Boise Cascade (NYSE: BCC) Q1 earnings fall as margins tighten, Q2 EBITDA outlook issued
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Boise Cascade Company reported first quarter 2026 net income of $17.8 million, or $0.50 per diluted share, on sales of $1.50 billion, compared with net income of $40.3 million, or $1.06 per share, on sales of $1.54 billion a year earlier. Adjusted EBITDA was $66.6 million, down from $91.6 million.
Building Materials Distribution sales were $1.39 billion, down 1%, with segment income of $32.9 million versus $48.4 million, as lower gross margins and higher selling and distribution expenses weighed on results. Wood Products sales were $398.2 million, down 4%, and segment income fell to $8.5 million from $17.7 million, mainly due to lower engineered wood product prices and higher conversion costs, partly offset by better plywood pricing and volumes. The company ended the quarter with $338.7 million in cash and $733.8 million of total liquidity, against $452.5 million of debt. During the quarter it paid $10.4 million in dividends and repurchased $65.5 million of stock, with a further $25 million of repurchases in April and $148 million remaining under its authorization. For second quarter 2026, Boise Cascade guided to BMD EBITDA of approximately $65–$80 million, Wood Products EBITDA of approximately $32–$47 million, and total company Adjusted EBITDA of approximately $83–$115 million.
Positive
- None.
Negative
- Profitability declined sharply: net income fell from $40.3 million to $17.8 million and diluted EPS from $1.06 to $0.50, while Adjusted EBITDA decreased 27% to $66.6 million, reflecting weaker margins in both major segments.
Insights
Q1 profit fell sharply on softer margins, but liquidity and buybacks remain solid.
Boise Cascade posted Q1 2026 net income of $17.8 million, down from $40.3 million, as sales slipped 2% to $1.50 billion. Both BMD and Wood Products saw lower margins, with consolidated Adjusted EBITDA down 27% to $66.6 million.
In BMD, modest sales pressure combined with higher selling and distribution expenses and weaker gross margins across product lines, particularly EWP, cut segment income by 32%. Wood Products was hit by roughly 7% lower average prices for LVL and I-joists, plus higher per-unit conversion costs, partly offset by stronger plywood pricing and volumes after mill modernization.
The company still has substantial flexibility, ending the quarter with $733.8 million of available liquidity and $452.5 million of debt. It returned capital via $10.4 million in dividends and $65.5 million of Q1 buybacks, plus about $25 million more in April, leaving roughly $148 million authorized. Q2 2026 guidance for total Adjusted EBITDA of $83–$115 million implies expectations for sequential improvement versus Q1, though the range acknowledges ongoing demand and pricing uncertainty.
8-K Event Classification
3 items: 2.02, 5.07, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 5.07
Submission of Matters to a Vote of Security Holders
Governance
Results of a shareholder vote on proposals at an annual or special meeting.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Sales: $1,498.6 million
Net income: $17.8 million
Diluted EPS: $0.50
+5 more
8 metrics
Sales
$1,498.6 million
Q1 2026 consolidated sales vs. $1,536.5 million in Q1 2025
Net income
$17.8 million
Q1 2026 vs. $40.3 million in Q1 2025 (down 56%)
Diluted EPS
$0.50
Q1 2026 diluted EPS vs. $1.06 in Q1 2025 (down 53%)
Adjusted EBITDA
$66.6 million
Q1 2026 Adjusted EBITDA vs. $91.6 million in Q1 2025 (down 27%)
BMD segment sales
$1,388.9 million
Building Materials Distribution sales for Q1 2026, down 1% year over year
Wood Products segment sales
$398.2 million
Wood Products sales for Q1 2026, down 4% year over year
Total liquidity
$733.8 million
Cash and undrawn committed bank lines at March 31, 2026
Share repurchases
830,751 shares; $65.5 million
Common stock repurchased in Q1 2026, plus $25 million more in April 2026
Key Terms
Adjusted EBITDA, Segment EBITDA, housing starts, nonbinding advisory, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA 1 | | 66,567 | | | 91,607 | | | (27) | %"
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.
Segment EBITDA financial
"Segment EBITDA 1 | | 48,225 | | | 62,779 | | | (23) | %"
Segment EBITDA measures how much profit a specific part of a company generates from its core operations, before accounting for interest, taxes and long-term accounting items like depreciation and amortization. Investors use it like inspecting a single slice of a pie to compare which business units are most profitable, track performance trends, and decide where to allocate capital because it highlights underlying operating results without financing or accounting differences.
housing starts financial
"In first quarter 2026, total U.S. housing starts increased 1% while single-family housing starts decreased 5%"
Housing starts measure the number of new residential construction projects that begin in a given period, typically counted when builders break ground. For investors, they act like a signal light for the housing market and broader economy—rising starts suggest stronger demand for homes, more activity for builders and suppliers, and potential job growth, while falling starts can warn of weakening demand or tighter credit conditions.
nonbinding advisory regulatory
"The nonbinding advisory proposal to approve the compensation of our named executive officers"
forward-looking statements regulatory
"This press release contains statements concerning future events and expectations... constitute forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
capital expenditures financial
"We expect capital expenditures in 2026, excluding potential acquisition spending, to total approximately $150 million to $170 million."
Capital expenditures are the money a company spends to buy or improve big assets like buildings, equipment, or machines that will last a long time. These investments matter because they help the company grow and operate more efficiently, similar to how upgrading a home’s appliances or adding a new room can make it better and more valuable.
Earnings Snapshot
Sales: $1,498.6 million · Guidance included
Q1 2026
Sales
$1,498.6 million
(2)% vs. Q1 2025
Net income
$17.8 million
(56)% vs. Q1 2025
Diluted EPS
$0.50
(53)% vs. Q1 2025
Adjusted EBITDA
$66.6 million
(27)% vs. Q1 2025
Guidance
For Q2 2026, Boise Cascade guides to BMD EBITDA of approximately $65–$80 million, Wood Products EBITDA of approximately $32–$47 million, unallocated corporate costs of approximately $(14)–$(12) million, and total company Adjusted EBITDA of approximately $83–$115 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 30, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(208 ) 384-6161
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 4, 2026, Boise Cascade Company ("Boise Cascade" or the "Company") issued a press release announcing its first quarter 2026 financial results, a copy of which is furnished as Exhibit 99.1 to this Report on Form 8-K. Additionally, Exhibit 99.2, a copy of which is attached hereto, includes certain statistical information related to the Company's quarterly performance.
Item 5.07 Submission of Matters to a Vote of Security Holders.
(a)Annual Shareholders' Meeting.
The annual shareholders' meeting of the Company was held via webcast on April 30, 2026. The matters submitted to a vote of the Company’s shareholders at the Company’s annual meeting are set forth in clause (b) below and are described in detail in the Company’s definitive 2026 Notice of Annual Meeting of Shareholders and Proxy Statement (the “Proxy Statement”).
(b)Voting Results.
