SiteOne Landscape Supply, the largest national wholesale distributor in the landscape supply industry, reported fourth‑quarter 2025 results that included net sales of $1.05 billion, a 3 % year‑over‑year increase, and a net loss of $9.0 million, a dramatic improvement from the $21.7 million loss recorded in Q4 2024. Adjusted EBITDA rose to $37.6 million, up 18 % from $31.8 million, and the adjusted EBITDA margin expanded to 3.6 % from 2.6 %.
Earnings per share of $‑0.20 beat the consensus estimate of $‑0.21 (and $‑0.29) by $0.01 (and $0.09). The beat was driven by disciplined cost management, a favorable mix shift toward higher‑margin maintenance and commercial segments, and the continued impact of acquisitions that added $200 million in incremental sales while preserving margin.
For the full year, SiteOne posted net income of $151.8 million, up 23 % from $123.6 million in 2024, and adjusted EBITDA of $414.2 million, a 10 % increase from $378.2 million. Gross margin improved to 34.8 % from 34.4 % in 2024, while SG&A as a percentage of sales fell to 30.1 % from 30.5 %, reflecting ongoing leverage initiatives.
Segment analysis shows maintenance sales grew 7 % and accounted for 36 % of total revenue, driven by strong demand for routine landscaping and irrigation services. New residential construction, which represents 20 % of sales, declined modestly as interest rates and home prices temper demand. Commercial and repair/upgrade segments remained flat, but digital sales grew 120 % year‑over‑year, pushing digital revenue to a double‑digit share of total sales. The company also completed eight acquisitions in 2025, contributing 2 % of net sales growth.
Management guided for 2026 with a low‑single‑digit organic daily sales growth, positive pricing of 1‑3 %, and full‑year adjusted EBITDA of $425 million to $455 million, slightly below analyst expectations. The company highlighted a $4 million to $5 million EBITDA drag from a non‑productive 53rd week in the fiscal calendar and a projected decline in new residential construction due to macro‑economic headwinds.
Investors responded to the earnings beat and margin expansion with enthusiasm, while some remained cautious about the guidance and the anticipated 2026 headwinds. The company’s focus on cost discipline, strategic acquisitions, and digital channel growth signals a continued trajectory of margin improvement and market share gains in the fragmented landscape supply market.
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