SiteOne Landscape Supply : First Quarter 2026 Earnings

Published: 2026-04-29 06:37:08 ET SITE

Published on 04/29/2026 at 06:37 am EDT

First Quarter 2026 Earnings

Eric Elema, CFO

Doug Black, Chairman and CEO

Eric Elema, CFO

Daniel Laughlin, SVP Strategy & Development

Doug Black, Chairman and CEO

Approximately three times the size of next competitor and only ~19% market share1

Serving residential and commercial

landscape professionals

Complementary value-added services

and product support

Approximately 180,000 SKUs1

Control

Balanced by product and end markets (FY25)

Outdoor Lighting

centers covering 45 U.S. states and five

Canadian provinces2

Products 4%

Nursery 12%

Irrigation

24%

Repair & Upgrade

30%

Maintenance

36%

Landscape Accessories 12%

Fertilizer & Other 15%

Hardscapes 25%

As of year-end 2025. Source: Management estimates, Company data, independent 3rd party support Branch count as of First Quarter 2026

New Construction 34%

Current strategy

Fully exploit our scale, resources and capabilities

Execute local market growth strategies

Value creation levers

Organic growth

Margin expansion

Acquisition growth

Deliver superior value to our customers and suppliers

Close and integrate high value-added acquisitions

Entrepreneurial local area teams supported by world-class

functional support

Category management

Supply chain

Salesforce performance

Operational excellence

Marketing and Digital

Net Sales Adjusted EBITDA

'16-'25

Growth

32.0%

31.3%

($ in Millions)

$3,476

$4,015

$4,301

$4,541 $4,705

$2,705

$2,358

$1,862 $2,112

$1,648

34.4%

32.1%

32.8%

33.3%

34.9%

35.4%

34.7%

34.8%

'16-'25

Growth

Sales $

+185%

GM %

+350bps

Adj. EBITDA $

8.1%

($ in Millions)

