Exhibit 99.1

TopBuild Reports Fourth Quarter and Year-End 2024 Results,

Provides 2025 Outlook and

Announces New $1 Billion Share Repurchase Authorization

Fourth Quarter Highlights

Fourth quarter sales grew 2.0% to $1.31 billion, driven by 6.6% improvement in Specialty Distribution

Delivered gross margin of 29.9% and adjusted EBITDA margin of 19.7%

Full Year Highlights

Achieved record 2024 results: sales of $5.3 billion and adjusted EBITDA of $1.07 billion

Completed 8 acquisitions totaling $153.1 million in annual sales

Returned $966.4 million in capital to stockholders through the repurchase of ~2.5 million shares

2025 Outlook

Anticipates full year 2025 sales between $5.05 to $5.35 billion and

adjusted EBITDA in the range of $925 million to $1.075 billion

Acquisitions continue to be top priority for deploying capital

DAYTONA BEACH, FL – February 25, 2025 — TopBuild Corp. (NYSE:BLD) a leading installer and specialty distributor of insulation and building material products to the construction industry in the United States and Canada today reported results for the fourth quarter and year ended December 31, 2024.

“Our performance in 2024 was driven by consistent execution within our unique operating model and the entire TopBuild team’s relentless pursuit of operational excellence and focus on driving improvements across the business.


NYSE:BLD	February 25, 2025	topbuild.com

“Our fourth quarter results were as expected given the ongoing choppiness across the residential construction landscape. Sales improved 2.0%, driven by 6.6% growth in Specialty Distribution, while Installation was relatively flat in the quarter. We also improved adjusted EBITDA margin by 10 basis points to 19.7%. Broad macro fundamentals continue to support long-term demand growth across our end markets. Low housing inventory, population growth and demographic shifts, as well as ongoing initiatives to reduce energy consumption, decrease utility costs, and manage emissions are tailwinds for our business.

“We have a very robust pipeline of M&A opportunities and acquisitions continue to be the highest priority for our free cash flow. In 2024 we remained disciplined around capital allocation, completing eight acquisitions which total $153.1 million in annual sales. We also returned $966.4 million in capital to shareholders through our share repurchase program, demonstrating our continued confidence in our outlook and ability to successfully deploy capital to generate excellent returns,” concluded Mr. Buck.

Financial Highlights

(comparisons are to the periods ended December 31, 2023)

Three Months Ended December 31, 2024

Reported

Adjusted

($ in thousands)

2024

2023

2024

2023

Sales

1,312,206

1,286,074

1,312,206

1,286,074

Gross Profit

392,033

391,116

392,033

391,116

Gross Margin

29.9%

30.4%

29.9%

30.4%

SG&A

174,583

186,316

172,896

178,894

SG&A as % of Sales

13.3%

14.5%

13.2%

13.9%

Operating Profit

217,450

204,800

219,137

212,222

Operating Margin

16.6%

15.9%

16.7%

16.5%

Net Income

150,540

146,382

151,262

149,305

Net Income per diluted share

5.11

4.60

5.13

4.69

EBITDA

258,025

251,641

EBITDA Margin

19.7%

19.6%

Year Ended December 31, 2024

Reported

Adjusted

($ in thousands)

2024

2023

2024

2023

Sales

5,329,803

5,194,694

5,329,803

5,194,694

Gross Profit

1,624,918

1,603,820

1,624,918

1,603,820

Gross Margin

30.5%

30.9%

30.5%

30.9%

SG&A

738,575

724,995

707,393

703,374

SG&A as % of Sales

13.9%

14.0%

13.3%

13.5%

Operating Profit

886,343

878,825

917,525

900,446

Operating Margin

16.6%

16.9%

17.2%

17.3%

Net Income

622,602

614,254

645,258

626,857

Net Income per diluted share

20.29

19.33

21.03

19.73

EBITDA

1,074,595

1,049,160

EBITDA Margin

20.2%


NYSE:BLD	February 25, 2025	topbuild.com

Sales Drivers

(comparisons are to the periods ended December 31, 2023)


	Three Months Ended December 31, 2024
	Installation		Specialty Distribution		TopBuild, net of eliminations
Sales (in millions)	$	789	$	602	$	1,312
Sales Drivers
Volume		(4.1%)		4.4%		(1.3%)
Price		1.5%		0.0%		0.9%
M&A		2.3%		2.2%		2.4%
Total Sales Change		(0.2%)		6.6%		2.0%


