BUILDERS FIRSTSOURCE, INC., 10-K filed on 2/17/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 11, 2026
Jun. 30, 2025
Cover [Abstract]      
Entity Registrant Name BUILDERS FIRSTSOURCE, INC.    
Entity Central Index Key 0001316835    
Document Type 10-K    
Document Period End Date Dec. 31, 2025    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Trading Symbol BLDR    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Shell Company false    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Public Float     $ 12.6
Entity Common Stock, Shares Outstanding   110,605,069  
Security Exchange Name NYSE    
Title of 12(b) Security Common stock, par value $0.01 per share    
Entity Interactive Data Current Yes    
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 Annual Report true    
Document Transition Report false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Auditor Firm ID 238    
Auditor Name PricewaterhouseCoopers LLP    
Auditor Location Dallas, Texas    
Documents Incorporated by Reference

Portions of the registrant’s definitive proxy statement for its annual meeting of stockholders to be held on May 14, 2026, are incorporated by reference into Part II and Part III of this Form 10-K.

   
Auditor Opinion [Text Block]

Opinions on the Financial Statements and Internal Control over Financial Reporting

 

We have audited the accompanying consolidated balance sheets of Builders FirstSource, Inc. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations, of changes in stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

 

Basis for Opinions

 

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

    
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Net sales $ 15,190,638 $ 16,400,492 $ 17,097,330
Cost of sales 10,574,861 11,017,448 11,084,996
Gross margin 4,615,777 5,383,044 6,012,334
Selling, general and administrative expenses 3,829,501 3,787,795 3,836,015
Income from operations 786,276 1,595,249 2,176,319
Interest expense, net 273,894 207,724 192,115
Income before income taxes 512,382 1,387,525 1,984,204
Income tax expense 77,183 309,627 443,649
Net income $ 435,199 $ 1,077,898 $ 1,540,555
Net income per share:      
Basic $ 3.91 $ 9.13 $ 12.06
Diluted $ 3.89 $ 9.06 $ 11.94
Weighted average common shares:      
Basic 111,421 118,038 127,777
Diluted 111,822 118,980 128,998
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 181,753 $ 153,624
Accounts receivable, less allowances of $42,511 and $41,233, respectively 1,061,011 1,163,147
Other receivables 330,013 344,342
Inventories, net 1,094,684 1,212,375
Contract assets 133,011 151,095
Other current assets 126,811 116,656
Total current assets 2,927,283 3,141,239
Property, plant and equipment, net 2,204,184 1,961,731
Operating lease right-of-use assets, net 622,188 594,301
Goodwill 4,137,377 3,678,504
Intangible assets, net 1,183,793 1,103,634
Deferred income taxes 23,000 0
Other assets, net 139,705 103,677
Total assets 11,237,530 10,583,086
Current liabilities:    
Accounts payable 714,710 868,054
Accrued liabilities 566,325 634,045
Contract liabilities 168,440 168,208
Current portion of operating lease liabilities 111,132 103,499
Current maturities of long-term debt 14,334 3,470
Total current liabilities 1,574,941 1,777,276
Noncurrent portion of operating lease liabilities 547,772 525,213
Long-term debt, net of current maturities, discounts and issuance costs 4,427,033 3,700,643
Deferred income taxes 177,975 148,167
Other long-term liabilities 157,558 135,317
Total liabilities 6,885,279 6,286,616
Commitments and contingencies (Note 13)
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; 110,585 and 113,578 shares issued and outstanding, respectivel 1,106 1,136
Additional paid-in capital 4,197,279 4,271,269
Retained earnings 153,866 24,065
Total stockholders' equity 4,352,251 4,296,470
Total liabilities and stockholders' equity $ 11,237,530 $ 10,583,086
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowances on trade accounts receivable $ 42,511 $ 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 110,585,000 113,578,000
Common stock, shares outstanding 110,585,000 113,578,000
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net Income (Loss) $ 435,199 $ 1,077,898 $ 1,540,555
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 591,432 561,929 558,275
Deferred income taxes 6,808 (19,033) (102,461)
Stock-based compensation expense 53,512 63,111 48,522
Other non-cash adjustments 2,992 22,563 (1,659)
Changes in assets and liabilities, net of assets acquired and liabilities assumed:      
Receivables 182,499 259,616 (24,129)
Inventories 198,519 51,475 231,457
Contract assets 18,130 15,036 18,023
Other current assets (9,314) (2,828) 10,941
Other assets and liabilities (3,724) (54,429) (5,311)
Accounts payable (167,179) (28,600) 75,750
Accrued liabilities (85,954) (78,350) (9,704)
Contract liabilities (7,034) 4,304 (33,387)
Net cash provided by operating activities 1,215,886 1,872,692 2,306,872
Cash flows from investing activities:      
Cash used for acquisitions, net of cash acquired (1,123,328) (336,458) (238,673)
Purchases of property, plant and equipment (362,602) (380,569) (476,335)
Proceeds from sale of property, plant and equipment 20,750 13,994 46,715
Cash used for equity investments (1,994) (7,686)  
Net cash used in investing activities (1,467,174) (710,719) (668,293)
Cash flows from financing activities:      
Borrowings under revolving credit facility 4,058,000 954,000 5,128,000
Repayments under revolving credit facility (4,058,000) (1,418,000) (4,928,000)
Proceeds from long-term debt and other loans 750,000 1,000,000  
Repayments of long-term debt and other loans (2,847) (3,397) (4,221)
Payments of loan costs (19,861) (12,829) (1,897)
Payment of acquisition-related deferred and contingent consideration (4,594) (14,364)  
Tax withholdings on and exercises of equity awards (29,323) (62,784) (35,233)
Repurchase of common stock (413,958) (1,517,131) (1,811,517)
Net cash provided by (used in) financing activities 279,417 (1,074,505) (1,652,868)
Net change in cash and cash equivalents 28,129 87,468 (14,289)
Cash and cash equivalents at beginning of period 153,624 66,156 80,445
Cash and cash equivalents at end of period 181,753 153,624 66,156
Supplemental disclosures of cash flow information:      
Cash paid for interest 260,515 188,453 186,497
Supplemental disclosures of non-cash activities:      
Accrued purchases of property, plant and equipment 4,842 14,491 9,322
Right-of-use assets obtained in exchange for operating lease obligations 118,343 175,418 104,512
Amounts accrued related to repurchases of common stock 3,538 13,929 16,988
Accrued consideration for acquisitions $ 14,079 $ 8,974 $ 13,797
v3.25.4
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, 2022 $ 4,962,566 $ 1,389 $ 4,257,667 $ 703,510
Balance, shares at Dec. 31, 2022   138,864    
Vesting of restricted stock units   $ 11 (11)  
Vesting of restricted stock units, shares   1,074    
Stock-based compensation expense 48,522   48,522  
Repurchase of common stock [1] $ (1,784,059) $ (178)   (1,783,881)
Repurchase of common stock, shares (17,800) (17,753) [1]    
Exercise of stock options $ 659 $ 1 658  
Exercise of stock options, shares   73    
Shares withheld for restricted stock units vested (35,892) $ (4) (35,888)  
Shares withheld for restricted stock units vested, shares   (401)    
Net income 1,540,555     1,540,555
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   $ 9 (9)  
Vesting of restricted stock units, shares   901    
Stock-based compensation expense 63,111   63,111  
Repurchase of common stock [2] $ (1,514,106) $ (89)   (1,514,017)
Repurchase of common stock, shares (8,900) (8,868) [2]    
Exercise of stock options $ 286   286  
Exercise of stock options, shares   32    
Shares withheld for restricted stock units vested (63,070) $ (3) (63,067)  
Shares withheld for restricted stock units vested, shares   (344)    
Net income 1,077,898     1,077,898
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   $ 7 (7)  
Vesting of restricted stock units, shares   609    
Stock-based compensation expense $ 53,512   53,512  
Repurchase of common stock [3],[4] $ (403,606) [1] $ (34) [1] (98,174) (305,398) [1]
Repurchase of common stock, shares (3,400) (3,402) [1],[3],[4]    
Exercise of stock options $ 202   202  
Exercise of stock options, shares 18 18    
Shares withheld for restricted stock units vested $ (29,526) $ (3) (29,523)  
Shares withheld for restricted stock units vested, shares   (218)    
Net income 435,199     435,199
Balance at Dec. 31, 2025 $ 4,352,251 $ 1,106 $ 4,197,279 $ 153,866
Balance, shares at Dec. 31, 2025 110,585 110,585    
[1] During the year ended December 31, 2023, we repurchased and retired 17.8 million shares of our common stock at an average price of $100.49 per share, for $1.8 billion, inclusive of fees and taxes, pursuant to the repurchase program authorized by our board of directors in November 2022 and further expanded by our board of directors in April 2023. The primary purpose of the repurchase program was to offset dilution from the merger with BMC.
[2] During the year ended December 31, 2024, we repurchased and retired 8.9 million shares of our common stock at an average price of $170.74 per share, for $1.5 billion, inclusive of fees and taxes, pursuant to the repurchase programs authorized by our board of directors in February 2024 and August 2024.
[3] Amounts paid in excess of par are allocated to additional paid-in capital during periods in which retained earnings is depleted.
[4] During the year ended December 31, 2025, we repurchased and retired 3.4 million shares of our common stock at an average price of $118.65 per share, for $0.4 billion, inclusive of fees and taxes, pursuant to the repurchase programs authorized by our board of directors in February 2024 and August 2024.
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)
$ in Thousands, shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Repurchased and retired common stock, shares 3.4 8.9 17.8
Repurchased and retired common stock $ 403,606 [1],[2],[3] $ 1,514,106 [4] $ 1,784,059 [2]
Average price of common shares repurchased and retired $ 118.65 $ 170.74 $ 100.49
[1] Amounts paid in excess of par are allocated to additional paid-in capital during periods in which retained earnings is depleted.
[2] During the year ended December 31, 2023, we repurchased and retired 17.8 million shares of our common stock at an average price of $100.49 per share, for $1.8 billion, inclusive of fees and taxes, pursuant to the repurchase program authorized by our board of directors in November 2022 and further expanded by our board of directors in April 2023. The primary purpose of the repurchase program was to offset dilution from the merger with BMC.
[3] During the year ended December 31, 2025, we repurchased and retired 3.4 million shares of our common stock at an average price of $118.65 per share, for $0.4 billion, inclusive of fees and taxes, pursuant to the repurchase programs authorized by our board of directors in February 2024 and August 2024.
[4] During the year ended December 31, 2024, we repurchased and retired 8.9 million shares of our common stock at an average price of $170.74 per share, for $1.5 billion, inclusive of fees and taxes, pursuant to the repurchase programs authorized by our board of directors in February 2024 and August 2024.
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 435,199 $ 1,077,898 $ 1,540,555
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. Cybersecurity

Risk Management and Strategy

The Company maintains robust and comprehensive processes, procedures and controls to protect and secure its information systems and data infrastructure from cybersecurity threats. The Company’s cybersecurity program is led by its Chief Information Security Officer (“CISO”). The Company’s cybersecurity program interfaces with other functional areas within the Company, including but not limited to the Company’s business segments and information technology, legal, risk management, human resources and internal audit departments, as well as external third-party partners, to identify and understand potential cybersecurity threats and risks. The Company regularly assesses and updates its processes, procedures and management techniques in light of ongoing cybersecurity developments.

Internally, the CISO coordinates oversight of reviewing security alerts, identifying and monitoring ongoing and potential cybersecurity threats, evaluating strategic business impacts of cybersecurity threats and developing programs and initiatives to educate the Company’s employees regarding cybersecurity. The CISO also manages the Company’s Security Incident Response Plan (the “Incident Response Plan”), which outlines action steps for the preparation, identification, triage, analysis, containment, eradication, recovery and reflection stages of a cybersecurity incident. The Incident Response Plan serves as the charter for the Company’s Security Incident Response Team (the “Incident Response Team”), which includes a strategic team comprised of executives from various cross-functional management teams, as well as a tactical team comprised of internal technical support roles and external third-party service providers. The Incident Response Plan provides how the Incident Response Team will analyze and, as necessary, escalate cybersecurity incidents both internally and with third-party service providers based on type and severity of the specific incident.

The Company also requires cybersecurity training for all active employees, focusing on the appropriate protection and security of confidential company and third-party information. Additionally, the Company provides quarterly cybersecurity awareness training that covers a broad range of security topics, including secure access practice, phishing schemes, remote work and response to suspicious activities. In addition to online training, employees are educated through several methods, including event-triggered awareness campaigns, recognition programs, security presentations, company intranet articles, videos, system-generated communications, email publications and various simulation exercises.

The Company has engaged a third-party managed detection and response partner to monitor the security of its information systems around-the-clock, including intrusion detection, and to provide instantaneous alerting and triaging should a cybersecurity event occur. The Company also maintains a cybersecurity insurance policy and has engaged a third-party digital forensics and incident response consultant and legal counsel on retainer. Additionally, the Company has established a comprehensive cybersecurity risk management program for third-party service providers and vendors. Our processes include: (i) pre-engagement due diligence to assess cybersecurity maturity and compliance with industry standards; (ii) contractual requirements for security controls, breach notification, and incident response protocols; (iii) ongoing monitoring and periodic security assessments throughout the vendor relationship; and (iv) escalation procedures for identified risks or incidents. Third-party cybersecurity risks are monitored continuously and integrated into the Company's overall enterprise risk management framework, with oversight by the CISO.

In 2025, the Company’s board of directors established a Technology Committee of the board of directors to (i) oversee the Company’s technology strategy, (ii) review the development of impactful technology; (iii) review the Company’s current IT infrastructure and (iv) support the Audit Committee, the board of directors and management in its oversight of the Company’s cybersecurity strategy.

The Company does not believe that any risks from cybersecurity threats, nor any previous cybersecurity incidents, have materially affected the Company. However, the sophistication of cyber threats continues to increase, and the preventative actions the Company has taken and continues to take to reduce the risk of cyber incidents and protect its systems and information may not successfully protect against all cyber incidents. For more information on how cybersecurity risk may materially affect the Company’s business strategy, results of operations, or financial condition, please refer to Item 1A Risk Factors.

Governance

The Company’s Audit Committee and board of directors provide ultimate oversight of the Company’s cybersecurity risk management. The Audit Committee regularly reviews and discusses with management the strategies, processes, procedures and controls pertaining to the management of the Company’s information technology operations, including cyber risks and cybersecurity. The Company’s CISO and Chief Information Officer (“CIO”) provide quarterly reports to the Audit Committee regarding the evolving cybersecurity risk landscape, including emerging risks, as well as the Company’s processes, program and initiatives for managing these risks.

The Company’s CISO reports directly to the CIO, who in turn reports to the principal executive officer (“CEO”). The CISO has over 20 years of experience in IT and cybersecurity. Under the direction of the CISO, the Company’s cybersecurity department continuously analyzes cybersecurity and resiliency risks to our business, considers industry trends and implements preventive and detective controls, as appropriate, to mitigate these risks. The cybersecurity team consists of cybersecurity professionals holding multiple certifications such as CISSP (Certified Information Systems Security Professional), CEH (Certified Ethical Hacker), GSOM (GIAC Security Operations Manager), CISM (Certified Information Security Manager), CISA (Certified Information Systems Auditor), among others. The cybersecurity team’s analysis drives the Company’s short- and long-term cybersecurity strategies, which are executed through a collaborative effort within the IT department and are communicated to the Audit Committee and the board of directors regularly.

Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

The Company’s Audit Committee and board of directors provide ultimate oversight of the Company’s cybersecurity risk management. The Audit Committee regularly reviews and discusses with management the strategies, processes, procedures and controls pertaining to the management of the Company’s information technology operations, including cyber risks and cybersecurity. The Company’s CISO and Chief Information Officer (“CIO”) provide quarterly reports to the Audit Committee regarding the evolving cybersecurity risk landscape, including emerging risks, as well as the Company’s processes, program and initiatives for managing these risks.

The Company’s CISO reports directly to the CIO, who in turn reports to the principal executive officer (“CEO”). The CISO has over 20 years of experience in IT and cybersecurity. Under the direction of the CISO, the Company’s cybersecurity department continuously analyzes cybersecurity and resiliency risks to our business, considers industry trends and implements preventive and detective controls, as appropriate, to mitigate these risks. The cybersecurity team consists of cybersecurity professionals holding multiple certifications such as CISSP (Certified Information Systems Security Professional), CEH (Certified Ethical Hacker), GSOM (GIAC Security Operations Manager), CISM (Certified Information Security Manager), CISA (Certified Information Systems Auditor), among others. The cybersecurity team’s analysis drives the Company’s short- and long-term cybersecurity strategies, which are executed through a collaborative effort within the IT department and are communicated to the Audit Committee and the board of directors regularly.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee regularly reviews and discusses with management the strategies, processes, procedures and controls pertaining to the management of the Company’s information technology operations, including cyber risks and cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Company’s CISO and Chief Information Officer (“CIO”) provide quarterly reports to the Audit Committee regarding the evolving cybersecurity risk landscape, including emerging risks, as well as the Company’s processes, program and initiatives for managing these risks.
Cybersecurity Risk Role of Management [Text Block] Additionally, the Company has established a comprehensive cybersecurity risk management program for third-party service providers and vendors. Our processes include: (i) pre-engagement due diligence to assess cybersecurity maturity and compliance with industry standards; (ii) contractual requirements for security controls, breach notification, and incident response protocols; (iii) ongoing monitoring and periodic security assessments throughout the vendor relationship; and (iv) escalation procedures for identified risks or incidents. Third-party cybersecurity risks are monitored continuously and integrated into the Company's overall enterprise risk management framework, with oversight by the CISO.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

In 2025, the Company’s board of directors established a Technology Committee of the board of directors to (i) oversee the Company’s technology strategy, (ii) review the development of impactful technology; (iii) review the Company’s current IT infrastructure and (iv) support the Audit Committee, the board of directors and management in its oversight of the Company’s cybersecurity strategy.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO has over 20 years of experience in IT and cybersecurity.The cybersecurity team consists of cybersecurity professionals holding multiple certifications such as CISSP (Certified Information Systems Security Professional), CEH (Certified Ethical Hacker), GSOM (GIAC Security Operations Manager), CISM (Certified Information Security Manager), CISA (Certified Information Systems Auditor), among others.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Under the direction of the CISO, the Company’s cybersecurity department continuously analyzes cybersecurity and resiliency risks to our business, considers industry trends and implements preventive and detective controls, as appropriate, to mitigate these risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Description of the Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of the Business

1. Description of the Business

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 U.S.

In this annual 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.

v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements present the results of operations, financial position, and cash flows of Builders FirstSource, Inc. and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation.

Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

Estimates are used when accounting for items such as revenue, vendor rebates, allowance for returns, discounts and credit losses, employee compensation programs, depreciation and amortization periods, income taxes, inventory values, insurance programs, goodwill, other intangible assets and long-lived assets.

Equity Investments

The Company’s equity investments are accounted for using equity method accounting and are recorded as other assets, net in the accompanying consolidated balance sheets and are not significant to the Company.

