gms-20250731

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended July 31, 2025

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

For the transition period from _______________ to _______________.

COMMISSION FILE NUMBER: 001-37784

______________________________________________________________

GMS INC.

(Exact name of registrant as specified in its charter)

______________________________________________________________


Delaware		46-2931287
(State or other jurisdiction of incorporation		(IRS Employer Identification No.)
or organization)

115 Perimeter Center Place, Suite 600
Atlanta,	Georgia	30346
(Address of principal executive offices)		(ZIP Code)

(800) 392-4619

(Registrant’s telephone number, including area code)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

GMS

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 38,169,712 shares of the registrant’s common stock, par value $0.01 per share, outstanding as of August 25, 2025.

FORM 10-Q

TABLE OF CONTENTS



		Page
Cautionary Note Regarding Forward-Looking Statements		4

PART I	Financial Information	7
Item 1	Financial Statements	7
	Condensed Consolidated Balance Sheets (Unaudited)	7
	Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)	8
	Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)	9
	Condensed Consolidated Statements of Cash Flows (Unaudited)	10
	Notes to Condensed Consolidated Financial Statements (Unaudited)	11
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4	Controls and Procedures	37

PART II	Other Information	38
Item 1	Legal Proceedings	38
Item 1A	Risk Factors	39
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3	Defaults Upon Senior Securities	40
Item 4	Mine Safety Disclosures	40
Item 5	Other Information	40
Item 6	Exhibits	41
Signatures		42

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” or “should,” or the negative thereof or other variations thereon or comparable terminology. Statements about our future financial performance, growth or future developments relating to economic conditions, our markets or the commercial and residential construction industries and statements about our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events contained in this Quarterly Report on Form 10-Q are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including statements made herein with respect to the Offer (as defined below), the Merger (as defined below) and related transactions, and including, for example, the timing of the completion of the Merger and the potential benefits of the Merger and those factors discussed under the heading “Risk Factors” in Part 1, Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 30, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”), may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include:

•the potential impact of the announcement and pendency of the proposed Offer and the Merger on us, including our relationships with suppliers, customers and employees, the time and resources dedicated to the completion of the Offer and the Merger and our inability to pursue alternative business opportunities or make appropriate changes to our business because of the Merger Agreement (as defined below);

•uncertainties as to the expected timing and completion of the Offer and the Merger, including the possibility that the Merger Agreement will be terminated, including under circumstances which may require us to pay a termination fee, and that various closing conditions for the transactions may not be satisfied or waived and that our stock price will be adversely impacted in the event the Offer and the Merger are not consummated;

•general business, financial market and economic conditions, including inflation and deflation, changes in interest rates, geopolitical conflicts, an economic downturn or recession and capital market volatility;

•our dependency upon the cyclical commercial and residential construction markets, both new and repair and remodeling, or R&R, including any impact from a decline or delay in residential or commercial construction activity, including from disruptions caused by the inability of commercial borrowers to repay their debt obligations, and from the availability or cost of financing;

•competition in our industry and the markets in which we operate;

•consolidation in our industry;

•general labor shortages, including as a result of changes in immigration policy and enforcement, could negatively impact the availability of labor or increase labor costs, including for our customers given that a meaningful portion of the construction labor force is comprised of immigrants, which could adversely impact customer demand for our products;

•the fluctuations in prices and mix of the products we distribute and our ability to pass on price increases to our customers and effectively manage inventories and margins in both inflationary and deflationary pricing environments;

•our ability to successfully implement our growth strategy, including identifying, successfully consummating and integrating acquisitions, opening new branches and expanding our product offerings;

•our ability to successfully expand into new geographic markets;

•product shortages, other disruptions in our supply chain or distribution network and potential loss of relationships with key suppliers, including increased shipping costs and delays and heightened risks relating to sourcing products from international suppliers, including risks relating to new or increased tariffs and other trade policies;