	Year Ended December 31, 2024
	Installation		Specialty Distribution		TopBuild, net of eliminations
Sales (in millions)	$	3,295	$	2,341	$	5,330
Sales Drivers
Volume		(0.6%)		1.0%		(0.7%)
Price		1.3%		0.9%		1.1%
M&A		3.1%		1.3%		2.5%
Dispositions		(0.5%)				(0.3%)
Total Sales Change		3.3%		3.2%		2.6%

Segment Profitability

(comparisons are to the periods ended December 31, 2023)

Three Months Ended December 31, 2024

Year Ended December 31, 2024

($ in thousands)

Installation

Specialty
Distribution

Installation

Specialty
Distribution

Operating Profit

149,445

90,569

649,162

352,431

Change

(0.4%)

8.7%

0.7%

6.5%

Operating Margin

19.0%

15.0%

19.7%

15.1%

Adj. Operating Profit

149,537

91,160

649,618

352,480

Change

(0.3%)

9.4%

0.4%

6.4%

Adj. Operating Margin

19.0%

15.1%

19.7%

15.1%

Adj. EBITDA

169,009

106,674

725,824

414,182

Change

0.1%

7.9%

1.2%

5.6%

Adj. EBITDA Margin

21.4%

17.7%

22.0%

17.7%


NYSE:BLD	February 25, 2025	topbuild.com

Capital Allocation

2024 Acquisitions


	Annual Sales
Company		($ in millions)		Month Closed
Brabble Insulation (I)		$	5.2	February
Morris Black & Sons (I)			3.8	March
Pest Control Insulation (D)			25.4	March
Green Space Insulation (I)			6.0	April
Insulation Works (I)			28.0	May
Texas Insulation (I)			38.9	May
Shannon Global Energy Solutions (D)			10.8	December
Metro Supply Company (D)			35.0	December
Total		$	153.1
I = Installation, D = Specialty Distribution

Share Repurchases

During the fourth quarter, TopBuild repurchased 134,872 shares totaling $47.2 million. For the full year, the Company repurchased 2.5 million shares for a total of $966.4 million.

New Share Repurchase Authorization

TopBuild announced today that its Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s outstanding common stock. The new authorization is in addition to the $188.1 million remaining from the prior authorization (as of December 31, 2024), bringing total availability for share repurchases to $1.2 billion. The authorization reflects the continued confidence of management and the Board in TopBuild’s long-term strategy and demonstrates the Company’s commitment to returning capital to shareholders.

2025 Outlook¹

TopBuild provided its full year outlook which assumes ongoing choppiness in the residential new construction market throughout 2025. The Company noted that its 2025 guidance does not contemplate transactions that it expects to complete during the year.


$ in millions
2025 Outlook	Low		High
Sales	$	5,050	$	5,350
Adjusted EBITDA	$	925	$	1,075


2025 Assumptions
Residential Sales	Mid-single digit decline
Commercial/Industrial Sales	Low-single digit growth
Interest Expense	$49 - $55 million
Capital Expenditures	1.5 – 2.0% of sales
Tax Rate	25 – 27%


NYSE:BLD	February 25, 2025	topbuild.com

¹This outlook reflects management’s current view of present and future market conditions and is based on assumptions such as housing starts, general and administrative expenses, and interest rates. These targets do not include any effects related to potential acquisitions or divestitures that may occur after the date of this press release. A reconciliation of non-GAAP targets to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, the costs and expenses that may be incurred in the future and therefore cannot be reasonably predicted. The effect of these excluded items may be significant. Factors that could cause actual long-term results to differ materially from TopBuild’s current expectations are discussed below and are also detailed in the Company’s most recent Annual Report on Form 10-K and subsequent SEC reports.

Conference Call

A conference call to discuss the fourth quarter 2024 financial results is scheduled for today, Tuesday, February 25, at 9:00 a.m. Eastern Time. The call may be accessed by dialing (877) 407-9037. A simultaneous webcast of the call, along with management’s formal remarks and a presentation, will be available on the Company’s website at www.topbuild.com shortly before the call begins.

About TopBuild

TopBuild Corp., headquartered in Daytona Beach, Florida, is a leading installer and specialty distributor of insulation and related building material products to the construction industry in the United States and Canada. We provide insulation installation services nationwide through our Installation segment which has approximately 250 branches located across the United States. We distribute building and mechanical insulation, insulation accessories and other building product materials for the residential, commercial, and industrial end markets through our Specialty Distribution business. Our Specialty Distribution network encompasses approximately 190 branches across the United States and Canada. To learn more about TopBuild please visit our website at www.topbuild.com.