Proposal No. 1 - Election of Ten Directors
Shareholders elected ten directors: Steven Cooper, Craig Dawson, Karen Gowland, Amy Humphreys, Nate Jorgensen, Kristopher Matula, Duane McDougall, Christopher McGowan, Jeff Strom, and Sue Taylor, each to serve a one-year term expiring at the Company’s annual meeting in 2027. The final voting results with respect to each director-nominee are set forth below:
| Nominee | For | Against | Abstain | Broker Non-Votes | ||||||||||
| Steven Cooper | 30,775,322 | 513,176 | 10,958 | 1,146,413 | ||||||||||
| Craig Dawson | 31,039,950 | 248,087 | 11,419 | 1,146,413 | ||||||||||
| Karen Gowland | 30,219,282 | 1,068,844 | 11,330 | 1,146,413 | ||||||||||
| Amy Humphreys | 31,016,691 | 271,334 | 11,431 | 1,146,413 | ||||||||||
| Nate Jorgensen | 30,656,537 | 631,557 | 11,362 | 1,146,413 | ||||||||||
| Kristopher Matula | 30,776,586 | 510,927 | 11,943 | 1,146,413 | ||||||||||
| Duane McDougall | 30,417,893 | 869,951 | 11,612 | 1,146,413 | ||||||||||
| Christopher McGowan | 30,639,898 | 648,369 | 11,189 | 1,146,413 | ||||||||||
| Jeff Strom | 31,045,373 | 242,802 | 11,281 | 1,146,413 | ||||||||||
| Sue Taylor | 31,047,548 | 240,365 | 11,543 | 1,146,413 | ||||||||||
Proposal No. 2 - Advisory Vote on Frequency of Advisory Vote Regarding Executive Compensation
The nonbinding advisory proposal regarding the frequency with which shareholders will vote to approve, on a nonbinding advisory basis, the overall executive compensation policies and procedures employed by the Company as described in the Proxy statement, was approved as an annual voting item. The final voting results are set forth below:
| 1 Year | 2 Years | 3 Years | Abstain | ||||||||
| 28,968,335 | 9,198 | 2,304,604 | 17,319 | ||||||||
Proposal No. 3 - Advisory Vote to Approve Executive Compensation
The nonbinding advisory proposal to approve the compensation of our named executive officers as described in the Proxy Statement was approved. The final voting results are set forth below:
| For | Against | Abstain | Broker Non-Votes | ||||||||
| 30,375,119 | 891,993 | 32,344 | 1,146,413 | ||||||||
Proposal No. 4 - Ratification of Independent Accountant for 2026
The proposal requesting ratification of the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2026 was approved. The final voting results are set forth below:
| For | Against | Abstain | ||||||
| 31,660,869 | 757,788 | 27,212 | ||||||
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are furnished as part of this Report on Form 8-K:
| Exhibit | Description | ||||
99.1 | Boise Cascade Company Earnings Release dated May 4, 2026. | ||||
99.2 | Boise Cascade Company Quarterly Statistical Information. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document). | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BOISE CASCADE COMPANY | ||||||||
| By | /s/ Jill Twedt | |||||||
Jill Twedt Senior Vice President, General Counsel & Corporate Secretary | ||||||||
| Date: May 4, 2026 | ||||||||
| Boise Cascade Company | Exhibit 99.1 | ||||
| 1111 West Jefferson Street, Suite 300 |  | ||||
| Boise, ID 83702 | |||||
| Press Release | ||
For Immediate Release: May 4, 2026 | ||
Investor Contact Chris Forrey investor@bc.com | Media Contact Amy Evans mediarelations@bc.com | |||||||
Boise Cascade Company Reports First Quarter 2026 Results
BOISE, IDAHO - May 4, 2026 - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $17.8 million, or $0.50 per share, on sales of $1.5 billion for the first quarter ended March 31, 2026, compared with net income of $40.3 million, or $1.06 per share, on sales of $1.5 billion for the first quarter ended March 31, 2025.
“In the first quarter of 2026, our businesses delivered solid results despite the current demand environment, influenced by geopolitical events, volatile mortgage rates, and severe weather,” said Jeff Strom, CEO. “I am proud of our associates for continuing to lean into our integrated model, which demonstrates its value and resilience in markets like these. Our Company is especially well positioned during periods of uncertainty, as customers increasingly rely on Boise Cascade for reliable service and consistent value across a broad range of industry-leading products. Looking ahead, I am confident in the unwavering focus of our team to deliver value to our stakeholders irrespective of market conditions.”
First Quarter 2026 Highlights
| 1Q 2026 | 1Q 2025 | % change | ||||||||||||||||||
| (in thousands, except per-share data and percentages) | ||||||||||||||||||||
| Consolidated Results | ||||||||||||||||||||
| Sales | $ | 1,498,614 | $ | 1,536,494 | (2) | % | ||||||||||||||
| Net income | 17,842 | 40,348 | (56) | % | ||||||||||||||||
| Net income per common share - diluted | 0.50 | 1.06 | (53) | % | ||||||||||||||||
Adjusted EBITDA 1 | 66,567 | 91,607 | (27) | % | ||||||||||||||||
| Segment Results | ||||||||||||||||||||
| Building Materials Distribution sales | $ | 1,388,948 | $ | 1,407,116 | (1) | % | ||||||||||||||
| Building Materials Distribution income | 32,942 | 48,417 | (32) | % | ||||||||||||||||
Building Materials Distribution EBITDA 1 | 48,225 | 62,779 | (23) | % | ||||||||||||||||
| Wood Products sales | 398,204 | 415,845 | (4) | % | ||||||||||||||||
| Wood Products income | 8,492 | 17,709 | (52) | % | ||||||||||||||||
Wood Products EBITDA 1 | 31,957 | 40,195 | (20) | % | ||||||||||||||||
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.
In first quarter 2026, total U.S. housing starts increased 1% while single-family housing starts decreased 5%, compared to the same period in 2025. Single-family housing starts are the key demand driver for our sales.
Building Materials Distribution (BMD)
BMD's sales decreased $18.2 million, or 1%, to $1,388.9 million for the three months ended March 31, 2026, from $1,407.1 million for the three months ended March 31, 2025. Compared with the same quarter in the prior year, the decrease in sales was driven by net sales price decreases of 3%, offset partially by net sales volume increases of 2%. By product line, general line product sales increased 4%, commodity sales decreased 5%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 7%. BMD segment income decreased $15.5 million to $32.9 million for the three months ended March 31, 2026, from $48.4 million for the three months ended March 31, 2025. The decrease in segment income was driven by increased selling and distribution expenses of $8.2 million, as well as a $6.5 million gross margin decrease, resulting from lower gross margins on all product lines, particularly EWP.
