BUILDERS FIRSTSOURCE, INC., 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2025
Jul. 28, 2025
Cover [Abstract]    
Entity Registrant Name BUILDERS FIRSTSOURCE, INC.  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Trading Symbol BLDR  
Security Exchange Name NYSE  
Entity Central Index Key 0001316835  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Title of 12(b) Security Common stock, par value $0.01 per share  
Entity Common Stock, Shares Outstanding   110,546,931
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity File Number 001-40620  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 52-2084569  
Entity Address, Address Line One 6031 Connection Drive  
Entity Address, Address Line Two Suite 400  
Entity Address, City or Town Irving  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75039  
City Area Code 214  
Local Phone Number 880-3500  
Document Quarterly Report true  
Document Transition Report false  
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Net sales $ 4,234,064 $ 4,456,340 $ 7,891,560 $ 8,347,692
Cost of sales 2,935,023 2,993,656 5,477,278 5,585,154
Gross margin 1,299,041 1,462,684 2,414,282 2,762,538
Selling, general and administrative expenses 987,754 973,201 1,918,554 1,899,458
Income from operations 311,287 489,483 495,728 863,080
Interest expense, net 71,988 52,016 136,880 100,352
Income before income taxes 239,299 437,467 358,848 762,728
Income tax expense 54,268 93,377 77,513 159,857
Net income $ 185,031 $ 344,090 $ 281,335 $ 602,871
Net income per share:        
Basic $ 1.67 $ 2.89 $ 2.51 $ 5
Diluted $ 1.66 $ 2.87 $ 2.5 $ 4.95
Weighted average common shares:        
Basic 110,922 119,244 112,291 120,608
Diluted 111,196 120,072 112,759 121,721
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 87,020 $ 153,624
Accounts receivable, less allowances of $47,479 and $41,233, respectively 1,331,378 1,163,147
Other receivables 265,269 344,342
Inventories, net 1,309,089 1,212,375
Contract assets 164,003 151,095
Other current assets 130,858 116,656
Total current assets 3,287,617 3,141,239
Property, plant and equipment, net 2,191,156 1,961,731
Operating lease right-of-use assets, net 603,822 594,301
Goodwill 3,988,853 3,678,504
Intangible assets, net 1,262,411 1,103,634
Other assets, net 130,696 103,677
Total assets 11,464,555 10,583,086
Current liabilities:    
Accounts payable 1,008,412 868,054
Accrued liabilities 530,377 634,045
Contract liabilities 182,604 168,208
Current portion of operating lease liabilities 106,175 103,499
Current maturities of long-term debt 7,063 3,470
Total current liabilities 1,834,631 1,777,276
Noncurrent portion of operating lease liabilities 531,290 525,213
Long-term debt, net of current maturities, discounts and issuance costs 4,669,983 3,700,643
Deferred income taxes 115,799 148,167
Other long-term liabilities 134,760 135,317
Total liabilities 7,286,463 6,286,616
Commitments and contingencies (Note 11)
Stockholders' equity:    
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding
Common stock, $0.01 par value, 300,000 shares authorized; 110,537 and 113,578 shares issued and outstanding at June 30, 2025, and December 31, 2024, respectively 1,105 1,136
Additional paid-in capital 4,176,987 4,271,269
Retained earnings   24,065
Total stockholders' equity 4,178,092 4,296,470
Total liabilities and stockholders' equity $ 11,464,555 $ 10,583,086
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowances on trade accounts receivable $ 47,479 $ 41,233
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 300,000,000 300,000,000
Common stock, shares issued 110,537,000 113,578,000
Common stock, shares outstanding 110,537,000 113,578,000
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net Income (Loss) $ 281,335 $ 602,871
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 292,555 283,736
Deferred income taxes (32,367) (27,322)
Stock-based compensation expense 30,398 33,626
Other non-cash adjustments (5,711) 15
Changes in assets and liabilities, net of assets acquired and liabilities assumed:    
Receivables (33,938) (36,145)
Inventories, net (30,469) (49,236)
Contract assets (12,908) (25,260)
Other current assets (13,437) (10,038)
Other assets and liabilities (21,195) (32,607)
Accounts payable 126,620 141,816
Accrued liabilities (115,532) (136,789)
Contract liabilities 8,017 24,604
Net cash provided by operating activities 473,368 769,271
Cash flows from investing activities:    
Cash used for acquisitions (885,526) (132,918)
Purchases of property, plant and equipment (188,713) (181,319)
Proceeds from sale of property, plant and equipment 15,432 6,298
Cash used for equity investments (666) (7,686)
Net cash used in investing activities (1,059,473) (315,625)
Cash flows from financing activities:    
Borrowings under revolving credit facility 3,823,000 897,000
Repayments under revolving credit facility (3,590,000) (1,262,000)
Proceeds from long-term debt and other loans 750,000 1,000,000
Repayments of long-term debt and other loans (1,450) (1,767)
Payments of loan costs (19,465) (12,829)
Payment of acquisition-related deferred and contingent consideration (2,122) (9,522)
Tax withholdings on and exercises of equity awards (26,505) (54,997)
Repurchase of common stock (413,957) (1,000,118)
Net cash provided by (used in) financing activities 519,501 (444,233)
Net change in cash and cash equivalents (66,604) 9,413
Cash and cash equivalents at beginning of period 153,624 66,156
Cash and cash equivalents at end of period 87,020 75,569
Supplemental disclosures of cash flow information:    
Cash paid for interest 125,333 80,916
Cash paid for income taxes 62,045 202,088
Supplemental disclosures of non-cash activities:    
Accrued consideration for acquisitions 6,344 28
Accrued purchases of property, plant and equipment 7,378 11,437
Right-of-use assets obtained in exchange for operating lease obligations $ 50,436 $ 61,243
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Balance at Dec. 31, 2023 $ 4,732,351 $ 1,219 $ 4,270,948 $ 460,184
Balance, shares at Dec. 31, 2023   121,857    
Vesting of restricted stock units   $ 4 (4)  
Vesting of restricted stock units, shares   438    
Stock-based compensation expense 16,900   16,900  
Repurchase of common stock [1] $ (19,600) $ (1)   (19,599)
Repurchase of common stock, shares (100) (97) [1]    
Exercise of stock options $ 151   151  
Exercise of stock options, shares   21    
Shares withheld for restricted stock units vested (31,876) $ (3) (31,873)  
Shares withheld for restricted stock units vested, shares   (169)    
Net income 258,781     258,781
Balance at Mar. 31, 2024 4,956,708 $ 1,220 4,256,122 699,366
Balance, shares at Mar. 31, 2024   122,049    
Balance at Dec. 31, 2023 4,732,351 $ 1,219 4,270,948 460,184
Balance, shares at Dec. 31, 2023   121,857    
Net income 602,871      
Balance at Jun. 30, 2024 4,304,642 $ 1,164 4,249,572 53,906
Balance, shares at Jun. 30, 2024   116,451    
Balance at Mar. 31, 2024 4,956,708 $ 1,220 4,256,122 699,366
Balance, shares at Mar. 31, 2024   122,049    
Vesting of restricted stock units   $ 3 (3)  
Vesting of restricted stock units, shares   351    
Stock-based compensation expense 16,726   16,726  
Repurchase of common stock [1] $ (989,608) $ (58)   (989,550)
Repurchase of common stock, shares (5,800) (5,821) [1]    
Exercise of stock options $ 28   28  
Exercise of stock options, shares   2    
Shares withheld for restricted stock units vested (23,302) $ (1) (23,301)  
Shares withheld for restricted stock units vested, shares   (130)    
Net income 344,090     344,090
Balance at Jun. 30, 2024 4,304,642 $ 1,164 4,249,572 53,906
Balance, shares at Jun. 30, 2024   116,451    
Balance at Dec. 31, 2024 $ 4,296,470 $ 1,136 4,271,269 24,065
Balance, shares at Dec. 31, 2024 113,578 113,578    
Vesting of restricted stock units   $ 4 (4)  
Vesting of restricted stock units, shares   376    
Stock-based compensation expense $ 14,238   14,238  
Repurchase of common stock [2] $ (12,750) $ (1)   (12,749)
Repurchase of common stock, shares (100) (97) [2]    
Exercise of stock options $ 77   77  
Exercise of stock options, shares   9    
Shares withheld for restricted stock units vested (20,179) $ (2) (20,177)  
Shares withheld for restricted stock units vested, shares   (140)    
Net income 96,304     96,304
Balance at Mar. 31, 2025 4,374,160 $ 1,137 4,265,403 107,620
Balance, shares at Mar. 31, 2025   113,726    
Balance at Dec. 31, 2024 $ 4,296,470 $ 1,136 4,271,269 24,065
Balance, shares at Dec. 31, 2024 113,578 113,578    
Net income $ 281,335      
Balance at Jun. 30, 2025 $ 4,178,092 $ 1,105 4,176,987  
Balance, shares at Jun. 30, 2025 110,537 110,537    
Balance at Mar. 31, 2025 $ 4,374,160 $ 1,137 4,265,403 107,620
Balance, shares at Mar. 31, 2025   113,726    
Vesting of restricted stock units   $ 2 (2)  
Vesting of restricted stock units, shares   166    
Stock-based compensation expense 16,160   16,160  
Repurchase of common stock [2] $ (390,856) $ (33) (98,172) (292,651)
Repurchase of common stock, shares (3,300) (3,305) [2]    
Exercise of stock options $ 69   69  
Exercise of stock options, shares   5    
Shares withheld for restricted stock units vested (6,472) $ (1) (6,471)  
Shares withheld for restricted stock units vested, shares   (55)    
Net income 185,031     $ 185,031
Balance at Jun. 30, 2025 $ 4,178,092 $ 1,105 $ 4,176,987  
Balance, shares at Jun. 30, 2025 110,537 110,537    
[1] During the three months ended March 31, 2024, and the three months ended June 30, 2024, we repurchased and retired 0.1 million shares and 5.8 million shares of our common stock for $19.6 million and $989.6 million, inclusive of applicable fees and taxes, at an average price of $202.67 and $170.01 per share, respectively.
[2] During the three months ended March 31, 2025, and the three months ended June 30, 2025, we repurchased and retired 0.1 million shares and 3.3 million shares of our common stock for $12.8 million and $390.9 million, inclusive of applicable fees and taxes, at an average price of $131.51 and $118.27 per share, respectively.
3.
The amounts paid in excess of par have been allocated to additional paid-in capital upon depleting retained earnings.
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]        
Repurchased and retired common stock, shares 3.3 0.1 5.8 0.1
Repurchased and retired common stock $ 390,856 [1] $ 12,750 [1] $ 989,608 [2] $ 19,600 [2]
Average price of common shares repurchased and retired $ 118.27 $ 131.51 $ 170.01 $ 202.67
[1] During the three months ended March 31, 2025, and the three months ended June 30, 2025, we repurchased and retired 0.1 million shares and 3.3 million shares of our common stock for $12.8 million and $390.9 million, inclusive of applicable fees and taxes, at an average price of $131.51 and $118.27 per share, respectively.
3.
The amounts paid in excess of par have been allocated to additional paid-in capital upon depleting retained earnings.
[2] During the three months ended March 31, 2024, and the three months ended June 30, 2024, we repurchased and retired 0.1 million shares and 5.8 million shares of our common stock for $19.6 million and $989.6 million, inclusive of applicable fees and taxes, at an average price of $202.67 and $170.01 per share, respectively.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure            
Net Income (Loss) $ 185,031 $ 96,304 $ 344,090 $ 258,781 $ 281,335 $ 602,871
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