•our ability to manage operating costs and achieve the anticipated benefits from our cost reduction and productivity initiatives;

•the potential loss of any significant customers or reduction in volume of purchases by our significant customers;

•our ability to identify and maintain attractive locations for our operations and our ability to renew our leases on favorable terms or find comparable replacement;

•our ability to effectively manage our inventory as our sales volume or the prices of the products we distribute fluctuate;

•significant fluctuations in fuel costs or shortages in the supply of fuel;

•natural or man-made disruptions to our facilities or equipment;

•the risk of our Canadian operations, including currency rate fluctuations;

•our ability to continue to anticipate and address evolving consumer demands;

•exposure to product liability and various other claims and litigation, and the adequacy and costs of insurance related thereto;

•operating hazards that may cause personal injury or property damage;

•the impact of and volatility in the political, legal and regulatory environments in which we operate, including tariffs and other policies associated with the current U.S. presidential administration;

•our inability to engage in activities that may be in our best long-term interests because of restrictions in our debt agreements;

•our current level of indebtedness and our ability to incur additional indebtedness, including to fund acquisitions;

•our ability to obtain additional financing on acceptable terms, if at all;

•our ability to attract and retain key employees while controlling costs, including the impact of labor and trucking shortages;

•cybersecurity breach, including misappropriation of our customers’, employees’ or suppliers’ confidential information, and the potential costs related thereto;

•a disruption in our IT systems and costs necessary to maintain and update our IT systems; and

•the imposition of new tariffs and other trade barriers, or increases in existing tariffs, and the effect of any retaliatory trade measures.

Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q are not guarantees of future performance, and actual results and events may differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q.

Any forward-looking statement that we make in this Quarterly Report on Form 10-Q speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise. You should review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of the filing of this Quarterly Report on Form 10-Q.

PART I – Financial Information

Item 1. Financial Statements

GMS Inc.

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands, except per share data)


	July 31, 2025		April 30, 2025
Assets
Current assets:
Cash and cash equivalents	$	39,931	$	55,599
Trade accounts and notes receivable, net of allowances of $13,333 and $12,947, respectively	879,287		835,888
Inventories, net	583,801		586,191
Prepaid expenses and other current assets	36,110		42,438
Total current assets	1,539,129		1,520,116
Property and equipment, net of accumulated depreciation of $383,375 and $369,343, respectively	531,047		524,008
Operating lease right-of-use assets	328,972		325,977
Goodwill	882,502		881,334
Intangible assets, net	516,945		536,716
Deferred income taxes	26,588		24,568
Other assets	19,899		18,548
Total assets	$	3,845,082	$	3,831,267
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	396,249	$	431,494
Accrued compensation and employee benefits	87,461		126,442
Other accrued expenses and current liabilities	133,347		127,396
Current portion of long-term debt	57,740		57,901
Current portion of operating lease liabilities	53,717		54,325
Total current liabilities	728,514		797,558
Non-current liabilities:
Long-term debt	1,255,900		1,206,445
Long-term operating lease liabilities	288,464		279,373
Deferred income taxes, net	76,035		76,483
Other liabilities	44,347		51,228
Total liabilities	2,393,260		2,411,087
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.01 per share, 500,000 shares authorized; 38,068 and 38,164 shares issued and outstanding as of July 31, 2025 and April 30, 2025, respectively	381		381
Preferred stock, par value $0.01 per share, 50,000 shares authorized; 0 shares issued and outstanding as of July 31, 2025 and April 30, 2025	—		—
Additional paid-in capital	184,712		189,216
Retained earnings	1,316,076		1,272,516
Accumulated other comprehensive loss	(49,347)		(41,933)
Total stockholders’ equity	1,451,822		1,420,180
Total liabilities and stockholders’ equity	$	3,845,082	$	3,831,267

The accompanying notes are an integral part of these condensed consolidated financial statements.

