NYSE: BLD

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Installation Services

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We provide insulation and commercial roofing services nationwide through our Installation Services segment which has more than 200 branches located throughout the continental United States.

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Various insulation applications we install for the residential, commercial, and industrial end markets which represent 74% of our Insulation Services segment’s sales during the year ended December 31, 2025, include:

•Fiberglass batts and rolls

•Blown-in loose fill fiberglass

•Polyurethane spray foam

•Blown-in loose fill cellulose

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We also provide roofing installation services, re-roofing and maintenance for the commercial and industrial end markets including, but not limited to:

●Single-ply roofing

●Built-up roofing systems

●Metal roofing systems

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In addition to insulation and roofing products, we install other building products including glass and windows, rain gutters, garage doors, closet shelving, and fireplaces, among other items.

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We handle every stage of the installation process including material procurement supplied by leading manufacturers, project scheduling and logistics, multi-phase professional installation, and installation quality assurance. With our recent expansion into commercial roofing, we have the opportunity to provide additional services after the initial installation is completed.

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Our Installation Services customer base includes national and regional single-family homebuilders, single-family custom builders, multi-family builders, commercial and industrial general building contractors, school districts, municipalities, remodelers, and individual homeowners.

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Specialty Distribution

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We distribute building and mechanical insulation, insulation accessories, rain gutters and other building product materials for the residential and commercial/industrial end markets through our Specialty Distribution business. Insulation and insulation accessories, primarily fiberglass and spray foam, comprise approximately 88% of our Specialty Distribution sales. We have more than 250 distribution centers across the United States and Canada. Our customer base consists of thousands of insulation and building contractors of all sizes serving a wide variety of residential and commercial/industrial customers, gutter contractors, weatherization contractors, other contractors, dealers, metal building erectors, and modular home builders.

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For further information on our segments, see Item 8. Financial Statements and Supplementary Data – Note 8. Segment Information.

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Demand for Our Products and Services

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Demand for our insulation and commercial roofing services and other building products distribution is driven by new single-family residential and multi-family home construction, commercial/industrial construction, residential remodel and repair activity, commercial/industrial maintenance and repair, and the growing need for more energy efficient homes, commercial structures, and industrial buildings. The minimum amount of insulation installed in a new home or commercial project is regulated by various building and energy codes. Our leadership position in both insulation and specialty distribution allows us to reach a broader set of customers more effectively. We recognize that competition for the installation and sale of insulation and other building products occurs in localized geographic markets across the U.S. and Canada, and, as such, our operating model is based on empowering our geographically diverse branches that develop and maintain local customer relationships. At the same time, our dispersed branches benefit from centralized functions such as purchasing, information technology, sales and marketing support, and accounting and finance.

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Competitive Advantages

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The market for the distribution and installation of building materials including commercial roofing is highly fragmented and competitive. Barriers to entry for local competitors are relatively low, primarily in the residential end market, increasing the risk that additional competitors will emerge. Our ability to maintain our competitive position depends on several factors including our scale, sales channels, diversified product lines, operational capabilities and strong local presence.

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Scale. Within our geographic footprint, we provide products and services to each major construction end market in the U.S. and provide commercial/industrial products in Canada. Our scale and local market presence combined with our various centralized corporate functions and corporate executive management team, enable us to successfully compete as we:

•Leverage systems, management, and best practice processes across both our Installation Services and Specialty Distribution businesses;

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•Provide national and regional home builders and commercial/industrial general contractors with broad geographic reach, while maintaining consistent policies and practices that enable reliable, high-quality products and services across many geographies and building sites;

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•Provide designers and installers of mechanical systems for commercial/industrial buildings, technical knowledge and expertise, and value-add fabrication services;

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•Leverage our strong ties to major manufacturers of insulation, commercial roofing and other building products to help ensure we are buying competitively, maintaining our supply to our local branches and distribution centers, and driving efficiencies throughout our supply chain;

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•Provide consistent, customized support and geographic coverage to our customers; and

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•Maintain an operating capacity and variable cost model that allows us to ramp-up rapidly and adjust our business model, without major incremental investment, to target forecasted growth in housing starts and construction activity in each of our end markets throughout the U.S. and Canada.

