Trex (TREX) Q4 FY2025 earnings: revenue $161 million, down 3.9% on the year

Trex Co. Inc. (TREX) reported revenue of $161 million for Q4 FY2025, the quarter ended 31 December 2025, down 3.9% on the same quarter a year earlier. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue$161 milliondown 3.9%

Net income

Diluted EPSn/a

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Revenue	161	285	168	-3.9%
Cost of revenue	n/a	170	96.7	n/a
Gross profit	n/a	115	71.0	n/a
Gross margin	n/a	40.5%	42.3%
Selling, general and administrative	45.2	45.0	39.3	+14.9%
Operating income	n/a	70.4	31.7	n/a
Operating margin	n/a	24.7%	18.9%
Pre-tax income	n/a	70.4	31.7	n/a
Income tax	n/a	18.6	9.9	n/a
Effective tax rate	n/a	26.5%	31.1%
Net income	n/a	51.8	21.8	n/a
Net margin	n/a	18.1%	13.0%
Diluted EPS	n/a	$0.48	$0.20	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Operating cash flow	65.5	197	-8.5	n/a
Capital expenditure	43.4	53.9	80.9	-46.4%
Free cash flow	22.1	143	-89.3	n/a
Free cash flow margin	13.7%	50.1%	-53.3%
Cash from investing	-45.1	-57.1	-85.2	n/a
Cash from financing	-28.0	-134	82.1	n/a
Depreciation and amortisation	16.9	16.0	13.5	+25.6%
Share-based compensation	2.7	1.2	3.0	-10.6%
Buybacks	50.4	0.0	50.3	+0.3%
Diluted shares, weighted	107m	107m	107m	-0.2%
Shares outstanding at period end	106m	107m	107m	-1.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Shareholders' equity	1,034	1,042	850	+21.7%
Debt	134	111	n/a	n/a
Operating lease liabilities	41.8	35.7	42.0	-0.5%
Other liabilities	244	263	432	-43.6%
Total liabilities and equity	1,453	1,452	1,324	+9.8%
Fixed assets	1,050	1,029	923	+13.7%
Goodwill	14.2	n/a	14.2	+0.0%
Intangible assets	17.3	n/a	7.8	+121.1%
Cash and equivalents	3.8	11.4	1.3	+194.7%
Receivables	48.1	164	88.4	-45.6%
Inventory	239	150	207	+15.1%
Other assets	81.6	98.4	82.5	-1.0%
Total assets	1,453	1,452	1,324	+9.8%

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	304	196	374	376	234	168	340	388	285	161	343	418
Cost of revenue	173	125	204	208	141	96.7	202	230	170	n/a	204	260
Gross profit	131	70.6	170	168	93.2	71.0	138	158	115	n/a	139	158
Gross margin	43%	36%	45%	45%	40%	42%	41%	41%	40%	n/a	40%	38%
SG&A	44.5	42.5	50.6	51.2	38.9	39.3	56.1	55.7	45.0	45.2	55.5	67.5
Operating income	86.4	28.1	119	117	54.3	31.7	81.7	102	70.4	n/a	83.5	86.2
Operating margin	28%	14%	32%	31%	23%	19%	24%	26%	25%	n/a	24%	21%
Pre-tax income	87.1	30.7	119	117	54.3	31.7	81.6	102	70.4	n/a	83.5	83.9
Tax rate	25%	28%	25%	26%	25%	31%	26%	26%	26%	n/a	26%	26%
Net income	65.3	22.0	89.1	87.0	40.6	21.8	60.4	75.9	51.8	n/a	61.4	61.9
Net margin	21%	11%	24%	23%	17%	13%	18%	20%	18%	n/a	18%	15%
Diluted EPS	$0.60	$0.20	$0.82	$0.80	$0.37	$0.20	$0.56	$0.71	$0.48	n/a	$0.58	$0.60
Operating cash flow	180	101	-174	194	133	-8.5	-154	250	197	65.5	-118	214
Capital expenditure	30.6	53.2	37.7	35.5	78.3	80.9	79.5	46.8	53.9	43.4	23.1	29.6
Free cash flow	150	48.0	-212	158	54.5	-89.3	-233	203	143	22.1	-142	185
Buybacks	0.2	0.0	5.1	0.4	50.1	50.3	4.0	0.0	0.0	50.4	82.8	70.7
Shares outstanding	109m	109m	109m	109m	108m	107m	107m	107m	107m	106m	104m	102m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2025, filed 25 February 2026, accession 0001193125-26-068732: the filing on EDGAR. All of Trex Co. Inc.'s filings: EDGAR company page.

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