UFP Industries Announces First Quarter 2026 Results

Rhea-AI Summary

UFP Industries (Nasdaq: UFPI) reported Q1 2026 results with net sales of $1.461 billion, down 8.4% year-over-year, and diluted EPS of $0.89 versus $1.30 a year ago. Adjusted EBITDA was $111.4 million (7.6% margin). Cash used in operations was $104 million; free cash flow was $87 million.

The company completed a $56 million acquisition (MoistureShield assets), announced a ~$20 million pallet acquisition, repurchased $30 million of shares, and raised the quarterly dividend to $0.36.

Positive

• Completed $56M acquisition of MoistureShield operating assets
• Repurchased $30M of shares during Q1 2026
• Quarterly dividend increased 3% to $0.36 per share

Negative

• Net sales declined 8.4% to $1.461B year-over-year
• Diluted EPS fell to $0.89 from $1.30 (31.5% decline)
• Adjusted EBITDA down 21.7% to $111.4M; margin 7.6%

Key Figures

Q1 2026 Net Sales: $1.46 billion Diluted EPS: $0.89 Net Earnings: $51 million +5 more

8 metrics

Q1 2026 Net Sales $1.46 billion Quarter ended March 28, 2026; down from $1.60 billion a year ago

Diluted EPS $0.89 Q1 2026 vs $1.30 a year ago

Net Earnings $51 million Q1 2026 attributable to controlling interests vs $79 million prior year

Adjusted EBITDA $111.4 million Q1 2026; 7.6% of net sales vs 8.9% a year ago

Liquidity $2.0 billion As of March 28, 2026; includes over $715M cash and $1.3B availability

Dividend $0.36 per share Quarterly cash dividend declared April 22, 2026; 3% increase vs 2025

Share Repurchases $30 million 334,541 shares repurchased in Q1 2026 at $89.76 average price

2026 Capex Plan $250–$275 million Expected investment in capital projects during 2026

Market Reality Check

Price: $95.75 Vol: Volume 315,938 is slightl...

normal vol

$95.75 Last Close

Volume Volume 315,938 is slightly below 20-day average 351,952 (relative volume 0.9). normal

Technical Price $95.75 is trading slightly below the 200-day MA at $97.18.

Peers on Argus

UFPI was down 0.25% ahead of results, while peers showed mixed moves: WFG -3.76%...

UFPI was down 0.25% ahead of results, while peers showed mixed moves: WFG -3.76%, BCC -2.03%, AXTA -2.99% versus SSD +0.58% and GGB +3.66%, suggesting stock-specific focus around this earnings release rather than a unified sector rotation.

Previous Earnings Reports

5 past events · Latest: Feb 23 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 23	Quarterly earnings	Negative	+2.3%	Q4 2025 sales and EPS fell year-over-year despite solid cash generation.
Oct 29	Quarterly earnings	Negative	+2.0%	Q3 2025 revenue and EPS declined but guidance and liquidity remained solid.
Jul 28	Quarterly earnings	Neutral	-1.9%	Q2 2025 sales dipped; strong liquidity, dividend hike, and buyback authorization.
Feb 17	Quarterly & annual	Negative	-1.6%	Q4 and 2024 saw softer demand and pricing, with cautious near-term outlook.
Oct 28	Quarterly earnings	Negative	-6.5%	Q3 2024 revenue and earnings declined amid softer demand and pricing pressure.

Pattern Detected

Earnings releases often pair modest revenue/earnings pressure with generally resilient liquidity and capital returns; price reactions have been mixed, with both aligned declines and occasional positive divergences.

Recent Company History

Over the past several quarters, UFP Industries has repeatedly reported year-over-year declines in net sales and earnings while maintaining strong liquidity, active buybacks, and steady dividend increases. Prior earnings on Feb 23, 2026, Oct 29, 2025, and Jul 28, 2025 all showed sales pressure but highlighted robust cash positions and shareholder returns. Earlier results on Feb 17, 2025 and Oct 28, 2024 also flagged softer demand and pricing. Today’s Q1 2026 report continues that theme of cyclical pressure offset by balance sheet strength and disciplined capital allocation.

Historical Comparison

-1.1% avg move · In the past five earnings releases, UFPI’s average next-day move was about -1.15%. Today’s modest -0...

earnings

-1.1%

Average Historical Move earnings

In the past five earnings releases, UFPI’s average next-day move was about -1.15%. Today’s modest -0.25% pre-news decline is directionally consistent but smaller than typical earnings reactions.

