BLDR US S&P 500Russell 1000 Earnings call
Builders FirstSource (BLDR) · Q2 2026 results and valuation
Share price: $62.34 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter
Net loss narrowed on the previous quarter. Tone in line with last period.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss narrowed
Net income vs Q1 2026
Outlook given
Net income -3.9M vs -47.4M
Revenue +17.5%
2 · How management spoke
Unchanged
Language tone vs last period
Language: restrained — about as upbeat as in Q1 2026.
3 · What stood out
Guidance
Builders FirstSource expects its 2026 full year gross margin to be in the range of 27.5% to 28.5%, reflecting below normal starts activity.
Valuation
Is Builders FirstSource undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$62.34
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+2.0% for 10 yrs
Fair value / share
$-3.52
Buy below
$-2.64
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Key theme
BLDR's Q2 strength stems from its differentiated platform and disciplined management focused on technology and value-added solutions.
Source quote
“Our second quarter results reflect the strength of our differentiated platform and We remain focused on the factors within our control including managing the business with discipline and leveraging both our technology capabilities and our value-added solutions.”
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Guidance
Builders FirstSource expects to capture share through bundled product affordability, strong customer service, and technology applications in the current environment.
Source quote
“This environment plays to our strengths, and we expect to capture share by delivering outstanding customer service, bundling our broad product portfolio to drive affordability and applying technology...”
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Figure
BLDR has completed 42 acquisitions since 2021 adding nearly $2.3 billion in annual sales, demonstrating aggressive growth through M&A strategy.
Source quote
“Since the BMC merger in 2021, we have completed 42 acquisitions representing nearly $2.3 billion in annual sales, the equivalent...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Restrained — about as upbeat as in Q1 2026.
Sentences that drove the tone
“Adjusted SG&A of $781 million decreased $37 million primarily due to lower variable compensation, reduced head count and the benefits of cost actions, partially offset by acquired operations and higher...”
“Based on what we have learned from our AI and digital investments to date, we are increasingly prioritizing initiatives that improve the effectiveness and efficiency of our sales teams, enhance...”
“We cannot control the market, but consistent execution against these priorities will strengthen how we operate today and position us to accelerate growth as conditions improve.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 3.86B | 3.29B | +17.5% | 4.23B | −8.8% |
| Gross profit | 1.09B | 929.0M | +17.0% | 1.30B | −16.3% |
| Operating income | 128.5M | 16.5M | +678.1% | 311.3M | −58.7% |
| Net income | -3.9M | -47.4M | Loss narrowed | 185.0M | Turned loss |
| EPS | -0.04 | -0.43 | Loss narrowed | 1.66 | Turned loss |
| P/E today 60.5 | 97.3 | 31.4 | +65.9 | 17.7 | +79.6 |
Topics
Most discussed now
- Net sales decreased approximately 9% to $3.9 billion, reflecting lower core organic sales and commodity deflation, partially offset by…
- Core organic sales declined 8% in single-family, 10% in multifamily and 2% in Repair & Remodel.
- Backed by its experienced cycle-tested team, Builders FirstSource is confident in its ability to deliver resilient results in the current…
- There are certain millwork subcategories that are still down.
- There are absolutely competitive dynamics in certain of the categories that have limited manufacturers' ability to pass through.
Faded since Q1 2026
- Dropped It's just I don't think able to withstand negative headwinds around uncertainty.
- Fading Its first quarter results reflect the adaptability of its operating model as Builders FirstSource delivered strong strategic share growth…
- Fading Builders FirstSource continues to lean on its exceptional team, leading value-added solutions and robust operating model to drive…
- Fading I just think it will be a little bit weaker than what Builders FirstSource anticipated and that has led to pressures...
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change; Shareholder vote results; Regulation FD disclosure · SEC 8-K
- Results of operations; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K