Wood Products
Wood Products' sales, including sales to BMD, decreased $17.6 million, or 4%, to $398.2 million for the three months ended March 31, 2026, from $415.8 million for the three months ended March 31, 2025. The decrease in sales was driven by lower sales prices and volumes for LVL and I-joists (collectively referred to as EWP). These decreases were offset partially by higher plywood sales volumes and prices. Wood Products' segment income decreased $9.2 million to $8.5 million for the three months ended March 31, 2026, from $17.7 million for the three months ended March 31, 2025. The decrease in segment income was primarily due to lower EWP sales prices, as well as higher per-unit EWP conversion costs. These decreases in segment income were offset partially by lower per-unit OSB costs, as well as higher plywood sales volumes and sales prices. Additionally, operations resumed at our Oakdale veneer and plywood mill following planned downtime in 2025 to complete significant mill modernization projects, which provided a favorable impact on per-unit conversion costs.
Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
| 1Q 2026 vs. 1Q 2025 | 1Q 2026 vs. 4Q 2025 | |||||||||||||
| Average Net Selling Prices | ||||||||||||||
| LVL | (7)% | —% | ||||||||||||
| I-joists | (7)% | 1% | ||||||||||||
| Plywood | 1% | 4% | ||||||||||||
| Sales Volumes | ||||||||||||||
| LVL | (1)% | 8% | ||||||||||||
| I-joists | (5)% | 16% | ||||||||||||
| Plywood | 3% | 5% | ||||||||||||
Balance Sheet and Liquidity
Boise Cascade ended first quarter 2026 with $338.7 million of cash and cash equivalents and $395.1 million of undrawn committed bank line availability, for total available liquidity of $733.8 million. The Company had $452.5 million of outstanding debt at March 31, 2026.
2
Capital Allocation
We expect capital expenditures in 2026, excluding potential acquisition spending, to total approximately $150 million to $170 million. This level of capital expenditures could increase or decrease as a result of several factors, including efforts to further accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases.
For the three months ended March 31, 2026, the Company paid $10.4 million in common stock dividends. On April 30, 2026, our board of directors declared a quarterly dividend of $0.22 per share on our common stock, payable on June 17, 2026, to stockholders of record on June 1, 2026.
For the three months ended March 31, 2026, the Company paid $65.5 million for the repurchase of 830,751 shares of our outstanding common stock. In April 2026, the Company repurchased an additional 312,894 shares of our common stock at a cost of approximately $25 million. Subsequent to these share repurchases, approximately $148 million of our outstanding common stock was available for repurchase under our existing share repurchase program.
Outlook
Demand for the products we purchase and distribute, as well as the products we manufacture, is closely tied to new residential construction, residential repair-and-remodeling activity, and light commercial construction. Residential construction, particularly new single-family construction, remains a key demand driver for the products we distribute and manufacture. The operating environment during the first quarter of 2026 presented a mix of opportunities and challenges. For much of the quarter, mortgage rates declined to their lowest levels in over three years. However, recent geopolitical turmoil has led to volatility in treasury and mortgage rates alike, casting unpredictability on the remainder of the spring selling season. Consumer sentiment and home affordability challenges persist as the most prominent headwinds to residential construction activity. In addition, home builders are responding to the cautious demand environment with thoughtful approaches to starts, home sizes, location, and inventory. Long-term demand drivers for residential construction, including generational tailwinds and an undersupply of housing units, remain strong, while elevated levels of homeowner equity and an aging U.S. housing stock support robust repair-and-remodel spending and reinforce the industry’s solid fundamentals.
Our distribution business, which purchases and resells a diverse range of products, experiences opportunities for increased sales and margins during periods of rising prices, while periods of declining prices may present challenges. Future product pricing, particularly for commodity products we distribute and manufacture, is expected to remain dynamic, influenced by economic and geopolitical conditions, input costs, industry operating rates, supply disruptions, duties, tariffs, cost and availability of transportation, inventory levels, and seasonal demand patterns. We will continue to monitor end market demand signals and align production rates and inventory stocking positions accordingly.
We are providing financial guidance for second quarter 2026 as set forth in the table below. Guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including those set forth below under “Forward-Looking Statements.”
| Second Quarter 2026 Guidance | |||||
| BMD EBITDA | ~$65 - $80 million | ||||
| Wood Products EBITDA | ~$32 - $47 million | ||||
| Unallocated Corporate Costs | ~($14) - ($12) million | ||||
| Total Company Adjusted EBITDA | ~$83 - $115 million | ||||
3
About Boise Cascade
Boise Cascade is one of the largest U.S. wholesale distributors of building materials and a leading manufacturer of engineered wood products and plywood in North America. Our integrated model and national distribution footprint position us to deliver outstanding service to our customers across a broad range of industry-leading products, including key structural products that we produce. Headquartered in Boise, Idaho, we operate more than 60 distribution and manufacturing facilities strategically located across the U.S. and Canada. Our work is powered by a dedicated team of over 7,500 people. Learn more at www.bc.com.
Webcast and Conference Call
Boise Cascade will host a webcast and conference call to discuss first quarter earnings on Tuesday, May 5, 2026, at 11 a.m. Eastern.
To join the webcast, go to the Investors section of our website at www.bc.com/investors and select the Event Calendar link. Analysts and investors who wish to ask questions during the Q&A session can register for the call here.
The archived webcast will be available in the Investors section of Boise Cascade's website.
Use of Non-GAAP Financial Measures
We refer to the terms EBITDA, Adjusted EBITDA and Segment EBITDA in this earnings release and the accompanying Quarterly Statistical Information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in the United States (GAAP). We define EBITDA as income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. We also disclose Segment EBITDA, which is segment income (loss) before depreciation and amortization.
We believe EBITDA, Adjusted EBITDA and Segment EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA, Adjusted EBITDA and Segment EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. EBITDA, Adjusted EBITDA and Segment EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income, income from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA, Adjusted EBITDA and Segment EBITDA instead of net income or segment income (loss) have limitations as analytical tools, including: the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for these limitations by relying on our GAAP results. Our measures of EBITDA, Adjusted EBITDA and Segment EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. For a reconciliation of net income to EBITDA and Adjusted EBITDA and segment income (loss) to Segment EBITDA, please see the section titled, "Summary Notes to Consolidated Financial Statements and Segment Information" below.