Recent earnings have consistently shown mid‑single digit to low‑double digit sales declines and margin pressure, balanced by strong liquidity, rising dividends, and active buybacks, a pattern that Q1 2026 continues.

Market Pulse Summary

This announcement highlights continued cyclical pressure on volumes and margins, with Q1 2026 net sa...

Analysis

This announcement highlights continued cyclical pressure on volumes and margins, with Q1 2026 net sales of $1.46B and EPS of $0.89 down versus last year. At the same time, UFP Industries emphasizes strong liquidity of about $2.0B, ongoing M&A including a $56M decking asset purchase and an expected $20M pallet deal, and a higher $0.36 dividend. Investors may watch execution on the $60M cost-out program, 2026 capex of $250–$275M, and demand trends in residential construction and outdoor living.

Key Terms

adjusted ebitda, net margin, free cash flow, non-gaap, +4 more

8 terms

adjusted ebitda financial

"Adjusted EBITDA1 was $111.4 million in the quarter, or 7.6 percent of net sales"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

net margin financial

"Net margin | | 3.5 | % | | 5.0 | %"

Net margin is the percentage of revenue a company keeps as profit after paying all costs, interest, taxes and one-time items — think of it as the slice of each dollar of sales that ends up in the company’s pocket. Investors use it like a yardstick to compare how efficiently different businesses turn sales into actual profit; higher net margins mean more profit per dollar of revenue and generally indicate stronger financial health or pricing power.

free cash flow financial

"Free cash flow1 of $87 million was used to repurchase nearly $30 million"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

non-gaap financial

"Represents a non-GAAP measurement; see the reconciliation of non-GAAP"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

revolving credit facility financial

"and $1.3 billion of remaining availability under its revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

liquidity financial

"had liquidity of approximately $2.0 billion consisting of over $715 million of cash"

Liquidity is how easily and quickly an asset or investment can be converted into cash without losing value. It matters to investors because higher liquidity means they can access their money quickly if needed, while lower liquidity can make it harder to sell assets promptly or at a fair price, potentially creating financial challenges. Think of it like trying to sell a common item versus a rare collectible—it's much easier to sell the common item fast.

dividend financial

"declared a quarterly cash dividend of $0.36 per share"

A dividend is a payment that a company gives to its shareholders, usually from its profits. It’s like a bonus or reward for owning the company's stock, and it can provide a steady income stream for investors. Companies pay dividends to share their success with the people who own their stock.

capital structure financial

"Capital Structure, Leverage and Liquidity Information UFP Industries maintains"

Capital structure is the way a company finances its operations and growth by using different sources of money, such as borrowed funds (loans or bonds) and owner’s equity (investments from owners or shareholders). It’s like a recipe for baking a cake, where the balance of ingredients affects the final product's strength and taste; similarly, the mix of debt and equity influences a company's stability and risk. For investors, understanding a company's capital structure helps gauge how risky it might be to invest or lend money.

AI-generated analysis. Not financial advice.

GRAND RAPIDS, Mich., April 29, 2026 /PRNewswire/ -- UFP Industries, Inc. (Nasdaq: UFPI) a leading manufacturer focused on delivering value-added products across its Retail, Packaging, and Construction segments reported results for the first quarter 2026.

• Net Sales of $1.46 billion decreased by 8 percent compared to $1.6 billion a year ago due to a 1 percent decrease in price and a 7 percent decline in organic units.
• Diluted earnings per share of $0.89 compared to $1.30 a year ago, and Net Earnings Attributable to Controlling Interests of $51 million compared to $79 million a year ago. Earnings were primarily impacted by a weaker residential construction market, adverse weather, and higher healthcare and fuel costs.
• Adjusted EBITDA¹ was $111.4 million in the quarter, or 7.6 percent of net sales compared to 8.9 percent a year ago.
• New product sales were 7.8 percent of total net sales.
• Cash flows used in operating activities in 2026 was $104 million. Free cash flow¹ of $87 million was used to repurchase nearly $30 million of our shares.

