SiteOne Landscape Supply, Inc 10-Q for FY2026 Q1

SiteOne Landscape Supply, Inc. (SITE)

10-Q 2026-04-29 For: 2026-03-29

Added on April 29, 2026

About this 10-Q

SiteOne Landscape Supply, Inc filed this 10-Q on April 29, 2026, covering the quarter ended March 29, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 29, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $940.1M; up 0.1% from $939.4M a year earlier
Net loss: $26.6M; compared with a net loss of $27.3M a year earlier
Diluted EPS: -$0.60; compared with -$0.61 a year earlier

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Delaware			46-4056061
(State or other jurisdiction of incorporation or organization)			(IRS Employer Identification No.)


Title of each class						Shares Outstanding as of April 24, 2026
Common Stock, $0.01 par value per share						44,308,229



TABLE OF CONTENTS

Part I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements (Unaudited)
Consolidated Balance Sheets			5
Consolidated Statements of Operations			6
Consolidated Statements of Comprehensive Loss			7
Consolidated Statements of Equity and Redeemable Non-controlling Interest			8
Consolidated Statements of Cash Flows			9
Notes to Consolidated Financial Statements			10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			28
Item 3. Quantitative and Qualitative Disclosures About Market Risk			43
Item 4. Controls and Procedures			43

Part II. OTHER INFORMATION
Item 1. Legal Proceedings			44
Item 1A. Risk Factors			44
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			44
Item 5. Other Information			44
Item 6. Exhibits			45
Signature			46


Assets	March 29, 2026		December 28, 2025
Current assets:
Cash and cash equivalents	$	84.0	$	190.6
Accounts receivable, net of allowance for doubtful accounts of $34.9 and $33.3, respectively	576.8		546.8
Inventory, net	1,107.9		876.5
Income tax receivable	32.9		22.4
Prepaid expenses and other current assets	80.4		62.5
Total current assets	1,882.0		1,698.8

Property and equipment, net (Note 5)	304.3		295.4
Operating lease right-of-use assets, net (Note 7)	443.9		439.7
Goodwill (Note 6)	567.7		530.4
Intangible assets, net (Note 6)	231.8		220.0
Deferred tax assets	9.0		14.7
Other assets	18.8		20.6
Total assets	$	3,457.5	$	3,219.6

Liabilities, Redeemable Non-controlling Interest, and Stockholders' Equity
Current liabilities:
Accounts payable	$	454.0	$	310.8
Current portion of finance leases (Note 7)	33.6		33.2
Current portion of operating leases (Note 7)	98.4		97.3
Accrued compensation	63.0		104.6
Long-term debt, current portion (Note 9)	3.9		3.9

Accrued liabilities	155.7		137.0
Total current liabilities	808.6		686.8

Other long-term liabilities	4.0		4.0
Finance leases, less current portion (Note 7)	99.1		101.6
Operating leases, less current portion (Note 7)	365.8		362.5

Long-term debt, less current portion (Note 9)	531.9		381.5
Total liabilities	1,809.4		1,536.4

Commitments and contingencies (Note 11)

Redeemable non-controlling interest	26.5		24.0

Stockholders' equity:
Common stock, par value $0.01; 1,000,000,000 shares authorized; 45,973,827 and 45,895,384 shares issued, and 44,313,345 and 44,390,032 shares outstanding at March 29, 2026 and December 28, 2025, respectively	0.5		0.5
Additional paid-in capital	667.9		658.1
Retained earnings	1,165.1		1,191.7
Accumulated other comprehensive loss	(5.7)		(4.9)
Treasury stock, at cost, 1,660,482 and 1,505,352 shares at March 29, 2026 and December 28, 2025, respectively	(206.2)		(186.2)
Total stockholders' equity	1,621.6		1,659.2
Total liabilities, redeemable non-controlling interest, and stockholders' equity	$	3,457.5	$	3,219.6


	Three Months Ended
		March 29, 2026		March 30, 2025
Net sales		$	940.1	$	939.4
Cost of goods sold		621.3		629.6
Gross profit		318.8		309.8

