Boise Cascade (NYSE: BCC) 2025 net income drops sharply on weaker Wood Products

Rhea-AI Filing Summary

Boise Cascade Company reported much weaker results for 2025 as housing-related markets softened and pricing declined. Fourth-quarter net income was $8.7 million, or $0.24 per share, on sales of $1.46 billion, down from $68.9 million on $1.57 billion a year earlier.

For full year 2025, net income fell to $132.8 million, or $3.53 per share, on sales of $6.40 billion, compared with $376.4 million and $6.72 billion in 2024. Results included about $6 million after-tax accrued for legal proceedings in the distribution segment and sharply lower profitability in Wood Products as engineered wood and plywood prices and volumes dropped.

The company ended the year with $477.2 million of cash, total liquidity of $872.3 million, and $450.0 million of debt. In 2025 it spent $274.8 million on capital and acquisitions, paid $34.6 million in dividends, and repurchased 2.1 million shares for $181.4 million, with additional buybacks in early 2026.

Positive

• None.

Negative

• 2025 profitability deteriorated sharply, with net income falling to $132.8 million from $376.4 million and Adjusted EBITDA dropping to $342.2 million from $632.8 million, driven largely by a collapse in Wood Products earnings and weaker pricing and volumes.

Insights

Equity analyst

2025 profit and EBITDA fell sharply as Wood Products weakened, despite solid liquidity and buybacks.

Boise Cascade saw 2025 net income drop to $132.8 million, down from $376.4 million, on sales of $6.40 billion versus $6.72 billion. Adjusted EBITDA declined to $342.2 million from $632.8 million, showing materially lower profitability across the business, especially in Wood Products.

The Building Materials Distribution segment held up better, with sales down 4% and segment income down 27% year over year. In contrast, Wood Products segment income collapsed to $5.8 million from $231.5 million as engineered wood and plywood prices and volumes fell and unit costs rose, including from modernization downtime.

Despite weaker earnings, the balance sheet remained strong, with $477.2 million in cash, total liquidity of $872.3 million, and debt of $450.0 million. The company returned substantial capital via $34.6 million in dividends and $181.4 million of 2025 share repurchases, plus about $39 million of additional repurchases in early 2026, while guiding 2026 capex of $150–170 million.

0001328581false00013285812026-02-232026-02-23

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): February 23, 2026

BOISE CASCADE COMPANY

(Exact name of registrant as specified in its charter)

Delaware

1-35805

20-1496201

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1111 West Jefferson Street, Suite 300

Boise, Idaho 83702-5389

(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
Common Stock, $0.01 par value per share			BCC			New York Stock Exchange

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 February 23, 2026, Boise Cascade Company ("Boise Cascade" or the "Company") issued a press release announcing its fourth quarter and full year 2025 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 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 February 23, 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: February 23, 2026

Boise Cascade Company			Exhibit 99.1
1111 West Jefferson Street, Suite 300
Boise, ID 83702

Press Release

For Immediate Release: February 23, 2026

Investor Contact Chris Forrey investor@bc.com Media Contact Amy Evans mediarelations@bc.com

Boise Cascade Company Reports Fourth Quarter and Full Year 2025 Results

BOISE, IDAHO - February 23, 2026 - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported fourth quarter net income of $8.7 million, or $0.24 per share, on sales of $1.5 billion. For the full year 2025, Boise Cascade reported net income of $132.8 million, or $3.53 per share, on sales of $6.4 billion. Fourth quarter and full year earnings were negatively impacted by approximately $6 million, or $0.16 per share after-tax, related to an accrual for legal proceedings in our Building Materials Distribution segment. For 2024 comparative results, see the table below.

