Builders FirstSource (BLDR) official guidance

Free cash flow of approximately $400 million to $450 million, assuming average commodity prices in the range of $390 to $410 per thousand board foot (mbf).

Our guidance assumes average commodity prices in the range of $390-$410 per thousand board feet, in line with the long-term average of $400.

Free cash flow of approximately $0.4 billion to $0.5 billion, assuming average commodity prices in the range of $390 to $410 per thousand board foot (mbf).

Our guidance assumes average commodity prices in the range of $390-$410 per thousand board foot, in line with the long-term average of $400.

Free cash flow of approximately $0.4 billion to $0.5 billion, assuming average commodity prices in the range of $390 to $410 per thousand board foot (mbf).

Our guidance assumes average commodity prices in the range of $365-$385 per thousand board foot, versus the long-term average of $400.

Free cash flow of approximately $0.5 billion, assuming average commodity prices in the range of $365 to $385 per thousand board foot (mbf).

As we continue to proactively manage the business, we have identified an additional $40 million of run rate savings, increasing our total cost actions target for 2026 to $115 million.

As we touched on in February, we leaned further into our downturn playbook with $100 million of cost actions, which includes $75 million in year-over-year cost reductions and $25 million in cost avoidance.

Adjusted EBITDA to be in a range of $1.075 billion to $1.125 billion.

As a result, we are guiding net sales in the range of $14 billion-$14.8 billion, adjusted EBITDA of $1 billion-$1.2 billion, and adjusted EBITDA margin of 7.1%-8.1%.

Adjusted EBITDA to be in a range of $1.0 billion to $1.2 billion.

As a result, we are guiding net sales in the range of $14.6 billion-$15.6 billion, Adjusted EBITDA of $1.1 billion-$1.5 billion, and Adjusted EBITDA margin of 7.5%-9.6%.

Adjusted EBITDA to be in a range of $1.1 billion to $1.5 billion.

As a result, we are guiding net sales in the range of $14.8 billion-$15.8 billion, Adjusted EBITDA of $1.3 billion-$1.7 billion, and Adjusted EBITDA margin in the range of 8.8%-10.8%.

Adjusted EBITDA to be in a range of $1.3 billion to $1.7 billion.

Adjusted EBITDA margin to be in a range of 7.4% to 7.9%.

As a result, we are guiding net sales in the range of $14 billion-$14.8 billion, adjusted EBITDA of $1 billion-$1.2 billion, and adjusted EBITDA margin of 7.1%-8.1%.

Adjusted EBITDA margin to be in a range of 7.1% to 8.1%.

As a result, we are guiding net sales in the range of $14.6 billion-$15.6 billion, Adjusted EBITDA of $1.1 billion-$1.5 billion, and Adjusted EBITDA margin of 7.5%-9.6%.

Adjusted EBITDA margin to be in a range of 7.5% to 9.6%.

As a result, we are guiding net sales in the range of $14.8 billion-$15.8 billion, Adjusted EBITDA of $1.3 billion-$1.7 billion, and Adjusted EBITDA margin in the range of 8.8%-10.8%.

Adjusted EBITDA margin to be in a range of 8.8% to 10.8%.

Free cash flow of approximately $400 million to $450 million, assuming average commodity prices in the range of $390 to $410 per thousand board foot (mbf).

We expect free cash flow of approximately $400 million-$500 million.

Free cash flow of approximately $0.4 billion to $0.5 billion, assuming average commodity prices in the range of $390 to $410 per thousand board foot (mbf).

We expect free cash flow of approximately $400 million-$500 million.

Free cash flow of approximately $0.4 billion to $0.5 billion, assuming average commodity prices in the range of $390 to $410 per thousand board foot (mbf).

We expect free cash flow of approximately $500 million.

Free cash flow of approximately $0.5 billion, assuming average commodity prices in the range of $365 to $385 per thousand board foot (mbf).

Gross Profit margin to be in a range of 27.5% to 28.5%.

We expect our 2026 full year gross margin to be in the range of 27.5%-28.5%, reflecting below normal starts activity.

Gross Profit margin to be in a range of 27.5% to 28.5%.

We expect our 2026 full year gross margin to be in the range of 27.5%-29%, reflecting the below normal starts environment.

Gross Profit margin to be in a range of 27.5% to 29%.

We expect our 2026 full year gross margin to be in the range of 28.5%-30%, reflecting the below normal starts environment.

Gross Profit margin to be in a range of 28.5% to 30%.

