Stock Analysis on Net
Stock Analysis on Net

Builders FirstSource Inc. (NYSE:BLDR)

This company has been moved to the archive! The financial data has not been updated since November 1, 2023.

Income Statement 
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Builders FirstSource Inc., consolidated income statement (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Net sales 4,534,264 4,528,890 3,883,314 4,357,565 5,761,463 6,926,259 5,681,131 4,634,809 5,508,590 5,576,682 4,173,775 2,530,760 2,295,450 1,945,643 1,787,021 1,763,573 1,981,035 1,904,523 1,631,300 1,815,980 2,118,467 2,089,888 1,700,436
Cost of sales (2,953,162) (2,933,944) (2,511,914) (2,872,438) (3,746,731) (4,514,112) (3,848,758) (3,149,010) (3,796,138) (3,993,531) (3,104,221) (1,861,572) (1,724,799) (1,428,311) (1,321,608) (1,287,017) (1,439,893) (1,387,367) (1,189,325) (1,323,201) (1,595,686) (1,593,560) (1,289,384)
Gross margin 1,581,102 1,594,946 1,371,400 1,485,127 2,014,732 2,412,147 1,832,373 1,485,799 1,712,452 1,583,151 1,069,554 669,188 570,651 517,332 465,413 476,556 541,142 517,156 441,975 492,779 522,781 496,328 411,052
Selling, general and administrative expenses (939,474) (1,017,874) (904,217) (959,122) (1,000,204) (1,046,279) (968,568) (864,009) (875,012) (902,913) (821,598) (455,294) (430,893) (388,077) (404,466) (401,418) (411,510) (401,511) (370,084) (402,302) (400,993) (391,769) (358,908)
Income from operations 641,628 577,072 467,183 526,005 1,014,528 1,365,868 863,805 621,790 837,440 680,238 247,956 213,894 139,758 129,255 60,947 75,138 129,632 115,645 71,891 90,477 121,788 104,559 52,144
Interest expense, net (50,193) (53,016) (42,108) (42,233) (44,111) (70,715) (41,314) (40,284) (35,954) (27,795) (31,844) (28,902) (28,043) (26,812) (51,931) (27,480) (27,788) (29,382) (24,901) (23,408) (29,106) (28,957) (26,742)
Income before income taxes 591,435 524,056 425,075 483,772 970,417 1,295,153 822,491 581,506 801,486 652,443 216,112 184,992 111,715 102,443 9,016 47,658 101,844 86,263 46,990 67,069 92,682 75,602 25,402
Income tax expense (139,978) (119,437) (91,289) (99,259) (232,410) (307,944) (182,851) (139,050) (188,341) (155,208) (43,532) (45,078) (25,783) (23,519) (249) (6,291) (23,714) (19,659) (11,282) (15,048) (19,354) (18,980) (2,182)
Net income 451,457 404,619 333,786 384,513 738,007 987,209 639,640 442,456 613,145 497,235 172,580 139,914 85,932 78,924 8,767 41,367 78,130 66,604 35,708 52,021 73,328 56,622 23,220

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Net sales
Net sales demonstrated a general upward trend from March 2018 through June 2021, rising significantly from approximately $1.7 billion in early 2018 to a peak above $5.5 billion by mid-2021. This increase was followed by volatility, with a notable decline in the fourth quarter of 2021 and the first quarter of 2022, reaching around $4.35 billion by early 2023, before stabilizing at approximately $4.5 billion at the end of the observed period.
Cost of sales
Cost of sales increased broadly in line with net sales, moving from nearly $1.29 billion in early 2018 to a high of about $4.9 billion in mid-2022. Despite some fluctuations, costs exhibited a strong positive correlation with sales, peaking around late 2021 and mid-2022 before falling to approximately $2.95 billion by the third quarter of 2023.
Gross margin
The gross margin reflected growth from about $411 million in early 2018 to peaks exceeding $2.4 billion in mid-2022, indicating improved profitability at the gross level. However, there were periods of contraction, especially in late 2022 and early 2023, with margins declining to roughly $1.5 billion by the third quarter of 2023. The fluctuations suggest periods of margin pressure despite overall growth over the time span.
Selling, general and administrative expenses (SG&A)
SG&A expenses increased substantially over the period, starting from approximately $359 million in early 2018 and rising sharply to over $1 billion by mid-2022. There was a significant jump in expenses beginning in 2020, likely due to expanded operational activities or inflationary impacts, with some reductions observed towards the third quarter of 2023, where expenses stood near $939 million.
Income from operations
Income from operations showed considerable growth, especially from 2020 onwards, rising from about $52 million in early 2018 to peaks above $1.36 billion in mid-2022. Despite this growth, the figure showed volatility in line with sales and cost trends, with declines occurring in early 2023 before a modest recovery by the third quarter of 2023.
Interest expense, net
Net interest expense remained relatively stable from 2018 through 2019 but experienced a notable spike in the first quarter of 2020, approximately doubling the earlier averages. This elevated level persisted with fluctuations, reaching highs above $70 million in mid-2022. The overall trend suggests increased debt costs or borrowing levels, with a slight reduction observed by the third quarter of 2023.
Income before income taxes
Income before income taxes mirrored operating income trends, moving from around $25 million in early 2018 to more than $1.29 billion by mid-2022, with periods of volatility and declines that generally followed variations in operating results and interest expenses. The figure declined to roughly $425 million by mid-2023 but showed signs of recovery towards the end of the reported period.
Income tax expense
Income tax expense exhibited high variability throughout the period, with some quarters showing relatively low tax charges and others presenting significant expenses exceeding $300 million by mid-2022. The trend suggests that tax liabilities fluctuated with profitability and possibly tax planning strategies, with a noticeable downward trend in tax expense in early 2023.
Net income
Net income followed an overall positive trajectory, increasing from approximately $23 million in early 2018 to a peak near $987 million in mid-2022, reflecting strong profitability growth. Following this peak, net income decreased notably in early 2023 to about $333 million but showed an upward adjustment thereafter, ending around $451 million by the third quarter of 2023. This pattern indicates fluctuations in operational efficiency, cost management, and tax impacts during the latest periods.