UFP Industries Announces Fourth Quarter 2025 Results

Rhea-AI Summary

UFP Industries (Nasdaq: UFPI) reported Q4 2025 net sales of $1.33 billion, down 9% versus prior year, and diluted EPS of $0.70 versus $1.12 a year ago. Net earnings were $40 million for the quarter. Adjusted EBITDA was $107.2 million and adjusted EBITDA margin was 8.1% for the quarter and 8.9% for the year.

The company generated $546 million of operating cash flow and $451 million of free cash flow, repurchasing nearly $450 million of shares and ending the year with over $900 million cash and ~$2.2 billion total liquidity.

Positive

• Free cash flow of $451 million used to repurchase nearly $450 million of shares
• Returned $515 million to shareholders in 2025
• Ended year with >$900 million cash and $2.2 billion total liquidity
• Adjusted EBITDA margin for 2025 was 8.9%, ~170 bps higher than 2019
• New product sales represented 7.6% of total net sales

Negative

• Q4 2025 net sales declined 9.0% to $1.33 billion
• Diluted EPS fell to $0.70 from $1.12 a year ago
• Q4 net earnings decreased 42.5% to $40.2 million
• Adjusted EBITDA decreased 19.2% year-over-year to $107.2 million

Key Figures

Q4 2025 net sales: $1.33B Q4 diluted EPS: $0.70 Q4 net earnings: $40.2M +5 more

8 metrics

Q4 2025 net sales $1.33B Quarter ended Dec. 27, 2025; down 9.0% year-over-year

Q4 diluted EPS $0.70 Versus $1.12 in Q4 2024

Q4 net earnings $40.2M Net earnings attributable to controlling interests; vs $69.8M a year ago

Q4 adjusted EBITDA $107.2M 8.1% of net sales vs 9.1% in Q4 2024

2025 operating cash flow $546M Cash flows from operating activities in 2025

2025 free cash flow $451M Free cash flow in 2025, largely used for share repurchases

Total liquidity $2.2B Over $900M cash plus $1.3B revolver availability as of Dec. 27, 2025

Quarterly dividend $0.36 per share Payable Mar. 16, 2026; 3% year-over-year increase

Market Reality Check

Price: $106.32 Vol: Volume 299,379 is below t...

normal vol

$106.32 Last Close

Volume Volume 299,379 is below the 20-day average of 338,348, suggesting no outsized positioning ahead of results. normal

Technical Price $109.77 trades above the 200-day MA ($98.40) and is 6.97% below the 52-week high of $118.00.

Peers on Argus

UFPI was down 0.71% pre-release, while key peers were mixed: WFG -5.97%, BCC -2....

1 Up

UFPI was down 0.71% pre-release, while key peers were mixed: WFG -5.97%, BCC -2.75%, SSD -0.07%, GGB +1.46%, AXTA +0.01%. Momentum scanner flagged only CLF (up), supporting a stock-specific move rather than a broad lumber/wood rotation.

Previous Earnings Reports

5 past events · Latest: Oct 29 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 29	Q3 2025 earnings	Negative	+2.0%	Sales, EPS, and earnings declined but shares rose modestly post-report.
Jul 28	Q2 2025 earnings	Negative	-1.9%	Lower sales and restructuring plans led to a modest share price decline.
Feb 17	Q4 2024 earnings	Negative	-1.6%	Weaker demand and pricing pressure accompanied by a negative price reaction.
Oct 28	Q3 2024 earnings	Negative	-6.5%	Double-digit sales decline and earnings drop coincided with a sharper selloff.
Jul 30	Q2 2024 earnings	Negative	+6.5%	Lower earnings but strong balance sheet and capital returns saw shares gain.

Pattern Detected

Earnings releases often reported declining sales and earnings but reactions were mixed, with more instances of share price declines than advances.

Recent Company History

Over the last five earnings releases from Jul 30, 2024 through Oct 29, 2025, UFPI has repeatedly reported year-over-year declines in net sales, net earnings, and adjusted EBITDA, while emphasizing strong liquidity, rising dividends, and active share repurchases. Price reactions to these earnings have varied, with both gains and losses, indicating that investor response depends on nuances in guidance and capital allocation rather than headline declines alone. Today’s results continue the theme of softer demand and margin pressure.

