Boise Cascade Company (BCC) Q4 2025 earnings summary

Executive summary

• Full-year 2025 net income was $132.8 million ($3.53 per share), with Q4 net income of $8.7 million ($0.24 per share) on $1.46 billion sales, reflecting strong operating results despite market headwinds and a $6 million legal accrual.

• Distribution business expanded with a new Texas center and the acquisition of Holden Humphrey, supporting EWP growth.

• Oakdale modernization and Thorsby line addition completed to enhance EWP production.

• Returned value to shareholders via a 5% dividend increase, $35 million in dividends, and over $181 million in share repurchases.

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

Financial highlights

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

• Q4 2025 Adjusted EBITDA was $57.2 million, down 56% year-over-year; full-year Adjusted EBITDA was $342.2 million, down 46%.

• BMD Q4 sales were $1.4 billion, down 5% year-over-year; segment EBITDA was $56.4 million, down from $84.5 million.

• Wood Products Q4 sales were $354 million, down 16% year-over-year; segment EBITDA was $12.3 million, down from $56.6 million.

• Full-year capital expenditures totaled $241 million.

Outlook and guidance

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

• Q1 2026 Adjusted EBITDA expected between $55 million and $75 million.

• BMD daily sales pace currently 6% below Q4, with improvement expected as the quarter progresses.

• EWP volumes projected to increase sequentially by high single to low double digits; EWP pricing expected flat to low single-digit decline.

• Plywood volumes expected to rise sequentially; pricing up 1% quarter-to-date over Q4 average.

• Q1 effective tax rate expected between 26% and 27%.

• Long-term demand outlook remains positive for residential construction and repair & remodel activity.