“While the fourth quarter reflected the expected seasonal softness in demand, I am proud of our teams for delivering strong operating results despite ongoing market headwinds,” said Nate Jorgensen, CEO. “I want to thank each Boise Cascade associate for their dedication and perseverance throughout the year. The foundation of our success remains our people and the values we live every day. Looking ahead, we are well positioned to capture opportunities when housing starts recover, supported by our resilient business model and strategic investments in both our distribution and EWP manufacturing businesses. As I prepare to retire, I am deeply grateful for the Board of Directors’ support and for the strength of our leadership team. I have great confidence in Jeff as he steps into the role of CEO. His vision, experience, and steadfast commitment to our values will serve Boise Cascade well as we advance our objectives and create long-term value for our stakeholders.”

Fourth Quarter and Year End 2025 Highlights

						4Q 2025						4Q 2024						% change						2025						2024						% change
						(in thousands, except per-share data and percentages)
Consolidated Results
Sales						$	1,460,181					$	1,567,480					(7)		%				$	6,404,595					$	6,724,294					(5)		%
Net income						8,734						68,900						(87)		%				132,836						376,354						(65)		%
Net income per common share - diluted						0.24						1.78						(87)		%				3.53						9.57						(63)		%
Adjusted EBITDA 1						57,191						128,655						(56)		%				342,179						632,838						(46)		%
Segment Results
Building Materials Distribution sales						$	1,363,116					$	1,438,785					(5)		%				$	5,941,297					$	6,166,493					(4)		%
Building Materials Distribution income						41,482						70,701						(41)		%				222,218						303,385						(27)		%
Building Materials Distribution EBITDA 1						56,449						84,459						(33)		%				280,907						352,919						(20)		%
Wood Products sales						353,960						419,670						(16)		%				1,613,441						1,832,317						(12)		%
Wood Products income (loss)						(13,794)						33,583						N/M						5,836						231,454						(97)		%
Wood Products EBITDA 1						12,299						56,581						(78)		%				104,292						324,657						(68)		%

1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.

In fourth quarter 2025, total U.S. housing starts and single-family housing starts decreased 4% and 7%, respectively, compared to the same period in 2024. For the full year 2025, total U.S. housing starts and single-family housing starts decreased 1% and 7%, respectively, compared to 2024. Single-family housing starts are the key demand driver for our sales.

Building Materials Distribution (BMD)

BMD's sales decreased $75.7 million, or 5%, to $1,363.1 million for the three months ended December 31, 2025, from $1,438.8 million for the three months ended December 31, 2024. Compared with the same quarter in the prior year, the decrease in sales was driven by decreases in sales prices and sales volumes of 4% and 1%, respectively. By product line, commodity sales decreased 9%, general line product sales increased 3%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 14%. BMD segment income decreased $29.2 million to $41.5 million for the three months ended December 31, 2025, from $70.7 million for the three months ended December 31, 2024. The decrease in segment income was driven by a gross margin decrease of $21.3 million, resulting primarily from decreased margins on commodity and EWP products, offset partially by increased margins on general line products. Segment income in the fourth quarter was also impacted by the previously referenced $6 million accrual for legal proceedings.

For the year ended December 31, 2025, sales decreased $225.2 million, or 4%, to $5,941.3 million from $6,166.5 million in 2024. The decrease in sales was driven by a 2% decrease in both sales prices and sales volumes. By product line, commodity sales decreased 6%, general line product sales increased 3%, and EWP sales decreased 13%. BMD segment income decreased $81.2 million to $222.2 million for the year ended December 31, 2025, from $303.4 million for the year ended December 31, 2024. The decline in segment income was driven by a gross margin decrease of $48.8 million, resulting primarily from lower gross margins on commodity and EWP products, offset partially by improved gross margins on general line products. In addition, selling and distribution expenses and depreciation and amortization expense increased $21.8 million and $9.2 million, respectively.

Wood Products

Wood Products' sales, including sales to BMD, decreased $65.7 million, or 16%, to $354.0 million for the three months ended December 31, 2025, from $419.7 million for the three months ended December 31, 2024. The decrease in sales was driven by lower sales prices and sales volumes for LVL and I-joists (collectively referred to as EWP) and plywood. For the three months ended December 31, 2025, Wood Products' segment loss was $13.8 million compared to segment income of $33.6 million for the three months ended December 31, 2024. The decrease in segment income was due primarily to lower EWP sales prices and sales volumes, as well as lower plywood sales prices and higher per-unit conversion costs.

