Siteone Landscape Supply — Income Statement, Cash Flows & Balance Sheet
Is SiteOne profitable?
SiteOne returned to strong profit growth in 2025 after a weak year, though it has not yet reclaimed its 2023 peak.
| Metric | FY2023 | FY2024 | FY2025 | Change (FY24→FY25) |
|---|---|---|---|---|
| Net sales ($M) | $4,301.2 | $4,540.6 | $4,704.8 | +3.6% |
| Gross profit margin | 34.7% | 34.4% | 34.8% | +0.4 pts |
| Operating income ($M) | $250.3 | $192.3 | $238.1 | +23.8% |
| Net income attributable to SiteOne ($M) | $173.4 | $123.6 | $151.8 | +22.8% |
| Diluted EPS | $3.80 | $2.71 | $3.37 | +24.4% |
Revenue grew at a healthy clip and gross margins held steady, but the bigger story is the recovery in operating and net income after a significant drop in 2024. Selling, general and administrative (SG&A) costs grew more slowly than sales in 2025, which is what drove the operating leverage — though SiteOne is still earning less than it did two years ago, suggesting the business is still working back toward its prior profitability peak.
Where does SiteOne's revenue come from?
SiteOne sells two broad product categories, both of which grew, with agronomic products growing slightly faster.
| Product Category | FY2023 | FY2024 | FY2025 | Change (FY24→FY25) |
|---|---|---|---|---|
| Landscaping products ($M) | $3,359.6 | $3,526.0 | $3,619.7 | +2.7% |
| Agronomic & other products ($M) | $941.6 | $1,014.6 | $1,085.1 | +6.9% |
| Total net sales ($M) | $4,301.2 | $4,540.6 | $4,704.8 | +3.6% |
Landscaping products — things like pavers, irrigation, nursery goods, and lighting — make up the large majority of sales and continued to grow, while the smaller agronomic segment (fertilizers, herbicides, ice melt) grew at a faster rate. SiteOne operates as a single business segment with nearly all sales in the U.S., so there is no further geographic or profit-by-segment breakdown available.
Does SiteOne generate cash?
SiteOne is a reliable cash generator, and in 2025 it meaningfully slowed acquisition spending while returning more cash to shareholders.
| Cash Flow Item | FY2023 | FY2024 | FY2025 | Change (FY24→FY25) |
|---|---|---|---|---|
| Operating cash flow ($M) | $297.5 | $283.4 | $300.5 | +6.0% |
| Capital expenditures ($M) | $(32.1) | $(40.5) | $(53.7) | +32.6% |
| Acquisitions ($M) | $(192.7) | $(138.2) | $(37.9) | -72.6% |
| Share repurchases ($M) | $(12.0) | $(51.3) | $(98.3) | +91.6% |
Operating cash flow returned above $300 million and handily exceeded reported net income — a healthy sign. Capital spending (on physical assets like equipment and vehicles) rose but remains modest relative to the business's size. The most notable shift is the sharp pullback in acquisition activity, with SiteOne spending far less buying new businesses and redirecting that capital toward buying back its own shares at a pace nearly double the prior year.
How strong is SiteOne's balance sheet?
SiteOne carries manageable debt with ample liquidity, though lease obligations represent a substantial additional commitment.
| Balance Sheet Item | FY2024 | FY2025 | Change |
|---|---|---|---|
| Cash ($M) | $107.1 | $190.6 | +$83.5 |
| Total gross long-term debt ($M) | $393.3 | $389.4 | -$3.9 |
| ABL facility drawn ($M) | $0.0 | $0.0 | — |
| ABL facility available ($M) | $581.2 | $577.8 | -$3.4 |
| Total operating + finance lease liabilities ($M) | $562.9 | $595.8 | +$32.9 |
| Total stockholders' equity ($M) | $1,572.5 | $1,659.2 | +$86.7 |
Cash nearly doubled year-over-year, the revolving credit line (ABL facility — a flexible borrowing tool backed by inventory and receivables) has nothing drawn on it, and the term loan balance is shrinking slightly. The main balance sheet consideration for investors is the nearly $600 million in lease obligations — SiteOne operates over 670 branches, almost all leased — which don't show up in the traditional debt figure but are real financial commitments. Equity grew solidly, and no goodwill impairment has been recorded.