1. Basis of Presentation

Builders FirstSource, Inc., a Delaware corporation formed in 1998, is a leading supplier of building materials, manufactured components and construction services to professional contractors, sub-contractors, and consumers. The Company operates approximately 585 locations in 43 states across the United States. In this quarterly report, references to the “Company,” “we,” “our,” “ours” or “us” refer to Builders FirstSource, Inc. and its consolidated subsidiaries unless otherwise stated or the context otherwise requires.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all recurring adjustments and normal accruals necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented. Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. Intercompany transactions are eliminated in consolidation.

The Condensed Consolidated Balance Sheet as of December 31, 2024, is derived from the audited consolidated financial statements but does not include all disclosures required by Generally Accepted Accounting Principles in the United States of America (“GAAP”). The Condensed Consolidated Balance Sheet as of December 31, 2024, and the unaudited condensed consolidated financial statements included herein should be read in conjunction with the more detailed audited consolidated financial statements for the year ended December 31, 2024, included in our most recent annual report on Form 10-K for fiscal year 2024 (“2024 Form 10-K”). Accounting policies used in the preparation of these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in our 2024 Form 10-K.

Business Combinations

When they meet the requirements under ASC 805, Business Combinations, merger and acquisition transactions are accounted for using the acquisition method, and accordingly the results of operations of the acquiree are included in the Company’s consolidated financial statements from the acquisition date. The consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with any excess recorded as goodwill. Transaction-related costs are expensed in the period the costs are incurred. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill.

Segments

We offer an integrated solution to our customers providing manufacturing, supply, and installation of a full range of structural and related building products. Given the span and depth of our geographical reach, our locations are organized into three geographical divisions (East, Central, and West), which are also our operating segments. All of our operating segments have similar customers, products and services, and distribution methods.

Due to these similarities, along with the similar economic profitability achieved across all our operating segments, we aggregate our three operating segments into one reportable segment in accordance with GAAP. Centralized financial and operational oversight, including resource allocation and assessment of performance, is performed by our principal executive officer (“CEO”), whom we have determined to be our chief operating decision maker (“CODM”). Since the Company operates in one reportable segment, the primary measures reviewed by our CEO, including revenue, gross margin and income before income taxes, are shown in these condensed consolidated financial statements.

The accounting policies of our reportable segment are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in our 2024 Form 10-K.

Cloud Computing Arrangements

We assess cloud computing arrangements to determine whether the contract meets the definition of a service contract or conveys a software license. When cloud computing arrangements meet the definition of a service contract, we capitalize expenditures for implementation, set-up, and other upfront costs incurred. Once the implementation of a cloud computing arrangement is complete and ready for its intended use, we amortize the costs over the expected term of the hosting arrangement using the straight-line method to the same income statement line as the associated cloud operating expenses. As of June 30, 2025, and December 31, 2024, we had capitalized costs, net of amortization, of $18.7 million and $9.3 million, respectively, included in other current assets. As of June 30,

2025, and December 31, 2024, we had capitalized costs, net of amortization, of $77.4 million and $52.7 million, respectively, included in other assets, net. We did not have any amortization expense related to these costs in 2025. For the three and six months ended June 30, 2024, we amortized $0.3 million and $0.7 million for these costs, respectively. The amortized expenses are included in selling, general and administrative expenses within the Condensed Consolidated Statements of Operations.

Comprehensive Income

Comprehensive income is equal to net income for all periods presented.

Equity Investments

The Company’s equity investments are accounted for using equity method accounting and are recorded as other assets, net in the accompanying Condensed Consolidated Balance Sheets and are not considered significant to the Company.

Reclassifications

The prior period amounts disclosed in Note 3 have been reclassified to conform to current year presentation. These reclassifications had no impact on net income, total assets and liabilities, stockholders’ equity or cashflows as previously reported.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose: (i) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold; (ii) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, as well as individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid net of refunds; (iii) the income or loss from continuing operations before income tax expense, or benefit, disaggregated between domestic and foreign; and (iv) income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis, though retrospective application is permitted. We are currently evaluating the impact of adopting this new guidance on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued Accounting Standards Update No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application and early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
v3.25.2
Business Combinations
 6 Months Ended
Jun. 30, 2025
Business Combinations [Abstract]  
Business Combinations

2. Business Combinations

During the first six months of 2025, we completed the acquisitions of Alpine Lumber Company (“Alpine Lumber”), O.C. Cluss Lumber Company (“Cluss Lumber”) and Truckee Tahoe Lumber (“Truckee Tahoe”) for a combined total of approximately $891.9 million, net of cash acquired. Alpine Lumber was the largest independently operated supplier of building materials in Colorado and northern New Mexico. Alpine Lumber serves the Colorado Front Range, western Colorado and northern New Mexico, providing a broad product range which includes prefabricated trusses and wall panels, and millwork. Cluss Lumber is a supplier of lumber and building materials to southwestern Pennsylvania, western Maryland and northern West Virginia. Truckee Tahoe is a supplier of lumber and building materials in the northern California and northwestern Nevada markets.