For the year ended December 31, 2025, sales, including sales to BMD, decreased $218.9 million, or 12%, to $1,613.4 million from $1,832.3 million in 2024. The decrease in sales was driven by lower sales prices and sales volumes for EWP and plywood. Wood Products' segment income decreased $225.6 million to $5.8 million for the year ended December 31, 2025, from $231.5 million for the year ended December 31, 2024. The decrease in segment income was due primarily to lower EWP and plywood sales prices and sales volumes, as well as higher per-unit conversion costs, which were impacted, in part, by planned downtime to complete significant mill modernization capital projects at our Oakdale plywood mill. These decreases in segment income were offset partially by a $3.9 million gain on the sale of a non-operating property.

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Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:

						4Q 2025 vs. 4Q 2024						4Q 2025 vs. 3Q 2025						2025 vs. 2024
Average Net Selling Prices
LVL						(10)%						—%						(11)%
I-joists						(11)%						—%						(10)%
Plywood						(6)%						1%						(6)%
Sales Volumes
LVL						(7)%						(8)%						(2)%
I-joists						(16)%						(16)%						(8)%
Plywood						(5)%						(9)%						(4)%

Balance Sheet and Liquidity

Boise Cascade ended fourth quarter 2025 with $477.2 million of cash and cash equivalents and $395.1 million of undrawn committed bank line availability, for total available liquidity of $872.3 million. The Company had $450.0 million of outstanding debt at December 31, 2025.

Capital Allocation

During the year ended December 31, 2025, the Company used a combined $274.8 million of cash for capital spending and acquisitions. We expect capital expenditures in 2026, excluding potential acquisition spending, to total approximately $150 million to $170 million. We expect our capital spending in 2026 will be for business improvement and efficiency projects, replacement projects, and ongoing environmental compliance. 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 year ended December 31, 2025, the Company paid $34.6 million in common stock dividends. On February 6, 2026, our board of directors declared a quarterly dividend of $0.22 per share on our common stock, payable on March 18, 2026, to stockholders of record on February 23, 2026.

For the three months ended December 31, 2025, the Company paid $70.4 million for the repurchase of 972,640 shares of our common stock. For the year ended December 31, 2025, the Company paid $181.4 million for the repurchase of 2,101,392 shares of our common stock. In January and February 2026, the Company repurchased and retired an additional 469,284 shares of our common stock at a cost of approximately $39 million. Subsequent to these share repurchases, approximately $200 million of our 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. In 2025, single-family starts fell short of 2024 levels by approximately 7% and are expected to be flat or modestly down in 2026. Home builders moderated their starts in 2025 to avoid further buildup of finished home inventory as affordability remains a persistent challenge for prospective homebuyers. Throughout 2025 builders bridged the supply-demand gap with increased incentives and high single-digit declines in new home prices. Multi-family experienced growth in 2025 but starts are expected to level off in 2026 due to prohibitive capital costs for developers combined with low rent growth and a decrease in permit activity. Industry experts expect flat home improvement spending in 2026 as high costs of borrowing and historically low home turnover continue to constrain demand. Near term demand will continue to be influenced by factors such as mortgage rates, home affordability, home equity levels, home sizes, new and existing home inventory levels, unemployment rates, and consumer confidence. Long-term demand drivers for residential construction, including generational tailwinds and

3

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 conditions, industry operating rates, supply disruptions, duties, tariffs, transportation constraints, inventory levels, and seasonal demand patterns. We will continue to monitor end market demand signals and align production rates and inventory stocking positions accordingly.

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 fourth quarter and full year earnings on Tuesday, February 24, 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

4

Segment EBITDA, please see the section titled, "Summary Notes to Consolidated Financial Statements and Segment Information" below.

