Patrick Industries(US:PATK)2026-02-05 13:00Financial Performance - Fourth quarter net sales increased 9% to $924 million compared to $846 million in Q4 2024; full year net sales increased 6% to $4.0 billion[4] - Operating income for Q4 increased 45% to $57 million, with an operating margin of 6.2%; full year operating income increased 7% to $276 million, with an operating margin of 7.0%[4] - Net income for Q4 doubled to $29 million, while full year net income was $135 million compared to $138 million in 2024; adjusted net income for Q4 increased 63% to $30 million[4] - Diluted earnings per share (EPS) for Q4 was $0.83, a 98% increase; full year diluted EPS was $3.90 compared to $4.11 in 2024[8] - Adjusted EBITDA for Q4 grew 17% to $105 million, with an adjusted EBITDA margin of 11.4%; full year adjusted EBITDA increased 4% to $468 million[4] - Gross profit for the year ended December 31, 2025, was $912,860,000, up from $835,890,000 in 2024, reflecting a growth of 9.2%[19] - Operating income for the year increased to $275,989,000, compared to $258,040,000 in 2024, marking a rise of 7%[19] - Net income for Q4 2025 was $29,079,000, a significant increase of 99.5% from $14,558,000 in Q4 2024[19] - Basic earnings per share for the year ended December 31, 2025, was $4.16, down from $4.25 in 2024, reflecting a decrease of 2.1%[19] - Adjusted EBITDA for the year ended December 31, 2025, was $468,045,000, representing an increase of 3.5% from $451,658,000 in 2024[30] - Adjusted net income for the year ended December 31, 2025, was $153,915,000, up from $146,242,000 in 2024, showing an increase of approximately 5.7%[32] Cash Flow and Liquidity - Free cash flow in 2025 was $246 million, down from $251 million in 2024; $87 million was returned to shareholders through dividends and share repurchases[9] - Total net liquidity at the end of Q4 was $818 million, with a total net leverage ratio of 2.6x, down from 2.8x in Q3 2025[10] - Cash and cash equivalents at the end of 2025 were $26,432,000, down from $33,561,000 at the end of 2024[24] - Net cash provided by operating activities for the year was $329,414,000, slightly up from $326,841,000 in 2024[24] - Cash flows from operating activities for the year ended December 31, 2025, were $329,414,000, compared to $326,841,000 for 2024, reflecting a slight increase[31] - Free cash flow for the year ended December 31, 2025, was $246,493,000, down from $251,159,000 in 2024, indicating a decrease of approximately 1.3%[31] Acquisitions and Strategic Initiatives - The company completed five acquisitions in 2025, including two in Q4, with total capital deployed for acquisitions amounting to $122 million[4] - The company remains focused on strategic priorities including acquisitions, organic growth, and enhancing customer partnerships as it enters 2026[11] Assets and Liabilities - Total assets as of December 31, 2025, were $3,076,174,000, an increase from $3,020,954,000 in 2024[22] - Total liabilities decreased slightly to $1,891,877,000 in 2025 from $1,892,588,000 in 2024[22] Margins - The operating margin for the fourth quarter ended December 31, 2025, improved to 6.2%, up from 4.7% in the same quarter of 2024[31] - Adjusted operating margin for the year ended December 31, 2025, was 7.0%, slightly down from 7.2% in 2024[31]