4
Forward-Looking Statements
This press release contains statements concerning future events and expectations, including, without limitation, statements relating to our outlook. These statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," “outlook,” "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. Factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include those factors set forth in Boise Cascade’s most recent Annual Report on Form 10-K, subsequent reports filed by Boise Cascade with the Securities and Exchange Commission (SEC), and the following important factors: the commodity nature of a portion of our products and their price movements, which are driven largely by general economic conditions, industry capacity and operating rates, industry cycles that affect supply and demand, and net import and export activity; the highly competitive nature of our industry; declines in demand for our products due to competing technologies or materials, as well as changes in building code provisions; disruptions to information systems used to process and store customer, employee, and vendor information, as well as the technology that manages our operations and other business processes; material disruptions and/or major equipment failure at our manufacturing facilities; declining demand for residual byproducts, particularly wood chips generated in our manufacturing operations; labor disruptions, shortages of skilled and technical labor, or increased labor costs; product shortages, loss of key suppliers, and our dependence on third-party suppliers and manufacturers; the cost and availability of third-party transportation services used to deliver the goods we distribute and manufacture, as well as our raw materials; cost and availability of raw materials, particularly wood fiber; the need to successfully formulate and implement succession plans for key members of our management team; our ability to execute our organic growth and acquisition strategies efficiently and effectively; failures or delays with new or existing technology systems and software platforms; our ability to successfully pursue our long-term growth strategy related to innovation and digital technology; concentration of our sales among a relatively small group of customers, as well as the financial condition and creditworthiness of our customers; impairment of our long-lived assets, goodwill, and/or intangible assets; substantial ongoing capital investment costs, including those associated with organic growth and acquisitions, and the difficulty in offsetting fixed costs related to those investments; our indebtedness, including the possibility that we may not generate sufficient cash flows from operations or that future borrowings may not be available in amounts sufficient to fulfill our debt obligations and fund other liquidity needs; restrictive covenants contained in our debt agreements; changes in or failure to comply with laws and regulations; changes in foreign trade policy, including the imposition of tariffs; compliance with data privacy and security laws and regulations; the impacts of climate change and related legislative and regulatory responses intended to reduce climate change; cost of compliance with government regulations, in particular, environmental regulations; exposure to product liability, product warranty, casualty, construction defect, and other claims; and fluctuations in the market for our equity.
It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects. Forward-looking statements speak only as of the date they are made, and, except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
5
Boise Cascade Company
Consolidated Statements of Operations
(in thousands, except per-share data) (unaudited)
| Three Months Ended | |||||||||||||||||
| March 31 | December 31, 2025 | ||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Sales | $ | 1,498,614 | $ | 1,536,494 | $ | 1,460,181 | |||||||||||
| Costs and expenses | |||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) | 1,255,070 | 1,276,183 | 1,228,749 | ||||||||||||||
| Depreciation and amortization | 39,053 | 37,121 | 41,313 | ||||||||||||||
| Selling and distribution expenses | 150,444 | 143,648 | 145,719 | ||||||||||||||
| General and administrative expenses | 26,300 | 24,997 | 22,466 | ||||||||||||||
| Other (income) expense, net | (38) | 26 | 5,983 | ||||||||||||||
| 1,470,829 | 1,481,975 | 1,444,230 | |||||||||||||||
| Income from operations | 27,785 | 54,519 | 15,951 | ||||||||||||||
| Foreign currency exchange loss | (241) | — | (40) | ||||||||||||||
| Pension expense (excluding service costs) | (30) | (33) | (33) | ||||||||||||||
| Interest expense | (6,019) | (5,312) | (6,024) | ||||||||||||||
| Interest income | 2,937 | 5,510 | 4,452 | ||||||||||||||
| Change in fair value of interest rate swaps | — | (490) | — | ||||||||||||||
| (3,353) | (325) | (1,645) | |||||||||||||||
| Income before income taxes | 24,432 | 54,194 | 14,306 | ||||||||||||||
| Income tax provision | (6,590) | (13,846) | (5,572) | ||||||||||||||
| Net income | $ | 17,842 | $ | 40,348 | $ | 8,734 | |||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||
| Basic | 35,909 | 38,017 | 36,823 | ||||||||||||||
| Diluted | 36,020 | 38,215 | 36,972 | ||||||||||||||
| Net income per common share: | |||||||||||||||||
| Basic | $ | 0.50 | $ | 1.06 | $ | 0.24 | |||||||||||
| Diluted | $ | 0.50 | $ | 1.06 | $ | 0.24 | |||||||||||
| Dividends declared per common share | $ | 0.22 | $ | 0.21 | $ | 0.22 | |||||||||||
6
Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
| Three Months Ended | |||||||||||||||||
| March 31 | December 31, 2025 | ||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Segment sales | $ | 1,388,948 | $ | 1,407,116 | $ | 1,363,116 | |||||||||||
| Costs and expenses | |||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) | 1,189,236 | 1,200,940 | 1,157,607 | ||||||||||||||
| Depreciation and amortization | 15,283 | 14,362 | 14,967 | ||||||||||||||
| Selling and distribution expenses | 141,274 | 133,099 | 134,885 | ||||||||||||||
| General and administrative expenses | 10,421 | 9,765 | 8,478 | ||||||||||||||
| Other (income) expense, net | (208) | 533 | 5,697 | ||||||||||||||
| 1,356,006 | 1,358,699 | 1,321,634 | |||||||||||||||
| Segment income | $ | 32,942 | $ | 48,417 | $ | 41,482 | |||||||||||
| (percentage of sales) | |||||||||||||||||
| Segment sales | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
| Costs and expenses | |||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) | 85.6 | % | 85.3 | % | 84.9 | % | |||||||||||
| Depreciation and amortization | 1.1 | % | 1.0 | % | 1.1 | % | |||||||||||
| Selling and distribution expenses | 10.2 | % | 9.5 | % | 9.9 | % | |||||||||||
| General and administrative expenses | 0.8 | % | 0.7 | % | 0.6 | % | |||||||||||
| Other (income) expense, net | — | % | — | % | 0.4 | % | |||||||||||
| 97.6 | % | 96.6 | % | 97.0 | % | ||||||||||||
| Segment income | 2.4 | % | 3.4 | % | 3.0 | % | |||||||||||
7
Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
| Three Months Ended | |||||||||||||||||
| March 31 | December 31, 2025 | ||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Segment sales | $ | 398,204 | $ | 415,845 | $ | 353,960 | |||||||||||
| Costs and expenses | |||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) | 352,985 | 362,246 | 328,108 | ||||||||||||||
| Depreciation and amortization | 23,465 | 22,486 | 26,093 | ||||||||||||||
| Selling and distribution expenses | 9,224 | 10,603 | 10,888 | ||||||||||||||
| General and administrative expenses | 3,868 | 3,313 | 2,361 | ||||||||||||||
| Other (income) expense, net | 170 | (512) | 304 | ||||||||||||||
| 389,712 | 398,136 | 367,754 | |||||||||||||||
| Segment income (loss) | $ | 8,492 | $ | 17,709 | $ | (13,794) | |||||||||||
| (percentage of sales) | |||||||||||||||||
| Segment sales | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
| Costs and expenses | |||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) | 88.6 | % | 87.1 | % | 92.7 | % | |||||||||||
| Depreciation and amortization | 5.9 | % | 5.4 | % | 7.4 | % | |||||||||||
| Selling and distribution expenses | 2.3 | % | 2.5 | % | 3.1 | % | |||||||||||
| General and administrative expenses | 1.0 | % | 0.8 | % | 0.7 | % | |||||||||||
| Other (income) expense, net | — | % | (0.1 | %) | 0.1 | % | |||||||||||
| 97.9 | % | 95.7 | % | 103.9 | % | ||||||||||||
| Segment income (loss) | 2.1 | % | 4.3 | % | (3.9) | % | |||||||||||
8
Segment Information
(in thousands) (unaudited)
| Three Months Ended | |||||||||||||||||
| March 31 | December 31, 2025 | ||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Segment sales | |||||||||||||||||
| Building Materials Distribution | $ | 1,388,948 | $ | 1,407,116 | $ | 1,363,116 | |||||||||||
| Wood Products | 398,204 | 415,845 | 353,960 | ||||||||||||||
| Intersegment eliminations | (288,538) | (286,467) | (256,895) | ||||||||||||||
| Total net sales | $ | 1,498,614 | $ | 1,536,494 | $ | 1,460,181 | |||||||||||
| Segment income (loss) | |||||||||||||||||
| Building Materials Distribution | $ | 32,942 | $ | 48,417 | $ | 41,482 | |||||||||||
| Wood Products | 8,492 | 17,709 | (13,794) | ||||||||||||||
| Total segment income | 41,434 | 66,126 | 27,688 | ||||||||||||||
| Unallocated corporate costs | (13,649) | (11,607) | (11,737) | ||||||||||||||
| Income from operations | $ | 27,785 | $ | 54,519 | $ | 15,951 | |||||||||||
| Segment EBITDA | |||||||||||||||||
| Building Materials Distribution | $ | 48,225 | $ | 62,779 | $ | 56,449 | |||||||||||
| Wood Products | 31,957 | 40,195 | 12,299 | ||||||||||||||
See accompanying summary notes to consolidated financial statements and segment information.
