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GMS Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary28 Aug, 2025
Executive summary
Net sales for the quarter ended July 31, 2025, were $1,414.3 million, down 2.4% year-over-year, mainly due to softening market conditions and pricing pressure in steel framing, partially offset by acquisitions and resilient pricing in other products; results were in line with expectations.
Net income was $43.6 million, a 23.9% decrease from the prior year, driven by lower gross margin, negative price/cost dynamics, and $5.5 million in one-time merger-related transaction costs.
Adjusted EBITDA was $135.5 million, down 7.1% year-over-year, with margin contracting to 9.6% from 10.1%.
The company completed one acquisition and opened one new greenfield location during the quarter.
Financial highlights
Gross profit was $436.5 million, down 3.3% year-over-year, with gross margin declining to 30.9% from 31.2% due to lower vendor incentive income and reduced volumes.
Operating income was $81.2 million, compared to $98.4 million in the prior year.
Adjusted net income was $68.0 million, down from $77.6 million year-over-year.
Free cash flow was negative $39.4 million, compared to negative $31.9 million last year.
Cash and cash equivalents at quarter-end were $39.9 million, down from $55.6 million at the start of the quarter.
Outlook and guidance
The pending merger with The Home Depot is expected to close in the second half of 2025, subject to customary conditions.
Management expects to maintain adequate liquidity and capital resources to support operations, growth, and share repurchases for at least the next twelve months.
Net sales and adjusted EBITDA results were consistent with management expectations for the quarter.
Explain the increase in acquisition transaction costs
What drove Ceilings sales growth in Q1 2025?
Why did share repurchases decrease in Q1 2025?
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Frequently asked questions
GMS Inc is a distributor of building products including wallboard, suspended ceilings, insulation, and related construction materials. The company serves residential and commercial construction markets through a network of distribution centers across the United States and Canada. It supplies contractors, builders, and other end-users. GMS Inc is headquartered in Tucker, Georgia, and its shares are listed on the NYSE.
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