BLDR
The housing hangover is still here
Builders FirstSource kicked off 2026 with a rough-looking first quarter. Net sales slid 10.1% year over year to $3.3 billion, and management pointed the finger at the usual suspects: a weaker starts environment, softer core organic sales, and commodity deflation. In other words, the housing market is still acting like it skipped its morning coffee.
Not exactly a construction victory lap
Gross profit also fell, down 16.7% to $0.9 billion. The company said acquisitions helped cushion the blow a bit, but not enough to offset the broader slowdown. If you own BLDR, this is the kind of report that tells you the business is still tied tightly to new-home activity — and when that slows, the pain shows up fast.
Why investors should care
For Builders FirstSource, the big question isn’t whether it can run a decent operation. It’s whether housing demand and starts rebound enough to re-accelerate volumes. Until that happens, the stock is likely to stay glued to every whisper about mortgage rates, builder confidence, and whether the housing market finally decides to stop sulking.
Big picture: BLDR is still a housing-cycle story, and right now the cycle is whispering, not shouting.