Selling, general and administrative expenses		349.9		343.2
Other income		5.2		3.9
Operating loss		(25.9)		(29.5)

Interest and other non-operating expenses, net		8.0		7.4
Loss before taxes		(33.9)		(36.9)
Income tax benefit		(9.8)		(9.4)
Net loss		(24.1)		(27.5)

Less:
Net loss attributable to non-controlling interest		(0.1)		(0.2)
Adjustment of non-controlling interest to redemption value		2.6		—


Net loss attributable to SiteOne		$	(26.6)	$	(27.3)

Net loss per common share:
Basic		$	(0.60)	$	(0.61)
Diluted		$	(0.60)	$	(0.61)
Weighted average number of common shares outstanding:
Basic		44,586,582		45,084,610
Diluted		44,586,582		45,084,610


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Common Stock Shares	Common Stock Amount		Additional Paid-in-Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Equity		Redeemable Non-controlling Interest
Balance at December 28, 2025	44,390.0	$	0.5	$	658.1	$	1,191.7	$	(4.9)	$	(186.2)	$	1,659.2	$	24.0
Net loss attributable to SiteOne	—	—		—		(26.6)		—		—		(26.6)		—
Net loss attributable to non-controlling interest	—	—		—		—		—		—		—		(0.1)
Adjustment of non-controlling interest to redemption value	—	—		—		—		—		—		—		2.6

Other comprehensive loss	—	—		—		—		(0.8)		—		(0.8)		—
Issuance of common shares under stock-based compensation plan	78.4	—		(4.4)		—		—		—		(4.4)		—
Stock-based compensation	—	—		14.2		—		—		—		14.2		—
Repurchases of common shares	(155.1)	—		—		—		—		(20.0)		(20.0)		—
Balance at March 29, 2026	44,313.3	$	0.5	$	667.9	$	1,165.1	$	(5.7)	$	(206.2)	$	1,621.6	$	26.5


Note 1. Nature of Business and Significant Accounting Policies			11
Note 2. Revenue from Contracts with Customers			13
Note 3. Acquisitions			14
Note 4. Fair Value Measurement and Interest Rate Swaps			14
Note 5. Property and Equipment, Net			16
Note 6. Goodwill and Intangible Assets, Net			16
Note 7. Leases			18
Note 8. Employee Benefit and Stock Incentive Plans			19
Note 9. Long-Term Debt			21
Note 10. Income Taxes			24
Note 11. Commitments and Contingencies			24
Note 12. Earnings (Loss) Per Share			25
Note 13. Segment Information			25
Note 14. Subsequent Events			27


Amount Authorized (in millions)		Total Number of Shares Purchased	Average Price Paid Per Share		Amount Remaining (in millions)
$	400.0	155,130	$	128.90	$	194.3


	March 29, 2026		December 28, 2025
Land	$	33.8	$	24.6
Buildings and leasehold improvements:
Buildings	15.5		15.5
Leasehold improvements	105.2		100.5
Branch equipment	134.2		134.1
Office furniture and fixtures and vehicles:
Office furniture and fixtures	39.0		38.5
Vehicles	54.9		54.7
Finance lease right-of-use assets	241.1		236.8
Mineral rights	2.2		2.2
Tooling	0.2		0.2
Construction in progress	14.4		9.1
Total property and equipment, gross	640.5		616.2
Less: accumulated depreciation and amortization	336.2		320.8
Property and equipment, net	$	304.3	$	295.4


	December 29, 2025		December 30, 2024
	to March 29, 2026		to December 28, 2025
Beginning balance	$	530.4	$	518.1
Goodwill acquired during the period(a)	37.3		11.1
Goodwill adjusted during the period	—		1.2
Ending balance	$	567.7	$	530.4


		March 29, 2026						December 28, 2025
	Weighted Average Remaining Useful Life	Amount		Accumulated Amortization		Net		Amount		Accumulated Amortization		Net
Customer relationships	15.9 years	$	619.2	$	405.3	$	213.9	$	599.6	$	394.4	$	205.2
Trademarks and other	3.1 years	50.9		33.0		17.9		48.0		33.2		14.8
Total intangibles		$	670.1	$	438.3	$	231.8	$	647.6	$	427.6	$	220.0