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Two avenues to reach builders and contractors. We believe that having both installation services and specialty distribution businesses provides many advantages to reaching our customers. Our Installation Services business customer base includes builders and contractors of all sizes as well as municipalities and school districts. Our branches go to market with the local brands that regional and custom builders recognize and value, and our national footprint is appealing to large builders who value consistency across a broad geography. Our Specialty Distribution business focuses on selling to small contractors who generally have strong local relationships with smaller custom builders and general contractors, and to industrial general contractors and facilities requiring customized solutions on a recurring basis. With our expansion into commercial roofing, we are able to offer full building envelope solutions to large commercial and industrial builders, which we believe provides a unique value to our customers.

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Diversified lines of business. In response to previous housing market downturns and to mitigate the cyclicality of residential new home construction, we expanded and enhanced our ability to serve the commercial/industrial construction markets through targeted acquisitions. This included expanding our commercial/industrial operations and sales capacity, adding commercial/industrial product offerings, developing relationships with commercial/industrial general contractors, and building our expertise and reputation for quality service for both light and heavy commercial/industrial construction projects. Although commercial/industrial construction is affected by many of the same macroeconomic and local economic factors that drive residential new construction, commercial/industrial construction has historically followed different cycles than residential new construction.

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Strong local presence. Competition for the installation and sale of insulation and other building products to builders occurs in localized geographic markets throughout the U.S. and Canada. Builders and contractors in each local market have the ability to choose among several insulation and commercial roofing installers and specialty distributors to value their projects, and for local relationships, quality, and timeliness. Our insulation and building product installation branches are locally branded businesses that are recognized within the communities in which they operate. Our commercial roofing installation branches have strong relationships with general contractors and service their customers throughout the U.S., wherever new construction or re-roofing and maintenance is needed. For residential housing, our Specialty Distribution centers service primarily local contractors, lumberyards, retail stores and others who, in turn, service local homebuilders and other customers. For commercial/industrial mechanical insulation, we primarily service mechanical insulation installers, general contractors and end-users across diverse industries such as oil and gas, liquefied natural gas, data centers, food and beverage, and pharmaceuticals and biotech. In addition, we provide industrial customers with mechanical insulation for maintenance and repair operations which must be performed on a scheduled basis as mechanical insulation is often exposed to extreme temperatures. Our operating model, in which individual branches and distribution centers maintain local customer relationships, enables us to develop long-tenured relationships with these customers, build local reputations for quality, service and timeliness, and provide specialized products and personalized services tailored to a geographic region or customer. At the same time, our local operations benefit from centralized functions, such as purchasing, information technology, sales support, and accounting and finance, and the resources and scale efficiencies of an installation and distribution business that has a presence across the U.S. and Canada.

Unique ability to offset decreases in demand for services with our Specialty Distribution business. During industry downturns many insulation contractors, who buy directly from manufacturers during industry peaks, return to purchasing through distributors for smaller shipments, less than a full truckload. This tends to drive incremental customers to our Specialty Distribution business, which can help offset a decrease in demand for installation services in our Installation Services business during market slowdowns. We believe that our leadership position in both Installation Services and Specialty Distribution businesses helps to reduce exposure to cyclical swings in our lines of business. In addition, we’ve increased our exposure to non-cyclical revenue through maintenance and other recurring installation services.

Strong cash flow and favorable working capital fund organic growth. We are able to take advantage of economies of scale due to the size of our business and combined purchasing power. We have a strong track record for our ability to reduce fixed costs and quickly adjust our business model to achieve profitability at lower levels of demand. For further discussion on our cash flows and liquidity, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.

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Major Customers

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We have a diversified portfolio of customers. Our top customer accounted for approximately 3.1 percent of our total revenues for the year ended December 31, 2025. Our top ten customers accounted for approximately 10.6 percent of our total sales in 2025.

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Suppliers

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Our businesses depend on our ability to obtain an adequate supply of high-quality products and components from manufacturers and other suppliers. We source the majority of our fiberglass building products from four primary U.S.-based residential fiberglass insulation manufacturers: CertainTeed, Johns Manville, Knauf, and Owens Corning. Failure by our suppliers to provide us with an adequate supply of high-quality products on commercially reasonable terms, or to comply with applicable legal requirements, could have a material, adverse effect on our financial condition or operating results. We have positive relationships with our suppliers and work diligently with them to ensure the quality of materials. Our current business model with material suppliers affords us flexibility in maximizing material purchasing, which is often driven by region, demand, supply, and pricing, without the constraints of exclusivity agreements.

