Trex Company Inc (TREX)

Trex Company Reports Solid First Quarter 2026 ResultsMay 7, 2026 6:30 AM
Business Wire Launches Five Long-Term Strategic Priorities Well Positioned Heading Into Peak Deck-Building Season with Recent Home Center Stocking Wins Executes and Expands Significant Share Repurchase Program Reaffirms Full Year 2026 Guidance First Quarter Financial Highlights Net sales of $343 million Gross margin of 40.5% Net income of $61 million and diluted earnings per share of $0.58 Adjusted net income of $62 million and adjusted diluted earnings per share of $0.59 Adjusted EBITDA of $103 million Trex Company, Inc. [NYSE:TREX], the world’s largest manufacturer of wood-alternative composite decking and railing, and a leader in high-performance, low-maintenance outdoor living products, today announced financial results for the first quarter of 2026. Commenting on the quarter, Adam Zambanini, President and CEO, said, “We entered 2026 with strong momentum and a renewed sense of energy and excitement driving the entire organization forward. During the quarter, Trex delivered solid results driven primarily by positive performance in our premium decking portfolio and supported by recent shelf space wins in retail. The Company also delivered strong margins, reflecting product mix, operational efficiencies and cost discipline.” “During the quarter, we began to take decisive actions aligned with our new long-term strategic priorities, positioning the Company to return to above-industry growth through unmatched innovation, enhanced execution, and renewed investment in our brand, marketing, and customer experience. Long-Term Strategic Priorities Trex recently launched five priorities to define a focused, durable path to long-term profitable growth and increased shareholder value: Create an Unbreakable Bond with End Users: Deepen brand preference and loyalty across consumers, contractors, and pros through superior marketing, product experience, and service. Launch High-Performance Innovation: Continue to expand Trex’s leadership in material science and performance through products that represent the next generation of outdoor living solutions. Optimize Channels for Growth: Strengthen distribution effectiveness and ensure Trex products are readily available across retail, dealer, and pro channels to drive above-market growth. Lower the Cost of Railing: Drive cost efficiencies and design advancements to enhance margin structure and accelerate share gains in this fast-growing product line. Growth Enablement: Invest in the foundation – culture, technology, and talent – that powers sustainable growth. We’re strengthening our organization by aligning around accountability, upskilling for digital and commercial excellence, and fostering an innovation-driven culture that empowers teams to act with speed and discipline. “As I noted last quarter, driving growth through innovation remains a key priority. Our recently launched PVC decking product is performing well, leading us to expand into geographies beyond our initial West Coast rollout. The fire-rated product category represents an attractive market opportunity, and we are committed to competing aggressively to capture share in this and other potential growth areas through unmatched product innovation. “Our refined incentive and marketing programs have been very well received by our channel partners further strengthening these valued relationships. We also are excited about the next phase of our consumer- and pro-focused marketing campaign centered around our “Performance-Engineered for Your Life Outdoors™” brand platform, which launched in May 2025. As we move forward, the Trex brand and our value proposition will become increasingly visible and strategically positioned, with the impact of these programs further enhanced by our investment in digital tools. In the first quarter our digital metrics showed consistent growth across key leading indicators, with high-intent behaviors meaningfully outpacing overall traffic, signaling more deliberate consumer engagement,” noted Mr. Zambanini. Q1 2026 Financial Summary All financial results comparisons made are against the prior-year period unless otherwise noted: Net sales were $343 million compared to $340 million, an increase of 1%, due to positive price/mix in the quarter. Gross profit was $139 million with gross margin of 40.5%, compared to gross profit of $138 million and gross margin of 40.5%. There were no adjustments to this year’s gross profit while last year’s adjusted gross profit, which excluded railing conversion costs of approximately $4 million, was $142 million. A favorable mix of higher margin premium decking boards and margin improvement from continued operational excellence programs helped to offset a $4M increase in depreciation expenses related to our Little Rock production facility. The Company experienced no impact on gross margins related to increased oil prices during the quarter. Selling, general, and administrative expenses were $56 million, representing 16.2% of net sales, compared to $56 million, or 16.5% of net sales in the prior year. Excluding digital transformation costs and Arkansas facility start-up expenses of $1.2 million and $1.5 million, SG&A was $54 million and $55 million, respectively. The Company continued to increase its investment in branding and marketing programs to drive future growth. Other expenses, including personnel and healthcare related expenses, were lower than expected due to cost containment and timing. Net income was $61 million, or $0.58 per diluted share, compared to net income of $60 million, or $0.56 per diluted share in the prior year. Adjusted net income was $62 million, with adjusted diluted EPS of $0.59, compared to adjusted net income of $64 million with adjusted diluted earnings per share of $0.60. Adjusted EBITDA of $103 million compared favorably to an adjusted EBITDA of $101 million in the prior year. Free cash flow was ($143) million, a 39% improvement from last year, reflecting effective management of working capital and lower capital expenditures as we finish the new Little Rock facility. During the quarter, the Company authorized significant share repurchase programs including a $100 million ASR program and $50 million of additional discretionary repurchases as part of an existing share repurchase authorization. The Company intends to complete the $150 million repurchase program in the second quarter. Share repurchases remain a key aspect of the Company’s capital allocation strategy. New Developments & Recognitions Launched Refuge™ Decking, an ignition resistant PVC decking line, across select markets in the West, New England and Mid-Atlantic. Named Green Builder Media’s Sustainable Brand leader in the decking category for the 16th consecutive year. Trex® Refuge™ was also selected by Green Builder editors as one of the most sustainable products of the year for 2026. Named One of America’s Most Trustworthy Companies. Trex was named to Newsweek’s list of the Most Trustworthy Companies in America 2026. Named America’s Most Trusted® Outdoor Decking for sixth consecutive year, according to a nationwide study by Lifestory Research. Trex Innovation Earned Top Industry and Global Design Honors. Trex Select® Decking and Signature® X-Series™ Railing recognized for performance and versatility. Summary & Outlook “We continue to anticipate the overall R&R market to be down to flat this year and are closely monitoring any impact on consumer confidence from the ongoing conflict in the Middle East. First quarter financial results were consistent with the cadence we anticipated for the year, with the typical seasonality of the business reflected in both revenue and margins. Additionally, the first quarter reflects continued execution on our commitment to returning capital to shareholders,” said Prith Gandhi, Senior Vice President and Chief Financial Officer. Based on current visibility, the Company is reaffirming its full year 2026 guidance, shown in the table below, with revenue ranging from $1.185 billion to $1.23 billion and adjusted EBITDA ranging from $315 million to $340 million. The Company also provided second quarter revenue guidance in the range of $388 to $403 million. The Company expects robust free cash flow generation this year, supported by a meaningful reduction in capital expenditures relative to 2025, as the peak investment phase of the Arkansas campus build-out transitions to an operational phase. Capital expenditure guidance for 2026 is $100 million to $120 million, down from $224 million in 2025. As construction winds down, The Company expects another meaningful increase in free cash flow in 2027 and beyond as capital expenditures return to maintenance levels of roughly 5 to 6% of revenue. In addition to the execution of its $150 million share repurchase program, the Board of Directors authorized a 10 million share increase to the Company’s existing share repurchase program, bringing the total potential shares available for repurchase to approximately 13% of Trex’s outstanding shares at the end of the quarter. Full Year 2026 Guidance Low High Net sales $1.185B   $1.230B Adjusted EBITDA $315M   $340M Depreciation and amortization ~$85M SG&A ~18% of net sales Interest expense $8M   $10M Effective tax rate 25.5%   27.0% CapEx $100M   $120M       Q2 2026 Guidance Low High Net sales $388M   $403M Conference Call & Webcast Information Trex will hold a conference call to discuss its first quarter 2026 results on Thursday, May 7, 2026, at 8:00 a.m. ET. To participate on the day of the call, dial 1-844-792-3734, or internationally 1-412-317-5126, approximately ten minutes before the call, and tell the operator you wish to join the Trex Company Conference Call. A live webcast of the conference call will be available in the Investor Relations section of the Trex Company website at 1Q26 Earnings Webcast. For those who cannot listen to the live broadcast, an audio replay of the conference call will be available within 24 hours of the call on the Trex website. The audio replay will be available for 30 days. Use of Non-GAAP Measures The Company reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). To supplement our consolidated financial statements reported on a GAAP basis, we provide the following non-GAAP financial measures, adjusted gross profit, adjusted net income, adjusted diluted earnings per share, earnings before interest, income taxes, depreciation and amortization (EBITDA), adjusted EBITDA and free cash flow. Management believes these non-GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends. Further, management believes these non-GAAP financial measures also enhance investors’ ability to compare period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP and are not meant to be considered superior to or a substitute for our GAAP results. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of these non-GAAP financial measures to GAAP information are included below. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the Company’s performance. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance. Non-GAAP Reconciliation Tables Reconciliation of GAAP Gross Profit to Adjusted Gross Profit   Three Months Ended March 31, Trex Company, Inc. 2026 2025 ($ in thousands) Gross profit $ 139,022 $ 137,731 Railing conversion   -   3,826 Adjusted gross profit $ 139,022 $ 141,557 Reconciliation of GAAP Net Income to Adjusted Net Income   Three Months Ended March 31, Trex Company, Inc. 2026 2025 ($ in thousands) Net Income $ 61,403   $ 60,434   Railing conversion   -     3,826   Digital transformation   1,014     452   Arkansas start up   226     1,085   Income tax effect*   (327 )   (1,383 ) Adjusted Net Income $ 62,316   $ 64,414     Diluted earnings per share $ 0.58   $ 0.56   Adjusted diluted earnings per share $ 0.59   $ 0.60   * Income tax effect calculated using the effective tax rate for the applicable period Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA   Three Months Ended March 31, Trex Company, Inc. 2026 2025 ($ in thousands) Net Income $ 61,403 $ 60,434 Interest expense, net   -   76 Income tax expense   22,102   21,153 Depreciation and amortization   18,371   14,249 EBITDA $ 101,876 $ 95,912 Railing conversion   -   3,826 Digital transformation   1,014   452 Arkansas start up   226   1,085 Adjusted EBITDA $ 103,116 $ 101,275 Reconciliation of GAAP Cash from Operations to Free Cash Flow   Three Months Ended March 31, Trex Company, Inc. 2026 2025 ($ in thousands) Net cash (used in) operating activities $ (118,425 ) $ (154,013 ) Expenditures for property, plant, and equipment   (23,105 )   (79,486 ) Purchased intangibles   (1,852 )   (635 ) Free cash flow $ (143,382 ) $ (234,134 ) GAAP Financial Statement Tables TREX COMPANY, INC. Condensed Consolidated Statements of Comprehensive Income (In thousands, except share and per share data)       Three Months Ended
March 31, 2026   2025 (Unaudited)   Net sales $ 343,403 $ 339,993 Cost of sales   204,381   202,262 Gross profit   139,022   137,731 Selling, general and administrative expenses   55,517   56,068 Income from operations   83,505   81,663 Interest expense, net   -   76 Income before income taxes   83,505   81,587 Provision for income taxes   22,102   21,153 Net income $ 61,403 $ 60,434 Basic earnings per common share   0.58 $ 0.56 Basic weighted average common shares outstanding   105,058,351   107,180,665 Diluted earnings per common share   0.58 $ 0.56 Diluted weighted average common shares outstanding   105,132,511   107,284,084 Comprehensive income $ 61,403 $ 60,434 TREX COMPANY, INC. Condensed Consolidated Balance Sheets (In thousands, except share data) (unaudited)   March 31,   December 31, 2026   2025   ASSETS Current assets: Cash and cash equivalents $ 4,492   $ 3,807   Accounts receivable, net   326,928     48,091   Inventories   229,580     238,665   Prepaid expenses and other assets   19,031     19,843   Total current assets   580,031     310,406   Property, plant and equipment, net   1,054,824     1,049,733   Operating lease assets   51,404     52,632   Goodwill and other intangible assets, net   32,906     31,529   Other assets   10,649     9,141   Total assets $ 1,729,814   $ 1,453,441     LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 65,941   $ 34,759   Accrued expenses and other liabilities   112,739     77,030   Accrued warranty   5,221     5,416   Line of credit   382,500     133,500   Total current liabilities   566,401     250,705   Deferred income taxes   85,833     85,833   Operating lease liabilities   40,138     41,755   Non-current accrued warranty   25,121     24,324   Other long-term liabilities   16,560     16,560   Total liabilities   734,053     419,177   Stockhholder's equity:   Preferred stock, $0.01 par value, 3,000,000 shares authorized; none issued and outstanding   —     —   Common stock, $0.01 par value, 360,000,000 shares authorized; 141,280,582 and 141,208,139 shares issued and 103,898,577 and 105,737,266 shares outstanding at March 31, 2026 and December 31, 2025, respectively   1,413     1,412   Additional paid-in capital   136,183     155,316   Retained earnings   1,851,250     1,789,847   Treasury stock, at cost, 37,382,005 and 35,470,873 shares at March 31, 2026 and December 31, 2025, respectively   (993,085 )   (912,311 ) Total stockholders’ equity   995,761     1,034,264   Total liabilities and stockholders’ equity $ 1,729,814   $ 1,453,441   TREX COMPANY, INC. Condensed Consolidated Statements of Cash Flows (In thousands)   Three Months Ended
March 31, 2026   2025 (unaudited) Operating Activities Net income $ 61,403   $ 60,434   Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization   18,371     14,249   Stock-based compensation   2,634     2,313   (Gain) on disposal of property, plant and equipment   (45 )   (57 ) Other non-cash adjustments   117     117   Changes in operating assets and liabilities: Accounts receivable   (278,838 )   (302,708 ) Inventories   9,086     30,863   Prepaid expenses and other assets   (523 )   2,161   Accounts payable   31,300     4,187   Accrued expenses and other liabilities   15,963     15,278   Income taxes receivable/payable   22,107     19,150     Net cash used in operating activities   (118,425 )   (154,013 )   Investing Activities Expenditures for property, plant and equipment   (23,105 )   (79,486 ) Purchased intangibles   (1,852 )   (635 ) Proceeds from sales of property, plant and equipment   45     156     Net cash used in investing activities   (24,912 )   (79,965 )   Financing Activities Borrowings under line of credit   314,000     257,047   Principal payments under line of credit   (65,000 )   (15,700 ) Repurchases of common stock   (82,826 )   (4,008 ) Unsettled accelerated share repurchase   (20,000 )   -   Proceeds from employee stock purchase and option plans   286     300   Financing costs   (2,438 )   10     Net cash provided by financing activities   144,022     237,649     Net increase in cash and cash equivalents   685     3,671   Cash and cash equivalents at beginning of period   3,807     1,292     Cash and cash equivalents at end of period $ 4,492   $ 4,963   About Trex Company For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented and defined the composite decking category. Today, the company is the world’s #1 brand of sustainable, wood-alternative decking and railing, and a leader in high performance, low-maintenance outdoor living products. Boasting the industry’s strongest distribution network, Trex sells products through more than 6,700 retail outlets across six continents. Through strategic licensing agreements, the company offers a comprehensive outdoor living portfolio that includes deck drainage, flashing tapes, LED lighting, outdoor kitchen components, pergolas, spiral stairs, fencing, lattice, cornhole and outdoor furniture – all marketed under the Trex® brand. Based in Winchester, Va., Trex is proud to have been named America’s Most Trusted® Outdoor Decking^ for the past 6 years (2021-2026). The company also holds a place on Barron’s list of the 100 Most Sustainable U.S. Companies (2024 and 2025), was named one of America’s Most Responsible Companies 2024 by Newsweek, ranked as one of the 100 Best ESG Companies by Investor’s Business Daily, and named the Sustainable Brand Leader in the decking category by Green Builder Media for the 16th consecutive year. For more information, visit Trex.com. ^Trex received the highest numerical score in the proprietary Lifestory Research 2021-2026 America’s Most Trusted® Outdoor Decking studies. Study results are based on experiences and perceptions of people surveyed. Your experiences may vary. Visit www.lifestoryresearch.com. Forward-Looking Statements The statements in this press release regarding the Company’s expected future performance and condition constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause the Company’s actual operating results to differ materially. Such risks and uncertainties include, but are not limited to: the extent of market acceptance of the Company’s current and newly developed products, including fire-rated and PVC decking products; the costs associated with the development and launch of new products and the market acceptance of such new products; the sensitivity of the Company’s business to general economic conditions; the impact of seasonal and weather-related demand fluctuations on inventory levels in the distribution channel and sales of the Company’s products; the availability and cost of third-party transportation services for the Company’s products and raw materials; the Company’s ability to obtain raw materials, including scrap polyethylene, wood fiber, and other materials used in making our products, at acceptable prices; increasing inflation, oil prices, and tariffs in the macro-economic environment; the Company’s ability to maintain product quality and product performance at an acceptable cost; the Company’s ability to increase throughput and capacity to adequately match supply with demand; the level of expenses associated with warranty claims, product replacement and consumer relations expenses related to product quality; the highly competitive markets in which the Company operates; cyber-attacks, security breaches or other security vulnerabilities; the impact of current and upcoming data privacy laws and the EU General Data Protection Regulation and the related actual or potential costs and consequences; material adverse impacts from global public health pandemics and geopolitical conflicts, including the ongoing conflict in the Middle East and its potential effect on consumer confidence; risks associated with the Company’s digital transformation initiatives and related costs; risks associated with the startup, construction, and operational transition of the Company’s Arkansas facility; and material adverse impacts related to labor shortages or increases in labor costs. Documents filed with the U.S. Securities and Exchange Commission by the Company, including in particular its latest annual report on Form 10-K and quarterly reports on Form 10-Q, discuss some of the important factors that could cause the Company’s actual results to differ materially from those expressed or implied in these forward-looking statements. The Company expressly disclaims any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507430582/en/ Lee Coker
VP, Corporate Development & Investor Relations
540-542-6321 Eric Prouty
Casey Kotary
ADVISIRY Partners
212-750-5800
eric.prouty@advisiry.com
casey.kotary@advisiry.com Original: Trex Company Reports Solid First Quarter 2026 Results

