Boise Cascade Company (BCC) Q4 2025 earnings summary

Executive summary

• Full-year 2025 net income was $132.8 million ($3.53 per share) on $6.4 billion in sales, with Q4 net income of $8.7 million ($0.24 per share) on $1.46 billion in sales, both down significantly from 2024 due to market headwinds and a $6 million legal accrual.

• Expanded distribution business with a new Texas Greenfield Distribution Center and the acquisition of Holden Humphrey, supporting EWP growth strategy.

• Major capital investments completed in EWP production, including Oakdale modernization and Thorsby line addition.

• Returned value to shareholders via a 5% dividend increase, $35 million in dividends, and $181 million in share repurchases in 2025, with $39 million more in early 2026.

• Leadership transition announced, with Jeff Strom succeeding Nate Jorgensen as CEO.

Financial highlights

• Q4 2025 sales were $1.46 billion, down 7% year-over-year; full-year sales were $6.4 billion, down 5%.

• Q4 net income was $8.7 million ($0.24 per share), down from $68.9 million ($1.78 per share) in Q4 2024; full-year EPS was $3.53, down from $9.57.

• Q4 Adjusted EBITDA was $57.2 million, down 56% year-over-year; full-year Adjusted EBITDA was $342.2 million, down 46%.

• 2025 capital expenditures totaled $241 million; $35 million in dividends paid and $181 million in share repurchases.

• Ended 2025 with $477.2 million in cash, $395.1 million in undrawn credit, and $450 million in debt.

Outlook and guidance

• Q1 2026 BMD EBITDA expected between $45–$55 million; Wood Products EBITDA between $25–$35 million.

• Daily sales pace in Q1 2026 projected to improve but remain below Q4 2025; EWP and plywood volumes expected to rise sequentially.

• Gross margins for BMD expected between 14.25% and 15%; effective tax rate projected at 26–27%.

• 2026 capital spending expected at $150–$170 million, with a third allocated to BMD growth projects.

• Long-term demand outlook remains positive for residential construction and repair & remodel activity, though 2026 housing starts expected flat or modestly down.