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2024 ANNUAL REPORT
Officers BRYAN H. FAIRBANKS President and Chief Executive Officer FRANK J. DE IULIIS Group Vice President, Retail and International Sales AMY M. FERNANDEZ Senior Vice President, Chief Legal Officer and Secretary ANAND KANGALA Vice President, Chief Information Officer ZACHARY C. LAUER Senior Vice President, Supply Chain and Manufacturing Directors & Committee Members L. RODRIGO PI EIRO Group Vice President, Innovation JACOB T. RUDOLPH Senior Vice President, Chief Human Resources Officer BRENDA LOVCIK Senior Vice President and Chief Financial Officer JAMES E. CLINE Chairman of the Board BRYAN H. FAIRBANKS JAY M. GRATZ Compensation Committee Chairman ADAM D. ZAMBANINI Audit Committee Member Executive Vice President and Chief Operating Officer KRISTINE L. JUSTER Compensation Committee Member Nominating/Corporate Governance Committee Member RONALD W. KAPLAN Vice Chairman of the Board C. CHRISTIAN KEFFER Compensation Committee Member Nominating/Corporate Governance Committee Member GENA C. LOVETT, PH.D. Audit Committee Member Nominating/Corporate Governance Committee Member MELKEYA MCDUFFIE Audit Committee Member Compensation Committee Member PATRICIA B. ROBINSON Lead Independent Director Compensation Committee Member Nominating/Corporate Governance Committee Chairwoman GERALD VOLAS Audit Committee Chairman Nominating/Corporate Governance Committee Memberminating/ Corporate Governance Committee Member
Dear Fellow Shareholders: During 2024 we executed on several key strategic initiatives that provide the foundation for our company s continued long-term growth. These initiatives spanned product development activities, expansion of channel partners and market availability for Trex products, and expanded branding programs. Accelerated Pace of Product Development 2024 was a record year for Trex in new product introductions, and this accelerated pace will continue in 2025 to support future growth. Many of these new products include features that either have not been previously available or have not been available at competitive prices and they all incorporate the long-lasting quality synonymous with the Trex brand. During the year we saw particular success with our premium Transcend Lineage decking which continued to drive strong consumer demand at the high end of the market. Transcend Lineage features Trex s proprietary heat-mitigating technology, now branded SunComfortable , which reflects UV rays to keep deck boards feeling cooler* than boards of similar colors without heat-mitigating technology. In late 2024, we introduced two new colors to our Enhance decking line both featuring SunComfortable technology. Heat mitigation attributes are becoming more popular across all markets where people enjoy outdoor living activities. SunComfortable technology has garnered very positive responses from our channel partners and consumers, and we will continue to roll out the new feature with new decking product launches. We recently announced the next generation of Trex Select decking, with three new colors, freshened graining patterns, and the SunComfortable technology, which will be available during the second quarter of 2025. First generation Trex Select decking brand has been available since 2012, and this next generation Select decking product will fill the needs of mid-priced buyers in the $4.50 to $5.00 per linear foot price range. 2024 was a pivotal year in advancing our railing growth strategy as we accelerated the pace of new product introductions with new steel, mesh and aluminum railing systems, cable and glass systems and enhancements to the Trex Select and Trex Enhance composite railing systems that are priced to provide an alternative to vinyl railing. With these new product offerings, which will be available for the 2025 season, we now have a comprehensive portfolio of railing products addressing all major design preferences and price points. This accomplishment is aligned with our objective of doubling our market share of the $3.3 billion railing market over the next five years, moving from 6% to 12%. Also, we now have a full line of Trex branded deck fasteners. In addition to providing a clean, cohesive aesthetic to the homeowner, these products are engineered to make installation easier and more efficient for both contractors and DIY installers. Taken together, our expanded decking, railing and fastener product lines give our channel partners and contractors a competitive edge by offering the ability to deliver end-to-end solutions from one trusted supplier Trex. Expanding Channel Partners and Market Availability of Trex Products In 2024 we expanded our product portfolio to further strengthen our relationships with our distributor partners. Long-time distributors like Snavely Forest Products and Boise Cascade announced their decisions to fully align with Trex decking and railing across each of their locations. Additionally, Weyerhaeuser, a global leader in distributing building products to both the pro and retail channels, aligned with Trex decking and railing and will Trex decking with SunComfortable heat-mitigating technology are designed to be cooler than most other composite decking products of a similar color without heat-mitigating technology. Although engineered to be more comfortable, they can still get hot to the touch when direct sunlight and high temperatures converge for extended periods of time. On such days, care should be taken.
