Boise Cascade LLC (BCC)

Boise Cascade Company Reports First Quarter 2026 ResultsMay 4, 2026 4:15 PM
Business Wire Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $17.8 million, or $0.50 per share, on sales of $1.5 billion for the first quarter ended March 31, 2026, compared with net income of $40.3 million, or $1.06 per share, on sales of $1.5 billion for the first quarter ended March 31, 2025. “In the first quarter of 2026, our businesses delivered solid results despite the current demand environment, influenced by geopolitical events, volatile mortgage rates, and severe weather,” said Jeff Strom, CEO. “I am proud of our associates for continuing to lean into our integrated model, which demonstrates its value and resilience in markets like these. Our Company is especially well positioned during periods of uncertainty, as customers increasingly rely on Boise Cascade for reliable service and consistent value across a broad range of industry-leading products. Looking ahead, I am confident in the unwavering focus of our team to deliver value to our stakeholders irrespective of market conditions.” First Quarter 2026 Highlights     1Q 2026   1Q 2025   % change     (in thousands, except per-share data and percentages) Consolidated Results             Sales   $ 1,498,614   $ 1,536,494   (2 )% Net income     17,842     40,348   (56 )% Net income per common share - diluted     0.50     1.06   (53 )% Adjusted EBITDA 1     66,567     91,607   (27 )% Segment Results             Building Materials Distribution sales   $ 1,388,948   $ 1,407,116   (1 )% Building Materials Distribution income     32,942     48,417   (32 )% Building Materials Distribution EBITDA 1     48,225     62,779   (23 )% Wood Products sales     398,204     415,845   (4 )% Wood Products income     8,492     17,709   (52 )% Wood Products EBITDA 1     31,957     40,195   (20 )% 1   For reconciliations of non-GAAP measures, see summary notes at the end of this press release. In first quarter 2026, total U.S. housing starts increased 1% while single-family housing starts decreased 5%, compared to the same period in 2025. Single-family housing starts are the key demand driver for our sales. Building Materials Distribution (BMD) BMD's sales decreased $18.2 million, or 1%, to $1,388.9 million for the three months ended March 31, 2026, from $1,407.1 million for the three months ended March 31, 2025. Compared with the same quarter in the prior year, the decrease in sales was driven by net sales price decreases of 3%, offset partially by net sales volume increases of 2%. By product line, general line product sales increased 4%, commodity sales decreased 5%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 7%. BMD segment income decreased $15.5 million to $32.9 million for the three months ended March 31, 2026, from $48.4 million for the three months ended March 31, 2025. The decrease in segment income was driven by increased selling and distribution expenses of $8.2 million, as well as a $6.5 million gross margin decrease, resulting from lower gross margins on all product lines, particularly EWP. Wood Products Wood Products' sales, including sales to BMD, decreased $17.6 million, or 4%, to $398.2 million for the three months ended March 31, 2026, from $415.8 million for the three months ended March 31, 2025. The decrease in sales was driven by lower sales prices and volumes for LVL and I-joists (collectively referred to as EWP). These decreases were offset partially by higher plywood sales volumes and prices. Wood Products' segment income decreased $9.2 million to $8.5 million for the three months ended March 31, 2026, from $17.7 million for the three months ended March 31, 2025. The decrease in segment income was primarily due to lower EWP sales prices, as well as higher per-unit EWP conversion costs. These decreases in segment income were offset partially by lower per-unit OSB costs, as well as higher plywood sales volumes and sales prices. Additionally, operations resumed at our Oakdale veneer and plywood mill following planned downtime in 2025 to complete significant mill modernization projects, which provided a favorable impact on per-unit conversion costs. Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:     1Q 2026 vs. 1Q 2025   1Q 2026 vs. 4Q 2025           Average Net Selling Prices         LVL   (7)%   —% I-joists   (7)%   1% Plywood   1%   4% Sales Volumes         LVL   (1)%   8% I-joists   (5)%   16% Plywood   3%   5% Balance Sheet and Liquidity Boise Cascade ended first quarter 2026 with $338.7 million of cash and cash equivalents and $395.1 million of undrawn committed bank line availability, for total available liquidity of $733.8 million. The Company had $452.5 million of outstanding debt at March 31, 2026. Capital Allocation We expect capital expenditures in 2026, excluding potential acquisition spending, to total approximately $150 million to $170 million. This level of capital expenditures could increase or decrease as a result of several factors, including efforts to further accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases. For the three months ended March 31, 2026, the Company paid $10.4 million in common stock dividends. On April 30, 2026, our board of directors declared a quarterly dividend of $0.22 per share on our common stock, payable on June 17, 2026, to stockholders of record on June 1, 2026. For the three months ended March 31, 2026, the Company paid $65.5 million for the repurchase of 830,751 shares of our outstanding common stock. In April 2026, the Company repurchased an additional 312,894 shares of our common stock at a cost of approximately $25 million. Subsequent to these share repurchases, approximately $148 million of our outstanding common stock was available for repurchase under our existing share repurchase program. Outlook Demand for the products we purchase and distribute, as well as the products we manufacture, is closely tied to new residential construction, residential repair-and-remodeling activity, and light commercial construction. Residential construction, particularly new single-family construction, remains a key demand driver for the products we distribute and manufacture. The operating environment during the first quarter of 2026 presented a mix of opportunities and challenges. For much of the quarter, mortgage rates declined to their lowest levels in over three years. However, recent geopolitical turmoil has led to volatility in treasury and mortgage rates alike, casting unpredictability on the remainder of the spring selling season. Consumer sentiment and home affordability challenges persist as the most prominent headwinds to residential construction activity. In addition, home builders are responding to the cautious demand environment with thoughtful approaches to starts, home sizes, location, and inventory. Long-term demand drivers for residential construction, including generational tailwinds and an undersupply of housing units, remain strong, while elevated levels of homeowner equity and an aging U.S. housing stock support robust repair-and-remodel spending and reinforce the industry’s solid fundamentals. Our distribution business, which purchases and resells a diverse range of products, experiences opportunities for increased sales and margins during periods of rising prices, while periods of declining prices may present challenges. Future product pricing, particularly for commodity products we distribute and manufacture, is expected to remain dynamic, influenced by economic and geopolitical conditions, input costs, industry operating rates, supply disruptions, duties, tariffs, cost and availability of transportation, inventory levels, and seasonal demand patterns. We will continue to monitor end market demand signals and align production rates and inventory stocking positions accordingly. We are providing financial guidance for second quarter 2026 as set forth in the table below. Guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including those set forth below under “Forward-Looking Statements.”   Second Quarter 2026 Guidance BMD EBITDA ~$65 - $80 million Wood Products EBITDA ~$32 - $47 million Unallocated Corporate Costs ~($14) - ($12) million Total Company Adjusted EBITDA ~$83 - $115 million About Boise Cascade Boise Cascade is one of the largest U.S. wholesale distributors of building materials and a leading manufacturer of engineered wood products and plywood in North America. Our integrated model and national distribution footprint position us to deliver outstanding service to our customers across a broad range of industry-leading products, including key structural products that we produce. Headquartered in Boise, Idaho, we operate more than 60 distribution and manufacturing facilities strategically located across the U.S. and Canada. Our work is powered by a dedicated team of over 7,500 people. Learn more at www.bc.com. Webcast and Conference Call Boise Cascade will host a webcast and conference call to discuss first quarter earnings on Tuesday, May 5, 2026, at 11 a.m. Eastern. To join the webcast, go to the Investors section of our website at www.bc.com/investors and select the Event Calendar link. Analysts and investors who wish to ask questions during the Q&A session can register for the call here. The archived webcast will be available in the Investors section of Boise Cascade's website. Use of Non-GAAP Financial Measures We refer to the terms EBITDA, Adjusted EBITDA and Segment EBITDA in this earnings release and the accompanying Quarterly Statistical Information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in the United States (GAAP). We define EBITDA as income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. We also disclose Segment EBITDA, which is segment income (loss) before depreciation and amortization. We believe EBITDA, Adjusted EBITDA and Segment EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA, Adjusted EBITDA and Segment EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. EBITDA, Adjusted EBITDA and Segment EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income, income from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA, Adjusted EBITDA and Segment EBITDA instead of net income or segment income (loss) have limitations as analytical tools, including: the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for these limitations by relying on our GAAP results. Our measures of EBITDA, Adjusted EBITDA and Segment EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. For a reconciliation of net income to EBITDA and Adjusted EBITDA and segment income (loss) to Segment EBITDA, please see the section titled, "Summary Notes to Consolidated Financial Statements and Segment Information" below. Forward-Looking Statements This press release contains statements concerning future events and expectations, including, without limitation, statements relating to our outlook. These statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," “outlook,” "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. Factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include those factors set forth in Boise Cascade’s most recent Annual Report on Form 10-K, subsequent reports filed by Boise Cascade with the Securities and Exchange Commission (SEC), and the following important factors: the commodity nature of a portion of our products and their price movements, which are driven largely by general economic conditions, industry capacity and operating rates, industry cycles that affect supply and demand, and net import and export activity; the highly competitive nature of our industry; declines in demand for our products due to competing technologies or materials, as well as changes in building code provisions; disruptions to information systems used to process and store customer, employee, and vendor information, as well as the technology that manages our operations and other business processes; material disruptions and/or major equipment failure at our manufacturing facilities; declining demand for residual byproducts, particularly wood chips generated in our manufacturing operations; labor disruptions, shortages of skilled and technical labor, or increased labor costs; product shortages, loss of key suppliers, and our dependence on third-party suppliers and manufacturers; the cost and availability of third-party transportation services used to deliver the goods we distribute and manufacture, as well as our raw materials; cost and availability of raw materials, particularly wood fiber; the need to successfully formulate and implement succession plans for key members of our management team; our ability to execute our organic growth and acquisition strategies efficiently and effectively; failures or delays with new or existing technology systems and software platforms; our ability to successfully pursue our long-term growth strategy related to innovation and digital technology; concentration of our sales among a relatively small group of customers, as well as the financial condition and creditworthiness of our customers; impairment of our long-lived assets, goodwill, and/or intangible assets; substantial ongoing capital investment costs, including those associated with organic growth and acquisitions, and the difficulty in offsetting fixed costs related to those investments; our indebtedness, including the possibility that we may not generate sufficient cash flows from operations or that future borrowings may not be available in amounts sufficient to fulfill our debt obligations and fund other liquidity needs; restrictive covenants contained in our debt agreements; changes in or failure to comply with laws and regulations; changes in foreign trade policy, including the imposition of tariffs; compliance with data privacy and security laws and regulations; the impacts of climate change and related legislative and regulatory responses intended to reduce climate change; cost of compliance with government regulations, in particular, environmental regulations; exposure to product liability, product warranty, casualty, construction defect, and other claims; and fluctuations in the market for our equity. It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects. Forward-looking statements speak only as of the date they are made, and, except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Boise Cascade Company Consolidated Statements of Operations (in thousands, except per-share data) (unaudited)   Three Months Ended   March 31   December 31,