Use of Non-GAAP Financial Measures

Adjusted EBITDA, incremental EBITDA margin, adjusted EBITDA margin, the “adjusted” financial measures presented above, and figures presented on a “same branch basis” are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes that these non-GAAP financial measures, which are used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods. We define same branch sales as sales from branches in operation for at least 12 full calendar months. Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in tables contained in this press release. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under GAAP. Additional information may be found in the Company’s filings with the Securities and Exchange Commission which are available on TopBuild’s website under “SEC Filings” at www.topbuild.com.


NYSE:BLD	February 25, 2025	topbuild.com

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, and our plan to repurchase our common stock under stock repurchase transactions. These forward-looking statements can be identified by words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “may,” “project,” “estimate” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including those described in the risk factors contained in our filings with the Securities and Exchange Commission, may cause our actual results to differ from those expressed in forward-looking statements. Although TopBuild believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved and it undertakes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

Investor Relations and Media Contact

PI Aquino

pi.aquino@topbuild.com
386-763-8801

(tables follow)


NYSE:BLD	February 25, 2025	topbuild.com

TopBuild Corp.

Consolidated Statements of Operations

(in thousands, except share and per common share amounts)


	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Net sales	$	1,312,206	$	1,286,074	$	5,329,803	$	5,194,694
Cost of sales		920,173		894,958		3,704,885		3,590,874
Gross profit		392,033		391,116		1,624,918		1,603,820

Selling, general, and administrative expense		174,583		186,316		738,575		724,995
Operating profit		217,450		204,800		886,343		878,825

Other income (expense), net:
Interest expense		(17,280)		(19,187)		(73,092)		(74,614)
Other, net		2,551		8,729		27,537		21,272
Other expense, net		(14,729)		(10,458)		(45,555)		(53,342)
Income before income taxes		202,721		194,342		840,788		825,483

Income tax expense		(52,181)		(47,960)		(218,186)		(211,229)
Net income	$	150,540	$	146,382	$	622,602	$	614,254

Net income per common share:
Basic	$	5.13	$	4.63	$	20.41	$	19.44
Diluted	$	5.11	$	4.60	$	20.29	$	19.33

Weighted average shares outstanding:
Basic		29,319,538		31,623,506		30,504,064		31,597,508
Diluted		29,485,271		31,805,569		30,679,660		31,776,901


NYSE:BLD	February 25, 2025	topbuild.com

TopBuild Corp.

Consolidated Statements of Comprehensive Income

(in thousands)


	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Net income	$	150,540	$	146,382	$	622,602	$	614,254
Other comprehensive (loss) income:
Foreign currency translation adjustment		(11,076)		4,227		(14,541)		7,255
Comprehensive income	$	139,464	$	150,609	$	608,061	$	621,509


NYSE:BLD	February 25, 2025	topbuild.com

TopBuild Corp.

Consolidated Balance Sheets and Other Financial Data

(dollars in thousands)


	As of December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$	400,318	$	848,565
Receivables, net of an allowance for credit losses of $18,541 at December 31, 2024, and $23,948 at December 31, 2023		751,612		799,009
Inventories		406,662		364,731
Prepaid expenses and other current assets		40,382		36,939
Total current assets		1,598,974		2,049,244

Right of use assets		189,146		204,629
Property and equipment, net		266,992		264,487
Goodwill		2,112,259		2,042,568
Other intangible assets, net		557,689		591,058
Other assets		10,366		10,865
Total assets	$	4,735,426	$	5,162,851

LIABILITIES
Current liabilities:
Accounts payable	$	456,446	$	469,585
Current portion of long-term debt		48,750		47,039
Accrued liabilities		191,786		187,217
Short-term operating lease liabilities		68,713		65,780
Short-term finance lease liabilities		1,487		1,917
Total current liabilities		767,182		771,538

Long-term debt		1,327,159		1,373,028
Deferred tax liabilities, net		240,343		243,930
Long-term portion of insurance reserves		57,700		58,783
Long-term operating lease liabilities		129,360		146,213
Long-term finance lease liabilities		2,618		4,150
Other liabilities		1,446		1,554
Total liabilities		2,525,808		2,599,196

EQUITY		2,209,618		2,563,655
Total liabilities and equity	$	4,735,426	$	5,162,851


	As of December 31,
	2024			2023
Other Financial Data
Receivables, net plus inventories less accounts payable	$	701,828		$	694,155
Net sales, acquisition adjusted †	$	5,409,852		$	5,258,974
Receivables, net plus inventories less accounts payable as a percent of sales (TTM) †		13.0	%		13.2	%

† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches


NYSE:BLD	February 25, 2025	topbuild.com

TopBuild Corp.
Consolidated Statements of Cash Flows
(in thousands)


	Year Ended December 31,
	2024		2023
Cash Flows Provided by (Used in) Operating Activities:
Net income	$	622,602	$	614,254
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		140,491		132,878
Share-based compensation		16,579		15,838
Loss on sale of assets		1,014		2,349
Amortization of debt issuance costs		2,881		2,881
Provision for bad debt expense		15,742		6,481
Provision for inventory obsolescence		7,586		4,794
Deferred income taxes, net		(3,462)		(7,476)
Change in certain assets and liabilities, net of effects of businesses acquired:
Receivables, net		56,017		20,812
Inventories		(41,723)		74,529
Prepaid expenses and other current assets		(3,143)		(2,598)
Accounts payable		(30,420)		(8,867)
Accrued liabilities		(5,816)		(4,444)
Other, net		(2,322)		(2,022)
Net cash provided by operating activities		776,026		849,409

Cash Flows Provided by (Used in) Investing Activities:
Purchases of property and equipment		(69,349)		(63,998)
Acquisition of businesses, net of cash acquired		(136,767)		(149,154)
Proceeds from sale of assets		2,593		14,982
Net cash used in investing activities		(203,523)		(198,170)

Cash Flows Provided by (Used in) Financing Activities:
Repayment of long-term debt		(47,039)		(40,138)
Taxes withheld and paid on employees' equity awards		(6,107)		(6,528)
Exercise of stock options		3,226		3,130
Repurchase of shares of common stock		(966,352)		—
Payment of contingent consideration		—		(300)
Net cash used in financing activities		(1,016,272)		(43,836)
Impact of exchange rate changes on cash		(4,478)		1,093
Net (decrease) increase in cash and cash equivalents		(448,247)		608,496
Cash and cash equivalents - Beginning of period		848,565		240,069
Cash and cash equivalents - End of period	$	400,318	$	848,565

Supplemental disclosure of cash paid for:
Interest	$	69,975	$	71,463
Income taxes		219,484		220,773

Supplemental disclosure of noncash activities:
Leased assets obtained in exchange for new operating lease liabilities	$	50,502	$	56,255
Accruals for property and equipment		1,023		912
Excise taxes capitalized to treasury stock		9,444		—


NYSE:BLD	February 25, 2025	topbuild.com

TopBuild Corp.

Segment Data (Unaudited)

(dollars in thousands)


	Three Months Ended December 31,									Year Ended December 31,
	2024			2023			Change			2024			2023			Change
Installation
Sales	$	788,554		$	790,414			(0.2)	%	$	3,294,630		$	3,188,232			3.3	%

Operating profit, as reported	$	149,445		$	149,999					$	649,162		$	644,392
Operating margin, as reported		19.0	%		19.0	%					19.7	%		20.2	%

Rationalization charges		−			41						−			1,923
Acquisition related costs		92			11						456			527
Operating profit, as adjusted	$	149,537		$	150,051					$	649,618		$	646,842
Operating margin, as adjusted		19.0	%		19.0	%					19.7	%		20.3	%

Share-based compensation		258			372						976			1,496
Depreciation and amortization		19,214			18,422						75,230			69,123
EBITDA, as adjusted	$	169,009		$	168,845			0.1	%	$	725,824		$	717,461			1.2	%
EBITDA margin, as adjusted		21.4	%		21.4	%					22.0	%		22.5	%

Specialty Distribution
Sales	$	601,830		$	564,468			6.6	%	$	2,340,837		$	2,268,339			3.2	%

Operating profit, as reported	$	90,569		$	83,355					$	352,431		$	330,938
Operating margin, as reported		15.0	%		14.8	%					15.1	%		14.6	%

Rationalization charges		80			−						(476)			−
Acquisition related costs		511			−						525			350
Operating profit, as adjusted	$	91,160		$	83,355					$	352,480		$	331,288
Operating margin, as adjusted		15.1	%		14.8	%					15.1	%		14.6	%

Share-based compensation		358			298						1,545			1,286
Depreciation and amortization		15,156			15,193						60,157			59,607
EBITDA, as adjusted	$	106,674		$	98,846			7.9	%	$	414,182		$	392,181			5.6	%
EBITDA margin, as adjusted		17.7	%		17.5	%					17.7	%		17.3	%


NYSE:BLD	February 25, 2025	topbuild.com

TopBuild Corp.