$464

$415

$411

$414

$378

$260

$201

$157

$176

$134

8.4%

8.3%

8.5%

9.6%

8.3%

8.8%

9.5%

11.9%

11.6%

+209%

Adj. EBITDA %

+70 bps

FY 2016

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025

FY 2016

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025

Net Sales Gross Margin %

Acquisitions

2016-2021 2022 2023

2024

2025 2026

Hydro-Scape

Blue Max

Atlantic Irrigation

Village Nurseries

Fisher's Depot

Stone & Soil Depot

Alpine Materials

Dirt and Rock

JK Enterprise

BellStone Masonry

J&J Materials

Triangle Landscape

Eggemeyer

Devil Mountain

Pacific Nurseries

Green Trade Nursery

Bourget Flagstone

Reinders

Bissett

Terrazzo & Stone

Voss Materials

Stone Center of VA ■ Preferred Seed

Supplies

Wholesale Nursery ■ Grove Nursery

Glen Allen

Loma Vista

East Haven

Landscaper's Choice ■ Trendset Concrete

Auto-Rain ■ Design Outdoor

All American Stone ■ Dirt Doctors

Lucky Landscape

Arizona Stone & Solstice

Across the Pond

Yard Works

Prescott Dirt

Adams Wholesale

Link Outdoor Lighting

Hickory Hill

Hardscape.com

Cohen & Cohen

Millican Nurseries

Nashville Nursery

Autumn Ridge Stone

Red's Home & Garden

Aspen Valley

Landscape Express

Daniel Stone

Timberwall

A&A Stepping Stone

New England Silica

OakStreet Nursery ■ CC Landscaping

Stone Forest

Angelo's

AB Supply

Kirkwood

Stone Center

CentralPro

Wittkopf

Empire Supplies

The Garden Dept

Melrose Irrigation

Rock & Block

Green Brothers

River Valley Hort

Cape Cod Stone

Linzel Distributing

Timothy's Center for

Gardening

Pioneer Landscape

Custom Stone

Warehouse

French Broad Stone

Evergreen Partners ■ C&C Sand and Stone ■ Big Rock

Semco Stone

Jim Stone

Centers

South Coast Supply ■ All Around

Alliance Stone

Seffner Rock

Stone Plus

Regal Chemical

Marshall Stone

Cutting Edge

Modern Builders

Kaknes Landscape

JMJ Organics

Harmony Gardens

Pete Rose

All Pro Horticulture

Landscape Depot

BURNCO

Hedberg Supply

Madison Block & Stone ■ Newsom Seed

Telluride Natural Stone

Whittlesey Landscape

# of markets1

Full Product Line Offering

Missing either Hardscapes or Nursery

Missing both Hardscapes and Nursery

No Presence

~60

SiteOne offers all

product lines in only

~25% of our target

markets today…

~80

~50

1. Target markets as of Fourth Quarter 2025 are represented by metropolitan statistical areas ("MSAs") where either SiteOne

currently has a presence or MSAs with a population above ~210k, which cover ~80% of the total U.S. population.

First Quarter 2026 highlights (compared to First Quarter 2025):

Net sales increased $0.7 million to $940.1 million and Organic Daily Sales decreased 1%

Gross profit increased 3% to $318.8 million; gross margin improved 90 basis points to 33.9%

SG&A as a percentage of Net sales increased 70 basis points to 37.2%; Base Business SG&A

was flat on an adjusted basis

Net loss attributable to SiteOne of $26.6 million, compared to $27.3 million

Adjusted EBITDA1 increased 14% to $25.5 million; margin improved 30 basis points to 2.7%

Cash used in operating activities decreased $7.5 million to $122.1 million

Completed the acquisitions of Bourget Flagstone and Reinders

Repurchased $20.0 million of shares under the share repurchase authorization

Recent Developments

Amended ABL Facility and extended maturity date to April 2031

Summary financials Financial highlights (compared to prior-year period)

($ in millions)

Net sales

Gross profit & margin

Net loss attributable to SiteOne

Adjusted

EBITDA1

Q1'25 Q1'26

$939.4

$940.1

Organic Daily Sales decreased 1% primarily due to

unfavorable weather, partially offset by positive pricing

Acquired sales were $12.4 million, contributing 1% to Net

33.0%

+3%

33.9%

sales growth

$318.8

$309.8

Gross margin improved 90 basis points to 33.9%, driven by higher price realization and continued benefits from commercial initiatives, partially offset by freight and distribution

$(26.6)

Q1'25 Q1'26

$(27.3)

$25.5

$22.4

2.7%

+14%

Q1'25 Q1'26

2.4%

Q1'25 Q1'26

costs and deflation in certain commodity products

Reflects gross margin improvement, partially offset by lower sales volume and higher SG&A

Adjusted EBITDA margin improved 30 basis points to 2.7%

Quarter ended March 29, 2026 Balance sheet & cash flow highlights (compared to prior-year period)

($ in millions)

Working capital

Cash used in operating activities

Capital expenditures

$1,073.4

$122.1

$23.0

Increase attributable to seasonal investment for spring selling season and acquisitions

Reflects modestly lower Net loss and working capital changes

Increased investment in branch locations

Liquidity of $502.1 million consisting of $84.0 million of cash and

$418.1 million in available ABL borrowing capacity

Net debt is calculated as long-term debt plus finance leases, net of cash and cash equivalents

Leverage ratio defined as net debt (including finance leases) to trailing twelve months Adjusted EBITDA