During the first six months of 2024, we completed the acquisitions of Quality Door & Millwork, Inc. (“Quality Door”), Hanson Truss Components, Inc. (“Hanson Truss”), RPM Wood Products, Inc. (“RPM”), Schoeneman Bros. Company (“Schoeneman”) and TRSMI, LLC (“TRSMI”) for a combined total of approximately $132.9 million, net of cash acquired. Quality Door is a millwork distributor, serving Idaho markets in the Boise and Idaho Falls areas. Hanson Truss produces trusses, serving the areas of northern California and western Nevada. RPM provides a diverse product mix of lumber, windows, doors, millwork and trusses in northeastern Florida. Schoeneman manufacturers trusses and provides building materials and products to eastern South Dakota and western Iowa. TRSMI manufactures and distributes trusses around the Detroit, Michigan area.

The acquisitions were funded with a combination of cash on hand and borrowings under our $2.2 billion revolving credit facility due May 20, 2030 (the “Revolving Facility”). The transactions were accounted for by the acquisition method, and accordingly the results of operations have been included in the Company’s consolidated financial statements from the acquisition dates. The purchase price was allocated to the assets acquired and liabilities assumed based on estimated fair values at the acquisition dates, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill.

Pro forma financial information for the acquisitions discussed above for 2025 and 2024 are not presented as these acquisitions did not have a material impact on our results of operations, individually or in the aggregate for each respective period.

The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed for acquisitions during the periods ended June 30, 2025, and June 30, 2024:

 

 

 

Total Acquisitions

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

2,785

 

 

$

843

 

Accounts receivable

 

 

48,378

 

 

 

11,573

 

Other receivables

 

 

6,842

 

 

 

—

 

Inventories

 

 

66,244

 

 

 

12,207

 

Other current assets

 

 

766

 

 

 

105

 

Property, plant and equipment

 

 

192,131

 

 

 

33,312

 

Operating lease right-of-use assets

 

 

11,646

 

 

 

3,737

 

Finance lease right-of-use assets

 

 

286

 

 

 

—

 

Intangible assets

 

 

305,986

 

 

 

37,705

 

Other assets

 

 

262

 

 

 

—

 

Total assets

 

 

635,326

 

 

 

99,482

 

 

 

 

 

 

 

 

Accounts payable

 

 

14,512

 

 

 

1,148

 

Accrued liabilities

 

 

18,196

 

 

 

2,437

 

Contract liabilities

 

 

6,380

 

 

 

104

 

Operating lease liabilities

 

 

11,646

 

 

 

3,737

 

Finance lease liabilities

 

 

286

 

 

 

—

 

Total liabilities

 

 

51,020

 

 

 

7,426

 

 

 

 

 

 

 

 

Goodwill

 

 

310,349

 

 

 

41,677

 

Total purchase consideration

 

 

894,655

 

 

 

133,733

 

Accrued contingent consideration and purchase price adjustments

 

 

(6,344

)

 

 

28

 

Less: cash acquired

 

 

(2,785

)

 

 

(843

)

Total cash consideration

 

$

885,526

 

 

$

132,918

 
v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

3. Revenue

The following table disaggregates our net sales by product category:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Manufactured products

 

$

953,075

 

 

$

1,056,066

 

 

$

1,803,373

 

 

$

2,035,238

 

Windows, doors and millwork

 

 

1,030,005

 

 

 

1,114,911

 

 

 

1,958,766

 

 

 

2,145,328

 

Specialty building products and services

 

 

1,117,754

 

 

 

1,093,696

 

 

 

2,023,106

 

 

 

1,996,410

 

Lumber and lumber sheet goods

 

 

1,133,230

 

 

 

1,191,667

 

 

 

2,106,315

 

 

 

2,170,716

 

Net sales

 

$

4,234,064

 

 

$

4,456,340

 

 

$

7,891,560

 

 

$

8,347,692

 

 

 

As our product alignment continues to be refined, we have reclassified prior periods net sales by product category to conform to current period presentation. The impact to each of the prior periods’ net sales for each product category was less than 1% for the three and six months ended June 30, 2024.

The timing of revenue recognition, invoicing and cash collection results in accounts receivable, unbilled receivables, contract assets and contract liabilities. Contract assets include unbilled amounts when the revenue recognized exceeds the amount billed to the customer, and amounts representing a right to payment from previous performance that is conditional on something other than passage of time, such as retainage. Contract liabilities consist of customer advances and deposits, and deferred revenue.

Through June 30, 2025, and 2024, we recognized as revenue approximately 84% and 86% of the contract liabilities balances outstanding as of December 31, 2024, and 2023, respectively.

v3.25.2
Net Income per Common Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net Income per Common Share

4. Net Income per Common Share

Net income per common share (“EPS”) is calculated in accordance with the Earnings per Share topic of the FASB Accounting Standards Codification, which requires the presentation of basic and diluted EPS. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common shares.

The table below presents the calculation of basic and diluted EPS:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

185,031

 

 

$

344,090

 

 

$

281,335

 

 

$

602,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

110,922

 

 

 

119,244

 

 

 

112,291

 

 

 

120,608

 

Dilutive effect of options and RSUs

 

 

274

 

 

 

828

 

 

 

468

 

 

 

1,113

 

Weighted average shares outstanding, diluted

 

 

111,196

 

 

 

120,072

 

 

 

112,759

 

 

 

121,721

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.67

 

 

$

2.89

 

 

$

2.51

 

 

$

5.00

 

Diluted

 

$

1.66

 

 

$

2.87

 

 

$

2.50

 

 

$

4.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antidilutive and contingent RSUs excluded from diluted EPS

 

 

767

 

 

 

280

 

 

 

427

 

 

 

158

 
v3.25.2
Goodwill
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

5. Goodwill

The following table sets forth the changes in the carrying amount of goodwill:

 

 

(in thousands)

 

Balance as of December 31, 2024 (1)

 

$

3,678,504

 

Acquisitions

 

 

310,349

 

Balance as of June 30, 2025 (1)

 

$

3,988,853

 

 

(1) Goodwill is presented net of historical accumulated impairment losses of $44.6 million.

In 2025, the change in the carrying amount of goodwill is attributable to the acquisitions completed during the period. As of June 30, 2025, no impairment triggering events have occurred. The amount allocated to goodwill is attributable to the assembled workforce, synergies and expected growth from the expanded product and service offerings of acquisitions. The goodwill recognized from the current year acquisitions is expected to be deductible and amortized ratably over a 15-year period for tax purposes.
v3.25.2
Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

6. Intangible Assets

The following table presents intangible assets as of:

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

 

 

(in thousands)

 

Customer relationships

 

$

2,513,564

 

 

$

(1,334,902

)

 

$

2,216,578

 

 

$

(1,198,125

)

Developed technology

 

 

95,600

 

 

 

(41,196

)

 

 

95,600

 

 

 

(35,887

)

Trade names

 

 

73,500

 

 

 

(47,588

)

 

 

64,500

 

 

 

(43,483

)

Non-compete agreements

 

 

13,050

 

 

 

(9,617

)

 

 

13,050

 

 

 

(8,599

)

Total intangible assets

 

$

2,695,714

 

 

$

(1,433,303

)

 

$

2,389,728

 

 

$

(1,286,094

)

 

In connection with the current year acquisitions, we recorded intangible assets of $306.0 million, which includes $297.0 million of customer relationships and $9.0 million of trade names. The weighted average useful life of the current year acquired intangible assets is 10.9 years in total, 11.1 years for customer relationships and 3.0 years for trade names. The fair value of acquired customer relationship intangible assets was primarily estimated by applying the multi-period excess earnings method, which involved the use of significant estimates and assumptions primarily related to forecasted revenue growth rates, gross margin, contributory asset charges, customer attrition rates, and market-participant discount rates. These measures are based on significant Level 3 inputs not observable in the market. Key assumptions developed based on the Company’s historical experience, future projections and comparable market data include future cash flows, long-term growth rates, attrition rates and discount rates.

During the three and six months ended June 30, 2025, we recorded amortization expense in relation to the above-listed intangible assets of $73.9 million and $147.2 million, respectively. During the three and six months ended June 30, 2024, we recorded amortization expense in relation to the above-listed intangible assets of $81.0 million and $160.9 million, respectively.