Historical Comparison

-0.3% avg move · Across the last five earnings releases, UFPI’s average next-day move was -0.3%, showing generally mu...

earnings

-0.3%

Average Historical Move earnings

Across the last five earnings releases, UFPI’s average next-day move was -0.3%, showing generally muted reactions despite recurring year-over-year sales and earnings declines and consistent emphasis on liquidity and shareholder returns.

From 2024 through 2025, earnings reports have consistently highlighted softer demand, declining sales and earnings, but also strong liquidity, rising dividends, and share repurchases, with management repeatedly reiterating long-term growth and margin targets.

Market Pulse Summary

This announcement details softer Q4 2025 performance, with net sales of $1.33B and diluted EPS of $0...

Analysis

This announcement details softer Q4 2025 performance, with net sales of $1.33B and diluted EPS of $0.70, alongside margin compression across segments. At the same time, UFPI generated $546M in operating cash flow, $451M in free cash flow, and ended 2025 with $2.2B in liquidity while raising its dividend to $0.36. Investors may focus on demand trends, execution of $60M in cost reductions, and progress toward long-term margin and growth targets.

Key Terms

adjusted EBITDA, free cash flow, net margin, liquidity, +4 more

8 terms

adjusted EBITDA financial

"Adjusted EBITDA1 was $107.2 million in the quarter, or 8.1 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.

free cash flow financial

"Free cash flow1 of $451 million was used to repurchase nearly $450 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.

net margin financial

"Net margin | | 3.0 | % | | 4.8 | %"

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.

liquidity financial

"had liquidity of approximately $2.2 billion consisting of over $900 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.

revolving credit facility financial

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

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.

capital structure financial

"Capital Structure, Leverage and Liquidity Information UFP Industries maintains a strong balance sheet"

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.

cost structure technical

"We streamlined our cost structure with $60 million in cost reduction initiatives"

Cost structure is the breakdown of a company's regular and one-off expenses—the mix of predictable bills (like rent, salaries) and costs that change with activity (like materials or shipping). Investors care because this mix determines how profits respond to changes in sales: a business with mostly fixed costs is like a household with high monthly bills—small drops in income can hit hard—while a company with flexible costs can scale expenses up or down more easily.

organic units financial

"Percentage change in net sales: Organic units | | (7) | %"

Organic units are the count of products or services a company sells that come from its existing operations, excluding items added or lost through acquisitions, divestitures, or one‑time adjustments. Investors use this metric to see the true underlying demand and operational performance—like comparing how many apples you picked from your own tree rather than counting fruit you bought from others—so growth reflects core business health, not deal-making or accounting shifts.

AI-generated analysis. Not financial advice.

GRAND RAPIDS, Mich., Feb. 23, 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 fourth quarter 2025.

• Net Sales of $1.33 billion decreased by 9 percent due to a 2 percent decrease in price and a 7 percent decline in organic units.
• Diluted earnings per share of $0.70 compared to $1.12 a year ago, and Net Earnings Attributable to Controlling Interests of $40 million compared to $68 million a year ago. Earnings were impacted by a higher estimated tax rate, year-end bonus adjustments from estimates to actual, and certain non-cash transactions.
• Adjusted EBITDA¹ was $107.2 million in the quarter, or 8.1 percent of net sales compared to 9.1 percent a year ago. Adjusted EBITDA margin¹ was 8.9 percent for the year, roughly 170bps higher than 2019.
• New product sales were 7.6 percent of total net sales.
• Cash flows from operating activities in 2025 was $546 million. Free cash flow¹ of $451 million was used to repurchase nearly $450 million of our shares.

Will Schwartz, President and CEO of UFP Industries, commented, "We continue to see trends stabilizing across the majority of our businesses. Despite generally soft end-market demand, our fourth quarter sales and profits were in line with internal expectations. While 2025 proved to be a challenging year given market volatility, our team made meaningful progress navigating this environment and executing on our strategy. Our disciplined focus on cost controls and growth investments leaves us on stronger footing and well-positioned as conditions improve. After several years of headwinds, we continue to see markets normalizing and are cautiously optimistic on our business prospects in 2026."