9
Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current | |||||||||||
| Cash and cash equivalents | $ | 338,667 | $ | 477,215 | |||||||
| Receivables | |||||||||||
Trade, less allowances of $5,659 and $5,618 | 461,012 | 315,944 | |||||||||
| Related parties | 283 | 86 | |||||||||
| Other | 28,941 | 24,698 | |||||||||
| Inventories | 877,795 | 795,724 | |||||||||
| Prepaid expenses and other | 27,544 | 40,751 | |||||||||
| Total current assets | 1,734,242 | 1,654,418 | |||||||||
| Property and equipment, net | 1,155,967 | 1,157,261 | |||||||||
| Operating lease right-of-use assets | 52,971 | 55,980 | |||||||||
| Finance lease right-of-use assets | 41,772 | 11,825 | |||||||||
| Timber deposits | 7,501 | 8,058 | |||||||||
| Goodwill | 185,386 | 185,384 | |||||||||
| Intangible assets, net | 154,405 | 159,665 | |||||||||
| Deferred income taxes | 2,913 | 3,041 | |||||||||
| Other assets | 6,467 | 6,311 | |||||||||
| Total assets | $ | 3,341,624 | $ | 3,241,943 | |||||||
10
Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
| March 31, 2026 | December 31, 2025 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current | |||||||||||
| Accounts payable | |||||||||||
| Trade | $ | 428,963 | $ | 254,622 | |||||||
| Related parties | 2,194 | 915 | |||||||||
| Accrued liabilities | |||||||||||
| Compensation and benefits | 93,429 | 103,066 | |||||||||
| Interest payable | 5,285 | 10,176 | |||||||||
| Other | 97,159 | 124,297 | |||||||||
| Total current liabilities | 627,030 | 493,076 | |||||||||
| Debt | |||||||||||
| Long-term debt, net | 448,148 | 445,405 | |||||||||
| Other | |||||||||||
| Compensation and benefits | 35,462 | 39,354 | |||||||||
| Operating lease liabilities, net of current portion | 46,602 | 49,778 | |||||||||
| Finance lease liabilities, net of current portion | 44,828 | 15,631 | |||||||||
| Deferred income taxes | 104,574 | 105,551 | |||||||||
| Other long-term liabilities | 19,047 | 18,270 | |||||||||
| 250,513 | 228,584 | ||||||||||
| Commitments and contingent liabilities | |||||||||||
| Stockholders' equity | |||||||||||
Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding | — | — | |||||||||
Common stock, $0.01 par value per share; 300,000 shares authorized, 35,503 and 36,190 shares issued, respectively | 355 | 362 | |||||||||
Additional paid-in capital | 568,433 | 571,220 | |||||||||
Accumulated other comprehensive loss | (469) | (476) | |||||||||
| Retained earnings | 1,447,614 | 1,503,772 | |||||||||
| Total stockholders' equity | 2,015,933 | 2,074,878 | |||||||||
| Total liabilities and stockholders' equity | $ | 3,341,624 | $ | 3,241,943 | |||||||
11
Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
| Three Months Ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash provided by (used for) operations | |||||||||||
| Net income | $ | 17,842 | $ | 40,348 | |||||||
| Items in net income not using (providing) cash | |||||||||||
Depreciation and amortization, including deferred financing costs and other | 39,923 | 37,960 | |||||||||
| Stock-based compensation | 3,458 | 3,757 | |||||||||
| Deferred income taxes | (895) | 741 | |||||||||
| Change in fair value of interest rate swaps | — | 490 | |||||||||
| Other | (16) | (788) | |||||||||
| Decrease (increase) in working capital | |||||||||||
| Receivables | (139,930) | (129,683) | |||||||||
| Inventories | (82,071) | (118,138) | |||||||||
| Prepaid expenses and other | (3,242) | (3,786) | |||||||||
| Accounts payable and accrued liabilities | 144,745 | 127,935 | |||||||||
| Income taxes payable | 6,918 | 11,654 | |||||||||
| Other | (2,714) | 1,034 | |||||||||
| Net cash used for operations | (15,982) | (28,476) | |||||||||
| Cash provided by (used for) investment | |||||||||||
| Expenditures for property and equipment | (39,824) | (53,205) | |||||||||
| Acquisitions of businesses and facilities | (2) | — | |||||||||
| Proceeds from sales of assets and other | 353 | 980 | |||||||||
| Net cash used for investment | (39,473) | (52,225) | |||||||||
| Cash provided by (used for) financing | |||||||||||
| Repurchase of common stock | (65,513) | (53,884) | |||||||||
| Dividends paid on common stock | (10,370) | (10,485) | |||||||||
| Tax withholding payments on stock-based awards | (6,244) | (5,907) | |||||||||
| Other | (966) | (502) | |||||||||
| Net cash used for financing | (83,093) | (70,778) | |||||||||
| Net decrease in cash and cash equivalents | (138,548) | (151,479) | |||||||||
| Balance at beginning of the period | 477,215 | 713,260 | |||||||||
| Balance at end of the period | $ | 338,667 | $ | 561,781 | |||||||
12
Summary Notes to Consolidated Financial Statements and Segment Information
The Consolidated Statements of Operations, Segment Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Segment Information presented herein do not include the notes accompanying the Company's Consolidated Financial Statements and should be read in conjunction with the Company’s 2025 Form 10-K and the Company's other filings with the Securities and Exchange Commission. Net income for all periods presented involved estimates and accruals.
EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2026 and 2025, and December 31, 2025:
| Three Months Ended | |||||||||||||||||
| March 31 | December 31, 2025 | ||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| (in thousands) | |||||||||||||||||
| Net income | $ | 17,842 | $ | 40,348 | $ | 8,734 | |||||||||||
| Interest expense | 6,019 | 5,312 | 6,024 | ||||||||||||||
| Interest income | (2,937) | (5,510) | (4,452) | ||||||||||||||
| Income tax provision | 6,590 | 13,846 | 5,572 | ||||||||||||||
| Depreciation and amortization | 39,053 | 37,121 | 41,313 | ||||||||||||||
| EBITDA | 66,567 | 91,117 | 57,191 | ||||||||||||||
| Change in fair value of interest rate swaps | — | 490 | — | ||||||||||||||
| Adjusted EBITDA | $ | 66,567 | $ | 91,607 | $ | 57,191 | |||||||||||
13
The following table reconciles segment income (loss) and unallocated corporate costs to Segment EBITDA, EBITDA and Adjusted EBITDA for the three months ended March 31, 2026 and 2025, and December 31, 2025:
| Three Months Ended | |||||||||||||||||
| March 31 | December 31, 2025 | ||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| (in thousands) | |||||||||||||||||
| Building Materials Distribution | |||||||||||||||||
| Segment income | $ | 32,942 | $ | 48,417 | $ | 41,482 | |||||||||||
| Depreciation and amortization | 15,283 | 14,362 | 14,967 | ||||||||||||||
| Segment EBITDA | $ | 48,225 | $ | 62,779 | $ | 56,449 | |||||||||||
| Wood Products | |||||||||||||||||
| Segment income (loss) | $ | 8,492 | $ | 17,709 | $ | (13,794) | |||||||||||
| Depreciation and amortization | 23,465 | 22,486 | 26,093 | ||||||||||||||
| Segment EBITDA | $ | 31,957 | $ | 40,195 | $ | 12,299 | |||||||||||
| Corporate | |||||||||||||||||
| Unallocated corporate costs | $ | (13,649) | $ | (11,607) | $ | (11,737) | |||||||||||
| Foreign currency exchange gain (loss) | (241) | — | (40) | ||||||||||||||
| Pension expense (excluding service costs) | (30) | (33) | (33) | ||||||||||||||
| Change in fair value of interest rate swaps | — | (490) | — | ||||||||||||||
| Depreciation and amortization | 305 | 273 | 253 | ||||||||||||||
| EBITDA | (13,615) | (11,857) | (11,557) | ||||||||||||||
| Change in fair value of interest rate swaps | — | 490 | — | ||||||||||||||
| Corporate Adjusted EBITDA | $ | (13,615) | $ | (11,367) | $ | (11,557) | |||||||||||
| Total Company Adjusted EBITDA | $ | 66,567 | $ | 91,607 | $ | 57,191 | |||||||||||
14
Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
| Building Materials Distribution Segment | |||||||||||||||||
| 2026 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
General line sales1 | 45.0 | % | 45.0 | % | |||||||||||||
Commodity sales1 | 35.5 | % | 35.5 | % | |||||||||||||
EWP sales1 | 19.5 | % | 19.5 | % | |||||||||||||
| Total sales (000) | $ | 1,388,948 | $ | 1,388,948 | |||||||||||||
Gross margin2 | 14.4 | % | 14.4 | % | |||||||||||||
| Segment income (000) | $ | 32,942 | $ | 32,942 | |||||||||||||
| Segment depreciation and amortization (000) | $ | 15,283 | $ | 15,283 | |||||||||||||
Segment EBITDA (000)3 | $ | 48,225 | $ | 48,225 | |||||||||||||
| EBITDA as a percentage of sales | 3.5 | % | 3.5 | % | |||||||||||||
Capital spending (000)4 | $ | 25,394 | $ | 25,394 | |||||||||||||
| Receivables (000) | $ | 446,083 | |||||||||||||||
| Inventories (000) | $ | 635,409 | |||||||||||||||
| Accounts payable (000) | $ | 392,747 | |||||||||||||||
| 2025 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
General line sales1 | 42.6 | % | 45.4 | % | 46.7 | % | 46.0 | % | 45.2 | % | |||||||
Commodity sales1 | 36.7 | % | 34.2 | % | 34.2 | % | 35.2 | % | 35.0 | % | |||||||
EWP sales1 | 20.7 | % | 20.4 | % | 19.1 | % | 18.8 | % | 19.8 | % | |||||||
| Total sales (000) | $ | 1,407,116 | $ | 1,614,915 | $ | 1,556,150 | $ | 1,363,116 | $ | 5,941,297 | |||||||
Gross margin2 | 14.7 | % | 15.4 | % | 15.1 | % | 15.1 | % | 15.1 | % | |||||||
| Segment income (000) | $ | 48,417 | $ | 78,033 | $ | 54,286 | $ | 41,482 | $ | 222,218 | |||||||
| Segment depreciation and amortization (000) | $ | 14,362 | $ | 13,815 | $ | 15,545 | $ | 14,967 | $ | 58,689 | |||||||
Segment EBITDA (000)3 | $ | 62,779 | $ | 91,848 | $ | 69,831 | $ | 56,449 | $ | 280,907 | |||||||
| EBITDA as a percentage of sales | 4.5 | % | 5.7 | % | 4.5 | % | 4.1 | % | 4.7 | % | |||||||
Capital spending (000)5 | $ | 22,431 | $ | 39,588 | $ | 26,353 | $ | 16,224 | $ | 104,596 | |||||||
| Receivables (000) | $ | 438,218 | $ | 444,290 | $ | 426,039 | $ | 316,049 | |||||||||
| Inventories (000) | $ | 660,970 | $ | 661,911 | $ | 588,017 | $ | 543,245 | |||||||||
| Accounts payable (000) | $ | 438,404 | $ | 365,966 | $ | 301,968 | $ | 204,361 | |||||||||
1
Boise Cascade Company
Quarterly Statistical Information (continued)
| Building Materials Distribution Segment (continued) | |||||||||||||||||
| 2024 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
General line sales1 | 41.0 | % | 42.4 | % | 43.8 | % | 42.4 | % | 42.4 | % | |||||||
Commodity sales1 | 36.7 | % | 35.0 | % | 34.9 | % | 36.7 | % | 35.8 | % | |||||||
EWP sales1 | 22.3 | % | 22.6 | % | 21.3 | % | 20.9 | % | 21.8 | % | |||||||
| Total sales (000) | $ | 1,505,021 | $ | 1,655,221 | $ | 1,567,466 | $ | 1,438,785 | $ | 6,166,493 | |||||||
Gross margin2 | 15.1 | % | 14.8 | % | 15.7 | % | 15.8 | % | 15.3 | % | |||||||
| Segment income (000) | $ | 72,463 | $ | 85,400 | $ | 74,821 | $ | 70,701 | $ | 303,385 | |||||||
| Segment depreciation and amortization (000) | $ | 11,107 | $ | 11,741 | $ | 12,928 | $ | 13,758 | $ | 49,534 | |||||||
Segment EBITDA (000)3 | $ | 83,570 | $ | 97,141 | $ | 87,749 | $ | 84,459 | $ | 352,919 | |||||||
| EBITDA as a percentage of sales | 5.6 | % | 5.9 | % | 5.6 | % | 5.9 | % | 5.7 | % | |||||||
Capital spending (000)6 | $ | 14,672 | $ | 21,904 | $ | 36,902 | $ | 34,115 | $ | 107,593 | |||||||