2025   2026   2025               Sales $ 1,498,614     $ 1,536,494     $ 1,460,181               Costs and expenses           Materials, labor, and other operating expenses (excluding depreciation)   1,255,070       1,276,183       1,228,749   Depreciation and amortization   39,053       37,121       41,313   Selling and distribution expenses   150,444       143,648       145,719   General and administrative expenses   26,300       24,997       22,466   Other (income) expense, net   (38 )     26       5,983       1,470,829       1,481,975       1,444,230               Income from operations   27,785       54,519       15,951               Foreign currency exchange loss   (241 )     —       (40 ) Pension expense (excluding service costs)   (30 )     (33 )     (33 ) Interest expense   (6,019 )     (5,312 )     (6,024 ) Interest income   2,937       5,510       4,452   Change in fair value of interest rate swaps   —       (490 )     —       (3,353 )     (325 )     (1,645 )             Income before income taxes   24,432       54,194       14,306   Income tax provision   (6,590 )     (13,846 )     (5,572 ) Net income $ 17,842     $ 40,348     $ 8,734               Weighted average common shares outstanding:           Basic   35,909       38,017       36,823   Diluted   36,020       38,215       36,972               Net income per common share:           Basic $ 0.50     $ 1.06     $ 0.24   Diluted $ 0.50     $ 1.06     $ 0.24               Dividends declared per common share $ 0.22     $ 0.21     $ 0.22   Building Materials Distribution Segment Statements of Operations (in thousands, except percentages) (unaudited)   Three Months Ended   March 31   December 31,
2025   2026   2025               Segment sales $ 1,388,948     $ 1,407,116     $ 1,363,116               Costs and expenses           Materials, labor, and other operating expenses (excluding depreciation)   1,189,236       1,200,940       1,157,607   Depreciation and amortization   15,283       14,362       14,967   Selling and distribution expenses   141,274       133,099       134,885   General and administrative expenses   10,421       9,765       8,478   Other (income) expense, net   (208 )     533       5,697       1,356,006       1,358,699       1,321,634               Segment income $ 32,942     $ 48,417     $ 41,482                 (percentage of sales)             Segment sales   100.0 %     100.0 %     100.0 %             Costs and expenses           Materials, labor, and other operating expenses (excluding depreciation)   85.6 %     85.3 %     84.9 % Depreciation and amortization   1.1 %     1.0 %     1.1 % Selling and distribution expenses   10.2 %     9.5 %     9.9 % General and administrative expenses   0.8 %     0.7 %     0.6 % Other (income) expense, net   — %     — %     0.4 %     97.6 %     96.6 %     97.0 %             Segment income   2.4 %     3.4 %     3.0 % Wood Products Segment Statements of Operations (in thousands, except percentages) (unaudited)   Three Months Ended   March 31   December 31,
2025   2026   2025               Segment sales $ 398,204     $ 415,845     $ 353,960               Costs and expenses           Materials, labor, and other operating expenses (excluding depreciation)   352,985       362,246       328,108   Depreciation and amortization   23,465       22,486       26,093   Selling and distribution expenses   9,224       10,603       10,888   General and administrative expenses   3,868       3,313       2,361   Other (income) expense, net   170       (512 )     304       389,712       398,136       367,754               Segment income (loss) $ 8,492     $ 17,709     $ (13,794 )               (percentage of sales)             Segment sales   100.0 %     100.0 %     100.0 %             Costs and expenses           Materials, labor, and other operating expenses (excluding depreciation)   88.6 %     87.1 %     92.7 % Depreciation and amortization   5.9 %     5.4 %     7.4 % Selling and distribution expenses   2.3 %     2.5 %     3.1 % General and administrative expenses   1.0 %     0.8 %     0.7 % Other (income) expense, net   — %     (0.1 %)     0.1 %     97.9 %     95.7 %     103.9 %             Segment income (loss)   2.1 %     4.3 %     (3.9 )% Segment Information (in thousands) (unaudited)   Three Months Ended   March 31   December 31,
2025   2026   2025   Segment sales           Building Materials Distribution $ 1,388,948     $ 1,407,116     $ 1,363,116   Wood Products   398,204       415,845       353,960   Intersegment eliminations   (288,538 )     (286,467 )     (256,895 ) Total net sales $ 1,498,614     $ 1,536,494     $ 1,460,181               Segment income (loss)           Building Materials Distribution $ 32,942     $ 48,417     $ 41,482   Wood Products   8,492       17,709       (13,794 ) Total segment income   41,434       66,126       27,688   Unallocated corporate costs   (13,649 )     (11,607 )     (11,737 ) Income from operations $ 27,785     $ 54,519     $ 15,951               Segment EBITDA           Building Materials Distribution $ 48,225     $ 62,779     $ 56,449   Wood Products   31,957       40,195       12,299   See accompanying summary notes to consolidated financial statements and segment information. Boise Cascade Company Consolidated Balance Sheets (in thousands) (unaudited)   March 31, 2026   December 31, 2025     ASSETS               Current       Cash and cash equivalents $ 338,667   $ 477,215 Receivables       Trade, less allowances of $5,659 and $5,618   461,012     315,944 Related parties   283     86 Other   28,941     24,698 Inventories   877,795     795,724 Prepaid expenses and other   27,544     40,751 Total current assets   1,734,242     1,654,418         Property and equipment, net   1,155,967     1,157,261 Operating lease right-of-use assets   52,971     55,980 Finance lease right-of-use assets   41,772     11,825 Timber deposits   7,501     8,058 Goodwill   185,386     185,384 Intangible assets, net   154,405     159,665 Deferred income taxes   2,913     3,041 Other assets   6,467     6,311 Total assets $ 3,341,624   $ 3,241,943 Boise Cascade Company Consolidated Balance Sheets (continued) (in thousands, except per-share data) (unaudited)   March 31, 2026   December 31, 2025     LIABILITIES AND STOCKHOLDERS' EQUITY               Current       Accounts payable       Trade $ 428,963     $ 254,622   Related parties   2,194       915   Accrued liabilities       Compensation and benefits   93,429       103,066   Interest payable   5,285       10,176   Other   97,159       124,297   Total current liabilities   627,030       493,076           Debt       Long-term debt, net   448,148       445,405           Other       Compensation and benefits   35,462       39,354   Operating lease liabilities, net of current portion   46,602       49,778   Finance lease liabilities, net of current portion   44,828       15,631   Deferred income taxes   104,574       105,551   Other long-term liabilities   19,047       18,270       250,513       228,584           Commitments and contingent liabilities               Stockholders' equity       Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding   —       —   Common stock, $0.01 par value per share; 300,000 shares authorized, 35,503 and 36,190 shares issued, respectively   355       362   Additional paid-in capital   568,433       571,220   Accumulated other comprehensive loss   (469 )     (476 ) Retained earnings   1,447,614       1,503,772   Total stockholders' equity   2,015,933       2,074,878   Total liabilities and stockholders' equity $ 3,341,624     $ 3,241,943   Boise Cascade Company Consolidated Statements of Cash Flows (in thousands) (unaudited)   Three Months Ended March 31   2026   2025 Cash provided by (used for) operations       Net income $ 17,842     $ 40,348   Items in net income not using (providing) cash       Depreciation and amortization, including deferred financing costs and other   39,923       37,960   Stock-based compensation   3,458       3,757   Deferred income taxes   (895 )     741   Change in fair value of interest rate swaps   —       490   Other   (16 )     (788 ) Decrease (increase) in working capital       Receivables   (139,930 )     (129,683 ) Inventories   (82,071 )     (118,138 ) Prepaid expenses and other   (3,242 )     (3,786 ) Accounts payable and accrued liabilities   144,745       127,935   Income taxes payable   6,918       11,654   Other   (2,714 )     1,034   Net cash used for operations   (15,982 )     (28,476 )         Cash provided by (used for) investment       Expenditures for property and equipment   (39,824 )     (53,205 ) Acquisitions of businesses and facilities   (2 )     —   Proceeds from sales of assets and other   353       980   Net cash used for investment   (39,473 )     (52,225 )         Cash provided by (used for) financing       Repurchase of common stock   (65,513 )     (53,884 ) Dividends paid on common stock   (10,370 )     (10,485 ) Tax withholding payments on stock-based awards   (6,244 )     (5,907 ) Other   (966 )     (502 ) Net cash used for financing   (83,093 )     (70,778 )         Net decrease in cash and cash equivalents   (138,548 )     (151,479 )         Balance at beginning of the period   477,215       713,260           Balance at end of the period $ 338,667     $ 561,781   Summary Notes to Consolidated Financial Statements and Segment Information The Consolidated Statements of Operations, Segment Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Segment Information presented herein do not include the notes accompanying the Company's Consolidated Financial Statements and should be read in conjunction with the Company’s 2025 Form 10-K and the Company's other filings with the Securities and Exchange Commission. Net income for all periods presented involved estimates and accruals. EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2026 and 2025, and December 31, 2025:   Three Months Ended   March 31   December 31,
2025   2026   2025     (in thousands) Net income $ 17,842     $ 40,348     $ 8,734   Interest expense   6,019       5,312       6,024   Interest income   (2,937 )     (5,510 )     (4,452 ) Income tax provision   6,590       13,846       5,572   Depreciation and amortization   39,053       37,121       41,313   EBITDA   66,567       91,117       57,191   Change in fair value of interest rate swaps   —       490       —   Adjusted EBITDA $ 66,567     $ 91,607     $ 57,191   The following table reconciles segment income (loss) and unallocated corporate costs to Segment EBITDA, EBITDA and Adjusted EBITDA for the three months ended March 31, 2026 and 2025, and December 31, 2025:   Three Months Ended   March 31   December 31,
2025   2026   2025     (in thousands) Building Materials Distribution           Segment income $ 32,942     $ 48,417     $ 41,482   Depreciation and amortization   15,283       14,362       14,967   Segment EBITDA $ 48,225     $ 62,779     $ 56,449               Wood Products           Segment income (loss) $ 8,492     $ 17,709     $ (13,794 ) Depreciation and amortization   23,465       22,486       26,093   Segment EBITDA $ 31,957     $ 40,195     $ 12,299               Corporate           Unallocated corporate costs $ (13,649 )   $ (11,607 )   $ (11,737 ) Foreign currency exchange gain (loss)   (241 )     —       (40 ) Pension expense (excluding service costs)   (30 )     (33 )     (33 ) Change in fair value of interest rate swaps   —       (490 )     —   Depreciation and amortization   305       273       253   EBITDA   (13,615 )     (11,857 )     (11,557 ) Change in fair value of interest rate swaps   —       490       —   Corporate Adjusted EBITDA $ (13,615 )   $ (11,367 )   $ (11,557 )             Total Company Adjusted EBITDA $ 66,567     $ 91,607     $ 57,191     View source version on businesswire.com: https://www.businesswire.com/news/home/20260504167830/en/ Investor Contact
Chris Forrey
investor@bc.com Media Contact
Amy Evans
mediarelations@bc.com Original: Boise Cascade Company Reports First Quarter 2026 Results

