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Trex (TREX) FY2025 results: revenue $1.2 billion, up 2.0% on the year

Trex Co. Inc. (TREX) reported revenue of $1.2 billion for fiscal 2025, the year ended 31 December 2025, up 2.0% on the year before. Net income was $190 million, down 20.1%, and diluted earnings per share $1.78. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$1.2 billion
+2.0% on the year
FY2018FY2025
Operating margin
22.0%
28.0% a year earlier
FY2018FY2025
Net income
$190 million
-20.1% on the year
FY2018FY2025
Diluted EPS
$1.78
-19.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

From this 10-K

Trex Company makes composite decking and railing, sold under the Trex brand and manufactured in the United States, along with fencing, cladding, fasteners and outdoor lighting. The company states that it invented the composite decking category more than 30 years ago and that it is the world's largest manufacturer of composite decking and railing. It was incorporated in Delaware in 1998, has its principal executive offices in Winchester, Virginia, and operates in one reportable segment.

Trex Co. Inc., the 10-K for 2025

Trex Company makes composite decking and railing, sold under the Trex brand and manufactured in the United States, along with fencing, cladding, fasteners and outdoor lighting. The company states that it invented the composite decking category more than 30 years ago and that it is the world's largest manufacturer of composite decking and railing. It was incorporated in Delaware in 1998, has its principal executive offices in Winchester, Virginia, and operates in one reportable segment.

Products

Its decking is made from a blend of 95 percent reclaimed wood fibers and recycled polyethylene film with a protective polymer shell against fading, staining, mold and scratching, and its principal lines are Trex Signature, Trex Transcend Lineage, Trex Transcend, Trex Select and Trex Enhance. The filing states that the boards do not rot, warp or splinter and need no sanding, staining or sealing. Its railing products include Trex Signature X-Series, Trex Signature aluminum railing, Trex Transcend Railing, Trex Select Railing, Trex Select T-Rail and Trex Enhance Railing, in cable, glass, composite and aluminum versions. Accessories include the Trex Hideaway Fastener Collection and Trex DeckLighting, an LED deck lighting line. It also licenses the Trex name to other companies, including PolyWood for outdoor furniture and IBP for the Trex RainEscape deck drainage system. Its products carry building code listings from the major U.S. agencies for decking and railing and from the major Canadian agency for decking.

Customers and distribution

Trex products are stocked in more than 6,700 retail locations worldwide and are sold mainly for residential use. Most of its decking and railing sales go through wholesale distributors, who sell to retail lumber dealers that focus on professional contractors, remodelers and homebuilders. It typically appoints two to three distributors within a given area to sell only Trex decking products. It also sells through Home Depot and Lowe's, which buy directly for their shelves and through its distributors for special orders.

Manufacturing

Its plants in Virginia and Nevada make products mainly from reclaimed wood fiber and scrap polyethylene, by mixing wood particles with plastic, heating the mix and extruding it through a profile die. In October 2021 it announced a third manufacturing site in Little Rock, Arkansas, on approximately 300 acres. Scrap polyethylene processing began there in 2025, and at the time of the filing decking production at the site was expected to begin in 2027.

Competition

The filing states that wood products, mostly pressure-treated lumber, make up the substantial majority of decking and railing sales by linear feet, and that wood is its main competition. Among wood-alternative makers it names Azek, a division of James Hardie Industries, Deckorators, a division of UFP Industries, and Fiberon, a division of Fortune Brands, as its principal competitors.

People

At December 31, 2025 Trex employed 1,839 full-time employees.

From Trex Company's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

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

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,1741,1511,095+2.0%
Cost of revenue714650644+10.0%
Gross profit460502451-8.4%
Gross margin39.2%43.6%41.2%
Research and development4.23.53.3+20.0%
Selling, general and administrative202180176+12.2%
Operating income258322275-19.9%
Operating margin22.0%28.0%25.1%
Pre-tax income258322275-19.9%
Income tax67.583.570.5-19.1%
Effective tax rate26.2%25.9%25.7%
Net income190238204-20.1%
Net margin16.2%20.7%18.6%
Diluted EPS$1.78$2.20$1.88-19.1%
$ 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 flow358144389+148.8%
Capital expenditure224232166-3.8%
Free cash flow135-88.4223
Free cash flow margin11.5%-7.7%20.4%
Cash from investing-233-237-166
Cash from financing-12291.9-234
Depreciation and amortisation63.054.750.2+15.2%
Share-based compensation9.112.610.2-27.9%
Buybacks54.510618.4-48.6%
Diluted shares, weighted107m108m109m-1.1%
Shares outstanding at period end106m107m109m-1.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,034887742+16.6%
Debt1342035.5-34.1%
Operating lease liabilities41.842.018.8-0.5%
Other liabilities244242167+0.7%
Total liabilities and equity1,4531,374933+5.8%
Fixed assets1,050923709+13.7%
Goodwill14.214.2n/a0.0%
Intangible assets17.37.8n/a+121.1%
Cash and equivalents3.81.32.0+194.7%
Receivables48.188.441.1-45.6%
Inventory239257107-7.1%
Other assets81.682.573.3-1.0%
Total assets1,4531,374933+5.8%

10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.