v3.26.1
Basis of Presentation and Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash. Amounts included in restricted cash as of June 30, 2026 primarily represent the gross proceeds from the issuance of the 2031 Notes and 2034 Notes (as defined in Note 9) that were placed into a segregated escrow account pending the consummation of the TopBuild Acquisition. Upon the consummation of the TopBuild Acquisition on July 1, 2026, the gross proceeds were released from the segregated escrow account and were used to fund a portion of the TopBuild Acquisition and related transaction expenses.
As of
(in millions)June 30,
2026		December 31,
2025
Cash and cash equivalents$2,774 $2,362 
Restricted cash included in prepaid expenses and other current assets
3,000 4 
Total cash, cash equivalents and restricted cash$5,774 $2,366 
Schedule of Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash. Amounts included in restricted cash as of June 30, 2026 primarily represent the gross proceeds from the issuance of the 2031 Notes and 2034 Notes (as defined in Note 9) that were placed into a segregated escrow account pending the consummation of the TopBuild Acquisition. Upon the consummation of the TopBuild Acquisition on July 1, 2026, the gross proceeds were released from the segregated escrow account and were used to fund a portion of the TopBuild Acquisition and related transaction expenses.
As of
(in millions)June 30,
2026		December 31,
2025
Cash and cash equivalents$2,774 $2,362 
Restricted cash included in prepaid expenses and other current assets
3,000 4 
Total cash, cash equivalents and restricted cash$5,774 $2,366 
Schedule of Allowance for Expected Credit Losses
The following table represents the roll-forward of the allowance for credit losses for the six months ended June 30, 2026 and the year ended December 31, 2025:
(in millions)June 30,
2026		December 31,
2025
Balance at beginning of period$13 $— 
Current period provision for expected credit losses
20 14 
Write-offs, net of recoveries
(3)(1)
Balance at end of period$30 $13 
Schedule of Property, Plant and Equipment
The following table presents the components of property and equipment, net:
As of
June 30,
2026		December 31,
2025
(in millions)
Equipment$471 $259 
Finance lease assets237 217 
Leasehold improvements159 125 
Furniture and fixtures27 30 
Software38 31 
Land and buildings58 60 
Construction in progress
49 55 
Total property and equipment1,039 777 
Accumulated depreciation(214)(88)
Total property and equipment, net$825 $689 
Schedule of Changes in Goodwill
The following table sets forth the change in the carrying amount of goodwill during the six months ended June 30, 2026:
(in millions)
Balance as of December 31, 2025
$5,111 
Acquisitions1,089 
Measurement period adjustments
7 
Translation adjustments
4 
Balance as of June 30, 2026
$6,211 
Intangible Asset, Finite-Lived The following table summarizes intangible assets by category:
As of
Weighted-Average Remaining Life(1)
(Years)
(in millions, except time periods)
June 30,
2026		December 31,
2025
Amortizable intangible assets:
Customer relationships and other
$4,663 $3,909 9.0
Trade names
315 230 2.9
Total amortizable intangible assets
4,978 4,139 8.6
Accumulated amortization(577)(321)
Total amortizable intangible assets, net
4,401 3,818 
Indefinite-lived domain names
1 1 
Total intangibles, net$4,402 $3,819 
(1) As of June 30, 2026.
Intangible Asset, Indefinite-Lived The following table summarizes intangible assets by category:
As of
Weighted-Average Remaining Life(1)
(Years)
(in millions, except time periods)
June 30,
2026		December 31,
2025
Amortizable intangible assets:
Customer relationships and other
$4,663 $3,909 9.0
Trade names
315 230 2.9
Total amortizable intangible assets
4,978 4,139 8.6
Accumulated amortization(577)(321)
Total amortizable intangible assets, net
4,401 3,818 
Indefinite-lived domain names
1 1 
Total intangibles, net$4,402 $3,819 
(1) As of June 30, 2026.
Schedule of Estimated Future Amortization
The following table summarizes the estimated future amortization expense for intangible assets for each of the next five years ending December 31 and thereafter:
(in millions)
2026 (July - December)$280 
2027560 
2028508 
2029483 
2030483 
Thereafter2,087 
Total future amortization expense$4,401 
Schedule of Accrued Liabilities
The following table presents the components of accrued expenses:
As of
(in millions)June 30,
2026		December 31,
2025
Inventory$335 $170 
Short-term portion of insurance liabilities44 39 
Payroll and employee benefit costs94 67 
Interest expense35 27 
Customer rebates86 148 
Business and property taxes17 11 
Professional services74 18 
Sales returns30 27 
Customer advances38 20 
Other68 47 
Total accrued expenses$821 $574 
Schedule of Interest (Expense) Income, Net
The following table presents the components of interest (expense) income, net:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Interest income$27 $22 $52 $79 
Interest expense(65)(52)(121)(53)
Interest (expense) income, net
$(38)$(30)$(69)$26