 | Boydston Cory Jacobs Director | Award | 2,558 | $0 |
| May 14, 2026 | Charles Dirkson R Director | Award | 2,558 | $0 |
| May 14, 2026 | AINOA CHERYL Director | Award | 2,558 | $0 |
| May 8, 2026 | Rush David E Director | Sale | 5,000 | $390.9K |
| Mar 15, 2026 | Vance Todd President - East Division | Award | 2,237 | $0 |
| Mar 15, 2026 | Hiller Michael Chief Talent Officer | Tax withheld | 3,294 | $290.2K |
| Mar 15, 2026 | Hiller Michael Chief Talent Officer | Award | 5,594 | $0 |
| Mar 15, 2026 | Hiller Michael Chief Talent Officer | Award | 11,352 | $0 |
| Mar 15, 2026 | Vance Todd President - East Division | Award | 7,663 | $0 |
| Mar 15, 2026 | Robins Scott L President - West Division | Award | 5,594 | $0 |
| Mar 15, 2026 | Robins Scott L President - West Division | Award | 9,507 | $0 |
| Mar 15, 2026 | Cope Jonathan P President - Commercial | Award | 5,676 | $0 |
| Mar 15, 2026 | Cope Jonathan P President - Commercial | Tax withheld | 739 | $65.1K |
| Mar 15, 2026 | Robins Scott L President - West Division | Tax withheld | 5,057 | $445.5K |
| Mar 15, 2026 | Narayan Gayatri President - Tech & Digital | Award | 9,365 | $0 |
| Mar 15, 2026 | Trester Matthew Principal Accounting Officer | Tax withheld | 648 | $57.1K |
| Mar 15, 2026 | Trester Matthew Principal Accounting Officer | Award | 698 | $0 |
| Mar 15, 2026 | Trester Matthew Principal Accounting Officer | Award | 1,419 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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