Installed Building Products, Inc.

Listed Company

IBPCIK 0001580905NYSELarge AcceleratedGeneral Bldg Contractors - Residential BldgsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.97B

Net Income

$265.40M

Total Assets

$2.07B

Equity

$709.90M

Shares Out

26.98M

Op. Cash Flow

$371.40M

Business

Installed Building Products, Inc. primarily provides installation services for insulation and complementary building products to residential and commercial builders across the continental United States. It installs a range of products including fiberglass, cellulose and spray foam insulation, garage doors, rain gutters, shower doors, closet shelving, mirrors, window blinds, waterproofing, fire-stopping and related sealants and accessories. The company operates three key segments—Installation, Distribution and Manufacturing—with the Installation segment forming its reportable segment. It offers services through a national network of branch locations, regional distribution operations and a cellulose manufacturing facility serving all 48 continental states and the District of Columbia.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenue	2,971	2,941	2,779	2,670	1,969
Cost of sales	1,962	1,947	1,848	1,842	1,379
Gross profit	1,009	995	931	828	590
Selling	145	140	132	119	93
Administrative	437	425	385	336	272
Asset impairment	0	5	0	0	—
Amortization	41	43	45	44	37
Operating income	386	383	369	345	188
Interest expense, net	32	37	37	42	—
Other income	−2	−800,000	−1	500,000	−400,000
Income before income taxes	357	346	333	303	156
Income tax provision	92	90	89	80	37
Net income	265	257	244	223	119
Net change in cash flow hedges, net of tax benefit (provision) of $5.0, $(0.6) and $2.5 for the years ended December 31, 2025, 2024 and 2023, respectively	−13	1	−7	41	9
Comprehensive income	253	258	237	264	127
Basic (in USD per share)	9.76	9.16	8.65	7.78	4.04
Diluted (in USD per share)	9.71	9.1	8.61	7.74	4.01
Basic (in shares)	27	28	28	29	29
Diluted (in shares)	27	28	28	29	30
Cash dividends declared per share (in USD per share)	3.18	3	2.22	2.16	1.2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	322	328	387	230	333
Accounts receivable (less allowance for credit losses of $13.9 and $10.7 at December 31, 2025 and 2024, respectively)	444	434	423	397	313
Inventories	203	195	163	177	143
Prepaid expenses and other current assets	74	99	97	81	70
Total current assets	1,043	1,055	1,070	884	859
Property and equipment, net	183	175	137	119	106
Operating lease right-of-use assets	99	96	78	76	70
Goodwill	450	433	399	374	323
Intangible assets	262	271	269	283	264
Other non-current assets	32	32	29	43	31
Total assets	2,068	2,060	1,981	1,779	1,653
Current maturities of long-term debt	37	32	32	31	31
Current maturities of operating lease obligations	37	34	28	26	23
Current maturities of finance lease obligations	3	3	3	3	2
Accounts payable	119	147	159	149	133
Accrued compensation	70	66	60	52	51
Other current liabilities	79	77	65	68	68
Total current liabilities	344	359	346	328	308
Long-term debt	850	842	835	830	832
Operating lease obligations	61	61	50	50	46
Finance lease obligations	4	5	7	6	3
Deferred income taxes	25	26	25	28	5
Other long-term liabilities	74	61	49	43	42
Total liabilities	1,358	1,355	1,311	1,285	1,236
Commitments and contingencies (Note 17)	—	—	—	—	—
Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at December 31, 2025 and 2024, respectively	0	0	0	0	0
Common stock; $0.01 par value: 100,000,000 authorized, 33,837,379 and 33,713,662 issued and 26,975,227 and 27,758,491 shares outstanding at December 31, 2025 and 2024, respectively	300,000	300,000	300,000	—	—
Additional paid in capital	284	261	245	229	211
Retained earnings	1,043	866	694	513	353
Treasury stock; at cost: 6,862,152 and 5,955,171 shares at December 31, 2025 and 2024, respectively	−640	−457	−302	−289	−147
Accumulated other comprehensive income	22	35	34	41	−227,000
Total stockholders equity	710	705	670	494	417
Total liabilities and stockholders equity	2,068	2,060	1,981	1,779	1,653

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	265	257	244	223	119
Depreciation and amortization of property and equipment	66	59	52	47	44
Amortization of operating lease right-of-use assets	38	33	29	27	22
Amortization of deferred financing costs and debt discount	2	2	2	2	1
Provision for credit losses	8	6	6	4	2
Write-off of debt issuance costs	0	2	900,000	0	2
Gain on sale of property and equipment	−2	−2	−2	−1	−2
Noncash stock compensation	22	19	16	14	14
Deferred income taxes	4	2	500,000	7	−400,000
Other, net	−12	−13	−12	−100,000	3
Accounts receivable	−14	−11	−25	−77	−17
Inventories	−6	−26	17	−17	−54
Other assets	1	−8	−11	−3	−20
Accounts payable	−25	−19	5	10	26
Income taxes receivable/payable	2	3	−6	3	−5
Other liabilities	−19	−11	−20	−15	−34
Net cash provided by operating activities	371	340	340	278	138
Purchases of property and equipment	−71	−89	−62	−46	−37
Acquisitions of businesses, net of cash acquired of $, $ and $0.5 in 2025, 2024 and 2023, respectively	−52	−89	−60	−114	−241
Proceeds from sale of property and equipment	3	3	3	2	3
Settlements with interest rate swap counterparties	14	18	17	4	0
Other, net	−6	−2	−2	−6	−3
Net cash used in investing activities	−112	−159	−103	−159	−278
Proceeds from term loan (Note 8)	0	186	0	0	500
Payments on term loan (Note 8)	−5	−180	−5	−5	−200
Proceeds from vehicle and equipment notes payable	46	29	39	31	28
Debt issuance costs	0	−2	−500,000	−600,000	−8
Principal payments on long-term debt	−31	−30	−30	−30	−26
Principal payments on finance lease obligations	−3	−3	−3	−2	−2
Acquisition-related obligations	−3	−2	−5	−11	−9
Dividends paid	−88	−85	−63	−63	−35
Repurchase of common stock	−173	−145	−6	−138	0
Surrender of common stock awards by employees	−9	−8	−7	−5	—
Net cash used in financing activities	−265	−240	−80	−223	242
Net change in cash and cash equivalents	−6	−59	157	−104	102
Interest	41	44	43	40	26
Income taxes, net of refunds	82	84	93	69	39
Right-of-use assets obtained in exchange for operating lease obligations	41	49	31	33	38
Property and equipment obtained in exchange for finance lease obligations	2	2	3	6	3
Seller obligations in connection with acquisition of businesses	5	6	9	27	29
Unpaid purchases of property and equipment included in accounts payable	900,000	6	3	900,000	400,000

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