Siteone Landscape Supply Stock Earnings Reports

SiteOne reported Q1 2026 net sales of $940M (essentially flat YoY) with organic daily sales down 1% (volume -4%, pricing +3%). Gross profit rose 3% and gross margin expanded 90 bps to 33.9%, driven by price realization, private-label growth and progress with small customers. Adjusted EBITDA grew 14% to $25.5M and adjusted EBITDA margin expanded 30 bps to 2.7%. SG&A was pressured by lower volumes (SG&A as % of sales 37.2%) but base business SG&A was flat on an adjusted basis. The company completed two acquisitions in Q1 including Reinders (~$110M trailing sales), bringing the acquisition total since 2014 to 108 deals (~$2.2B TTM sales). Balance sheet: net debt $585M, net debt / TTM adj. EBITDA 1.4x, available liquidity ~$502M; ABL maturity extended to April 2031. Management sees April volumes improving after a delayed spring but expects end-market softness (notably new residential). They expect pricing to be stronger (now guiding 2%–3% price contribution for 2026), low-single-digit organic daily sales growth, higher 2026 gross margin versus 2025, and operating leverage that should expand adjusted EBITDA margin. They provided full-year adjusted EBITDA guidance of $425M–$455M, noting a $4M–$5M headwind from a loss-making 53rd fiscal week. Management remains focused on commercial/operational initiatives (private label, small-customer penetration, bilingual branches, digital, delivery efficiency, and focus-branch turnarounds) and an active M&A pipeline.