Boise Cascade Company Announces Quarterly Dividend of $0.22 Per ShareApril 30, 2026 5:48 PM
Business Wire
Boise Cascade Company’s (Boise Cascade or the Company) (NYSE: BCC) Board of Directors declared a quarterly dividend of $0.22 per share to holders of its common stock. The dividend will be paid on June 17, 2026 to stockholders of record on June 1, 2026.


Future dividend declarations, including amount per share, record date and payment date, will be made by the board of directors and will depend upon, among other things, legal capital requirements and surplus, the Company’s future operations and earnings, general financial condition, material cash requirements, restrictions imposed by our revolving credit facility and the indenture governing our senior notes, applicable laws, and other factors as the board of directors may deem relevant.


About Boise Cascade


Boise Cascade is one of the largest U.S. wholesale distributors of building materials and a leading manufacturer of engineered wood products and plywood in North America. Our integrated model and national distribution footprint position us to deliver outstanding service to our customers across a broad range of industry-leading products, including key structural products that we produce. Headquartered in Boise, Idaho, we operate more than 60 distribution and manufacturing facilities strategically located across the U.S. and Canada. Our work is powered by a dedicated team of over 7,500 people. Learn more at www.bc.com.


Forward-Looking Statements


This press release contains statements concerning future events and expectations, including, without limitation, statements relating to the amount, timing and occurrence of future dividends. These statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," “outlook,” "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. Factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include: the commodity nature of a portion of our products and their price movements, which are driven largely by general economic conditions, industry capacity and operating rates, industry cycles that affect supply and demand, and net import and export activity; the highly competitive nature of our industry; declines in demand for our products due to competing technologies or materials, as well as changes in building code provisions; and other factors set forth in Boise Cascade's most recent Annual Report on Form 10-K.