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Human Capital

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As a leading installer of insulation and commercial roofing and a specialty distributor of insulation and related building material products to the construction industry in the U.S. and Canada, our performance relies heavily on human capital and relationships with customers and suppliers. Accordingly, our success depends on our ability to attract, develop, protect, reward and retain our employees. To support these objectives, we have designed and implemented a human capital management program that fosters a culture of belonging, collaboration, support, and innovation where every voice is welcome, heard, and respected.

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Employee Recruiting & Retention

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As of December 31, 2025, we had 14,707 total employees (excluding contingent workers), of which 6,744 were insulation installers. 596 of our employees were covered by 40 collective bargaining agreements that expire on various dates through 2029. We believe that our relationships with our union partners are good.

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To attract and retain experienced employees, we offer a supportive and engaging workplace as well as competitive compensation, benefits, and development programs to all our employees. Our benefits and development programs are designed to meet the needs of a diverse employee workforce and include tuition reimbursement, matching 401(k) contributions, multiple health plan options, career growth and professional development opportunities and tools, and paid time off.

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We take proactive steps to find quality sources of construction and distribution labor, and our Friends and Family Referral Program remains a key source for recruiting and retaining insulation installers. This program has been very successful since its launch in 2020, and in 2025 led to the hiring and retention of 580 insulation installers. In addition, we hire directly from the local communities in which our branches operate, and we partner with organizations that help source talent with diverse backgrounds, including organizations in support of veterans, refugees, and trade school students and graduates. In 2025, TopBuild was designated a Military Friendly® employer at the Silver award level.

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Voluntary turnover across all employee categories in 2025 was 22%, which is an improvement from our 2024 turnover rate of 24.7% . We attribute our ability to retain employees to our company culture, competitive pay and benefits, and providing employees with meaningful work and a sense of belonging and purpose.

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Employee Development

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To build a pipeline of leadership talent, we recruit internally and externally into our Manager in Training (MIT) program, which is designed to foster the development of participants into leaders across our Company. The program lasts an average of 16-18 months and participants are supported by our senior leadership team as they are immersed in all aspects of our operations and directly serve and support our customers and suppliers. Upon completion, successful participants are regularly promoted into branch leadership roles within our Company. Participants enter the MIT program on a rolling basis, and we ended 2025 with 22 participants in the program.

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In 2025, our Leadership Academy continued to grow, with nearly 100 graduates since the program’s inception. The program features two key leadership courses: Foundations of Leadership and Advanced Leadership Principles. Participants are nominated by the Company’s senior leaders and take part in a 6-month program teaching managerial and leadership skills. The Leadership Academy aligns with TopBuild’s core values and leadership expectations and is designed to promote both personal and organizational growth.

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Workforce Diversification

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As of December 31, 2025, our employees self-identified as 43.9% Hispanic, 37.1% White, 7.9% Black, 3.9% Other or Multi Race, and 7.2% Undisclosed. Our employees represent a higher racial diversification than both the construction industry average and the total U.S. workforce, as reported by the Bureau of Labor Statistics (December 2025). In addition, our workforce self-identifying as female as of December 31, 2025, was 12.7%, which is higher than the U.S. construction industry female workforce of 12.0% as reported by the Bureau of Labor Statistics (December 2025). Our corporate leadership team (managers and above) self-identified as approximately 36.5% female, and of all leaders (managers and above) 28.8% identify as non-white or undisclosed.

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*Sums to greater than or less than 100% due to multi-racial reporting.

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We acknowledge and are committed to respecting and upholding the human rights and dignity of all individuals within our operations. We have adopted a company-wide Human Rights policy, which is designed to promote a workplace that values and respects the contributions and perspectives of all employees from a variety of backgrounds, skills, and experiences. Company policies, including the Human Rights Policy, are published in the Sustainability section of our website.

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Safety

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We prioritize a culture of safety that innovates better and safer ways to work, emphasizes best practices, and rewards ongoing improvement in our safety performance. We believe our focus on safety is a key differentiator in our industry, and it is an important indicator in how we measure our Company’s success.