Adjusted EBITDA (Unaudited)

(dollars in thousands)


	Three Months Ended December 31,									Year Ended December 31,
	2024			2023			Change			2024			2023			Change
Total net sales
Sales before eliminations	$	1,390,384		$	1,354,882					$	5,635,467		$	5,456,571
Intercompany eliminations		(78,178)			(68,808)						(305,664)			(261,877)
Net sales after eliminations	$	1,312,206		$	1,286,074			2.0	%	$	5,329,803		$	5,194,694			2.6	%

Operating profit, as reported - segments	$	240,014		$	233,354					$	1,001,593		$	975,330
General corporate expense, net		(9,807)			(16,787)						(65,416)			(52,067)
Intercompany eliminations		(12,757)			(11,767)						(49,834)			(44,438)
Operating profit, as reported	$	217,450		$	204,800					$	886,343		$	878,825
Operating margin, as reported		16.6	%		15.9	%					16.6	%		16.9	%

Rationalization charges		80			41						73			1,923
Acquisition related costs †		1,607			7,381						8,109			19,698
Acquisition termination fee		-			-						23,000			-
Operating profit, as adjusted	$	219,137		$	212,222					$	917,525		$	900,446
Operating margin, as adjusted		16.7	%		16.5	%					17.2	%		17.3	%

Share-based compensation		3,174			4,757						16,579			15,836
Depreciation and amortization		35,714			34,662						140,491			132,878
EBITDA, as adjusted	$	258,025		$	251,641			2.5	%	$	1,074,595		$	1,049,160			2.4	%
EBITDA margin, as adjusted		19.7	%		19.6	%					20.2	%		20.2	%

Sales change period over period		26,132									135,109
EBITDA, as adjusted, change period over period		6,384									25,435
Incremental EBITDA, as adjusted, as a percentage of change in sales		24.4	%								18.8	%

† Acquisition related costs include corporate level adjustments as well as segment operating adjustments.


NYSE:BLD	February 25, 2025	topbuild.com

TopBuild Corp.

Same Branch and Acquisition Metrics (Unaudited)

(dollars in thousands)


	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Net sales
Same branch:
Installation	$	769,980		$	790,414		$	3,194,945		$	3,172,854
Specialty Distribution		589,392			564,468			2,310,659			2,268,339
Eliminations		(78,178)			(68,808)			(305,664)			(261,877)
Total same branch	$	1,281,194		$	1,286,074		$	5,199,940		$	5,179,316

Acquisitions (a):
Installation	$	18,574		$	-		$	99,685		$	-
Specialty Distribution		12,438			-			30,178			-
Total acquisitions	$	31,012		$	-		$	129,863		$	-

Dispositions (b):
Installation	$	-		$	-		$	-		$	15,378
Total dispositions	$	-		$	-		$	-		$	15,378
Total net sales	$	1,312,206		$	1,286,074		$	5,329,803		$	5,194,694

EBITDA, as adjusted
Same branch	$	253,145		$	251,641		$	1,054,680		$	1,046,120
Acquisitions (a)		4,880			-			19,915			-
Dispositions (b)		-			-			-			3,040
Total	$	258,025		$	251,641		$	1,074,595		$	1,049,160

EBITDA, as adjusted, as a percentage of sales
Same branch (c)		19.8	%					20.3	%
Acquisitions (d)		15.7	%					15.3	%
Total (e)		19.7	%		19.6	%		20.2	%		20.2	%

As Adjusted Incremental EBITDA, as a percentage of change in sales
Same branch (f)		NM						41.5	%
Acquisitions (d)		15.7	%					15.3	%
Total (g)		24.4	%					18.8	%

(a) Represents current year impact of acquisitions in their first twelve months

(b) Represents operating results in prior period previously classified as same branch

(d) Acquired metric, as adjusted, as a percentage of acquired sales

(e) Total EBITDA, as adjusted, as a percentage of total sales

(f) Change in same branch EBITDA, as adjusted, as a percentage of change in same branch sales

(g) Change in total EBITDA, as adjusted, as a percentage of change in total sales

NM Not Meaningful


NYSE:BLD	February 25, 2025	topbuild.com

TopBuild Corp.

