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# SiteOne Adds $500 Million To Buyback, Plans Job Cuts And Branch Closures As Volume Slips
- URL: https://www.bullished.co/siteone-adds-500-million-to-buyback-plans-job-cuts-and-branch-closures-as-volume-slips-42a7c7e0/
- Published: 2026-10-28T10:22:38.000Z
- Updated: 2026-10-28T15:08:01.000Z
- Description: The landscape supplies distributor grew third-quarter profit 8% while organic daily sales fell 1%, and it guides full-year organic sales flat to down 1%.
- Author: Matteo Parrino
- Tags: Deals, SITE, Industry: Industrials

[SiteOne Landscape Supply](https://www.bullished.co/tag/site/), a wholesale distributor of landscape supplies, grew third-quarter net income 8% to [$63.9 million](https://www.sec.gov/Archives/edgar/data/0001650729/000110465926119300/tm2628388d1%5Fex99-1.htm?ref=bullished.co) even as organic daily sales fell 1%, the company said in an [8-K filed Wednesday](https://www.sec.gov/Archives/edgar/data/0001650729/000110465926119300/tm2628388d1%5F8k.htm?ref=bullished.co). It also raised its share repurchase authorization by $500 million and plans to cut jobs and close branches in the fourth quarter.

## Price up, volume down

Net sales rose 3% to $1,291.1 million from $1,258.2 million a year earlier, with acquisitions adding $39.7 million. Organic daily sales, which leave out recently acquired branches, slipped 1% as lower volume outweighed higher prices.

Gross margin widened 80 basis points to 35.5%, which the company tied mainly to price realization, including fuel surcharges, and its commercial initiatives. SG&A (selling, general and administrative costs) rose 20 basis points to 28.6% of sales on higher fuel and healthcare costs and lower volume.

Net income came to $1.46 per diluted share, from $1.31 a year earlier. Adjusted EBITDA, the company's earnings measure before interest, taxes, depreciation and certain other items, rose 8% to $138.3 million, and its margin improved 60 basis points to 10.7%. Operating cash flow fell $3.0 million to $125.6 million.

## A bigger buyback, a smaller payroll

After quarter-end, the board approved a $500 million increase to the buyback, bringing the total authorization to about $538.3 million. That includes about $38.3 million left under the earlier $400 million program. The company bought back $62.2 million of shares in the quarter, and the new authorization has no expiration date.

Net debt stood at $522.6 million, up from $422.5 million a year earlier, or 1.2 times trailing adjusted EBITDA versus 1.0 times.

CEO Doug Black said the company plans to reduce its workforce and consolidate or close branches in the fourth quarter, with a charge to adjusted EBITDA of about $6 million to $8 million. SiteOne also acquired Patterson Nursery Sales after the quarter began its wind-down, according to the release's highlights.

## Guidance and a soft market

SiteOne, which has served landscape professionals from more than 670 branches as of the end of 2025, expects 2026 adjusted EBITDA of $425 million to $440 million. It sees full-year organic daily sales flat to down 1%, including an extra week in December that it says trims sales growth by about 80 basis points and EBITDA by about $4 million to $5 million.

Black said declines in new residential construction and repair and upgrade work more than offset steadier maintenance and new commercial construction. Hot, dry weather in August and September delayed fall applications. "Pricing was up 4% in the quarter, and we expect this to continue through the remainder of the year," he said.

October organic daily sales are running up about 2%, he said, which the company expects to produce flat to up 1% for July through October.

Management expects adjusted EBITDA margin to expand slightly in 2026 despite the job-cut charge and the extra week.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — SiteOne Landscape Supply, Inc. (SITE)](https://www.sec.gov/Archives/edgar/data/0001650729/000110465926119300/tm2628388d1%5F8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit tm2628388d1\_ex99-1.htm — SiteOne Landscape Supply, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001650729/000110465926119300/tm2628388d1%5Fex99-1.htm?ref=bullished.co) — SEC EDGAR

### More on SiteOne Landscape Supply

- [SiteOne CEO Won't Answer Heritage's 'Hundreds And Hundreds' Of Basis Points Claim](https://www.bullished.co/siteone-ceo-wont-answer-heritages-hundreds-and-hundreds-of-basis-points-claim-caf9de65/)
- [SiteOne Adds $500 Million To Buyback Authorization With Cash Down To $88.4 Million](https://www.bullished.co/siteone-adds-500-million-to-buyback-authorization-with-cash-down-to-88-4-million-276f84d4/)

[All SiteOne Landscape Supply (SITE) coverage →](https://www.bullished.co/tag/site/)