GMS Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)

(in thousands, except per share data)


	Three Months Ended July 31,
	2025		2024
Net sales	$	1,414,332	$	1,448,456
Cost of sales (exclusive of depreciation and amortization shown separately below)	977,807		996,893
Gross profit	436,525		451,563
Operating expenses:
Selling, general and administrative	314,379		315,152
Depreciation and amortization	40,919		38,032


Total operating expenses	355,298		353,184
Operating income	81,227		98,379
Other (expense) income:
Interest expense	(21,068)		(22,213)
Other income, net	906		2,028
Total other expense, net	(20,162)		(20,185)
Income before taxes	61,065		78,194
Provision for income taxes	17,505		20,946
Net income	$	43,560	$	57,248
Weighted average common shares outstanding:
Basic	38,064		39,542
Diluted	38,629		40,226
Net income per common share:
Basic	$	1.14	$	1.45
Diluted	$	1.13	$	1.42

Comprehensive income
Net income	$	43,560	$	57,248
Other comprehensive income (loss):
Foreign currency translation adjustments	(7,729)		(1,089)
Intra-entity transactions that are of a long-term investment nature, net of tax	(341)		(1,861)
Changes in derivative financial instruments, net of tax	656		(5,347)
Total other comprehensive loss	(7,414)		(8,297)
Comprehensive income	$	36,146	$	48,951

The accompanying notes are an integral part of these condensed consolidated financial statements.

GMS Inc.

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

(in thousands)


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Amount
Balances as of April 30, 2025	38,164	$	381	$	189,216	$	1,272,516	$	(41,933)	$	1,420,180
Net income	—	—		—		43,560		—		43,560
Other comprehensive loss, net of tax	—	—		—		—		(7,414)		(7,414)
Repurchase and retirement of common stock	(170)	(2)		(12,850)		—		—		(12,852)
Equity-based compensation	—	—		3,744		—		—		3,744
Exercise of stock options	19	1		808		—		—		809
Vesting of restricted stock units	5	—		—		—		—		—

Issuance of common stock pursuant to employee stock purchase plan	50	1		3,794		—		—		3,795
Balances as of July 31, 2025	38,068	$	381	$	184,712	$	1,316,076	$	(49,347)	$	1,451,822


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Amount
Balances as of April 30, 2024	39,754	$	397	$	334,596	$	1,157,047	$	(31,519)	$	1,460,521
Net income	—	—		—		57,248		—		57,248
Other comprehensive loss, net of tax	—	—		—		—		(8,297)		(8,297)
Repurchase and retirement of common stock	(538)	(5)		(46,604)		—		—		(46,609)
Equity-based compensation	—	—		3,678		—		—		3,678
Exercise of stock options	22	—		555		—		—		555


Issuance of common stock pursuant to employee stock purchase plan	44	1		3,206		—		—		3,207
Balances as of July 31, 2024	39,282	$	393	$	295,431	$	1,214,295	$	(39,816)	$	1,470,303

The accompanying notes are an integral part of these condensed consolidated financial statements.

GMS Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)


	Three Months Ended July 31,
	2025		2024
Cash flows from operating activities:
Net income	$	43,560	$	57,248
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	40,919		38,032

Write-off and amortization of debt discount and debt issuance costs	649		448
Equity-based compensation	4,697		4,343
Loss on disposal of assets, net	4		858
Deferred income taxes	(2,650)		(1,681)
Other items, net	1,631		2,288
Changes in assets and liabilities net of effects of acquisitions:
Trade accounts and notes receivable	(43,108)		(36,373)
Inventories	3,089		(20,640)
Prepaid expenses and other assets	2,694		(3,320)
Accounts payable	(35,320)		(10,644)
Accrued compensation and employee benefits	(39,005)		(66,124)
Other accrued expenses and liabilities	(8,104)		12,626
Cash used in operating activities	(30,944)		(22,939)
Cash flows from investing activities:
Purchases of property and equipment	(8,446)		(8,976)
Proceeds from sale of business and sale of assets	1,267		1,218
Acquisition of businesses, net of cash acquired	(1,444)		(118,461)

