Louisiana-Pacific (LPX) Q4 2025 earnings summary

Executive summary

• Leadership transition with a new CEO after 25 years, emphasizing continuity in strategy and growth.

• FY 2025 net sales declined 8% to $2.7B, with Q4 net sales down 17% to $567M; net income dropped $275M to $146M, mainly due to OSB declines and higher costs.

• Siding segment showed resilience with 8% sales growth for the year and margin expansion, offsetting OSB declines.

• OSB segment faced multi-year price lows, with revenue down 30% to $832M and EBITDA down 98% to $7M, but managed positive full-year EBITDA through cost discipline.

• Strategic integration of commercial and operational functions drove sales synergies and operational efficiencies.

Financial highlights

• Q4 2025 net sales: $567M; Adjusted EBITDA: $50M; Adjusted EPS: $0.03.

• Full-year 2025 net sales: $2.7B; Adjusted EBITDA: $436M; Adjusted EPS: $2.65.

• Siding segment: 8% revenue growth, 26% EBITDA margin for the year, $444M EBITDA, up $54M year-over-year.

• OSB segment: $7M EBITDA for the year, despite $129M revenue and $95M EBITDA decline year-over-year.

• Operating cash flow: $382M; $291M invested in capex; $139M returned to investors via dividends and buybacks; year-end cash: $292M; total liquidity over $1B.

Outlook and guidance

• FY 2026 Siding net sales forecast at ~$1.7B (~2% growth), Adjusted EBITDA at $450M (~26% margin); OSB segment expected to post a $25–$30M loss, with consolidated Adjusted EBITDA at $430M.

• Q1 2026 Siding net sales expected at $350–$355M (~12% decline year-over-year), Adjusted EBITDA of $80–$85M (~23% margin); OSB Adjusted EBITDA projected at a $25–$30M loss.

• Full-year 2026: siding volumes down low single digits, selling prices up mid-single digits, net sales up low single digits, EBITDA margin 25–26%.

• Capital expenditures for 2026 expected at ~$400M, split between maintenance and growth, with flexibility to adjust based on market conditions.