Schwartz continued, "Our balanced portfolio enables us to drive shareholder value. To that point, we returned $515 million to shareholders in 2025 and finished the year with more than $900 million of cash and cash equivalents and $2.2 billion in total liquidity. We streamlined our cost structure with $60 million in cost reduction initiatives and have approached our portfolio through a more strategic lens. We plan to strengthen our core businesses, introduce innovative value-added products, and drive above market growth. Our M&A targets reflect our desire to strengthen our core businesses and drive growth in innovation and new products. We plan to use our strong balance sheet to pursue meaningful M&A while returning capital to shareholders through opportunistic share repurchases and dividends. We enter 2026 in a stronger position to drive improved results."

Fourth Quarter 2025 Highlights

UFP Consolidated

(In thousands)		Quarter Period								Year to Date
		2025			2024			% Change		2025			2024			% Change
Net sales		$	1,329,823		$	1,462,001		(9.0)	%	$	6,320,343		$	6,652,309		(5.0)	%
Net earnings			40,156			69,783		(42.5)			295,992			418,733		(29.3)
Net margin			3.0	%		4.8	%				4.7	%		6.3	%
Adjusted EBITDA2			107,243			132,702		(19.2)			563,560			682,264		(17.4)
Adjusted EBITDA margin			8.1	%		9.1	%				8.9	%		10.3	%
Percentage change in net sales:
Organic units			(7)	%							(3)	%
Acquisitions			—								—
Selling prices			(2)								(2)

1 Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below.
2 Adjusted EBITDA is net of bonus expense (excluding vesting expense associated with share-based bonus arrangements) which totaled $16 million in the fourth quarter of 2025 and was $14 million higher than the same period of 2024.

UFP Retail

(In thousands)		Quarter Period								Year to Date
		2025			2024			% Change		2025			2024			% Change
Net sales		$	443,964		$	524,591		(15.4)	%	$	2,433,556		$	2,597,994		(6.3)	%
Net earnings			9,147			24,359		(62.4)			86,679			139,127		(37.7)
Net margin			2.1	%		4.6	%				3.6	%		5.4	%
Adjusted EBITDA			24,535			44,127		(44.4)			164,347			220,828		(25.6)
Adjusted EBITDA margin			5.5	%		8.4	%				6.8	%		8.5	%
Percentage change in net sales:
Organic units			(13)	%							(7)	%
Acquisitions			—								—
Selling prices			(2)								1

• ProWood organic unit sales declined 13 percent in the quarter from year ago levels due to difficult comparisons from elevated storm related demand for our products in 2024.
• Deckorators organic unit sales grew 17 percent in the quarter from year ago levels. Our Surestone decking sales increased 44 percent and our traditional wood plastic composite decking increased 35 percent, both from the quarter a year ago.

UFP Packaging

(In thousands)		Quarter Period								Year to Date
		2025			2024			% Change		2025			2024			% Change
Net sales		$	370,097		$	375,315		(1.4)	%	$	1,603,723		$	1,636,563		(2.0)	%
Net earnings			7,506			16,563		(54.7)			66,414			80,035		(17.0)
Net margin			2.0	%		4.4	%				4.1	%		4.9	%
Adjusted EBITDA			27,518			37,657		(26.9)			135,643			159,277		(14.8)
Adjusted EBITDA margin			7.4	%		10.0	%				8.5	%		9.7	%
Percentage change in net sales:
Organic units			(2)	%							(1)	%
Acquisitions			1								1
Selling prices			—								(2)

• Structural Packaging organic unit sales grew 1 percent in the quarter from year ago levels.
• PalletOne organic unit sales declined 8 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 declined 2 percent in the quarter from a year ago, due to challenging market conditions.