Non-GAAP Reconciliations (Unaudited)

(in thousands, except share and per common share amounts)


	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Gross Profit Reconciliation

Net sales	$	1,312,206		$	1,286,074		$	5,329,803		$	5,194,694

Gross profit, as reported	$	392,033		$	391,116		$	1,624,918		$	1,603,820

Acquisition related costs		-			-			-			-
Gross profit, as adjusted	$	392,033		$	391,116		$	1,624,918		$	1,603,820

Gross margin, as reported		29.9	%		30.4	%		30.5	%		30.9	%
Gross margin, as adjusted		29.9	%		30.4	%		30.5	%		30.9	%

Selling, General and Administrative Expense Reconciliation

Selling, general, and administrative expense, as reported	$	174,583		$	186,316		$	738,575		$	724,995

Rationalization charges		80			41			73			1,923
Acquisition related costs		1,607			7,381			8,109			19,698
Acquisition termination fee		-			-			23,000			-
Selling, general, and administrative expense, as adjusted	$	172,896		$	178,894		$	707,393		$	703,374

Operating Profit Reconciliation

Operating profit, as reported	$	217,450		$	204,800		$	886,343		$	878,825

Rationalization charges		80			41			73			1,923
Acquisition related costs		1,607			7,381			8,109			19,698
Acquisition termination fee		-			-			23,000			-
Operating profit, as adjusted	$	219,137		$	212,222		$	917,525		$	900,446

Operating margin, as reported		16.6	%		15.9	%		16.6	%		16.9	%
Operating margin, as adjusted		16.7	%		16.5	%		17.2	%		17.3	%

Income Per Common Share Reconciliation

Income before income taxes, as reported	$	202,721		$	194,342		$	840,788		$	825,483

Rationalization charges		80			41			73			1,923
Acquisition related costs		1,607			7,381			8,109			19,698
Acquisition termination fee		-			-			23,000			-
Income before income taxes, as adjusted		204,408			201,764			871,970			847,104

Tax rate at 26.0%		(53,146)			(52,459)			(226,712)			(220,247)
Income, as adjusted	$	151,262		$	149,305		$	645,258		$	626,857

Income per common share, as adjusted	$	5.13		$	4.69		$	21.03		$	19.73

Weighted average diluted common shares outstanding		29,485,271			31,805,569			30,679,660			31,776,901


NYSE:BLD	February 25, 2025	topbuild.com

TopBuild Corp.

Reconciliation of Adjusted EBITDA to Net Income (Unaudited)

(in thousands)


	Three Months Ended December 31,					Year Ended December 31,
	2024		2023			2024	2023
Net income, as reported	$	150,540	$	146,382	$	622,602	$	614,254
Adjustments to arrive at EBITDA, as adjusted:
Interest expense and other, net		14,729		10,458		45,555		53,342
Income tax expense		52,181		47,960		218,186		211,229
Depreciation and amortization		35,714		34,662		140,491		132,878
Share-based compensation		3,174		4,757		16,579		15,836
Rationalization charges		80		41		73		1,923
Acquisition related costs		1,607		7,381		8,109		19,698
Acquisition termination fee		-		-		23,000		-
EBITDA, as adjusted	$	258,025	$	251,641	$	1,074,595	$	1,049,160

Proforma acquisition EBITDA (a)						11,395
Proforma TTM EBITDA, as adjusted					$	1,085,990

(a) Represents the trailing twelve months proforma impact of acquisitions completed in 2024.


NYSE:BLD	February 25, 2025	topbuild.com

TopBuild Corp.

Acquisition Adjusted Net Sales (Unaudited)

(in thousands)


	2024								Year Ended
	Q1		Q2		Q3		Q4		December 31, 2024
Net sales	$	1,278,717	$	1,365,612	$	1,373,268	$	1,312,206	$	5,329,803
Acquisitions proforma adjustment †		35,308		22,616		13,363		8,762		80,049
Net sales, acquisition adjusted	$	1,314,025	$	1,388,228	$	1,386,631	$	1,320,968	$	5,409,852

† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches


NYSE:BLD	February 25, 2025	topbuild.com

TopBuild Corp.

2025 Estimated Adjusted EBITDA Range (Unaudited)
(in millions)


	Twelve Months Ending December 31, 2025
		Low		High
Estimated net income, as reported	$	519.0	$	640.0
Adjustments to arrive at estimated EBITDA, as adjusted:
Interest expense and other, net		55.0		49.0
Income tax expense		182.0		225.0
Depreciation and amortization		148.0		143.0
Share-based compensation		20.0		17.0
Acquisition related costs & rationalization charges		1.0		1.0
Estimated EBITDA, as adjusted	$	925.0	$	1,075.0


NYSE:BLD	February 25, 2025	topbuild.com