Reclassifications

Certain prior periods’ amounts have been reclassified to conform to the current year presentation, including refining the composition of our product categories, and amounts presented as amortization of debt discount, premium and issuance costs, loss on extinguishments of debt, credit loss expense (benefit), non-cash net loss (gain) on assets, and receivables. Prior period amounts related to product categories as disclosed in this Note 2 under Revenue Recognition have been reclassified to conform to the current year presentation.

The prior period amounts related to amortization of debt discount, premium and issuance costs, loss on extinguishments of debt, and non-cash net loss (gain) on assets have been combined with other non-cash adjustments, while credit loss expense (benefit) has been combined with receivables on the face of the consolidated statements of cash flows, to conform to the current year presentation. Reclassifications had no impact on net income, total assets and liabilities, stockholders’ equity, financing cash flows, or total cash flows as previously reported.

Segments

We offer an integrated solution to our customers providing manufacturing, supply, and installation of a full range of structural and related building products. We provide a wide variety of building products and services directly to homebuilder customers. We manufacture floor trusses, roof trusses, wall panels, millwork, windows, and doors. We also provide a full range of construction services.

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. Our operating segments are organized on a geographical basis to facilitate a

disaggregated management of the Company and to respond to the local needs of the customers in the markets we serve. 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 CEO, whom we have determined to be our chief operating decision maker (“CODM”).

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.

Revenue Recognition

We recognize revenue as performance obligations are satisfied by transferring control of a promised good or service to a customer in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We generally classify our revenues into two types: (i) distribution sales; or (ii) sales related to contracts with service elements.

Distribution sales typically consist of the sale of building products we manufacture and the resale of purchased building products. We recognize revenue related to distribution sales at a point in time upon delivery of the ordered goods to our customers. Payment terms related to distribution sales are not significant as payment is generally received shortly after the point of sale.

Our contracts with service elements primarily relate to installation and construction services. We evaluate whether multiple contracts should be combined and accounted for as a single contract and whether a single or combined contract should be accounted for as a single performance obligation or multiple performance obligations. If a contract is separated into more than one performance obligation, we allocate the transaction price to each performance obligation generally based on observable standalone selling prices of the underlying goods or services. Revenue related to contracts with service elements is generally recognized over time based on the extent of progress towards completion of the performance obligation because of continuous transfer of control to the customer. We consider costs incurred to be indicative of goods and services delivered to the customer. As such, we use a cost-based input method to recognize revenue on our contracts with service elements as it best depicts the transfer of assets to our customers. Payment terms related to sales for contracts with service elements are specific to each customer and contract. However, they are considered to be short-term in nature as payments are normally received either throughout the life of the contract or shortly after the contract is complete.

Contract costs include all direct material and labor, equipment costs and those indirect costs related to contract performance. Provisions for estimated losses on uncompleted contracts are recognized in the period in which such losses are determinable. Prepayments for materials or services are deferred until such materials have been delivered or services have been provided. All sales recognized are net of allowances for discounts and estimated returns, based on historical experience. The Company records sales incentives provided to customers as a reduction of revenue. We present all sales tax on a net basis in our consolidated financial statements.

Costs to obtain contracts are expensed as incurred as our contracts are typically completed in one year or less, and where applicable, we generally would incur these costs whether or not we ultimately obtain the contract. We do not disclose the value of our remaining performance obligations on uncompleted contracts as our contracts generally have a duration of one year or less.

The timing of revenue recognition, invoicing and cash collection results in accounts receivable, 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.

The following table disaggregates our net sales by product category for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Manufactured products

 

$

3,410,492

 

 

$

3,985,803

 

 

$

4,409,809

 

Windows, doors and millwork

 

 

3,836,204

 

 

 

4,238,123

 

 

 

4,331,439

 

Specialty building products and services

 

 

4,068,074

 

 

 

3,907,438

 

 

 

4,079,850

 

Lumber and lumber sheet goods

 

 

3,875,868

 

 

 

4,269,128

 

 

 

4,276,232

 

Total net sales

 

$

15,190,638

 

 

$

16,400,492

 

 

$

17,097,330

 

As our product alignment continues to be refined, we have reclassified prior periods’ net sales by product category to conform to the current period presentation. The impact to each of the prior periods’ net sales for manufactured products, windows, doors and millwork, specialty building products and services, and lumber and lumber sheet goods was 1.4%, 0.3%, -3.5%, and 1.8% for 2024 and -5.6%, 0.5%, 2.2%, and 3.6% for 2023, respectively.

Net sales from installation and construction services represents less than 10% of the Company’s net sales for each period presented.

Through December 31, 2025, 2024 and 2023, we recognized as revenue substantially all of the contract liabilities balance at December 31, 2024, 2023 and 2022, respectively.

Cash and Cash Equivalents and Checks Outstanding

Cash and cash equivalents consist of cash on hand and all highly liquid investments with an original maturity date of three months or less. Also included in cash and cash equivalents are proceeds due from credit card transactions that generally settle within two business days. We maintain cash at financial institutions in excess of federally insured limits. Further, we maintain various banking relationships with different financial institutions. Accordingly, when there is a negative net book cash balance resulting from outstanding checks that had not yet been paid by any single financial institution, they are reflected in accounts payable in the accompanying consolidated balance sheets.

Accounts Receivable

We extend credit to qualified professional homebuilders and contractors, in many cases on a non-collateralized basis. Accounts receivable potentially expose us to concentrations of credit risk. Because our customers are dispersed among our various markets, our credit risk to any one customer or geographic economy is not significant.

Our customer mix is a balance of large national homebuilders, regional homebuilders, local and custom homebuilders and repair and remodeling contractors as well as multi-family builders. For the year ended December 31, 2025, our top 10 customers accounted for 14% of our net sales, with our largest customer accounting for 4% of net sales.

The allowance for credit losses is based on management’s assessment of the amount which may become uncollectible in the future and is estimated using specific review of problem accounts, overall portfolio quality, current and forecasted economic conditions that may affect the customer’s ability to pay, and historical experience. Accounts receivable are written off when deemed uncollectible.

We also establish reserves for credit memos and customer returns. The reserve balance was $13.9 million and $14.4 million at December 31, 2025, and 2024, respectively. The activity in this reserve was not material for each year presented.

The following table shows the changes in our allowance for credit losses:

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Balance at January 1,

 

$

26,834

 

 

$

27,691

 

 

$

50,383

 

Net additions (reversals) to provision

 

 

12,487

 

 

 

10,419

 

 

 

(11,488

)

Write-offs, net of recoveries

 

 

(10,673

)

 

 

(11,276

)

 

 

(11,204

)

Balance at December 31,

 

$

28,648

 

 

$

26,834

 

 

$

27,691

 

 

Other Receivables

Other receivables consist primarily of $152.2 million and $155.8 million of vendor rebates receivables at December 31, 2025, and 2024, respectively, and income tax receivables.

Inventories

Inventories consist principally of materials purchased for resale, including lumber and lumber sheet goods, windows, doors and millwork, and other building products, as well as certain manufactured products and are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method, the use of which approximates the first-in, first-out method. We accrue for shrink based on the actual historical shrink results of our most recent physical inventories adjusted, if necessary, for current economic conditions. These estimates are compared with actual results as physical inventory counts are taken and reconciled to the general ledger.

During the year, we monitor our inventory levels by market and record provisions for excess inventories based on slower moving inventory. We define potential excess inventory as the amount of inventory on hand in excess of the historical usage, excluding special order items purchased in the last six months. We then apply our judgment as to forecasted demand and other factors, including liquidation value, to determine the required adjustments to net realizable value. Our inventories are generally not susceptible to technological obsolescence.

Our arrangements with vendors provide for rebates of a specified amount of consideration, payable at defined intervals, generally related to a stipulated level of purchases. We account for estimated rebates as a reduction of the prices of the vendor’s inventory until the product is sold, at which time such rebates reduce cost of sales in the accompanying consolidated statements of operations. Throughout the year, we estimate the amount of the rebates based upon the expected level of purchases. We continually evaluate and revise these estimates, as necessary, based on actual purchase levels.

We source products from a large number of suppliers. Materials purchased from our largest single supplier represented 8% of our total materials purchased in 2025.

Shipping and Handling Costs

Handling costs incurred in manufacturing activities are included in cost of sales. All other shipping and handling costs are included in selling, general and administrative expenses in the accompanying consolidated statements of operations and totaled $616.0 million, $654.0 million and $656.0 million in 2025, 2024 and 2023, respectively.

Income Taxes

We account for income taxes utilizing the asset and liability method described in the Income Taxes topic of the FASB Accounting Standards Codification (“Codification”). Deferred income taxes are recorded to reflect consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which differences are expected to affect taxable earnings. We record a valuation allowance to reduce deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Warranty Expense

We have warranty obligations with respect to most manufactured products; however, the liability for the warranty obligations is not material as a result of third-party inspection and acceptance processes.

Debt Issuance Costs and Debt Discount/Premium

Loan costs are capitalized upon the issuance of long-term debt and amortized over the life of the related debt. Debt issuance costs associated with term debt are presented as a reduction to long-term debt. Debt issuance costs associated with revolving debt arrangements are presented as a component of other assets, net. Debt issuance costs incurred in connection with revolving debt arrangements are amortized using the straight-line method. Debt issuance costs, discounts and premiums incurred in connection with term debt are amortized over the life of the related debt using the effective interest method. Amortization of debt issuance costs, discounts and premiums are included in interest expense. Upon changes to our debt structure, we evaluate debt issuance costs, discounts and premiums in accordance with the Debt topic of the Codification. We adjust debt issuance costs, discounts and premiums as necessary based on the results of this evaluation, as discussed in Note 8.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. The estimated lives of the various classes of assets are as follows:

 

 Buildings and improvements

10 to 40 years

 Machinery and equipment

7 to 10 years

 Information technology, furniture and fixtures

3 to 5 years

Leasehold improvements

The shorter of the estimated useful life or the remaining lease term

Major additions and improvements are capitalized, while maintenance and repairs that do not extend the useful life of the property are charged to expense as incurred. Gains or losses from dispositions of property, plant and equipment are recorded in the period incurred. We also capitalize certain costs of computer software developed or obtained for internal use, including interest, provided that those costs are not research and development, and certain other criteria are met. Internal use computer software costs are included in information technology, furniture and fixtures, and depreciated using the straight-line method over the estimated useful lives of the assets, generally three years.

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, the Company amortizes 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 December 31, 2025, and 2024, we had capitalized costs, net of amortization, of $21.8 million and $9.3 million, respectively, included in other current assets, and $80.6 million and $52.7 million, respectively, included in other assets, net. Amortization expense for these costs was $9.7 million, $1.3 million, and $1.4 million for the years ended December 31, 2025, 2024, and 2023 respectively, and is included in Selling, general and administrative expenses within the consolidated statements of operations.

Leases

We lease certain land, buildings, rolling stock and other types of equipment for use in our operations. These leases typically have initial terms ranging from five to 15 years. Many of our leases contain renewal options which are exercisable at our discretion. These renewal options generally have terms ranging from one to five years.

Under the Leases topic of the Codification, lessees are required to recognize the following for all leases, with the exception of short-term leases, at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.

We determine if an arrangement is a lease at the inception of the arrangement. Lease liabilities are recognized based on the present value of lease payments over the lease term at the arrangement’s commencement date. Right-of-use assets are recognized based on the amount of the measurement of the lease liability adjusted for any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and any initial direct costs incurred. Renewal options are included in the calculation of our right-of-use assets and lease liabilities when it is determined that they are reasonably certain of exercise based on an analysis of the relevant facts and circumstances. As the implicit rate of return of our lease agreements is usually not readily determinable, we generally use our incremental borrowing rate in determining the present value of lease payments. We determine our incremental borrowing rate based on information available to us at the lease commencement date. Certain of our lease arrangements contain lease and non-lease components. We have elected to account for non-lease components as a part of the related lease components for all of our leases. Leases with an initial term of 12 months or less are not recognized on our balance sheet. We recognize the expense for these leases on a straight-line basis over the lease term.

We have certain lease agreements that are subject to changes based on the Consumer Price Index or another referenced index. In the event of changes to the relevant index, lease liabilities are not remeasured, and incremental costs are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred.

Long-Lived Assets

We evaluate our long-lived assets, other than goodwill, for impairment when events or changes in circumstances indicate, in our judgment, that the carrying amount of such assets may not be recoverable. The determination of whether or not impairment exists is based on our estimate of undiscounted future cash flows before interest attributable to the assets as compared to the net carrying amount of the assets. If impairment is indicated, the amount of the impairment recognized is determined by estimating the fair value of the assets based on estimated discounted future cash flows and recording a provision for loss if the carrying amount is greater than estimated fair value. The net carrying amount of assets identified to be disposed of in the future is compared to their estimated fair value, usually the quoted market price obtained from an independent third-party less the cost to sell, to determine if impairment exists. Until the assets are disposed of, an estimate of the fair value is reassessed when related events or circumstances change.

Insurance

We have established insurance programs to cover certain insurable risks consisting primarily of physical loss to property, business interruptions resulting from such loss, workers’ compensation, employee healthcare, and comprehensive general and auto liability. Third-party insurance coverage is obtained for exposures above predetermined deductibles as well as for those risks required to be insured by law or contract. On a quarterly basis, we engage an external actuarial professional to independently assess and estimate the total liability outstanding. Provisions for losses are developed from these valuations which rely upon our past claims experience, which considers both the frequency and settlement of claims. The legal costs associated with these claims are included in these developed provisions. We discount our workers’ compensation, general liability, and auto liability insurance reserves based upon estimated future payment streams at our risk-free rate. Our total insurance reserve balances were $216.6 million and $206.3 million as of December 31, 2025, and 2024, respectively. Of these balances, $121.4 million and $103.4 million were recorded as other long-term liabilities as of December 31, 2025, and 2024, respectively. Included in these reserve balances as of December 31, 2025, and 2024, were $25.9 million and $17.1 million, respectively, of claims that exceeded stop-loss limits and are expected to be recovered under insurance policies which are also recorded as other receivables and other assets, net in the accompanying consolidated balance sheets.

Net Income per Common Share

Net income per common share, or earnings per share (“EPS”), is calculated in accordance with the Earnings per Share topic of the 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 for the years ended December 31:

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

435,199

 

 

$

1,077,898

 

 

$

1,540,555

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

111,421

 

 

 

118,038

 

 

 

127,777

 

Dilutive effect of options and RSUs

 

 

401

 

 

 

942

 

 

 

1,221

 

Weighted average shares outstanding, diluted

 

 

111,822

 

 

 

118,980

 

 

 

128,998

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

3.91

 

 

$

9.13

 

 

$

12.06

 

Diluted

 

$

3.89

 

 

$

9.06

 

 

$

11.94

 

 

 

 

 

 

 

 

 

 

 

Antidilutive and contingent RSUs excluded from diluted EPS

 

 

283

 

 

 

147

 

 

 

3

 

 

Goodwill and Other Intangible Assets

Intangibles subject to amortization

We recognize an acquired intangible asset apart from goodwill whenever the intangible asset arises from contractual or other legal rights, or whenever it can be separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset or liability. Impairment losses are recognized if the carrying amounts of an intangible asset subject to amortization is not recoverable from expected future cash flows and its carrying amount exceeds its estimated fair value.

Goodwill

We recognize goodwill as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. Goodwill is tested for impairment on an annual basis and between annual tests whenever impairment is indicated. This annual test takes place as of December 31 each year. Impairment losses are recognized whenever the carrying amount of a reporting unit exceeds its fair value.

Stock-based Compensation

Under our stock-based employee compensation plan, we issue new common stock upon exercises of stock options and vesting of restricted stock units (“RSU”). We recognize the effect of pre-vesting forfeitures in the period they actually occur. Our stock-based employee compensation plan is described more fully in Note 10.

The fair value of RSU awards which are subject to or contain market conditions is estimated on the date of grant using the Monte Carlo simulation model with the following weighted average assumptions for the years ended December 31:

 

 

 

2025

 

 

2024

 

 

2023

 

Expected volatility (company)

 

 

44.3

%

 

 

43.8

%

 

 

46.5

%

Expected volatility (peer group median)

 

 

31.5

%

 

 

30.5

%

 

 

32.1

%

Correlation between the company and peer group median

 

 

0.5

 

 

 

0.5

 

 

 

0.5

 

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Risk-free rate

 

 

4.0

%

 

 

4.5

%

 

 

3.8

%

The expected volatilities and correlation are based on the historical daily returns of our common stock and the common stocks of the constituents of the Company’s 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.

Fair Value

The Fair Value Measurements and Disclosures topic of the Codification provides a framework for measuring the fair value of assets and liabilities and establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows:

Level 1 — unadjusted quoted prices for identical assets or liabilities in active markets accessible by us

Level 2 — inputs that are observable in the marketplace other than those inputs classified as Level 1

Level 3 — inputs that are unobservable in the marketplace and significant to the valuation

If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation.

As of December 31, 2025, and 2024, the Company does not have any material financial instruments which are measured at fair value on a recurring basis. We have elected to report the value of our 4.25% 2032 notes, 6.375% 2034 notes, 6.75% 2035 notes, 6.375% 2032 notes, 5.00% 2030 notes, and Revolving Facility 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 December 31, 2025, were $1,236.6 million, $1,038.8 million, $785.6 million, $726.3 million, and $548.6 million, respectively, and were determined using Level 2 inputs based on market prices.

Comprehensive Income

Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It consists of net income and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income. Comprehensive income is equal to net income for the years ended December 31, 2025, 2024 and 2023.

Recently Issued Accounting Pronouncements

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.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard applies to costs incurred to develop or obtain software for internal use. ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will commence capitalizing eligible costs when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in ASU 2025-06 are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods, with early adoption permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
v3.25.4
Business Combinations
 12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Business Combinations

3. Business Combinations

During 2025, we completed a number of acquisitions for a combined $1.1 billion purchase price, net of cash acquired, including the acquisitions of (i) Alpine Lumber, (ii) O.C. Cluss, (iii) Truckee Tahoe, (iv) St. George Truss, (v) Stately Las Vegas, (vi) Rystin, (vii) Lengefeld Lumber, and (viii) Pleasant Valley.

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. O.C. Cluss 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. St. George Truss manufactures trusses, serving builders in southern Utah and southern Nevada. Stately Las Vegas and Rystin provide turnkey door and trim solutions to customers in the Las Vegas area. Lengefeld Lumber supplies lumber and building materials to builders in central Texas, while Pleasant Valley Homes is a wholesale manufacturer of factory-built housing, selling HUD-compliant manufactured homes and semi-custom modular homes to land lease community developers, retailers and home builders across ten northeastern states.