Cash used in investing activities	(8,623)		(126,219)
Cash flows from financing activities:
Repayments on revolving credit facility	(462,165)		(378,641)
Borrowings from revolving credit facility	508,253		468,864
Payments of principal on long-term debt	(1,247)		(1,247)
Payments of principal on finance lease obligations	(12,686)		(10,839)
Repurchases of common stock	(12,852)		(46,609)
Proceeds from exercises of stock options	809		555

Proceeds from issuance of stock pursuant to employee stock purchase plan	3,795		3,207
Cash provided by financing activities	23,907		35,290
Effect of exchange rates on cash and cash equivalents	(8)		892
Decrease in cash and cash equivalents	(15,668)		(112,976)
Cash and cash equivalents, beginning of period	55,599		166,148
Cash and cash equivalents, end of period	$	39,931	$	53,172
Supplemental cash flow disclosures:
Cash paid for income taxes	$	6,448	$	2,881
Cash paid for interest	23,646		26,730

The accompanying notes are an integral part of these condensed consolidated financial statements.

GMS Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

Founded in 1971, GMS Inc. (together with its consolidated subsidiaries, “we,” “our,” “us,” or the “Company”), through its operating subsidiaries, operates a network of more than 320 distribution centers with extensive product offerings of wallboard, ceilings, steel framing and complementary construction products. The Company also operates nearly 100 tool sales, rental and service centers. Through these operations, the Company provides a comprehensive selection of building products and solutions for its residential and commercial contractor customer base across the United States and Canada. The Company’s operating model combines the benefits of a national platform and strategy with a local go-to-market focus, enabling the Company to generate significant economies of scale while maintaining high levels of customer service.

On June 29, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with The Home Depot, Inc. (“Parent” or “The Home Depot”) and Gold Acquisition Sub, Inc., a wholly owned indirect subsidiary of Parent (“Merger Sub”), pursuant to which Parent agreed to acquire the Company. See Note 2, “Business Combinations,” for additional information regarding the Merger Agreement and the contemplated transaction.

Basis of Presentation

The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary for a fair presentation of the results of operations, financial position and cash flows. All adjustments are of a normal recurring nature unless otherwise disclosed. The results of operations for interim periods are not necessarily indicative of results for any other interim period or the entire fiscal year. The unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2025.

Reclassifications

Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation.

Insurance Liabilities

The following table presents the Company’s aggregate liabilities for medical self-insurance, general liability, automobile and workers’ compensation and any expected recoveries. Liabilities for medical self-insurance are included in other accrued expenses and current liabilities. Reserves for general liability, automobile and workers’ compensation are included in other accrued expenses and current liabilities and other liabilities in the Condensed Consolidated Balance Sheets. Expected recoveries for insurance liabilities are included in prepaid expenses and other current assets and other assets in the Condensed Consolidated Balance Sheets.


	July 31, 2025		April 30, 2025
	(in thousands)
Medical self‑insurance	$	5,572	$	5,769
General liability, automobile and workers’ compensation	34,562		34,166
Expected recoveries for insurance liabilities	(8,109)		(7,357)

GMS Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Revenue Recognition

Revenue is recognized upon transfer of control of contracted goods to customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company includes shipping and handling costs billed to customers in net sales. These costs are recognized as a component of selling, general and administrative expenses.

See Note 13, “Segments,” for information regarding disaggregation of revenue, including revenue by product and by geographic area.

Recently Issued Accounting Pronouncements

Income Taxes. In December 2023, the Financial Accounting Standards Board (“FASB”) issued new guidance to enhance income tax disclosures, primarily through changes in the rate reconciliation and income taxes paid disclosures. The new guidance is effective for fiscal years beginning after December 15, 2024. The new guidance will apply on a prospective basis to annual financial statements for periods beginning after the effective date. However, retrospective application in all prior periods presented is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and disclosures.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued new guidance requiring additional disclosures of specified information about certain costs and expenses. The new guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and is to be applied prospectively with the option to adopt retrospectively. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and disclosures.

