$PATK

PATRICK INDUSTRIES INC

CIK:0000076605|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Income Statement [Abstract]
Net sales	$ 1,041,704	$ 1,047,554	$ 2,038,876	$ 2,050,974
Cost of goods sold	794,129	796,922	1,564,441	1,571,751
Gross profit	247,575	250,632	474,435	479,223
Operating expenses:
Warehouse and delivery	50,608	46,075	95,640	90,657
Selling, general and administrative	96,188	93,206	189,284	187,137
Amortization of intangible assets	23,744	24,629	47,754	49,138
Total operating expenses	170,540	163,910	332,678	326,932
Operating income	77,035	86,722	141,757	152,291
Interest expense, net	18,978	18,869	37,366	37,981
Other expenses	0	24,420	0	24,420
Income before income taxes	58,057	43,433	104,391	89,890
Income taxes	14,636	10,997	21,490	19,216
Net income	$ 43,421	$ 32,436	$ 82,901	$ 70,674
Basic earnings per common share (in dollars per share)	$ 1.36	$ 1.00	$ 2.57	$ 2.17
Diluted earnings per common share (in dollars per share)	$ 1.28	$ 0.96	$ 2.37	$ 2.07
Weighted average shares outstanding - Basic (in shares)	31,913	32,520	32,199	32,595
Weighted average shares outstanding - Diluted (in shares)	33,973	33,823	34,993	34,116

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025	Dec. 31, 2025
Cash flows from operating activities
Net income	$ 43,421	$ 32,436	$ 82,901	$ 70,674
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	43,013	42,609	85,790	85,255
Stock-based compensation expense			11,986	11,300
Deferred income taxes			(796)	(7,782)
Amortization of deferred debt financing costs			1,660	1,611
(Gain) loss on sale of property, plant and equipment			(584)	2,094
Other			706	(1,422)
Change in operating assets and liabilities, net of acquisitions of businesses:
Trade and other receivables, net			(91,000)	(88,883)
Inventories			(56,504)	4,655
Prepaid expenses and other assets			3,378	4,493
Accounts payable, accrued liabilities and other			31,370	107,472
Net cash provided by operating activities			68,907	189,467
Cash flows from investing activities
Purchases of property, plant and equipment			(36,558)	(38,446)
Proceeds from sale of property, plant and equipment			1,645	1,832
Business acquisitions, net of cash acquired			(7,297)	(48,140)
Other investing activities			(2,007)	(1,864)
Net cash used in investing activities			(44,217)	(86,618)
Cash flows from financing activities
Term debt repayments			(1,563)	(1,563)
Borrowings on revolver			560,724	345,536
Repayments on revolver			(430,724)	(390,536)
Stock repurchases under buyback program			(106,133)	(31,969)
Cash dividends paid to shareholders			(31,208)	(26,951)
Taxes paid for share-based payment arrangements			(11,270)	(8,611)
Payment of contingent consideration from business acquisitions			(1,750)	(33)
Other financing activities			(38)	(309)
Net cash used in financing activities			(21,962)	(114,436)
Net increase (decrease) in cash and cash equivalents			2,728	(11,587)
Cash and cash equivalents at beginning of year			26,432	33,561	$ 33,561
Cash and cash equivalents at end of period	$ 29,160	$ 21,974	$ 29,160	$ 21,974	$ 26,432

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 28, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 29,160	$ 26,432
Trade and other receivables, net	276,863	185,405
Inventories	653,255	595,265
Prepaid expenses and other	63,180	66,020
Total current assets	1,022,458	873,122
Property, plant and equipment, net	410,230	408,502
Operating lease right-of-use assets	227,533	199,087
Goodwill	839,716	840,101
Intangible assets, net	699,337	742,561
Other non-current assets	12,012	12,801
Total assets	3,211,286	3,076,174
Current Liabilities:
Current maturities of long-term debt	6,250	6,250
Current operating lease liabilities	57,977	54,956
Accounts payable	224,474	192,448
Accrued liabilities	94,135	94,412
Other current liabilities	416	424
Total current liabilities	383,252	348,490
Long-term debt, less current maturities, net	1,412,496	1,282,821
Long-term operating lease liabilities	174,717	148,889
Deferred tax liabilities, net	96,079	96,875
Other long-term liabilities	13,666	14,802
Total liabilities	2,080,210	1,891,877
Shareholders' equity
Preferred shares, no par value per share, 1,000,000 shares authorized, none issued and outstanding	0	0
Common stock, no par value per share, 60,000,000 shares authorized, 32,124,821 and 33,224,772 issued and outstanding as of June 28, 2026 and December 31, 2025, respectively	201,986	208,210
Accumulated other comprehensive loss	(1,050)	(876)
Retained earnings	930,140	976,963
Total shareholders' equity	1,131,076	1,184,297
Total liabilities and shareholders' equity	$ 3,211,286	$ 3,076,174