During 2024, we completed a number of acquisitions for a combined $345.4 million purchase price, net of cash acquired, including the acquisitions of (i) Quality Door & Millwork, Inc. (“Quality Door”), (ii) Hanson Truss Components, Inc. (“Hanson Truss”), (iii) RPM Wood Products, Inc. (“RPM”), (iv) Schoeneman Bros. Company (“Schoeneman”), (v) TRSMI, LLC (“TRSMI”), (vi) Western Truss & Components (“Western Truss”), (vii) CRi SoCal (“CRi”), (viii) Wyoming Millwork Co. (“Wyoming Millwork”), (ix) Sunrise Wood Designs, LLC (“Sunrise Wood Designs”), (x) Reno Truss, Inc. (“Reno Truss”), (xi) High Mountain Door and Trim, Inc. (“High Mountain”), (xii) Douglas Lumber, Kitchens and Home Center (“Douglas Lumber”), and (xiii) Kleet Lumber (“Kleet Lumber”).

These acquisitions were funded with a combination of cash on hand and borrowings under our Revolving Facility. These transactions were accounted for using the acquisition method, and accordingly the results of operations have been included in the Company’s consolidated financial statements from the acquisition date. The purchase price was allocated to the assets acquired and liabilities assumed based on estimated fair values at the acquisition date, 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 years ended December 31, 2025, and 2024:

 

 

Total Acquisitions

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

2,821

 

 

$

9,730

 

Accounts receivable

 

 

59,085

 

 

 

39,749

 

Other receivables

 

 

6,949

 

 

 

127

 

Inventories

 

 

80,828

 

 

 

35,585

 

Contract assets

 

 

47

 

 

 

454

 

Other current assets

 

 

841

 

 

 

426

 

Property, plant and equipment

 

 

197,248

 

 

 

55,385

 

Operating lease right-of-use assets

 

 

18,483

 

 

 

19,183

 

Finance lease right-of-use assets

 

 

446

 

 

 

—

 

Intangible assets

 

 

377,388

 

 

 

110,848

 

Other assets

 

 

297

 

 

 

134

 

Total assets

 

 

744,433

 

 

 

271,621

 

 

 

 

 

 

 

 

Accounts payable

 

 

17,162

 

 

 

8,842

 

Accrued liabilities

 

 

19,721

 

 

 

9,138

 

Contract liabilities

 

 

7,266

 

 

 

1,244

 

Operating lease liabilities

 

 

18,483

 

 

 

19,183

 

Finance lease liabilities

 

 

446

 

 

 

—

 

Total liabilities

 

 

63,078

 

 

 

38,407

 

 

 

 

 

 

 

 

Goodwill

 

 

458,873

 

 

 

121,948

 

Total purchase consideration

 

 

1,140,228

 

 

 

355,162

 

Accrued contingent consideration and purchase price adjustments

 

 

(14,079

)

 

 

(8,974

)

Less: cash acquired

 

 

(2,821

)

 

 

(9,730

)

Total cash consideration

 

$

1,123,328

 

 

$

336,458

 

 

 
v3.25.4
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

4. Property, Plant and Equipment

Property, plant and equipment consisted of the following at December 31:

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Land and improvements

 

$

493,338

 

 

$

401,374

 

Buildings and improvements

 

 

961,946

 

 

 

834,773

 

Machinery and equipment

 

 

1,693,891

 

 

 

1,530,119

 

Information technology, furniture and fixtures

 

 

297,571

 

 

 

256,095

 

Construction in progress

 

 

201,544

 

 

 

141,864

 

Finance lease right-of-use assets

 

 

2,797

 

 

 

3,479

 

Property, plant and equipment

 

 

3,651,087

 

 

 

3,167,704

 

Less: accumulated depreciation

 

 

1,446,903

 

 

 

1,205,973

 

Property, plant and equipment, net

 

$

2,204,184

 

 

$

1,961,731

 

 

Depreciation expense was $294.2 million, $256.5 million and $222.6 million, of which $87.6 million, $78.7 million, and $63.5 million was included in cost of sales, for the years ended December 31, 2025, 2024 and 2023, respectively.

Included in property, plant and equipment are certain assets held under other finance obligations. These assets are recorded at the present value of the lease payments and include land, buildings and equipment. Amortization charges associated with assets held under other finance obligations are included in depreciation expense.

The following balances held under other finance obligations are included in the accompanying consolidated balance sheet as of December 31:

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Land and improvements

 

$

103,693

 

 

$

105,833

 

Buildings and improvements

 

 

111,980

 

 

 

115,020

 

Assets held under other finance obligations

 

 

215,673

 

 

 

220,853

 

Less: accumulated amortization

 

 

37,523

 

 

 

34,718

 

Assets held under other finance obligations, net

 

$

178,150

 

 

$

186,135

 

 
v3.25.4
Goodwill
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

5. Goodwill

The following table sets forth the changes in the carrying amount of goodwill for the years ended December 31, 2025, and 2024:

 

 

 

(in thousands)

 

Balance as of December 31, 2023 (1)

 

$

3,556,556

 

Acquisitions

 

 

121,948

 

Balance as of December 31, 2024 (1)

 

$

3,678,504

 

Acquisitions

 

 

458,873

 

Balance as of December 31, 2025 (1)

 

$

4,137,377

 

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

The change in the carrying amount of goodwill during 2025 is attributable to acquisitions. The amount allocated to goodwill is attributable to the assembled workforces acquired, expected synergies, and expected growth from the new markets which the Company has entered. The $458.9 million of goodwill recognized from the current year acquisitions is expected to be deductible and amortized ratably over a 15-year period for tax purposes.

We closely monitor trends in economic factors and their effects on operating results to determine if an impairment trigger was present that would warrant a reassessment of the recoverability of the carrying amount of goodwill prior to the required annual impairment test in accordance with the Intangibles – Goodwill and Other topic of the Codification.

In evaluating goodwill for impairment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If it is concluded that it is more likely than not that the fair value of the reporting unit is not less than its carrying value, then no further testing of the goodwill is required. However, if we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, we perform a quantitative goodwill impairment test. This test identifies both the existence of and the amount of goodwill impairment by comparing the fair value of a reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount goodwill is not impaired. If the carrying amount of a reporting unit exceeds its fair value an impairment loss is recognized in an amount equal to that excess, limited to the amount of goodwill allocated to that reporting unit.

The process of evaluating goodwill for impairment involves the determination of the fair value of our reporting units. Our reporting units are aligned with our three geographic operating segments. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including our interpretation of current economic indicators and market valuations and assumptions about our strategic plans with regard to our operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates resulting in further impairment of goodwill.

In evaluating goodwill for impairment at December 31, 2025, we developed the fair value using a discounted cash flow methodology. The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from the reporting unit. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The discounted cash flow methodology uses our projections of financial performance for a five-year period. The significant assumptions used in the discounted cash flow methodology are the discount rate, the terminal value and the expected future revenues and profitability.

Significant information and assumptions utilized in estimating future cash flows for quantitative goodwill impairment analyses include projections of revenue growth utilizing publicly available industry information, such as lumber commodity prices and housing start forecasts developed by the Industry Forecast Composite. Expected future profitability reflects current headcount levels and cost structure and are flexed in future years based upon historical trends at various revenue levels. Long-term growth was based on terminal value EBITDA multiples to reflect the relevant expected acquisition prices. The discount rate used is intended to reflect the weighted average cost of capital for a potential market participant and includes all risks of ownership and the associated risks of realizing the stream of projected future cash flows.

At December 31, 2025, the fair values of each of our reporting units were substantially in excess of their respective carrying amounts. Factors that could negatively impact the estimated fair value of our reporting units and potentially trigger impairment include, but are not limited to, unexpected competition, lower than expected housing starts, an increase in market participant weighted average cost of capital, increases in material or labor cost, and/or significant declines in our market capitalization. Future impairment of goodwill would have the effect of decreasing our earnings or increasing our losses in such period but would not impact our current outstanding debt obligations or compliance with covenants contained in the related debt agreements. We did not have any goodwill impairments in 2025, 2024 or 2023.

We recorded no goodwill impairment charges in 2025, 2024 or 2023.
v3.25.4
Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

6. Intangible Assets

The following table presents intangible assets as of December 31:

 

 

2025

 

 

2024

 

 

 

Gross
Carrying Amount

 

 

Accumulated Amortization

 

 

Gross
Carrying Amount

 

 

Accumulated Amortization

 

 

 

(in thousands)

 

Customer relationships

 

$

2,583,516

 

 

$

(1,474,467

)

 

$

2,216,578

 

 

$

(1,198,125

)

Developed technology

 

 

95,600

 

 

 

(46,503

)

 

 

95,600

 

 

(35,887

)

Trade names

 

 

74,950

 

 

 

(51,717

)

 

 

64,500

 

 

(43,483

)

Non-compete agreements

 

 

13,050

 

 

 

(10,636

)

 

 

13,050

 

 

(8,599

)

Total intangible assets

 

$

2,767,116

 

 

$

(1,583,323

)

 

$

2,389,728

 

 

$

(1,286,094

)

 

During the years ended December 31, 2025, 2024 and 2023, we recorded amortization expense in relation to the above-listed intangible assets of $297.2 million, $305.4 million and $335.7 million, respectively. We recorded no intangible asset impairment charges for those same years.

In connection with the current year acquisitions, we recorded intangible assets of $377.4 million, which includes $366.9 million of customer relationships and $10.5 million of trade names. The weighted average useful life of the current year acquired intangible assets is 10.3 years in total, 10.5 years for customer relationships and 3.3 years for trade names. The fair value of acquired customer relationships intangible assets was primarily estimated by applying the multiperiod 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.

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

 

 

 

(in thousands)

 

2026

 

$

278,057

 

2027

 

 

216,165

 

2028

 

 

162,008

 

2029

 

 

103,000

 

2030

 

 

83,280

 

Thereafter

 

 

341,283

 

Total future net intangible amortization expense

 

$

1,183,793

 
v3.25.4
Accrued Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities

7. Accrued Liabilities

Accrued liabilities consisted of the following:

 

 

December 31,
2025

 

 

December 31,
2024

 

 

 

(in thousands)

 

Accrued payroll and other employee related expenses

 

$

241,870

 

 

$

310,073

 

Self-insurance reserves

 

 

95,194

 

 

 

102,876

 

Accrued business and other taxes

 

 

68,071

 

 

 

72,944

 

Accrued interest

 

 

63,202

 

 

 

55,454

 

Accrued rebates payable

 

 

33,125

 

 

 

35,404

 

Accrued professional service fees

 

 

26,928

 

 

 

16,406

 

Other

 

 

37,935

 

 

 

40,888

 

Total accrued liabilities

 

$

566,325

 

 

$

634,045

 
v3.25.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt

8. Long-Term Debt

Long-term debt consisted of the following:

 

 

December 31,
2025

 

 

December 31,
2024

 

 

 

(in thousands)

 

Revolving credit facility

 

$

—

 

 

$

—

 

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

 

 

183,891

 

 

 

190,312

 

Finance lease obligations

 

 

1,155

 

 

 

1,078

 

 

 

 

4,485,046

 

 

 

3,741,390

 

Unamortized debt discount/premium and debt issuance costs

 

 

(43,679

)

 

 

(37,277

)

 

 

 

4,441,367

 

 

 

3,704,113

 

Less: current maturities of long-term debt

 

 

14,334

 

 

 

3,470

 

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

 

$

4,427,033

 

 

$

3,700,643

 

 

 

2024 Debt Transactions

On February 29, 2024, the Company completed a private offering of $1.0 billion in aggregate principal amount of the 6.375% 2034 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 and for general corporate purposes.

In connection with the issuance of the 6.375% 2034 notes, we incurred $12.8 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 6.375% 2034 notes using the effective interest method.

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 6.75% 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.

Revolving Credit Facility Amendment

On May 20, 2025, the Company amended the Revolving Facility to, among other things, replace 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.

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.

 

Revolving Credit Facility

As of December 31, 2025, the Revolving Facility provides for a $2.2 billion revolving credit line to be used for working capital, general corporate purposes and funding capital expenditures and growth opportunities. In addition, we may use the Revolving Facility to facilitate debt repayment and consolidation. The available borrowing capacity, or borrowing base, is derived from a percentage of the Company’s eligible receivables and inventory, as defined by the agreement, subject to certain reserves. As of December 31, 2025, we had no outstanding borrowings under our Revolving Facility, and our net excess borrowing availability was $1.5 billion after being reduced by outstanding letters of credit of $79.6 million.

As of December 31, 2025, borrowings under the Revolving Facility bear interest, at our option, at either the SOFR or a base rate, plus, in each case, an applicable margin. The applicable margin ranges from 1.00% to 1.25% per annum in the case of term SOFR loans and 0.00% to 0.25% per annum in the case of base rate loans. A commitment fee, currently 0.20% per annum, is charged on the unused amount of the Revolving Facility based on quarterly average loan utilization. Letters of credit under the Revolving Facility are assessed at a rate equal to 1.00% or 1.25%, based on the average excess availability, as well as a fronting fee at a rate of 0.125% per annum. These fees are payable quarterly in arrears at the beginning of January, April, July, and October.

All obligations under the Revolving Facility are guaranteed jointly and severally by the Company and all other subsidiaries that guarantee our 5.00% 2030 notes, our 4.25% 2032 notes, our 6.375% 2032 notes, our 6.375% 2034 notes, and our 6.75% 2035 notes (such subsidiaries, the “Debt Guarantors”). All obligations and the guarantees of those obligations are secured by substantially all of the assets of the Company and the Debt Guarantors, subject to certain exceptions and permitted liens, including, with respect to the Revolving Facility, a first-priority security interest in such assets that constitute Revolving Collateral (as defined in the Revolving Facility) and a second-priority security interest in such assets that constitute Notes Collateral (as defined in the Revolving Facility).

The Revolving Facility contains negative covenants which, among other things, limit the Company’s ability to incur additional indebtedness, incur liens, engage in mergers or other fundamental changes, sell certain assets, pay dividends, make acquisitions or investments, prepay certain indebtedness, change the nature of our business, and engage in certain transactions with affiliates. In addition, the Revolving Facility also contains a financial covenant requiring the satisfaction of a minimum fixed charge coverage 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 $160.7 million as of December 31, 2025.

Senior Unsecured Notes

The following table presents details of the components of our senior unsecured notes:

 

 

 

 

December 31,
2025

 

December 31,
2024

 

Tranche

Interest payable

Principal Amount
 (in thousands)

 

Carrying Amount
(in thousands)

 

4.25% notes due February 2032

Semi-annually

$300,000 and 1,000,000

 

$

1,300,000

 

$

1,300,000

 

6.375% notes due March 2034

Semi-annually

 

1,000,000

 

 

1,000,000

 

 

1,000,000

 

6.75% notes due May 2035

Semi-annually

 

750,000

 

 

750,000

 

 

—

 

6.375% notes due June 2032

Semi-annually

 

700,000

 

 

700,000

 

 

700,000

 

5.00% notes due March 2030

Semi-annually

 

550,000

 

 

550,000

 

 

550,000

 

The terms of the senior unsecured notes, subject to certain exceptions, are guaranteed, jointly and severally, on a senior unsecured basis, by the Debt Guarantors. Subject to certain exceptions, future subsidiaries that guarantee the Revolving Facility or certain other indebtedness will also guarantee the senior unsecured notes.

Each tranche of the senior unsecured notes constitutes a senior unsecured obligation of the Company and the Debt 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 senior unsecured notes. The senior unsecured notes are also (i) effectively subordinated to all existing and future secured indebtedness of the Company and the Debt Guarantors to the extent of the value of the assets securing such indebtedness, (ii) senior to all of the future subordinated indebtedness of the Company and the Debt Guarantors, and (iii) structurally subordinated to any existing and future indebtedness and other liabilities, including preferred stock, of the Company’s subsidiaries that do not guarantee the senior unsecured notes.

At any time on or after March 1, 2025, the Company may redeem the 5.00% 2030 notes at the redemption prices set forth in the applicable indenture, plus accrued and unpaid interest, if any, to the redemption date. If the Company experiences certain change of control events, holders of the 5.00% 2030 notes may require it to repurchase all or part of their 5.00% 2030 notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the repurchase date.

The Company may redeem the other tranches of senior unsecured notes within five years from the date of issuance of each such tranche of notes, in whole or in part, at a redemption price equal to 100% of the principal amount of each such tranche of notes plus the “applicable premium” set forth in the applicable indenture. After the five-year period from original issuance, the Company may redeem each such tranche of notes at the redemption prices set forth in the applicable indenture, plus accrued and unpaid interest, if any, to the redemption date. If the Company experiences certain change of control triggering events, holders of each such tranche of 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.

Each of the indentures relating to the senior unsecured notes contains negative 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.

As of December 31, 2025, we were not in violation of any covenants or restrictions imposed by any of our debt agreements.

Future maturities of long-term debt as of December 31, 2025, were as follows:

 

 

(in thousands)

 

2026

 

$

—

 

2027

 

 

—

 

2028

 

 

—

 

2029

 

 

—

 

2030

 

 

550,000

 

Thereafter

 

 

3,750,000

 

Total long-term debt

 

$

4,300,000

 

 
v3.25.4
Leases and Other Finance Obligations
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases and Other Finance Obligations

9. Leases and Other Finance Obligations

 

Right-of-use assets and lease liabilities consisted of the following as of December 31:

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

$

622,188

 

 

$

594,301

 

Finance lease right-of-use assets, net (included in property, plant and equipment, net)

 

 

1,437

 

 

 

1,318

 

Total right-of-use assets

 

$

623,625

 

 

$

595,619

 

Liabilities

 

 

 

 

 

 

Current

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

111,132

 

 

$

103,499

 

Current portion of finance lease liabilities (included in current maturities of long-term debt)

 

 

419

 

 

 

470

 

Noncurrent

 

 

 

 

 

 

Noncurrent portion of operating lease liabilities

 

 

547,772

 

 

 

525,213

 

Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities)

 

 

736

 

 

 

608

 

Total lease liabilities

 

$

660,059

 

 

$

629,790

 

 

Total lease costs consisted of the following for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Operating lease costs (1)

 

$

152,408

 

 

$

143,878

 

 

$

144,243

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

Amortization of finance lease right-of-use assets

 

 

484

 

 

 

1,120

 

 

 

2,089

 

Interest on finance lease liabilities

 

 

57

 

 

 

95

 

 

 

201

 

Variable lease costs

 

 

39,740

 

 

 

34,781

 

 

 

34,408

 

Total lease costs

 

$

192,689

 

 

$

179,874

 

 

$

180,941

 

(1) Includes short-term lease costs and sublease income which were not material for all periods presented.