| Receivables (000) | $ | 453,083 | $ | 436,992 | $ | 386,303 | $ | 315,698 | |||||||||
| Inventories (000) | $ | 601,546 | $ | 626,044 | $ | 566,056 | $ | 557,977 | |||||||||
| Accounts payable (000) | $ | 412,919 | $ | 392,798 | $ | 300,978 | $ | 226,236 | |||||||||
1Product line sales are shown as a percentage of total Building Materials Distribution (BMD) sales. | |||||||||||||||||
2We define gross margin as "Sales" less "Materials, labor, and other operating expenses (excluding depreciation)." Substantially all costs included in "Materials, labor, and other operating expenses (excluding depreciation)" for our BMD segment are for inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales. | |||||||||||||||||
3Segment EBITDA is calculated as segment income before depreciation and amortization. | |||||||||||||||||
4During 2026, capital spending in first quarter includes approximately $13 million to purchase previously leased BMD properties in Boise, Idaho and Grand Junction, Colorado. | |||||||||||||||||
5During 2025, capital spending in second quarter includes approximately $17 million to purchase previously leased BMD properties in Chicago, Illinois and Minneapolis, Minnesota. Capital spending in fourth quarter 2025 excludes approximately $33 million for the acquisition of businesses and facilities, net of cash acquired. | |||||||||||||||||
6During 2024, capital spending in third quarter includes approximately $20 million to purchase a previously leased BMD property in Westfield, Massachusetts. Capital spending in fourth quarter 2024 includes approximately $5 million to purchase a previously leased property in Chicago, Illinois. | |||||||||||||||||
2
Boise Cascade Company
Quarterly Statistical Information (continued)
| Wood Products Segment | |||||||||||||||||
| 2026 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| LVL sales volume (MCF) | 4,562 | 4,562 | |||||||||||||||
| I-joist sales volume (MELF) | 51,950 | 51,950 | |||||||||||||||
| Plywood sales volume (MSF 3/8") | 373,342 | 373,342 | |||||||||||||||
| Lumber sales volume (MBF) | 21,022 | 21,022 | |||||||||||||||
| LVL mill net sales price ($/CF) | $ | 24.22 | $ | 24.22 | |||||||||||||
| I-joist mill net sales price ($/MELF) | $ | 1,700 | $ | 1,700 | |||||||||||||
| Plywood net sales price ($/MSF 3/8") | $ | 343 | $ | 343 | |||||||||||||
| Lumber net sales price ($/MBF) | $ | 563 | $ | 563 | |||||||||||||
| Segment sales (000) | $ | 398,204 | $ | 398,204 | |||||||||||||
| Segment income (000) | $ | 8,492 | $ | 8,492 | |||||||||||||
| Segment depreciation and amortization (000) | $ | 23,465 | $ | 23,465 | |||||||||||||
Segment EBITDA (000)1 | $ | 31,957 | $ | 31,957 | |||||||||||||
| EBITDA as a percentage of sales | 8.0 | % | 8.0 | % | |||||||||||||
| Capital spending (000) | $ | 16,663 | $ | 16,663 | |||||||||||||
| Receivables (000) | $ | 76,380 | |||||||||||||||
| Inventories (000) | $ | 242,385 | |||||||||||||||
| Accounts payable (000) | $ | 65,222 | |||||||||||||||
| 2025 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| LVL sales volume (MCF) | 4,616 | 5,457 | 4,612 | 4,228 | 18,913 | ||||||||||||
| I-joist sales volume (MELF) | 54,711 | 62,469 | 53,232 | 44,753 | 215,165 | ||||||||||||
| Plywood sales volume (MSF 3/8") | 362,779 | 355,714 | 387,278 | 353,989 | 1,459,760 | ||||||||||||
| Lumber sales volume (MBF) | 19,830 | 18,126 | 17,919 | 17,327 | 73,202 | ||||||||||||
| LVL mill net sales price ($/CF) | $ | 26.09 | $ | 25.22 | $ | 24.03 | $ | 24.13 | $ | 24.90 | |||||||
| I-joist mill net sales price ($/MELF) | $ | 1,833 | $ | 1,801 | $ | 1,684 | $ | 1,683 | $ | 1,755 | |||||||
| Plywood net sales price ($/MSF 3/8") | $ | 341 | $ | 342 | $ | 325 | $ | 329 | $ | 334 | |||||||
| Lumber net sales price ($/MBF) | $ | 619 | $ | 678 | $ | 651 | $ | 569 | $ | 629 | |||||||
| Segment sales (000) | $ | 415,845 | $ | 447,235 | $ | 396,401 | $ | 353,960 | $ | 1,613,441 | |||||||
| Segment income (loss) (000) | $ | 17,709 | $ | 13,976 | $ | (12,055) | $ | (13,794) | $ | 5,836 | |||||||
| Segment depreciation and amortization (000) | $ | 22,486 | $ | 23,316 | $ | 26,561 | $ | 26,093 | $ | 98,456 | |||||||
Segment EBITDA (000)1 | $ | 40,195 | $ | 37,292 | $ | 14,506 | $ | 12,299 | $ | 104,292 | |||||||
| EBITDA as a percentage of sales | 9.7 | % | 8.3 | % | 3.7 | % | 3.5 | % | 6.5 | % | |||||||
Capital spending (000)2 | $ | 30,689 | $ | 39,358 | $ | 28,823 | $ | 37,720 | $ | 136,590 | |||||||
| Receivables (000) | $ | 74,469 | $ | 77,128 | $ | 70,330 | $ | 46,998 | |||||||||
| Inventories (000) | $ | 260,464 | $ | 257,046 | $ | 256,341 | $ | 252,479 | |||||||||
| Accounts payable (000) | $ | 74,749 | $ | 76,124 | $ | 66,265 | $ | 51,976 | |||||||||
3
Boise Cascade Company
Quarterly Statistical Information (continued)
| Wood Products Segment (continued) | |||||||||||||||||
| 2024 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| LVL sales volume (MCF) | 4,777 | 5,074 | 4,952 | 4,561 | 19,364 | ||||||||||||
| I-joist sales volume (MELF) | 56,587 | 65,788 | 58,884 | 53,081 | 234,340 | ||||||||||||
| Plywood sales volume (MSF 3/8") | 371,699 | 383,092 | 390,978 | 371,263 | 1,517,032 | ||||||||||||
| Lumber sales volume (MBF) | 22,772 | 17,619 | 19,390 | 18,429 | 78,210 | ||||||||||||
| LVL mill net sales price ($/CF) | $ | 28.75 | $ | 28.12 | $ | 27.62 | $ | 26.93 | $ | 27.87 | |||||||
| I-joist mill net sales price ($/MELF) | $ | 2,018 | $ | 1,961 | $ | 1,921 | $ | 1,894 | $ | 1,949 | |||||||
| Plywood net sales price ($/MSF 3/8") | $ | 378 | $ | 362 | $ | 333 | $ | 350 | $ | 355 | |||||||
| Lumber net sales price ($/MBF) | $ | 650 | $ | 751 | $ | 705 | $ | 632 | $ | 682 | |||||||
| Segment sales (000) | $ | 468,928 | $ | 489,823 | $ | 453,896 | $ | 419,670 | $ | 1,832,317 | |||||||
| Segment income (000) | $ | 71,238 | $ | 72,780 | $ | 53,853 | $ | 33,583 | $ | 231,454 | |||||||