UFP Construction

(In thousands)		Quarter Period								Year to Date
		2025			2024			% Change		2025			2024			% Change
Net sales		$	439,790		$	486,776		(9.7)	%	$	2,003,785		$	2,113,844		(5.2)	%
Net earnings			15,437			27,595		(44.1)			89,626			136,179		(34.2)
Net margin			3.5	%		5.7	%				4.5	%		6.4	%
Adjusted EBITDA			33,173			45,022		(26.3)			157,841			208,417		(24.3)
Adjusted EBITDA margin			7.5	%		9.2	%				7.9	%		9.9	%
Percentage change in net sales:
Organic units			(5)	%							—	%
Acquisitions			—								—
Selling prices			(5)								(5)

• Site Built organic unit sales declined 17 percent in the quarter from year ago levels due to weaker single-family residential activity in our core western markets.
• Factory Built organic unit sales grew 1 percent in the quarter from year ago levels.
• Concrete Forming Solutions organic unit sales grew 3 percent in the quarter from year ago levels.
• Commercial organic sales grew 3 percent in the quarter from year ago levels.

Capital Structure, Leverage and Liquidity Information

UFP Industries maintains a strong balance sheet and as of December 27, 2025, had liquidity of approximately $2.2 billion consisting of over $900 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:

• Acquisitions and Organic Growth. The company seeks strategic acquisitions and 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 $300 million to $325 million on capital projects in 2026.
• Dividend payments. On February 12, 2026, the UFP Industries Board of Directors increased our quarterly cash dividend to $0.36 per share, which represents a 3 percent year-over-year increase. This dividend is payable on March 16, 2026, to shareholders of record on March 2, 2026. 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 earnings and free cash flow growth.
• Share repurchases. As of December 27, 2025, we repurchased 4.5 million shares for $443 million, at an average share price of $98.39 for the year, representing approximately 7 percent of our shares outstanding at the beginning of the year.

2026 Outlook and Long-Term Targets

We anticipate that the current market environment will continue in 2026 and that overall demand will be flat to slightly down in each of our segments based on our sales mix. We anticipate markets tied to new residential construction will remain more challenged and see stabilization across our other end markets as an offset. However, we believe we are positioned well to perform better than the market due to market share gains across our portfolio and the execution of our cost out program. We anticipate initial stocking orders, upgraded manufacturing capacity, and expanded distribution will 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 Tuesday, February 24, 2026, to discuss these results and outlook. The conference call will begin at 9:30 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 AND TWELVE MONTHS ENDED
DECEMBER 2025/2024
		Quarter Period										Year to Date
(In thousands, except per share data)		2025					2024					2025					2024
Net sales		$	1,329,823		100.0	%	$	1,462,001		100.0	%	$	6,320,343		100.0	%	$	6,652,309		100.0	%
Cost of sales			1,113,284		83.7			1,222,492		83.6			5,260,193		83.2			5,425,567		81.6
Gross profit			216,539		16.3			239,509		16.4			1,060,150		16.8			1,226,742		18.4
Operating expenses
Selling, general and administrative expenses			159,729		12.0			156,491		10.7			691,008		10.9			735,046		11.0
Net (gain) loss on disposition and impairments of assets			(3,084)		(0.2)			4,619		0.3			3,128		—			6,157		0.1
Other losses (gains), net			807		0.1			(1,060)		(0.1)			2,113		—			(6,703)		(0.1)
Total operating expenses			157,452					160,050					696,249					734,500
Earnings from operations			59,087		4.4			79,459		5.4			363,901		5.8			492,242		7.4
Interest and other			(1,394)		(0.1)			(11,560)		(0.8)			(28,340)		(0.4)			(47,913)		(0.7)
Earnings before income taxes			60,481		4.5			91,019		6.2			392,241		6.2			540,155		8.1
Income taxes			20,325		1.5			21,236		1.5			96,249		1.5			121,422		1.8
Net earnings			40,156		3.0			69,783		4.8			295,992		4.7			418,733		6.3
Less net earnings attributable to noncontrolling interest			(197)		—			(1,744)		(0.1)			(1,200)		—			(4,173)		(0.1)
Net earnings attributable to controlling interest		$	39,959		3.0		$	68,039		4.7		$	294,792		4.7		$	414,560		6.2
Earnings per share - basic		$	0.70				$	1.12				$	5.00				$	6.78
Earnings per share - diluted		$	0.70				$	1.12				$	5.00				$	6.77
Comprehensive income		$	44,078				$	58,121				$	315,340				$	398,753
Less comprehensive income attributable to noncontrolling interest			(795)					(1,007)					(3,673)					(610)
Comprehensive income attributable to controlling interest		$	43,283				$	57,114				$	311,667				$	398,143