 

Future maturities of lease liabilities as of December 31, 2025, were as follows:

 

 

Finance
Leases

 

 

Operating
Leases

 

 

 

(in thousands)

 

2026

 

$

469

 

 

$

145,809

 

2027

 

 

417

 

 

 

135,671

 

2028

 

 

240

 

 

 

123,762

 

2029

 

 

108

 

 

 

102,261

 

2030

 

 

12

 

 

 

72,863

 

Thereafter

 

 

—

 

 

 

224,979

 

Total lease payments

 

 

1,246

 

 

 

805,345

 

Less: amount representing interest

 

 

(91

)

 

 

(146,441

)

Present value of lease liabilities

 

 

1,155

 

 

 

658,904

 

Less: current portion

 

 

(419

)

 

 

(111,132

)

Long-term lease liabilities, net of current portion

 

$

736

 

 

$

547,772

 

 

Weighted average lease terms and discount rates as of December 31 were as follows:

 

 

2025

 

 

2024

 

Weighted average remaining lease term (years)

 

 

 

 

 

 

Operating leases

 

 

6.7

 

 

 

7.0

 

Finance leases

 

 

2.9

 

 

 

3.0

 

Weighted average discount rate

 

 

 

 

 

 

Operating leases

 

 

5.9

%

 

 

6.0

%

Finance leases

 

 

5.5

%

 

 

5.7

%

 

The following table presents cash paid for amounts included in the measurement of lease liabilities for the years ended December 31:

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

145,036

 

 

$

132,989

 

 

$

127,562

 

Operating cash flows from finance leases

 

 

57

 

 

 

95

 

 

 

201

 

Financing cash flows from finance leases

 

 

524

 

 

 

1,182

 

 

 

2,214

 

 

Our lease agreements do not impose any significant restrictions or covenants on us. As of December 31, 2025, we do not have any material leases that have been signed but have not yet commenced and are not reflected on our consolidated balance sheet. Leases with related parties are not significant as of and for the years ended December 31, 2025, 2024 and 2023.

Other Finance Obligations

In addition to the operating and finance lease arrangements described above, the Company is party to 110 individual property lease agreements with a single lessor as of December 31, 2025. These lease agreements had initial terms ranging from nine to 15 years with renewal options in five-year increments providing for up to approximately 30-year total lease terms. A related agreement between the lessor and the Company gives the Company the right to acquire a limited number of the leased facilities at fair market value. These purchase rights represent a form of continuing involvement with these properties, which precluded sale-leaseback accounting. As a result, the Company treats all of the properties that it leases from this lessor as a financing arrangement.

We were deemed the owner of certain of our facilities during their construction period based on an evaluation made in accordance with the Leases topic of the Codification. Effectively, a sale and leaseback of these facilities occurred when construction was completed and the lease term began. These transactions did not qualify for sale-leaseback accounting. As a result, the Company treats the lease of these facilities as a financing arrangement.

As of December 31, 2025, other finance obligations consist of $183.9 million and cash payments made of $20.0 million for the year ended December 31, 2025. These other finance obligations are included on the consolidated balance sheets as part of long-term debt. The related assets are recorded as components of property, plant, and equipment on the consolidated balance sheets.

Future maturities for other finance obligations as of December 31, 2025, were as follows:

 

 

 

(in thousands)

 

2026

 

$

13,915

 

2027

 

 

2,063

 

2028

 

 

2,239

 

2029

 

 

2,434

 

2030

 

 

2,625

 

Thereafter

 

 

160,615

 

Total

 

$

183,891

 
v3.25.4
Employee Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Employee Stock-Based Compensation

10. Employee Stock-Based Compensation

2014 Incentive Plan

Under our 2014 Incentive Plan (“2014 Plan”), as amended, the Company is authorized to grant awards in the form of incentive stock options, non-qualified stock options, restricted stock shares, restricted stock units, other common stock-based awards and cash-based awards. As of December 31, 2025, the Company had reserved 15.1 million shares of common stock for the grant of awards under the 2014 Plan, subject to adjustment as provided by the 2014 Plan. All shares under the Plan may be made subject to options, stock appreciation rights (“SARs”), or stock-based awards. Stock options and SARs granted under the 2014 Plan may not have a term exceeding 10 years from the date of grant. The 2014 Plan also provides that all awards will become fully vested and/or exercisable upon a change in control (as defined in the 2014 Plan) if those awards (i) are not assumed or equitably substituted by the surviving entity or (ii) have been assumed or equitably substituted by the surviving entity, and the grantee’s employment is terminated under certain circumstances. Other specific terms for awards granted under the 2014 Plan shall be determined by our Compensation Committee (or the board of directors if so determined by the board of directors). Awards granted under the 2014 Plan generally vest ratably over a three to four-year period or cliff vest after a period of three to four years. As of December 31, 2025, 7.1 million shares were available for issuance under the 2014 Plan. If it is assumed that shares will be issued at the target vesting amount for outstanding RSUs with variable payout provisions, an additional 0.4 million shares would be included in the shares available for future issuance under the 2014 Plan.

Stock Options

The following table summarizes our stock option activity:

 

 

 

 

 

Weighted

 

 

Weighted

 

 

 

 

 

 

 

 

 

Average

 

 

Average

 

 

 

 

 

 

 

 

 

Exercise

 

 

Remaining

 

 

Aggregate

 

 

 

Options

 

 

Price

 

 

Years

 

 

Intrinsic Value

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

(in thousands)

 

Outstanding at December 31, 2024

 

 

25

 

 

$

11.17

 

 

 

 

 

 

 

Exercised

 

 

(18

)

 

 

11.11

 

 

 

 

 

 

 

Forfeited

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

7

 

 

 

11.32

 

 

 

0.9

 

 

$

641

 

Exercisable at December 31, 2025

 

 

7

 

 

$

11.32

 

 

 

0.9

 

 

$

641

 

The outstanding options at December 31, 2025, are options granted under the 2014 plan and are exercisable. There were no options granted and no options vested during the years ended December 31, 2025, 2024 or 2023. The total intrinsic value of options exercised during the years ended December 31, 2025, 2024 and 2023 were $2.3 million, $5.4 million and $9.0 million, respectively.

Restricted Stock Units

The total outstanding RSUs at December 31, 2025, include 1.1 million units granted under the 2014 Plan.

Time Based Restricted Stock Unit Grants

The Company grants RSUs to employees under our 2014 Incentive Plan for which vesting is based solely on continuous employment over the requisite service period. The following table summarizes activity for RSUs subject solely to service conditions for the year ended December 31, 2025:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average Grant

 

 

 

Shares

 

 

Date Fair Value

 

 

 

(in thousands)

 

 

 

 

Nonvested at December 31, 2024

 

 

636

 

 

$

124.37

 

Granted

 

 

500

 

 

 

125.65

 

Vested

 

 

(383

)

 

 

111.33

 

Forfeited

 

 

(62

)

 

 

134.59

 

Nonvested at December 31, 2025

 

 

691

 

 

$

131.60

 

 

The weighted average grant date fair value of RSUs for which vesting is subject solely to service conditions granted during the years ended December 31, 2025, 2024 and 2023 was $125.65, $186.61, and $87.05, respectively.

Performance, Market and Service Condition Based Restricted Stock Unit Grants

The Company grants RSUs to employees under our 2014 Incentive Plan, that generally vest based on the Company’s level of achievement of performance goals relating to return on invested capital over a three-year period (“performance condition”) as well as 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 following table summarizes activity for these RSUs for the year ended December 31, 2025:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average Grant

 

 

 

Shares

 

 

Date Fair Value

 

 

 

(in thousands)

 

 

 

 

Nonvested at December 31, 2024

 

 

358

 

 

$

108.87

 

Granted

 

 

183

 

 

 

129.03

 

Performance & market achievement adjustment (1)

 

 

92

 

 

 

70.77

 

Vested

 

 

(226

)

 

 

72.68

 

Forfeited

 

 

(36

)

 

 

124.05

 

Nonvested at December 31, 2025

 

 

371

 

 

$

130.00

 

(1) Represents RSUs granted prior to 2025 for which the performance and market achievement period was completed in 2025, resulting in incremental unit awards granted. These incremental awards are also included in the amount vested in 2025.

The weighted average grant date fair value of RSUs for which vesting is subject to performance, market and service conditions granted during the years ended December 31, 2025, 2024 and 2023 was $129.03, $201.97 and $88.48, respectively.

Our results of operations include stock compensation expense of $53.5 million, $63.1 million and $48.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. We recognized excess tax benefits for stock options exercised and RSUs vested of $6.0 million, $27.6 million and $16.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. The total fair value of RSUs vested during the years ended December 31, 2025, 2024 and 2023 was $59.1 million, $53.6 million and $37.6 million, respectively.

As of December 31, 2025, there was $72.0 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plans. That cost is expected to be recognized over a weighted-average period of 2.0 years.

v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

11. Income Taxes

The components of income tax expense (benefit) were as follows for the years ended December 31:

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Current:

 

 

 

 

 

 

 

Federal

 

$

64,048

 

 

$

287,131

 

 

$

468,635

 

State

 

 

6,327

 

 

 

41,529

 

 

 

77,475

 

Total current tax expense

 

 

70,375

 

 

 

328,660

 

 

 

546,110

 

Deferred:

 

 

 

 

 

 

 

 

Federal

 

 

29,782

 

 

 

(16,453

)

 

 

(82,150

)

State

 

 

(22,974

)

 

 

(2,580

)

 

 

(20,311

)

Total deferred tax expense (benefit)

 

 

6,808

 

 

 

(19,033

)

 

 

(102,461

)

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Federal

 

 

93,830

 

 

 

270,678

 

 

 

386,485

 

State

 

 

(16,647

)

 

 

38,949

 

 

 

57,164

 

Total income tax expense

 

$

77,183

 

 

$

309,627

 

 

$

443,649

 

 

Temporary differences, which give rise to deferred tax assets and liabilities, were as follows as of December 31:

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Deferred tax assets related to:

 

 

 

 

 

 

Operating lease liabilities

 

$

151,548

 

 

$

148,376

 

Operating loss and credit carryforwards

 

 

116,040

 

 

 

12,308

 

Insurance reserves

 

 

37,197

 

 

 

37,840

 

Accrued expenses

 

 

10,534

 

 

 

17,703

 

Stock-based compensation expense

 

 

10,051

 

 

 

10,931

 

Accounts receivable

 

 

10,111

 

 

 

10,006

 

Inventories

 

 

9,939

 

 

 

10,435

 

Other

 

 

9,201

 

 

 

312

 

Total deferred tax assets

 

 

354,621

 

 

 

247,911

 

Deferred tax liabilities related to:

 

 

 

 

 

 

Property, plant and equipment

 

 

(188,330

)

 

 

(179,862

)

Goodwill and other intangible assets

 

 

(167,054

)

 

 

(66,263

)

Operating lease right-of-use assets

 

 

(143,103

)

 

 

(140,255

)

Prepaid expenses

 

 

(11,109

)

 

 

(9,698

)

Total deferred tax liabilities

 

 

(509,596

)

 

 

(396,078

)

Net deferred tax liability

 

$

(154,975

)

 

$

(148,167

)

A reconciliation of the statutory federal income tax rate to our effective rate is provided below for the years ended December 31:

 

 

2025

 

 

2024

 

 

2023

 

($ amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. federal statutory tax rate

 

$

107,600

 

 

 

21.0

%

 

$

291,380

 

 

 

21.0

%

 

$

416,683

 

 

 

21.0

%

State and local income taxes, net of federal income tax effect (1)

 

 

(18,518

)

 

 

(3.6

)%

 

 

33,267

 

 

 

2.4

%

 

 

40,639

 

 

 

2.0

%

Tax credits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development tax credits

 

 

(16,455

)

 

 

(3.2

)%

 

 

(2,881

)

 

 

(0.2

)%

 

 

(13,303

)

 

 

(0.7

)%

Other

 

 

(416

)

 

 

0.0

%

 

 

(264

)

 

 

0.0

%

 

 

(292

)

 

 

0.0

%

Nontaxable or nondeductible items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based payment awards

 

 

(5,498

)

 

 

(1.1

)%

 

 

(24,595

)

 

 

(1.8

)%

 

 

(14,534

)

 

 

(0.7

)%

Other

 

 

6,630

 

 

 

1.3

%

 

 

12,684

 

 

 

0.9

%

 

 

11,790

 

 

 

0.6

%

Changes in unrecognized tax benefits

 

 

3,666

 

 

 

0.7

%

 

 

(71

)

 

 

0.0

%

 

 

2,543

 

 

 

0.1

%

Other adjustments

 

 

174

 

 

 

0.0

%

 

 

107

 

 

 

0.0

%

 

 

123

 

 

 

0.1

%

Effective tax rate

 

$

77,183

 

 

 

15.1

%

 

$

309,627

 

 

 

22.3

%

 

$

443,649

 

 

 

22.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) State taxes in California, Florida, and Texas made up the majority (greater than 50 percent) of the tax effect in this category.

 

The total income taxes paid, net of refunds, were as follows for the years ended December 31:

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Federal

 

$

50,034

 

$

317,871

 

$

508,602

 

State

 

 

 

 

 

 

 

 

 

Texas

 

 

4,500

 

 

 

4,205

 

 

 

6,326

 

California

 

 

4,450

 

 

 

8,000

 

 

 

9,010

 

Other

 

 

8,674

 

 

 

42,983

 

 

 

54,796

 

Total State

 

 

17,624

 

 

 

55,188

 

 

 

70,132

 

Total Taxes Paid

 

$

67,658

 

 

$

373,059

 

 

$

578,734

 

 

 

We have $278.6 million of state net operating loss carryforwards and $4.9 million of state tax credit carryforwards expiring at various dates through 2055. We also have $177.2 million of federal net operating loss carryforwards and $65.4 million of federal tax credit carryforwards, the majority of which have no expiration date. We evaluate our deferred tax assets on a quarterly basis to determine whether a valuation allowance is required. In accordance with the Income Taxes topic of the Codification, we assess

whether it is more likely than not that some or all of our deferred tax assets will not be realized. Significant judgment is required in estimating valuation allowances for deferred tax assets, and in making this determination, we consider all available positive and negative evidence and make certain assumptions. The realization of a deferred tax asset ultimately depends on the existence of sufficient taxable income in the applicable carryforward period. Changes in our estimates of future taxable income and tax planning strategies will affect our estimate of the realization of the tax benefits of these tax carryforwards. As of December 31, 2025, or 2024, we carried no valuation allowances against our net deferred tax assets.

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.

The balance for uncertain tax positions, excluding penalties and interest, was $20.3 million and $19.7 million as of December 31, 2025, and 2024, respectively, with $0.6 million, $0.5 million and $2.9 million recorded in the Company’s consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively. We accrue interest and penalties on our uncertain tax positions as a component of our provision for income taxes. We accrued no significant interest and penalties in 2025, 2024 or 2023.

We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions and in very limited situations, foreign jurisdictions. Based on completed examinations and the expiration of statutes of limitations, we have concluded all U.S. federal income tax matters for years through 2018. We are currently under IRS audit for various aspects of our 2019, 2020, and 2021 tax years. We report income-based tax in 42 states with various years open to examination.

In December 2021, the Organization for Economic Co-operation and Development (“OECD”) released Model Global Anti-Base Erosion rules under Pillar Two. These rules provide for the taxation of large multinational corporations at a minimum rate of 15%, calculated on a jurisdictional basis. Countries in which we operate enacted legislation to implement aspects of the Pillar Two rules beginning in 2024, with certain remaining impacts effective from January 1, 2025. Pillar Two did not have a material impact on our consolidated financial statements.

On July 4, 2025, H.R.1 - One Big Beautiful Bill was enacted into law (the “Act”). The Act 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. The Company’s deferred income tax liabilities as of December 31, 2025 and 2024 were $178.0 million and $148.2 million, respectively. The increase was primarily due to the bonus depreciation and domestic research cost expensing elements of the Act. The Act did not have a material impact on our income tax expense for the year ending December 31, 2025. The Act has multiple effective dates, with certain provisions effective in the Company’s fiscal 2025 and others becoming effective in fiscal 2026. With further guidance from the U.S. Treasury and IRS expected, the Company is continuing to analyze the full impact of the Act on the Company’s financial statements and related disclosures. We anticipate the Act to have a material impact on our future financial results including cash flows. The permanent extension of 100% bonus depreciation and reinstating the expensing of domestic research costs has reduced our cash tax payments in the current year, and is anticipated to reduce our cash tax payments and increase our operating cash flows in future years.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans

12. Employee Benefit Plans

We maintain active defined contribution 401(k) plans under which our employees are eligible to participate in the plan, subject to certain employment eligibility provisions. Participants can contribute up to 75% of their annual compensation, subject to federally mandated maximums. Participants are immediately vested in their own contributions. We match a certain percentage of the contributions made by participating employees, subject to IRS limitations. Our matching contributions are subject to a pro-rata five-year vesting schedule. We recognized expense of $38.1 million, $37.6 million and $36.5 million in 2025, 2024 and 2023, respectively, for contributions to the plan.

The Company contributes to multiple collectively bargained union retirement plans including multiemployer plans. The Company does not administer the multiemployer plans, and contributions are determined in accordance with the provisions of negotiated labor contracts and subject to the normal risks of participating in these types of plans, including potentially being required to pay that plan an amount to stop participating (“withdrawal liability”). Contributions to the plans for the years ended December 31, 2025, 2024 and 2023 were not material.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

13. Commitments and Contingencies

As of December 31, 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 nature of the claims is complex. Although the Company cannot estimate a reasonable range of loss based on currently available information, the resolution of these matters could have a material adverse effect on 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 such amounts in excess of our self-insured retention as we believe to be reasonable under the circumstances and that may or may not cover any or all of our liabilities in respect of 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 have a material adverse effect on 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.
v3.25.4
Significant Segment Expenses
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Significant Segment Expenses

14. Significant Segment Expenses

The accounting policies of our reportable segment are consistent with the accounting policies described in Note 2 to these consolidated financial statements. The primary measures regularly provided to the CODM, including revenue, gross margin and income before income taxes, are shown in these 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 consolidated financial statements. Compensation and benefits were $2.2 billion, $2.3 billion and $2.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively, and are reported within selling, general, and administrative expenses in these consolidated financial statements. Other segment items are substantially all the remaining selling, general, and administrative expenses reported in these consolidated financial statements. The measure of segment assets is reported on the balance sheet as total consolidated assets.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

15. Subsequent Events

Business Combination

On January 2, 2026, we completed the acquisition of Premium Building, a truss and wall panel products supplier, serving customers in eastern New York.

The accounting for this business combination has not been completed at the date of this filing given the proximity of the acquisition date.
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

The consolidated financial statements present the results of operations, financial position, and cash flows of Builders FirstSource, Inc. and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation.
Accounting Estimates

Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

Estimates are used when accounting for items such as revenue, vendor rebates, allowance for returns, discounts and credit losses, employee compensation programs, depreciation and amortization periods, income taxes, inventory values, insurance programs, goodwill, other intangible assets and long-lived assets.

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 consolidated balance sheets and are not significant to the Company.

Reclassifications

Reclassifications

Certain prior periods’ amounts have been reclassified to conform to the current year presentation, including refining the composition of our product categories, and amounts presented as amortization of debt discount, premium and issuance costs, loss on extinguishments of debt, credit loss expense (benefit), non-cash net loss (gain) on assets, and receivables. Prior period amounts related to product categories as disclosed in this Note 2 under Revenue Recognition have been reclassified to conform to the current year presentation.

The prior period amounts related to amortization of debt discount, premium and issuance costs, loss on extinguishments of debt, and non-cash net loss (gain) on assets have been combined with other non-cash adjustments, while credit loss expense (benefit) has been combined with receivables on the face of the consolidated statements of cash flows, to conform to the current year presentation. Reclassifications had no impact on net income, total assets and liabilities, stockholders’ equity, financing cash flows, or total cash flows as previously reported.
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. We provide a wide variety of building products and services directly to homebuilder customers. We manufacture floor trusses, roof trusses, wall panels, millwork, windows, and doors. We also provide a full range of construction services.