Segment depreciation and amortization (000)3 | $ | 24,384 | $ | 22,270 | $ | 23,551 | $ | 22,998 | $ | 93,203 | |||||||
Segment EBITDA (000)1 | $ | 95,622 | $ | 95,050 | $ | 77,404 | $ | 56,581 | $ | 324,657 | |||||||
| EBITDA as a percentage of sales | 20.4 | % | 19.4 | % | 17.1 | % | 13.5 | % | 17.7 | % | |||||||
Capital spending (000)2 | $ | 19,643 | $ | 17,804 | $ | 24,760 | $ | 59,663 | $ | 121,870 | |||||||
| Receivables (000) | $ | 84,892 | $ | 83,445 | $ | 77,244 | $ | 55,719 | |||||||||
| Inventories (000) | $ | 213,050 | $ | 206,198 | $ | 226,300 | $ | 245,320 | |||||||||
| Accounts payable (000) | $ | 61,834 | $ | 66,374 | $ | 73,922 | $ | 61,800 | |||||||||
1Segment EBITDA is calculated as segment income before depreciation and amortization. | |||||||||||||||||
2Capital spending in 2025 and 2024 for our Wood Products segment includes spending on significant modernization projects at our Oakdale, Louisiana veneer and plywood mill, spending to add I-joist production capabilities at our Thorsby, Alabama EWP mill, as well as spending to convert a plywood layup line to a parallel laminated veneer line at our Chapman, Alabama veneer and plywood mill. | |||||||||||||||||
3Segment depreciation and amortization in first quarter 2024 includes accelerated depreciation of $2.2 million for the indefinite curtailment of lumber production assets at our Chapman, Alabama, facility. | |||||||||||||||||
4
Boise Cascade Company
Quarterly Statistical Information (continued)
Reconciliation of Non-GAAP Financial Measures
(in thousands)
| Total Boise Cascade Company | |||||||||||||||||
| EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following tables reconcile net income to EBITDA and Adjusted EBITDA for the periods noted below: | |||||||||||||||||
| 2026 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| Net income | $ | 17,842 | $ | 17,842 | |||||||||||||
| Interest expense | 6,019 | 6,019 | |||||||||||||||
| Interest income | (2,937) | (2,937) | |||||||||||||||
| Income tax provision | 6,590 | 6,590 | |||||||||||||||
| Depreciation and amortization | 39,053 | 39,053 | |||||||||||||||
| EBITDA | 66,567 | 66,567 | |||||||||||||||
| Change in fair value of interest rate swaps | — | — | |||||||||||||||
| Adjusted EBITDA | $ | 66,567 | $ | 66,567 | |||||||||||||
| 2025 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| Net income | $ | 40,348 | $ | 61,985 | $ | 21,769 | $ | 8,734 | $ | 132,836 | |||||||
| Interest expense | 5,312 | 5,183 | 5,327 | 6,024 | 21,846 | ||||||||||||
| Interest income | (5,510) | (4,623) | (4,181) | (4,452) | (18,766) | ||||||||||||
| Income tax provision | 13,846 | 18,611 | 9,088 | 5,572 | 47,117 | ||||||||||||
| Depreciation and amortization | 37,121 | 37,409 | 42,378 | 41,313 | 158,221 | ||||||||||||
| EBITDA | 91,117 | 118,565 | 74,381 | 57,191 | 341,254 | ||||||||||||
| Change in fair value of interest rate swaps | 490 | 435 | — | — | 925 | ||||||||||||
| Adjusted EBITDA | $ | 91,607 | $ | 119,000 | $ | 74,381 | $ | 57,191 | $ | 342,179 | |||||||
| 2024 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| Net income | $ | 104,124 | $ | 112,292 | $ | 91,038 | $ | 68,900 | $ | 376,354 | |||||||
| Interest expense | 6,070 | 6,105 | 6,082 | 5,810 | 24,067 | ||||||||||||
| Interest income | (10,597) | (10,543) | (10,168) | (7,831) | (39,139) | ||||||||||||
| Income tax provision | 32,829 | 38,499 | 29,801 | 24,276 | 125,405 | ||||||||||||
| Depreciation and amortization | 35,850 | 34,367 | 36,861 | 37,035 | 144,113 | ||||||||||||
| EBITDA | 168,276 | 180,720 | 153,614 | 128,190 | 630,800 | ||||||||||||
| Change in fair value of interest rate swaps | 220 | 487 | 866 | 465 | 2,038 | ||||||||||||
| Adjusted EBITDA | $ | 168,496 | $ | 181,207 | $ | 154,480 | $ | 128,655 | $ | 632,838 | |||||||
For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our first quarter financial results, a copy of which is attached as Exhibit 99.1 to our Current Report on Form 8-K furnished to the Securities and Exchange Commission on May 4, 2026.
5
FAQ
How did Boise Cascade (BCC) perform financially in Q1 2026?
Boise Cascade reported net income of $17.8 million, or $0.50 per diluted share, on sales of $1.50 billion for Q1 2026. A year earlier, it earned $40.3 million, or $1.06 per share, on $1.54 billion of sales, showing materially lower profitability on slightly lower revenue.
What were Boise Cascade’s segment results for Building Materials Distribution in Q1 2026?
In Q1 2026, the Building Materials Distribution segment generated $1.39 billion of sales, down about 1% year over year. Segment income declined to $32.9 million from $48.4 million, as lower gross margins across product lines and $8.2 million higher selling and distribution expenses pressured profitability.
How did the Wood Products segment of Boise Cascade (BCC) perform in Q1 2026?
Wood Products posted Q1 2026 sales of $398.2 million, down 4% from the prior year. Segment income dropped to $8.5 million from $17.7 million, mainly due to lower engineered wood product prices and higher per-unit conversion costs, partly offset by improved plywood prices and volumes.
What is Boise Cascade’s liquidity and debt position after Q1 2026?
At March 31, 2026, Boise Cascade held $338.7 million in cash and cash equivalents and had $395.1 million of undrawn committed bank line availability, totaling $733.8 million of liquidity. The company reported $452.5 million of outstanding debt, providing a clear view of its balance sheet strength.
What guidance did Boise Cascade provide for Q2 2026 EBITDA?
For Q2 2026, Boise Cascade guided to Building Materials Distribution EBITDA of about $65–$80 million and Wood Products EBITDA of about $32–$47 million. Unallocated corporate costs are expected around $(14)–$(12) million, resulting in total company Adjusted EBITDA guidance of approximately $83–$115 million.