 

CONDENSED CONSOLIDATED STATEMENTS
OF EARNINGS BY SEGMENT (UNAUDITED)
FOR THE THREE MONTHS ENDED DECEMBER 2025/2024
		Quarter Period 2025
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net sales		$	443,964		$	370,097		$	439,790		$	73,744		$	2,228		$	1,329,823
Cost of sales			373,322			312,198			364,195			51,793			11,776			1,113,284
Gross profit			70,642			57,899			75,595			21,951			(9,548)			216,539
Selling, general and administrative expenses			55,233			43,871			52,495			9,772			(1,642)			159,729
Net loss (gain) on disposition and impairments of assets			49			1,826			(13)			488			(5,434)			(3,084)
Other losses (gains), net			618			—			(3)			240			(48)			807
Earnings from operations			14,742			12,202			23,116			11,451			(2,424)			59,087
Interest and other			(119)			170			(3)			(1,876)			434			(1,394)
Earnings before income taxes			14,861			12,032			23,119			13,327			(2,858)			60,481
Income taxes			5,714			4,526			7,682			2,194			209			20,325
Net earnings		$	9,147		$	7,506		$	15,437		$	11,133		$	(3,067)		$	40,156
		Quarter Period 2024
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net sales		$	524,591		$	375,315		$	486,776		$	73,971		$	1,348		$	1,462,001
Cost of sales			456,731			314,427			399,826			68,602			(17,094)			1,222,492
Gross profit			67,860			60,888			86,950			5,369			18,442			239,509
Selling, general and administrative expenses			34,578			35,468			51,014			(1,723)			37,154			156,491
Net loss (gain) on disposition and impairments of assets			2,189			5,090			452			18			(3,130)			4,619
Other (gains) losses, net			(436)			—			(447)			(286)			109			(1,060)
Earnings from operations			31,529			20,330			35,931			7,360			(15,691)			79,459
Interest and other			(171)			(1,415)			42			(530)			(9,486)			(11,560)
Earnings before income taxes			31,700			21,745			35,889			7,890			(6,205)			91,019
Income taxes			7,341			5,182			8,294			721			(302)			21,236
Net earnings		$	24,359		$	16,563		$	27,595		$	7,169		$	(5,903)		$	69,783

 

CONDENSED CONSOLIDATED STATEMENTS
OF EARNINGS BY SEGMENT (UNAUDITED)
FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024
		Year to Date 2025
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net sales		$	2,433,556		$	1,603,723		$	2,003,785		$	271,550		$	7,729		$	6,320,343
Cost of sales			2,087,657			1,338,247			1,645,998			212,499			(24,208)			5,260,193
Gross profit			345,899			265,476			357,787			59,051			31,937			1,060,150
Selling, general and administrative expenses			218,262			180,619			237,949			37,858			16,320			691,008
Net loss (gain) on disposition and impairments of assets			11,139			(2,887)			259			3,167			(8,550)			3,128
Other losses (gains), net			1,398			—			265			691			(241)			2,113
Earnings from operations			115,100			87,744			119,314			17,335			24,408			363,901
Interest and other			(303)			(678)			(11)			(8,180)			(19,168)			(28,340)
Earnings before income taxes			115,403			88,422			119,325			25,515			43,576			392,241
Income taxes			28,724			22,008			29,699			4,973			10,845			96,249
Net earnings		$	86,679		$	66,414		$	89,626		$	20,542		$	32,731		$	295,992
		Year to Date 2024
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net sales		$	2,597,994		$	1,636,563		$	2,113,844		$	298,190		$	5,718		$	6,652,309
Cost of sales			2,209,195			1,335,304			1,675,346			240,518			(34,796)			5,425,567
Gross profit			388,799			301,259			438,498			57,672			40,514			1,226,742
Selling, general and administrative expenses			209,592			191,757			262,517			39,940			31,240			735,046
Net loss (gain) on disposition and impairments of assets			3,067			6,545			673			28			(4,156)			6,157
Other (gains) losses, net			(2,964)			—			(376)			(3,572)			209			(6,703)
Earnings from operations			179,104			102,957			175,684			21,276			13,221			492,242
Interest and other			(557)			(101)			17			(9,356)			(37,916)			(47,913)
Earnings before income taxes			179,661			103,058			175,667			30,632			51,137			540,155
Income taxes			40,534			23,023			39,488			5,793			12,584			121,422
Net earnings		$	139,127		$	80,035		$	136,179		$	24,839		$	38,553		$	418,733