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. Our operating segments are organized on a geographical basis to facilitate a

disaggregated management of the Company and to respond to the local needs of the customers in the markets we serve. 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 CEO, whom we have determined to be our chief operating decision maker (“CODM”).

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.
Revenue Recognition

Revenue Recognition

We recognize revenue as performance obligations are satisfied by transferring control of a promised good or service to a customer in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We generally classify our revenues into two types: (i) distribution sales; or (ii) sales related to contracts with service elements.

Distribution sales typically consist of the sale of building products we manufacture and the resale of purchased building products. We recognize revenue related to distribution sales at a point in time upon delivery of the ordered goods to our customers. Payment terms related to distribution sales are not significant as payment is generally received shortly after the point of sale.

Our contracts with service elements primarily relate to installation and construction services. We evaluate whether multiple contracts should be combined and accounted for as a single contract and whether a single or combined contract should be accounted for as a single performance obligation or multiple performance obligations. If a contract is separated into more than one performance obligation, we allocate the transaction price to each performance obligation generally based on observable standalone selling prices of the underlying goods or services. Revenue related to contracts with service elements is generally recognized over time based on the extent of progress towards completion of the performance obligation because of continuous transfer of control to the customer. We consider costs incurred to be indicative of goods and services delivered to the customer. As such, we use a cost-based input method to recognize revenue on our contracts with service elements as it best depicts the transfer of assets to our customers. Payment terms related to sales for contracts with service elements are specific to each customer and contract. However, they are considered to be short-term in nature as payments are normally received either throughout the life of the contract or shortly after the contract is complete.

Contract costs include all direct material and labor, equipment costs and those indirect costs related to contract performance. Provisions for estimated losses on uncompleted contracts are recognized in the period in which such losses are determinable. Prepayments for materials or services are deferred until such materials have been delivered or services have been provided. All sales recognized are net of allowances for discounts and estimated returns, based on historical experience. The Company records sales incentives provided to customers as a reduction of revenue. We present all sales tax on a net basis in our consolidated financial statements.

Costs to obtain contracts are expensed as incurred as our contracts are typically completed in one year or less, and where applicable, we generally would incur these costs whether or not we ultimately obtain the contract. We do not disclose the value of our remaining performance obligations on uncompleted contracts as our contracts generally have a duration of one year or less.

The timing of revenue recognition, invoicing and cash collection results in accounts receivable, 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.

The following table disaggregates our net sales by product category for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Manufactured products

 

$

3,410,492

 

 

$

3,985,803

 

 

$

4,409,809

 

Windows, doors and millwork

 

 

3,836,204

 

 

 

4,238,123

 

 

 

4,331,439

 

Specialty building products and services

 

 

4,068,074

 

 

 

3,907,438

 

 

 

4,079,850

 

Lumber and lumber sheet goods

 

 

3,875,868

 

 

 

4,269,128

 

 

 

4,276,232

 

Total net sales

 

$

15,190,638

 

 

$

16,400,492

 

 

$

17,097,330

 

As our product alignment continues to be refined, we have reclassified prior periods’ net sales by product category to conform to the current period presentation. The impact to each of the prior periods’ net sales for manufactured products, windows, doors and millwork, specialty building products and services, and lumber and lumber sheet goods was 1.4%, 0.3%, -3.5%, and 1.8% for 2024 and -5.6%, 0.5%, 2.2%, and 3.6% for 2023, respectively.

Net sales from installation and construction services represents less than 10% of the Company’s net sales for each period presented.

Through December 31, 2025, 2024 and 2023, we recognized as revenue substantially all of the contract liabilities balance at December 31, 2024, 2023 and 2022, respectively.

Cash and Cash Equivalents and Checks Outstanding

Cash and Cash Equivalents and Checks Outstanding

Cash and cash equivalents consist of cash on hand and all highly liquid investments with an original maturity date of three months or less. Also included in cash and cash equivalents are proceeds due from credit card transactions that generally settle within two business days. We maintain cash at financial institutions in excess of federally insured limits. Further, we maintain various banking relationships with different financial institutions. Accordingly, when there is a negative net book cash balance resulting from outstanding checks that had not yet been paid by any single financial institution, they are reflected in accounts payable in the accompanying consolidated balance sheets.
Accounts Receivable

Accounts Receivable

We extend credit to qualified professional homebuilders and contractors, in many cases on a non-collateralized basis. Accounts receivable potentially expose us to concentrations of credit risk. Because our customers are dispersed among our various markets, our credit risk to any one customer or geographic economy is not significant.

Our customer mix is a balance of large national homebuilders, regional homebuilders, local and custom homebuilders and repair and remodeling contractors as well as multi-family builders. For the year ended December 31, 2025, our top 10 customers accounted for 14% of our net sales, with our largest customer accounting for 4% of net sales.

The allowance for credit losses is based on management’s assessment of the amount which may become uncollectible in the future and is estimated using specific review of problem accounts, overall portfolio quality, current and forecasted economic conditions that may affect the customer’s ability to pay, and historical experience. Accounts receivable are written off when deemed uncollectible.

We also establish reserves for credit memos and customer returns. The reserve balance was $13.9 million and $14.4 million at December 31, 2025, and 2024, respectively. The activity in this reserve was not material for each year presented.

The following table shows the changes in our allowance for credit losses:

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Balance at January 1,

 

$

26,834

 

 

$

27,691

 

 

$

50,383

 

Net additions (reversals) to provision

 

 

12,487

 

 

 

10,419

 

 

 

(11,488

)

Write-offs, net of recoveries

 

 

(10,673

)

 

 

(11,276

)

 

 

(11,204

)

Balance at December 31,

 

$

28,648

 

 

$

26,834

 

 

$

27,691

 

 

Other Receivables

Other receivables consist primarily of $152.2 million and $155.8 million of vendor rebates receivables at December 31, 2025, and 2024, respectively, and income tax receivables.
Inventories

Inventories

Inventories consist principally of materials purchased for resale, including lumber and lumber sheet goods, windows, doors and millwork, and other building products, as well as certain manufactured products and are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method, the use of which approximates the first-in, first-out method. We accrue for shrink based on the actual historical shrink results of our most recent physical inventories adjusted, if necessary, for current economic conditions. These estimates are compared with actual results as physical inventory counts are taken and reconciled to the general ledger.

During the year, we monitor our inventory levels by market and record provisions for excess inventories based on slower moving inventory. We define potential excess inventory as the amount of inventory on hand in excess of the historical usage, excluding special order items purchased in the last six months. We then apply our judgment as to forecasted demand and other factors, including liquidation value, to determine the required adjustments to net realizable value. Our inventories are generally not susceptible to technological obsolescence.

Our arrangements with vendors provide for rebates of a specified amount of consideration, payable at defined intervals, generally related to a stipulated level of purchases. We account for estimated rebates as a reduction of the prices of the vendor’s inventory until the product is sold, at which time such rebates reduce cost of sales in the accompanying consolidated statements of operations. Throughout the year, we estimate the amount of the rebates based upon the expected level of purchases. We continually evaluate and revise these estimates, as necessary, based on actual purchase levels.

We source products from a large number of suppliers. Materials purchased from our largest single supplier represented 8% of our total materials purchased in 2025.

Shipping and Handling Costs

Shipping and Handling Costs

Handling costs incurred in manufacturing activities are included in cost of sales. All other shipping and handling costs are included in selling, general and administrative expenses in the accompanying consolidated statements of operations and totaled $616.0 million, $654.0 million and $656.0 million in 2025, 2024 and 2023, respectively.

Income Taxes

Income Taxes

We account for income taxes utilizing the asset and liability method described in the Income Taxes topic of the FASB Accounting Standards Codification (“Codification”). Deferred income taxes are recorded to reflect consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which differences are expected to affect taxable earnings. We record a valuation allowance to reduce deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Warranty Expense

Warranty Expense

We have warranty obligations with respect to most manufactured products; however, the liability for the warranty obligations is not material as a result of third-party inspection and acceptance processes.

Debt Issuance Costs and Debt Discount/Premium

Debt Issuance Costs and Debt Discount/Premium

Loan costs are capitalized upon the issuance of long-term debt and amortized over the life of the related debt. Debt issuance costs associated with term debt are presented as a reduction to long-term debt. Debt issuance costs associated with revolving debt arrangements are presented as a component of other assets, net. Debt issuance costs incurred in connection with revolving debt arrangements are amortized using the straight-line method. Debt issuance costs, discounts and premiums incurred in connection with term debt are amortized over the life of the related debt using the effective interest method. Amortization of debt issuance costs, discounts and premiums are included in interest expense. Upon changes to our debt structure, we evaluate debt issuance costs, discounts and premiums in accordance with the Debt topic of the Codification. We adjust debt issuance costs, discounts and premiums as necessary based on the results of this evaluation, as discussed in Note 8.
Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. The estimated lives of the various classes of assets are as follows:

 

 Buildings and improvements

10 to 40 years

 Machinery and equipment

7 to 10 years

 Information technology, furniture and fixtures

3 to 5 years

Leasehold improvements

The shorter of the estimated useful life or the remaining lease term

Major additions and improvements are capitalized, while maintenance and repairs that do not extend the useful life of the property are charged to expense as incurred. Gains or losses from dispositions of property, plant and equipment are recorded in the period incurred. We also capitalize certain costs of computer software developed or obtained for internal use, including interest, provided that those costs are not research and development, and certain other criteria are met. Internal use computer software costs are included in information technology, furniture and fixtures, and depreciated using the straight-line method over the estimated useful lives of the assets, generally three years.

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, the Company amortizes 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 December 31, 2025, and 2024, we had capitalized costs, net of amortization, of $21.8 million and $9.3 million, respectively, included in other current assets, and $80.6 million and $52.7 million, respectively, included in other assets, net. Amortization expense for these costs was $9.7 million, $1.3 million, and $1.4 million for the years ended December 31, 2025, 2024, and 2023 respectively, and is included in Selling, general and administrative expenses within the consolidated statements of operations.
Leases

Leases

We lease certain land, buildings, rolling stock and other types of equipment for use in our operations. These leases typically have initial terms ranging from five to 15 years. Many of our leases contain renewal options which are exercisable at our discretion. These renewal options generally have terms ranging from one to five years.

Under the Leases topic of the Codification, lessees are required to recognize the following for all leases, with the exception of short-term leases, at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.

We determine if an arrangement is a lease at the inception of the arrangement. Lease liabilities are recognized based on the present value of lease payments over the lease term at the arrangement’s commencement date. Right-of-use assets are recognized based on the amount of the measurement of the lease liability adjusted for any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and any initial direct costs incurred. Renewal options are included in the calculation of our right-of-use assets and lease liabilities when it is determined that they are reasonably certain of exercise based on an analysis of the relevant facts and circumstances. As the implicit rate of return of our lease agreements is usually not readily determinable, we generally use our incremental borrowing rate in determining the present value of lease payments. We determine our incremental borrowing rate based on information available to us at the lease commencement date. Certain of our lease arrangements contain lease and non-lease components. We have elected to account for non-lease components as a part of the related lease components for all of our leases. Leases with an initial term of 12 months or less are not recognized on our balance sheet. We recognize the expense for these leases on a straight-line basis over the lease term.

We have certain lease agreements that are subject to changes based on the Consumer Price Index or another referenced index. In the event of changes to the relevant index, lease liabilities are not remeasured, and incremental costs are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred.

Long-Lived Assets

Long-Lived Assets

We evaluate our long-lived assets, other than goodwill, for impairment when events or changes in circumstances indicate, in our judgment, that the carrying amount of such assets may not be recoverable. The determination of whether or not impairment exists is based on our estimate of undiscounted future cash flows before interest attributable to the assets as compared to the net carrying amount of the assets. If impairment is indicated, the amount of the impairment recognized is determined by estimating the fair value of the assets based on estimated discounted future cash flows and recording a provision for loss if the carrying amount is greater than estimated fair value. The net carrying amount of assets identified to be disposed of in the future is compared to their estimated fair value, usually the quoted market price obtained from an independent third-party less the cost to sell, to determine if impairment exists. Until the assets are disposed of, an estimate of the fair value is reassessed when related events or circumstances change.

Insurance

Insurance

We have established insurance programs to cover certain insurable risks consisting primarily of physical loss to property, business interruptions resulting from such loss, workers’ compensation, employee healthcare, and comprehensive general and auto liability. Third-party insurance coverage is obtained for exposures above predetermined deductibles as well as for those risks required to be insured by law or contract. On a quarterly basis, we engage an external actuarial professional to independently assess and estimate the total liability outstanding. Provisions for losses are developed from these valuations which rely upon our past claims experience, which considers both the frequency and settlement of claims. The legal costs associated with these claims are included in these developed provisions. We discount our workers’ compensation, general liability, and auto liability insurance reserves based upon estimated future payment streams at our risk-free rate. Our total insurance reserve balances were $216.6 million and $206.3 million as of December 31, 2025, and 2024, respectively. Of these balances, $121.4 million and $103.4 million were recorded as other long-term liabilities as of December 31, 2025, and 2024, respectively. Included in these reserve balances as of December 31, 2025, and 2024, were $25.9 million and $17.1 million, respectively, of claims that exceeded stop-loss limits and are expected to be recovered under insurance policies which are also recorded as other receivables and other assets, net in the accompanying consolidated balance sheets.
Net Income per Common Share

Net Income per Common Share

Net income per common share, or earnings per share (“EPS”), is calculated in accordance with the Earnings per Share topic of the 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 for the years ended December 31:

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

435,199

 

 

$

1,077,898

 

 

$

1,540,555

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

111,421

 

 

 

118,038

 

 

 

127,777

 

Dilutive effect of options and RSUs

 

 

401

 

 

 

942

 

 

 

1,221

 

Weighted average shares outstanding, diluted

 

 

111,822

 

 

 

118,980

 

 

 

128,998

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

3.91

 

 

$

9.13

 

 

$

12.06

 

Diluted

 

$

3.89

 

 

$

9.06

 

 

$

11.94

 

 

 

 

 

 

 

 

 

 

 

Antidilutive and contingent RSUs excluded from diluted EPS

 

 

283

 

 

 

147

 

 

 

3

 

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Intangibles subject to amortization

We recognize an acquired intangible asset apart from goodwill whenever the intangible asset arises from contractual or other legal rights, or whenever it can be separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset or liability. Impairment losses are recognized if the carrying amounts of an intangible asset subject to amortization is not recoverable from expected future cash flows and its carrying amount exceeds its estimated fair value.

Goodwill

We recognize goodwill as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. Goodwill is tested for impairment on an annual basis and between annual tests whenever impairment is indicated. This annual test takes place as of December 31 each year. Impairment losses are recognized whenever the carrying amount of a reporting unit exceeds its fair value.

Stock-based Compensation

Stock-based Compensation

Under our stock-based employee compensation plan, we issue new common stock upon exercises of stock options and vesting of restricted stock units (“RSU”). We recognize the effect of pre-vesting forfeitures in the period they actually occur. Our stock-based employee compensation plan is described more fully in Note 10.

The fair value of RSU awards which are subject to or contain market conditions is estimated on the date of grant using the Monte Carlo simulation model with the following weighted average assumptions for the years ended December 31:

 

 

 

2025

 

 

2024

 

 

2023

 

Expected volatility (company)

 

 

44.3

%

 

 

43.8

%

 

 

46.5

%

Expected volatility (peer group median)

 

 

31.5

%

 

 

30.5

%

 

 

32.1

%

Correlation between the company and peer group median

 

 

0.5

 

 

 

0.5

 

 

 

0.5

 

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Risk-free rate

 

 

4.0

%

 

 

4.5

%

 

 

3.8

%

The expected volatilities and correlation are based on the historical daily returns of our common stock and the common stocks of the constituents of the Company’s 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.
Fair Value

Fair Value

The Fair Value Measurements and Disclosures topic of the Codification provides a framework for measuring the fair value of assets and liabilities and establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows:

Level 1 — unadjusted quoted prices for identical assets or liabilities in active markets accessible by us

Level 2 — inputs that are observable in the marketplace other than those inputs classified as Level 1

Level 3 — inputs that are unobservable in the marketplace and significant to the valuation

If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation.

As of December 31, 2025, and 2024, the Company does not have any material financial instruments which are measured at fair value on a recurring basis. We have elected to report the value of our 4.25% 2032 notes, 6.375% 2034 notes, 6.75% 2035 notes, 6.375% 2032 notes, 5.00% 2030 notes, and Revolving Facility 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 December 31, 2025, were $1,236.6 million, $1,038.8 million, $785.6 million, $726.3 million, and $548.6 million, respectively, and were determined using Level 2 inputs based on market prices.