service the California, Arizona and New Mexico markets. Also, we expanded our relationship with International Wood Products, which will fully align with Trex and offer both Trex decking and railing in Northern California and Northern Nevada, giving us the ability to further increase our share in key geographies in the western part of the U.S. Further, we strengthened our distribution network in Canada with Alexandria Moulding, a Specialty Building Products Brand, which will bring our premium decking and railing products to a broader range of Canadian retailers, homeowners and contractors. In addition, our home center business will benefit from the additional shelf space we gained at The Home Depot in the first quarter of 2025. Investing in the Trex Brand We continued to make substantial investment in branding and marketing programs that strengthen consumer recognition of the advantages of Trex products. These programs capitalize on current trends in outdoor living by highlighting products that support seamless transitions from indoor comfort to outdoor enjoyment, and emphasize the climate resilience of the Trex deck, with innovations such as our SunComfortable technology and the weather resistance of our boards that make them ideal for use in and around water. These advantages appeal to a broad range of consumers who want to add value to their homes. And Trex branded products have shown to be an excellent way to add value. We were honored to be named America s Most Trusted Outdoor Decking 2025** for the fifth consecutive year. According to a nationwide survey of nearly 4,000 participants, Lifestory Research noted that Trex received the best reviews and satisfaction scores amongst six outdoor decking brands included in the survey and was the only decking brand to earn the maximum five-star rating for trust compared to three stars for the next two closest competitors. Trex was also named among Barron s 100 Most Sustainable U.S. Companies in 2025, our second consecutive year on the prestigious list. As we expand our product portfolio and move further into adjacencies, we remain committed to being a brand that always delivers on its promises. Delivering Positive Financial Results We achieved net income of $226 million, or $2.09 per diluted share, in 2024, representing 10% year-on-year growth. Net sales for 2024 of $1.2 billion increased 5% from 2023 levels, primarily due to the shift of our Early-Buy program from December to January of 2024, which added approximately $75 million in sales. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $360 million, up 10% from $326 million in the prior year, and EBITDA margin expanded by 150 basis points to 31.3% from 29.8% in 2023, primarily resulting from our cost-out programs which continue to drive margin improvement, as well as benefiting from inventory build in 2024 that will be recorded as sales in 2025. 2024 operating cash flow was $144 million and capital expenditures were $232 million primarily related to the construction of our new Arkansas manufacturing facility. In alignment with our capital allocation strategy and demonstrating our continued confidence in our long-term outlook, we returned over $100 million to our shareholders through the repurchase of 1.6 million shares of our outstanding common stock in 2024. Preparing to Capture Future Demand for Trex Products We remain on track with our investments in the new Arkansas campus, which when completed, will be our most efficient production site, and will give Trex total manufacturing capacity of more than $2 billion in sales. ** Trex received the highest numerical score in the proprietary Lifestory Research 2021-2025 America s Most Trusted Outdoor Decking studies. Study results are based on the experiences and perceptions of people surveyed. Your experiences may vary. Visit www.lifestoryresearch.com.
Our recycled plastic processing operation at the Arkansas facility will start late in the first quarter of 2025. Until we begin decking manufacturing in Arkansas, the output from this operation will be used at our Virginia and Nevada facilities, eliminating the need to purchase higher cost externally recycled materials. The majority of the capital spending related to the Arkansas campus will be completed in 2025, which will make 2026 a year of substantial free cash flow generation for Trex as we return to a more normalized level of capital spending, and as we leverage the investments made between 2023 and 2025. Outlook for 2025 Trex is positioned for continued growth in 2025 amid expectations for the Repair and Remodel market to be approximately flat compared to 2024 levels. Our guidance for market outperformance anticipates continued strong sell-through of Trex premium decking products, improved demand for Trex entry-level decking products and double-digit growth in our railing product sales. Our market leadership, brand equity and reputation, and robust product portfolio have attracted the largest and most trusted network of distributors, dealers, and home centers in North America. To support our dedicated partners, we have doubled-down on our commitment to innovation with many new products to be launched in 2025 as part of our Performance Engineered for Your Life Outdoors campaign a new program designed to both strengthen and expand our existing market leadership position. We appreciate the support of our channel partners and the tireless work of the Trex team to build our business, while maintaining the highest standards of quality and integrity. Together, we are positioned to capture the greatest share of the industry s growth opportunities. We thank our shareholders for their interest in and support of the Trex Company, and we look forward to keeping you apprised of our progress. Sincerely, Bryan Fairbanks, President and Chief Executive Officer
 • shareholder letter icon 3/24/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/21/2023 TREX Stockholder Letter
 • stockholder letter icon 3/25/2024 TREX Stockholder Letter
 • stockholder letter icon More "Construction Materials & Machinery" Category Stockholder Letters
 • Benford's Law Stocks icon TREX Benford's Law Stock Score = 74