 

RECONCILIATION OF NET EARNINGS TO
ADJUSTED EBITDA BY SEGMENT (UNAUDITED)
FOR THE THREE MONTHS ENDED DECEMBER 2025/2024
		Quarter Period 2025
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net earnings		$	9,147		$	7,506		$	15,437		$	11,133		$	(3,067)		$	40,156
Interest and other			(119)			170			(3)			(1,876)			434			(1,394)
Income taxes			5,714			4,526			7,682			2,194			209			20,325
Expenses associated with share-based compensation arrangements			894			1,639			2,667			408			4,278			9,886
Net loss (gain) on disposition and impairments of assets			49			1,826			(13)			488			(5,434)			(3,084)
Gain from reduction of estimated earnout liability			—			—			—			(457)			—			(457)
Depreciation expense			8,013			9,773			6,675			1,085			11,240			36,786
Amortization of intangibles			837			2,078			728			1,007			375			5,025
Adjusted EBITDA		$	24,535		$	27,518		$	33,173		$	13,982		$	8,035		$	107,243
Net earnings as a percentage of net sales			2.1 %			2.0 %			3.5 %			15.1 %			*			3.0 %
Adjusted EBITDA as a percentage of net sales			5.5 %			7.4 %			7.5 %			19.0 %			*			8.1 %
* Not meaningful
		Quarter Period 2024
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net earnings		$	24,359		$	16,563		$	27,595		$	7,169		$	(5,903)		$	69,783
Interest and other			(171)			(1,415)			42			(530)			(9,486)			(11,560)
Income taxes			7,341			5,182			8,294			721			(302)			21,236
Expenses associated with share-based compensation arrangements			1,860			1,623			1,846			163			5,326			10,818
Net loss (gain) on disposition and impairments of assets			940			861			451			18			(3,130)			(860)
Impairment of intangibles			1,250			4,229			—			—			—			5,479
Gain from reduction of estimated earnout liability			—			(605)			—			—			—			(605)
Depreciation expense			7,550			9,003			6,092			889			8,977			32,511
Amortization of intangibles			998			2,216			702			1,551			433			5,900
Adjusted EBITDA		$	44,127		$	37,657		$	45,022		$	9,981		$	(4,085)		$	132,702
Net earnings as a percentage of net sales			4.6 %			4.4 %			5.7 %			9.7 %			*			4.8 %
Adjusted EBITDA as a percentage of net sales			8.4 %			10.0 %			9.2 %			13.5 %			*			9.1 %
* Not meaningful

 