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																		Year Ended
			December 31												September 30, 2025						December 31
			2025						2024												2025						2024
Sales			$	1,460,181					$	1,567,480					$	1,667,806					$	6,404,595					$	6,724,294
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)			1,228,749						1,269,769						1,404,311						5,350,702						5,393,607
Depreciation and amortization			41,313						37,035						42,378						158,221						144,113
Selling and distribution expenses			145,719						143,512						165,074						616,256						594,927
General and administrative expenses			22,466						25,085						25,763						99,696						102,317
Other (income) expense, net			5,983						(640)						(2,049)						(3,609)						(708)
			1,444,230						1,474,761						1,635,477						6,221,266						6,234,256
Income from operations			15,951						92,719						32,329						183,329						490,038
Foreign currency exchange gain (loss)			(40)						(1,061)						(293)						760						(1,164)
Pension expense (excluding service costs)			(33)						(38)						(33)						(131)						(149)
Interest expense			(6,024)						(5,810)						(5,327)						(21,846)						(24,067)
Interest income			4,452						7,831						4,181						18,766						39,139
Change in fair value of interest rate swaps			—						(465)						—						(925)						(2,038)
			(1,645)						457						(1,472)						(3,376)						11,721
Income before income taxes			14,306						93,176						30,857						179,953						501,759
Income tax provision			(5,572)						(24,276)						(9,088)						(47,117)						(125,405)
Net income			$	8,734					$	68,900					$	21,769					$	132,836					$	376,354
Weighted average common shares outstanding:
Basic			36,823						38,490						37,385						37,476						39,086
Diluted			36,972						38,735						37,509						37,619						39,318
Net income per common share:
Basic			$	0.24					$	1.79					$	0.58					$	3.54					$	9.63
Diluted			$	0.24					$	1.78					$	0.58					$	3.53					$	9.57
Dividends declared per common share			$	0.22					$	0.21					$	0.22					$	0.86					$	5.82

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Building Materials Distribution Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

			Three Months Ended																		Year Ended
			December 31												September 30, 2025						December 31
			2025						2024												2025						2024
Segment sales			$	1,363,116					$	1,438,785					$	1,556,150					$	5,941,297					$	6,166,493
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)			1,157,607						1,212,013						1,321,283						5,045,585						5,221,945
Depreciation and amortization			14,967						13,758						15,545						58,689						49,534
Selling and distribution expenses			134,885						132,550						154,841						573,690						551,874
General and administrative expenses			8,478						10,482						10,210						39,142						40,666
Other (income) expense, net			5,697						(719)						(15)						1,973						(911)
			1,321,634						1,368,084						1,501,864						5,719,079						5,863,108
Segment income			$	41,482					$	70,701					$	54,286					$	222,218					$	303,385
			(percentage of sales)
Segment sales			100.0		%				100.0		%				100.0		%				100.0		%				100.0		%
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)			84.9		%				84.2		%				84.9		%				84.9		%				84.7		%
Depreciation and amortization			1.1		%				1.0		%				1.0		%				1.0		%				0.8		%
Selling and distribution expenses			9.9		%				9.2		%				10.0		%				9.7		%				8.9		%
General and administrative expenses			0.6		%				0.7		%				0.7		%				0.7		%				0.7		%
Other (income) expense, net			0.4		%				—		%				—		%				—		%				—		%
			97.0		%				95.1		%				96.5		%				96.3		%				95.1		%
Segment income			3.0		%				4.9		%				3.5		%				3.7		%				4.9		%

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Wood Products Segment

Statements of Operations

(in thousands, except percentages) (unaudited)