Trex Named One of America’s Most Trustworthy Companies by NewsweekApril 2, 2026 12:22 PM
Business Wire
Outdoor Living Leader Ranked #2 in Construction for Outstanding Customer, Employee and Investor Trust


Trex Company [NYSE:TREX], the world’s largest manufacturer of wood-alternative composite decking and railing and a leader in high-performance, low-maintenance outdoor living products, has been named to Newsweek’s list of the Most Trustworthy Companies in America 2026. The company was also previously recognized on Newsweek’s list of America’s Most Responsible Companies 2024, underscoring its ongoing commitment to corporate responsibility and transparency.


Presented by Newsweek in partnership with Statista Inc., a leading global statistics portal and industry ranking provider, the Most Trustworthy Companies in America list recognizes U.S.-based companies that have earned strong trust among key stakeholders – specifically customers, employees and investors – based on independent research and public sentiment. The 2026 roster includes 700 companies across 23 industries. In the Construction category, which includes a broad range of organizations spanning contractors, manufacturers and building products providers, Trex ranked #2 out of the 15 recognized companies and is the only decking brand to earn a spot on the prestigious list.


This latest honor follows Trex being named America’s Most Trusted® Decking Brand^ for the sixth consecutive year, further reinforcing the company’s reputation for delivering reliable, high-quality products and maintaining strong relationships with its stakeholders.


“At Trex, trust is at the core of everything we do, from the way we design and manufacture our products to how we support our customers, partners and employees,” said Bryan Fairbanks, President and CEO of Trex Company. “Being recognized by Newsweek as one of the most trustworthy companies in America is a meaningful validation of our commitment to integrity, consistency and long-term performance.”


The Newsweek rankings are based on an independent survey of 25,000 U.S. residents, who submitted more than 101,000 evaluations of companies headquartered in the U.S. with annual revenues of at least $500 million. Participants assessed organizations across three key dimensions of trust:



Customer trust – fairness, product and service quality, complaint resolution and credibility of communications;



Investor trust – long-term investment potential, corporate values and management competency; and



Employee trust – workplace fairness, compensation, career development opportunities and overall employer attractiveness.



In addition to survey data, the analyses incorporated a comprehensive social listening component, evaluating sentiment across a wide range of online sources, including news outlets, forums, social media platforms and press coverage.


“Earning the trust of our stakeholders requires a continuous focus on accountability, innovation and doing what’s right,” added Fairbanks. “We are proud to be recognized alongside other leading organizations and remain committed to building on this foundation of trust for years to come.”


The Most Trustworthy Companies in America 2026 list was announced on April 1, and can be viewed on Newsweek’s website. To learn more about Trex Company, visit trex.com.


About Trex Company


For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented and defined the composite decking category. Today, the company is the world’s #1 brand of sustainable wood-alternative decking and residential railing, and a leader in high performance, low-maintenance outdoor living products. Boasting the industry’s strongest distribution network, Trex sells products through more than 6,700 retail outlets across six continents. Through strategic licensing agreements, the company offers a comprehensive outdoor living portfolio that includes deck drainage, flashing tapes, LED lighting, outdoor kitchen components, pergolas, spiral stairs, fencing, lattice, cornhole and outdoor furniture – all marketed under the Trex® brand. Based in Winchester, Va., Trex is proud to have been named America’s Most Trusted® Outdoor Decking^ for the past 6 years (2021-2026). The company also holds a place on Barron’s list of the 100 Most Sustainable U.S. Companies (2024 and 2025), was named one of America’s Most Responsible Companies 2024 by Newsweek, ranked as one of the 100 Best ESG Companies by Investor’s Business Daily, and named the Sustainable Brand Leader in the decking category by Green Builder Media for the 15th consecutive year. For more information, visit Trex.com. You may also follow Trex on Facebook (trexcompany), Instagram (trexcompany), X (Trex_Company), LinkedIn (trex-company), TikTok (trexcompany), Pinterest (trexcompany) and Houzz (trex-company-inc), or view product and demonstration videos on the brand’s YouTube channel (TheTrexCo).


^Trex received the highest numerical score in the proprietary Lifestory Research 2021-2026 America’s Most Trusted® Outdoor Decking studies. Study results are based on experiences and perceptions of people surveyed. Your experiences may vary. Visit www.lifestoryresearch.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260402196876/en/
Corinne Racine or Taylor Spanbauer

L.C. Williams & Associates

312/565-3900

cracine@lcwa.com or tspanbauer@lcwa.com


Original: Trex Named One of America’s Most Trustworthy Companies by Newsweek

Trex® Expands Refuge™ Decking Launch Into Northeast MarketsMarch 16, 2026 9:03 AM
Business Wire
PVC line opens up new growth opportunities through expanded product choice


Trex Company [NYSE: TREX], the world’s largest manufacturer of wood-alternative decking and residential railing, today announced added markets to the limited release of its Trex® Refuge™ Decking – a performance-engineered PVC decking line. Beginning in late March, Trex will expand distribution of Refuge decking across the northeast region of the United States.


Trex first announced the limited release of this new product in January of 2026 in select regions with heightened fire-safety requirements where the ignition-resistant features of Refuge decking are required by code. This expanded release in the northeast brings the same thoughtful design, durability and low-maintenance benefits of Refuge decking to a region where consumers and contractors have a long history of working with PVC decking.


“Wood-poly composite decking continues to represent the largest share of wood-alternative decking throughout the country, but we know there are consumers and contractors, particularly in the northeast, who use PVC,” said Senior Vice President of Marketing Jodi Lee. “We are thrilled to serve that incremental market with a product that provides the combination of aesthetic beauty and performance-engineering that consumers have come to expect from Trex.”


Manufactured in the United States, Trex Refuge decking features a refined, wire-brushed grain pattern and is available in two hues, each crafted to capture the natural beauty of their namesake landscapes:



Point Reyes – a misty coastal grey with cool undertones and refined grain inspired by rugged western shorelines.