RECONCILIATION OF NET EARNINGS TO
ADJUSTED EBITDA BY SEGMENT (UNAUDITED)
FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024
		Year to Date 2025
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net earnings		$	86,679		$	66,414		$	89,626		$	20,542		$	32,731		$	295,992
Interest and other			(303)			(678)			(11)			(8,180)			(19,168)			(28,340)
Income taxes			28,724			22,008			29,699			4,973			10,845			96,249
Expenses associated with share-based compensation arrangements			4,040			7,029			9,840			1,017			15,866			37,792
Net loss (gain) on disposition and impairments of assets			8,739			(2,887)			259			3,167			(8,550)			728
Impairment of intangibles			2,400			—			—			—			—			2,400
Gain from reduction of estimated earnout liability			—			(1,511)			(344)			(457)			—			(2,312)
Depreciation expense			30,438			36,706			25,863			4,165			41,188			138,360
Amortization of intangibles			3,630			8,562			2,909			5,980			1,610			22,691
Adjusted EBITDA		$	164,347		$	135,643		$	157,841		$	31,207		$	74,522		$	563,560
Net earnings as a percentage of net sales			3.6 %			4.1 %			4.5 %			7.6 %			*			4.7 %
Adjusted EBITDA as a percentage of net sales			6.8 %			8.5 %			7.9 %			11.5 %			*			8.9 %
* Not meaningful
		Year to Date 2024
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net earnings		$	139,127		$	80,035		$	136,179		$	24,839		$	38,553		$	418,733
Interest and other			(557)			(101)			17			(9,356)			(37,916)			(47,913)
Income taxes			40,534			23,023			39,488			5,793			12,584			121,422
Expenses associated with share-based compensation arrangements			5,788			6,974			7,944			772			16,685			38,163
Net loss (gain) on disposition and impairments of assets			1,817			2,316			673			28			(4,156)			678
Impairment of intangibles			1,250			4,229			—			—			—			5,479
Gain from reduction of estimated earnout liability			—			(642)			(1,818)			—			—			(2,460)
Depreciation expense			28,877			34,603			23,124			3,338			34,699			124,641
Amortization of intangibles			3,992			8,840			2,810			6,124			1,755			23,521
Adjusted EBITDA		$	220,828		$	159,277		$	208,417		$	31,538		$	62,204		$	682,264
Net earnings as a percentage of net sales			5.4 %			4.9 %			6.4 %			8.3 %			*			6.3 %
Adjusted EBITDA as a percentage of net sales			8.5 %			9.7 %			9.9 %			10.6 %			*			10.3 %
* Not meaningful

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
DECEMBER 2025/2024
(In thousands)
Assets			2025			2024		Liabilities and equity			2025			2024
Current assets								Current liabilities
Cash and cash equivalents		$	914,199		$	1,171,828		Accounts payable		$	205,932		$	224,659
Restricted cash			10,872			7,766		Accrued liabilities and other			287,390			283,664
Investments			34,374			31,087		Current portion of debt			899			4,125
Accounts receivable			475,959			500,920
Inventories			722,020			720,824		Total current liabilities			494,221			512,448
Other current assets			111,228			70,600
								Long-term debt and finance lease obligations			228,859			229,830
Total current assets			2,268,652			2,503,025		Other liabilities			211,106			158,669
Other assets			276,788			257,533		Temporary equity			4,463			5,366
Intangible assets, net			484,873			499,637
Property, plant and equipment, net			992,580			890,743		Shareholders' equity			3,084,244			3,244,625
Total assets		$	4,022,893		$	4,150,938		Total liabilities and equity		$	4,022,893		$	4,150,938

