Installed Building Products (IBP) FY2025 results: revenue $3.0 billion, up 1.0% on the year
Installed Building Products, Inc. (IBP) reported revenue of $3.0 billion for fiscal 2025, the year ended 31 December 2025, up 1.0% on the year before. Net income was $265 million, up 3.4%, and diluted earnings per share $9.71. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$3.0 billion
+1.0% on the year
FY2018FY2025
Operating margin
13.0%
13.0% a year earlier
FY2018FY2025
Net income
$265 million
+3.4% on the year
FY2018FY2025
Diluted EPS
$9.71
+6.7% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 raised, 2 new.
Fourth-quarter revenue slightly lower: Quarterly net revenue was $747.5 million, down 0.4%; on a consolidated same-branch basis revenue fell 2.4%.
Quarterly adjusted EBITDA reached record: Adjusted EBITDA rose 7.7% to a fourth-quarter record $142.2 million, a 19.0% adjusted margin against 17.6% a year earlier.
Residential same-branch sales declined: Residential same-branch sales fell 9.3% in the quarter, while commercial same-branch sales rose 22.9% year over year.
Gross margin reached a record: Gross margin was a record 35.0% in the quarter, against 33.6% a year earlier.
Job volumes fell, price/mix rose: Including heavy commercial, price/mix rose 5.8% and job volume fell 8.9% in the quarter, both measured on the Installation segment.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
371
340
340
+9.2%
Capital expenditure
70.6
88.6
61.6
-20.3%
Free cash flow
301
251
279
+19.6%
Free cash flow margin
10.1%
8.5%
10.0%
Cash from investing
-112
-159
-103
Cash from financing
-265
-240
-79.9
Depreciation and amortisation
61.4
55.4
49.2
+10.8%
Share-based compensation
21.5
19.4
15.9
+10.8%
Buybacks
173
145
6.3
+18.8%
Dividends paid
87.6
84.7
63.1
+3.4%
Dividend per share
$3.18
$3.00
$2.22
+6.0%
Diluted shares, weighted
27m
28m
28m
-3.1%
Shares outstanding at period end
27m
28m
28m
-2.8%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
710
705
670
+0.7%
Debt
887
875
867
+1.3%
Operating lease liabilities
61.4
61.0
49.9
+0.7%
Finance lease liabilities
4.0
5.4
6.6
-25.9%
Other liabilities
406
413
387
-1.8%
Total liabilities and equity
2,068
2,060
1,981
+0.4%
Goodwill
450
433
399
+4.1%
Intangible assets
262
270
269
-3.3%
Cash and equivalents
322
328
386
-1.7%
Receivables
444
434
423
+2.4%
Inventory
203
195
163
+4.3%
Other assets
387
401
341
-3.4%
Total assets
2,068
2,060
1,981
+0.4%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.