Comprehensive Income

Comprehensive Income

Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It consists of net income and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income. Comprehensive income is equal to net income for the years ended December 31, 2025, 2024 and 2023.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

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.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard applies to costs incurred to develop or obtain software for internal use. ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will commence capitalizing eligible costs when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in ASU 2025-06 are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods, with early adoption permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Significant Accounting Policies [Line Items]  
Schedule of Net Sales by Product Category

The following table disaggregates our net sales by product category for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Manufactured products

 

$

3,410,492

 

 

$

3,985,803

 

 

$

4,409,809

 

Windows, doors and millwork

 

 

3,836,204

 

 

 

4,238,123

 

 

 

4,331,439

 

Specialty building products and services

 

 

4,068,074

 

 

 

3,907,438

 

 

 

4,079,850

 

Lumber and lumber sheet goods

 

 

3,875,868

 

 

 

4,269,128

 

 

 

4,276,232

 

Total net sales

 

$

15,190,638

 

 

$

16,400,492

 

 

$

17,097,330

 
Reconciliation of Accounts Receivable - Classified

The following table shows the changes in our allowance for credit losses:

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Balance at January 1,

 

$

26,834

 

 

$

27,691

 

 

$

50,383

 

Net additions (reversals) to provision

 

 

12,487

 

 

 

10,419

 

 

 

(11,488

)

Write-offs, net of recoveries

 

 

(10,673

)

 

 

(11,276

)

 

 

(11,204

)

Balance at December 31,

 

$

28,648

 

 

$

26,834

 

 

$

27,691

 

 
Summary of Estimated Lives of Various Classes of Assets The estimated lives of the various classes of assets are as follows:

 

 Buildings and improvements

10 to 40 years

 Machinery and equipment

7 to 10 years

 Information technology, furniture and fixtures

3 to 5 years

Leasehold improvements

The shorter of the estimated useful life or the remaining lease term
Summary of Calculation of Basic And Diluted EPS

The table below presents the calculation of basic and diluted EPS for the years ended December 31:

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

435,199

 

 

$

1,077,898

 

 

$

1,540,555

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

111,421

 

 

 

118,038

 

 

 

127,777

 

Dilutive effect of options and RSUs

 

 

401

 

 

 

942

 

 

 

1,221

 

Weighted average shares outstanding, diluted

 

 

111,822

 

 

 

118,980

 

 

 

128,998

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

3.91

 

 

$

9.13

 

 

$

12.06

 

Diluted

 

$

3.89

 

 

$

9.06

 

 

$

11.94

 

 

 

 

 

 

 

 

 

 

 

Antidilutive and contingent RSUs excluded from diluted EPS

 

 

283

 

 

 

147

 

 

 

3

 

Market Condition Based Restricted Stock Unit Grants  
Significant Accounting Policies [Line Items]  
Schedule of Share-based Payment Award, Restricted Stock Unit, Valuation Assumptions

The fair value of RSU awards which are subject to or contain market conditions is estimated on the date of grant using the Monte Carlo simulation model with the following weighted average assumptions for the years ended December 31:

 

 

 

2025

 

 

2024

 

 

2023

 

Expected volatility (company)

 

 

44.3

%

 

 

43.8

%

 

 

46.5

%

Expected volatility (peer group median)

 

 

31.5

%

 

 

30.5

%

 

 

32.1

%

Correlation between the company and peer group median

 

 

0.5

 

 

 

0.5

 

 

 

0.5

 

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Risk-free rate

 

 

4.0

%

 

 

4.5

%

 

 

3.8

%
v3.25.4
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination [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 years ended December 31, 2025, and 2024:

 

 

Total Acquisitions

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

2,821

 

 

$

9,730

 

Accounts receivable

 

 

59,085

 

 

 

39,749

 

Other receivables

 

 

6,949

 

 

 

127

 

Inventories

 

 

80,828

 

 

 

35,585

 

Contract assets

 

 

47

 

 

 

454

 

Other current assets

 

 

841

 

 

 

426

 

Property, plant and equipment

 

 

197,248

 

 

 

55,385

 

Operating lease right-of-use assets

 

 

18,483

 

 

 

19,183

 

Finance lease right-of-use assets

 

 

446

 

 

 

—

 

Intangible assets

 

 

377,388

 

 

 

110,848

 

Other assets

 

 

297

 

 

 

134

 

Total assets

 

 

744,433

 

 

 

271,621

 

 

 

 

 

 

 

 

Accounts payable

 

 

17,162

 

 

 

8,842

 

Accrued liabilities

 

 

19,721

 

 

 

9,138

 

Contract liabilities

 

 

7,266

 

 

 

1,244

 

Operating lease liabilities

 

 

18,483

 

 

 

19,183

 

Finance lease liabilities

 

 

446

 

 

 

—

 

Total liabilities

 

 

63,078

 

 

 

38,407

 

 

 

 

 

 

 

 

Goodwill

 

 

458,873

 

 

 

121,948

 

Total purchase consideration

 

 

1,140,228

 

 

 

355,162

 

Accrued contingent consideration and purchase price adjustments

 

 

(14,079

)

 

 

(8,974

)

Less: cash acquired

 

 

(2,821

)

 

 

(9,730

)

Total cash consideration

 

$

1,123,328

 

 

$

336,458

 
v3.25.4
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment

Property, plant and equipment consisted of the following at December 31:

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Land and improvements

 

$

493,338

 

 

$

401,374

 

Buildings and improvements

 

 

961,946

 

 

 

834,773

 

Machinery and equipment

 

 

1,693,891

 

 

 

1,530,119

 

Information technology, furniture and fixtures

 

 

297,571

 

 

 

256,095

 

Construction in progress

 

 

201,544

 

 

 

141,864

 

Finance lease right-of-use assets

 

 

2,797

 

 

 

3,479

 

Property, plant and equipment

 

 

3,651,087

 

 

 

3,167,704

 

Less: accumulated depreciation

 

 

1,446,903

 

 

 

1,205,973

 

Property, plant and equipment, net

 

$

2,204,184

 

 

$

1,961,731

 
Schedule of Balances Held Under Other Finance Obligations

The following balances held under other finance obligations are included in the accompanying consolidated balance sheet as of December 31:

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Land and improvements

 

$

103,693

 

 

$

105,833

 

Buildings and improvements

 

 

111,980

 

 

 

115,020

 

Assets held under other finance obligations

 

 

215,673

 

 

 

220,853

 

Less: accumulated amortization

 

 

37,523

 

 

 

34,718

 

Assets held under other finance obligations, net

 

$

178,150

 

 

$

186,135

 
v3.25.4
Goodwill (Tables)
 12 Months Ended
Dec. 31, 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 for the years ended December 31, 2025, and 2024:

 

 

 

(in thousands)

 

Balance as of December 31, 2023 (1)

 

$

3,556,556

 

Acquisitions

 

 

121,948

 

Balance as of December 31, 2024 (1)

 

$

3,678,504

 

Acquisitions

 

 

458,873

 

Balance as of December 31, 2025 (1)

 

$

4,137,377

 

(1) Goodwill is presented net of accumulated impairment losses of $44.6 million.
v3.25.4
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets

The following table presents intangible assets as of December 31:

 

 

2025

 

 

2024

 

 

 

Gross
Carrying Amount

 

 

Accumulated Amortization

 

 

Gross
Carrying Amount

 

 

Accumulated Amortization

 

 

 

(in thousands)

 

Customer relationships

 

$

2,583,516

 

 

$

(1,474,467

)

 

$

2,216,578

 

 

$

(1,198,125

)

Developed technology

 

 

95,600

 

 

 

(46,503

)

 

 

95,600

 

 

(35,887

)

Trade names

 

 

74,950

 

 

 

(51,717

)

 

 

64,500

 

 

(43,483

)

Non-compete agreements

 

 

13,050

 

 

 

(10,636

)

 

 

13,050

 

 

(8,599

)

Total intangible assets

 

$

2,767,116

 

 

$

(1,583,323

)

 

$

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)

 

2026

 

$

278,057

 

2027

 

 

216,165

 

2028

 

 

162,008

 

2029

 

 

103,000

 

2030

 

 

83,280

 

Thereafter

 

 

341,283

 

Total future net intangible amortization expense

 

$

1,183,793

 
v3.25.4
Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Summary of Accrued Liabilities

Accrued liabilities consisted of the following:

 

 

December 31,
2025

 

 

December 31,
2024

 

 

 

(in thousands)

 

Accrued payroll and other employee related expenses

 

$

241,870

 

 

$

310,073

 

Self-insurance reserves

 

 

95,194

 

 

 

102,876

 

Accrued business and other taxes

 

 

68,071

 

 

 

72,944

 

Accrued interest

 

 

63,202

 

 

 

55,454

 

Accrued rebates payable

 

 

33,125

 

 

 

35,404

 

Accrued professional service fees

 

 

26,928

 

 

 

16,406

 

Other

 

 

37,935

 

 

 

40,888

 

Total accrued liabilities

 

$

566,325

 

 

$

634,045

 
v3.25.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Instrument [Line Items]  
Summary of Long-Term Debt

Long-term debt consisted of the following:

 

 

December 31,
2025

 

 

December 31,
2024

 

 

 

(in thousands)

 

Revolving credit facility

 

$

—

 

 

$

—

 

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

 

 

183,891

 

 

 

190,312

 

Finance lease obligations

 

 

1,155

 

 

 

1,078

 

 

 

 

4,485,046

 

 

 

3,741,390

 

Unamortized debt discount/premium and debt issuance costs

 

 

(43,679

)

 

 

(37,277

)

 

 

 

4,441,367

 

 

 

3,704,113

 

Less: current maturities of long-term debt

 

 

14,334

 

 

 

3,470

 

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

 

$

4,427,033

 

 

$

3,700,643

 

 
Components of Senior Unsecured Notes

The following table presents details of the components of our senior unsecured notes:

 

 

 

 

December 31,
2025

 

December 31,
2024

 

Tranche

Interest payable

Principal Amount
 (in thousands)

 

Carrying Amount
(in thousands)

 

4.25% notes due February 2032

Semi-annually

$300,000 and 1,000,000

 

$

1,300,000

 

$

1,300,000

 

6.375% notes due March 2034

Semi-annually

 

1,000,000

 

 

1,000,000

 

 

1,000,000

 

6.75% notes due May 2035

Semi-annually

 

750,000

 

 

750,000

 

 

—

 

6.375% notes due June 2032

Semi-annually

 

700,000

 

 

700,000

 

 

700,000

 

5.00% notes due March 2030

Semi-annually

 

550,000

 

 

550,000

 

 

550,000

 
Future Maturities of Long-Term Debt

Future maturities of long-term debt as of December 31, 2025, were as follows:

 

 

(in thousands)

 

2026

 

$

—

 

2027

 

 

—

 

2028

 

 

—

 

2029

 

 

—

 

2030

 

 

550,000

 

Thereafter

 

 

3,750,000

 

Total long-term debt

 

$

4,300,000

 

 
v3.25.4
Leases and Other Finance Obligations (Table)
 12 Months Ended
Dec. 31, 2025
Lessee Lease Description [Line Items]  
Summary of Right-of-use Assets and Lease Liabilities

Right-of-use assets and lease liabilities consisted of the following as of December 31:

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

$

622,188

 

 

$

594,301

 

Finance lease right-of-use assets, net (included in property, plant and equipment, net)

 

 

1,437

 

 

 

1,318

 

Total right-of-use assets

 

$

623,625

 

 

$

595,619

 

Liabilities

 

 

 

 

 

 

Current

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

111,132

 

 

$

103,499

 

Current portion of finance lease liabilities (included in current maturities of long-term debt)

 

 

419

 

 

 

470

 

Noncurrent

 

 

 

 

 

 

Noncurrent portion of operating lease liabilities

 

 

547,772

 

 

 

525,213

 

Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities)

 

 

736

 

 

 

608

 

Total lease liabilities

 

$

660,059

 

 

$

629,790

 
Summary of Total Lease Costs

Total lease costs consisted of the following for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Operating lease costs (1)

 

$

152,408

 

 

$

143,878

 

 

$

144,243

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

Amortization of finance lease right-of-use assets

 

 

484

 

 

 

1,120

 

 

 

2,089

 

Interest on finance lease liabilities

 

 

57

 

 

 

95

 

 

 

201

 

Variable lease costs

 

 

39,740

 

 

 

34,781

 

 

 

34,408

 

Total lease costs

 

$

192,689

 

 

$

179,874

 

 

$

180,941

 

(1) Includes short-term lease costs and sublease income which were not material for all periods presented.
Summary of Future Maturities of Lease Liabilities

Future maturities of lease liabilities as of December 31, 2025, were as follows:

 

 

Finance
Leases

 

 

Operating
Leases

 

 

 

(in thousands)

 

2026

 

$

469

 

 

$

145,809

 

2027

 

 

417

 

 

 

135,671

 

2028

 

 

240

 

 

 

123,762

 

2029

 

 

108

 

 

 

102,261

 

2030

 

 

12

 

 

 

72,863

 

Thereafter

 

 

—

 

 

 

224,979

 

Total lease payments

 

 

1,246

 

 

 

805,345

 

Less: amount representing interest

 

 

(91

)

 

 

(146,441

)

Present value of lease liabilities

 

 

1,155

 

 

 

658,904

 

Less: current portion

 

 

(419

)

 

 

(111,132

)

Long-term lease liabilities, net of current portion

 

$

736

 

 

$

547,772

 
Summary of Weighted Average Lease Terms and Discount Rates

Weighted average lease terms and discount rates as of December 31 were as follows:

 

 

2025

 

 

2024

 

Weighted average remaining lease term (years)

 

 

 

 

 

 

Operating leases

 

 

6.7

 

 

 

7.0

 

Finance leases

 

 

2.9

 

 

 

3.0

 

Weighted average discount rate

 

 

 

 

 

 

Operating leases

 

 

5.9

%

 

 

6.0

%

Finance leases

 

 

5.5

%

 

 

5.7

%
Summary of Cash paid for Amounts Included in Measurement of Lease Liabilities

The following table presents cash paid for amounts included in the measurement of lease liabilities for the years ended December 31:

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

145,036

 

 

$

132,989

 

 

$

127,562

 

Operating cash flows from finance leases

 

 

57

 

 

 

95

 

 

 

201

 

Financing cash flows from finance leases

 

 

524

 

 

 

1,182

 

 

 

2,214

 
Other Finance Obligations  
Lessee Lease Description [Line Items]  
Summary of Future Maturities of Other Finance Obligation

Future maturities for other finance obligations as of December 31, 2025, were as follows:

 

 

 

(in thousands)

 

2026

 

$

13,915

 

2027

 

 

2,063

 

2028

 

 

2,239

 

2029

 

 

2,434

 

2030

 

 

2,625

 

Thereafter

 

 

160,615

 

Total

 

$

183,891

 
v3.25.4
Employee Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Stock Option Activity

The following table summarizes our stock option activity:

 

 

 

 

 

Weighted

 

 

Weighted

 

 

 

 

 

 

 

 

 

Average

 

 

Average

 

 

 

 

 

 

 

 

 

Exercise

 

 

Remaining

 

 

Aggregate

 

 

 

Options

 

 

Price

 

 

Years

 

 

Intrinsic Value

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

(in thousands)

 

Outstanding at December 31, 2024

 

 

25

 

 

$

11.17

 

 

 

 

 

 

 

Exercised

 

 

(18

)

 

 

11.11

 

 

 

 

 

 

 

Forfeited

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

7

 

 

 

11.32

 

 

 

0.9

 

 

$

641

 

Exercisable at December 31, 2025

 

 

7

 

 

$

11.32

 

 

 

0.9

 

 

$

641

 
Service Condition Based Restricted Stock Unit Grants  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Restricted Stock Unit Activity The following table summarizes activity for RSUs subject solely to service conditions for the year ended December 31, 2025:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average Grant

 

 

 

Shares

 

 

Date Fair Value

 

 

 

(in thousands)

 

 

 

 

Nonvested at December 31, 2024

 

 

636

 

 

$

124.37

 

Granted

 

 

500

 

 

 

125.65

 

Vested

 

 

(383

)

 

 

111.33

 

Forfeited

 

 

(62

)

 

 

134.59

 

Nonvested at December 31, 2025

 

 

691

 

 

$

131.60

 
Performance Market and Service Condition Based Restricted Stock Unit Grants  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Restricted Stock Unit Activity The following table summarizes activity for these RSUs for the year ended December 31, 2025:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average Grant

 

 

 

Shares

 

 

Date Fair Value

 

 

 

(in thousands)

 

 

 

 

Nonvested at December 31, 2024

 

 

358

 

 

$

108.87

 

Granted

 

 

183

 

 

 

129.03

 

Performance & market achievement adjustment (1)

 

 

92

 

 

 

70.77

 

Vested

 

 

(226

)

 

 

72.68

 

Forfeited

 

 

(36

)

 

 

124.05

 

Nonvested at December 31, 2025

 

 

371

 

 

$

130.00

 

(1) Represents RSUs granted prior to 2025 for which the performance and market achievement period was completed in 2025, resulting in incremental unit awards granted. These incremental awards are also included in the amount vested in 2025.

v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense

The components of income tax expense (benefit) were as follows for the years ended December 31:

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Current:

 

 

 

 

 

 

 

Federal

 

$

64,048

 

 

$

287,131

 

 

$

468,635

 

State

 

 

6,327

 

 

 

41,529

 

 

 

77,475

 

Total current tax expense

 

 

70,375

 

 

 

328,660

 

 

 

546,110

 

Deferred:

 

 

 

 

 

 

 

 

Federal

 

 

29,782

 

 

 

(16,453

)

 

 

(82,150

)

State

 

 

(22,974

)

 

 

(2,580

)

 

 

(20,311

)

Total deferred tax expense (benefit)

 

 

6,808

 

 

 

(19,033

)

 

 

(102,461

)

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Federal

 

 

93,830

 

 

 

270,678

 

 

 

386,485

 

State

 

 

(16,647

)

 

 

38,949

 

 

 

57,164

 

Total income tax expense

 

$

77,183

 

 

$

309,627

 

 

$

443,649

 
Reconciliation of Deferred Tax Assets and Liabilities

Temporary differences, which give rise to deferred tax assets and liabilities, were as follows as of December 31:

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Deferred tax assets related to:

 

 

 

 

 

 

Operating lease liabilities

 

$

151,548

 

 

$

148,376

 

Operating loss and credit carryforwards

 

 

116,040

 

 

 

12,308

 

Insurance reserves

 

 

37,197

 

 

 

37,840

 

Accrued expenses

 

 

10,534

 

 

 

17,703

 

Stock-based compensation expense

 

 

10,051

 

 

 

10,931

 

Accounts receivable

 

 

10,111

 

 

 

10,006

 

Inventories

 

 

9,939

 

 

 

10,435

 

Other

 

 

9,201

 

 

 

312

 

Total deferred tax assets

 

 

354,621

 

 

 

247,911

 

Deferred tax liabilities related to:

 

 

 

 

 

 

Property, plant and equipment

 

 

(188,330

)

 

 

(179,862

)

Goodwill and other intangible assets

 

 

(167,054

)

 

 

(66,263

)

Operating lease right-of-use assets

 

 

(143,103

)

 

 

(140,255

)

Prepaid expenses

 

 

(11,109

)

 

 

(9,698

)

Total deferred tax liabilities

 

 

(509,596

)

 

 

(396,078

)

Net deferred tax liability

 

$

(154,975

)

 

$

(148,167

)
Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate

A reconciliation of the statutory federal income tax rate to our effective rate is provided below for the years ended December 31:

 

 

2025

 

 

2024

 

 

2023

 

($ amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. federal statutory tax rate

 

$

107,600

 

 

 

21.0

%

 

$

291,380

 

 

 

21.0

%

 

$

416,683

 

 

 

21.0

%

State and local income taxes, net of federal income tax effect (1)

 

 

(18,518

)

 

 

(3.6

)%

 

 

33,267

 

 

 

2.4

%

 

 

40,639

 

 

 

2.0

%

Tax credits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development tax credits

 

 

(16,455

)

 

 

(3.2

)%

 

 

(2,881

)

 

 

(0.2

)%

 

 

(13,303

)

 

 

(0.7

)%

Other

 

 

(416

)

 

 

0.0

%

 

 

(264

)

 

 

0.0

%

 

 

(292

)

 

 

0.0

%

Nontaxable or nondeductible items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based payment awards

 

 

(5,498

)

 

 

(1.1

)%

 

 

(24,595

)

 

 

(1.8

)%

 

 

(14,534

)

 

 

(0.7

)%

Other

 

 

6,630

 

 

 

1.3

%

 

 

12,684

 

 

 

0.9

%

 

 

11,790

 

 

 

0.6

%

Changes in unrecognized tax benefits

 

 

3,666

 

 

 

0.7

%

 

 

(71

)

 

 

0.0

%

 

 

2,543

 

 

 

0.1

%

Other adjustments

 

 

174

 

 

 

0.0

%

 

 

107

 

 

 

0.0

%

 

 

123

 

 

 

0.1

%

Effective tax rate

 

$

77,183

 

 

 

15.1

%

 

$

309,627

 

 

 

22.3

%

 

$

443,649

 

 

 

22.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Total Income Taxes Paid, Net of Refunds