In line with target leverage range of 1.0x to 2.0x

2014 -

2021

2022

JK Enterprise

BellStone Masonry

Preferred Seed

Across the Pond

Yard Works

Prescott Dirt

A&A Stepping Stone

River Valley Horticultural

Cape Cod Stone

Linzel Distributing

Jim Stone

Stone Plus

Kaknes Landscape

Madison Block & Stone

Telluride Stone

Whittlesey Landscape

2023

J&J Materials

Triangle Landscape Supplies

Adams Wholesale Supply

Link Outdoor Lighting

Hickory Hill Farm & Garden

New England Silica

Timothy's Center for

Gardening

Pioneer Landscape Centers

Regal Chemical

JMJ Organics

Newsom Seed

2024

Eggemeyer

Devil Mountain Wholesale Nursery*

Hardscape.com

Cohen & Cohen Natural Stone

Millican Nurseries

OakStreet Nursery

Custom Stone

2025

Pacific Nurseries

Green Trade Nursery

Grove Nursery

Nashville Nursery

Autumn Ridge

Stone

Red's Home &

Garden

CC Landscaping Warehouse

French Broad Stone

2026

Bourget Flagstone

Reinders

Total

# Acquisitions 64 16 11

7 8 2

108

Annualized net sales1

# Branches added

~$1,225M

280

~$240M

~$320M

~$200M

~$55M

~$110M

~$2,150M

439

Trailing twelve months (TTM) revenues in the year acquired

* Acquired 75% interest in Devil Mountain Wholesale Nursery; annualized net sales includes 100% of Devil Mountain's TTM net sales 11

SiteOne

Bourget

Bourget Flagstone

Closed on January 13th

Wholesale hardscapes distributor in

Santa Monica, California

Purchasing synergies

Cross-selling synergies

Reinders

SiteOne Reinders

Closed on March 16th

12 location wholesale irrigation and agronomics distributor in the Midwest

Branch consolidations

Purchasing synergies

Cross-selling synergies

SiteOne is the leading industry consolidator

Significant sourcing advantage with 80+ leaders scouting new growth opportunities

Our pipeline remains robust

Experienced M&A team driving strong acquisition growth

19%

Acquisitions are expected to be accretive and present significant profit growth potential

End market demand expected to be down modestly with declines in new residential construction and softer repair and upgrade more than offsetting maintenance growth and solid demand in new commercial construction

Pricing expected to be up 2% to 3%

Key commercial initiatives expected to support market share gains and low single-digit Organic Daily Sales growth

Gross margin to improve with greater price realization and strong growth with private label

products and small customers

Ongoing tight SG&A management and focus branch improvement yielding leverage

Adjusted EBITDA margin expansion expected to continue

Continued growth through M&A activity

Full year Adjusted EBITDA expected to be $425 million to $455 million including the $4 million to $5 million negative effect of the 53rd week

Uniquely attractive industry

Clear market leader

Proven management team

Compelling and sustainable growth strategy

Value-creating

acquisitions

Operational and commercial excellence

Appendix

Non-GAAP Reconciliations

Adjusted EBITDA Reconciliation

($ in millions)

2026

2025

2024

Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

Q4'24

Q3'24

Q2'24

Reported Net income (loss)

$(24.1)

$(7.8)

$60.6

$132.1

$(27.5)

$(21.5)

$44.6

$120.6

Income tax expense (benefit)

(9.8)

(5.4)

15.5

45.0

(9.4)

(10.1)

15.8

40.0

Interest expense, net

8.0

8.2

9.1

10.3

7.4

6.7

9.5

9.0

Depreciation & amortization

35.1

34.7

35.4

35.3

35.4

35.6

35.9

34.6

EBITDA

$9.2

$29.7

$120.6

$222.7

$5.9

$10.7

$105.8

$204.2

A Stock-based compensation

14.2

5.5

5.6

2.3

13.6

5.5

5.2

3.8

B (Gain) loss on sale of assets

(1.6)

0.3

0.1

(0.5)

(0.2)

1.5

0.3

(0.3)

C Financing fees

0.5

D Acquisitions & other

3.7

2.1

1.2

2.2

3.1

14.1

3.0

2.8

E Adjusted EBITDA

$25.5

$37.6

$127.5

$226.7

$22.4

$31.8

$114.8

$210.5

A Represents stock-based compensation expense recorded during the period.

Represents any gain or loss associated with the sale of assets and termination of finance leases not in the ordinary course of business. Represents fees associated with our debt refinancing and debt amendments.

Represents professional fees and settlement of litigation, performance bonuses, and retention and severance payments related to historical acquisitions. Also included is the cost of inventory that was stepped up to fair value during the second quarter of 2024 related to the purchase accounting of Devil Mountain as well as charges during the fourth quarter of 2025 and 2024 for consolidating or closing certain branch locations. We cannot predict the timing or amount of any such fees or payments. These amounts are recorded in Cost of goods sold and Selling, general and administrative expenses in the Consolidated Statements of Operations.