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE TWELVE MONTHS ENDED
DECEMBER 2025/2024
(In thousands)			2025			2024
Cash flows from operating activities:
Net earnings		$	295,992		$	418,733
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation			138,360			124,641
Amortization of intangibles			22,691			23,521
Expense associated with share-based and grant compensation arrangements			37,792			38,163
Deferred income taxes			49,915			(15,382)
Unrealized gain on investment and other			(2,431)			(1,217)
Impairment of investments			6,500			—
Equity in earnings of investee			(709)			(89)
Net loss on sale, disposition and impairment of assets			728			678
Impairment of intangibles			2,400			5,479
Gain from reduction of estimated earnout liability			(2,312)			(2,460)
Changes in:
Accounts receivable			27,464			47,070
Inventories			7,291			6,356
Accounts payable			(20,190)			22,394
Accrued liabilities and other			(17,754)			(25,316)
Net cash from operating activities			545,737			642,571
Cash flows used in investing activities:
Capital expenditures			(269,377)			(232,274)
Proceeds from sale of property, plant and equipment			31,472			11,501
Acquisitions and purchases of non-controlling interest, net of cash received			(17,626)			(29,830)
Purchases of investments			(38,767)			(55,397)
Proceeds from sale of investments			19,953			30,844
Other			1,104			4,406
Net cash used in investing activities			(273,241)			(270,750)
Cash flows used in financing activities:
Borrowings under revolving credit facilities			34,426			29,913
Repayments under revolving credit facilities			(38,133)			(32,256)
Repayments of debt			—			(40,000)
Repayment of debt on behalf of investee			—			(6,303)
Contingent consideration payments and other			(221)			(4,868)
Proceeds from issuance of common stock			2,471			2,811
Dividends paid to shareholders			(82,350)			(80,782)
Distributions to noncontrolling interest			(3,005)			(11,848)
Purchase of remaining noncontrolling interest of subsidiary			(549)			(4,902)
Payments to taxing authorities in connection with shares directly withheld from employees			(9,591)			(17,838)
Repurchase of common stock			(433,028)			(141,120)
Other			(163)			73
Net cash used in financing activities			(530,143)			(307,120)
Effect of exchange rate changes on cash			3,124			(7,363)
Net change in cash and cash equivalents			(254,523)			57,338
All cash and cash equivalents, beginning of period			1,179,594			1,122,256
All cash and cash equivalents, end of period		$	925,071		$	1,179,594
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period		$	1,171,828		$	1,118,329
Restricted cash, beginning of period			7,766			3,927
All cash and cash equivalents, beginning of period		$	1,179,594		$	1,122,256
Cash and cash equivalents, end of period		$	914,199		$	1,171,828
Restricted cash, end of period			10,872			7,766
All cash and cash equivalents, end of period		$	925,071		$	1,179,594

 

RECONCILIATION OF NET CASH FROM OPERATING
ACTIVITIES TO FREE CASH FLOW (UNAUDITED)
FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024
(In thousands)			2025			2024
Net cash from operating activities		$	545,737		$	642,571
Increase (decrease) in investment in net working capital			3,189			(50,504)
Maintenance capital expenditures(1)			(105,703)			(124,511)
Interest expense, net of taxes			8,238			9,852
Free cash flow		$	451,461		$	477,408
(1) Breakdown of capital expenditures from the condensed consolidated statements of cash flows:
Maintenance capital expenditures		$	105,703		$	124,511
Expansionary and efficiency capital expenditures			163,674			107,763
Total capital expenditures		$	269,377		$	232,274

 

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SOURCE UFP Industries, Inc.

FAQ

What were UFP Industries (UFPI) Q4 2025 net sales and EPS?

UFP reported Q4 2025 net sales of $1.33 billion and diluted EPS of $0.70. According to the company, sales fell 9% year-over-year and EPS declined from $1.12 due to higher tax rate and year-end adjustments.

How much cash and liquidity did UFPI report at year-end 2025?

UFP ended 2025 with over $900 million of cash and approximately $2.2 billion total liquidity. According to the company, that includes cash plus remaining revolver availability and lender shelf commitments.

What did UFPI do with free cash flow in 2025 and how much was returned to shareholders?

UFP generated $451 million of free cash flow and used it to repurchase nearly $450 million of shares. According to the company, total shareholder returns for 2025 were about $515 million including buybacks and dividends.

How did UFP Industries' adjusted EBITDA and margins perform in 2025?

Adjusted EBITDA for Q4 2025 was $107.2 million and the yearly adjusted EBITDA margin was 8.9%. According to the company, the annual margin improved roughly 170 basis points versus 2019.

What guidance or outlook did UFPI provide for 2026 demand and capital spending?

UFP expects 2026 demand to be flat to slightly down across segments and plans $300–$325 million of capital spending. According to the company, they expect stabilization and targeted investments in Deckorators and Surestone.

Did UFPI change its dividend and when is the next payment for UFPI shareholders?

The board raised the quarterly dividend to $0.36 per share, payable March 16, 2026 to shareholders of record March 2, 2026. According to the company, this represents a 3% year-over-year increase.