The following table presents the estimated amortization expense for intangible assets for the years ending December 31:

 

 

 

(in thousands)

 

2025 (from July 1, 2025)

 

$

146,041

 

2026

 

 

260,842

 

2027

 

 

201,774

 

2028

 

 

151,792

 

2029

 

 

96,507

 

Thereafter

 

 

405,455

 

Total future intangible amortization expense

 

$

1,262,411

 
v3.25.2
Accrued Liabilities
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities

7. Accrued Liabilities

Accrued liabilities consisted of the following as of:

 

 

 

June 30,
2025

 

 

December 31,
2024

 

 

 

(in thousands)

 

Accrued payroll and other employee related expenses

 

$

196,133

 

 

$

310,073

 

Self-insurance reserves

 

 

101,973

 

 

 

102,876

 

Accrued business and other taxes

 

 

71,326

 

 

 

72,944

 

Accrued interest

 

 

64,261

 

 

 

55,454

 

Accrued rebates payable

 

 

29,008

 

 

 

35,404

 

Accrued professional service fees

 

 

23,001

 

 

 

16,406

 

Other

 

 

44,675

 

 

 

40,888

 

Total accrued liabilities

 

$

530,377

 

 

$

634,045

 
v3.25.2
Long-Term Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt

8. Long-Term Debt

Long-term debt consisted of the following as of:

 

 

 

June 30,
2025

 

 

December 31,
2024

 

 

 

(in thousands)

 

Revolving credit facility (1)

 

$

233,000

 

 

$

—

 

4.25% 2032 notes

 

 

1,300,000

 

 

 

1,300,000

 

6.375% 2034 notes

 

 

1,000,000

 

 

 

1,000,000

 

6.75% 2035 notes

 

 

750,000

 

 

 

—

 

6.375% 2032 notes

 

 

700,000

 

 

 

700,000

 

5.00% 2030 notes

 

 

550,000

 

 

 

550,000

 

Other finance obligations

 

 

189,198

 

 

 

190,312

 

Finance lease obligations

 

 

1,060

 

 

 

1,078

 

 

 

 

4,723,258

 

 

 

3,741,390

 

Unamortized debt discount/premium and debt issuance costs

 

 

(46,212

)

 

 

(37,277

)

 

 

 

4,677,046

 

 

 

3,704,113

 

Less: current maturities of long-term debt

 

 

7,063

 

 

 

3,470

 

Long-term debt, net of current maturities, discounts and issuance costs

 

$

4,669,983

 

 

$

3,700,643

 

(1)
The weighted average interest rate was 5.5% as of June 30, 2025.

 

2025 Debt Transactions

Notes Offering Transaction

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.

In connection with the issuance of the 6.75% 2035 notes, we incurred $11.1 million of various third-party fees and expenses. These costs have been recorded as a reduction to long-term debt and are being amortized over the contractual life of the 6.75% 2035 notes using the effective interest method.

The 6.75% 2035 Notes mature on May 15, 2035, with interest accruing at a rate of 6.75% per annum and interest payable semi-annually on May 15 and November 15 of each year.

The terms of the 6.75% 2035 Notes are governed by the indenture, dated as of May 8, 2025 (“2035 Indenture”). The 2035 Indenture contains terms consistent with the other indentures the Company is party to and is among the Company, the guarantors named therein and Wilmington Trust, National Association, as trustee.

The 6.75% 2035 Notes, subject to certain exceptions, are guaranteed, jointly and severally, on a senior unsecured basis, by each of the Company’s direct and indirect wholly-owned subsidiaries (the “Guarantors”) that guarantee the Revolving Facility, the 5.000% senior notes due 2030 (the “5.00% 2030 Notes”), the 4.250% senior notes due 2032 (the “4.25% 2032 Notes”), the 6.375% senior notes due 2032 (the “6.375% 2032 Notes”) and the 6.375% senior notes due 2034 (the “6.375% 2034 Notes” and, collectively with the 5.00% 2030 Notes, the 4.25% 2032 Notes and 6.375% 2032 Notes, the “Existing Notes”).

The 6.75% 2035 Notes constitute senior unsecured obligations of the Company and Guarantors, pari passu in right of payment, with all of the existing and future senior indebtedness of the Company, including indebtedness under the Revolving Facility and the Existing Notes effectively subordinated to all existing and future secured indebtedness of the Company and the Guarantors (including indebtedness under the Revolving Facility) to the extent of the value of the assets securing such indebtedness, senior to all of the future subordinated indebtedness of the Company and the Guarantors and structurally subordinated to any existing and future indebtedness and other liabilities, including preferred stock, of the Company’s subsidiaries that do not guarantee the 6.75% 2035 Notes.

The 2035 Indenture contains certain covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional debt or issue preferred stock, create liens, create restrictions on the Company’s subsidiaries’ ability to make payments to the Company, pay dividends and make other distributions in respect of the Company’s and its subsidiaries’ capital stock, make certain investments or certain other restricted payments, guarantee indebtedness, designate unrestricted subsidiaries, sell certain kinds of assets, enter into certain types of transactions with affiliates, and effect mergers and consolidations.

The Company may redeem the 6.75% 2035 Notes within five years from the date of issuance, in whole or in part, at a redemption price equal to 100% of the principal amount of the 6.75% 2035 Notes plus the “applicable premium” set forth in the 2035 Indenture. The Company may, within three years of the date of issuance, redeem up to 40% of the aggregate principal amount of the 6.75% 2035 Notes with the net cash proceeds of one or more equity offerings at 106.75% of the principal amount thereof plus accrued and unpaid interest, if any, to the redemption date. After the five-year period from original issuance, the Company may redeem the 6.75% 2035 Notes at the redemption prices set forth in the 2035 Indenture, plus accrued and unpaid interest, if any, to the redemption date. If the Company experiences certain change of control triggering events, holders of the 6.75% 2035 Notes may require it to repurchase all or part of their notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the repurchase date.

The Company’s other outstanding senior unsecured notes are discussed in more detail in our 2024 Form 10-K.

Revolving Credit Facility Amendment

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. Effective with the amendment, the interest pricing tiers will be 1.00% or 1.25% per annum in the case of Secured Overnight Financing Rate (“SOFR”) loans, and 0.00% or 0.25% per annum in the case of base rate loans, in each case based on a measure of availability under the amended Revolving Facility. Letters of credit fees under the Revolving Facility are assessed at a rate between 1.00% and 1.25%, based on the average excess availability. The commitment fee rate will continue to be equal to 0.20% per annum. In addition, the Revolving Facility also contains a financial covenant requiring the satisfaction of a minimum fixed charge ratio of 1.00 to 1.00 if our excess availability falls below the greater of $165.0 million or 10% of the maximum borrowing amount, which was $185.1 million as of June 30, 2025. The guarantees and covenants in the amended revolving facility remain consistent with those in the prior revolving facility and described in our 2024 Form 10-K.

In connection with this amendment, we expensed approximately $0.2 million of unamortized debt issuance costs related to an exiting lender to interest expense, and we incurred approximately $8.7 million of new debt issuance costs which, together with the previous unamortized debt issuance costs, have been deferred and will be amortized over the remaining contractual life.

Fair Value

As of June 30, 2025, and December 31, 2024, the Company does not have any financial instruments that are measured at fair value on a recurring basis. We have elected to report the value of our Revolving Facility, 6.75% 2035 Notes, and Existing Notes at amortized cost. The fair values of the 4.25% 2032 Notes, 6.375% 2034 Notes, 6.75% 2035 Notes, 6.375% 2032 Notes, and 5.00% 2030 Notes at June 30, 2025 were approximately $1.2 billion, $1.0 billion, $772.5 million, $719.3 million, and $540.4 million, respectively, which were determined using Level 2 inputs based on market prices. The carrying value of the Revolving Facility as of June 30, 2025, approximates its fair value, as the rates of the Revolving Facility are comparable to those at which we could currently borrow under similar terms. As such, the fair value of the Revolving Facility was also classified as Level 2 in the hierarchy.

We were not in violation of any covenants or restrictions imposed by any of our debt agreements at June 30, 2025.
v3.25.2
Employee Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Employee Stock-Based Compensation

9. Employee Stock-Based Compensation

Time Based Restricted Stock Unit Grants

In the first six months of 2025, our board of directors granted 450,500 restricted stock units (“RSUs”) to employees under our 2014 Incentive Plan for which vesting is based solely on continuous employment over the requisite service period. These grants vest over a service period between one and three years. The weighted average grant date fair value for these RSUs was $126.94 per unit, which was based on the closing stock price on the respective grant dates.