TREX Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT

Officers
BRYAN H. FAIRBANKS
President and Chief Executive Officer
FRANK J. DE IULIIS
Group Vice President, Retail and International Sales
AMY M. FERNANDEZ
Senior Vice President, Chief Legal Officer and Secretary
ANAND KANGALA
Vice President, Chief Information Officer
ZACHARY C. LAUER
Senior Vice President, Supply Chain and Manufacturing
Directors &
Committee Members
L. RODRIGO PI  EIRO
Group Vice President, Innovation
JACOB T. RUDOLPH
Senior Vice President, Chief Human Resources Officer
BRENDA LOVCIK
Senior Vice President and Chief Financial Officer
JAMES E. CLINE
Chairman of the Board
BRYAN H. FAIRBANKS
JAY M. GRATZ
Compensation Committee Chairman
ADAM D. ZAMBANINI
Audit Committee Member
Executive Vice President and Chief Operating Officer
KRISTINE L. JUSTER
Compensation Committee Member
Nominating/Corporate Governance Committee Member
RONALD W. KAPLAN
Vice Chairman of the Board
C. CHRISTIAN KEFFER
Compensation Committee Member
Nominating/Corporate Governance Committee Member
GENA C. LOVETT, PH.D.
Audit Committee Member
Nominating/Corporate Governance Committee Member
MELKEYA MCDUFFIE
Audit Committee Member
Compensation Committee Member
PATRICIA B. ROBINSON
Lead Independent Director
Compensation Committee Member
Nominating/Corporate Governance Committee Chairwoman
GERALD VOLAS
Audit Committee Chairman
Nominating/Corporate Governance Committee Memberminating/
Corporate Governance Committee Member

Dear Fellow Shareholders:
During 2024 we executed on several key strategic initiatives that provide the foundation for our company   s
continued long-term growth. These initiatives spanned product development activities, expansion of channel
partners and market availability for Trex products, and expanded branding programs.
Accelerated Pace of Product Development
2024 was a record year for Trex in new product introductions, and this accelerated pace will continue in 2025 to
support future growth. Many of these new products include features that either have not been previously
available or have not been available at competitive prices     and they all incorporate the long-lasting quality
synonymous with the Trex brand.
During the year we saw particular success with our premium Transcend Lineage   decking which continued to
drive strong consumer demand at the high end of the market. Transcend Lineage features Trex   s proprietary
heat-mitigating technology, now branded SunComfortable   , which reflects UV rays to keep deck boards feeling
cooler* than boards of similar colors without heat-mitigating technology. In late 2024, we introduced two new
colors to our Enhance   decking line     both featuring SunComfortable technology. Heat mitigation attributes are
becoming more popular across all markets where people enjoy outdoor living activities.
SunComfortable technology has garnered very positive responses from our channel partners and consumers, and
we will continue to roll out the new feature with new decking product launches. We recently announced the next
generation of Trex Select   decking, with three new colors, freshened graining patterns, and the SunComfortable
technology, which will be available during the second quarter of 2025. First generation Trex Select decking
brand has been available since 2012, and this next generation Select decking product will fill the needs of
mid-priced buyers in the $4.50 to $5.00 per linear foot price range.
2024 was a pivotal year in advancing our railing growth strategy as we accelerated the pace of new product
introductions with new steel, mesh and aluminum railing systems, cable and glass systems and enhancements to
the Trex Select   and Trex Enhance   composite railing systems that are priced to provide an alternative to vinyl
railing. With these new product offerings, which will be available for the 2025 season, we now have a
comprehensive portfolio of railing products addressing all major design preferences and price points. This
accomplishment is aligned with our objective of doubling our market share of the $3.3 billion railing market over
the next five years, moving from 6% to 12%.
Also, we now have a full line of Trex branded deck fasteners. In addition to providing a clean, cohesive aesthetic
to the homeowner, these products are engineered to make installation easier and more efficient for both
contractors and DIY installers.
Taken together, our expanded decking, railing and fastener product lines give our channel partners and
contractors a competitive edge by offering the ability to deliver end-to-end solutions from one trusted supplier    
Trex.
Expanding Channel Partners and Market Availability of Trex Products
In 2024 we expanded our product portfolio to further strengthen our relationships with our distributor partners.
Long-time distributors like Snavely Forest Products and Boise Cascade announced their decisions to fully align
with Trex decking and railing across each of their locations. Additionally, Weyerhaeuser, a global leader in
distributing building products to both the pro and retail channels, aligned with Trex decking and railing and will

Trex decking with SunComfortable    heat-mitigating technology are designed to be cooler than most other
composite decking products of a similar color without heat-mitigating technology. Although engineered to
be more comfortable, they can still get hot to the touch when direct sunlight and high temperatures
converge for extended periods of time. On such days, care should be taken.

