Louisiana-Pacific (LPX) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 were $574 million, down 21% year-over-year, with both Siding and OSB segments experiencing significant declines in sales and volumes.

• Adjusted EBITDA was $82 million, a decrease of $80 million year-over-year, mainly due to lower OSB prices and volumes, and lower Siding volumes partially offset by higher Siding prices.

• Net income dropped to $27 million, a 70% decrease from Q1 2025, with diluted EPS at $0.38–$0.39.

• Siding segment saw a 9% increase in average selling price but an 18% decline in volume; OSB segment experienced a 33% drop in commodity volume and a 28% decrease in adjusted EBITDA margin.

• Safety performance was strong, with a total incident rate of 0.26 and significant milestones at key facilities.

Financial highlights

• Gross profit for Q1 2026 was $115 million, down from $197 million in Q1 2025.

• Operating income was $36 million, down from $116 million year-over-year.

• Cash used in operating activities was $38 million, compared to $64 million provided last year; quarter-end cash was $164 million, with total liquidity of $900 million.

• Capital expenditures for Q1 2026 totaled $61 million; full-year 2026 capex expected to be ~$390 million.

• Adjusted EPS for the quarter was $0.38; $21 million was returned to shareholders via dividends.

Outlook and guidance

• Q2 2026 guidance: Siding net sales of $435–$445 million, Siding Adjusted EBITDA of $115–$120 million, OSB Adjusted EBITDA of $(10) million, consolidated Adjusted EBITDA of $100–$105 million.

• Full-year 2026 guidance: Siding net sales of $1.64–$1.67 billion, Siding Adjusted EBITDA of $410–$425 million (25–26% margin), OSB Adjusted EBITDA of $(10)–$(40) million, consolidated Adjusted EBITDA of $345–$360 million, capital expenditures of ~$390 million.

• Guidance reflects tempered expectations due to weak housing starts, high input costs, and macro uncertainty.

• Management expects to fund capital expenditures through cash on hand, operations, and available credit.