Trex Co Financials
This page shows Trex Co (TREX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Trex’s recent story is working-capital whiplash around a heavier reinvestment cycle, with cash flow moving much more than sales.
The least obvious shift is that cash conversion improved sharply even as profit fell: operating cash flow jumped to$358.1M in FY2025 from$143.9M in FY2024. That reversal lines up with a working-capital unwind—inventory dropped to$238.7M and receivables to$48.1M —so the weaker income statement did not mean weaker cash generation.
With revenue nearly flat across the last three years, the FY2025 earnings step-down came from a margin reset, not a demand collapse: gross margin fell to
The company is also carrying a larger asset base that has not yet translated into proportional returns: total assets reached
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Trex Co's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Trex Co has an operating margin of 22.0%, meaning the company retains $22 of operating profit per $100 of revenue. This strong profitability earns a score of 76/100, reflecting efficient cost management and pricing power. This is down from 28.0% the prior year.
Trex Co's revenue grew a modest 2.0% year-over-year to $1.2B. This slow but positive growth earns a score of 39/100.
Trex Co carries a low D/E ratio of 0.41, meaning only $0.41 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
Trex Co's current ratio of 1.24 is below the typical benchmark, resulting in a score of 20/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Trex Co has a free cash flow margin of 11.5%, earning a moderate score of 44/100. The company generates positive cash flow after capital investments, but with room for improvement.
Trex Co's ROE of 18.4% shows moderate profitability relative to equity, earning a score of 62/100. This is down from 26.9% the prior year.
Trex Co scores 8.91, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.0B) relative to total liabilities ($419.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Trex Co passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Trex Co generates $1.88 in operating cash flow ($358.1M OCF vs $190.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Trex Co generated $1.2B in revenue in fiscal year 2025. This represents an increase of 2.0% from the prior year.
Trex Co's EBITDA was $320.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 14.8% from the prior year.
Trex Co reported $190.4M in net income in fiscal year 2025. This represents a decrease of 20.1% from the prior year.
Trex Co earned $1.78 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 19.1% from the prior year.
Cash & Balance Sheet
Trex Co generated $134.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 252.2% from the prior year.
Trex Co held $3.8M in cash against $0 in long-term debt as of fiscal year 2025.
Trex Co had 106M shares outstanding in fiscal year 2025. This represents a decrease of 1.3% from the prior year.
Margins & Returns
Trex Co's gross margin was 39.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.4 percentage points from the prior year.
Trex Co's operating margin was 22.0% in fiscal year 2025, reflecting core business profitability. This is down 6.0 percentage points from the prior year.
Trex Co's net profit margin was 16.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.5 percentage points from the prior year.
Trex Co's ROE was 18.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.5 percentage points from the prior year.
Capital Allocation
Trex Co invested $4.2M in research and development in fiscal year 2025. This represents an increase of 20.0% from the prior year.
Trex Co spent $54.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 48.6% from the prior year.
Trex Co invested $223.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 3.8% from the prior year.