Will Schwartz, President and CEO of UFP Industries, commented, "After seeing stabilization earlier in the quarter, geopolitical tensions, unfavorable weather, and rising input costs added volatility to our operations in March, which accounted for more than half of the year-over-year decline in profits in the quarter. While we believe these headwinds will be temporary, we are actively working to offset these higher costs, particularly transportation. Despite the current backdrop, we have made considerable progress managing the things under our control and executing our strategies to position the business for long-term success. We are on track to deliver the remaining $25 million or more from our initial $60 million cost out program by year end. At the same time, we have continued to invest through the cycle. By combining greenfield expansion with disciplined M&A, we are strengthening our core businesses, introducing innovative products, and structurally lowering our cost base.  I'm incredibly proud of our team for their continued hard work. Our scale, diversified portfolio, and deep customer relationships have consistently positioned us well during periods like these and we continue to strengthen our position to drive above market growth and returns when markets recover."

Schwartz continued, "We have maintained a patient and disciplined approach to deploying capital this cycle while staying focused on finding the best and highest returns for our capital. This remains central to how we operate. After the quarter closed, we completed one transaction that strengthens our core businesses and supports our strategy to expand our footprint and drive higher-margin growth, and we expect to close an additional transaction in May. Our M&A pipeline remains active, and we continue to pursue strategic targets and organic investments, while opportunistically returning cash to our shareholders given our robust financial position. Following $56 million in a recent acquisition, $30 million in share repurchases, and a 3% dividend increase, we continue to maintain ample liquidity and financial flexibility. We are confident in our diversified business model and balanced capital allocation approach, which we believe puts us in a strong position to continue to drive shareholder value."

1	Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below.

First Quarter 2026 Highlights

UFP Consolidated

(In thousands)		Quarter Period and Year to Date
		2026			2025			% Change
Net sales		$	1,461,267		$	1,595,519		(8.4)	%
Net earnings			51,097			79,423		(35.7)
Net margin			3.5	%		5.0	%
Adjusted EBITDA			111,356			142,151		(21.7)
Adjusted EBITDA margin			7.6	%		8.9	%
Percentage change in net sales:
Organic units			(7)	%
Acquisitions			—
Selling prices			(1)

UFP Retail

(In thousands)		Quarter Period and Year to Date
		2026			2025			% Change
Net sales		$	531,176		$	607,383		(12.5)	%
Net earnings			18,672			20,663		(9.6)
Net margin			3.5	%		3.4	%
Adjusted EBITDA			34,832			35,849		(2.8)
Adjusted EBITDA margin			6.6	%		5.9	%
Percentage change in net sales:
Organic units			(13)	%
Acquisitions			—
Selling prices			1

• ProWood organic unit sales declined 15 percent in the quarter from year ago levels due to unfavorable winter weather, the absence of storm-related demand which carried over from the fall of 2024 into early 2025, the loss of low margin commodity sales which commenced in the second quarter of 2025, and generally weaker consumer sentiment. 
• Deckorators' organic unit sales grew 2 percent in the quarter from year ago levels. Our Surestone decking sales increased 27 percent and our traditional wood plastic composite decking increased 4 percent, both from the same quarter a year ago.
• UFP Edge organic unit sales declined 20 percent due to the closure of the Bonner facilities at the end of 2025 and rationalizing the product portfolio to those that can achieve profitability targets.

UFP Packaging

(In thousands)		Quarter Period and Year to Date
		2026			2025			% Change
Net sales		$	394,093		$	410,008		(3.9)	%
Net earnings			11,659			16,917		(31.1)
Net margin			3.0	%		4.1	%
Adjusted EBITDA			27,790			35,045		(20.7)
Adjusted EBITDA margin			7.1	%		8.5	%
Percentage change in net sales:
Organic units			(3)	%
Acquisitions			1
Selling prices			(2)

• Structural Packaging organic unit sales were flat in the quarter compared to year ago levels.
• PalletOne organic unit sales declined 11 percent in the quarter from year ago levels due to weaker demand, which was partially offset by a 4 percent contribution from acquisitions.
• Protective Packaging organic unit sales increased 5 percent in the quarter from a year ago levels as a result of the Jeffersonville, Indiana facility, which became fully operational in the third quarter of 2025.