Martis Valley – a light, sun-washed beige with soft golden undertones and a clean, contemporary finish.



“As we did with the strategic expansion of our railing product portfolio, we have identified an opportunity to satisfy regional differences while growing our core business,” said incoming CEO Adam Zambanini. “Our deep knowledge of consumer and contractor preference will continue to fuel Trex’s strategy as we expand our position as the leader in outdoor living products.”


Trex Refuge decking is offered 16' and 20' lengths with solid, square-edge profiles for strength and design flexibility. The boards are compatible with existing Trex® Fascia options and can be installed using Trex Hideaway® Fasteners and color-matched plugs.


Engineered for long-term performance, Trex Refuge decking resists fading, staining and scratching and will not rot, warp or splinter. Like all Trex decking, it requires no sanding, staining or sealing. Adding further confidence and appeal, Trex Refuge is backed by a 50-year Limited Residential Warranty*.


Trex Refuge is available only in select regions. To confirm availability, use the Where To Buy tool or connect with your local distributor or dealer. For more information, visit Trex.com.


*For full details, see the Trex Limited Warranties at Trex.com/customer-support/trex-owners/warranty.


ABOUT TREX COMPANY


For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented and defined the composite decking category. Today, the company is the world’s #1 brand of sustainable wood-alternative decking and residential railing, and a leader in high performance, low-maintenance outdoor living products. Boasting the industry’s strongest distribution network, Trex sells products through more than 6,700 retail outlets across six continents. Through strategic licensing agreements, the company offers a comprehensive outdoor living portfolio that includes deck drainage, flashing tapes, LED lighting, outdoor kitchen components, pergolas, spiral stairs, fencing, lattice, cornhole and outdoor furniture – all marketed under the Trex® brand. Based in Winchester, Va., Trex is proud to have been named America’s Most Trusted® Outdoor Decking^ for the past 6 years (2021-2026). The company also holds a place on Barron’s list of the 100 Most Sustainable U.S. Companies (2024 and 2025), was named one of America’s Most Responsible Companies 2024 by Newsweek, ranked as one of the 100 Best ESG Companies by Investor’s Business Daily, and named the Sustainable Brand Leader in the decking category by Green Builder Media for the 15th consecutive year. For more information, visit Trex.com. You may also follow Trex on Facebook (trexcompany), Instagram (trexcompany), X (Trex_Company), LinkedIn (trex-company), TikTok (trexcompany), Pinterest (trexcompany) and Houzz (trex-company-inc), or view product and demonstration videos on the brand’s YouTube channel (TheTrexCo).


^2021-2026 DISCLAIMER: Trex received the highest numerical score in the proprietary Lifestory Research 2021-2026 America’s Most Trusted® Outdoor Decking studies. Study results are based on the experiences and perceptions of people surveyed. Your experiences may vary. Visit www.lifestoryresearch.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260316423349/en/
Sara Camp

L.C. Williams & Associates

(312) 565-4615

scamp@lcwa.com


Original: Trex® Expands Refuge™ Decking Launch Into Northeast Markets

Trex Company Adds Lee Coker to Leadership Team as Vice President, Corporate Development and Investor RelationsMarch 2, 2026 11:51 AM
Business Wire
Trex Company, Inc. [NYSE:TREX], the world’s largest manufacturer of high-performance, low-maintenance composite decking and railing products, today announced that Lee Coker has joined Trex as Vice President, Corporate Development and Investor Relations.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260302763930/en/Lee Coker
Coker brings more than 20 years of experience leading investor relations, high-impact strategic transactions, and capital markets activities for market-leading global companies. He was most recently with The Coca-Cola Company, where he held several leadership roles. As Vice President and Chief of Staff to the Chief Marketing Officer, he helped drive enterprise-wide transformation initiatives that delivered more than $1 billion in productivity savings. Before that, Lee was Coca-Cola’s Sr. Director of Investor Relations where he transformed the function into an Institutional-Investor ranked IR team. Earlier in his tenure, he served as Director of Mergers & Acquisitions, where he executed some of the company's most consequential deals — including a $13 billion acquisition that fundamentally reshaped its North American operating model.


"I'm excited to join Trex at such a pivotal moment in the company's growth,” said Lee Coker. “Trex has built an incredible brand and a track record of innovation, and I look forward to bringing my experience in investor relations and strategic finance to help tell that story and create long-term value for shareholders."


Prior to Coca-Cola, Coker held key positions in corporate development with The Home Depot and investment banking with Credit Suisse First Boston. Lee holds an MBA in Finance from the University of North Carolina's Kenan-Flagler Business School and a BA from Dartmouth College, and has served on the board of NIRI Atlanta.


In his new role, Coker will lead Trex’s investor relations activities, as a key spokesperson with investors, analysts, and financial media and execute the Company's corporate development strategy, leading the end-to-end M&A process.


"I am confident that Lee's deep experience in Investor Relations and Strategic Finance will drive significant impact for Trex investors as we continue to grow the company,” said Prithvi Gandhi, Senior Vice President and CFO at Trex.


As Coker joins the organization, Trex will continue its longstanding relationship with AdvisIRy Partners who serve in an investor relations consultant capacity.


About Trex Company, Inc.


For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented, and defined the composite decking category. Today, the company is the world’s #1 brand of sustainable, wood-alternative decking and railing, and a leader in high-performance, low-maintenance outdoor living products. Boasting the industry’s strongest distribution network, Trex sells products through more than 6,700 retail outlets across six continents. Through strategic licensing agreements, the company offers a comprehensive outdoor living portfolio that includes deck drainage, flashing tapes, deck lighting, outdoor kitchen components, fencing, pergolas, spiral stairs, lattice, cornhole and outdoor furniture – all marketed under the Trex® brand. Based in Winchester, Va., Trex is proud to have been named America’s Most Trusted® Outdoor Decking^ for the past 6 years (2021-2026). The company also holds a place on Barron’s list of the 100 Most Sustainable U.S. Companies (2024 and 2025), was named one of America’s Most Responsible Companies by Newsweek, ranked as one of the 100 Best ESG Companies by Investor’s Business Daily, and named the Sustainable Brand Leader in the decking category by Green Builder Media for the 15th consecutive year. For more information, visit Trex.com. You may also follow Trex on Facebook (trexcompany), Instagram (trexcompany), X (Trex_Company), LinkedIn (trex-company), TikTok (trexcompany), Pinterest (trexcompany) and Houzz (trex-company-inc), or view product and demonstration videos on the brand’s YouTube channel (TheTrexCo).


^2021-2026 DISCLAIMER: Trex received the highest numerical score in the proprietary Lifestory Research 2021-2026 America’s Most Trusted® Outdoor Decking studies. Study results are based on the experiences and perceptions of people surveyed. Your experiences may vary. Visit www.lifestoryresearch.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302763930/en/
Lynn Morgen/Casey Kotary

ADVISIRY Partners

212-750-5800


Original: Trex Company Adds Lee Coker to Leadership Team as Vice President, Corporate Development and Investor Relations

Trex Company Announces CEO Succession PlanFebruary 24, 2026 4:06 PM
Business Wire
Bryan Fairbanks to Retire After Nearly 23 Years with TREX; Adam Zambanini Appointed President and Chief Executive Officer


Trex Company, Inc. (NYSE:TREX), the world’s largest manufacturer of high-performance, low-maintenance composite decking and railing products, today announced that Bryan H. Fairbanks, Trex’s President and Chief Executive Officer, will retire from Trex after nearly 23 years with the Company, effective April 28, 2026. The Board of Directors has appointed Adam D. Zambanini, Trex’s current Executive Vice President and Chief Operating Officer, as Trex’s next President and Chief Executive Officer and as a member of the Board, effective April 28, 2026. Following the transition period, Mr. Fairbanks will serve as an outside consultant to the Company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260224152104/en/Bryan H. Fairbanks to Retire After Nearly 23 Years with Trex.
Mr. Zambanini brings more than 20 years of leadership experience at Trex, most recently serving as Executive Vice President and Chief Operating Officer. Over the course of his tenure, he has held multiple leadership positions, including President of Residential Products and Vice President of Marketing, and has been instrumental in driving Trex’s market growth, product development and operational execution.


