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Boise Cascade Company (BCC) investor relations material
Boise Cascade Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Third-quarter 2025 sales were $1.67 billion, down 3% year-over-year, with net income of $21.8 million ($0.58 per share) versus $91.0 million ($2.33 per share) in Q3 2024, reflecting subdued demand and commodity pricing headwinds.
Adjusted EBITDA for Q3 2025 was $74.4 million, a 52% decrease year-over-year.
Income from operations fell to $32.3 million from $117.4 million in Q3 2024, driven by lower sales prices/volumes and higher per-unit costs.
The company remains focused on strategic priorities, leveraging its two-step distribution model and market-leading EWP and plywood franchises.
Cash and cash equivalents at quarter-end were $511.8 million, with $907.0 million in total available liquidity and $450.0 million in outstanding debt.
Financial highlights
Q3 2025 sales were $1,667.8 million, a 3% decrease from $1,713.7 million in Q3 2024; nine-month sales were $4,944.4 million, down 4% year-over-year.
Wood product sales were $396.4 million, down 13% year-over-year; segment EBITDA was $14.5 million, down from $77.4 million.
BMD sales were $1.6 billion, down 1% year-over-year; segment EBITDA was $69.8 million, down from $87.7 million.
Gross margin for BMD segment was 15.1% for Q3 2025, down from 15.7% in Q3 2024.
Adjusted EBITDA margin for Q3 2025 was approximately 4.5%.
Outlook and guidance
Fourth-quarter 2025 EBITDA guidance: Wood Products expected between break-even and $15 million; BMD between $40 million and $55 million; total company $30–$60 million.
EWP volumes expected to decline low double digits to mid-teens sequentially; plywood volumes to decrease near double digits; prices to decline low single-digit.
BMD daily sales pace in October was 5% below Q3, with further declines expected due to seasonality.
Effective tax rate for Q4 expected between 26% and 27%, down from 29% in Q3.
Early 2026 projections suggest housing starts consistent with 2025, with gradual improvement expected later in the year as interest rates potentially decline.
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