Hillman Posts Record 2025 Results, Guides for Sales Growth and Free-Cash-Flow Rebound in 2026

Management expects tariff-pricing timing to normalize in the first quarter.

Overview

Full-year 2025 net sales rose 5.4% to $1.552 billion and adjusted EBITDA increased 13.9% to $275.3 million.
For 2026, the company projects net sales of $1.6–$1.7 billion, adjusted EBITDA of $275–$285 million, and free cash flow of $100–$120 million.
Tariff-related working capital reduced operating cash flow by about $65 million, leaving 2025 free cash flow at $35.1 million as net leverage improved to 2.4x.
HPS led company performance with sales up 7.8% and adjusted EBITDA up 26%, while RDS returned to growth driven by MiniKey 3.5 deployments.
Management cited a roughly 3-point sales lift from the Intex DIY acquisition, about 2 points from new business wins, and 5.5 points from pricing that covered higher tariff costs, achieved despite ~5% market volume decline and weak existing home sales of 4.06 million.