Filing Flows › Installed Building Products (IBP) › Q2 2025
Installed Building Products (IBP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Installed Building Products (IBP) reported revenue of $760M for the second quarter 2025 (Q2 2025), +3% from a year earlier and +11% from the quarter before. Operating margin was 13.3%, net earnings $69.0M (9.1% of revenue).
Installed Building Products, Q2 2025: revenue $760M (+3% year over year), operating margin 13.3%, net earnings $69.0M, operating cash flow $90.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $760M | +11% | +3% |
| Gross profit | $260M | +16% | +3% |
| Operating profit | $101M | +45% | +7% |
| Net earnings | $69.0M | +52% | +6% |
| Operating cash flow | $90.4M | -2% | +14% |
| Free cash flow | $74.8M | +4% | +29% |
What changed
Revenue was $760.3M in Q2 2025, up 3% year over year and up 11% from the previous quarter. Insulation was the largest line at 59% of revenue. Waterproofing added $6.4M year over year (up 19%), 28% of the total change. Rain gutters declined 1%.
Gross margin was 34.2%, up 0.1 points from a year earlier. Operating profit was $101.0M, a 13.3% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 27% reached operating profit, above the 13% margin then. Operating expenses grew 1% against revenue growth of 3%. Net earnings were $69.0M, up 6% year over year. The effective tax rate was 26.1%.
Operating cash flow was $90.4M (up 14% year over year), 131% of net earnings. Non-cash charges added back $16.4M of depreciation and amortization and $5.3M of share-based compensation. Capital expenditures of $15.6M left free cash flow of $74.8M.
Questions
What was Installed Building Products' revenue in the second quarter 2025?
Installed Building Products (IBP) reported revenue of $760M for the second quarter 2025 (Q2 2025), +3% from a year earlier and +11% from the quarter before.
Was Installed Building Products profitable in the second quarter 2025?
Operating profit was $101M (13.3% of revenue) and net earnings $69.0M.