			Three Months Ended																		Year Ended
			December 31												September 30, 2025						December 31
			2025						2024												2025						2024
Segment sales			$	353,960					$	419,670					$	396,401					$	1,613,441					$	1,832,317
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)			328,108						348,601						368,406						1,457,211						1,446,555
Depreciation and amortization			26,093						22,998						26,561						98,456						93,203
Selling and distribution expenses			10,888						11,016						10,287						42,782						43,268
General and administrative expenses			2,361						3,394						3,391						12,881						17,660
Other (income) expense, net			304						78						(189)						(3,725)						177
			367,754						386,087						408,456						1,607,605						1,600,863
Segment income (loss)			$	(13,794)					$	33,583					$	(12,055)					$	5,836					$	231,454
			(percentage of sales)
Segment sales			100.0		%				100.0		%				100.0		%				100.0		%				100.0		%
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)			92.7		%				83.1		%				92.9		%				90.3		%				78.9		%
Depreciation and amortization			7.4		%				5.5		%				6.7		%				6.1		%				5.1		%
Selling and distribution expenses			3.1		%				2.6		%				2.6		%				2.7		%				2.4		%
General and administrative expenses			0.7		%				0.8		%				0.9		%				0.8		%				1.0		%
Other (income) expense, net			0.1		%				—		%				—		%				(0.2		%)				—		%
			103.9		%				92.0		%				103.0		%				99.6		%				87.4		%
Segment income (loss)			(3.9		%)				8.0		%				(3.0)		%				0.4		%				12.6		%

8

Segment Information

(in thousands) (unaudited)

			Three Months Ended																		Year Ended
			December 31												September 30, 2025						December 31
			2025						2024												2025						2024
Segment sales
Building Materials Distribution			$	1,363,116					$	1,438,785					$	1,556,150					$	5,941,297					$	6,166,493
Wood Products			353,960						419,670						396,401						1,613,441						1,832,317
Intersegment eliminations			(256,895)						(290,975)						(284,745)						(1,150,143)						(1,274,516)
Total net sales			$	1,460,181					$	1,567,480					$	1,667,806					$	6,404,595					$	6,724,294
Segment income (loss)
Building Materials Distribution			$	41,482					$	70,701					$	54,286					$	222,218					$	303,385
Wood Products			(13,794)						33,583						(12,055)						5,836						231,454
Total segment income			27,688						104,284						42,231						228,054						534,839
Unallocated corporate costs			(11,737)						(11,565)						(9,902)						(44,725)						(44,801)
Income from operations			$	15,951					$	92,719					$	32,329					$	183,329					$	490,038
Segment EBITDA
Building Materials Distribution			$	56,449					$	84,459					$	69,831					$	280,907					$	352,919
Wood Products			12,299						56,581						14,506						104,292						324,657

See accompanying summary notes to consolidated financial statements and segment information.

9

Boise Cascade Company

Consolidated Balance Sheets

(in thousands) (unaudited)

			December 31, 2025						December 31, 2024
ASSETS
Current
Cash and cash equivalents			$	477,215					$	713,260
Receivables
Trade, less allowances of $5,618 and $5,506			315,944						321,820
Related parties			86						173
Other			24,698						22,772
Inventories			795,724						803,296
Prepaid expenses and other			40,751						24,747
Total current assets			1,654,418						1,886,068
Property and equipment, net			1,157,261						1,047,083
Operating lease right-of-use assets			55,980						49,673
Finance lease right-of-use assets			11,825						22,128
Timber deposits			8,058						6,916
Goodwill			185,384						171,945
Intangible assets, net			159,665						173,027
Deferred income taxes			3,041						3,705
Other assets			6,311						8,838
Total assets			$	3,241,943					$	3,369,383

10

Boise Cascade Company

Consolidated Balance Sheets (continued)

(in thousands, except per-share data) (unaudited)