UFP Construction

(In thousands)		Quarter Period and Year to Date
		2026			2025			% Change
Net sales		$	465,513		$	515,940		(9.8)	%
Net earnings			11,723			21,944		(46.6)
Net margin			2.5	%		4.3	%
Adjusted EBITDA			25,687			37,310		(31.2)
Adjusted EBITDA margin			5.5	%		7.2	%
Percentage change in net sales:
Organic units			(5)	%
Acquisitions			—
Selling prices			(5)

• Site Built organic unit sales declined 14 percent in the quarter from year ago levels due to soft demand caused by economic uncertainty, housing affordability challenges, and unfavorable weather.
• Factory Built organic unit sales declined 8 percent in the quarter from year ago levels due to the loss of low margin commodity sales, partially offset by a 1 percent contribution from acquisitions. Despite the decline, gross profits improved.
• Concrete Forming Solutions' organic unit sales grew 14 percent in the quarter from year ago levels driven by market share gains associated with value-added product sales.
• Commercial organic sales grew 15 percent in the quarter from year ago levels as overall demand has improved.

Capital Structure, Leverage and Liquidity Information

UFP Industries maintains a strong balance sheet and as of March 28, 2026, had liquidity of approximately $2.0 billion consisting of over $715 million of cash and $1.3 billion of remaining availability under its revolving credit facility and a shelf agreement with certain lenders. The company's return-focused approach to capital allocation includes the following:

• Organic Growth. The company invests in organic growth opportunities when acquisition targets are not available at valuations that will allow us to meet or exceed targeted return rates. The company expects to invest approximately $250 million to $275 million on capital projects in 2026.
• Acquisitions and Inorganic Growth.  In April, the company closed one transaction, expanding production capacity and expanding our geographic reach in one of our core businesses, and announced another transaction expected to close in May.
  • On April 6, 2026, the company acquired the operating assets of the composite decking manufacturing facility of MoistureShield, Inc., a leading player in the growing wood plastic composite industry, for $56 million in cash.  The acquisition expands our manufacturing capacity to meet the growing demand for our Deckorators product offering.  In 2025, MoistureShield had sales of approximately $50 million.
  • On April 28, 2026, the company announced the plan to acquire Berry Pallets, Inc., a wood pallet manufacturer, in May 2026 for an estimated $20 million in cash. In 2025, Berry Pallets had sales of approximately $23 million.
• Dividend Payments. On April 22, 2026, the Board declared a quarterly cash dividend of $0.36 per share. This dividend is payable on June 15, 2026, to shareholders of record on June 1, 2026. The per share cash dividend amount represents a 3% increase from the 2025 dividend rate. We continue to consider our payout ratio and yield when determining the appropriate dividend rate and have a long-term objective of increasing our dividend in line with our future earnings and free cash flow growth.
• Share Repurchases. During the quarter ended March 28, 2026, we repurchased 334,541 shares for $30 million, at an average share price of $89.76.

2026 Outlook and Long-Term Targets

We anticipate that the current, more challenging market environment will continue in 2026 and that overall demand for the balance of the year will likely be towards the lower end of our prior guidance, which called for flat to slightly down unit expectations in each of our segments based on our sales mix.  Input cost, primarily tied to energy and transportation, will remain a headwind, and while we have mechanisms in place to offset these higher costs, we expect to make progress gradually through the remainder of the year.  Markets tied to new residential construction are expected to remain more challenging, while we expect stabilization across our other end markets will serve as an offset. Despite these conditions, we believe we are positioned to perform better than our markets as a result of share gains across our portfolio and the execution of our cost out program. In addition, initial stocking orders, upgraded manufacturing capacity, and expanded distribution are expected to support momentum in our Deckorators and Surestone businesses in 2026.

The company's long-term goals remain unchanged and include: 1) achieving 7-10 percent unit sales growth annually (including bolt-on acquisitions) with at least 10 percent of all sales coming from new products; 2) achieving 12.5 percent adjusted EBITDA margins; 3) earning an incremental return on new investments over our hurdle rate; and 4) maintaining a conservative capital structure.

Conference Call

UFP Industries will host a conference call on Thursday, April 30, 2026, to discuss these results and outlook. The conference call will begin at 10:00 a.m. Eastern Time and will be hosted by CEO Will Schwartz and CFO Michael Cole. Interested investors can access the webcast directly with this link (here). A replay of the call will be available through the UFP Investor Relations website at www.ufpinvestor.com for at least 90 days following the call.

