BLDR

Builders FirstSource, Inc.

NYSE · CONSUMER DISCRETIONARY · RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS

53.51

−0.41 −0.76%

USD · close Oct 21

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Work order

FLAG · shorts 32

Insiders, 90 days

no open-market filings in 90 days

Congress, 90 days

0 / 0

no disclosures naming it

Big money

2 / 15

tracked funds hold it

Calls on record

nobody we score has called it yet

MKT CAP $5.8BP/E 58.2DIV YIELD —FCF YIELD 11.10%REV TTM $14.4B −9.4%NET INCOME $102.5M −86.4%NET DEBT $343.2M52W 50.52 – 128.96SEC XBRL · TTM TO Invalid Date

How BLDR rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

40%

of sentences unchanged

Added

290

new sentences

Dropped

337

sentences removed

Length

−1,218

words, now 26,024

New in FY2025

The Company’s CISO reports directly to the CIO, who in turn reports to the principal executive officer (“CEO”).
The cybersecurity team’s analysis drives the Company’s short- and long-term cybersecurity strategies, which are executed through a collaborative effort within the IT department and are communicated to the Audit Committee and the board of directors regularly.
Census data, we have operations in 48 of the top 50 and 94 of the top 100 U.S.
CBSAs, as ranked by single family housing permits in 2025.
We own approximately 190 actively operating facilities, and contractually lease 395 actively operating facilities.
As described in Note 9 to the consolidated financial statements included in Item 8 of this annual report on Form 10-K, 110 of our leased facilities are subject to a sales-lease back transaction that is accounted for in our financial statements as owned assets with offsetting financing obligations.
In addition, we operate a fleet of approximately 19,300 rolling stock units which includes trucks, forklifts, and trailers used to deliver products from our distribution and manufacturing centers to our customers’ job sites.
While these claims are generally covered under the Company’s existing insurance programs to the extent any loss exceeds the deductible, there is a reasonable possibility of loss that is not able to be estimated at this time because (i) many of the proceedings are in the discovery stage, (ii) the outcome of future litigation is uncertain, and/or (iii) the nature of the claims is complex.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is dual listed and traded on the NYSE and NYSE Texas under the symbol “BLDR”.
The approximate number of stockholders of record of our common stock as of February 11, 2026, was 62.
The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2020, to December 31, 2025. 12/20 12/21 12/22 12/23 12/24 12/25 Builders FirstSource, Inc. 100.00 210.02 158.98 409.07 350.23 252.12 S&P 500 100.00 128.71 105.40 133.10 166.40 196.16 S&P 600 Building Products 100.00 124.83 104.38 157.63 177.70 194.02 The stock price performance included in this graph is not necessarily indicative of future stock price performance.
The information regarding securities authorized for issuance under equity compensation plans appears in our definitive proxy statement for our annual meeting of stockholders to be held on May 14, 2026, under the caption “Equity Compensation Plan Information,” which information is incorporated herein by reference.
Company Stock Repurchases The following table provides information with respect to our purchases of Builders FirstSource, Inc. common stock during the fourth quarter of fiscal year 2025: Period Total Number of Shares Purchased Average Price Paid per Share (including fees and taxes) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs (1) October 1, 2025 — October 31, 2025 17,699 $ 121.92 — $ 500,000,000 November 1, 2025 — November 30, 2025 — — — 500,000,000 December 1, 2025 — December 31, 2025 — — — 500,000,000 Total 17,699 $ 121.92 — $ 500,000,000 (1) On April 30, 2025, the Company announced the board of directors’ termination of the prior share repurchase authorization and approval of a new share repurchase authorization of up to $500.0 million of the Company’s outstanding shares of common stock.
In the fourth quarter of 2025, the Company did not repurchase or retire any shares pursuant to share repurchase plans authorized by our board of directors.
The 17,699 shares presented in the table above represent stock tendered in order to meet tax withholding requirements for restricted stock units vested.