It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects. Forward-looking statements speak only as of the date they are made, and, except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430047912/en/
Investor Contact

Chris Forrey

investor@bc.com


Media Contact

Amy Evans

mediarelations@bc.com


Original: Boise Cascade Company Announces Quarterly Dividend of $0.22 Per Share

Boise Cascade Company First Quarter 2026 Earnings Webcast and Conference CallApril 21, 2026 4:15 PM
Business Wire
Boise Cascade Company (NYSE: BCC) will host a webcast and conference call to discuss first quarter 2026 earnings on Tuesday, May 5, 2026, at 11 a.m. Eastern.


To join the webcast, go to the Investors section of our website at www.bc.com/investors and select the Event Calendar link. Analysts and investors who wish to ask questions during the Q&A session can register for the call here.


The archived webcast will be available in the Investors section of Boise Cascade’s website.


About Boise Cascade


Boise Cascade is one of the largest U.S. wholesale distributors of building materials and a leading manufacturer of engineered wood products and plywood in North America. Our integrated model and national distribution footprint position us to deliver outstanding service to our customers across a broad range of industry-leading products, including key structural products that we produce. Headquartered in Boise, Idaho, we operate more than 60 distribution and manufacturing facilities strategically located across the U.S. and Canada. Our work is powered by a dedicated team of over 7,500 people. Learn more at www.bc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421206752/en/
Investor Contact

Chris Forrey

investor@bc.com


Media Contact

Amy Evans

mediarelations@bc.com


Original: Boise Cascade Company First Quarter 2026 Earnings Webcast and Conference Call

Boise Cascade Company Reports Fourth Quarter and Full Year 2025 ResultsFebruary 23, 2026 4:15 PM
Business Wire
Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported fourth quarter net income of $8.7 million, or $0.24 per share, on sales of $1.5 billion. For the full year 2025, Boise Cascade reported net income of $132.8 million, or $3.53 per share, on sales of $6.4 billion. Fourth quarter and full year earnings were negatively impacted by approximately $6 million, or $0.16 per share after-tax, related to an accrual for legal proceedings in our Building Materials Distribution segment. For 2024 comparative results, see the table below.


“While the fourth quarter reflected the expected seasonal softness in demand, I am proud of our teams for delivering strong operating results despite ongoing market headwinds,” said Nate Jorgensen, CEO. “I want to thank each Boise Cascade associate for their dedication and perseverance throughout the year. The foundation of our success remains our people and the values we live every day. Looking ahead, we are well positioned to capture opportunities when housing starts recover, supported by our resilient business model and strategic investments in both our distribution and EWP manufacturing businesses. As I prepare to retire, I am deeply grateful for the Board of Directors’ support and for the strength of our leadership team. I have great confidence in Jeff as he steps into the role of CEO. His vision, experience, and steadfast commitment to our values will serve Boise Cascade well as we advance our objectives and create long-term value for our stakeholders.”


Fourth Quarter and Year End 2025 Highlights




 






 






 






4Q 2025






 






 






 






4Q 2024






 






% change






 






 






2025






 






 






2024






 






% change








 






 






(in thousands, except per-share data and percentages)








Consolidated Results






 






 






 






 






 






 






 






 






 






 






 






 








Sales






 






$






1,460,181






 






 






$






1,567,480






 






(7






)%






 






$






6,404,595






 






$






6,724,294






 






(5






)%








Net income






 






 






8,734






 






 






 






68,900






 






(87






)%






 






 






132,836






 






 






376,354






 






(65






)%








Net income per common share - diluted






 






 






0.24






 






 






 






1.78






 






(87






)%






 






 






3.53






 






 






9.57






 






(63






)%








Adjusted EBITDA 1






 






 






57,191






 






 






 






128,655






 






(56






)%






 






 






342,179






 






 






632,838






 






(46






)%








Segment Results






 






 






 






 






 






 






 






 






 






 






 






 








Building Materials Distribution sales






 






$






1,363,116






 






 






$






1,438,785






 






(5






)%






 






$






5,941,297






 






$






6,166,493






 






(4






)%








Building Materials Distribution income






 






 






41,482






 






 






 






70,701






 






(41






)%






 






 






222,218






 






 






303,385






 






(27






)%








Building Materials Distribution EBITDA 1






 






 






56,449






 






 






 






84,459






 






(33






)%






 






 






280,907






 






 






352,919






 






(20






)%








Wood Products sales






 






 






353,960






 






 






 






419,670






 






(16






)%






 






 






1,613,441






 






 






1,832,317






 






(12






)%








Wood Products income (loss)






 






 






(13,794






)






 






 






33,583






 






N/M






 






 






 






5,836






 






 






231,454






 






(97






)%








Wood Products EBITDA 1






 






 






12,299






 






 






 






56,581






 






(78






)%






 






 






104,292






 






 






324,657






 






(68






)%


























 



1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.







In fourth quarter 2025, total U.S. housing starts and single-family housing starts decreased 4% and 7%, respectively, compared to the same period in 2024. For the full year 2025, total U.S. housing starts and single-family housing starts decreased 1% and 7%, respectively, compared to 2024. Single-family housing starts are the key demand driver for our sales.


Building Materials Distribution (BMD)


BMD's sales decreased $75.7 million, or 5%, to $1,363.1 million for the three months ended December 31, 2025, from $1,438.8 million for the three months ended December 31, 2024. Compared with the same quarter in the prior year, the decrease in sales was driven by decreases in sales prices and sales volumes of 4% and 1%, respectively. By product line, commodity sales decreased 9%, general line product sales increased 3%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 14%. BMD segment income decreased $29.2 million to $41.5 million for the three months ended December 31, 2025, from $70.7 million for the three months ended December 31, 2024. The decrease in segment income was driven by a gross margin decrease of $21.3 million, resulting primarily from decreased margins on commodity and EWP products, offset partially by increased margins on general line products. Segment income in the fourth quarter was also impacted by the previously referenced $6 million accrual for legal proceedings.


For the year ended December 31, 2025, sales decreased $225.2 million, or 4%, to $5,941.3 million from $6,166.5 million in 2024. The decrease in sales was driven by a 2% decrease in both sales prices and sales volumes. By product line, commodity sales decreased 6%, general line product sales increased 3%, and EWP sales decreased 13%. BMD segment income decreased $81.2 million to $222.2 million for the year ended December 31, 2025, from $303.4 million for the year ended December 31, 2024. The decline in segment income was driven by a gross margin decrease of $48.8 million, resulting primarily from lower gross margins on commodity and EWP products, offset partially by improved gross margins on general line products. In addition, selling and distribution expenses and depreciation and amortization expense increased $21.8 million and $9.2 million, respectively.


Wood Products


Wood Products' sales, including sales to BMD, decreased $65.7 million, or 16%, to $354.0 million for the three months ended December 31, 2025, from $419.7 million for the three months ended December 31, 2024. The decrease in sales was driven by lower sales prices and sales volumes for LVL and I-joists (collectively referred to as EWP) and plywood. For the three months ended December 31, 2025, Wood Products' segment loss was $13.8 million compared to segment income of $33.6 million for the three months ended December 31, 2024. The decrease in segment income was due primarily to lower EWP sales prices and sales volumes, as well as lower plywood sales prices and higher per-unit conversion costs.


For the year ended December 31, 2025, sales, including sales to BMD, decreased $218.9 million, or 12%, to $1,613.4 million from $1,832.3 million in 2024. The decrease in sales was driven by lower sales prices and sales volumes for EWP and plywood. Wood Products' segment income decreased $225.6 million to $5.8 million for the year ended December 31, 2025, from $231.5 million for the year ended December 31, 2024. The decrease in segment income was due primarily to lower EWP and plywood sales prices and sales volumes, as well as higher per-unit conversion costs, which were impacted, in part, by planned downtime to complete significant mill modernization capital projects at our Oakdale plywood mill. These decreases in segment income were offset partially by a $3.9 million gain on the sale of a non-operating property.


Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:




 






 






4Q 2025 vs. 4Q 2024






 






4Q 2025 vs. 3Q 2025






 






2025 vs. 2024








 






 






 






 






 






 






 








Average Net Selling Prices






 






 






 






 






 






 








LVL






 






(10)%






 






—%






 






(11)%








I-joists






 






(11)%






 






—%






 






(10)%








Plywood






 






(6)%






 






1%






 






(6)%








Sales Volumes






 






 






 






 






 






 








LVL






 






(7)%






 






(8)%






 






(2)%








I-joists






 






(16)%






 






(16)%






 






(8)%








Plywood






 






(5)%






 






(9)%






 






(4)%







Balance Sheet and Liquidity


Boise Cascade ended fourth quarter 2025 with $477.2 million of cash and cash equivalents and $395.1 million of undrawn committed bank line availability, for total available liquidity of $872.3 million. The Company had $450.0 million of outstanding debt at December 31, 2025.


Capital Allocation


During the year ended December 31, 2025, the Company used a combined $274.8 million of cash for capital spending and acquisitions. We expect capital expenditures in 2026, excluding potential acquisition spending, to total approximately $150 million to $170 million. We expect our capital spending in 2026 will be for business improvement and efficiency projects, replacement projects, and ongoing environmental compliance. This level of capital expenditures could increase or decrease as a result of several factors, including efforts to further accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases.


For the year ended December 31, 2025, the Company paid $34.6 million in common stock dividends. On February 6, 2026, our board of directors declared a quarterly dividend of $0.22 per share on our common stock, payable on March 18, 2026, to stockholders of record on February 23, 2026.


For the three months ended December 31, 2025, the Company paid $70.4 million for the repurchase of 972,640 shares of our common stock. For the year ended December 31, 2025, the Company paid $181.4 million for the repurchase of 2,101,392 shares of our common stock. In January and February 2026, the Company repurchased and retired an additional 469,284 shares of our common stock at a cost of approximately $39 million. Subsequent to these share repurchases, approximately $200 million of our common stock was available for repurchase under our existing share repurchase program.


Outlook


Demand for the products we purchase and distribute, as well as the products we manufacture, is closely tied to new residential construction, residential repair-and-remodeling activity, and light commercial construction. Residential construction, particularly new single-family construction, remains a key demand driver for the products we distribute and manufacture. In 2025, single-family starts fell short of 2024 levels by approximately 7% and are expected to be flat or modestly down in 2026. Home builders moderated their starts in 2025 to avoid further buildup of finished home inventory as affordability remains a persistent challenge for prospective homebuyers. Throughout 2025 builders bridged the supply-demand gap with increased incentives and high single-digit declines in new home prices. Multi-family experienced growth in 2025 but starts are expected to level off in 2026 due to prohibitive capital costs for developers combined with low rent growth and a decrease in permit activity. Industry experts expect flat home improvement spending in 2026 as high costs of borrowing and historically low home turnover continue to constrain demand. Near term demand will continue to be influenced by factors such as mortgage rates, home affordability, home equity levels, home sizes, new and existing home inventory levels, unemployment rates, and consumer confidence. Long-term demand drivers for residential construction, including generational tailwinds and an undersupply of housing units, remain strong, while elevated levels of homeowner equity and an aging U.S. housing stock support robust repair-and-remodel spending and reinforce the industry’s solid fundamentals.


Our distribution business, which purchases and resells a diverse range of products, experiences opportunities for increased sales and margins during periods of rising prices, while periods of declining prices may present challenges. Future product pricing, particularly for commodity products we distribute and manufacture, is expected to remain dynamic, influenced by economic conditions, industry operating rates, supply disruptions, duties, tariffs, transportation constraints, inventory levels, and seasonal demand patterns. We will continue to monitor end market demand signals and align production rates and inventory stocking positions accordingly.


About Boise Cascade


Boise Cascade is one of the largest U.S. wholesale distributors of building materials and a leading manufacturer of engineered wood products and plywood in North America. Our integrated model and national distribution footprint position us to deliver outstanding service to our customers across a broad range of industry-leading products, including key structural products that we produce. Headquartered in Boise, Idaho, we operate more than 60 distribution and manufacturing facilities strategically located across the U.S. and Canada. Our work is powered by a dedicated team of over 7,500 people. Learn more at www.bc.com.


Webcast and Conference Call


Boise Cascade will host a webcast and conference call to discuss fourth quarter and full year earnings on Tuesday, February 24, 2026, at 11 a.m. Eastern.


To join the webcast, go to the Investors section of our website at www.bc.com/investors and select the Event Calendar link. Analysts and investors who wish to ask questions during the Q&A session can register for the call here.


The archived webcast will be available in the Investors section of Boise Cascade's website.


Use of Non-GAAP Financial Measures


We refer to the terms EBITDA, Adjusted EBITDA and Segment EBITDA in this earnings release and the accompanying Quarterly Statistical Information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in the United States (GAAP). We define EBITDA as income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. We also disclose Segment EBITDA, which is segment income (loss) before depreciation and amortization.


We believe EBITDA, Adjusted EBITDA and Segment EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA, Adjusted EBITDA and Segment EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. EBITDA, Adjusted EBITDA and Segment EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income, income from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA, Adjusted EBITDA and Segment EBITDA instead of net income or segment income (loss) have limitations as analytical tools, including: the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for these limitations by relying on our GAAP results. Our measures of EBITDA, Adjusted EBITDA and Segment EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. For a reconciliation of net income to EBITDA and Adjusted EBITDA and segment income (loss) to Segment EBITDA, please see the section titled, "Summary Notes to Consolidated Financial Statements and Segment Information" below.


Forward-Looking Statements


This press release contains statements concerning future events and expectations, including, without limitation, statements relating to our outlook. These statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," “outlook,” "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. Factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include those factors set forth in Boise Cascade’s most recent Annual Report on Form 10-K, subsequent reports filed by Boise Cascade with the Securities and Exchange Commission (SEC), and the following important factors: the commodity nature of a portion of our products and their price movements, which are driven largely by general economic conditions, industry capacity and operating rates, industry cycles that affect supply and demand, and net import and export activity; the highly competitive nature of our industry; declines in demand for our products due to competing technologies or materials, as well as changes in building code provisions; disruptions to information systems used to process and store customer, employee, and vendor information, as well as the technology that manages our operations and other business processes; material disruptions and/or major equipment failure at our manufacturing facilities; declining demand for residual byproducts, particularly wood chips generated in our manufacturing operations; labor disruptions, shortages of skilled and technical labor, or increased labor costs; product shortages, loss of key suppliers, and our dependence on third-party suppliers and manufacturers; the cost and availability of third-party transportation services used to deliver the goods we distribute and manufacture, as well as our raw materials; cost and availability of raw materials, particularly wood fiber; the need to successfully formulate and implement succession plans for key members of our management team; our ability to execute our organic growth and acquisition strategies efficiently and effectively; failures or delays with new or existing technology systems and software platforms; our ability to successfully pursue our long-term growth strategy related to innovation and digital technology; concentration of our sales among a relatively small group of customers, as well as the financial condition and creditworthiness of our customers; impairment of our long-lived assets, goodwill, and/or intangible assets; substantial ongoing capital investment costs, including those associated with organic growth and acquisitions, and the difficulty in offsetting fixed costs related to those investments; our indebtedness, including the possibility that we may not generate sufficient cash flows from operations or that future borrowings may not be available in amounts sufficient to fulfill our debt obligations and fund other liquidity needs; restrictive covenants contained in our debt agreements; changes in or failure to comply with laws and regulations; changes in foreign trade policy, including the imposition of tariffs; compliance with data privacy and security laws and regulations; the impacts of climate change and related legislative and regulatory responses intended to reduce climate change; cost of compliance with government regulations, in particular, environmental regulations; exposure to product liability, product warranty, casualty, construction defect, and other claims; and fluctuations in the market for our equity.