Performance, Market and Service Condition Based Restricted Stock Unit Grants

In the first six months of 2025, our board of directors granted 180,000 RSUs to employees under our 2014 Incentive Plan, which cliff vest on the third anniversary of the grant date based on the Company’s level of achievement of performance goals relating to return on invested capital over a three-year period (“performance condition”) and continued employment during the performance period (“service condition”). The total number of shares of common stock that may be earned from the performance condition ranges from zero to 200% of the RSUs granted. The number of shares earned from the performance condition may be further increased or decreased by 10% based on the Company’s total shareholder return relative to a peer group during the performance period (“market condition”). The grant date fair value for these RSUs, with consideration of the market condition, was $129.03 per unit, which was determined using the Monte Carlo simulation model, applying the following assumptions:

 

Expected volatility (Company)

44.3%

Expected volatility (peer group median)

31.5%

Correlation between the Company and peer group median

0.5

Expected dividend yield

0.0%

Risk-free rate

4.0%

 

The expected volatilities and correlation are based on the historical daily returns of our common stock and the common stocks of the constituents of our peer group over the most recent period equal to the measurement period. The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant and has a term equal to the measurement period.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

10. Income Taxes

A reconciliation of the statutory federal income tax rate to our effective rate for continuing operations is provided below:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Statutory federal income tax rate

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State income taxes, net of federal income tax

 

2.4

 

 

 

2.5

 

 

 

2.4

 

 

 

2.5

 

Stock-based compensation windfall benefit

 

(0.7

)

 

 

(2.3

)

 

 

(1.4

)

 

 

(3.2

)

Permanent differences and other

 

—

 

 

 

0.1

 

 

 

(0.4

)

 

 

0.7

 

 

 

22.7

%

 

 

21.3

%

 

 

21.6

%

 

 

21.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

We base our estimate of deferred tax assets and liabilities on current tax laws and rates. In certain cases, we also base our estimate on business plan forecasts and other expectations about future outcomes. Changes in existing tax laws or rates could affect our actual tax results, and future business results may affect the amount of our deferred tax liabilities or the valuation of our deferred tax assets over time. Due to uncertainties in the estimation process, particularly with respect to changes in facts and circumstances in future reporting periods, as well as the residential homebuilding industry’s cyclicality and sensitivity to changes in economic conditions, it is possible that actual results could differ from the estimates used in previous analyses. These differences could have a material impact on our consolidated results of operations or financial position.

On July 4, 2025, H.R.1 - One Big Beautiful Bill (“the Bill”) was enacted into law. The Bill makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. ASC 740, “Income Taxes”, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Accordingly, the Company will evaluate deferred tax balances under the newly enacted tax law and identify other changes required to its consolidated financial statements for the period ended September 30, 2025.

v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

11. Commitments and Contingencies

As of June 30, 2025, we had outstanding letters of credit totaling $79.6 million under our Revolving Facility that principally support our self-insurance programs.

The Company has a number of known and threatened construction defect legal claims. 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. Although the Company cannot estimate a reasonable range of loss based on currently available information, the resolution of these matters could materially affect the Company's financial position, results of operations or cash flows.

In addition, we are involved in various other claims and lawsuits incidental to the conduct of our business in the ordinary course. We carry insurance coverage in amounts in excess of our self-insured retention that we believe to be reasonable under the circumstances and that may or may not cover any or all of our liabilities in respect to such claims and lawsuits. Although the ultimate disposition of these other proceedings cannot be predicted with certainty, management believes the outcome of any such claims that are pending or threatened, either individually or on a combined basis, will not materially affect our consolidated financial position, cash flows or results of operations. However, there can be no assurances that future adverse judgments and costs would not be material to our results of operations or liquidity for a particular period.
v3.25.2
Significant Segment Expenses
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Significant Segment Expenses

12. Significant Segment Expenses

The primary measures reviewed by the CODM, including revenue, gross margin and income before income taxes, are shown in these condensed consolidated financial statements. The CODM uses these measures to assess performance for the reportable segment and to decide how to allocate resources. Gross margin and income before income taxes are driven by the segment’s significant expense items of cost of sales and compensation and benefits, as well as other segment items. Cost of sales is shown in these condensed consolidated financial statements. Compensation and benefits, which are reported within selling, general, and administrative expenses in these condensed consolidated financial statements were $0.6 billion and $0.6 billion for the three months ended June 30, 2025 and 2024, respectively, and $1.1 billion and $1.2 billion for the six months ended June 30, 2025 and 2024, respectively. Other segment items are substantially all the remaining selling, general, and administrative expenses reported in these condensed consolidated financial statements. The measure of segment assets is reported on the Condensed Consolidated Balance Sheet as total assets.
v3.25.2
Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Business Combinations

Business Combinations

When they meet the requirements under ASC 805, Business Combinations, merger and acquisition transactions are accounted for using the acquisition method, and accordingly the results of operations of the acquiree are included in the Company’s consolidated financial statements from the acquisition date. The consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with any excess recorded as goodwill. Transaction-related costs are expensed in the period the costs are incurred. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill.
Segments

Segments

We offer an integrated solution to our customers providing manufacturing, supply, and installation of a full range of structural and related building products. Given the span and depth of our geographical reach, our locations are organized into three geographical divisions (East, Central, and West), which are also our operating segments. All of our operating segments have similar customers, products and services, and distribution methods.

Due to these similarities, along with the similar economic profitability achieved across all our operating segments, we aggregate our three operating segments into one reportable segment in accordance with GAAP. Centralized financial and operational oversight, including resource allocation and assessment of performance, is performed by our principal executive officer (“CEO”), whom we have determined to be our chief operating decision maker (“CODM”). Since the Company operates in one reportable segment, the primary measures reviewed by our CEO, including revenue, gross margin and income before income taxes, are shown in these condensed consolidated financial statements.

The accounting policies of our reportable segment are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in our 2024 Form 10-K.
Cloud Computing Arrangements

Cloud Computing Arrangements

We assess cloud computing arrangements to determine whether the contract meets the definition of a service contract or conveys a software license. When cloud computing arrangements meet the definition of a service contract, we capitalize expenditures for implementation, set-up, and other upfront costs incurred. Once the implementation of a cloud computing arrangement is complete and ready for its intended use, we amortize the costs over the expected term of the hosting arrangement using the straight-line method to the same income statement line as the associated cloud operating expenses. As of June 30, 2025, and December 31, 2024, we had capitalized costs, net of amortization, of $18.7 million and $9.3 million, respectively, included in other current assets. As of June 30,

2025, and December 31, 2024, we had capitalized costs, net of amortization, of $77.4 million and $52.7 million, respectively, included in other assets, net. We did not have any amortization expense related to these costs in 2025. For the three and six months ended June 30, 2024, we amortized $0.3 million and $0.7 million for these costs, respectively. The amortized expenses are included in selling, general and administrative expenses within the Condensed Consolidated Statements of Operations.
Comprehensive Income

Comprehensive Income

Comprehensive income is equal to net income for all periods presented.
Equity Investments

Equity Investments

The Company’s equity investments are accounted for using equity method accounting and are recorded as other assets, net in the accompanying Condensed Consolidated Balance Sheets and are not considered significant to the Company.

Reclassifications

Reclassifications

The prior period amounts disclosed in Note 3 have been reclassified to conform to current year presentation. These reclassifications had no impact on net income, total assets and liabilities, stockholders’ equity or cashflows as previously reported.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose: (i) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold; (ii) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, as well as individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid net of refunds; (iii) the income or loss from continuing operations before income tax expense, or benefit, disaggregated between domestic and foreign; and (iv) income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis, though retrospective application is permitted. We are currently evaluating the impact of adopting this new guidance on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued Accounting Standards Update No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application and early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
Net Income per Common Share

Net income per common share (“EPS”) is calculated in accordance with the Earnings per Share topic of the FASB Accounting Standards Codification, which requires the presentation of basic and diluted EPS. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common shares.

v3.25.2
Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combinations [Abstract]  
Summary of Aggregate Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed for acquisitions during the periods ended June 30, 2025, and June 30, 2024:

 

 

 

Total Acquisitions

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

2,785

 

 

$

843

 

Accounts receivable

 

 

48,378

 

 

 

11,573

 

Other receivables

 

 

6,842

 

 

 

—

 

Inventories

 

 

66,244

 

 

 

12,207

 

Other current assets

 

 

766

 

 

 

105

 

Property, plant and equipment

 

 

192,131

 

 

 

33,312

 

Operating lease right-of-use assets

 

 

11,646

 

 

 

3,737

 

Finance lease right-of-use assets

 

 

286

 

 

 

—

 

Intangible assets

 

 

305,986

 

 

 

37,705

 

