v3.26.1
Segment Reporting and Geographic Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting and Geographic Information Segment Reporting and Geographic Information
Segment Reporting
Operating segments are defined as components of an entity for which separate discrete financial information is available and regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM, the chief executive officer, reviews consolidated results of operations to make decisions, therefore the Company views its operations and manages its business as a single operating segment.
The Company’s revenues for its single operating segment are primarily derived from the sale of residential and non-residential roofing products, as well as complementary products, such as siding, waterproofing and lumber. The CODM evaluates performance for the Company’s single operating segment and decides how to allocate resources based on the Company’s consolidated net income that is reported in the condensed consolidated statements of operations as net (loss) income. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. These results are used to assess segment performance and determine the compensation of certain employees.
The operating segment financial information regularly reviewed by the CODM, inclusive of assets, revenue, expenses, profit or loss and noncash items are presented on a consolidated basis. Other segment items included in consolidated net income are depreciation, amortization, interest income (expense), net, other income, net, and (benefit from) provision for income taxes, which are reflected on the condensed consolidated statements of operations.
The Company is currently evaluating its internal management reporting structure as a result of the Kodiak Acquisition and TopBuild Acquisition, including the resulting impact on the identification and reporting of its operating segments. As this evaluation was not complete as of June 30, 2026 due to the timing of the Kodiak Acquisition and TopBuild Acquisition, the operating results of Kodiak from the Kodiak Closing Date through June 30, 2026 were reported within the Company’s existing operating segment. Following the establishment of the Company's new organizational structure in connection with the Kodiak Acquisition and TopBuild Acquisition, the Company plans to report financial information based on its new reportable segments in the future and recast prior-period segment information to reflect the revised reporting structure.
The following table presents information regarding the components of revenue, significant segment expenses and consolidated net loss representative of the significant categories regularly provided to the CODM when managing the Company’s one operating segment:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)
2026202520262025
Net sales:
Residential roofing products$1,266 $930 $2,064 $930 
Non-residential roofing products736 536 1,200 536 
Complementary building products(1)
1,229 426 1,682 426 
Software products and services15 14 30 28 
Total net sales$3,246 $1,906 $4,976 $1,920 
Less:
Cost of products sold$2,443 $1,505 $3,764 $1,513 
Selling, general and administrative expenses(2)
620 392 1,078 416 
Stock-based compensation29 65 68 85 
Other segment items209 3 348 (44)
Net loss
$(55)$(59)$(282)$(50)
(1) Includes Kodiak net sales.
(2) Excludes stock-based compensation.
Geographic Information
Net sales in the U.S. accounted for approximately 97% of total net sales for the three and six months ended June 30, 2026, and approximately 96% of the Company’s long-lived assets were in the U.S. as of June 30, 2026. Net sales in the U.S. accounted for approximately 97% of total net sales for the three and six months ended June 30, 2025, and approximately 96% of the Company’s long-lived assets were in the U.S. as of December 31, 2025. The CODM does not review geographic asset information when assessing performance or allocating resources.