service the California, Arizona and New Mexico markets. Also, we expanded our relationship with International
Wood Products, which will fully align with Trex and offer both Trex decking and railing in Northern California
and Northern Nevada, giving us the ability to further increase our share in key geographies in the western part of
the U.S. Further, we strengthened our distribution network in Canada with Alexandria Moulding, a Specialty
Building Products Brand, which will bring our premium decking and railing products to a broader range of
Canadian retailers, homeowners and contractors. In addition, our home center business will benefit from the
additional shelf space we gained at The Home Depot in the first quarter of 2025.
Investing in the Trex Brand
We continued to make substantial investment in branding and marketing programs that strengthen consumer
recognition of the advantages of Trex products. These programs capitalize on current trends in outdoor living by
highlighting products that support seamless transitions from indoor comfort to outdoor enjoyment, and
emphasize the climate resilience of the Trex deck, with innovations such as our SunComfortable    technology
and the weather resistance of our boards that make them ideal for use in and around water. These advantages
appeal to a broad range of consumers who want to add value to their homes. And Trex branded products have
shown to be an excellent way to add value.
We were honored to be named    America   s Most Trusted   Outdoor Decking 2025**    for the fifth consecutive
year. According to a nationwide survey of nearly 4,000 participants, Lifestory Research noted that Trex received
the best reviews and satisfaction scores amongst six outdoor decking brands included in the survey and was the
only decking brand to earn the maximum five-star rating for trust compared to three stars for the next two closest
competitors. Trex was also named among Barron   s 100 Most Sustainable U.S. Companies in 2025, our second
consecutive year on the prestigious list. As we expand our product portfolio and move further into adjacencies,
we remain committed to being a brand that always delivers on its promises.
Delivering Positive Financial Results
We achieved net income of $226 million, or $2.09 per diluted share, in 2024, representing 10% year-on-year
growth.
Net sales for 2024 of $1.2 billion increased 5% from 2023 levels, primarily due to the shift of our Early-Buy
program from December to January of 2024, which added approximately $75 million in sales.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $360 million, up 10% from
$326 million in the prior year, and EBITDA margin expanded by 150 basis points to 31.3% from 29.8% in 2023,
primarily resulting from our cost-out programs which continue to drive margin improvement, as well as
benefiting from inventory build in 2024 that will be recorded as sales in 2025.
2024 operating cash flow was $144 million and capital expenditures were $232 million primarily related to the
construction of our new Arkansas manufacturing facility.
In alignment with our capital allocation strategy and demonstrating our continued confidence in our long-term
outlook, we returned over $100 million to our shareholders through the repurchase of 1.6 million shares of our
outstanding common stock in 2024.
Preparing to Capture Future Demand for Trex Products
We remain on track with our investments in the new Arkansas campus, which when completed, will be our most
efficient production site, and will give Trex total manufacturing capacity of more than $2 billion in sales.
** Trex received the highest numerical score in the proprietary Lifestory Research 2021-2025 America   s Most
Trusted   Outdoor Decking studies. Study results are based on the experiences and perceptions of people
surveyed. Your experiences may vary. Visit www.lifestoryresearch.com.

Our recycled plastic processing operation at the Arkansas facility will start late in the first quarter of 2025. Until
we begin decking manufacturing in Arkansas, the output from this operation will be used at our Virginia and
Nevada facilities, eliminating the need to purchase higher cost externally recycled materials. The majority of the
capital spending related to the Arkansas campus will be completed in 2025, which will make 2026 a year of
substantial free cash flow generation for Trex as we return to a more normalized level of capital spending, and as
we leverage the investments made between 2023 and 2025.
Outlook for 2025
Trex is positioned for continued growth in 2025 amid expectations for the Repair and Remodel market to be
approximately flat compared to 2024 levels. Our guidance for market outperformance anticipates continued
strong sell-through of Trex premium decking products, improved demand for Trex entry-level decking products
and double-digit growth in our railing product sales.
Our market leadership, brand equity and reputation, and robust product portfolio have attracted the largest and
most trusted network of distributors, dealers, and home centers in North America.
To support our dedicated partners, we have doubled-down on our commitment to innovation     with many new
products to be launched in 2025 as part of our    Performance Engineered for Your Life Outdoors       campaign     a
new program designed to both strengthen and expand our existing market leadership position.
We appreciate the support of our channel partners and the tireless work of the Trex team to build our business,
while maintaining the highest standards of quality and integrity. Together, we are positioned to capture the
greatest share of the industry   s growth opportunities.
We thank our shareholders for their interest in and support of the Trex Company, and we look forward to keeping
you apprised of our progress.
Sincerely,
Bryan Fairbanks, President and Chief Executive Officer



shareholder letter icon 3/24/2025 Letter Continued (Full PDF)
 

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