SiteOne Adds $500 Million To Buyback Authorization With Cash Down To $88.4 Million
The board's larger repurchase plan comes as volumes slip, inventory builds and the distributor plans fourth-quarter job and branch cuts.
SiteOne Landscape Supply, a wholesale distributor of landscape supplies, said its board approved a $500.0 million increase to its share repurchase program on October 26, lifting total authorization to about $538.3 million. The company reported the step in its quarterly 10-Q, filed Wednesday, with cash at $88.4 million and $89.1 million drawn on its credit line.
The size of the new authorization
The $538.3 million total is the $500.0 million increase plus about $38.3 million left under the earlier $400.0 million authorization. The program has no expiration date, and management says it will buy shares from time to time at its discretion.
In the nine months through September 27, SiteOne bought back 1,597,891 shares for about $175.9 million, an average of $110.10. Through the first six months the average was $119.46, per the prior quarter's filing. Third-quarter repurchases alone were $62.2 million.
CEO Doug Black said in the earnings release that the company believes the increase "enhances our ability to create value for shareholders."
Borrowing, inventory and thin cash
Cash fell to $88.4 million from $190.6 million at the end of 2025. Total gross long-term debt rose $91.0 million over that span to $480.4 million, which the company attributes to seasonal working capital, higher buybacks, acquisitions and capital spending.
Inventory reached $1,064.7 million, against $876.5 million at year-end. Cash from operations for the nine months was $156.7 million, up from $135.7 million a year earlier. Available capacity on the credit line was $478.0 million.
SiteOne, which sells pavers, irrigation, fertilizer, nursery goods and lighting to landscape professionals from more than 690 branches, grew third-quarter sales 3% to $1,291.1 million, driven by acquisitions. Organic Daily Sales, which strip out recent acquisitions, fell 1% as lower volume and delayed fall applications in hot, dry weather outweighed pricing of about 4%. Net income attributable to SiteOne rose to $63.9 million from $59.1 million.
Cuts planned for the fourth quarter
The filing says the company has taken "additional cost reduction actions to optimize our operating structure as a result of the lower demand environment." It also says it expects "sustained pressure on Net sales growth and Net income for the foreseeable future."
In the release, the company said it plans to cut its workforce and consolidate or close branches in the fourth quarter, with a charge to adjusted EBITDA of about $6 million to $8 million. It guided fiscal 2026 adjusted EBITDA to $425 million to $440 million and full-year Organic Daily Sales to flat to down 1%.
Black said October Organic Daily Sales are running up about 2%, which he expects to yield flat to up 1% for July through October.
Sources
- 10-Q Filing — SiteOne Landscape Supply (SITE) — SEC EDGAR
- 10-Q Filing — SiteOne Landscape Supply (SITE), Q2 FY2026 filed 2026-07-29 (comparison basis) — SEC EDGAR
- Earnings release (8-K Item 2.02, tm2628388d1_ex99-1.htm) — SiteOne Landscape Supply, filed 2026-10-28 — SEC EDGAR
- SiteOne Landscape GAAP EPS of $1.46 beats by $0.06, revenue of $1.29B misses by $10M | Seeking Alpha — seekingalpha.com
- SiteOne Landscape (SITE) Q3 Earnings and Revenues Beat Estimates — Yahoo Finance
- Is SiteOne Landscape Supply (SITE) Undervalued On Future Cash Flow? — Yahoo Finance
- SITE Centers' Third Quarter 2026 Earnings to be Released Monday, November 2, 2026 – Company Announcement - FT.com — Financial Times
- SiteOne Landscape Supply Announces Third Quarter 2026 Earnings – Company Announcement - FT.com — Financial Times