James Cline, Chairman of the Board of Directors, said “Bryan has made an immeasurable mark on the organization and embodies Trex’s core qualities – vision, innovation and discipline. In determining a successor, the Board undertook a comprehensive evaluation process, including assessing both internal and external candidates, and Adam was the clear and most capable successor to Bryan. He is a strong leader and brand-builder and his knowledge of Trex’s business, product roadmap, markets and people is unmatched. Adam has been a true partner to Bryan in developing our strategic initiatives and product innovation, which will be an important advantage as he steps into his new role.”


Mr. Zambanini, said, “It is an honor to succeed Bryan, someone who has made an impact on me and so many across Trex. As I assume the role as the Company’s next CEO, I am energized by the opportunity to partner with our dynamic leaders and continue to drive growth and shareholder value. Trex is the undisputed leader in wood-alternative decking and railing and I am confident that Trex will continue to win in our markets and categories, while building on our strong financial profile.”


“After a nearly 23-year career at Trex, including the past six years as CEO, now is the right time to transition leadership to Adam as part of our succession plan,” said Mr. Fairbanks. “I have had the opportunity to work with the best talent in our industry and lead our iconic Trex brand that has shaped the decking industry and delivered above market returns for our investors. Having worked closely with Adam for two decades, I have been impressed with his leadership capabilities and his drive for performance. I take pride in what we have built and move on with confidence in Trex’s future.”


Mr. Cline concluded, “Six years ago, Bryan was announced as CEO and during his tenure he has grown Trex, shown resilience within a challenging industry environment, strategically invested to enhance the Company’s future position and built a world-class team of innovators and operators that have consistently delivered for our channel partners and consumers. On behalf of the Board and the Trex team, we owe Bryan our deepest appreciation and thank him for his continued support to ensure this is a seamless transition for all stakeholders.”


Fourth Quarter and Full Year 2025 Earnings Results


In a separate press release issued today, Trex announced its fourth quarter and full year 2025 financial results. The Company will hold a conference call today, Tuesday, February 24, 2026, at 4:30 p.m. ET.


About Adam Zambanini


Mr. Zambanini has served as our Executive Vice President and Chief Operating Officer since October 25, 2023. He previously served as President of Trex Residential Products between July 2018 and October 2023. Mr. Zambanini served as Vice President, Marketing between January 2011 and July 2018, and he served in a number of other roles at the Company between September 2005 and December 2010. Prior to joining Trex, Mr. Zambanini held marketing and market development roles at Rubbermaid Commercial Products, where he most recently served as Product Manager, and began his professional career as a project engineer at Flambeau Inc. Mr. Zambanini received a Bachelor of Science degree in mechanical engineering from Penn State University and a Master of Business Administration degree from Averett University.


About Trex Company, Inc.


For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented, and defined the composite decking category. Today, the company is the world’s #1 brand of sustainably made, wood-alternative decking and railing, and a leader in high-performance, low-maintenance outdoor living products. Boasting the industry’s strongest distribution network, Trex sells products through more than 6,700 retail outlets across six continents. Through strategic licensing agreements, the company offers a comprehensive outdoor living portfolio that includes deck drainage, flashing tapes, deck lighting, outdoor kitchen components, fencing, pergolas, spiral stairs, lattice, cornhole and outdoor furniture – all marketed under the Trex® brand. Based in Winchester, Va., Trex is proud to have been named America’s Most Trusted® Outdoor Decking^ for the past 6 years (2021-2026). The company also holds a place on Barron’s list of the 100 Most Sustainable U.S. Companies (2024 and 2025), was named one of America’s Most Responsible Companies by Newsweek, ranked as one of the 100 Best ESG Companies by Investor’s Business Daily, and named the Sustainable Brand Leader in the decking category by Green Builder Media for the 15th consecutive year. For more information, visit Trex.com. You may also follow Trex on Facebook (trexcompany), Instagram (trexcompany), X (Trex_Company), LinkedIn (trex-company), TikTok (trexcompany), Pinterest (trexcompany) and Houzz (trex-company-inc), or view product and demonstration videos on the brand’s YouTube channel (TheTrexCo).


^2021-2026 DISCLAIMER: Trex received the highest numerical score in the proprietary Lifestory Research 2021-2026 America’s Most Trusted® Outdoor Decking studies. Study results are based on the experiences and perceptions of people surveyed. Your experiences may vary. Visit www.lifestoryresearch.com.


Forward-Looking Statements


Statements contained in this press release that state the Company’s or its management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The forward-looking statements in this press release include expectations with respect to executive transition dates, among other items. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of the Company’s control. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224152104/en/
Lynn Morgen/Casey Kotary

ADVISIRY Partners

212-750-5800


Original: Trex Company Announces CEO Succession Plan

Trex Company Reports Fourth Quarter and Full Year 2025 ResultsFebruary 24, 2026 4:05 PM
Business Wire
Higher-Than-Expected Fourth Quarter Sales Capped a Year of Resilient Performance


New Products Accounted for 24% of Full Year Sales, Up From 18% the Prior; Double-Digit Growth in Railing Sales


Meaningful Increase in Home Center Stocking Locations Heading Into 2026


Repurchased $50 Million of Trex Common Stock in Q4; Board Authorizes $150 Million share buyback authorization for 1H 2026


2026 Guidance Anticipates Revenue between $1.185B and $1.230B and Adjusted EBITDA of $315 million to $340 million


Trex Company, Inc. (NYSE:TREX), the world’s largest manufacturer of wood-alternative decking and railing, today announced financial results for the fourth quarter and full year of 2025.


Fourth Quarter 2025 Financial Highlights



Net sales of $161 million



Gross profit of $49 million / Adjusted gross profit of $50 million



Gross margin of 30.2%



Net income of $2 million and diluted earnings per share of $0.02 / Adjusted net income of $4 million and adjusted diluted earnings per share of $0.04



Adjusted EBITDA of $22 million



Full Year 2025 Financial Highlights



Net sales of $1.2 billion



Gross profit of $460 million / Adjusted gross profit of $469 million



Gross margin of 39.2%



Net income of $190 million and diluted earnings per share of $1.78 / Adjusted net income of $202 million and adjusted diluted earnings per share of $1.88



Adjusted EBITDA of $336 million



CEO Comments


“Fourth quarter sales exceeded expectations, capping a year of resilient performance within a challenging repair and remodeling industry backdrop,” said Bryan Fairbanks, President and CEO. “Results came in above the midpoint of our fourth quarter revenue guidance primarily due to higher than anticipated railing sales in the back-half of Q4, continuing to demonstrate the strength of our product portfolio. Decking shipments in December were also slightly better than we had forecast. For the year, we estimate sell-through of Trex products was approximately 4%, once again outpacing growth in the broader Repair and Remodel (“R&R”) market by a considerable margin. This performance demonstrates the strength of the Trex brand, our strong position in both the pro-channel and home centers, and the success of our new product introductions.”


Notably, new products accounted for 24% of our full year 2025 sales and, as anticipated, railing sales increased at a significant double-digit rate for the year. The success of our new product launches is a strong indication of how well-aligned our product design and development programs are with consumer preferences.”


“We also saw direct positive impacts from our refreshed branding and marketing programs in 2025, further strengthening Trex’s competitive advantages and increasing our sample program volumes and website traffic. Our improved digital tools are helping to drive higher completion rates and are generating double-digit increases in lead generation for our contractors, and our step-up in incentive programs has resonated with our channel partners.”


“Fourth quarter and full year profitability was impacted by several one-time charges associated with our growth initiatives. This included expanding distributor adoption of our full portfolio of railing products, start-up and initial production costs related to our plastic processing plant at our Arkansas campus, and digital transformation projects to strengthen real-time engagement with our channel partners. We will see returns on these investments in 2026 and beyond. Our continuous improvement programs and benefits from our level loading program continued to yield measurable production efficiencies throughout 2025,” Mr. Fairbanks noted.


Fourth Quarter 2025 Results


Fourth quarter 2025 net sales were $161 million, compared to $168 million reported in the prior-year quarter.


