Louisiana-Pacific (LPX) Q4 2025 earnings summary

Executive summary

• FY 2025 net sales declined 8% year-over-year to $2.7 billion, with Q4 net sales down 17% to $567 million; Siding business grew 8% for the year, offsetting sharp OSB declines.

• Adjusted EBITDA for FY 2025 was $436 million, a 37% decrease year-over-year; Q4 Adjusted EBITDA was $50 million, down 60%.

• Siding segment showed resilience with 8% sales growth in Q4 and 4% for the year, while OSB faced multi-year price lows and volume declines.

• Integration under a chief commercial officer and COO structure drove operational synergies and efficiency gains.

• Safety performance improved, earning industry recognition for the third consecutive year and achieving a 0.62 TIR.

Financial highlights

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

• Full-year 2025: $2.7 billion net sales, $436 million Adjusted EBITDA, $2.65 Adjusted EPS.

• Siding EBITDA margin for FY 2025: 26%, with 4% increases in both sales volume and average selling price.

• OSB segment revenue fell 25% to $832 million, with a $260 million negative price impact and EBITDA down 98% to $7 million.

• Operating cash flow for FY 2025 was $382 million; capital expenditures totaled $291 million; $139 million returned to shareholders.

Outlook and guidance

• Q1 2026 Siding net sales expected at $350–$355 million (~12% decline YoY), with Adjusted EBITDA of $80–$85 million (~23% margin).

• Full-year 2026 Siding net sales forecast at ~$1.7 billion (~2% growth), Adjusted EBITDA at $450 million (~26% margin); OSB expected to post a $25–$30 million loss.

• Capital expenditures for 2026 anticipated at $400 million, split evenly between maintenance and growth.