It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects. Forward-looking statements speak only as of the date they are made, and, except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.


Boise Cascade Company

Consolidated Statements of Operations

(in thousands, except per-share data) (unaudited)




 






Three Months Ended






 






Year Ended








 






December 31






 






September 30, 2025






 






December 31








 






 






2025






 






 






 






2024






 






 






 






 






2025






 






 






 






2024






 








 






 






 






 






 






 






 






 






 






 








Sales






$






1,460,181






 






 






$






1,567,480






 






 






$






1,667,806






 






 






$






6,404,595






 






 






$






6,724,294






 








 






 






 






 






 






 






 






 






 






 








Costs and expenses






 






 






 






 






 






 






 






 






 








Materials, labor, and other operating expenses (excluding depreciation)






 






1,228,749






 






 






 






1,269,769






 






 






 






1,404,311






 






 






 






5,350,702






 






 






 






5,393,607






 








Depreciation and amortization






 






41,313






 






 






 






37,035






 






 






 






42,378






 






 






 






158,221






 






 






 






144,113






 








Selling and distribution expenses






 






145,719






 






 






 






143,512






 






 






 






165,074






 






 






 






616,256






 






 






 






594,927






 








General and administrative expenses






 






22,466






 






 






 






25,085






 






 






 






25,763






 






 






 






99,696






 






 






 






102,317






 








Other (income) expense, net






 






5,983






 






 






 






(640






)






 






 






(2,049






)






 






 






(3,609






)






 






 






(708






)








 






 






1,444,230






 






 






 






1,474,761






 






 






 






1,635,477






 






 






 






6,221,266






 






 






 






6,234,256






 








 






 






 






 






 






 






 






 






 






 








Income from operations






 






15,951






 






 






 






92,719






 






 






 






32,329






 






 






 






183,329






 






 






 






490,038






 








 






 






 






 






 






 






 






 






 






 








Foreign currency exchange gain (loss)






 






(40






)






 






 






(1,061






)






 






 






(293






)






 






 






760






 






 






 






(1,164






)








Pension expense (excluding service costs)






 






(33






)






 






 






(38






)






 






 






(33






)






 






 






(131






)






 






 






(149






)








Interest expense






 






(6,024






)






 






 






(5,810






)






 






 






(5,327






)






 






 






(21,846






)






 






 






(24,067






)








Interest income






 






4,452






 






 






 






7,831






 






 






 






4,181






 






 






 






18,766






 






 






 






39,139






 








Change in fair value of interest rate swaps






 






—






 






 






 






(465






)






 






 






—






 






 






 






(925






)






 






 






(2,038






)








 






 






(1,645






)






 






 






457






 






 






 






(1,472






)






 






 






(3,376






)






 






 






11,721






 








 






 






 






 






 






 






 






 






 






 








Income before income taxes






 






14,306






 






 






 






93,176






 






 






 






30,857






 






 






 






179,953






 






 






 






501,759






 








Income tax provision






 






(5,572






)






 






 






(24,276






)






 






 






(9,088






)






 






 






(47,117






)






 






 






(125,405






)








Net income






$






8,734






 






 






$






68,900






 






 






$






21,769






 






 






$






132,836






 






 






$






376,354






 








 






 






 






 






 






 






 






 






 






 








Weighted average common shares outstanding:






 






 






 






 






 






 






 






 






 








Basic






 






36,823






 






 






 






38,490






 






 






 






37,385






 






 






 






37,476






 






 






 






39,086






 








Diluted






 






36,972






 






 






 






38,735






 






 






 






37,509






 






 






 






37,619






 






 






 






39,318






 








 






 






 






 






 






 






 






 






 






 








Net income per common share:






 






 






 






 






 






 






 






 






 








Basic






$






0.24






 






 






$






1.79






 






 






$






0.58






 






 






$






3.54






 






 






$






9.63






 








Diluted






$






0.24






 






 






$






1.78






 






 






$






0.58






 






 






$






3.53






 






 






$






9.57






 








 






 






 






 






 






 






 






 






 






 








Dividends declared per common share






$






0.22






 






 






$






0.21






 






 






$






0.22






 






 






$






0.86






 






 






$






5.82






 







Building Materials Distribution Segment

Statements of Operations

(in thousands, except percentages) (unaudited)




 






Three Months Ended






 






Year Ended








 






December 31






 






September 30, 2025






 






December 31








 






 






2025






 






 






 






2024






 






 






 






 






2025






 






 






 






2024






 








 






 






 






 






 






 






 






 






 






 








Segment sales






$






1,363,116






 






 






$






1,438,785






 






 






$






1,556,150






 






 






$






5,941,297






 






 






$






6,166,493






 








 






 






 






 






 






 






 






 






 






 








Costs and expenses






 






 






 






 






 






 






 






 






 








Materials, labor, and other operating expenses (excluding depreciation)






 






1,157,607






 






 






 






1,212,013






 






 






 






1,321,283






 






 






 






5,045,585






 






 






 






5,221,945






 








Depreciation and amortization






 






14,967






 






 






 






13,758






 






 






 






15,545






 






 






 






58,689






 






 






 






49,534






 








Selling and distribution expenses






 






134,885






 






 






 






132,550






 






 






 






154,841






 






 






 






573,690






 






 






 






551,874






 








General and administrative expenses






 






8,478






 






 






 






10,482






 






 






 






10,210






 






 






 






39,142






 






 






 






40,666






 








Other (income) expense, net






 






5,697






 






 






 






(719






)






 






 






(15






)






 






 






1,973






 






 






 






(911






)








 






 






1,321,634






 






 






 






1,368,084






 






 






 






1,501,864






 






 






 






5,719,079






 






 






 






5,863,108






 








 






 






 






 






 






 






 






 






 






 








Segment income






$






41,482






 






 






$






70,701






 






 






$






54,286






 






 






$






222,218






 






 






$






303,385






 








 






 






 






 






 






 






 






 






 






 








 






(percentage of sales)








 






 






 






 






 






 






 






 






 






 








Segment sales






 






100.0






%






 






 






100.0






%






 






 






100.0






%






 






 






100.0






%






 






 






100.0






%








 






 






 






 






 






 






 






 






 






 








Costs and expenses






 






 






 






 






 






 






 






 






 








Materials, labor, and other operating expenses (excluding depreciation)






 






84.9






%






 






 






84.2






%






 






 






84.9






%






 






 






84.9






%






 






 






84.7






%








Depreciation and amortization






 






1.1






%






 






 






1.0






%






 






 






1.0






%






 






 






1.0






%






 






 






0.8






%








Selling and distribution expenses






 






9.9






%






 






 






9.2






%






 






 






10.0






%






 






 






9.7






%






 






 






8.9






%








General and administrative expenses






 






0.6






%






 






 






0.7






%






 






 






0.7






%






 






 






0.7






%






 






 






0.7






%








Other (income) expense, net






 






0.4






%






 






 






—






%






 






 






—






%






 






 






—






%






 






 






—






%








 






 






97.0






%






 






 






95.1






%






 






 






96.5






%






 






 






96.3






%






 






 






95.1






%








 






 






 






 






 






 






 






 






 






 








Segment income






 






3.0






%






 






 






4.9






%






 






 






3.5






%






 






 






3.7






%






 






 






4.9






%







Wood Products Segment

Statements of Operations

(in thousands, except percentages) (unaudited)




 






Three Months Ended






 






Year Ended








 






December 31






 






September 30, 2025






 






December 31








 






 






2025






 






 






 






2024






 






 






 






 






2025






 






 






 






2024






 








 






 






 






 






 






 






 






 






 






 








Segment sales






$






353,960






 






 






$






419,670






 






 






$






396,401






 






 






$






1,613,441






 






 






$






1,832,317






 








 






 






