Guidance
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BLDR
FY2026 Q1
하향
Builders FirstSource, Inc. 실적 발표
Buzzberg 분석
Revised 2026 guidance reflects weaker housing market and affordability pressures.
BLDR reported a weak Q1 2026 with significant margin compression and revenue decline. Management revised full-year guidance downward, citing a weaker housing market, lower home size/complexity, and cost inflation. They are closing facilities and pursuing cost cuts to offset headwinds. Net sales decreased 10% to $3.3B, driven by a decline in core organic sales and commodity deflation.
Buzzberg 분석 Revised 2026 guidance reflects weaker housing market and affordability pressures. BLDR reported a weak Q1 2026 with significant margin compression and revenue decline. Management revised full-year guidance downward, citing a weaker housing market, lower home size/complexity, and cost inflation. They are closing facilities and pursuing cost cuts to offset headwinds. Net sales decreased 10% to $3.3B, driven by a decline in core organic sales and commodity deflation. 전체 분석 보기분석 접기
BLDR reported a weak Q1 2026 with significant margin compression and revenue decline. Management revised full-year guidance downward, citing a weaker housing market, lower home size/complexity, and cost inflation. They are closing facilities and pursuing cost cuts to offset headwinds. Net sales decreased 10% to $3.3B, driven by a decline in core organic sales and commodity deflation.
- Adjusted EBITDA was $214M, down 42%, and adjusted EPS was $0.27, down 82%.
- Full-year guidance was lowered: revenue to $14.6-15.6B, EBITDA to $1.1-1.5B, and FCF to $400-500M.
- Management is taking $100M in cost actions, including facility consolidations (21 so far in 2026).
매출$3.2871B-2% 전분기 대비
주당순이익(EPS)$0.27보고값
매출총이익률28.26%보고값
영업이익률0.55%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Market Share
Q1 share gains driven by bundling and value-added offerings.
Cost Actions
Cost actions of $100M underway; $13M realized in Q1.
핵심 내용 3개 더 보기
Margins
Specialty products and 'other' category saw unexpected margin pressure.
Balance Sheet
Management confident in balance sheet despite leverage above target.
M&A
M&A remains key growth driver; 41 acquisitions since 2021.
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $3.2871B | -2% 전분기 대비 |
| 주당순이익(EPS) | $0.27 | 보고값 |
| 매출총이익률 | 28.26% | 보고값 |
| 영업이익률 | 0.55% | 보고값 |
| 잉여현금흐름 | $0.0407B | 보고값 |
| 자본지출 | $0.0467B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 잉여현금흐름 | FY2026 | 400–500 | 450 | 하향 |
| 매출총이익률 | FY2026 | 27.5%–29% | 28.25% | 하향 |
| 영업이익률 | FY2026 | $1.1B–$1.5B | $1.3B | 하향 |
| 매출 | FY2026 | $14.6B–$15.6B | $15.1B | 하향 |
| 매출 | FY2026 Q2 | $3.75B–$4.05B | $3.9B | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Cautiously Confident
Management acknowledged a weak housing market and headwinds, but reaffirmed their strategic focus, cost actions, and ability to capture share and drive long-term value.
경영진의 AI 분석
Management highlighted their digital platform, which processed nearly $800 million of quotes in Q1, and they plan to roll out a next-generation digital solution with embedded AI capabilities later this year to support builders across the home building journey, including four integrated hubs accessible through myBLDR.com.
투자 및 생산능력
Capital expenditures were $45 million in Q1. The company is investing in technology, automation, and AI, and continues to execute a disciplined capital allocation strategy focused on organic growth, M&A, and shareholder returns.
외부 신호
공급망 알파 · 5
The company is seeing margin compression in 'specialty products' and 'other' categories, which are a long tail of products, and part of this is due to competition and price-cost dynamics.
근거
“Where I think we were surprised is in the specialty products and the other categories.”
The company noted that commodity prices have pushed higher since mid-December, and it plans to pass through cost increases, but margin expansion will be muted due to timing.
근거
“commodity prices have pushed higher since mid-December, driven by rising input costs”
The company is closing 21 facilities in 2026 after closing 55 in the prior two years, indicating ongoing capacity rationalization in a weak market.
근거
“we have consolidated 21 facilities, following the consolidation of 55 total facilities over the prior two years”
The company is seeing share gains by bundling lumber with value-added products, but this is causing a negative mix shift in gross margins.
근거
“we picked up a little bit more on the lumber and sheet, which is a lower margin category, which had a little mix impact.”
The company's first quarter results showed a significant drop in 'value per start' (down 10% vs 2019), and the mix of homes is shifting to smaller, simpler units, which is a structural headwind to revenue.
근거
“We believe a comparable start has declined in value by 10% on average since 2019.”
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 0개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.