Louisiana-Pacific (LPX) Q2 2025 earnings summary

Executive summary

• Siding segment achieved record volume, revenue, and EBITDA in Q2 2025, offsetting a $102 million negative impact from lower OSB prices and multi-year low OSB market conditions.

• Consolidated Q2 2025 net sales were $755 million, down 7% year-over-year, with Siding up 11% and OSB down 29%.

• Net income for Q2 2025 was $54 million, a decrease from $160 million in Q2 2024; adjusted EBITDA was $142 million, down from $229 million.

• Company culture and operational excellence recognized with multiple safety and workplace awards in 2024.

• Full-year Siding guidance reaffirmed, with continued focus on operational efficiency and disciplined execution.

Financial highlights

• Q2 2025 net sales: $755 million; net income: $54 million ($0.77 per diluted share); adjusted EBITDA: $142 million; gross margin: $178 million.

• Siding segment Q2 net sales: $460 million (+11% YoY); adjusted EBITDA: $125 million (+19% YoY); EBITDA margin: 27%.

• OSB segment Q2 net sales: $250 million (–29% YoY); adjusted EBITDA: $19 million (–85% YoY); EBITDA margin: 8%.

• Operating cash flow for Q2 2025: $162 million; cash and cash equivalents at June 30, 2025: $333 million; total liquidity: $1.1 billion.

• Q2 2025 capital expenditures: $68 million; $19 million paid in dividends; $102 million in share repurchases in the first half of 2025.

Outlook and guidance

• Full-year 2025 Siding net sales guidance: ~$1.7 billion (~9% growth); adjusted EBITDA: ~$430 million (~25% margin).

• Q3 2025 Siding net sales expected at ~$430 million (~3% growth); adjusted EBITDA ~$110 million (~26% margin).

• Full-year 2025 OSB adjusted EBITDA expected at $(25) million; consolidated adjusted EBITDA ~$405 million.

• Capital expenditures for 2025 projected at ~$350 million, mainly due to lower OSB spending.

• Management expects continued volatility in demand due to macroeconomic factors, tariffs, and supply chain disruptions.