OVERVIEW We are a leading provider of building materials for professional builders in new residential construction and repair and remodeling.
We deliver integrated homebuilding solutions by manufacturing, supplying, and installing a full range of structural and related building products.
The company operates approximately 585 locations in 43 states across the U.S.
Our leading network of strategically located manufacturing facilities produces factory-built roof and floor trusses, wall panels, vinyl windows, custom millwork and trim, as well as engineered wood that we design and cut specifically for each home.
We also assemble interior and exterior doors into pre-hung units for easy installation.
Additionally, we distribute a wide range of building products, including lumber, sheet goods, windows, doors, millwork, and specialty items.
Our services, which vary by market, include professional installation, turnkey framing, and shell construction.
Supported by the latest construction innovations and digital solutions, we help drive greater efficiency across homebuilding.
Manufactured products consist of wood floor and roof trusses, wall panels, engineered wood, our Ready-Frame ® framing system, and manufactured and modular homes. • Windows, Doors and Millwork.
As various current market dynamics, including inflationary pressures, mortgage rates and housing affordability shift, a composite of industry forecasters, including the National Association of Home Builders, John Burns Research and Consulting, and Zonda Homes (collectively, the “Industry Forecast Composite”) expect to see housing demand decrease in the near-term.
However, through recent acquisitions completed over the past five years, we have expanded our operational footprint in the multi-family market, predominantly five-story and smaller, wood construction, and the light commercial market, growing our value-added components and millwork product offerings in this end market.
Shortening construction cycle times is a critical priority for homebuilders during periods of strong consumer demand.
RECENT DEVELOPMENTS Business Combinations During 2025, we completed a number of acquisitions for a combined $1.1 billion purchase price, net of cash acquired, including the acquisitions of (i) Alpine Lumber Company (“Alpine Lumber”), (ii) O.C.
Cluss”), (iii) Truckee Tahoe Lumber (“Truckee Tahoe”), (iv) St.
George Truss”), (v) Stately Las Vegas Holdings, LLC (“Stately Las Vegas”), (vi) Rystin Construction, Inc (“Rystin”), (vii) Lengefeld Lumber Co., LP (“Lengefeld Lumber”), and (viii) Pleasant Valley Homes, Inc (“Pleasant Valley”).
On January 2, 2026, we completed the acquisition of Premium Building Components (“Premium Building”).
Premium Building provides truss and wall panel products, serving customers in eastern New York.
These acquisitions further expand our market footprint and provide additional operations in our value-added product categories and are further described in Notes 3 and 15 to the consolidated financial statements included in Item 8 of this annual report on Form 10-K.
Company Shares Repurchases On April 30, 2025, the Company’s board of directors authorized a new repurchase plan of up to $500.0 million of the Company’s outstanding shares of common stock.
The new repurchase plan replaced the Company’s prior $1.0 billion share repurchase authorization announced in August 2024, which had approximately $100.0 million remaining under its authorization.
Under share repurchase programs authorized by the board of directors since August 2021, the Company has repurchased a total of 99.3 million shares of common stock, or 48.1% of the Company’s total shares outstanding, at an average price of $80.90, inclusive of fees and taxes, including 3.4 million shares of common stock at an average price of $118.65, inclusive of fees and taxes, in 2025.
As of December 31, 2025, the Company had $500.0 million authorization remaining under its current share repurchase program.
Debt Transactions On May 8, 2025, the Company completed a private offering of $750.0 million in aggregate principal amount of 6.750% senior unsecured notes due 2035 (“6.75% 2035 notes”), at an issue price equal to 100% of par value.
The net proceeds from the offering were used to repay indebtedness outstanding under the Revolving Facility.
On May 20, 2025, the Company amended the Revolving Facility to increase the existing revolving commitments of $1.8 billion with new revolving commitments of $2.2 billion and to extend the maturity date to May 20, 2030.