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To achieve continuous improvement in safety, we provide our employees with ongoing safety training, information, and programs. Training commences upon employee onboarding and continues with regular sessions delivered throughout the year. All new hires must complete our standard safety curriculum, and we require a minimum number of annual training hours thereafter. We provide training sessions in-person, online or on-demand, with specific training assigned by job and work scope. All safety training programs are available in the employee’s preferred language and attending employees are evaluated for understanding through written, verbal, and skill-based assessments. During 2025, we assigned each of our employees an average of 14.5 hours of safety training.

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To align our workforce with our safety goals, a portion of our annual incentive compensation for all eligible employees, including our senior leadership, is tied to our safety performance. While we ultimately strive to have zero incidents, we set an aggressive annual target based on prior year performance as compared against industry average at the company level and for each business segment. Further, our regional Safety Managers audit field locations and our Branch Support Center to assess compliance with our policies and procedures.

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We closely monitor injury trends and conduct extensive research to better understand and improve our safety performance. In 2025, our company-wide injury rate was 1.91 and our lost time case rate was 0.76, each of which is significantly below the industry average of 2.9 and 1.2, respectively, as reported by the Bureau of Labor and Statistics for NAICS 23831 (2024). Our incident rates do not include the impact of acquired companies in the year of acquisition.

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Community Involvement

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TopBuild remains deeply committed to making a positive impact on the communities where our employees live and work. Through long-standing partnerships and employee-driven initiatives, we support programs that deliver meaningful and lasting improvements in these communities:

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Habitat for Humanity: Our 2025 Habitat for Humanity Golf Tournament was our most successful to date, raising a total of $1.0 million. Since 2016, TopBuild and its supplier partners have contributed nearly $6.0 million to support Habitat for Humanity’s mission of providing families with safe, affordable housing. In addition to financial donations, our employees donate building materials, volunteer on job sites, and participate in home dedication ceremonies. Together with Habitat, we are helping families build stability and opportunity, one home at a time.

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NASCAR Foundation: In 2025, TopBuild served as a primary sponsor of the Foundation’s Speedy Bear Brigade initiative, which delivered 5,000 teddy bears, comfort items, and personalized ‘Get Well Soon’ cards to pediatric patients nationwide, bringing encouragement and comfort during hospital stays.

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Payit4ward: Continuing our support of education and youth development, TopBuild remained a Diamond level partner of Payit4ward. In 2025, we sponsored Payit4ward’s 8th annual summer Back to School Event by donating backpacks and sneakers, and our employees joined community volunteers to fill each backpack with essential school supplies, helping thousands of underserved children begin the school year confident and prepared.

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Sophie’s Circle: TopBuild employees helped raise $5,000 in 2025 to support Sophie’s Circle in providing food, shelter, and medical care for animals.

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Salvation Army: In 2025, our employees purchased holiday gifts for 75 children during the Salvation Army’s annual Angel Tree campaign, along with providing financial support to help the Salvation Army offer humanitarian aid to individuals and families in need throughout the year.

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Employee Engagement

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Employee feedback and engagement are critical as we continue to foster a positive work environment and employee experience. In addition to new-hire and exit surveys, we invite all employees biennially to participate in an engagement survey administered by a third party. The survey took place in 2025 and 70% of our employees responded, and we are proud that our engagement index score was 85.4% (vs. benchmark of 80%). This represents positive feedback on questions related to pride in our Company, a sense of accomplishment, and an intent to stay. We shared the results of our survey with our employees, leadership at all levels and locations, and with our Board of Directors. While the survey results were positive, we will continue to listen to our employees and prioritize action in areas of improvement identified by the survey respondents.

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In 2025, TopBuild was certified as a Great Place to Work® for the third consecutive year. This two-step certification process includes employee feedback to a third-party survey and a questionnaire about the workforce and culture. We are proud to report that 82% of our surveyed employees say that TopBuild is a great place to work, as compared to 57% of employees at a typical U.S. based company. (Source: Great Place To Work® 2021 Global Employee Engagement Study.)

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TopBuild was also named to Forbes’ America’s Best Companies 2025 inaugural list. This is Forbes’ most comprehensive company ranking, assessing thousands of U.S.-headquartered public companies against more than 60 metrics and 11 primary categories to identify the top 300 companies that excel across the board. The measured categories include financial strength, employee and customer sentiment, and workforce stability. TopBuild is proud of this recognition of our growth and success.

