Management attributed stable 2025 revenue of $5.3 billion to resilient maintenance demand, which offset a mid-single-digit decline in new U.S. pool construction. The decline in new pool starts to approximately 60,000 units represents a 40% drop from 2022 levels, reflecting broader macroeconomic pressures on discretionary construction activity. Gross margin expansion to 29.7% was driven by disciplined pricing strategies, supply chain efficiencies, and the growth of higher-margin exclusive brands. Ope ...