 






 






 






 






 






 






 






 








Costs and expenses






 






 






 






 






 






 






 






 






 








Materials, labor, and other operating expenses (excluding depreciation)






 






328,108






 






 






 






348,601






 






 






 






368,406






 






 






 






1,457,211






 






 






 






1,446,555






 








Depreciation and amortization






 






26,093






 






 






 






22,998






 






 






 






26,561






 






 






 






98,456






 






 






 






93,203






 








Selling and distribution expenses






 






10,888






 






 






 






11,016






 






 






 






10,287






 






 






 






42,782






 






 






 






43,268






 








General and administrative expenses






 






2,361






 






 






 






3,394






 






 






 






3,391






 






 






 






12,881






 






 






 






17,660






 








Other (income) expense, net






 






304






 






 






 






78






 






 






 






(189






)






 






 






(3,725






)






 






 






177






 








 






 






367,754






 






 






 






386,087






 






 






 






408,456






 






 






 






1,607,605






 






 






 






1,600,863






 








 






 






 






 






 






 






 






 






 






 








Segment income (loss)






$






(13,794






)






 






$






33,583






 






 






$






(12,055






)






 






$






5,836






 






 






$






231,454






 








 






 






 






 






 






 






 






 






 






 








 






(percentage of sales)








 






 






 






 






 






 






 






 






 






 








Segment sales






 






100.0






%






 






 






100.0






%






 






 






100.0






%






 






 






100.0






%






 






 






100.0






%








 






 






 






 






 






 






 






 






 






 








Costs and expenses






 






 






 






 






 






 






 






 






 








Materials, labor, and other operating expenses (excluding depreciation)






 






92.7






%






 






 






83.1






%






 






 






92.9






%






 






 






90.3






%






 






 






78.9






%








Depreciation and amortization






 






7.4






%






 






 






5.5






%






 






 






6.7






%






 






 






6.1






%






 






 






5.1






%








Selling and distribution expenses






 






3.1






%






 






 






2.6






%






 






 






2.6






%






 






 






2.7






%






 






 






2.4






%








General and administrative expenses






 






0.7






%






 






 






0.8






%






 






 






0.9






%






 






 






0.8






%






 






 






1.0






%








Other (income) expense, net






 






0.1






%






 






 






—






%






 






 






—






%






 






 






(0.2






%)






 






 






—






%








 






 






103.9






%






 






 






92.0






%






 






 






103.0






%






 






 






99.6






%






 






 






87.4






%








 






 






 






 






 






 






 






 






 






 








Segment income (loss)






 






(3.9






%)






 






 






8.0






%






 






 






(3.0






)%






 






 






0.4






%






 






 






12.6






%







Segment Information

(in thousands) (unaudited)




 






Three Months Ended






 






Year Ended








 






December 31






 






September 30, 2025






 






December 31








 






 






2025






 






 






 






2024






 






 






 






 






2025






 






 






 






2024






 








Segment sales






 






 






 






 






 






 






 






 






 








Building Materials Distribution






$






1,363,116






 






 






$






1,438,785






 






 






$






1,556,150






 






 






$






5,941,297






 






 






$






6,166,493






 








Wood Products






 






353,960






 






 






 






419,670






 






 






 






396,401






 






 






 






1,613,441






 






 






 






1,832,317






 








Intersegment eliminations






 






(256,895






)






 






 






(290,975






)






 






 






(284,745






)






 






 






(1,150,143






)






 






 






(1,274,516






)








Total net sales






$






1,460,181






 






 






$






1,567,480






 






 






$






1,667,806






 






 






$






6,404,595






 






 






$






6,724,294






 








 






 






 






 






 






 






 






 






 






 








Segment income (loss)






 






 






 






 






 






 






 






 






 








Building Materials Distribution






$






41,482






 






 






$






70,701






 






 






$






54,286






 






 






$






222,218






 






 






$






303,385






 








Wood Products






 






(13,794






)






 






 






33,583






 






 






 






(12,055






)






 






 






5,836






 






 






 






231,454






 








Total segment income






 






27,688






 






 






 






104,284






 






 






 






42,231






 






 






 






228,054






 






 






 






534,839






 








Unallocated corporate costs






 






(11,737






)






 






 






(11,565






)






 






 






(9,902






)






 






 






(44,725






)






 






 






(44,801






)








Income from operations






$






15,951






 






 






$






92,719






 






 






$






32,329






 






 






$






183,329






 






 






$






490,038






 








 






 






 






 






 






 






 






 






 






 








Segment EBITDA






 






 






 






 






 






 






 






 






 








Building Materials Distribution






$






56,449






 






 






$






84,459






 






 






$






69,831






 






 






$






280,907






 






 






$






352,919






 








Wood Products






 






12,299






 






 






 






56,581






 






 






 






14,506






 






 






 






104,292






 






 






 






324,657






 







See accompanying summary notes to consolidated financial statements and segment information.


Boise Cascade Company

Consolidated Balance Sheets

(in thousands) (unaudited)




 






December 31, 2025






 






December 31, 2024








 






 








ASSETS






 






 






 








 






 






 






 








Current






 






 






 








Cash and cash equivalents






$






477,215






 






$






713,260








Receivables






 






 






 








Trade, less allowances of $5,618 and $5,506






 






315,944






 






 






321,820








Related parties






 






86






 






 






173








Other






 






24,698






 






 






22,772








Inventories






 






795,724






 






 






803,296








Prepaid expenses and other






 






40,751






 






 






24,747








Total current assets






 






1,654,418






 






 






1,886,068








 






 






 






 








Property and equipment, net






 






1,157,261






 






 






1,047,083








Operating lease right-of-use assets






 






55,980






 






 






49,673








Finance lease right-of-use assets






 






11,825






 






 






22,128








Timber deposits






 






8,058






 






 






6,916








Goodwill






 






185,384






 






 






171,945








Intangible assets, net






 






159,665






 






 






173,027








Deferred income taxes






 






3,041






 






 






3,705








Other assets






 






6,311






 






 






8,838








Total assets






$






3,241,943






 






$






3,369,383







Boise Cascade Company

Consolidated Balance Sheets (continued)

(in thousands, except per-share data) (unaudited)




 






December 31, 2025






 






December 31, 2024








 






 








LIABILITIES AND STOCKHOLDERS' EQUITY






 






 






 








 






 






 






 








Current






 






 






 








Accounts payable






 






 






 








Trade






$






254,622






 






 






$






297,676






 








Related parties






 






915






 






 






 






1,315






 








Accrued liabilities






 






 






 








Compensation and benefits






 






103,066






 






 






 






127,415






 








Interest payable






 






10,176






 






 






 






9,957






 








Other






 






124,297






 






 






 






127,653






 








Total current liabilities






 






493,076






 






 






 






564,016






 








 






 






 






 








Debt






 






 






 








Long-term debt, net






 






445,405






 






 






 






446,167






 








 






 






 






 








Other






 






 






 








Compensation and benefits






 






39,354






 






 






 






42,006






 








Operating lease liabilities, net of current portion






 






49,778






 






 






 






43,174






 








Finance lease liabilities, net of current portion






 






15,631






 






 






 






26,883






 








Deferred income taxes






 






105,551






 






 






 






78,849






 








Other long-term liabilities






 






18,270






 






 






 






17,014






 








 






 






228,584






 






 






 






207,926






 








 






 






 






 








Commitments and contingent liabilities






 






 






 








 






 






 






 








Stockholders' equity






 






 






 








Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding






 






—






 






 






 






—






 








Common stock, $0.01 par value per share; 300,000 shares authorized, 36,190 and 45,139 shares issued, respectively






 






362






 






 






 






451






 








Treasury stock, — and 6,956 shares at cost, respectively






 






—






 






 






 






(341,974






)








Additional paid-in capital






 






571,220






 






 






 






565,041






 








Accumulated other comprehensive loss






 






(476






)






 






 






(460






)








Retained earnings






 






1,503,772






 