2. Business Combinations

Pending Merger with The Home Depot

On June 29, 2025, the Company entered into the Merger Agreement with Parent and Merger Sub. Pursuant to the terms of the Merger Agreement, Parent agreed to cause Merger Sub to commence a tender offer (as it may be extended, amended or supplemented from time to time, the “Offer”), which commenced on July 14, 2025, to purchase any and all of the outstanding shares of common stock of the Company (the “Shares”), at a price of $110.00 per Share (the “Offer Price”), in cash, without interest and net of any required withholding of taxes.

Following the consummation of the Offer, Merger Sub will merge with and into the Company (the “Merger”) in accordance with the Merger Agreement and Section 251(h) of the General Corporation Law of the State of Delaware (the “DGCL”), and the Company will survive the Merger as the surviving corporation and will be an indirect, wholly owned subsidiary of Parent. At the effective time of the Merger, each Share that is not tendered and accepted pursuant to the Offer (other than Shares owned by Parent, Merger Sub or the Company, or by any of their respective direct or indirect wholly owned subsidiaries, Shares tendered and irrevocably accepted for purchase in the Offer and Shares held by stockholders of the Company who are entitled to demand and who have properly and validly demanded their statutory rights of appraisal in compliance with Section 262 of the DGCL) will be automatically converted into the right to receive the Offer Price in cash, without interest thereon and subject to any required withholding taxes.

The board of directors of the Company unanimously approved the Merger Agreement and determined that the Merger Agreement, the Offer, the Merger and the other transactions contemplated by the Merger Agreement are advisable, fair to and in the best interests of the Company and its stockholders. The transaction remains subject to customary closing conditions and is expected to be completed in the second half of calendar 2025. The Company has agreed to pay Parent a termination fee of $147.5 million in cash upon termination of the Merger Agreement under certain specified circumstances.

Beginning on July 16, 2025, alleged GMS stockholders filed two complaints in the Supreme Court of the State of New York County of New York, captioned Wright v. GMS Inc. et al., No. 654243/2025 (N.Y. Sup. Ct. filed on July 16, 2025) and Malone v. GMS Inc. et al., No. 654271/2025 (N.Y. Sup. Ct. filed on July 17, 2025). The complaints, each filed as an individual action, name GMS, its directors, and its chief executive officer as defendants and generally allege claims of negligent misrepresentation and concealment and negligence related to alleged disclosure deficiencies, in violation of New York common law, with respect to the Schedule 14D-9 filed with the SEC in connection with the Offer and Merger, and seek to enjoin the Merger, as well as damages, costs and attorneys’ and experts’ fees. GMS has also received demand letters from several

GMS Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

purported stockholders related to alleged disclosure deficiencies in the Schedule 14D-9. The defendants, including GMS, believe that the claims asserted in these lawsuits and demand letters are without merit. Nonetheless, no assurances can be made as to the outcome of such actions or demands.

Other

On June 2, 2025, the Company acquired certain assets of The Lutz Company, a supplier of complementary products, including EIFS and related cladding supplies, operating from a single location in the Minneapolis, Minnesota metro area. The impact of this acquisition is not material to the Company’s Consolidated Financial Statements.

The Company recorded transaction costs of $6.2 million and $1.3 million during the three months ended July 31, 2025 and 2024, respectively. Transaction costs for the three months ended July 31, 2025 included $5.5 million of one-time costs incurred in connection with the pending merger with The Home Depot. Such costs are included within selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income.

3. Accounts Receivable

The Company’s trade accounts and notes receivable consisted of the following:


	July 31, 2025		April 30, 2025
	(in thousands)
Trade receivables	$	746,638	$	719,868
Other receivables

SEC Form 10-Q filed by GMS Inc.