TREX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $343.4M+113.1% | $161.1M-43.5% | $285.3M-26.4% | $387.8M+14.1% | $340.0M+102.8% | $167.6M-28.3% | $233.7M-37.9% | $376.5M |
| Cost of Revenue | $204.4M+81.7% | $112.5M-33.8% | $169.9M-26.0% | $229.7M+13.6% | $202.3M+109.3% | $96.7M-31.2% | $140.5M-32.6% | $208.4M |
| Gross Profit | $139.0M+185.7% | $48.7M-57.8% | $115.4M-27.0% | $158.1M+14.8% | $137.7M+94.1% | $71.0M-23.9% | $93.2M-44.6% | $168.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $55.5M+22.9% | $45.2M+0.3% | $45.0M-19.2% | $55.7M-0.6% | $56.1M+42.7% | $39.3M+1.0% | $38.9M-24.0% | $51.2M |
| Operating Income | $83.5M+2283.8% | $3.5M-95.0% | $70.4M-31.3% | $102.4M+25.4% | $81.7M+157.7% | $31.7M-41.7% | $54.3M-53.5% | $116.9M |
| Interest Expense | $0 | N/A | N/A | $77K+201.3% | -$76K | N/A | $5K | N/A |
| Income Tax | $22.1M+1741.8% | $1.2M-93.6% | $18.6M-29.9% | $26.6M+25.6% | $21.2M+114.6% | $9.9M-28.3% | $13.8M-54.0% | $29.9M |
| Net Income | $61.4M+2567.4% | $2.3M-95.6% | $51.8M-31.8% | $75.9M+25.6% | $60.4M+176.9% | $21.8M-46.2% | $40.6M-53.4% | $87.0M |
| EPS (Diluted) | $0.58 | N/A | $0.48-32.4% | $0.71+26.8% | $0.56+180.0% | $0.20-45.9% | $0.37-53.8% | $0.80 |
TREX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.7B+19.0% | $1.5B+0.1% | $1.5B-5.6% | $1.5B-6.3% | $1.6B+19.4% | $1.4B+8.4% | $1.3B-0.2% | $1.3B |
| Current Assets | $580.0M+86.9% | $310.4M-8.1% | $337.8M-25.5% | $453.5M-23.4% | $592.2M+60.7% | $368.6M+4.5% | $352.7M-18.7% | $433.8M |
| Cash & Equivalents | $4.5M+18.0% | $3.8M-66.5% | $11.4M+105.6% | $5.5M+11.3% | $5.0M+284.1% | $1.3M-89.9% | $12.8M+995.4% | $1.2M |
| Inventory | $229.6M-3.8% | $238.7M+59.6% | $149.6M+5.4% | $141.8M-19.6% | $176.4M-31.3% | $257.0M+36.7% | $187.9M+26.3% | $148.9M |
| Accounts Receivable | $326.9M+579.8% | $48.1M-70.7% | $164.0M-43.7% | $291.2M-25.5% | $391.1M+342.6% | $88.4M-36.9% | $140.1M-48.1% | $270.0M |
| Goodwill | $14.2M0.0% | $14.2M | N/A | N/A | N/A | $14.2M | N/A | N/A |
| Total Liabilities | $734.1M+75.1% | $419.2M+2.2% | $410.0M-25.3% | $548.6M-25.0% | $731.1M+50.2% | $486.8M+28.3% | $379.3M+1.1% | $375.0M |
| Current Liabilities | $566.4M+125.9% | $250.7M-11.2% | $282.2M-32.7% | $419.4M-30.3% | $601.6M+75.7% | $342.5M+36.3% | $251.2M+2.8% | $244.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $995.8M-3.7% | $1.0B-0.8% | $1.0B+5.4% | $989.3M+4.5% | $947.1M+6.8% | $887.1M-0.1% | $887.9M-0.8% | $894.9M |
| Retained Earnings | $1.9B+3.4% | $1.8B+2.2% | $1.8B+3.0% | $1.7B+4.7% | $1.6B+1.5% | $1.6B+3.0% | $1.6B+2.7% | $1.5B |
TREX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$118.4M-280.8% | $65.5M-66.7% | $196.9M-21.2% | $249.8M+262.2% | -$154.0M-1717.7% | -$8.5M-106.4% | $132.8M-31.5% | $193.7M |
| Capital Expenditures | $23.1M-46.7% | $43.4M-19.6% | $53.9M+15.3% | $46.8M-41.1% | $79.5M-1.7% | $80.9M+3.3% | $78.3M+120.6% | $35.5M |
| Free Cash Flow | -$141.5M-740.2% | $22.1M-84.5% | $142.9M-29.6% | $203.0M+186.9% | -$233.5M-161.4% | -$89.3M-264.0% | $54.5M-65.6% | $158.2M |
| Investing Cash Flow | -$24.9M+44.7% | -$45.1M+21.1% | -$57.1M-12.0% | -$51.0M+36.2% | -$80.0M+6.1% | -$85.2M-8.8% | -$78.3M-120.6% | -$35.5M |
| Financing Cash Flow | $144.0M+615.2% | -$28.0M+79.1% | -$133.9M+32.4% | -$198.2M-183.4% | $237.6M+189.5% | $82.1M+291.7% | -$42.8M+73.3% | -$160.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $82.8M+64.2% | $50.4M+201656.0% | $25K | $0-100.0% | $4.0M-92.0% | $50.3M+0.4% | $50.1M+11684.7% | $425K |
