US Market News
1月前
Martha Stewart x Trex: the Ultimate Outdoor Living CollaborationJune 9, 2026 9:41 AM
Business Wire Industry Icons Join Forces to Inspire and Empower Homeowners When you want the absolute best for your home, there’s one name that instantly comes to mind – Martha Stewart – and when she wanted the absolute best for her home, there was only one name that came to mind – Trex®. This match made in home-design heaven has evolved into a noteworthy collaboration aimed at bringing inspiration, expert insights and empowerment to those looking to elevate their outdoor spaces. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260609285269/en/ “Partnering with Martha Stewart feels incredibly natural,” said Jodi Lee, senior vice president of marketing for Trex Company. “She is the trusted authority on all things home, and Trex is the most trusted authority in outdoor living. Together, we aim to give homeowners the confidence to create beautiful outdoor spaces with the right guidance and products.” The relationship between Trex and Stewart began when the lifestyle guru selected Trex decking, railing and other outdoor living products to makeover an outdoor space at her home in Bedford, New York. Her firsthand experience with the brand soon evolved into a brand partnership agreement centered on helping homeowners achieve their dream outdoor spaces. “I was drawn to Trex because they are the best at what they do,” said Stewart. “Their attention to detail, design versatility and wide range of products make it easy to create outdoor spaces with the warmth of wood and far less upkeep. The decking and railing are elegant, durable and thoughtfully designed, and I’ve had a great experience working with the talented Trex team and TrexPro contractors. I also value that Trex prioritizes sustainability by using recycled and reclaimed materials, proving homeowners don't have to sacrifice beauty, quality or performance to make a responsible choice.” The Bedford project will provide a real-world look at the deck planning journey, illustrating how Trex helps homeowners create refined, functional and enduring outdoor spaces. Drawing on her signature storytelling style and hands-on approach, Stewart will share the insights behind her own decision-making process while collaborating with Trex on educational content covering everything from design inspiration and product selection to working with contractors. “Stewart’s wisdom, wit and stamp of approval resonate across generations, and she is known for only aligning herself with brands and products she truly believes in,” added Lee. “She has earned the trust of homeowners by demonstrating that exceptional design doesn't require compromise, and her appreciation for craftsmanship, longevity and thoughtful living mirrors the values that have defined our brand for decades. Her unique ability to blend aspirational design with practical decision-making makes her an ideal brand partner and ambassador for Trex.” Currently under construction, the outdoor space at Stewart’s Bedford property will showcase a mix of Trex products, including Trex Transcend® Lineage® decking and Trex Select™ aluminum railing, along with a custom Trex® Pergola and Trex® Outdoor Deck Lighting – all curated by Stewart herself to balance aesthetics, performance and sustainability. “Working alongside Martha throughout the selection process was an incredible experience because she was deeply involved in every detail and extremely intentional about balancing elevated aesthetics with sustainability and long-term performance,” said Mike Onderko, senior director of product management for Trex. “She has an exceptional eye for design and a clear vision for how outdoor spaces should look and feel, which made Trex a natural fit.” Design enthusiasts and fans of Stewart and Trex are encouraged to follow the project throughout the summer for behind-the-scenes insights, design inspiration and expert guidance. Updates and exclusive content will be available on Trex.com, Trex’s social channels and Stewart’s social platforms. Design enthusiasts and fans of Stewart and Trex are encouraged to follow @trexcompany on Instagram and visit Trex.com for project updates, design inspiration, expert advice and information about Trex products. IMAGES Trex x Martha Stewart Imagery About Trex Company, Inc. For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented and defined the wood-alternative decking category. Today, the company is the world’s #1 brand of premium, 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, 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) and included in Newsweek’s list of the Most Trustworthy Companies in America 2026. Additionally, USA Today included Trex on its 2026 list of “America’s Climate Leaders.” The company has also been ranked 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, highlighted 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 16 consecutive years. 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. About Martha Stewart Martha Stewart is the founder of the first multi-channel lifestyle company, Martha Stewart Living Omnimedia, an entrepreneur, bestselling author of 102 lifestyle books, and Emmy Award-winning television show host. Reaching more than 100 million devoted fans monthly through multi-media platforms and products for the home, sold through Amazon.com and The World of Martha Stewart and an extensive retail network, Martha is the “go-to” authority on the encompassing topic of Living and Celebrating your best life. She and her talented staff provide trusted, timely, and useful information on all aspects of everyday living: cooking, entertaining, gardening, home renovating, collecting, organizing, crafting, healthy living, holidays, weddings, and pet care, across many media formats. About Marquee Brands Marquee Brands is the premier accelerator of timeless brands, unlocking value and building global influence. With a focus on driving growth and building sustainable brand equity, we partner with best-in-class manufacturers, operators, retailers, and distributors to scale brands across markets and channels. Marquee Brands’ global portfolio spans four distinct platforms: Luxury, Home & Culinary, Fashion & Lifestyle and Active & Outdoor. The portfolio of brands includes Martha Stewart, Laura Ashley, Sur La Table, Emeril Lagasse, America’s Test Kitchen, Roberto Cavalli*, BCBGMAXAZRIA, BCBG, Ben Sherman, Bruno Magli, Anti Social Social Club, Totes, Isotoner, Destination Maternity, Motherhood, A Pea in the Pod, Stance, Dakine and Body Glove. For more information visit, www.marqueebrands.com. *Pending closing in Q2 2026. http://www.marqueebrands.com/ View source version on businesswire.com: https://www.businesswire.com/news/home/20260609285269/en/ Corinne Racine or Sara Camp
L.C. Williams & Associates
312/565-3900
cracine@lcwa.com or scamp@lcwa.com Original: Martha Stewart x Trex: the Ultimate Outdoor Living Collaboration
US Market News
2月前
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
US Market News
4月前
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
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