Trex (TREX) FY2024 results: revenue $1.2 billion, up 5.2% on the year

Trex Co. Inc. (TREX) reported revenue of $1.2 billion for fiscal 2024, the year ended 31 December 2024, up 5.2% on the year before. Net income was $238 million, up 16.8%, and diluted earnings per share $2.20. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2025.

Revenue

$1.2 billion

+5.2% on the year

FY2017FY2024

Operating margin

28.0%

25.1% a year earlier

FY2017FY2024

Net income

$238 million

+16.8% on the year

FY2017FY2024

Diluted EPS

$2.20

+17.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,151	1,095	1,106	+5.2%
Cost of revenue	650	644	702	+0.9%
Gross profit	502	451	404	+11.3%
Gross margin	43.6%	41.2%	36.5%
Research and development	3.5	3.3	0.5	+6.1%
Selling, general and administrative	180	176	142	+2.2%
Operating income	322	275	247	+17.2%
Operating margin	28.0%	25.1%	22.3%
Pre-tax income	322	275	247	+17.2%
Income tax	83.5	70.5	62.2	+18.4%
Effective tax rate	25.9%	25.7%	25.2%
Net income	238	204	185	+16.8%
Net margin	20.7%	18.6%	16.7%
Diluted EPS	$2.20	$1.88	$1.65	+17.0%

$ million except per share.

Free 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	144	389	216	-63.0%
Capital expenditure	232	166	176	+39.9%
Free cash flow	-88.4	223	40.0
Free cash flow margin	-7.7%	20.4%	3.6%
Cash from investing	-237	-166	-169
Cash from financing	91.9	-234	-176
Depreciation and amortisation	54.7	50.2	44.3	+8.9%
Share-based compensation	12.6	10.2	5.3	+24.3%
Buybacks	106	18.4	398	+474.2%
Diluted shares, weighted	108m	109m	112m	-0.4%
Shares outstanding at period end	107m	109m	109m	-1.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	887	742	545	+19.6%
Debt	203	5.5	222	+3,583.6%
Operating lease liabilities	42.0	18.8	24.0	+122.8%
Other liabilities	242	167	143	+45.1%
Total liabilities and equity	1,374	933	934	+47.3%
Fixed assets	923	709	590	+30.1%
Goodwill	14.2	n/a	n/a
Intangible assets	7.8	n/a	n/a
Cash and equivalents	1.3	2.0	12.3	-34.0%
Receivables	88.4	41.1	98.1	+114.8%
Inventory	257	107	141	+139.9%
Other assets	82.5	73.3	92.1	+12.5%
Total assets	1,374	933	934	+47.3%

10-K for the year ended 31 December 2024, filed 24 February 2025: the filing.