GMS Inc reported QQ3 2025 net sales of $1.261 billion, essentially flat year-over-year, but suffered margin compression and a GAAP loss driven by a $42.5 million non-cash goodwill impairment. Adjusted EBITDA declined to $93.0 million with an 7.4% margin, while GAAP net income was negative at $21.4 million (-$0.55 per share). The quarter highlighted a challenging macro backdrop with deteriorating end-market demand across US commercial and multifamily segments, offset by resilience in ceilings pricing and continued growth in complementary products. Management signaled a disciplined cost-out program, including an incremental $20 million in annualized cost reductions (bringing total run-rate to $50 million since the start of the fiscal year) and a broader subsidiary consolidation initiative aimed at data standardization and procurement improvements. Despite near-term headwinds, GMS maintained substantial liquidity ($59 million cash with $469.7 million of available revolver liquidity) and a solid balance sheet, enabling ongoing strategic investments and opportunistic share repurchases.