Fiscal year ending:
2026 (remainder)	$	38.3
2027	41.7
2028	32.7
2029	25.6
2030	20.6
2031	15.9
Thereafter	57.0
Total future amortization	$	231.8


		Three Months Ended
Lease Cost	Classification		March 29, 2026		March 30, 2025
Finance lease cost:
Amortization of right-of-use assets	Cost of goods sold		$	0.2	$	0.2
Amortization of right-of-use assets	Selling, general and administrative expenses		8.8		8.1
Interest on lease liabilities	Interest and other non-operating expenses, net		2.2		2.2
Operating lease cost	Cost of goods sold		2.9		2.0
Operating lease cost	Selling, general and administrative expenses		27.7		25.1
Short-term lease cost	Cost of goods sold		0.3		0.1
Short-term lease cost	Selling, general and administrative expenses		1.2		1.3

Variable lease cost	Selling, general and administrative expenses		0.3		0.5
Sublease income	Selling, general and administrative expenses		(0.3)		(0.2)
Total lease cost			$	43.3	$	39.3


Maturity of Lease Liabilities	Operating Leases		Finance Leases
Fiscal year:
2026 (remainder)	$	82.2	$	31.3
2027	111.1		38.6
2028	94.4		34.8
2029	77.0		26.6
2030	58.1		15.1
2031	41.6		4.5
Thereafter	86.1		0.3
Total lease payments	550.5		151.2
Less: interest	86.3		18.5
Present value of lease liabilities	$	464.2	$	132.7


	Stock Options	RSUs	DSUs	PSUs
Outstanding as of December 28, 2025	468.7	334.7	62.6	124.5
Granted	—	160.6	—	54.7
Exercised/Vested/Settled(a)	(15.5)	(96.6)	—	—
Expired or forfeited	(0.1)	(6.5)	—	(0.5)
Outstanding as of March 29, 2026	453.1	392.2	62.6	178.7


	March 29, 2026		March 30, 2025

RSUs	$	148.40	$	135.61

PSUs	$	149.55	$	135.83


	March 29, 2026		December 28, 2025
ABL facility	$	149.0	$	—
Subsidiary ABL facility	2.7		0.6
Term loans	387.8		388.8

Total gross long-term debt	539.5		389.4
Less: unamortized debt issuance costs and discounts on debt	(3.7)		(4.0)
Total debt	$	535.8	$	385.4
Less: current portion	(3.9)		(3.9)
Total long-term debt	$	531.9	$	381.5


	Three Months Ended
Other Information		March 29, 2026		March 30, 2025
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from finance leases		$	2.2	$	2.2
Operating cash flows from operating leases		$	30.0	$	28.8
Financing cash flows from finance leases		$	8.5	$	7.7
Right-of-use assets obtained in exchange for new lease liabilities:
Finance leases		$	6.7	$	11.5
Operating leases		$	21.6	$	15.3


	March 29, 2026			December 28, 2025
	Unrecognized Compensation (in millions)		Weighted Average Remaining Period	Unrecognized Compensation (in millions)		Weighted Average Remaining Period
Stock options	$	0.3	0.8 years	$	0.5	0.9 years
RSUs	$	34.6	3.0 years	$	24.0	2.5 years
DSUs	$	0.1	0.8 years	$	0.2	0.9 years
PSUs	$	13.7	2.2 years	$	7.3	1.7 years


