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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.
Read the Q4 FY2025 earnings call summary

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,9712,9412,779+1.0%
Cost of revenue1,9621,9471,848+0.8%
Gross profit1,009994931+1.5%
Gross margin34.0%33.8%33.5%
Operating income386382369+1.0%
Operating margin13.0%13.0%13.3%
Interest expense31.736.937.0-14.1%
Pre-tax income357346333+3.1%
Income tax91.689.889.4+2.0%
Effective tax rate25.7%25.9%26.8%
Net income265257244+3.4%
Net margin8.9%8.7%8.8%
Diluted EPS$9.71$9.10$8.61+6.7%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow371340340+9.2%
Capital expenditure70.688.661.6-20.3%
Free cash flow301251279+19.6%
Free cash flow margin10.1%8.5%10.0%
Cash from investing-112-159-103
Cash from financing-265-240-79.9
Depreciation and amortisation61.455.449.2+10.8%
Share-based compensation21.519.415.9+10.8%
Buybacks1731456.3+18.8%
Dividends paid87.684.763.1+3.4%
Dividend per share$3.18$3.00$2.22+6.0%
Diluted shares, weighted27m28m28m-3.1%
Shares outstanding at period end27m28m28m-2.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity710705670+0.7%
Debt887875867+1.3%
Operating lease liabilities61.461.049.9+0.7%
Finance lease liabilities4.05.46.6-25.9%
Other liabilities406413387-1.8%
Total liabilities and equity2,0682,0601,981+0.4%
Goodwill450433399+4.1%
Intangible assets262270269-3.3%
Cash and equivalents322328386-1.7%
Receivables444434423+2.4%
Inventory203195163+4.3%
Other assets387401341-3.4%
Total assets2,0682,0601,981+0.4%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.