			December 31, 2025						December 31, 2024
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade			$	254,622					$	297,676
Related parties			915						1,315
Accrued liabilities
Compensation and benefits			103,066						127,415
Interest payable			10,176						9,957
Other			124,297						127,653
Total current liabilities			493,076						564,016
Debt
Long-term debt, net			445,405						446,167
Other
Compensation and benefits			39,354						42,006
Operating lease liabilities, net of current portion			49,778						43,174
Finance lease liabilities, net of current portion			15,631						26,883
Deferred income taxes			105,551						78,849
Other long-term liabilities			18,270						17,014
			228,584						207,926
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, 36,190 and 45,139 shares issued, respectively			362						451
Treasury stock, — and 6,956 shares at cost, respectively			—						(341,974)
Additional paid-in capital			571,220						565,041
Accumulated other comprehensive loss			(476)						(460)
Retained earnings			1,503,772						1,928,216
Total stockholders' equity			2,074,878						2,151,274
Total liabilities and stockholders' equity			$	3,241,943					$	3,369,383

11

Boise Cascade Company

Consolidated Statements of Cash Flows

(in thousands) (unaudited)

			Year Ended December 31
			2025						2024
Cash provided by (used for) operations
Net income			$	132,836					$	376,354
Items in net income not using (providing) cash
Depreciation and amortization, including deferred financing costs and other			161,849						147,402
Stock-based compensation			12,119						15,486
Pension expense			131						149
Deferred income taxes			27,549						(2,416)
Change in fair value of interest rate swaps			925						2,038
Other			(1,084)						(379)
Decrease (increase) in working capital, net of acquisitions
Receivables			17,070						31,068
Inventories			15,867						(89,266)
Prepaid expenses and other			(3,023)						(1,029)
Accounts payable and accrued liabilities			(90,938)						(35,595)
Income taxes payable			(17,241)						(2,405)
Other			(1,912)						(3,087)
Net cash provided by operations			254,148						438,320
Cash provided by (used for) investment
Expenditures for property and equipment			(241,431)						(229,569)
Acquisitions of businesses and facilities, net of cash acquired			(33,382)						(10,221)
Proceeds from sales of assets and other			11,551						1,970
Net cash used for investment			(263,262)						(237,820)
Cash provided by (used for) financing
Borrowings of long-term debt, including revolving credit facility			50,000						—
Payments of long-term debt, including revolving credit facility			(50,000)						—
Treasury stock purchased			(183,108)						(194,904)
Dividends paid on common stock			(34,624)						(228,814)
Tax withholding payments on stock-based awards			(5,939)						(11,141)
Payments of deferring financing costs			(1,819)						—
Other			(1,441)						(1,955)
Net cash used for financing			(226,931)						(436,814)
Net decrease in cash and cash equivalents			(236,045)						(236,314)
Balance at beginning of the period			713,260						949,574
Balance at end of the period			$	477,215					$	713,260

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 (i) three months ended December 31, 2025 and 2024, (ii) three months ended September 30, 2025, and (iii) year ended December 31, 2025 and 2024:

			Three Months Ended																		Year Ended
			December 31												September 30, 2025						December 31
			2025						2024												2025						2024
			(in thousands)
Net income			$	8,734					$	68,900					$	21,769					$	132,836					$	376,354
Interest expense			6,024						5,810						5,327						21,846						24,067
Interest income			(4,452)						(7,831)						(4,181)						(18,766)						(39,139)
Income tax provision			5,572						24,276						9,088						47,117						125,405
Depreciation and amortization			41,313						37,035						42,378						158,221						144,113
EBITDA			57,191						128,190						74,381						341,254						630,800
Change in fair value of interest rate swaps			—						465						—						925						2,038
Adjusted EBITDA			$	57,191					$	128,655					$	74,381					$	342,179					$	632,838

13

The following table reconciles segment income (loss) and unallocated corporate costs to Segment EBITDA, EBITDA and Adjusted EBITDA for the (i) three months ended December 31, 2025 and 2024, (ii) three months ended September 30, 2025, and (iii) year ended December 31, 2025 and 2024:

