Boise Cascade Company (BCC) Q2 2026 earnings summary

Executive summary

• Q2 2026 sales rose 5% year-over-year to $1.83 billion, with net income of $57.3 million ($1.63 per share), and Adjusted EBITDA up 6% to $126.2 million, despite a competitive and uncertain operating environment.

• Both BMD and Wood Products segments delivered strong results, with BMD income down and Wood Products income up year-over-year.

• Announced an expanded exclusive nationwide distribution partnership with James Hardie, consolidating product offerings and exiting competing siding, trim, and exterior moulding lines.

• Liquidity at quarter-end was $699.9 million, including $304.8 million in cash and $395.1 million in undrawn bank line availability.

• The operating environment remained challenging due to subdued residential construction, affordability constraints, and homebuilders using incentives to stimulate demand.

Financial highlights

• Q2 2026 sales were $1,831.3 million, up from $1,740.1 million in Q2 2025; net income was $57.3 million, down from $62.0 million due to prior year property gains.

• Adjusted EBITDA for Q2 2026 was $126.2 million, a 6% increase from $119.0 million in Q2 2025.

• BMD segment sales rose 5% to $1,697.5 million, with EBITDA at $85.6 million (down from $91.8 million) and income at $70.1 million (down $7.9 million year-over-year).

• Wood Products sales increased 3% to $459.6 million, with EBITDA up 40% to $52.4 million and income up 84% to $25.7 million, driven by higher plywood prices and volumes.

• Operating cash flow for the first six months was $26.3 million, up from $4.7 million in the prior year period.

Outlook and guidance

• Q3 2026 Adjusted EBITDA guidance is $82–$114 million, with BMD EBITDA of $53–$68 million and Wood Products EBITDA of $42–$57 million; gross margins expected at 14.0%–14.75%.

• Volumes projected to decrease sequentially, while prices may see a slight increase; EWP pricing to rise ~3% sequentially, but volumes expected to decline mid-single digits.

• Revenue pressure anticipated in decking, siding, and trim during supplier transition; financial support from James Hardie agreement begins October 1.

• Capital expenditures for 2026 projected at $150–$170 million, focused on growth, efficiency, and compliance.

• Management expects product pricing to remain dynamic, influenced by economic and geopolitical factors, input costs, and seasonal demand.