(In millions, except per share information and percentages)
	2026		2025												2024
	Qtr 1		Qtr 4			Qtr 3			Qtr 2			Qtr 1			Qtr 4			Qtr 3			Qtr 2
Net sales	$	940.1	$	1,045.6		$	1,258.2		$	1,461.6		$	939.4		$	1,013.1		$	1,208.8		$	1,413.9
Cost of goods sold	621.3		688.8			821.0			930.2			629.6			675.5			797.8			903.6
Gross profit	318.8		356.8			437.2			531.4			309.8			337.6			411.0			510.3
Selling, general and administrative expenses	349.9		365.9			357.4			349.1			343.2			364.5			349.1			343.8
Other income, net	(5.2)		(4.1)			(5.4)			(5.1)			(3.9)			(2.0)			(8.0)			(3.1)
Operating income (loss)	(25.9)		(5.0)			85.2			187.4			(29.5)			(24.9)			69.9			169.6
Interest and other non-operating expenses, net	8.0		8.2			9.1			10.3			7.4			6.7			9.5			9.0
Income tax expense (benefit)	(9.8)		(5.4)			15.5			45.0			(9.4)			(10.1)			15.8			40.0
Net income (loss)	(24.1)		(7.8)			60.6			132.1			(27.5)			(21.5)			44.6			120.6
Net income (loss) attributable to non-controlling interest	(0.1)		0.6			0.4			1.2			(0.2)			0.2			0.2			0.4
Adjustment of non-controlling interest to redemption value	2.6		0.6			1.1			1.9			—			—			—			—
Net income (loss) attributable to SiteOne	$	(26.6)	$	(9.0)		$	59.1		$	129.0		$	(27.3)		$	(21.7)		$	44.4		$	120.2
Net income (loss) per common share:
Basic	$	(0.60)	$	(0.20)		$	1.32		$	2.88		$	(0.61)		$	(0.48)		$	0.98		$	2.66
Diluted	$	(0.60)	$	(0.20)		$	1.31		$	2.86		$	(0.61)		$	(0.48)		$	0.97		$	2.63
Adjusted EBITDA(a)	$	25.5	$	37.6		$	127.5		$	226.7		$	22.4		$	31.8		$	114.8		$	210.5

Net sales as a percentage of annual Net sales			22.2		%	26.7		%	31.1		%	20.0		%	22.3		%	26.6		%	31.2		%
Gross profit as a percentage of annual Gross profit			21.8		%	26.7		%	32.5		%	19.0		%	21.7		%	26.3		%	32.7		%
Adjusted EBITDA as a percentage of annual Adjusted EBITDA			9.1		%	30.8		%	54.7		%	5.4		%	8.4		%	30.3		%	55.7		%


	Total		Next 12 Months		Beyond 12 Months
Long-term debt, including current maturities	$	539.5	$	3.9	$	535.6
Interest on long-term debt	$	97.9	$	30.8	$	67.1



	Three Months Ended
Net cash provided by (used in):	March 29, 2026		March 30, 2025
Operating activities	$	(122.1)	$	(129.6)
Investing activities	$	(101.6)	$	(21.0)
Financing activities	$	117.3	$	100.0


Periods	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)(a)
December 29, 2025 - February 1, 2026	—	$	—	—	$	214.3
February 2, 2026 - March 1, 2026	—	$	—	—	$	214.3
March 2, 2026 - March 29, 2026	155,130	$	128.90	155,130	$	194.3
Total	155,130	$	128.90	155,130	$	194.3


Exhibit Number						Description

10.1						First Amendment to Amended and Restated Credit Agreement, dated as of April 22, 2026, by and among SiteOne Landscape Supply Holding, LLC, SiteOne Landscape Supply, LLC, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, swingline lender and issuing lender, and the several banks and other financial institutions party thereto, is incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of SiteOne Landscape Supply, Inc., filed April 24, 2026.

31.1						Certification of Chief Executive Officer Pursuant to Exchange Act Rule 13a - 14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2						Certification of Chief Financial Officer Pursuant to Exchange Act Rule 13a - 14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1						Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2						Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101						The following unaudited financial information from this Quarterly Report on Form 10-Q for the quarter ended March 29, 2026 is formatted in Inline XBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Loss, (iv) the Consolidated Statements of Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements.

104						Cover Page Interactive Data File (formatted in Inline XBRL with applicable taxonomy extension information contained in Exhibit 101).


		SITEONE LANDSCAPE SUPPLY, INC.


Date:	April 29, 2026	By:	/s/ Eric J. Elema
			Eric J. Elema
			Executive Vice President, Chief Financial Officer and Assistant Secretary (Principal Financial Officer and Principal Accounting Officer)


/s/ Doug Black
Doug Black
Chairman and Chief Executive Officer