TREX · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Trex

23 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Three largest customers (incl. Home Depot and Lowe's)

concentrated in · approximately 73%, 81%, and 72%named as a risk

For the years ended December 31, 2025, 2024, and 2023, three customers of Trex represented approximately 73%, 81%, and 72%, respectively, of the Company’s total net sales.Risk factors (Item 1A)

Also named by INTC, PDFS, SWKS, UCTT, WDC

Wholesale distributors

earns fromnamed as a risk

We sell most of our composite decking and railing products through our network of wholesale distributors who, in turn, sell to retail lumber outlets.Risk factors (Item 1A)

Also named by LPX, WTS

Lowe's

earns from

Home Depot and Lowe’s purchase products directly from us for stocking on their shelves.Business (Item 1)

Also named by AOS, DE, HLMN, MAS, SMG, SWK, SYF, WHR

Home Depot

earns from

We sell our products through Home Depot and Lowe’s stores.Business (Item 1)

Also named by DE, HLMN, MAS, O, SMG, SWK

Suppliers

Flatbed truck transportation

depends onnamed as a risk

In particular, a significant portion of our finished goods are transported by flatbed trucks, which are occasionally in high demand (especially at the end of calendar quarters) and/or subject to price fluctuations based on market conditions and the price of fuel.Risk factors (Item 1A)

Partners and platforms

PolyWood, Inc.

earns from

A line of outdoor furniture products manufactured and sold by PolyWood, Inc.Business (Item 1)

Other companies

Senior credit facility (revolving line of credit)

depends on · $133.5 million in debt outstandingnamed as a risk

At December 31, 2025, we had $133.5 million in debt outstanding under our revolving line of credit.Market risk (Item 7A)

Also named by GLIBK, MHK, PWR

Home improvement market

earns fromnamed as a risk

The demand for our products is influenced by the home improvement market and could be adversely affected by conditions that negatively impact this market.Risk factors (Item 1A)

Competitors

Wood decking products

competes withnamed as a risk

Our primary competition consists of wood products, which constitute a substantial majority of decking, railing, fencing, and deck framing sales.Risk factors (Item 1A)

Azek (James Hardie Industries PLC)

competes with

Our principal competitors include Azek (a division of James Hardie Industries PLC), Deckorators (a division of UFP Industries, Inc.), and Fiberon (a division of Fortune Brands, Inc.).Business (Item 1)

Deckorators (UFP Industries, Inc.)

competes with

Fiberon (Fortune Brands, Inc.)

competes with

Places

Little Rock, Arkansas

operates in · approximately 300 acresnamed as a risk

In October 2021, the Company announced plans to add a third manufacturing facility located in Little Rock, Arkansas (Little Rock), that will sit on approximately 300 acres of land.Business (Item 1)

Also named by HRL

Nevada

operates innamed as a risk

We continue to receive and settle claims and maintain a warranty reserve related to decking, railing, and accessory products sold, including decking products produced at our Nevada facility prior to 2007 that exhibits surface flaking.Risk factors (Item 1A)

Also named by CDE, HL, HOOD, TPR

Virginia

operates in

Products manufactured at our facilities in Virginia and Nevada are primarily manufactured from reclaimed wood fiber and scrap polyethylene.Business (Item 1)

Also named by AUB, CNX, CSGP, D, ELV, PNFP, PPL, TFC and 1 more

Hazards

Adverse weather

named as a risk

Seasonal, erratic, or prolonged adverse weather conditions may reduce the level of home improvement and construction activity and can shift sales of our products to a later period or decrease overall sales in affected locations, which could have a negative impact on our results of operations and liquidity.Risk factors (Item 1A)

Also named by BLDR, CSL, JOUT

Commodities and inputs

Scrap polyethylene

depends onnamed as a risk

The manufacture of our composite decking and railing products requires substantial amounts of wood fiber and scrap polyethylene.Risk factors (Item 1A)

Reclaimed wood fiber

depends onnamed as a risk

The production of most of our decking products requires a supply of reclaimed wood fiber and scrap polyethylene.Business (Item 1)

Regulators

U.S. Occupational Safety and Health Administration (OSHA)

subject to

Our operations also are subject to workplace safety regulation by the U.S. Occupational Safety and Health Administration, the Commonwealth of Virginia, and the States of Nevada and Arkansas.Business (Item 1)

Also named by BLDR, CSW, CTOS, ECG, FIX, GVA, HLIO, IBP and 7 more

Virginia Department of Environmental Quality

subject to

The emissions of particulates and other substances from our manufacturing facilities must meet federal and state air quality standards implemented through air permits issued to us by the Department of Environmental Quality of the Commonwealth of Virginia, the Division of Environmental Protection of Nevada’s Department of Conservation and Natural Resources, and the Division of Environmental Quality of Arkansas’ Department of Energy and Environment.Business (Item 1)

Laws and programs

Leadership in Energy and Environmental Design (LEED)

up to four points

Trex decking can add up to four points to a project in the Materials and Resources category for being composed of 95% recycled and reclaimed materials.Business (Item 1)

U.S. tariffs and trade policy

subject tonamed as a risk

The imposition of tariffs and other potential changes in U.S. trade policy have increased the cost and/or limited the availability of raw materials, which has adversely impacted our business, financial condition and results of operations and could hurt our competitive position.Risk factors (Item 1A)

Also named by ADSK, CTAS, EMR, EXP, FDX, FLR, GWW, HPE and 8 more

Technology

Trex wood/polyethylene composite material

concentrated in · substantially all of our revenuesnamed as a risk

In addition, substantially all of our revenues are derived from sales of our proprietary wood/polyethylene composite material.Risk factors (Item 1A)