UFP Industries, Inc.                                          

UFP Industries, Inc. is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in North America, Europe, Asia and Australia. For more about UFP Industries, go to www.ufpi.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management's beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like "anticipates," "believes," "confident," "estimates," "expects," "forecasts," "likely," "plans," "projects," "should," variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in currency and inflation; fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; changes in tariffs, import/export regulations, and other trade policies; concentration of sales to customers; the success of vertical integration strategies; excess capacity or supply chain challenges; inbound and outbound transportation costs; alternatives to replace treated wood products; government regulations, particularly involving environmental and safety regulations; our ability to make successful business acquisitions; cybersecurity breaches; and potential pandemics. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.

Non-GAAP Financial Information

This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Management uses Adjusted EBITDA and Free cash flow, non-GAAP financial measures, in order to evaluate historical and ongoing operations. Management believes that these non-GAAP financial measures are useful in order to enable investors to perform meaningful comparisons of historical and current performance. Adjusted EBITDA and Free cash flow are intended to supplement and should be read together with the financial results. Adjusted EBITDA and Free cash flow should not be considered alternatives or substitutes for, and should not be considered superior to, the reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measures. See the table below for a reconciliation of Net earnings to Adjusted EBITDA and a reconciliation of Cash flow from operations to Free cash flow.

Net earnings

Net earnings refers to net earnings attributable to controlling interest unless specifically noted.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND
COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED
MARCH 2026/2025
		Quarter Period and Year to Date
(In thousands, except per share data)		2026					2025
Net sales		$	1,461,267		100.0	%	$	1,595,519		100.0	%
Cost of sales			1,225,378		83.9			1,327,323		83.2
Gross profit			235,889		16.1			268,196		16.8
Operating expenses
Selling, general and administrative expenses			172,883		11.8			176,254		11.0
Net gain on disposition and impairments of assets			(1,652)		(0.1)			(76)		—
Other losses (gains), net			577		—			(234)		—
Total operating expenses			171,808		11.8			175,944		11.0
Earnings from operations			64,081		4.4			92,252		5.8
Interest and other			(2,863)		(0.2)			(8,429)		(0.5)
Earnings before income taxes			66,944		4.6			100,681		6.3
Income taxes			15,847		1.1			21,258		1.3
Net earnings			51,097		3.5			79,423		5.0
Less net earnings attributable to noncontrolling interest			(323)		—			(670)		—
Net earnings attributable to controlling interest		$	50,774		3.5		$	78,753		4.9
Earnings per share - basic		$	0.90				$	1.30
Earnings per share - diluted		$	0.89				$	1.30
Comprehensive income		$	50,194				$	82,604
Less comprehensive income attributable to noncontrolling interest			(258)					(637)
Comprehensive income attributable to controlling interest		$	49,936				$	81,967

 

CONDENSED CONSOLIDATED STATEMENTS
OF EARNINGS BY SEGMENT (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 2026/2025
		Quarter Period and Year to Date 2026
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net sales		$	531,176		$	394,093		$	465,513		$	68,505		$	1,980		$	1,461,267
Cost of sales			450,614			333,745			387,896			56,782			(3,659)			1,225,378
Gross profit			80,562			60,348			77,617			11,723			5,639			235,889
Selling, general and administrative expenses			56,046			45,203			61,826			8,978			830			172,883
Net loss (gain) on disposition and impairments of assets			68			(170)			13			1			(1,564)			(1,652)
Other losses (gains), net			55			—			423			106			(7)			577
Earnings from operations			24,393			15,315			15,355			2,638			6,380			64,081
Interest and other			(70)			40			(3)			(1,820)			(1,010)			(2,863)
Earnings before income taxes			24,463			15,275			15,358			4,458			7,390			66,944
Income taxes			5,791			3,616			3,635			904			1,901			15,847
Net earnings		$	18,672		$	11,659		$	11,723		$	3,554		$	5,489		$	51,097
		Quarter Period and Year to Date 2025
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net sales		$	607,383		$	410,008		$	515,940		$	60,298		$	1,890		$	1,595,519
Cost of sales			526,088			340,434			425,140			49,666			(14,005)			1,327,323
Gross profit			81,295			69,574			90,800			10,632			15,895			268,196
Selling, general and administrative expenses			55,355			47,769			62,784			8,462			1,884			176,254
Net loss (gain) on disposition and impairments of assets			24			32			120			—			(252)			(76)
Other (gains) losses, net			(218)			—			80			(54)			(42)			(234)
Earnings from operations			26,134			21,773			27,816			2,224			14,305			92,252
Interest and other			(60)			328			(1)			(947)			(7,749)			(8,429)
Earnings before income taxes			26,194			21,445			27,817			3,171			22,054			100,681
Income taxes			5,531			4,528			5,873			669			4,657			21,258
Net earnings		$	20,663		$	16,917		$	21,944		$	2,502		$	17,397		$	79,423

