10-Q · July 29, 2026
The supplied excerpt does not include the income statement, segment disclosures, balance sheet, or cash-flow statement, so reported revenue, margins, EPS, free cash flow, and period-over-period trends cannot be verified…
Earnings analysis · 10-Q
SITE earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
SiteOne’s third-quarter revenue of $1.26 billion and diluted EPS of $1.31 were approximately unchanged from the prior-year quarter, while sequential results declined from the seasonally stronger second quarter. Gross…
Read full summary
SiteOne’s third-quarter revenue of $1.26 billion and diluted EPS of $1.31 were approximately unchanged from the prior-year quarter, while sequential results declined from the seasonally stronger second quarter. Gross margin fell to 34.8% and operating margin to 6.3%, although free cash flow remained positive at $119 million. The filing provides no new quantitative guidance and reports no changes to the significant risk factors, while highlighting continued exposure to variable-rate debt and an expanded $538.3 million share-repurchase authorization.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.31
What stood out
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Revenue was flat year over year
Third-quarter revenue was $1.26 billion, down from $1.53 billion in the prior quarter but approximately flat versus $1.26 billion in the third quarter of 2025.
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Gross margin contracted sequentially
Gross margin was 34.8%, down 2.1 percentage points from 36.9% in the prior quarter and flat versus 34.8% in the prior-year quarter.
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Operating leverage weakened sequentially
Operating margin was 6.3%, down 6.6 percentage points from 12.9% in the prior quarter and unchanged from 6.3% a year earlier.
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EPS declined on a sequential basis
Diluted EPS was $1.31, down from $3.14 in the prior quarter and unchanged from $1.31 in the prior-year quarter.
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Free cash flow remained positive
Free cash flow was $119 million, down from $136 million in the prior quarter and equal to the $119 million generated in the prior-year quarter.
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Repurchase authorization expanded
The company repurchased 645,675 shares during the quarter at an average price of $96.29 per share. On October 26, 2026, the board approved a $500.0 million increase to the repurchase authorization, bringing aggregate authorization to approximately $538.3 million.
What to watch
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Unhedged variable-rate debt exposure
All borrowings under the term loans and ABL Credit Agreement carry variable interest rates, and existing interest-rate swaps terminated upon maturity on March 23, 2025. Higher rates could therefore increase future interest expense and reduce cash flow.
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Large increase in capital return authorization
The company repurchased 645,675 shares during the quarter and increased the repurchase program by $500.0 million to approximately $538.3 million in aggregate authorization. Continued repurchases could reduce liquidity available for debt reduction, acquisitions, or operations.
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Existing risk profile remains unchanged
The filing states there were no changes to the significant risk factors disclosed in the 2025 Form 10-K. Accordingly, the existing operating, end-market, leverage, and execution risks remain applicable rather than being mitigated by a newly identified filing update.
Management's outlook
The provided 10-Q text does not include quantitative revenue, EPS, or EBITDA guidance. No changes to the previously disclosed risk factors were reported; any outlook may be provided separately in the earnings release or conference call.
Earlier filings 2
10-Q · April 29, 2026
SiteOne Landscape Supply reported a challenging Q1 2026 with net sales of $940.1 million, slightly exceeding estimates but reflecting deterioration compared to the prior year. The company experienced improved gross…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.