Adjusted EBITDA excludes any earnings or loss of acquisitions prior to their respective acquisition dates for all periods presented. Adjusted EBITDA includes Adjusted EBITDA attributable to non-controlling interest of $0.7 million for the first quarter of 2026, and $1.1 million, $1.0 million,

$1.8 million, and $0.3 million for the fourth, third, second, and first quarter of 2025, respectively, and $0.8 million, $0.8 million, and $0.9 million for the fourth, third, and second quarter of 2024, respectively.

Adjusted EBITDA Reconciliation

($ in millions) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016

Reported Net income

$157.4

$124.4

$173.4

$245.4

$238.4

$121.3

$77.7

$73.9

$54.6

$30.6

Income tax expense

45.7

36.0

49.8

67.7

56.1

27.5

13.8

1.3

18.0

21.3

Interest expense, net

35.0

31.9

27.1

20.0

19.2

31.0

33.4

32.1

25.2

22.1

Depreciation & amortization

140.8

139.0

127.7

103.8

83.0

67.2

59.5

52.3

43.1

37.0

EBITDA

$378.9

$331.3

$378.0

$436.9

$396.7

$247.0

$184.4

$159.6

$140.9

$111.0

Stock-based compensation

27.0

25.0

25.7

18.3

14.3

10.6

11.7

7.9

5.9

5.3

(Gain) Loss on sale of assets

(0.3)

0.5

(0.5)

(0.8)

(0.1)

(0.4)

0.3

(0.4)

0.6

Advisory fees

8.5

Financing fees

0.5

0.3

0.7

0.8

1.7

4.6

Acquisitions, rebranding &

8.6

20.9

7.0

9.6

3.5

3.0

4.7

8.1

4.9

other

Adjusted EBITDA

$414.2

$378.2

$410.7

$464.3

$415.1

$260.2

$201.1

$176.0

$157.2

$134.3

Represents stock-based compensation expense recorded during the period.

Represents any gain or loss associated with the sale of assets and termination of finance leases not in the ordinary course of business.

Represents fees paid to CD&R and Deere for consulting services. In connection with the IPO, we entered into termination agreements with CD&R and Deere

pursuant to which the parties agreed to terminate the related consulting agreements.

Represents fees associated with our debt refinancing and debt amendments, as well as fees incurred in connection with our initial public offering and secondary offerings.

Represents professional fees and settlement of litigation, performance bonuses, and retention and severance payments related to historical acquisitions. Also included is the cost of inventory that was stepped up to fair value during the 2024 Fiscal Year related to the purchase accounting of Devil Mountain as well as charges during Fiscal Year 2025 and Fiscal Year 2024 for consolidating or closing certain branch locations. We cannot predict the timing or amount of any such fees or payments. These amounts are recorded in Cost of goods sold and Selling, general and administrative expenses in the Consolidated Statements of Operations.

Adjusted EBITDA excludes any earnings or loss of acquisitions prior to their respective acquisition dates for all periods presented. Adjusted EBITDA includes Adjusted EBITDA attributable to non-controlling interest of $4.2 million and $2.5 million for Fiscal Year 2025 and Fiscal Year 2024, respectively.

2026 Organic Daily Sales Reconciliation

2026

2025

($ in millions)

FY'26

Q4'26

Q3'26

Q2'26

Q1'26

FY'25

Q4'25

Q3'25

Q2'25

Q1'25

Reported Net sales

$940.1

$4,704.8

$1,045.6

$1,258.2

$1,461.6

$939.4

Organic Sales

927.7

4,692.3

1,039.0

1,254.6

1,459.3

939.4

Acquisition contribution

12.4

12.5

6.6

3.6

2.3

Selling Days

256

252

Organic Daily Sales

$14.5

$18.6

$17.0

$19.9

$22.8

$14.7

Organic Sales equals reported Net sales less Net sales from branches acquired in 2026 and 2025.

Represents Net sales from acquired branches that have not been under our ownership for at least four full fiscal quarters at the start of Fiscal Year 2026. Includes Net sales from branches acquired in 2026 and 2025.

Disclaimer

SiteOne Landscape Supply Inc. published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 29, 2026 at 10:36 UTC.