 

RECONCILIATION OF NET EARNINGS TO
ADJUSTED EBITDA BY SEGMENT (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 2026/2025
		Quarter Period and Year to Date 2026
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net earnings		$	18,672		$	11,659		$	11,723		$	3,554		$	5,489		$	51,097
Interest and other			(70)			40			(3)			(1,820)			(1,010)			(2,863)
Income taxes			5,791			3,616			3,635			904			1,901			15,847
Expenses associated with share-based compensation arrangements			1,778			2,226			2,870			112			1,486			8,472
Net loss (gain) on disposition and impairments of assets			68			(170)			13			1			(1,564)			(1,652)
Depreciation expense			7,757			8,316			6,774			1,010			11,228			35,085
Amortization of intangibles			836			2,103			675			1,640			116			5,370
Adjusted EBITDA		$	34,832		$	27,790		$	25,687		$	5,401		$	17,646		$	111,356
Net earnings as a percentage of net sales			3.5 %			3.0 %			2.5 %			5.2 %			*			3.5 %
Adjusted EBITDA as a percentage of net sales			6.6 %			7.1 %			5.5 %			7.9 %			*			7.6 %
* Not meaningful
		Quarter Period and Year to Date 2025
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net earnings		$	20,663		$	16,917		$	21,944		$	2,502		$	17,397		$	79,423
Interest and other			(60)			328			(1)			(947)			(7,749)			(8,429)
Income taxes			5,531			4,528			5,873			669			4,657			21,258
Expenses associated with share-based compensation arrangements			1,424			2,164			2,825			264			4,884			11,561
Net loss (gain) on disposition and impairments of assets			24			32			120			—			(252)			(76)
Gain from reduction of estimated earnout liability			—			—			(344)			—			—			(344)
Depreciation expense			7,310			8,897			6,191			944			9,599			32,941
Amortization of intangibles			957			2,179			702			1,601			378			5,817
Adjusted EBITDA		$	35,849		$	35,045		$	37,310		$	5,033		$	28,914		$	142,151
Net earnings as a percentage of net sales			3.4 %			4.1 %			4.3 %			4.1 %			*			5.0 %
Adjusted EBITDA as a percentage of net sales			5.9 %			8.5 %			7.2 %			8.3 %			*			8.9 %
* Not meaningful

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
MARCH 2026/2025
(In thousands)
Assets			2026			2025		Liabilities and equity			2026			2025
Current assets								Current liabilities
Cash and cash equivalents		$	714,453		$	903,562		Accounts payable		$	255,982		$	277,690
Restricted cash			13,952			1,061		Accrued liabilities and other			226,913			214,751
Investments			40,104			30,725		Current portion of debt			6,027			4,085
Accounts receivable			647,770			712,990
Inventories			767,131			754,913		Total current liabilities			488,922			496,526
Other current assets			86,330			61,140
								Long-term debt and finance lease obligations			228,310			229,936
Total current assets			2,269,740			2,464,391		Other liabilities			213,406			159,488
Other assets			277,732			266,949		Temporary equity			485			5,280
Intangible assets, net			478,775			495,921
Property, plant and equipment, net			1,005,567			923,025		Shareholders' equity			3,100,691			3,259,056
Total assets		$	4,031,814		$	4,150,286		Total liabilities and equity		$	4,031,814		$	4,150,286

