Companies · IBP
Installed Building Products
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Latest analysis
Updated Aug 6, 2026
IBP posts record Q2 revenue of $777.8M on commercial and M&A lift, but residential same-branch sales fell 6.1% as housing affordability weighs on core volume.
Installed Building Products delivered consolidated revenue growth in Q2 2026 entirely through acquisitions and commercial channel expansion, masking a 6.1% same-branch residential revenue decline driven by affordability-constrained single-family starts. Adjusted EBITDA margin compressed 70 basis points year-over-year to 16.9%, with higher fuel costs and an unfavorable segment mix shift toward lower-margin Other operations as primary headwinds. The company has acquired approximately $59 million in annualized revenue year-to-date and reiterated its target of at least $100 million in acquired revenue for full-year 2026, signaling M&A as the primary near-term growth lever while organic residential volume remains under pressure.
Tone: mixedRevenue
$3B
IBP 10-K · FY 2025
Employees
10,400
Revenue FY2024
$2.9B
EBITDA margin
15.5%
Profile
IBP 10-K Item 1 · Feb 26, 2026Installed Building Products (IBP) is one of the largest residential insulation installers in the United States, operating from approximately 250 branch locations across all 48 continental states. The company also installs complementary building products including waterproofing, garage doors, rain gutters, shower doors, and fire-stopping systems. IBP supplements its installation business with regional distribution operations and cellulose manufacturing facilities.
Read filing description ↓ Collapse description ↑
IBP and its wholly-owned subsidiaries primarily install insulation for residential and commercial builders located in the continental United States. We are also a diversified installer of complementary building products including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products. We offer our portfolio of services from our national network of approximately 250 branch locations serving all 48 continental states and the District of Columbia. In addition, we have regional distribution operations that serve the Midwest, Mountain West, Northeast and Mid-Atlantic regions of the United States, and we operate multiple cellulose manufacturing facilities. IBP was formed as a Delaware corporation on October 28, 2011, however our business began in 1977 with one location in Columbus, Ohio. In the late 1990s, we began our acquisition strategy with the goal of creating a national platform and have grown to become one of the nation's largest installers of insulation in the residential new construction market. Since 1999, we have successfully completed and integrated over 200 acquisitions, which has allowed us to generate significant scale and to diversify our product offerings while expanding into some of the most attractive new construction markets in the United States. We have three operating segments consisting of our Installation, Distribution and Manufacturing operations. The Installation operating segment represents the majority of our net revenue and gross profit and forms our one reportable segment.
Primary products
- Fiberglass and Cellulose Insulation
- Spray Foam Insulation
- Waterproofing
- Fire-stopping and Fireproofing
- Garage Doors
- Rain Gutters
Business segments
End markets
Geographies
Named competitors
“We estimate we have the number one or two market position for new single-family insulation installation in more than half of the markets in which we operate based on permits issued in those markets.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenues increased 1.0%, or $29.5 million, to $2,970.8 million in 2025 compared to 2024, driven primarily by commercial end market same-branch sales growth of 10.4%, selling price and product mix improvements, and recent acquisitions, partially offset by residential end market sales declines.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.