Within the Company’s geographies, Single Family starts are projected to be down mid- to high-single digits, Multi-Family starts are projected to be down mid-single digits, and Repair & Remodel activity is projected to be down 1%.

Within the Company’s geographies, Single Family starts are projected to be down mid- to high-single digits, Multi-Family starts are projected to be down mid-single digits, and Repair & Remodel activity is projected to be down 1%.

Compared to 2025, we now expect single-family starts to be down nearly 7%, multifamily starts down 4%, and repair and remodel activity down 1%.

Within the Company’s geographies, Single Family starts are projected to be down mid- to high-single digits, Multi-Family starts are projected to be down mid-single digits, and Repair & Remodel activity is projected to be down 1%.

Compared to 2025, single-family and multifamily starts are expected to be down 2.5% and repair and remodel down 1%.

Within the Company’s geographies, Single Family starts are projected to be down low-single digits, Multi-Family starts are projected to be down low-single digits, and R&R is projected to be down 1%.

Compared to 2025, single-family and multifamily starts are expected to be flat year-over-year, with repair and remodel up 1%.

Within the Company’s geographies, Single Family starts are projected to be flat, Multi-Family starts flat, and R&R is projected to be up 1%.

Net Sales to be in a range of $14.2 billion to $14.6 billion.

As a result, we are guiding net sales in the range of $14 billion-$14.8 billion, adjusted EBITDA of $1 billion-$1.2 billion, and adjusted EBITDA margin of 7.1%-8.1%.

Net Sales to be in a range of $14.0 billion to $14.8 billion.

As a result, we are guiding net sales in the range of $14.6 billion-$15.6 billion, Adjusted EBITDA of $1.1 billion-$1.5 billion, and Adjusted EBITDA margin of 7.5%-9.6%.

Net Sales to be in a range of $14.6 billion to $15.6 billion.

As a result, we are guiding net sales in the range of $14.8 billion-$15.8 billion, Adjusted EBITDA of $1.3 billion-$1.7 billion, and Adjusted EBITDA margin in the range of 8.8%-10.8%.

Net Sales to be in a range of $14.8 billion to $15.8 billion.

Within the Company’s geographies, Single Family starts are projected to be down mid- to high-single digits, Multi-Family starts are projected to be down mid-single digits, and Repair & Remodel activity is projected to be down 1%.

Acquisitions completed within the last twelve months are projected to add net sales growth of approximately 1%.

Acquisitions completed within the last twelve months are projected to add net sales growth of approximately 1%.

Acquisitions completed within the last twelve months are projected to add net sales growth of approximately 1%.

Total capital expenditures in the range of $175 million to $225 million.

Total capital expenditures in the range of $225 million to $275 million.

Total capital expenditures in the range of $250 million to $300 million.

Depreciation and amortization expenses in the range of $580 million to $610 million.

Depreciation and amortization expenses in the range of $525 million to $575 million.

Depreciation and amortization expenses in the range of $525 million to $575 million.

Interest expense in the range of $280 million to $290 million.

Interest expense in the range of $275 million to $285 million.

Interest expense in the range of $270 million to $280 million.

The Company expects to deliver $50 million to $70 million in productivity savings in 2026.

We're still targeting our $50 million-$70 million for the full year, as well as the cost actions that we've outlined.

The Company expects to deliver $50 million to $70 million in productivity savings in 2026.

The Company expects to deliver $50 million to $70 million in productivity savings in 2026.

No change in selling days versus 2025.

No change in selling days versus 2025.

No change in selling days versus 2025.

Adam BaumgartenAnalyst at Vertical Research Partners (01:03:48): Hey, guys. Good morning. I think you'd mentioned maybe not being able to recoup all the cost inflation. I assume that maybe relates to fuel in 2026. Can you give us a sense for the magnitude of the headwind you're expecting for 2026 at this point? Peter JacksonCEO at Builders FirstSource (01:04:05): Well, I mean, it boils down to that fundamental question of affordability and how much can you pass through and how much do you need to eat. The answer isn't broad. It's market-specific, depending on local profitability. I would tell you that we're taking it a bunch of different ways. Like Pete was saying, some of it's embedded into the cost that we're providing on the material side, particularly on the inbound cost. Peter JacksonCEO at Builders FirstSource (01:04:28): On the outbound, we're taking it in a couple of different ways, whether it's pass through, a surcharge, or part of the negotiation. You know, I think the negative number that we're managing is probably around $100 million, right? It's a meaningful number. The impact on the bottom line, I would say right now is a lot less than that based on what we're doing, but it's not zero.