BLDR Builders FirstSource, Inc.
Price Chart
Executive Summary
Builders FirstSource reported Q1 2026 results with a net loss of $47.4M (diluted EPS -$0.43) vs net income of $96.3M ($0.84) a year ago, as net sales fell 10.1% to $3.3B due to a weak housing starts environment. The company also announced a new $500M share repurchase authorization. The combination of deteriorating financials (revenue down 10.1%, GAAP net loss, adjusted EBITDA down 42.1%) and a lowered 2026 guidance range (net sales now $14.6B-$15.6B vs prior $14.8B-$15.8B, adjusted EBITDA now $1.1B-$1.5B vs prior $1.3B-$1.7B) signals a worsening operating environment that the buyback program cannot offset.
Key Financial Metrics
Actionable Insight
The lowered 2026 guidance midpoint implies adjusted EBITDA of ~$1.3B vs prior ~$1.5B, a ~13% cut, while leverage has risen to 3.2x. The $500M buyback authorization provides a floor but does not address the fundamental earnings deterioration. Watch for further housing starts weakness and potential debt covenant pressure if EBITDA continues to decline.
Key Facts
- Q1 2026 net sales $3.3B, down 10.1% YoY (core organic sales -8.3%, commodity deflation -3.3%)
- GAAP net loss of $47.4M (diluted EPS -$0.43) vs net income of $96.3M ($0.84) in Q1 2025
- Adjusted EBITDA fell 42.1% to $213.8M; adjusted EBITDA margin declined 360 bps to 6.5%
- Gross margin contracted 220 bps to 28.3%
- Net debt to LTM Adjusted EBITDA leverage rose to 3.2x from 2.0x a year ago
- 2026 guidance lowered: net sales $14.6B-$15.6B (from $14.8B-$15.8B), adjusted EBITDA $1.1B-$1.5B (from $1.3B-$1.7B)
- Board authorized $500M share repurchase program (includes ~$200M remaining from prior authorization)
- Company repurchased 3.3M shares for $302.9M in Q1 at avg price $92.25
Financial Impact
Net loss of $47.4M vs prior-year net income of $96.3M; adjusted EBITDA down 42.1% to $213.8M; 2026 guidance midpoint for adjusted EBITDA cut by ~$200M
Risk Factors
- Continued weakness in single-family and multi-family housing starts
- Further commodity deflation compressing margins
- Leverage at 3.2x limits financial flexibility if downturn persists
- Guidance assumes flat-to-down housing starts; any worsening could trigger further cuts
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-193923 |
| Document: bldr-20260430.htm | 0001193125-26-193923 |
| Document: bldr-ex99_2.htm | 0001193125-26-193923 |
| Document: 0001193125-26-193923-index-headers.html | 0001193125-26-193923 |
| Document: 0001193125-26-193923-index.html | 0001193125-26-193923 |
| Document: 0001193125-26-193923.txt | 0001193125-26-193923 |
| 8-K Data (Synthetic) | 0001193125-26-193923 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 18, 2026
25d ago
|
8-K
| $66.39 $77.47 | ▲ +16.69% | ▲ +14.39% | $77.77 (+17.14%) |
|
Apr 30, 2026
6w ago
|
8-K
| $79.09 $80.03 | ▼ −1.19% | ▲ +0.54% | $77.77 (+1.67%) |
|
Feb 28, 2026
15w ago
|
Institutional Cluster
| $99.41 $94.95 | ▼ −4.49% | ▼ −3.28% | $77.77 (−21.77%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access