 






 






1,928,216






 








Total stockholders' equity






 






2,074,878






 






 






 






2,151,274






 








Total liabilities and stockholders' equity






$






3,241,943






 






 






$






3,369,383






 







Boise Cascade Company

Consolidated Statements of Cash Flows

(in thousands) (unaudited)




 






Year Ended December 31








 






 






2025






 






 






 






2024






 








Cash provided by (used for) operations






 






 






 








Net income






$






132,836






 






 






$






376,354






 








Items in net income not using (providing) cash






 






 






 








Depreciation and amortization, including deferred financing costs and other






 






161,849






 






 






 






147,402






 








Stock-based compensation






 






12,119






 






 






 






15,486






 








Pension expense






 






131






 






 






 






149






 








Deferred income taxes






 






27,549






 






 






 






(2,416






)








Change in fair value of interest rate swaps






 






925






 






 






 






2,038






 








Other






 






(1,084






)






 






 






(379






)








Decrease (increase) in working capital, net of acquisitions






 






 






 








Receivables






 






17,070






 






 






 






31,068






 








Inventories






 






15,867






 






 






 






(89,266






)








Prepaid expenses and other






 






(3,023






)






 






 






(1,029






)








Accounts payable and accrued liabilities






 






(90,938






)






 






 






(35,595






)








Income taxes payable






 






(17,241






)






 






 






(2,405






)








Other






 






(1,912






)






 






 






(3,087






)








Net cash provided by operations






 






254,148






 






 






 






438,320






 








 






 






 






 








Cash provided by (used for) investment






 






 






 








Expenditures for property and equipment






 






(241,431






)






 






 






(229,569






)








Acquisitions of businesses and facilities, net of cash acquired






 






(33,382






)






 






 






(10,221






)








Proceeds from sales of assets and other






 






11,551






 






 






 






1,970






 








Net cash used for investment






 






(263,262






)






 






 






(237,820






)








 






 






 






 








Cash provided by (used for) financing






 






 






 








Borrowings of long-term debt, including revolving credit facility






 






50,000






 






 






 






—






 








Payments of long-term debt, including revolving credit facility






 






(50,000






)






 






 






—






 








Treasury stock purchased






 






(183,108






)






 






 






(194,904






)








Dividends paid on common stock






 






(34,624






)






 






 






(228,814






)








Tax withholding payments on stock-based awards






 






(5,939






)






 






 






(11,141






)








Payments of deferring financing costs






 






(1,819






)






 






 






—






 








Other






 






(1,441






)






 






 






(1,955






)








Net cash used for financing






 






(226,931






)






 






 






(436,814






)








 






 






 






 








Net decrease in cash and cash equivalents






 






(236,045






)






 






 






(236,314






)








 






 






 






 








Balance at beginning of the period






 






713,260






 






 






 






949,574






 








 






 






 






 








Balance at end of the period






$






477,215






 






 






$






713,260






 







Summary Notes to Consolidated Financial Statements and Segment Information


The Consolidated Statements of Operations, Segment Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Segment Information presented herein do not include the notes accompanying the Company's Consolidated Financial Statements and should be read in conjunction with the Company’s 2025 Form 10-K and the Company's other filings with the Securities and Exchange Commission. Net income for all periods presented involved estimates and accruals.


EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for the (i) three months ended December 31, 2025 and 2024, (ii) three months ended September 30, 2025, and (iii) year ended December 31, 2025 and 2024:




 






Three Months Ended






 






Year Ended








 






December 31






 






September 30, 2025






 






December 31








 






 






2025






 






 






 






2024






 






 






 






 






2025






 






 






 






2024






 








 






(in thousands)








Net income






$






8,734






 






 






$






68,900






 






 






$






21,769






 






 






$






132,836






 






 






$






376,354






 








Interest expense






 






6,024






 






 






 






5,810






 






 






 






5,327






 






 






 






21,846






 






 






 






24,067






 








Interest income






 






(4,452






)






 






 






(7,831






)






 






 






(4,181






)






 






 






(18,766






)






 






 






(39,139






)








Income tax provision






 






5,572






 






 






 






24,276






 






 






 






9,088






 






 






 






47,117






 






 






 






125,405






 








Depreciation and amortization






 






41,313






 






 






 






37,035






 






 






 






42,378






 






 






 






158,221






 






 






 






144,113






 








EBITDA






 






57,191






 






 






 






128,190






 






 






 






74,381






 






 






 






341,254






 






 






 






630,800






 








Change in fair value of interest rate swaps






 






—






 






 






 






465






 






 






 






—






 






 






 






925






 






 






 






2,038






 








Adjusted EBITDA






$






57,191






 






 






$






128,655






 






 






$






74,381






 






 






$






342,179






 






 






$






632,838






 







The following table reconciles segment income (loss) and unallocated corporate costs to Segment EBITDA, EBITDA and Adjusted EBITDA for the (i) three months ended December 31, 2025 and 2024, (ii) three months ended September 30, 2025, and (iii) year ended December 31, 2025 and 2024:




 






Three Months Ended






 






Year Ended








 






December 31






 






September 30, 2025






 






December 31








 






 






2025






 






 






 






2024






 






 






 






 






2025






 






 






 






2024






 








 






(in thousands)








Building Materials Distribution






 






 






 






 






 






 






 






 






 








Segment income






$






41,482






 






 






$






70,701






 






 






$






54,286






 






 






$






222,218






 






 






$






303,385






 








Depreciation and amortization






 






14,967






 






 






 






13,758






 






 






 






15,545






 






 






 






58,689






 






 






 






49,534






 








Segment EBITDA






$






56,449






 






 






$






84,459






 






 






$






69,831






 






 






$






280,907






 






 






$






352,919






 








 






 






 






 






 






 






 






 






 






 








Wood Products






 






 






 






 






 






 






 






 






 








Segment income (loss)






$






(13,794






)






 






$






33,583






 






 






$






(12,055






)






 






$






5,836






 






 






$






231,454






 








Depreciation and amortization






 






26,093






 






 






 






22,998






 






 






 






26,561






 






 






 






98,456






 






 






 






93,203






 








Segment EBITDA






$






12,299






 






 






$






56,581






 






 






$






14,506






 






 






$






104,292






 






 






$






324,657






 








 






 






 






 






 






 






 






 






 






 








Corporate






 






 






 






 






 






 






 






 






 








Unallocated corporate costs






$






(11,737






)






 






$






(11,565






)






 






$






(9,902






)






 






$






(44,725






)






 






$






(44,801






)








Foreign currency exchange gain (loss)






 






(40






)






 






 






(1,061






)






 






 






(293






)






 






 






760






 






 






 






(1,164






)








Pension expense (excluding service costs)






 






(33






)






 






 






(38






)






 






 






(33






)






 






 






(131






)






 






 






(149






)








Change in fair value of interest rate swaps






 






—






 






 






 






(465






)






 






 






—






 






 






 






(925






)






 






 






(2,038






)








Depreciation and amortization






 






253






 






 






 






279






 






 






 






272






 






 






 






1,076






 






 






 






1,376






 








EBITDA






 






(11,557






)






 






 






(12,850






)






 






 






(9,956






)






 






 






(43,945






)






 






 






(46,776






)








Change in fair value of interest rate swaps






 






—






 






 






 






465






 






 






 






—






 






 






 






925






 






 






 






2,038






 








Corporate Adjusted EBITDA






$






(11,557






)






 






$






(12,385






)






 






$






(9,956






)






 






$






(43,020






)






 






$






(44,738






)








 






 






 






 






 






 






 






 






 






 








Total Company Adjusted EBITDA






$






57,191






 






 






$






128,655






 






 






$






74,381






 






 






$






342,179






 






 






$






632,838






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260223429989/en/
Investor Contact

Chris Forrey

investor@bc.com


Media Contact

Amy Evans

mediarelations@bc.com


Original: Boise Cascade Company Reports Fourth Quarter and Full Year 2025 Results