Gross profit was $49 million, including a $6.0 million increase in warranty reserve estimate based on an actuarial review of our warranty provision, with gross margin of 30.2%, compared to gross profit of $71 million and gross margin of 42.3% in last year’s fourth quarter. Adjusted gross profit, which excludes start-up costs associated with the Company’s Arkansas plastic processing plant and railing conversion costs totaling approximately $1.0 million, was $50 million.


Selling, general, and administrative expenses were $45 million, representing 28.0% of net sales, compared to $39 million, or 23.4% of net sales, in the prior-year quarter, reflecting increased personnel-related costs. Excluding digital transformation costs and start-up expenses totaling $1.0. million, SG&A was $44 million, or 27.4% of net sales.


Fourth quarter 2025 net income was $2 million, or $0.02 per diluted share, compared to net income of $22 million, or $0.20 per diluted share reported in the 2024 fourth quarter. EBITDA totaled $20 million, compared to $45 million reported in the 2024 fourth quarter, and EBITDA margin was 12.7%, compared to the 26.9% reported in the prior-year period. Excluding the one-time charges incurred in the fourth quarter, adjusted net income was $4 million, and adjusted diluted earnings per share was $0.04.


Full Year 2025 Results


Full year consolidated net sales increased 2.0% to $1.2 billion. Gross profit was $460 million and gross margin was 39.2%, compared to gross profit of $502 million and gross margin of 43.6% in 2024. Full year adjusted gross profit, which excludes $6.4 million of railing conversion expenses and $2.7 million in start-up expenses, was $469 million.


Selling, general, and administrative expenses were $202 million, or 17.2% of net sales, compared to $180 million, or 15.6% of net sales in the year-ago period. Excluding $3.5 million related to digital transformation costs and $2.5 million of start-up expenses, SG&A was $196 million, or 16.7% of net sales.


Full year net income was $190 million, or $1.78 per diluted share, compared to net income of $238 million, or $2.20 per diluted share in 2024. EBITDA was $321 million, compared to $377 million in the prior year, and EBITDA margin was 27.3%, compared to 32.7% in the prior year. Excluding the one-time charges incurred during the year, adjusted net income was $202 million, and adjusted diluted earnings per share was $1.88. Adjusted EBITDA was $336 million.


Recent Developments & Recognitions



Trex introduced the limited release of Trex® Refuge™ Decking, a PVC solution engineered to address elevated fire-safety requirements in select markets. This launch underscores Trex’s performance-engineered innovation strategy – delivering code-compliant, design-forward products tailored to specific environmental challenges, from heat mitigation and marine applications to dry, fire-prone conditions.



Trex announced the addition of two new Enhance® decking colors, expanding the availability of SunComfortable™ heat-mitigating technology* at an accessible price point. This expansion reinforces Trex’s focus on converting potential wood buyers by pairing on-trend aesthetics with the durability, low maintenance, and ease of installation that define the Trex brand.



Trex announced the expansion of its partnership with Specialty Building Products to provide statewide distribution coverage in Michigan. The move strengthens Trex’s Midwest distribution footprint and enhances product availability for channel partners, supporting continued growth in a core regional market.



Trex expanded its relationship with Weekes Forest Products in late 2025 to strengthen distribution in the upper Midwest, including Minnesota, Wisconsin, Iowa, and North Dakota. Weekes, based in Oakdale, MN, services these areas through distribution centers in St. Paul and Moorhead. This collaboration improves access to Trex’s composite decking and railing products.



Summary and Outlook


Fairbanks continued, “2025 was a year of resilient performance for Trex, and we have entered 2026 with positive momentum across our organization.”


“Recent decking and railing wins at the major home centers have meaningfully increased Trex stocking locations as we head into the 2026 deck building season. We gained significant traction with our railing products in 2025 that is projected to drive another year of double-digit growth in railing sales in 2026 – putting us on track to achieve our goal of doubling our share of the railing market by the end of 2028. In January of this year, we announced our first fire-rated decking board, with the limited launch of Trex® Refuge™ Decking – an ignition-resistant PVC decking line performance-engineered for use in select regions primarily in the west that have heightened fire-safety requirements. This is the first of several new products under development and scheduled to be introduced to the marketplace over the next twelve months.”


“The additional incentives for dealers and contractors have demonstrated our recognition of their value, and we have already seen their increased commitment to Trex. A meaningful portion of our sales and marketing spend in 2026 will be allocated to support and further expand our contractor base, and Trex will continue to benefit from its leadership position in the home center and pro channel as well as our long-standing distribution relationships.


“In 2026, we expect that Trex will again outperform a challenged repair and remodel market that we anticipate to be flat year over year. Our success will be driven by new product introductions, additional home center shelf space wins, as well as momentum from our disciplined marketing, branding, and incentive programs. Our guidance for 2026 is for revenue to range from $1.185B to $1.230B and for adjusted EBITDA of $315M to $340M.”


“Demonstrating our confidence in the long-term outlook for the Trex Company, we returned $50 million to our shareholders through the repurchase of 1.5 million shares of our outstanding common stock in the fourth quarter of 2025 at an average price of $32.75. Our Board of Directors has authorized a $150 million share repurchase program to be executed in the first half of 2026, and we intend to continue opportunistic share repurchases for the balance of the year, reflecting robust free cash flow generation expectations amid a reduction in capital expenditures, our commitment to return capital to shareholders, and the positive long-term outlook for Trex,” Mr. Fairbanks concluded.


Fourth Quarter 2025 Conference Call and Webcast Information


Trex will hold a conference call to discuss its fourth quarter and full year 2025 results on Tuesday, February 24, 2026, at 4:30 p.m. ET. To participate on the day of the call, dial 1-844-792-3734, or internationally 1-412-317-5126, approximately ten minutes before the call, and tell the operator you wish to join the Trex Company Conference Call.


A live webcast of the conference call will be available in the Investor Relations section of the Trex Company website at 4Q25 Earnings Webcast. For those who cannot listen to the live broadcast, an audio replay of the conference call will be available within 24 hours of the call on the Trex website. The audio replay will be available for 30 days.


Use of Non-GAAP Measures


The Company reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). To supplement our consolidated financial statements reported on a GAAP basis, we provide the following non-GAAP financial measures of earnings before interest, income taxes, depreciation and amortization (EBITDA), and EBITDA as a percentage of net sales, EBITDA margin, adjusted gross profit, adjusted net income, adjusted diluted earnings per share (EPS), and adjusted EBITDA. Management believes these non-GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends. Further, management believes these non-GAAP financial measures also enhance investors’ ability to compare period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP and are not meant to be considered superior to or a substitute for our GAAP results. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of these non-GAAP financial measures to GAAP information are included below. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the Company’s performance. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.


Reconciliation of gross profit (GAAP) to adjusted gross profit (non-GAAP) is as follows:




Three Months Ended
Twelve Months Ended



December 31,
December 31,


TREX COMPANY, INC.

2025






2024






2025






2024








($ in thousands)
($ in thousands)


Gross profit

$






48,663






$






70,972






$






459,964






$






501,898







Railing conversion

 






841






 






-






 






6,362






 






-







Arkansas start-up

 






60






 






-






 






2,719






 






-







Adjusted gross profit

$






49,564






$






70,972






$






469,045






$






501,898







Reconciliation of net income (GAAP) to adjusted net income (non-GAAP) is as follows:




Three Months Ended
Twelve Months Ended



December 31,
December 31,


TREX COMPANY, INC.

2025






2024






2025






2024








($ in thousands, except per share data)
($ in thousands, except per share data)


Net income

$






2,302






 






$






21,826






$






190,415






 






$






238,446







Railing conversion

 






841






 






 






-






 






6,362






 






 






-







Digital transformation

 






833






 






 






-






 






3,513






 






 






-







Arkansas start-up^

 






259






 






 






-






 






5,198






 






 






-







Income tax effect

 






(404






)






 






-






 






(3,806






)






 






-







Adjusted net income

$






3,831






 






$






21,826






$






201,682






 






$






238,446











 


Diluted earnings per share

$






0.02






 






$






0.20






$






1.78






 






$






2.20







Adjusted diluted earnings per share

$






0.04






 






$






0.20






$






1.88






 






$






2.20











 






 



^Arkansas start-up costs for the three months ended December 31, 2025, were $60 in cost of sales and $199 in selling, general, and administrative expenses. Arkansas start-up costs for the twelve months ended December 31, 2025 were $2,719 in cost of sales and $2,479 in selling, general, and administrative expenses.







