US Market News
2月前
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
US Market News
4月前
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
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