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Builders FirstSource reported a sharp Q1 2026 earnings decline, swinging to a net loss of $47.4M on a 10.1% revenue drop to $3.29B, as margin compression and elevated SG&A costs overwhelmed the business amid a challenging housing market.
营业收入
$3.29B
同比 -10.13%
每股收益（基本）
$-0.43
同比 -150.59%
毛利率
28.3%
同比 -2.23%
营业利润
$16.52M
同比 -91.05%
提交于 · 来源: SEC EDGAR 10-Q 原文
Builders FirstSource (BLDR) Q1 FY2026 营收 $3.29B，同比下降 10.1%。 净亏损 $47.41M，稀释每股收益 -$0.43。 毛利率 28.3%。
Total revenue fell 10.1% year-over-year to $3.29B in Q1 2026 from $3.66B in Q1 2025, reflecting continued softness in new residential construction and repair & remodel activity as elevated mortgage rates weighed on housing starts and demand.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Gross margin contracted 220 basis points to 28.3% from 30.5%, while operating margin collapsed to just 0.50% from 5.04% a year ago — a 450 bps decline — indicating that fixed cost deleveraging and pricing pressure are significantly outpacing any cost-reduction efforts.
来源: Source: 10-Q Income Statement & Key Ratios (XBRL Financial Data)
SG&A expense of $912.5M declined only 2.0% YoY despite a 10.1% revenue drop, meaning SG&A as a percentage of revenue rose materially, directly driving the near-elimination of operating income ($16.5M vs. $184.4M prior year, down 91%).
来源: Source: 10-Q Income Statement (XBRL Financial Data)
The company repurchased $300.1M in shares during Q1 2026, a dramatic 2,330% increase from $12.3M in Q1 2025, signaling management confidence in long-term value but also contributing to a $113.0M net financing cash outflow and a reduction in stockholders' equity to $4.0B.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Operating cash flow declined 33.9% to $87.5M from $132.3M in the prior year period, reflecting lower earnings partially offset by working capital management; investing outflows dropped sharply to $57.8M from $912.1M, suggesting significantly reduced M&A or capital expenditure activity versus Q1 2025.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
BLDR's revenue is highly dependent on new residential construction volumes, which are directly impacted by mortgage rates and housing affordability. With rates remaining elevated, new housing starts remain under pressure, directly reducing demand for the company's building products and services. A prolonged high-rate environment could extend the current revenue downturn beyond near-term expectations.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
SG&A expenses of $912.5M represent a large and relatively fixed cost base that declined only 2.0% despite a 10.1% revenue drop, creating severe negative operating leverage. This dynamic caused operating income to collapse 91% to just $16.5M, and any further revenue deterioration could push operating income deeply negative. The company's ability to right-size its cost structure quickly is a key execution risk.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Total liabilities increased 3.2% YoY to $7.30B while stockholders' equity declined 8.5% to $4.0B, pushing the debt-to-equity ratio to 1.82x. With the company reporting a net loss of $47.4M and declining cash balances ($98.3M), the combination of rising leverage and weakening earnings could constrain financial flexibility and increase refinancing risk.
来源: Source: 10-Q Balance Sheet & Key Ratios (XBRL Financial Data)
The company deployed $300.1M in share repurchases in Q1 2026 — a period in which it reported a net loss — reducing cash and increasing financial leverage. While buybacks may reflect management's long-term conviction, executing large repurchases during a loss quarter raises questions about capital prioritization and could limit the company's ability to invest in growth or weather a prolonged downturn.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Gross margin declined from 30.5% to 28.3% YoY, a 220 bps contraction, suggesting that product pricing power is weakening or that the revenue mix is shifting toward lower-margin products. If commodity deflation in lumber or structural products continues, or if competitive pricing intensifies, further gross margin erosion could occur, compounding the operating income decline.
来源: Source: 10-Q Key Ratios (XBRL Financial Data)
Q1 FY2026 实际 EPS $0.27，分析师一致预期 $0.38，不及预期 -28.4%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.29B | $3.66B | -10.13% |
营业成本 | $2.36B | $2.54B | -7.24% |
毛利润 | $928.97M | $1.12B | -16.70% |
营业利润 | $16.52M | $184.44M | -91.05% |
净利润 | $-47.41M | $96.3M | -149.23% |
每股收益（基本） | $-0.43 | $0.85 | -150.59% |
每股收益（稀释） | $-0.43 | $0.84 | -151.19% |
销售及管理费用 | $912.45M | $930.8M | -1.97% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $11.3B | $11.45B | -1.26% |
流动资产 | $3.12B | $3.28B | -5.01% |
总负债 | $7.3B | $7.07B | +3.19% |
流动负债 | $1.77B | $1.8B | -1.64% |
股东权益 | $4B | $4.37B | -8.46% |
现金及等价物 | $98.34M | $115.37M | -14.76% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $87.45M | $132.33M | -33.91% |
投资活动现金流 | $-57.85M | $-912.06M | +93.66% |
筹资活动现金流 | $-113.02M | $741.48M | -115.24% |
股票回购 | $300.07M | $12.35M | +2330.28% |
折旧及摊销 | $148.36M | $145.03M | +2.30% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 28.3% | 30.5% | -2.23% |
营业利润率 | 0.5% | 5.0% | -4.54% |
净利率 | -1.4% | — | — |
净资产收益率 | -1.2% | — | — |
总资产收益率 | -0.4% | — | — |
流动比率 | $1.759 | — | — |
资产负债率 | $1.823 | — | — |
BLDR reported a net loss of $47.4M and diluted EPS of -$0.43 in Q1 2026, a dramatic reversal from net income of $96.3M and EPS of $0.84 in Q1 2025. Without consensus estimate data in the filing, it is not possible to confirm whether results beat or missed Wall Street expectations, but the magnitude of the loss relative to prior year performance suggests a significant earnings miss versus historical trends.
The key takeaways are a 10.1% revenue decline to $3.29B, a 91% collapse in operating income to $16.5M, and a swing to a $47.4M net loss, all driven by weak housing demand and a high fixed SG&A cost base of $912.5M. Despite the losses, the company aggressively repurchased $300.1M in shares and maintained positive operating cash flow of $87.5M.
BLDR's net loss of $47.4M stemmed from a combination of a 10.1% revenue decline due to weak residential construction demand and SG&A expenses of $912.5M that fell only 2.0%, creating severe negative operating leverage. Gross margin also contracted 220 basis points to 28.3%, leaving operating income at just $16.5M before interest and other expenses pushed the bottom line into a loss.
BLDR maintains adequate short-term liquidity with a current ratio of 1.76x, but its balance sheet shows rising leverage with a debt-to-equity ratio of 1.82x and total liabilities of $7.3B against $4.0B in equity. Cash on hand declined to $98.3M, and the company spent $300.1M on share buybacks during a loss quarter, which warrants monitoring of its financial flexibility going forward.
BLDR's revenue declined 10.1% year-over-year to $3.29B in Q1 2026 from $3.66B in Q1 2025, reflecting continued weakness in new residential construction activity driven by elevated mortgage rates and reduced housing affordability. This revenue decline, combined with a relatively fixed cost structure, was the primary driver of the company's sharp profitability deterioration.