Other assets

 

 

262

 

 

 

—

 

Total assets

 

 

635,326

 

 

 

99,482

 

 

 

 

 

 

 

 

Accounts payable

 

 

14,512

 

 

 

1,148

 

Accrued liabilities

 

 

18,196

 

 

 

2,437

 

Contract liabilities

 

 

6,380

 

 

 

104

 

Operating lease liabilities

 

 

11,646

 

 

 

3,737

 

Finance lease liabilities

 

 

286

 

 

 

—

 

Total liabilities

 

 

51,020

 

 

 

7,426

 

 

 

 

 

 

 

 

Goodwill

 

 

310,349

 

 

 

41,677

 

Total purchase consideration

 

 

894,655

 

 

 

133,733

 

Accrued contingent consideration and purchase price adjustments

 

 

(6,344

)

 

 

28

 

Less: cash acquired

 

 

(2,785

)

 

 

(843

)

Total cash consideration

 

$

885,526

 

 

$

132,918

 
v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Net Sales by Product Category

The following table disaggregates our net sales by product category:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Manufactured products

 

$

953,075

 

 

$

1,056,066

 

 

$

1,803,373

 

 

$

2,035,238

 

Windows, doors and millwork

 

 

1,030,005

 

 

 

1,114,911

 

 

 

1,958,766

 

 

 

2,145,328

 

Specialty building products and services

 

 

1,117,754

 

 

 

1,093,696

 

 

 

2,023,106

 

 

 

1,996,410

 

Lumber and lumber sheet goods

 

 

1,133,230

 

 

 

1,191,667

 

 

 

2,106,315

 

 

 

2,170,716

 

Net sales

 

$

4,234,064

 

 

$

4,456,340

 

 

$

7,891,560

 

 

$

8,347,692

 

 
v3.25.2
Net Income per Common Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Summary of Calculation of Basic and Diluted EPS

The table below presents the calculation of basic and diluted EPS:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

185,031

 

 

$

344,090

 

 

$

281,335

 

 

$

602,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

110,922

 

 

 

119,244

 

 

 

112,291

 

 

 

120,608

 

Dilutive effect of options and RSUs

 

 

274

 

 

 

828

 

 

 

468

 

 

 

1,113

 

Weighted average shares outstanding, diluted

 

 

111,196

 

 

 

120,072

 

 

 

112,759

 

 

 

121,721

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.67

 

 

$

2.89

 

 

$

2.51

 

 

$

5.00

 

Diluted

 

$

1.66

 

 

$

2.87

 

 

$

2.50

 

 

$

4.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antidilutive and contingent RSUs excluded from diluted EPS

 

 

767

 

 

 

280

 

 

 

427

 

 

 

158

 
v3.25.2
Goodwill (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Change in Carrying Amount of Goodwill

The following table sets forth the changes in the carrying amount of goodwill:

 

 

(in thousands)

 

Balance as of December 31, 2024 (1)

 

$

3,678,504

 

Acquisitions

 

 

310,349

 

Balance as of June 30, 2025 (1)

 

$

3,988,853

 

 

(1) Goodwill is presented net of historical accumulated impairment losses of $44.6 million.
v3.25.2
Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets

The following table presents intangible assets as of:

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

 

 

(in thousands)

 

Customer relationships

 

$

2,513,564

 

 

$

(1,334,902

)

 

$

2,216,578

 

 

$

(1,198,125

)

Developed technology

 

 

95,600

 

 

 

(41,196

)

 

 

95,600

 

 

 

(35,887

)

Trade names

 

 

73,500

 

 

 

(47,588

)

 

 

64,500

 

 

 

(43,483

)

Non-compete agreements

 

 

13,050

 

 

 

(9,617

)

 

 

13,050

 

 

 

(8,599

)

Total intangible assets

 

$

2,695,714

 

 

$

(1,433,303

)

 

$

2,389,728

 

 

$

(1,286,094

)
Estimated Amortization Expense for Intangible Assets

The following table presents the estimated amortization expense for intangible assets for the years ending December 31:

 

 

 

(in thousands)

 

2025 (from July 1, 2025)

 

$

146,041

 

2026

 

 

260,842

 

2027

 

 

201,774

 

2028

 

 

151,792

 

2029

 

 

96,507

 

Thereafter

 

 

405,455

 

Total future intangible amortization expense

 

$

1,262,411

 
v3.25.2
Accrued Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Summary of Accrued Liabilities

Accrued liabilities consisted of the following as of:

 

 

 

June 30,
2025

 

 

December 31,
2024

 

 

 

(in thousands)

 

Accrued payroll and other employee related expenses

 

$

196,133

 

 

$

310,073

 

Self-insurance reserves

 

 

101,973

 

 

 

102,876

 

Accrued business and other taxes

 

 

71,326

 

 

 

72,944

 

Accrued interest

 

 

64,261

 

 

 

55,454

 

Accrued rebates payable

 

 

29,008

 

 

 

35,404

 

Accrued professional service fees

 

 

23,001

 

 

 

16,406

 

Other

 

 

44,675

 

 

 

40,888

 

Total accrued liabilities

 

$

530,377

 

 

$

634,045

 
v3.25.2
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Summary of Long-Term Debt

Long-term debt consisted of the following as of:

 

 

 

June 30,
2025

 

 

December 31,
2024

 

 

 

(in thousands)

 

Revolving credit facility (1)

 

$

233,000

 

 

$

—

 

4.25% 2032 notes

 

 

1,300,000

 

 

 

1,300,000

 

6.375% 2034 notes

 

 

1,000,000

 

 

 

1,000,000

 

6.75% 2035 notes

 

 

750,000

 

 

 

—

 

6.375% 2032 notes

 

 

700,000

 

 

 

700,000

 

5.00% 2030 notes

 

 

550,000

 

 

 

550,000

 

Other finance obligations

 

 

189,198

 

 

 

190,312

 

Finance lease obligations

 

 

1,060

 

 

 

1,078

 

 

 

 

4,723,258

 

 

 

3,741,390

 

Unamortized debt discount/premium and debt issuance costs

 

 

(46,212

)

 

 

(37,277

)

 

 

 

4,677,046

 

 

 

3,704,113

 

Less: current maturities of long-term debt

 

 

7,063

 

 

 

3,470

 

Long-term debt, net of current maturities, discounts and issuance costs

 

$

4,669,983

 

 

$

3,700,643

 

(1)
The weighted average interest rate was 5.5% as of June 30, 2025.
v3.25.2
Employee Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Performance Market and Service Condition Based Restricted Stock Unit Grants  
Schedule of Share-based Payment Award, Restricted Stock Unit, Valuation Assumptions The grant date fair value for these RSUs, with consideration of the market condition, was $129.03 per unit, which was determined using the Monte Carlo simulation model, applying the following assumptions:

 

Expected volatility (Company)

44.3%

Expected volatility (peer group median)

31.5%

Correlation between the Company and peer group median

0.5

Expected dividend yield

0.0%

Risk-free rate

4.0%
v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate for Continuing Operations

A reconciliation of the statutory federal income tax rate to our effective rate for continuing operations is provided below:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Statutory federal income tax rate

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State income taxes, net of federal income tax

 

2.4

 

 

 

2.5

 

 

 

2.4

 

 

 

2.5

 

Stock-based compensation windfall benefit

 

(0.7

)

 

 

(2.3

)

 

 

(1.4

)

 

 

(3.2

)

Permanent differences and other

 

—

 

 

 

0.1

 

 

 

(0.4

)

 

 

0.7

 

 

 

22.7

%

 

 

21.3

%

 

 

21.6

%

 

 

