Companies · IBP
Installed Building Products
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Updated Nov 5, 2026
IBP Q3 2026: Revenue grows 3.9% to $808.4M as commercial and multi-family offset single-family decline, but gross margin contracts 220bps on cost inflation
Installed Building Products delivered Q3 2026 net revenue of $808.4 million, a 3.9% increase over the prior-year quarter, driven by 16.2% commercial end market growth and 7.7% multi-family growth, while single-family same-branch sales declined 4.9% as mortgage rates exceeded 7% and affordability pressures persisted. Gross profit fell 2.6% to $257.4 million, with gross margin contracting from 34.0% to 31.8%, as higher material prices, labor costs, fuel expenses, and an unfavorable mix shift toward lower-margin Distribution and Manufacturing activity collectively outpaced revenue gains. The company accelerated its acquisition pace — nine business combinations completed through September 2026 versus three in the prior-year period — and strengthened its balance sheet by refinancing into $500 million of 5.625% senior notes due 2034, extending its debt maturity profile while expanding ABL capacity to $375 million.
Tone: mixedRevenue
$3B
IBP 10-K · FY 2025
Employees
10,400
Revenue FY2024
$2.9B
Founded
1977
Profile
IBP 10-K Item 1 · Feb 26, 2026Installed Building Products (IBP) is one of the largest residential insulation installers in the United States, operating from approximately 250 branch locations across all 48 continental states. The company also installs complementary building products including waterproofing, garage doors, rain gutters, shower doors, and fire-stopping systems. IBP supplements its installation business with regional distribution operations and cellulose manufacturing facilities.
Read filing description ↓ Collapse description ↑
IBP and its wholly-owned subsidiaries primarily install insulation for residential and commercial builders located in the continental United States. We are also a diversified installer of complementary building products including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products. We offer our portfolio of services from our national network of approximately 250 branch locations serving all 48 continental states and the District of Columbia. In addition, we have regional distribution operations that serve the Midwest, Mountain West, Northeast and Mid-Atlantic regions of the United States, and we operate multiple cellulose manufacturing facilities. IBP was formed as a Delaware corporation on October 28, 2011, however our business began in 1977 with one location in Columbus, Ohio. In the late 1990s, we began our acquisition strategy with the goal of creating a national platform and have grown to become one of the nation's largest installers of insulation in the residential new construction market. Since 1999, we have successfully completed and integrated over 200 acquisitions, which has allowed us to generate significant scale and to diversify our product offerings while expanding into some of the most attractive new construction markets in the United States. We have three operating segments consisting of our Installation, Distribution and Manufacturing operations. The Installation operating segment represents the majority of our net revenue and gross profit and forms our one reportable segment.
Primary products
- Fiberglass and Cellulose Insulation
- Spray Foam Insulation
- Waterproofing
- Fire-stopping and Fireproofing
- Garage Doors
- Rain Gutters
Business segments
End markets
Geographies
Named customers
Our top ten customers, which are primarily a combination of national and regional builders, accounted for approximately 14% of net revenue for the year ended December 31, 2025.
Named competitors
“We estimate we have the number one or two market position for new single-family insulation installation in more than half of the markets in which we operate based on permits issued in those markets.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenues increased 1.0%, or $29.5 million, to $2,970.8 million in 2025 compared to 2024, driven primarily by commercial end market same-branch sales growth of 10.4%, selling price and product mix improvements, and recent acquisitions, partially offset by residential end market sales declines.
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