Reconciliation of net income (GAAP) to EBITDA (non-GAAP) and adjusted EBITDA (non-GAAP) is as follows:




Three Months Ended
Twelve Months Ended



December 31,
December 31,


TREX COMPANY, INC.

2025






2024






2025






2024








($ in thousands)
($ in thousands)


Net income

$






2,302






 






$






21,826






 






$






190,415






 






$






238,446






 







Interest income

 






-






 






 






-






 






 






-






 






 






(11






)







Income tax expense

 






1,200






 






 






9,859






 






 






67,546






 






 






83,468






 







Depreciation and amortization

 






16,889






 






 






13,452






 






 






62,957






 






 






54,670






 







EBITDA

$






20,391






 






$






45,137






 






$






320,918






 






$






376,573






 







Railing conversion

 






841






 






 






-






 






 






6,362






 






 






-






 







Digital transformation

 






833






 






 






-






 






 






3,513






 






 






-






 







Arkansas start-up^

 






259






 






 






-






 






 






5,198






 






 






-






 







Adjusted EBITDA

$






22,324






 






$






45,137






 






$






335,991






 






$






376,573






 







EBITDA as a percentage of net sales (EBITDA margin)

 






12.7






%






 






26.9






%






 






27.3






%






 






32.7






%











 



^Arkansas start-up costs for the three months ended December 31, 2025, were $60 in cost of sales and $199 in selling, general, and administrative expenses. Arkansas start-up costs for the twelve months ended December 31, 2025 were $2,719 in cost of sales and $2,479 in selling, general, and administrative expenses.







During the fourth quarter 2025, the Company changed its accounting method of valuing inventory from a last-in, first-out (LIFO) method to a first-in, first-out (FIFO) method. The Company has retrospectively applied the effects of the accounting change to all periods presented. The following tables summarize the effect of the accounting change from LIFO to FIFO on impacted line items in the Company’s consolidated financial statements as follows:



TREX COMPANY, INC.


Consolidated Statements of Comprehensive Income


Quarter Ended December 31, 2024


(In thousands, except share and per share data)




As Previously Reported

Effect of Change in Accounting Principle

As Adjusted


Net sales


$






167,627







$






-






 







$






167,627







Cost of sales


 






112,885







 






(16,230






)







 






96,655







Gross profit


 






54,742







 






16,230






 







 






70,972







Selling, general and administrative expenses


 






39,287







 






-






 







 






39,287







Income from operations


 






15,455







 






16,230






 







 






31,685







Interest expense, net


 






-







 






-






 







 






-







Income before income taxes


 






15,455







 






16,230






 







 






31,685







Provision for income taxes


 






5,683







 






4,176






 







 






9,859







Net income


$






9,772







$






12,054






 







$






21,826







Basic earnings per share


$






0.09







$






0.11






 







$






0.20







Basic weighted average common shares outstanding


 






107,184,416







 






107,184,416






 







 






107,184,416







Diluted earnings per share


$






0.09







$






0.11






 







$






0.20







Diluted weighted average common shares outstanding


 






107,320,299







 






107,320,299






 







 






107,320,299







Comprehensive income


$






9,772







$






12,054






 







$






21,826








TREX COMPANY, INC.


Consolidated Statements of Comprehensive Income


Year Ended December 31, 2024


(In thousands, except share and per share data)




As Previously Reported

Effect of Change in Accounting Principle

As Adjusted


Net sales


$






1,151,449






 







$






-






 







$






1,151,449






 







Cost of sales


 






665,781






 







 






(16,230






)







 






649,551






 







Gross profit


 






485,668






 







 






16,230






 







 






501,898






 







Selling, general and administrative expenses


 






179,995






 







 






-






 







 






179,995






 







Income from operations


 






305,673






 







 






16,230






 







 






321,903






 







Interest income, net


 






(11






)







 






-






 







 






(11






)







Income before income taxes


 






305,684






 







 






16,230






 







 






321,914






 







Provision for income taxes


 






79,292






 







 






4,176






 







 






83,468






 







Net income


$






226,392






 







$






12,054






 







$






238,446






 







Basic earnings per share


$






2.09






 







$






0.11






 







$






2.20






 







Basic weighted average common shares outstanding


 






108,191,635






 







 






108,191,635






 







 






108,191,635






 







Diluted earnings per share


$






2.09






 







$






0.11






 







$






2.20






 







Diluted weighted average common shares outstanding


 






108,322,576






 







 






108,322,576






 







 






108,322,576






 







Comprehensive income


$






226,392






 







$






12,054






 







$






238,446






 








TREX COMPANY, INC.


Consolidated Balance Sheets


December 31, 2024


(in thousands)




As Previously Reported

Effect of Change in Accounting Principle

As Adjusted


Assets








Current assets:








Inventories


$






207,282







$






49,669







$






256,951







Total current assets


 






318,908







 






49,669







 






368,577







TOTAL ASSETS


$






1,324,298







$






49,669







$






1,373,967













 


Liabilities and Stockholders' Equity








Liabilities:








Deferred income taxes


$






56,032







$






12,687







$






68,719







Total liabilities


 






474,156







 






12,687







 






486,843







Stockholders' equity:








Retained earnings


 






1,562,450







 






36,982







 






1,599,432







Total stockholders' equity


 






850,142







 






36,982







 






887,124







TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$






1,324,298







$






49,669







$






1,373,967








TREX COMPANY, INC.


Consolidated Statements of Cash Flows


Year Ended December 31, 2024


(in thousands)




As Previously Reported

Effect of Change in Accounting Principle

As Adjusted


Operating Activities:








Net income


 






226,392






 







 






12,054






 







 






238,446






 







Income taxes


$






(16,407






)







$






4,176






 







$






(12,231






)







Inventories


 






(100,193






)







 






(16,230






)







 






(116,423






)







About Trex Company


For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented, and defined the composite decking category. Today, the company is the world’s #1 brand of sustainably made, wood-alternative decking and railing, and a leader in high-performance, low-maintenance outdoor living products. Boasting the industry’s strongest distribution network, Trex sells products through more than 6,700 retail outlets across six continents. Through strategic licensing agreements, the company offers a comprehensive outdoor living portfolio that includes deck drainage, flashing tapes, deck lighting, outdoor kitchen components, fencing, pergolas, spiral stairs, lattice, cornhole and outdoor furniture – all marketed under the Trex® brand. Based in Winchester, Va., Trex is proud to have been named America’s Most Trusted® Outdoor Decking** for the past 6 years (2021-2026). The company also holds a place on Barron’s list of the 100 Most Sustainable U.S. Companies (2024 and 2025), was named one of America’s Most Responsible Companies by Newsweek, ranked as one of the 100 Best ESG Companies by Investor’s Business Daily, and named the Sustainable Brand Leader in the decking category by Green Builder Media for the 15th consecutive year. For more information, visit Trex.com. You may also follow Trex on Facebook (trexcompany), Instagram (trexcompany), X (Trex_Company), LinkedIn (trex-company), TikTok (trexcompany), Pinterest (trexcompany) and Houzz (trex-company-inc), or view product and demonstration videos on the brand’s YouTube channel (TheTrexCo).


**2021-2026 DISCLAIMER: Trex received the highest numerical score in the proprietary Lifestory Research 2021-2026 America’s Most Trusted® Outdoor Decking studies. Study results are based on the experiences and perceptions of people surveyed. Your experiences may vary. Visit www.lifestoryresearch.com.