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We believe each employee plays an important role in creating a culture of belonging and an environment where we can thrive, and we look forward to celebrating these achievements and working to ensure that TopBuild remains an excellent place to work.

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Executive Officers

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Set forth below is information about our executive officers. There are no family relationships among any of the officers named below.

Robert M. Buck, age 56

•Chief Executive Officer and President since January 1, 2021

•President and Chief Operating Officer from June 2015 – December 2020

•Group Vice President of Masco from 2014 – June 2015, responsible for the Installation and Other Services Segment consisting of both Masco Contractor Services and Specialty Distribution

•President of Masco Contractor Services from 2009 – 2014

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Robert M. Kuhns, age 52

•Vice President and Chief Financial Officer since March 2022

•Vice President, Controller from July 2018 – March 2022

•Senior Director, Assistant Corporate Controller of Mohawk Industries, Inc. from July 2015 – July 2018

•Senior Director, International Finance of Mohawk Industries, Inc. from March 2013 – July 2015

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John F. Achille, age 47

•Vice President and Chief Operating Officer since May 2025

•Executive Vice President, TruTeam from October 2024 – May 2025

•Business Leader, Service Partners from March 2024 – October 2024

•Regional Director, TruTeam from July 2021 – March 2024

•Various operations management and engineering roles in insulation and construction businesses prior to 2021

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Luis F. Machado, age 63

•Vice President, General Counsel and Corporate Secretary since August 2020

•Vice President, General Counsel and Secretary of CTS Corporation from 2015 – August 2020

•Senior Vice President, Legal, and Assistant Secretary of L Brands, Inc. from 2010 – 2015

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Jennifer J. Shoffner, age 53

•Chief Human Resources Officer since August 2020

•Vice President, Talent Management from February 2020 – August 2020

•Vice President, Human Resources of Liberty Hardware, a Masco Company, from 2006 – 2011 and 2013 – January 2020

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Joseph M. Viselli, age 58

•Vice President and Chief Growth Officer since October 2024

•Vice President and Chief Operating Officer from October 2022 – October 2024

•Senior Vice President and General Manager of Distribution International from June 2020 – October 2022

•Senior Vice President and General Manager of Silvercote from June 2019 – October 2022

•General Manager of Silvercote and Senior Vice President of Knauf Insulation from February 2017 – June 2019

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Steven P. Raia, age 70

•President, TopBuild Special Operations and Executive Adviser since January 2024

•President, TruTeam Operations from March 2019 – January 2024

•Senior Vice President of Operations, from November 2015 – March 2019

•Various operations management and roles in insulation businesses prior to 2015

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Legislation and Regulation

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We are subject to various federal, state, provincial, and local laws and regulations, particularly those pertaining to health and safety (including protection of employees and consumers), labor standards/regulations, building codes, contractor licensing, environmental matters, data privacy, and cybersecurity. In addition to complying with current

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requirements and preparing for upcoming requirements, even more stringent requirements could be imposed on our industries by government authorities. Additionally, some of our products and services require certification by industry or other organizations. Maintaining compliance with potentially changing legal requirements and industry standards may require us to alter our specialty distribution and installation processes and our sourcing, which could adversely impact our business. Further, as discussed in our Item 1A (Risk Factors), if we do not effectively and timely comply with legal requirements and industry standards, our operating results could be negatively affected, and we could become subject to substantial penalties or other legal liabilities.

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Additional Information

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We provide our Annual Reports, Quarterly Reports, Current Reports and amendments to those reports free of charge on our website, www.topbuild.com, as soon as reasonably practicable after these reports are filed with or furnished to the SEC. We also provide information relating to our policies and practices, and safety metrics, on our website. Information contained on our website is not incorporated by reference into this Form 10-K, and you should not consider information contained on our website to be part of this Form 10-K or in deciding whether to purchase shares of our common stock.

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Use of our Website to Distribute Company Information

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We use our website, www.topbuild.com, as a channel of distribution and routinely post important Company information including press releases, investor presentations and financial information. We may also use our website to expedite public access to time-critical information regarding our Company in advance of or in lieu of distributing a press release simultaneously with a filing with the SEC disclosing the same information. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available.

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