and 250 more.

Gone since FY2024

The Company’s CISO reports directly to the CIO, who in turn reports to the CEO.
This analysis drives the Company’s short- and long-term cybersecurity strategies, which are executed through a collaborative effort within the IT department and are communicated to the board of directors regularly.
Census data, we have operations in 48 of the top 50 and 91 of the top 100 U.S.
MSAs, as ranked by single family housing permits in 2024.
We own approximately 190 actively operating facilities, including our recent acquisition of Alpine Lumber, and contractually lease 400 actively operating facilities.
As described in Note 9 to the consolidated financial statements included in Item 8 of this annual report on Form 10-K, 115 of our leased facilities are subject to a sales-lease back transaction that is accounted for in our financial statements as owned assets with offsetting financing obligations.
In addition, we operate a fleet of approximately 19,000 rolling stock units which includes trucks, forklifts, and trailers used to deliver products from our distribution and manufacturing centers to our customers’ job sites.
While these claims are generally covered under the Company’s existing insurance programs to the extent any loss exceeds the deductible, there is a reasonable possibility of loss that is not able to be estimated at this time because (i) many of the proceedings are in the discovery stage, (ii) the outcome of future litigation is uncertain, and/or (iii) the complex nature of the claims.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is traded on the NYSE under the symbol “BLDR”.
The approximate number of stockholders of record of our common stock as of February 14, 2025, was 64.
The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2019, to December 31, 2024. 12/19 12/20 12/21 12/22 12/23 12/24 Builders FirstSource, Inc. 100.00 160.61 337.31 255.33 656.99 562.50 S&P 500 100.00 118.40 152.39 124.79 157.59 197.02 S&P 600 Building Products 100.00 127.17 158.74 132.74 200.45 225.97 The stock price performance included in this graph is not necessarily indicative of future stock price performance.
The information regarding securities authorized for issuance under equity compensation plans appears in our definitive proxy statement for our annual meeting of stockholders to be held on May 27, 2025, under the caption “Equity Compensation Plan Information,” which information is incorporated herein by reference.
Company Stock Repurchases The following table provides information with respect to our purchases of Builders FirstSource, Inc. common stock during the fourth quarter of fiscal year 2024: Period Total Number of Shares Purchased Average Price Paid per Share (including fees and taxes) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs (1) October 1, 2024 — October 31, 2024 481,640 $ 191.88 478,807 $ 750,860,446 November 1, 2024 — November 30, 2024 429,106 180.82 389,349 680,880,229 December 1, 2024 — December 31, 2024 1,178,414 155.04 1,178,414 500,000,146 Total 2,089,160 $ 168.83 2,046,570 $ 500,000,146 (1) On August 6, 2024, the Company announced the board of directors’ approval of a share repurchase authorization in the amount of $1.0 billion.
In the fourth quarter of 2024, 2,046,570 shares were repurchased and retired pursuant to share repurchase plans authorized by our board of directors.
The remaining 42,590 shares presented in the table above represent shares tendered in order to meet tax withholding requirements for restricted stock units vested.
OVERVIEW We are a leading supplier and manufacturer of building materials, manufactured components and construction services to professional contractors, sub-contractors and consumers.
The company operates approximately 590 locations in 43 states across the U.S.
We offer an integrated solution to our customers by providing manufacturing, supply, and installation of a full range of structural and related building products.
Our manufactured products include our factory-built roof and floor trusses, wall panels, vinyl windows, custom millwork and trim, as well as engineered wood that we design, cut, and assemble for each home.
We also assemble interior and exterior doors into pre-hung units.
Additionally, we supply our customers with a broad offering of professional grade building products not manufactured by us, such as dimensional lumber and lumber sheet goods, various window, door and millwork lines along with other various building products.
Our full range of construction-related services includes professional installation, turn-key framing and shell construction, and spans all of our product categories.
We also offer digital solutions through our Paradigm subsidiary, including drafting, estimating, quoting, and virtual home design services.
Manufactured products consist of wood floor and roof trusses, wall panels, engineered wood and our Ready-Frame ® framing system. • Windows, Doors and Millwork.
As various current market dynamics, including inflationary pressures, mortgage rates and housing affordability shift, industry forecasters, including the National Association of Home Builders (“NAHB”), expect to see housing demand increase in the near-term.
However, through recent acquisitions we have expanded our operational footprint in the multi-family market, predominantly five-story and smaller, wood construction, and the light commercial market, growing our value-added components and millwork product offerings in this end market.
Shortening cycle times from start to completion is a key imperative of the homebuilders during periods of strong consumer demand.
RECENT DEVELOPMENTS Business Combinations During 2024 we completed a number of acquisitions for a combined $345.4 million purchase price, net of cash acquired, including the acquisitions of (i) Quality Door & Millwork, Inc.
On January 2, 2025, we completed our previously announced acquisition of Alpine Lumber Company, the largest independently operated supplier of building materials in Colorado and northern New Mexico.
Alpine serves the Colorado Front Range, western Colorado and northern New Mexico through its 21 operating locations and provides a broad product range, including prefabricated trusses and wall panels and millwork.
On February 3, 2025 , we completed the acquisition of O.C.
Cluss Lumber, a lumber and building supplies provider in southwestern Pennsylvania, western Maryland and northern West Virginia.
These acquisitions further expand our market footprint and provide additional operations in our value-added product categories and are further described in Notes 3 and 16 to the consolidated financial statements included in Item 8 of this annual report on Form 10-K.
Company Shares Repurchases On February 21, 2024, the Company’s board of directors authorized the repurchase of up to $1.0 billion of the Company’s outstanding shares of common stock, inclusive of the approximately $200 million remaining outstanding in the prior share repurchase plan authorized in April 2023.
Share repurchases under this program were completed in May 2024.
On August 5, 2024, the Company’s board of directors authorized a new repurchase plan of up to $1.0 billion of the Company’s outstanding shares of common stock.
Under share repurchase programs authorized by the board of directors since August 2021, the Company has repurchased a total of 95.9 million shares of common stock, or 46.5% of the Company’s total shares outstanding, at an average price of $79.56, inclusive of fees and taxes, including 8.9 million shares of common stock at an average price of $170.74, inclusive of fees and taxes, in 2024.
As of December 31,2024, the Company had $500.0 million authorization remaining under its current share repurchase program.
Debt Transactions On February 29, 2024, the Company completed a private offering of $1.0 billion in aggregate principal amount of 6.375% senior unsecured notes due 2034 (“6.375% 2034 notes”) at an issue price equal to 100% of par value.
The net proceeds from the offering were used to pay related transaction fees and expenses, repay indebtedness outstanding under the Revolving Facility and for general corporate purposes.

and 297 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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