The total income taxes paid, net of refunds, were as follows for the years ended December 31:

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Federal

 

$

50,034

 

$

317,871

 

$

508,602

 

State

 

 

 

 

 

 

 

 

 

Texas

 

 

4,500

 

 

 

4,205

 

 

 

6,326

 

California

 

 

4,450

 

 

 

8,000

 

 

 

9,010

 

Other

 

 

8,674

 

 

 

42,983

 

 

 

54,796

 

Total State

 

 

17,624

 

 

 

55,188

 

 

 

70,132

 

Total Taxes Paid

 

$

67,658

 

 

$

373,059

 

 

$

578,734

 
v3.25.4
Description of the Business - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2025
Store
States
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Entity formed, year 1998
Number of Locations | Store 585
Number of states | States 43
v3.25.4
Summary of Significant Accounting Policies - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Segment
Customer
Store
States
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
May 08, 2025
Feb. 29, 2024
Significant Accounting Policies [Line Items]          
Number of Locations | Store 585        
Number of states | States 43        
Number of Operating Segments | Segment 3        
Number of reportable segment | Segment 1        
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember        
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description Centralized financial and operational oversight, including resource allocation and assessment of performance, is performed by our CEO, whom we have determined to be our chief operating decision maker (“CODM”).        
Total net sales $ 15,190,638 $ 16,400,492 $ 17,097,330    
Sales return reserve 13,900 14,400      
Capitalized costs, current net of amortization 21,800 9,300      
Capitalized costs, non current, net of amortization 80,600 52,700      
Amortization expense for capitalized costs $ 9,700 1,300 $ 1,400    
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] Leasehold Improvements        
Property plant and equipment estimated remaining useful life The shorter of the estimated useful life or the remaining lease term        
Insurance reserve balance $ 216,600 $ 206,300      
Options granted | shares 0 0 0    
4.25% 2032 notes          
Significant Accounting Policies [Line Items]          
Weighted average interest rate 4.25% 4.25%      
Private offered aggregate principal amount rate 4.25%        
4.25% 2032 notes | Level 2          
Significant Accounting Policies [Line Items]          
Fair value of long term debt $ 1,236,600        
Private offered aggregate principal amount rate 4.25%        
6.375% 2034 notes          
Significant Accounting Policies [Line Items]          
Weighted average interest rate 6.375% 6.375%      
Private offered aggregate principal amount rate 6.375%       6.375%
6.375% 2034 notes | Level 2          
Significant Accounting Policies [Line Items]          
Fair value of long term debt $ 1,038,800        
Private offered aggregate principal amount rate 6.375%        
6.75% 2035 notes          
Significant Accounting Policies [Line Items]          
Weighted average interest rate 6.75% 6.75%      
Private offered aggregate principal amount rate 6.75%     6.75%  
6.75% 2035 notes | Level 2          
Significant Accounting Policies [Line Items]          
Fair value of long term debt $ 785,600        
Private offered aggregate principal amount rate 6.75%        
6.375% 2032 notes          
Significant Accounting Policies [Line Items]          
Weighted average interest rate 6.375% 6.375%      
Private offered aggregate principal amount rate 6.375%        
6.375% 2032 notes | Level 2          
Significant Accounting Policies [Line Items]          
Fair value of long term debt $ 726,300        
Private offered aggregate principal amount rate 6.375%        
2030 Notes          
Significant Accounting Policies [Line Items]          
Private offered aggregate principal amount rate 5.00%        
2030 Notes | Level 2          
Significant Accounting Policies [Line Items]          
Fair value of long term debt $ 548,600        
Private offered aggregate principal amount rate 5.00%        
Other Long-term Liabilities          
Significant Accounting Policies [Line Items]          
Insurance reserve balance $ 121,400 $ 103,400      
Other Receivables and Other Assets          
Significant Accounting Policies [Line Items]          
Insurance receivable for claims that exceeds stop-loss limits 25,900 17,100      
Other Receivables          
Significant Accounting Policies [Line Items]          
Vendor rebates receivable $ 152,200 155,800      
Computer Software          
Significant Accounting Policies [Line Items]          
Estimated useful lives 3 years        
Lumber and Lumber Sheet Goods          
Significant Accounting Policies [Line Items]          
Total net sales $ 3,875,868 $ 4,269,128 $ 4,276,232    
Lumber and Lumber Sheet Goods | Reclassification          
Significant Accounting Policies [Line Items]          
Net sales   1.80% 3.60%    
Manufactured Products          
Significant Accounting Policies [Line Items]          
Total net sales 3,410,492 $ 3,985,803 $ 4,409,809    
Manufactured Products | Reclassification          
Significant Accounting Policies [Line Items]          
Net sales   1.40% (5.60%)    
Windows, Doors and Millwork          
Significant Accounting Policies [Line Items]          
Total net sales 3,836,204 $ 4,238,123 $ 4,331,439    
Windows, Doors and Millwork | Reclassification          
Significant Accounting Policies [Line Items]          
Net sales   0.30% 0.50%    
Shipping and Handling Costs          
Significant Accounting Policies [Line Items]          
Shipping and handling costs 616,000 $ 654,000 $ 656,000    
Specialty Building Products and Services          
Significant Accounting Policies [Line Items]          
Total net sales $ 4,068,074 $ 3,907,438 $ 4,079,850    
Specialty Building Products and Services | Reclassification          
Significant Accounting Policies [Line Items]          
Net sales   (3.50%) 2.20%    
Customer Concentration Risk | Sales Revenue, Net          
Significant Accounting Policies [Line Items]          
Number of top sales customers | Customer 10        
Maximum net sale to single customer, percentage 4.00%        
Customer Concentration Risk | Sales Revenue, Net | Top Ten Customers          
Significant Accounting Policies [Line Items]          
Percentage of net revenue from major customers 14.00%        
Supplier Concentration Risk | Cost of Goods Sold          
Significant Accounting Policies [Line Items]          
Purchases from largest single supplier, percentage 8.00%        
Minimum | Lease Agreements          
Significant Accounting Policies [Line Items]          
Total lease term 5 years        
Renewal term 1 year        
Minimum | Buildings and Improvements          
Significant Accounting Policies [Line Items]          
Estimated useful lives 10 years        
Minimum | Machinery and Equipment          
Significant Accounting Policies [Line Items]          
Estimated useful lives 7 years        
Minimum | Information Technology, Furniture and Fixtures          
Significant Accounting Policies [Line Items]          
Estimated useful lives 3 years        
Maximum | Lease Agreements          
Significant Accounting Policies [Line Items]          
Total lease term 15 years        
Renewal term 5 years        
Maximum | Buildings and Improvements          
Significant Accounting Policies [Line Items]          
Estimated useful lives 40 years        
Maximum | Machinery and Equipment          
Significant Accounting Policies [Line Items]          
Estimated useful lives 10 years        
Maximum | Information Technology, Furniture and Fixtures          
Significant Accounting Policies [Line Items]          
Estimated useful lives 5 years        
Transferred over Time | Maximum          
Significant Accounting Policies [Line Items]          
Percentage of sales related to contracts with service 10.00%        
v3.25.4
Summary of Significant Accounting Policies - Net Sales by Product Category (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Entity Wide Information Revenue From External Customer [Line Items]      
Total net sales $ 15,190,638 $ 16,400,492 $ 17,097,330
Lumber and Lumber Sheet Goods      
Entity Wide Information Revenue From External Customer [Line Items]      
Total net sales 3,875,868 4,269,128 4,276,232
Manufactured Products      
Entity Wide Information Revenue From External Customer [Line Items]      
Total net sales 3,410,492 3,985,803 4,409,809
Windows, Doors and Millwork      
Entity Wide Information Revenue From External Customer [Line Items]      
Total net sales 3,836,204 4,238,123 4,331,439
Specialty Building Products and Services      
Entity Wide Information Revenue From External Customer [Line Items]      
Total net sales $ 4,068,074 $ 3,907,438 $ 4,079,850
v3.25.4
Summary of Significant Accounting Policies - Rollforward of Allowance for Credit Losses (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Rollforward of allowance for doubtful accounts      
Beginning Balance $ 26,834 $ 27,691 $ 50,383
Net additions (reversals) to provision 12,487 10,419 (11,488)
Write-offs, net of recoveries (10,673) (11,276) (11,204)
Ending Balance $ 28,648 $ 26,834 $ 27,691
v3.25.4
Summary of Significant Accounting Policies - Summary of Calculation of Basic And Diluted EPS (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income $ 435,199 $ 1,077,898 $ 1,540,555
Denominator:      
Weighted average shares outstanding, basic 111,421 118,038 127,777
Dilutive effect of options and RSUs 401 942 1,221
Weighted average shares outstanding, diluted 111,822 118,980 128,998
Net income per share:      
Basic $ 3.91 $ 9.13 $ 12.06
Diluted $ 3.89 $ 9.06 $ 11.94
Antidilutive and contingent RSUs excluded from diluted EPS 283 147 3
v3.25.4
Summary of Significant Accounting Policies - Restricted Stock Unit Valuation (Detail) - Market Condition Based Restricted Stock Unit Grants
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of fair value option award of weighted average assumptions      
Expected volatility (company) 44.30% 43.80% 46.50%
Expected volatility (peer group median) 31.50% 30.50% 32.10%
Correlation between the company and peer group median 0.5 0.5 0.5
Expected dividend yield 0.00% 0.00% 0.00%
Risk-free rate 4.00% 4.50% 3.80%
v3.25.4
Business Combinations - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Alpine Lumber, O.C. Cluss, Truckee Tahoe, St. George Truss, Stately Las Vegas, Rystin, Lengefeld Lumber and Pleasant Valley  
Business Acquisition [Line Items]  
Purchase price of certain assets acquired $ 1,100.0
Quality Door, Hanson Truss, RPM, Schoeneman, TRSMI, Western Truss, CRi, Wyoming Millwork, Sunrise Wood Designs, Reno Truss and High Mountain  
Business Acquisition [Line Items]  
Purchase price of certain assets acquired $ 345.4
v3.25.4
Business Combinations - Summary of Aggregate Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]      
Goodwill $ 4,137,377 $ 3,678,504 $ 3,556,556
Total cash consideration 1,123,328 336,458 $ 238,673
Current Year Acquisitions      
Business Acquisition [Line Items]      
Cash and cash equivalents 2,821    
Accounts receivable 59,085    
Other receivables 6,949    
Inventories 80,828    
Contract assets 47    
Other current assets 841    
Property, plant and equipment 197,248    
Operating lease right-of-use assets 18,483    
Finance lease right-of-use assets 446    
Intangible assets 377,388    
Other assets 297    
Total assets 744,433    
Accounts payable 17,162    
Accrued liabilities 19,721    
Contract liabilities 7,266    
Operating lease liabilities 18,483    
Finance lease liabilities 446    
Total liabilities 63,078    
Goodwill 458,873    
Total purchase consideration 1,140,228    
Accrued contingent consideration and purchase price adjustments (14,079)    
Less: cash acquired (2,821)    
Total cash consideration $ 1,123,328    
Prior Year Acquisitions      
Business Acquisition [Line Items]      
Cash and cash equivalents   9,730  
Accounts receivable   39,749  
Other receivables   127  
Inventories   35,585  
Contract assets   454  
Other current assets   426  
Property, plant and equipment   55,385  
Operating lease right-of-use assets   19,183  
Intangible assets   110,848  
Other assets   134  
Total assets   271,621  
Accounts payable   8,842  
Accrued liabilities   9,138  
Contract liabilities   1,244  
Operating lease liabilities   19,183  
Total liabilities   38,407  
Goodwill   121,948  
Total purchase consideration   355,162  
Accrued contingent consideration and purchase price adjustments   (8,974)  
Less: cash acquired   (9,730)  
Total cash consideration   $ 336,458  
v3.25.4
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Summary of Property, Plant and Equipment    
Property, plant and equipment $ 3,651,087 $ 3,167,704
Less: accumulated depreciation 1,446,903 1,205,973
Property, plant and equipment, net 2,204,184 1,961,731
Land and Improvements    
Summary of Property, Plant and Equipment    
Property, plant and equipment 493,338 401,374
Buildings and Improvements    
Summary of Property, Plant and Equipment    
Property, plant and equipment 961,946 834,773
Machinery and Equipment    
Summary of Property, Plant and Equipment    
Property, plant and equipment 1,693,891 1,530,119
Information Technology, Furniture and Fixtures    
Summary of Property, Plant and Equipment    
Property, plant and equipment 297,571 256,095
Construction in Progress    
Summary of Property, Plant and Equipment    
Property, plant and equipment 201,544 141,864
Finance Lease Right-of-use Assets    
Summary of Property, Plant and Equipment    
Property, plant and equipment $ 2,797 $ 3,479
v3.25.4
Property, Plant and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 294.2 $ 256.5 $ 222.6
Depreciation expense included in cost of goods $ 87.6 $ 78.7 $ 63.5
v3.25.4
Property, Plant and Equipment - Schedule of Balances Held Under Other Finance Obligations (Detail) - Other Finance Obligations - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property Plant And Equipment [Line Items]    
Assets held under other finance obligations $ 215,673 $ 220,853
Less: accumulated amortization 37,523 34,718
Assets held under other finance obligations, net 178,150 186,135
Land and Improvements    
Property Plant And Equipment [Line Items]    
Assets held under other finance obligations 103,693 105,833
Buildings and Improvements    
Property Plant And Equipment [Line Items]    
Assets held under other finance obligations $ 111,980 $ 115,020
v3.25.4
Goodwill - Schedule of Change in Carrying Amount of Goodwill (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill, Beginning Balance $ 3,678,504 $ 3,556,556
Acquisitions 458,873 121,948
Goodwill, Ending Balance $ 4,137,377 $ 3,678,504
v3.25.4
Goodwill - Schedule of Change in Carrying Amount of Goodwill (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Accumulated impairment losses $ 44.6 $ 44.6
v3.25.4
Goodwill - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]      
Goodwill recognized from current year acquisitions $ 458,873,000 $ 121,948,000  
Goodwill amortization period 15 years    
Period of projection of financial performance 5 years    
Goodwill impairment charges $ 0 $ 0 $ 0
Other Acquisitions      
Goodwill [Line Items]      
Goodwill recognized from current year acquisitions $ 458,900,000    
v3.25.4
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 2,767,116 $ 2,389,728
Accumulated Amortization (1,583,323) (1,286,094)
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,583,516 2,216,578
Accumulated Amortization (1,474,467) (1,198,125)
Developed Technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 95,600 95,600
Accumulated Amortization (46,503) (35,887)
Trade Names    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 74,950 64,500
Accumulated Amortization (51,717) (43,483)
Non-compete Agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 13,050 13,050
Accumulated Amortization $ (10,636) $ (8,599)
v3.25.4
Intangible Assets - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Amortization expenses $ 297,200,000 $ 305,400,000 $ 335,700,000
Impairment charge against intangible assets 0 $ 0 $ 0
Current Year Acquisitions      
Finite-Lived Intangible Assets [Line Items]      
Intangible assets in connection with acquisition $ 377,400,000    
Weighted average useful lives of the acquired intangible assets 10 years 3 months 18 days    
Customer Relationships | Current Year Acquisitions      
Finite-Lived Intangible Assets [Line Items]      
Intangible assets in connection with acquisition $ 366,900,000    
Weighted average useful lives of the acquired intangible assets 10 years 6 months    
Trade Names | Current Year Acquisitions      
Finite-Lived Intangible Assets [Line Items]      
Intangible assets in connection with acquisition $ 10,500,000    
Weighted average useful lives of the acquired intangible assets 3 years 3 months 18 days    
v3.25.4
Intangible Assets - Estimated Amortization Expense for Intangible Assets (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 278,057
2027 216,165
2028 162,008
2029 103,000
2030 83,280
Thereafter 341,283
Total future net intangible amortization expense $ 1,183,793
v3.25.4
Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Summary of accrued liabilities    
Accrued payroll and other employee related expenses $ 241,870 $ 310,073
Self-insurance reserves 95,194 102,876
Accrued business and other taxes 68,071 72,944
Accrued interest 63,202 55,454
Accrued rebates payable 33,125 35,404
Accrued professional service fees 26,928 16,406
Other 37,935 40,888
Total accrued liabilities $ 566,325 $ 634,045
v3.25.4
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)
Dec. 31, 2025
May 08, 2025
Dec. 31, 2024
Feb. 29, 2024
Debt Instrument [Line Items]        
Debt instrument carrying amount $ 4,441,367,000   $ 3,704,113,000  
Unamortized debt discount/premium and debt issuance costs (43,679,000)   (37,277,000)  
Long-term debt and capital lease obligation 4,485,046,000   3,741,390,000  
Less: current maturities of long-term debt 14,334,000   3,470,000  
Long-term debt, net of current maturities, discounts and issuance costs 4,427,033,000   3,700,643,000  
Revolving Credit Facility        
Debt Instrument [Line Items]        
Debt instrument carrying amount 0      
4.25% 2032 notes        
Debt Instrument [Line Items]        
Debt instrument carrying amount 1,300,000,000   1,300,000,000  
6.375% 2034 notes        
Debt Instrument [Line Items]        
Debt instrument carrying amount 1,000,000,000   1,000,000,000 $ 1,000,000,000
6.75% 2035 notes        
Debt Instrument [Line Items]        
Debt instrument carrying amount 750,000,000 $ 750,000,000    
6.375% 2032 notes        
Debt Instrument [Line Items]        
Debt instrument carrying amount 700,000,000   700,000,000  
5.00% 2030 notes        
Debt Instrument [Line Items]        
Debt instrument carrying amount 550,000,000   550,000,000  
Other Finance Obligations        
Debt Instrument [Line Items]        
Debt instrument carrying amount 183,891,000   190,312,000  
Finance Lease Obligations        
Debt Instrument [Line Items]        
Debt instrument carrying amount $ 1,155,000   $ 1,078,000  
v3.25.4
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail)
Dec. 31, 2025
Dec. 31, 2024
4.25% 2032 notes    
Debt Instrument [Line Items]    
Weighted average interest rate 4.25% 4.25%
6.375% 2032 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% 2034 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%
v3.25.4
Long-Term Debt - 2024 Debt Transactions - Additional Information (Detail) - USD ($)
$ in Thousands
Feb. 29, 2024
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Debt instrument carrying amount   $ 4,441,367 $ 3,704,113
6.375% 2034 notes      
Debt Instrument [Line Items]      
Debt instrument carrying amount $ 1,000,000 $ 1,000,000 $ 1,000,000
Private offered aggregate principal amount rate 6.375% 6.375%  
Net percentage of proceeds from debt issuance 100.00%    
Debt issuance costs $ 12,800    
v3.25.4
Long-Term Debt - 2025 Debt Transactions - Additional Information (Detail) - USD ($)
$ in Thousands
May 08, 2025
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Debt instrument carrying amount   $ 4,441,367 $ 3,704,113
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    
v3.25.4
Long-Term Debt - Revolving Credit Facility Amendments - Additional Information (Details) - USD ($)
 12 Months Ended
May 20, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]        
Debt issuance costs   $ 19,861,000 $ 12,829,000 $ 1,897,000
Revolving Credit Facility        
Debt Instrument [Line Items]        
Line of credit facility maximum borrowing capacity $ 1,800,000,000 $ 2,200,000,000    
Revolving Credit Facility | Minimum        
Debt Instrument [Line Items]        
Debt instrument applicable rate   0.00%    
Revolving Credit Facility | Minimum | SOFR        
Debt Instrument [Line Items]        
Debt instrument applicable rate   1.00%    
Revolving Credit Facility | Maximum        
Debt Instrument [Line Items]        
Debt instrument applicable rate   0.25%    
Revolving Credit Facility | Maximum | SOFR        
Debt Instrument [Line Items]        
Debt instrument applicable rate   1.25%    
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      
Writeoff of unamortized debt issuance costs $ 200,000      
Debt issuance costs $ 8,700,000      
v3.25.4
Long-Term Debt - Revolving Credit Facility - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2025
May 20, 2025
May 08, 2025
Dec. 31, 2024
Feb. 29, 2024
Debt Instrument [Line Items]          
Line of credit facility outstanding $ 4,441,367,000     $ 3,704,113,000  
Outstanding letters of credit 79,600,000        
5.00% 2030 notes          
Debt Instrument [Line Items]          
Line of credit facility outstanding $ 550,000,000     550,000,000  
Private offered aggregate principal amount rate 5.00%        
4.25% 2032 notes          
Debt Instrument [Line Items]          
Line of credit facility outstanding $ 1,300,000,000     1,300,000,000  
Private offered aggregate principal amount rate 4.25%        
6.375% 2032 notes          
Debt Instrument [Line Items]          
Line of credit facility outstanding $ 700,000,000     700,000,000  
Private offered aggregate principal amount rate 6.375%        
6.375% 2034 notes          
Debt Instrument [Line Items]          
Line of credit facility outstanding $ 1,000,000,000     $ 1,000,000,000 $ 1,000,000,000
Private offered aggregate principal amount rate 6.375%       6.375%
6.75% 2035 notes          
Debt Instrument [Line Items]          
Line of credit facility outstanding $ 750,000,000   $ 750,000,000    
Private offered aggregate principal amount rate 6.75%   6.75%    
Revolving Credit Facility          
Debt Instrument [Line Items]          
Line of credit facility maximum borrowing capacity $ 2,200,000,000 $ 1,800,000,000      
Line of credit facility, excess remaining borrowing capacity 1,500,000,000        
Line of credit facility outstanding 0        
Outstanding letters of credit $ 79,600,000        
Line of credit commitment fee percentage 0.20%        
Fronting fee per annum 0.125%        
Minimum fixed charge ratio 1.00        
Debt instrument, covenant description In addition, the Revolving Facility also contains a financial covenant requiring the satisfaction of a minimum fixed charge coverage 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 $160.7 million as of December 31, 2025.        
Debt instrument minimum excess availability-dollars $ 165,000,000        
Debt instrument minimum excess availability-percentage 10.00%        
Debt instrument covenant maximum borrowing capacity amount $ 160,700,000        
Revolving Credit Facility | Minimum          
Debt Instrument [Line Items]          
Debt instrument applicable rate 0.00%        
Revolving Credit Facility | Minimum | SOFR          
Debt Instrument [Line Items]          
Debt instrument applicable rate 1.00%        
Revolving Credit Facility | Maximum          
Debt Instrument [Line Items]          
Debt instrument applicable rate 0.25%        
Revolving Credit Facility | Maximum | SOFR          
Debt Instrument [Line Items]          
Debt instrument applicable rate 1.25%        
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%        
v3.25.4
Long-Term Debt - Components of Senior Unsecured Notes (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Debt instrument carrying amount $ 4,441,367 $ 3,704,113
4.25% notes due February 2032    
Debt Instrument [Line Items]    
Debt instrument carrying amount 1,300,000 1,300,000
4.25% notes due February 2032 | Tranche A 1 [Member]    
Debt Instrument [Line Items]    
Debt instrument aggregate principal amount 300,000  
4.25% notes due February 2032 | Tranche A 2 [Member]    
Debt Instrument [Line Items]    
Debt instrument aggregate principal amount 1,000,000  
6.375% notes due March 2034    
Debt Instrument [Line Items]    
Debt instrument carrying amount 1,000,000 1,000,000
Debt instrument aggregate principal amount 1,000,000  
6.75% notes due May 2035    
Debt Instrument [Line Items]    
Debt instrument carrying amount 750,000  
Debt instrument aggregate principal amount 750,000  
6.375% notes due June 2032    
Debt Instrument [Line Items]    
Debt instrument carrying amount 700,000 700,000
Debt instrument aggregate principal amount 700,000  
5.00% notes due March 2030    
Debt Instrument [Line Items]    
Debt instrument carrying amount 550,000 $ 550,000
Debt instrument aggregate principal amount $ 550,000  
v3.25.4
Long-Term Debt - Components of Senior Unsecured Notes (Parenthetical) (Detail)
Dec. 31, 2025
4.25% notes due February 2032  
Debt Instrument [Line Items]  
Weighted average interest rate 4.25%
6.375% notes due March 2034  
Debt Instrument [Line Items]  
Weighted average interest rate 6.375%
6.75% notes due May 2035  
Debt Instrument [Line Items]  
Weighted average interest rate 6.75%
6.375% notes due June 2032  
Debt Instrument [Line Items]  
Weighted average interest rate 6.375%
5.00% notes due March 2030  
Debt Instrument [Line Items]  
Weighted average interest rate 5.00%
v3.25.4
Long-Term Debt - Senior Unsecured Notes - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2025
Redemption Period Within Five Years from Date of Issuance  
Debt Instrument [Line Items]  
Purchase price, Percentage of principal amount 100.00%
2030 Notes  
Debt Instrument [Line Items]  
Purchase price, Percentage of principal amount 101.00%
v3.25.4
Long-Term Debt - Future Maturities of Long-Term Debt (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]  
2030 $ 550,000
Thereafter 3,750,000
Total long-term debt $ 4,300,000
v3.25.4
Leases and Other Finance Obligations - Summary of Right-of-use Assets and Lease Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Operating lease right-of-use assets, net $ 622,188 $ 594,301
Finance lease right-of-use assets, net (included in property, plant and equipment, net) $ 1,437 $ 1,318
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net
Total right-of-use assets $ 623,625 $ 595,619
Current    
Current portion of operating lease liabilities 111,132 103,499
Current portion of finance lease liabilities (included in current maturities of long-term debt) $ 419 $ 470
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current maturities of long-term debt Current maturities of long-term debt
Noncurrent    
Noncurrent portion of operating lease liabilities $ 547,772 $ 525,213
Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities) $ 736 $ 608
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-term debt, net of current maturities, discounts and issuance costs Long-term debt, net of current maturities, discounts and issuance costs
Total lease liabilities $ 660,059 $ 629,790
v3.25.4
Leases and Other Finance Obligations - Summary of Total Lease Costs (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease, Cost [Abstract]      
Operating lease costs $ 152,408 $ 143,878 $ 144,243
Amortization of finance lease right-of-use assets 484 1,120 2,089
Interest on finance lease liabilities 57 95 201
Variable lease costs 39,740 34,781 34,408
Total lease costs $ 192,689 $ 179,874 $ 180,941
v3.25.4
Leases and Other Finance Obligations - Summary of Future Maturities of Lease Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 145,809  
2027 135,671  
2028 123,762  
2029 102,261  
2030 72,863  
Thereafter 224,979  
Total lease payments 805,345  
Less: amount representing interest (146,441)  
Present value of lease liabilities 658,904  
Less: current portion (111,132) $ (103,499)
Long-term lease liabilities, net of current portion 547,772 525,213
Finance Leases    
2026 469  
2027 417  
2028 240  
2029 108  
2030 12  
Thereafter 0  
Total lease payments 1,246  
Less: amount representing interest (91)  
Present value of lease liabilities 1,155  
Less: current portion (419) (470)
Long-term lease liabilities, net of current portion $ 736 $ 608
v3.25.4
Leases and Other Finance Obligations - Summary of Weighted Average Lease Terms and Discount Rates (Detail)
Dec. 31, 2025
Dec. 31, 2024
Weighted average remaining lease term (years)    
Operating leases 6 years 8 months 12 days 7 years
Finance leases 2 years 10 months 24 days 3 years
Weighted average discount rate    
Operating leases 5.90% 6.00%
Finance leases 5.50% 5.70%
v3.25.4
Leases and Other Finance Obligations - Summary of Cash paid for Amounts Included in Measurement of Lease Liabilities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 145,036 $ 132,989 $ 127,562
Operating cash flows from finance leases 57 95 201
Financing cash flows from finance leases $ 524 $ 1,182 $ 2,214
v3.25.4
Leases and Other Finance Obligations - Other Finance Obligations - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Property
Other Finance Obligations [Line Items]  
Number of leased properties with single lessor | Property 110
Other finance obligation, renewal term 5 years
Total lease term 30 years
Master lease agreement description Company is party to 110 individual property lease agreements with a single lessor as of December 31, 2025. These lease agreements had initial terms ranging from nine to 15 years with renewal options in five-year increments providing for up to approximately 30-year total lease terms.
Other finance obligations $ 183.9
Payment of other finance obligation $ 20.0
Minimum  
Other Finance Obligations [Line Items]  
Other finance obligation, term 9 years
Maximum  
Other Finance Obligations [Line Items]  
Other finance obligation, term 15 years
v3.25.4
Leases and Other Finance Obligations - Summary of Future Maturities of Other Finance Obligation (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Other Finance Obligations [Abstract]  
2026 $ 13,915
2027 2,063
2028 2,239
2029 2,434
2030 2,625
Thereafter 160,615
Total $ 183,891
v3.25.4
Employee Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Option Outstanding 7,000 25,000  
Options granted 0 0 0
Options vested 0 0 0
Intrinsic value option exercised $ 2.3 $ 5.4 $ 9.0
Stock compensation expense 53.5 63.1 48.5
Recognized excess tax benefits for stock options exercised 6.0 27.6 16.3
Total unrecognized compensation cost $ 72.0    
Expected weighted average recognition period 2 years    
2014 Incentive Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of shares reserved for share based compensation award 15,100,000    
Shares available for issuance 7,100,000    
Number of additional shares available for future issuance 400,000    
2014 Incentive Plan | Minimum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock award granted vested period 3 years    
2014 Incentive Plan | Maximum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock award granted vested period 4 years    
2014 Incentive Plan | Cliff Vest | Minimum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock award granted vested period 3 years    
2014 Incentive Plan | Cliff Vest | Maximum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock award granted vested period 4 years    
Stock Options and SARS | 2014 Incentive Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Granted term 10 years    
Restricted Stock Units (RSUs)      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total fair value of restricted stock/unit $ 59.1 $ 53.6 $ 37.6
Restricted Stock Units (RSUs) | 2014 Incentive Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
RSUs Outstanding 1,100,000    
Service Condition Based Restricted Stock Unit Grants      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
RSUs Outstanding 691,000 636,000  
Weighted average grant date fair value, granted $ 125.65 $ 186.61 $ 87.05
Performance Market and Service Condition Based Restricted Stock Unit Grants      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
RSUs Outstanding 371,000 358,000  
Weighted average grant date fair value, granted $ 129.03 $ 201.97 $ 88.48
Performance Market and Service Condition Based Restricted Stock Unit Grants | 2014 Incentive Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock award granted vested period 3 years    
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%    
v3.25.4
Employee Stock-Based Compensation - Summary of Stock Option Activity (Detail)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Summarizes stock option activity  
Options, Outstanding Number, Beginning Balance | shares 25
Options, Exercised | shares (18)
Options, Outstanding Number, Ending Balance | shares 7
Exercisable Options, Outstanding Number, Ending Balance | shares 7
Weighted Average Exercise Price, Beginning Balance | $ / shares $ 11.17
Weighted Average Exercise Price, Exercised | $ / shares 11.11
Weighted Average Exercise Price, Ending Balance | $ / shares 11.32
Exercisable, Weighted Average Exercise Price, Ending Balance | $ / shares $ 11.32
Weighted Average Remaining Years, Outstanding 10 months 24 days
Weighted Average Remaining Years, Exercisable 10 months 24 days
Aggregate Intrinsic Value, Outstanding | $ $ 641
Exercisable, Aggregate Intrinsic Value | $ $ 641
v3.25.4
Employee Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Service Condition Based Restricted Stock Unit Grants      
Summarizes restricted stock activity      
Shares, Nonvested, Beginning balance 636    
Shares, Granted 500    
Shares, Vested (383)    
Shares, Forfeited (62)    
Shares, Nonvested, Ending balance 691 636  
Weighted Average Grant Date Fair Value, Nonvested, Beginning Balance $ 124.37    
Weighted Average Grant Date Fair Value, Granted 125.65 $ 186.61 $ 87.05
Weighted Average Grant Date Fair Value, Vested 111.33    
Weighted Average Grant Date Fair Value, Forfeited 134.59    
Weighted Average Grant Date Fair Value, Nonvested, Ending Balance $ 131.60 $ 124.37  
Performance Market and Service Condition Based Restricted Stock Unit Grants      
Summarizes restricted stock activity      
Shares, Nonvested, Beginning balance 358    
Shares, Granted 183    
Shares, Performance & market achievement adjustment 92    
Shares, Vested (226)    
Shares, Forfeited (36)    
Shares, Nonvested, Ending balance 371 358  
Weighted Average Grant Date Fair Value, Nonvested, Beginning Balance $ 108.87    
Weighted Average Grant Date Fair Value, Granted 129.03 $ 201.97 $ 88.48
Weighted Average Grant Date Fair Value, Performance & market achievement adjustment 70.77    
Weighted Average Grant Date Fair Value, Vested 72.68    
Weighted Average Grant Date Fair Value, Forfeited 124.05    
Weighted Average Grant Date Fair Value, Nonvested, Ending Balance $ 130.00 $ 108.87  
v3.25.4
Income Taxes - Components of Income Tax Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 64,048 $ 287,131 $ 468,635
State 6,327 41,529 77,475
Total current tax expense 70,375 328,660 546,110
Deferred:      
Federal 29,782 (16,453) (82,150)
State (22,974) (2,580) (20,311)
Total deferred tax expense (benefit) 6,808 (19,033) (102,461)
Total      
Federal 93,830 270,678 386,485
State (16,647) 38,949 57,164
Total income tax expense / Effective tax rate, amount $ 77,183 $ 309,627 $ 443,649
v3.25.4
Income Taxes - Reconciliation of Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets related to:    
Operating lease liabilities $ 151,548 $ 148,376
Operating loss and credit carryforwards 116,040 12,308
Insurance reserves 37,197 37,840
Accrued expenses 10,534 17,703
Stock-based compensation expense 10,051 10,931
Accounts receivable 10,111 10,006
Inventories 9,939 10,435
Other 9,201 312
Total deferred tax assets 354,621 247,911
Deferred tax liabilities related to:    
Property, plant and equipment (188,330) (179,862)
Goodwill and other intangible assets (167,054) (66,263)
Operating lease right-of-use assets (143,103) (140,255)
Prepaid expenses (11,109) (9,698)
Total deferred tax liabilities (509,596) (396,078)
Net deferred tax liability $ (154,975) $ (148,167)
v3.25.4
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
U.S. federal statutory tax rate, amount $ 107,600 $ 291,380 $ 416,683
State and local income taxes, net of federal income tax effect, amount [1] (18,518) 33,267 40,639
Tax credits      
Research and development tax credits, amount (16,455) (2,881) (13,303)
Other, amount (416) (264) (292)
Nontaxable or nondeductible items      
Share-based payment awards, amount (5,498) (24,595) (14,534)
Other, amount 6,630 12,684 11,790
Changes in unrecognized tax benefits, amount 3,666 (71) 2,543
Other adjustments, amount 174 107 123
Total income tax expense / Effective tax rate, amount $ 77,183 $ 309,627 $ 443,649
U.S. federal statutory tax rate, percent 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect, percent [1] (3.60%) 2.40% 2.00%
Tax credits      
Research and development tax credits, percent (3.20%) (0.20%) (0.70%)
Other, percent 0.00% 0.00% 0.00%
Nontaxable or nondeductible items      
Share-based payment awards, percent (1.10%) (1.80%) (0.70%)
Other, percent 1.30% 0.90% 0.60%
Changes in unrecognized tax benefits, percent 0.70% 0.00% 0.10%
Other adjustments, percent 0.00% 0.00% 0.10%
Effective tax rate, percent 15.10% 22.30% 22.40%
[1]

