Installed Building Products Inc

Latest Results (20.11.2025):

Installed Building Products Inc — Fourth Quarter 2024: IBP reported a record fourth quarter with net revenue of $750.2 million (up 4.1% year-over-year) and net income of $66.9 million (up 3.1%). The company posted adjusted EBITDA of $132.0 million (up 2.9%), diluted EPS of $2.39 (up 4.4%), and adjusted net income of $80.6 million (or $2.88 per diluted share). IBP finished the quarter with $328 million in cash and continued active capital deployment through share repurchases, dividends, and acquisitions.

Revenue and segment mix

Net revenue: $750.2M in Q4 2024 (vs. $720.7M a year ago). Installation revenue was $695.0M (up 3.8%) and other revenue (including manufacturing/distribution) rose to $55.2M from $50.9M.

Profitability and margins

Gross profit for the quarter was $251.8M (up vs. prior year quarter). Operating income was $98.5M. Adjusted EBITDA for the quarter was $132.0M, a 2.9% increase year-over-year.

Earnings per share and adjusted measures

Diluted EPS was $2.39 (up 4.4% Y/Y). Adjusted net income was $80.6M, or $2.88 per diluted share.

Full-year 2024 context

For the year ended 2024, net revenue was $2,941.3M (vs. $2,778.6M prior year), gross profit improved 6.9% to $994.5M, net income totaled $256.6M, and diluted EPS was $9.10.

Balance sheet and liquidity

Cash and cash equivalents at December 31, 2024 were $328M. The company repriced its Term Loan B, reducing borrowing cost by over $1M annually.

Capital allocation — dividends and buybacks

During Q4 IBP repurchased 383 thousand shares for approximately $79M and declared/paid a $0.35 per-share dividend on December 31, 2024. The Board approved a Q1 2025 regular dividend of $0.37 and an annual variable dividend of $1.70 per share (up $0.10). A new share repurchase authorization allows up to $500M of repurchases through March 1, 2026.

Acquisition activity

IBP completed multiple acquisitions in Q4 2024, including Insulation Supplies (~$22M revenue), Tatum Insulation III (~$17M), and Capital Insulation & CBS & Mirror (~$12M), reflecting continued M&A growth of its installation and complementary product footprint.

Other items

Q4 comprehensive income was $74.1M (benefited by a positive change on cash-flow hedges). Selling & administrative expenses as a percent of revenue were roughly flat versus prior year (selling + admin combined ~19.0% of revenue; adjusted S&A ~18.1%).