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED
MARCH 2026/2025
(In thousands)			2026			2025
Cash flows used in operating activities:
Net earnings		$	51,097		$	79,423
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation			35,085			32,941
Amortization of intangibles			5,370			5,817
Expense associated with share-based and grant compensation arrangements			8,472			11,561
Deferred income taxes			(1,822)			(17)
Unrealized (gain) loss on investment and other			(921)			672
Impairment of investments			4,000			—
Equity in loss of investee			(53)			19
Net gain on sale, disposition and impairment of assets			(1,652)			(76)
Gain from reduction of estimated earnout liability			—			(344)
Changes in:
Accounts receivable			(172,087)			(211,709)
Inventories			(45,312)			(33,830)
Accounts payable			45,358			52,902
Accrued liabilities and other			(31,154)			(46,166)
Net cash used in operating activities			(103,619)			(108,807)
Cash flows used in investing activities:
Capital expenditures			(48,265)			(67,268)
Proceeds from sale of property, plant and equipment			6,110			758
Acquisitions and purchases of non-controlling interest, net of cash received			—			(3,735)
Purchases of investments			(7,836)			(7,191)
Proceeds from sale of investments			2,470			2,304
Other			(307)			(418)
Net cash used in investing activities			(47,828)			(75,550)
Cash flows used in financing activities:
Borrowings under revolving credit facilities			10,968			4,798
Repayments under revolving credit facilities			(6,175)			(4,752)
Contingent consideration payments and other			(83)			(221)
Proceeds from issuance of common stock			577			650
Dividends paid to shareholders			(20,456)			(21,322)
Distributions to noncontrolling interest			(1,082)			—
Purchase of remaining noncontrolling interest of subsidiary			(3,937)			—
Payments to taxing authorities in connection with shares directly withheld from employees			(1,205)			(9,547)
Repurchase of common stock			(23,993)			(60,553)
Other			26			21
Net cash used in financing activities			(45,360)			(90,926)
Effect of exchange rate changes on cash			141			312
Net change in cash and cash equivalents			(196,666)			(274,971)
All cash and cash equivalents, beginning of period			925,071			1,179,594
All cash and cash equivalents, end of period		$	728,405		$	904,623
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period		$	914,199		$	1,171,828
Restricted cash, beginning of period			10,872			7,766
All cash and cash equivalents, beginning of period		$	925,071		$	1,179,594
Cash and cash equivalents, end of period		$	714,453		$	903,562
Restricted cash, end of period			13,952			1,061
All cash and cash equivalents, end of period		$	728,405		$	904,623

 

RECONCILIATION OF NET CASH FROM OPERATING
ACTIVITIES TO FREE CASH FLOW (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 2026/2025
(In thousands)			2026			2025
Net cash used in operating activities		$	(103,619)		$	(108,807)
Increase in investment in net working capital			203,195			238,803
Maintenance capital expenditures(1)			(15,000)			(18,980)
Interest expense, net of taxes			2,002			2,106
Free cash flow		$	86,578		$	113,122
(1) Breakdown of Capital expenditures from the condensed consolidated statements of cash flows:
Maintenance capital expenditures		$	15,000		$	18,980
Expansionary and efficiency capital expenditures			33,265			48,288
Total Capital expenditures		$	48,265		$	67,268

 

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SOURCE UFP Industries, Inc.

FAQ

What were UFP Industries (UFPI) Q1 2026 sales and EPS results?

UFP reported Q1 2026 net sales of $1.461 billion and diluted EPS of $0.89. According to the company, sales fell 8.4% year-over-year and EPS declined from $1.30 in the prior-year quarter due to weaker end markets and higher costs.

How did UFP Industries' adjusted EBITDA and margins perform in Q1 2026?

Adjusted EBITDA was $111.4 million with a 7.6% margin in Q1 2026. According to the company, adjusted EBITDA decreased 21.7% year-over-year, reflecting volume declines, weather effects, and higher healthcare and fuel costs.

What acquisitions did UFPI complete or announce in April 2026?

UFP closed a $56 million acquisition of MoistureShield operating assets and announced a planned $20 million purchase of Berry Pallets. According to the company, both transactions expand capacity and geographic reach in core businesses.

What is UFP Industries' cash flow, dividend, and buyback activity in Q1 2026?

Cash used in operations was $104 million, free cash flow was $87 million, the company repurchased $30 million of shares, and declared a quarterly dividend of $0.36. According to the company, liquidity remains around $2.0 billion.

What guidance or outlook did UFP Industries give for 2026 after Q1 results?

UFP expects 2026 demand to be toward the lower end of prior guidance with challenging residential markets and persistent input-cost headwinds. According to the company, progress from a $60 million cost-out program and share gains should partially offset pressures.