TREX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.5%+10.3pp | 30.2%-10.3pp | 40.5%-0.3pp | 40.8%+0.3pp | 40.5%-1.8pp | 42.3%+2.5pp | 39.9%-4.8pp | 44.6% |
| Operating Margin | 24.3%+22.1pp | 2.2%-22.5pp | 24.7%-1.7pp | 26.4%+2.4pp | 24.0%+5.1pp | 18.9%-4.3pp | 23.2%-7.8pp | 31.1% |
| Net Margin | 17.9%+16.4pp | 1.4%-16.7pp | 18.1%-1.4pp | 19.6%+1.8pp | 17.8%+4.8pp | 13.0%-4.3pp | 17.3%-5.8pp | 23.1% |
| Return on Equity | 6.2%+5.9pp | 0.2%-4.8pp | 5.0%-2.7pp | 7.7%+1.3pp | 6.4%+3.9pp | 2.5%-2.1pp | 4.6%-5.1pp | 9.7% |
| Return on Assets | 3.5%+3.4pp | 0.2%-3.4pp | 3.6%-1.4pp | 4.9%+1.3pp | 3.7%+2.1pp | 1.6%-1.6pp | 3.2%-3.7pp | 6.9% |
| Current Ratio | 1.02-0.2 | 1.24+0.0 | 1.20+0.1 | 1.08+0.1 | 0.98-0.1 | 1.08-0.3 | 1.40-0.4 | 1.77 |
| Debt-to-Equity | 0.74+0.3 | 0.41+0.0 | 0.39-0.2 | 0.55-0.2 | 0.77+0.2 | 0.55+0.1 | 0.430.0 | 0.42 |
| FCF Margin | -41.2%-54.9pp | 13.7%-36.4pp | 50.1%-2.2pp | 52.3%+121.0pp | -68.7%-15.4pp | -53.3%-76.6pp | 23.3%-18.7pp | 42.0% |
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Frequently Asked Questions
What is Trex Co's annual revenue?
Trex Co (TREX) reported $1.2B in total revenue for fiscal year 2025. This represents a 2.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Trex Co's revenue growing?
Trex Co (TREX) revenue grew by 2% year-over-year, from $1.2B to $1.2B in fiscal year 2025.
Is Trex Co profitable?
Yes, Trex Co (TREX) reported a net income of $190.4M in fiscal year 2025, with a net profit margin of 16.2%.
What is Trex Co's EBITDA?
Trex Co (TREX) had EBITDA of $320.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Trex Co's gross margin?
Trex Co (TREX) had a gross margin of 39.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Trex Co's operating margin?
Trex Co (TREX) had an operating margin of 22.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Trex Co's net profit margin?
Trex Co (TREX) had a net profit margin of 16.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Trex Co's return on equity (ROE)?
Trex Co (TREX) has a return on equity of 18.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Trex Co's free cash flow?
Trex Co (TREX) generated $134.5M in free cash flow during fiscal year 2025. This represents a 252.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Trex Co's operating cash flow?
Trex Co (TREX) generated $358.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Trex Co's total assets?
Trex Co (TREX) had $1.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Trex Co's capital expenditures?
Trex Co (TREX) invested $223.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Trex Co spend on research and development?
Trex Co (TREX) invested $4.2M in research and development during fiscal year 2025.
What is Trex Co's current ratio?
Trex Co (TREX) had a current ratio of 1.24 as of fiscal year 2025, which is considered adequate.
What is Trex Co's debt-to-equity ratio?
Trex Co (TREX) had a debt-to-equity ratio of 0.41 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Trex Co's return on assets (ROA)?
Trex Co (TREX) had a return on assets of 13.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Trex Co's Altman Z-Score?
Trex Co (TREX) has an Altman Z-Score of 8.91, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Trex Co's Piotroski F-Score?
Trex Co (TREX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Trex Co's earnings high quality?
Trex Co (TREX) has an earnings quality ratio of 1.88x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Trex Co?
Trex Co (TREX) scores 56 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.