21.0

%

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.2
Basis of Presentation - Additional Information (Detail)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Segment
States
Store
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Entity formed, year   1998    
Number of Locations | Store   585    
Number of states | States   43    
Capitalized costs, current net of amortization   $ 18,700   $ 9,300
Capitalized costs, non current, net of amortization   77,400   $ 52,700
Capitalized cost amortization $ 300 $ 0 $ 700  
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]   srt:ChiefExecutiveOfficerMember    
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description   the primary measures reviewed by our CEO, including revenue, gross margin and income before income taxes, are shown in these condensed consolidated financial statements.    
Number of Operating Segments | Segment   3    
Number of reportable segment | Segment   1    
v3.25.2
Business Combinations - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
May 19, 2025
Revolving Credit Facility      
Business Acquisition [Line Items]      
Line of credit facility maximum borrowing capacity $ 2,200.0   $ 1,800.0
Alpine Lumber Company, O.C. Cluss Lumber Company and Truckee Tahoe Lumber      
Business Acquisition [Line Items]      
Cash consideration for certain assets and operations acquired $ 891.9    
Quality Door, Hanson Truss, RPM Wood Products, Inc, Schoeneman Bros. Company and TRSMI, LLC      
Business Acquisition [Line Items]      
Cash consideration for certain assets and operations acquired   $ 132.9  
v3.25.2
Business Combinations - Summary of Aggregate Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Business Acquisition [Line Items]      
Goodwill $ 3,988,853   $ 3,678,504
Total cash consideration 885,526 $ 132,918  
Current Year Acquisitions      
Business Acquisition [Line Items]      
Cash and cash equivalents 2,785    
Accounts receivable 48,378    
Other receivables 6,842    
Inventories 66,244    
Other current assets 766    
Property, plant and equipment 192,131    
Operating lease right-of-use assets 11,646    
Finance lease right-of-use assets 286    
Goodwill 310,349    
Intangible assets 305,986    
Other assets 262    
Total assets 635,326    
Accounts payable 14,512    
Accrued liabilities 18,196    
Contract liabilities 6,380    
Operating lease liabilities 11,646    
Finance lease liabilities 286    
Total liabilities 51,020    
Total purchase consideration 894,655    
Accrued contingent consideration and purchase price adjustments (6,344)    
Less: cash acquired (2,785)    
Total cash consideration $ 885,526    
Prior Year Acquisitions      
Business Acquisition [Line Items]      
Cash and cash equivalents   843  
Accounts receivable   11,573  
Inventories   12,207  
Other current assets   105  
Property, plant and equipment   33,312  
Operating lease right-of-use assets   3,737  
Goodwill   41,677  
Intangible assets   37,705  
Total assets   99,482  
Accounts payable   1,148  
Accrued liabilities   2,437  
Contract liabilities   104  
Operating lease liabilities   3,737  
Total liabilities   7,426  
Total purchase consideration   133,733  
Accrued contingent consideration and purchase price adjustments   28  
Less: cash acquired   (843)  
Total cash consideration   $ 132,918  
v3.25.2
Revenue - Net Sales by Product Category (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Entity Wide Information Revenue From External Customer [Line Items]        
Net sales $ 4,234,064 $ 4,456,340 $ 7,891,560 $ 8,347,692
Manufactured Products        
Entity Wide Information Revenue From External Customer [Line Items]        
Net sales 953,075 1,056,066 1,803,373 2,035,238
Windows, Doors and Millwork        
Entity Wide Information Revenue From External Customer [Line Items]        
Net sales 1,030,005 1,114,911 1,958,766 2,145,328
Specialty Building Products and Services        
Entity Wide Information Revenue From External Customer [Line Items]        
Net sales 1,117,754 1,093,696 2,023,106 1,996,410
Lumber and Lumber Sheet Goods        
Entity Wide Information Revenue From External Customer [Line Items]        
Net sales $ 1,133,230 $ 1,191,667 $ 2,106,315 $ 2,170,716
v3.25.2
Revenue - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Disaggregation Of Revenue [Line Items]    
Percentage of recognized revenue from contract liability balances 84.00% 86.00%
v3.25.2
Net Income per Common Share - Summary of Calculation of Basic and Diluted EPS (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:            
Net income $ 185,031 $ 96,304 $ 344,090 $ 258,781 $ 281,335 $ 602,871
Denominator:            
Weighted average shares outstanding, basic 110,922   119,244   112,291 120,608
Dilutive effect of options and RSUs 274   828   468 1,113
Weighted average shares outstanding, diluted 111,196   120,072   112,759 121,721
Net income per share:            
Basic $ 1.67   $ 2.89   $ 2.51 $ 5
Diluted $ 1.66   $ 2.87   $ 2.5 $ 4.95
Antidilutive and contingent RSUs excluded from diluted EPS 767   280   427 158
v3.25.2
Goodwill - Schedule of Change in Carrying Amount of Goodwill (Detail)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Beginning Balance $ 3,678,504
Acquisitions 310,349
Goodwill, Ending Balance $ 3,988,853
v3.25.2
Goodwill - Schedule of Change in Carrying Amount of Goodwill (Parenthetical) (Detail)
$ in Millions
Jun. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Historical accumulated impairment losses $ 44.6
v3.25.2
Goodwill - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2025
Goodwill [Line Items]  
Goodwill amortization period 15 years
v3.25.2
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 2,695,714 $ 2,389,728
Accumulated Amortization (1,433,303) (1,286,094)
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,513,564 2,216,578
Accumulated Amortization (1,334,902) (1,198,125)
Trade Names    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 73,500 64,500
Accumulated Amortization (47,588) (43,483)
Non-compete Agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 13,050 13,050
Accumulated Amortization (9,617) (8,599)
Developed Technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 95,600 95,600
Accumulated Amortization $ (41,196) $ (35,887)
v3.25.2
Intangible Assets - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]        
Amortization expenses $ 73.9 $ 81.0 $ 147.2 $ 160.9
Current Year Acquisitions        
Finite-Lived Intangible Assets [Line Items]        
Intangible assets in connection with acquisition 306.0   $ 306.0  
Weighted average useful lives of the acquired intangible assets     10 years 10 months 24 days  
Customer Relationships | Current Year Acquisitions        
Finite-Lived Intangible Assets [Line Items]        
Intangible assets in connection with acquisition 297.0   $ 297.0  
Weighted average useful lives of the acquired intangible assets     11 years 1 month 6 days  
Trade Names | Current Year Acquisitions        
Finite-Lived Intangible Assets [Line Items]        
Intangible assets in connection with acquisition $ 9.0   $ 9.0  
Weighted average useful lives of the acquired intangible assets     3 years  
v3.25.2
Intangible Assets - Estimated Amortization Expense for Intangible Assets (Detail)
$ in Thousands
Jun. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 (from July 1, 2025) $ 146,041
2026 260,842
2027 201,774
2028 151,792
2029 96,507
Thereafter 405,455
Total future net intangible amortization expense $ 1,262,411
v3.25.2
Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Summary of accrued liabilities    
Accrued payroll and other employee related expenses $ 196,133 $ 310,073
Self-insurance reserves 101,973 102,876
Accrued business and other taxes 71,326 72,944
Accrued interest 64,261 55,454
Accrued rebates payable 29,008 35,404
Accrued professional service fees 23,001 16,406
Other 44,675 40,888
Total accrued liabilities $ 530,377 $ 634,045
v3.25.2
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
May 08, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Debt instrument carrying amount $ 4,677,046   $ 3,704,113
Unamortized debt discount/premium and debt issuance costs (46,212)   (37,277)
Long-term debt and capital lease obligation 4,723,258   3,741,390
Less: current maturities of long-term debt 7,063   3,470
Long-term debt, net of current maturities, discounts and issuance costs 4,669,983   3,700,643
Revolving Credit Facility      
Debt Instrument [Line Items]      
Debt instrument carrying amount 233,000    
4.25% 2032 notes      
Debt Instrument [Line Items]      
Debt instrument carrying amount 1,300,000   1,300,000
6.375% 2034 notes      
Debt Instrument [Line Items]      
Debt instrument carrying amount 1,000,000   1,000,000
6.75% 2035 notes      
Debt Instrument [Line Items]      
Debt instrument carrying amount 750,000 $ 750,000  
6.375% 2032 notes      
Debt Instrument [Line Items]      
Debt instrument carrying amount 700,000   700,000
5.00% 2030 notes      
Debt Instrument [Line Items]      
Debt instrument carrying amount 550,000   550,000
Other Finance Obligations      
Debt Instrument [Line Items]      
Debt instrument carrying amount 189,198   190,312
Finance Lease Obligations      
Debt Instrument [Line Items]      
Debt instrument carrying amount $ 1,060   $ 1,078
v3.25.2