Forward-Looking Statements


The statements in this press release regarding the Company’s expected future performance and condition constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause the Company’s actual operating results to differ materially. Such risks and uncertainties include, but are not limited to: the extent of market acceptance of the Company’s current and newly developed products; the costs associated with the development and launch of new products and the market acceptance of such new products; the sensitivity of the Company’s business to general economic conditions; the impact of seasonal and weather-related demand fluctuations on inventory levels in the distribution channel and sales of the Company’s products; the availability and cost of third-party transportation services for the Company’s products and raw materials; the Company’s ability to obtain raw materials, including scrap polyethylene, wood fiber, and other materials used in making our products, at acceptable prices; increasing inflation in the macro-economic environment; the Company’s ability to maintain product quality and product performance at an acceptable cost; the Company’s ability to increase throughput and capacity to adequately match supply with demand; the level of expenses associated with warranty claims, product replacement and consumer relations expenses related to product quality; the highly competitive markets in which the Company operates; cyber-attacks, security breaches or other security vulnerabilities; the impact of current and upcoming data privacy laws and the EU General Data Protection Regulation and the related actual or potential costs and consequences; material adverse impacts from global public health pandemics and geopolitical conflicts; and material adverse impacts related to labor shortages or increases in labor costs. Documents filed with the U.S. Securities and Exchange Commission by the Company, including in particular its latest annual report on Form 10-K and quarterly reports on Form 10-Q, discuss some of the important factors that could cause the Company’s actual results to differ materially from those expressed or implied in these forward-looking statements. The Company expressly disclaims any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.


*NOTE: Trex SunComfortable decking stays cooler than original Trex boards, but like all decking, it will get hot in direct sun on hot days, especially darker colors. On such days, care should be taken to avoid extended contact between exposed skin and the deck surface, especially with young children and those with special needs.



TREX COMPANY, INC.


Condensed Consolidated Statements of Comprehensive Income


(In thousands, except share and per share data)










 










 










 




Three Months Ended
December 31,

Twelve Months Ended
December 31,





2025







2024







2025







2024









(Unaudited)

(Unaudited)










 


Net sales


$






161,125







$






167,627







$






1,174,267







$






1,151,449






 







Cost of sales


 






112,462







 






96,655







 






714,303







 






649,551






 







Gross profit


 






48,663







 






70,972







 






459,964







 






501,898






 







Selling, general and administrative expenses


 






45,161







 






39,287







 






202,003







 






179,995






 







Income from operations


 






3,502







 






31,685







 






257,961







 






321,903






 







Interest income


 






-







 






-







 






-







 






(11






)







Income before income taxes


 






3,502







 






31,685







 






257,961







 






321,914






 







Provision for income taxes


 






1,200







 






9,859







 






67,546







 






83,468






 







Net income


$






2,302







$






21,826







$






190,415







$






238,446






 







Basic earnings per common share


$






0.02







$






0.20







$






1.78







$






2.20






 







Basic weighted average common shares outstanding


 






106,396,314







 






107,184,416







 






107,010,658







 






108,191,635






 







Diluted earnings per common share


$






0.02







$






0.20







$






1.78







$






2.20






 







Diluted weighted average common shares outstanding


 






106,477,027







 






107,320,299







 






107,095,977







 






108,322,576






 







Comprehensive income


$






2,302







$






21,826







$






190,415







$






238,446






 








TREX COMPANY, INC.


Condensed Consolidated Balance Sheets


(In thousands, except share data)


(unaudited)







 





December 31,

December 31,






2025







2024








 







 


ASSETS


Current assets:











 



Cash and cash equivalents


$






3,807






 







$






1,292






 








Accounts receivable, net


 






48,091






 







 






88,356






 








Inventories


 






238,665






 







 






256,951






 








Prepaid expenses and other assets


 






19,843






 







 






21,978






 









Total current assets







 






310,406






 







 






368,577






 







Property, plant and equipment, net


 






1,049,733






 







 






922,868






 







Operating lease assets


 






52,632






 







 






52,195






 







Goodwill and other intangible assets, net


 






31,529






 







 






22,048






 







Other assets


 






9,141






 







 






8,279






 









Total assets







$






1,453,441






 







$






1,373,967






 












 


LIABILITIES AND STOCKHOLDERS’ EQUITY


Current liabilities:











 



Accounts payable


$






34,759






 







$






61,272






 








Accrued expenses and other liabilities


 






77,030






 







 






72,879






 








Accrued warranty


 






5,416






 







 






5,726






 








Line of credit


 






133,500






 







 






202,600






 









Total current liabilities







 






250,705






 







 






342,477






 








Deferred income taxes


 






85,833






 







 






68,719






 








Operating lease liabilities


 






41,755






 







 






41,979






 








Non-current accrued warranty


 






24,324






 







 






17,109






 








Other long-term liabilities


 






16,560






 







 






16,559






 









Total liabilities







 






419,177






 







 






486,843






 












 


Stockholder's Equity:







Preferred stock, $0.01 par value, 3,000,000 shares authorized; none issued and outstanding


 






—






 







 






—






 








Common stock, $0.01 par value, 360,000,000 shares authorized; 141,208,139 and 141,098,251 shares issued and 105,737,266 and 107,154,305 shares outstanding at December 31, 2025 and December 31, 2024, respectively


 






1,412






 







 






1,411






 








Additional paid-in capital


 






155,316






 







 






148,153






 








Retained earnings


 






1,789,847






 







 






1,599,432






 








Treasury stock, at cost, 35,470,873 and 33,943,946 shares at December 31, 2025 and December 31, 2024, respectively


 






(912,311






)







 






(861,872






)









Total stockholders’ equity







 






1,034,264






 







 






887,124






 









Total liabilities and stockholders’ equity







$






1,453,441






 







$






1,373,967






 








TREX COMPANY, INC.


Condensed Consolidated Statements of Cash Flows


(In thousands)





 



Twelve Months Ended
December 31,




2025







2024








(unaudited)


Operating Activities





Net income

$






190,415






 







$






238,446






 







Adjustments to reconcile net income to net cash





provided by operating activities:





Depreciation and amortization

 






62,957






 







 






54,670






 







Deferred income taxes

 






17,114






 







 






(12,231






)







Stock-based compensation

 






9,115






 







 






12,635






 







Loss on disposal of property, plant and equipment

 






522






 







 






2,644






 







Other non-cash adjustments

 






(53






)







 






187






 







Changes in operating assets and liabilities:





Accounts receivable

 






40,265






 







 






(47,220






)







Inventories

 






18,286






 







 






(116,423






)







Prepaid expenses and other assets

 






3,468






 







 






(10,650






)







Accounts payable

 






6,878






 







 






(819






)







Accrued expenses and other liabilities

 






8,771






 







 






12,162






 







Income taxes receivable/payable

 






375






 







 






10,528






 










 


Net cash provided by operating activities

 






358,113






 







 






143,929






 










 


Investing Activities





Expenditures for property, plant and equipment

 






(223,592






)







 






(232,337






)







Internally developed and purchased intangibles

 






(9,983






)







 






(4,304






)







Proceeds from sales of property, plant and equipment

 






358






 







 






106






 










 


Net cash used in investing activities

 






(233,217






)







 






(236,535






)










 


Financing Activities





Borrowings under line of credit

 






880,547






 







 






842,300






 







Principal payments under line of credit

 






(949,647






)







 






(645,200






)







Repurchases of common stock

 






(54,472






)







 






(105,940






)







Proceeds from employee stock purchase and option plans

 






1,185






 







 






1,282






 







Financing costs

 






6






 







 






(503






)










 


Net cash (used in) provided by financing activities

 






(122,381






)







 






91,939






 










 


Net increase (decrease) in cash and cash equivalents

 






2,515






 







 






(667






)







Cash and cash equivalents at beginning of period

 






1,292






 







 






1,959






 










 


Cash and cash equivalents at end of period

$






3,807






 







$






1,292






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224569700/en/
Prithvi S. Gandhi

Senior Vice President and CFO

540-542-6300


Lynn Morgen

Casey Kotary

ADVISIRY Partners

212-750-5800

lynn.morgen@advisiry.com

casey.kotary@advisiry.com


Original: Trex Company Reports Fourth Quarter and Full Year 2025 Results