(1) State taxes in California, Florida, and Texas made up the majority (greater than 50 percent) of the tax effect in this category.
v3.25.4
Income Taxes - Total Income Taxes Paid, Net of Refunds (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
Federal $ 50,034 $ 317,871 $ 508,602
Total State 17,624 55,188 70,132
Total Taxes Paid 67,658 373,059 578,734
Texas      
Income Taxes [Line Items]      
Total State 4,500 4,205 6,326
California      
Income Taxes [Line Items]      
Total State 4,450 8,000 9,010
Other      
Income Taxes [Line Items]      
Total State $ 8,674 $ 42,983 $ 54,796
v3.25.4
Income Taxes - Additional Information (Detail)
 1 Months Ended 12 Months Ended
Jul. 04, 2025
Dec. 31, 2021
Dec. 31, 2025
USD ($)
States
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Income Taxes [Line Items]          
Uncertain tax position benefit affecting effective income tax rate     $ 20,300,000 $ 19,700,000  
Significant amount of uncertain tax position recorded in consolidated statement of operations and comprehensive income     600,000 500,000 $ 2,900,000
Accrued interest and penalties     $ 0 0 $ 0
Number of states | States     42    
Valuation allowance     $ 0 0  
Minimum rate at which large multinational corporations are taxed   15.00%      
Percentage of permanent key elements of Tax Cuts and Jobs Act 100.00%        
Deferred income tax liabilities     509,596,000 396,078,000  
Deferred income tax liabilities     177,975,000 $ 148,167,000  
State          
Income Taxes [Line Items]          
State and Federal net Operating loss carry-forwards     278,600,000    
State and Federal Tax credit carry-forwards     $ 4,900,000    
State and Federal net Operating loss carry-forwards expiration year     2055    
Federal          
Income Taxes [Line Items]          
State and Federal net Operating loss carry-forwards     $ 177,200,000    
State and Federal Tax credit carry-forwards     $ 65,400,000    
v3.25.4
Employee Benefit Plans - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Contribution by Plan participants as annual compensation percentage 75.00%    
Plan Pro rata vesting period 5 years    
Plan Expenses recognized $ 38.1 $ 37.6 $ 36.5
v3.25.4
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Outstanding letters of credit $ 79.6
v3.25.4
Significant Segment Expenses - Additional Information (Detail) - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
Compensation and Benefits $ 2.2 $ 2.3 $ 2.3
v3.25.4
Subsequent Events - Additional Information (Detail)
Jan. 02, 2026
Subsequent Event | Premium Building  
Subsequent Event [Line Items]  
Effective date of acquisition Jan. 02, 2026