Each year, the 2026 Construction Supply 150, powered by Webb Analytics, reveals and analyzes the size and scope of America’s key lumber and building material dealers. It tells what they did in the previous year, updates their activities in current year, and uses past trends to forecast where dealers are headed.
At 73 pages, the 2026 CS150 is bigger than ever. We’re reporting the usual headlines that come out of this report: Total sales up 1.4% from 2024 to $424.25 billion, total branches up 10% to 25,097, total employee count up 1.2% to nearly 975,000. But we’re titling the report “Hidden Assets” for three reasons, each of which are having a big impact on LBM in ways that are only beginning to be noticed.
The first involves the more than 1,500 pro-oriented locations acquired by The Home Depot, Lowe’s, and QXO in four deals last year and the nearly 600 more locations that QXO and The Home Depot are making deals to buy this year. Now that The Home Depot’s SRS Distribution has purchased HVAC specialist Mingledorff’s, SRS has pro expertise in roofing, drywall, landscaping, pool supply, and now HVAC. Combine that with The Home Depot’s flatbed distribution centers and the fact it sells over $11 billion worth of lumber annually, then add its massive quantities of electrical, plumbing, insulation, and appliances. If the typical homebuilder has to work with two dozen subcontractors to erect a house, The Home Depot with SRS is setting itself up as a one-stop shop in a way that no major construction supply company has ever done before.
Meanwhile, QXO’s takeover of Beacon in 2025 and both Kodiak Building Partners and TopBuild so far in 2026 give it prowess in selling roofing, insulation, installation services, lumber, steel, and component manufacturing. And Lowe’s 2025 acquisitions of drywall Foundation Building Materials (FBM) and specialty provider Artisan Design Group (ADG) make it a formidable competitor for interior work.
The challenge for reports like the CS150 is that opaque financial reporting already makes it hard to determine how much revenue these stores are getting from their various supersized subsidiaries. The article “What Lies Beneath” tells what it took to tease out the numbers for SRS’ various units, and in 2027 the challenge will be even greater when full-year Gypsum Management & Supply and partial-year Mingledorff’s sales show up. Lowe’s hasn’t said yet how it will report FBM and ADG activity, and accountants have yet to describe how QXO’s financials will look. They could be like ABC Supply, which doesn’t publicly break down what share of its $20.2 billion in revenues come from its roofing operations, its drywall units, and its private label business.
The result of all this is that several of the biggest companies on the CS150 are sure to get bigger, but we’re likely to have fewer insights into the performance of their numerous multi-billion-dollar subsidiaries. That will make it harder to know which parts of these giants are succeeding and which are stumbling.
The second reason for the “Hidden Assets” theme is to call attention to the big money CS150 members get from making and installing products. Lots of people still think that building material dealers just sell stuff. That’s true for about half this year’s CS150 membership, particularly for specialty dealers. But for 86 CS150 members, making building components, creating millwork, and running door shops brings in $15.8 billion, or 23% of their total revenues. And for this same group, installing products they sell—particularly windows, doors, and cabinets— contributes another $7.7 billion, or 11% of their revenues. Not much is written about how The Home Depot and Lowe’s collect $8.2 billion from managing installations.
The final Hidden Asset involves the CS150 membership itself. Decades ago, ProSales magazine published top dealer lists with numbers for up to 400 companies. That was before early 21st century consolidators like ProBuild and Stock Building Supply bought up hundreds of companies, followed by similarly eager aggregators like US LBM and Kodiak Building Partners. Now QXO and the big boxes are getting headlines.
One result of all this is that there are fewer individual companies to list in reports like the CS150. In addition, over the last 20 years we’ve seen a steady increase in the number of dealers that used to provide numbers for these reports but now decline to reveal anything.
Through last year, Webb Analytics was able to report revenues on 150 companies by collecting survey responses, combing public records, and doing best estimates. But even that wasn’t enough this year. As a result, this CS150 lists revenues for only 144 companies. But we managed a workaround this year: 10 other companies agreed to fill out the survey form if they didn’t reveal their revenues. Some of these companies easily would fit into the middle third of the CS150 if they had reported sales. All are good examples of LBM dealers. So their responses to the other questions were added to those of the 144 that reported sales numbers, thus improving the quality of the many benchmarks this report contains. They are the 2026 CS150’s most hidden assets.
The entire 73-page PDF report is available for download at https://www.webb-analytics.com. Best of all, it’s FREE, thanks to the sponsors.