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail)
Jun. 30, 2025
Dec. 31, 2024
4.25% 2032 notes    
Debt Instrument [Line Items]    
Weighted average interest rate 4.25% 4.25%
6.375% 2034 notes    
Debt Instrument [Line Items]    
Weighted average interest rate 6.375% 6.375%
6.75% 2035 notes    
Debt Instrument [Line Items]    
Weighted average interest rate 6.75% 6.75%
6.375% 2032 notes    
Debt Instrument [Line Items]    
Weighted average interest rate 6.375% 6.375%
5.00% 2030 notes    
Debt Instrument [Line Items]    
Weighted average interest rate 5.00% 5.00%
Revolving Credit Facility    
Debt Instrument [Line Items]    
Weighted average interest rate 5.50%  
v3.25.2
Long-Term Debt - 2025 Debt Transactions - Additional Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
May 08, 2025
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Debt instrument carrying amount   $ 4,677,046 $ 3,704,113
Redemption Period Within Five Years from Date of Issuance      
Debt Instrument [Line Items]      
Purchase price, percentage of principal amount 100.00%    
Maximum | Redemption Period Within Three Years from Date of Issuance      
Debt Instrument [Line Items]      
Purchase price, percentage of principal amount 40.00%    
6.75% 2035 notes      
Debt Instrument [Line Items]      
Debt instrument carrying amount $ 750,000 $ 750,000  
Private offered aggregate principal amount rate 6.75% 6.75%  
Net percentage of proceeds from debt issuance 100.00%    
Debt issuance costs $ 11,100    
Debt instrument, maturity date May 15, 2035    
Purchase price, percentage of principal amount 101.00%    
Debt instrument interest rate terms   interest payable semi-annually on May 15 and November 15 of each year.  
6.75% 2035 notes | Redemption Period Within Three Years from Date of Issuance      
Debt Instrument [Line Items]      
Purchase price, percentage of principal amount 106.75%    
5.00% 2030 notes      
Debt Instrument [Line Items]      
Debt instrument carrying amount   $ 550,000 550,000
Private offered aggregate principal amount rate   5.00%  
4.25% 2032 notes      
Debt Instrument [Line Items]      
Debt instrument carrying amount   $ 1,300,000 1,300,000
Private offered aggregate principal amount rate   4.25%  
6.375% 2032 notes      
Debt Instrument [Line Items]      
Debt instrument carrying amount   $ 700,000 700,000
Private offered aggregate principal amount rate   6.375%  
6.375% 2034 notes      
Debt Instrument [Line Items]      
Debt instrument carrying amount   $ 1,000,000 $ 1,000,000
Private offered aggregate principal amount rate   6.375%  
v3.25.2
Long-Term Debt - Revolving Credit Facility Amendment - Additional Information (Details)
 6 Months Ended
May 20, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
May 19, 2025
USD ($)
Debt Instrument [Line Items]        
Debt issuance costs   $ 19,465,000 $ 12,829,000  
Revolving Credit Facility        
Debt Instrument [Line Items]        
Line of credit facility maximum borrowing capacity   $ 2,200,000,000   $ 1,800,000,000
2030 Facility        
Debt Instrument [Line Items]        
Line of credit facility maximum borrowing capacity $ 2,200,000,000      
Revolving credit facility due date May 20, 2030      
Line of credit facility interest rate description   Effective with the amendment, the interest pricing tiers will be 1.00% or 1.25% per annum in the case of Secured Overnight Financing Rate (“SOFR”) loans, and 0.00% or 0.25% per annum in the case of base rate loans, in each case based on a measure of availability under the amended Revolving Facility.    
Line of credit commitment fee percentage 0.20%      
Debt instrument, covenant description   In addition, the Revolving Facility also contains a financial covenant requiring the satisfaction of a minimum fixed charge ratio of 1.00 to 1.00 if our excess availability falls below the greater of $165.0 million or 10% of the maximum borrowing amount, which was $185.1 million as of June 30, 2025. The guarantees and covenants in the amended revolving facility remain consistent with those in the prior revolving facility and described in our 2024 Form 10-K.    
Minimum fixed charge ratio 1      
Debt instrument minimum excess availability-dollars $ 165,000,000      
Debt instrument minimum excess availability-percentage   10.00%    
Debt instrument covenant maximum borrowing capacity amount   $ 185,100,000    
Writeoff of unamortized debt issuance costs 200,000      
Debt issuance costs $ 8,700,000      
2030 Facility | Minimum | SOFR        
Debt Instrument [Line Items]        
Debt instrument applicable rate 1.00%      
2030 Facility | Minimum | Base Rate        
Debt Instrument [Line Items]        
Debt instrument applicable rate 0.00%      
2030 Facility | Maximum | SOFR        
Debt Instrument [Line Items]        
Debt instrument applicable rate 1.25%      
2030 Facility | Maximum | Base Rate        
Debt Instrument [Line Items]        
Debt instrument applicable rate 0.25%      
Letter of Credit | Minimum        
Debt Instrument [Line Items]        
Debt instrument applicable rate 1.00%      
Letter of Credit | Maximum        
Debt Instrument [Line Items]        
Debt instrument applicable rate 1.25%      
v3.25.2
Long-Term Debt - Fair Value - Additional Information (Detail) - USD ($)
$ in Millions
Jun. 30, 2025
May 08, 2025
6.75% 2035 notes    
Debt Instrument [Line Items]    
Private offered aggregate principal amount rate 6.75% 6.75%
6.75% 2035 notes | Level 2    
Debt Instrument [Line Items]    
Fair value of long term debt $ 772.5  
4.25% 2032 notes    
Debt Instrument [Line Items]    
Private offered aggregate principal amount rate 4.25%  
4.25% 2032 notes | Level 2    
Debt Instrument [Line Items]    
Fair value of long term debt $ 1,200.0  
6.375% 2034 notes    
Debt Instrument [Line Items]    
Private offered aggregate principal amount rate 6.375%  
6.375% 2034 notes | Level 2    
Debt Instrument [Line Items]    
Fair value of long term debt $ 1,000.0  
6.375% 2032 notes    
Debt Instrument [Line Items]    
Private offered aggregate principal amount rate 6.375%  
6.375% 2032 notes | Level 2    
Debt Instrument [Line Items]    
Fair value of long term debt $ 719.3  
5.00% 2030 notes    
Debt Instrument [Line Items]    
Private offered aggregate principal amount rate 5.00%  
5.00% 2030 notes | Level 2    
Debt Instrument [Line Items]    
Fair value of long term debt $ 540.4  
v3.25.2
Employee Stock-Based Compensation - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Time Based Restricted Stock Unit Grants  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
RSUs Granted | shares 450,500
Weighted average grant date fair value, granted | $ / shares $ 126.94
Time Based Restricted Stock Unit Grants | Minimum  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Stock award granted vested period 1 year
Time Based Restricted Stock Unit Grants | Maximum  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Stock award granted vested period 3 years
Performance Market and Service Condition Based Restricted Stock Unit Grants | 2014 Incentive Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
RSUs Granted | shares 180,000
Stock award granted vested period 3 years
Weighted average grant date fair value, granted | $ / shares $ 129.03
Increased percentage of total number of shares of additional common stock earned 10.00%
Decreased percentage of total number of shares of additional common stock earned 10.00%
Performance Market and Service Condition Based Restricted Stock Unit Grants | 2014 Incentive Plan | Minimum  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Percentage of number of shares of common stock earned 0.00%
Performance Market and Service Condition Based Restricted Stock Unit Grants | 2014 Incentive Plan | Maximum  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Percentage of number of shares of common stock earned 200.00%
v3.25.2
Employee Stock-Based Compensation - Restricted Stock Unit Valuation (Detail) - Performance Market and Service Condition Based Restricted Stock Unit Grants
 6 Months Ended
Jun. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Expected volatility (Company) 44.30%
Expected volatility (peer group median) 31.50%
Correlation between the Company and peer group median 0.5
Expected dividend yield 0.00%
Risk-free rate 4.00%
v3.25.2
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate for Continuing Operations (Detail)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Statutory federal income tax rate 21.00% 21.00% 21.00% 21.00%
State income taxes, net of federal income tax 2.40% 2.50% 2.40% 2.50%
Stock-based compensation windfall benefit (0.70%) (2.30%) (1.40%) (3.20%)
Permanent differences and other   0.10% (0.40%) 0.70%
Total effective rate for continuing operations 22.70% 21.30% 21.60% 21.00%
v3.25.2
Income Taxes - Additional Information (Detail)
Jul. 04, 2025
Subsequent Event  
Income Tax Disclosure [Line Items]  
Percentage of permanent key elements of Tax Cuts and Jobs Act 100.00%
v3.25.2
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
Jun. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Outstanding letters of credit $ 79.6
v3.25.2
Significant Segment Expenses - Additional Information (Details) - USD ($)
$ in Billions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting [Abstract]        
Compensation and Benefits $ 0.6 $ 0.6 $ 1.1 $ 1.2