			Three Months Ended																		Year Ended
			December 31												September 30, 2025						December 31
			2025						2024												2025						2024
			(in thousands)
Building Materials Distribution
Segment income			$	41,482					$	70,701					$	54,286					$	222,218					$	303,385
Depreciation and amortization			14,967						13,758						15,545						58,689						49,534
Segment EBITDA			$	56,449					$	84,459					$	69,831					$	280,907					$	352,919
Wood Products
Segment income (loss)			$	(13,794)					$	33,583					$	(12,055)					$	5,836					$	231,454
Depreciation and amortization			26,093						22,998						26,561						98,456						93,203
Segment EBITDA			$	12,299					$	56,581					$	14,506					$	104,292					$	324,657
Corporate
Unallocated corporate costs			$	(11,737)					$	(11,565)					$	(9,902)					$	(44,725)					$	(44,801)
Foreign currency exchange gain (loss)			(40)						(1,061)						(293)						760						(1,164)
Pension expense (excluding service costs)			(33)						(38)						(33)						(131)						(149)
Change in fair value of interest rate swaps			—						(465)						—						(925)						(2,038)
Depreciation and amortization			253						279						272						1,076						1,376
EBITDA			(11,557)						(12,850)						(9,956)						(43,945)						(46,776)
Change in fair value of interest rate swaps			—						465						—						925						2,038
Corporate Adjusted EBITDA			$	(11,557)					$	(12,385)					$	(9,956)					$	(43,020)					$	(44,738)
Total Company Adjusted EBITDA			$	57,191					$	128,655					$	74,381					$	342,179					$	632,838

14

Exhibit 99.2

Boise Cascade Company

Quarterly Statistical Information

Building Materials Distribution Segment
			2025
			Q1			Q2			Q3			Q4			YTD
Commodity sales1			36.7		%	34.2		%	34.2		%	35.2		%	35.0		%
General line sales1			42.6		%	45.4		%	46.7		%	46.0		%	45.2		%
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)4			$	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
			2024
			Q1			Q2			Q3			Q4			YTD
Commodity sales1			36.7		%	35.0		%	34.9		%	36.7		%	35.8		%
General line sales1			41.0		%	42.4		%	43.8		%	42.4		%	42.4		%
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)5			$	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

1

Boise Cascade Company

Quarterly Statistical Information (continued)

Building Materials Distribution Segment (continued)
			2023
			Q1			Q2			Q3			Q4			YTD
Commodity sales1			39.7		%	37.5		%	37.4		%	36.9		%	37.8		%
General line sales1			38.7		%	39.6		%	39.4		%	40.4		%	39.5		%
EWP sales1			21.6		%	22.9		%	23.2		%	22.7		%	22.7		%
Total sales (000)			$	1,379,242		$	1,636,538		$	1,670,296		$	1,492,614		$	6,178,690
Gross margin2			14.8		%	15.0		%	15.2		%	15.2		%	15.0		%
Segment income (000)			$	69,685		$	98,550		$	97,076		$	70,497		$	335,808
Segment depreciation and amortization (000)			$	7,070		$	7,386		$	7,781		$	10,116		$	32,353
Segment EBITDA (000)3			$	76,755		$	105,936		$	104,857		$	80,613		$	368,161
EBITDA as a percentage of sales			5.6		%	6.5		%	6.3		%	5.4		%	6.0		%
Capital spending (000)6			$	22,659		$	25,929		$	19,135		$	88,001		$	155,724
Receivables (000)			$	393,338		$	445,991		$	434,755		$	344,978
Inventories (000)			$	506,663		$	502,085		$	478,295		$	493,509
Accounts payable (000)			$	363,163		$	390,840		$	362,196		$	252,144
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 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.
5During 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 includes approximately $5 million to purchase a previously leased property in Chicago, Illinois.
6During 2023, capital spending in first quarter includes approximately $11 million to purchase a property in Kansas City, Missouri, to house a new door and millwork location and capital spending in fourth quarter includes approximately $63 million to purchase properties in West Palm Beach, Florida, and Modesto, California. Capital spending in fourth quarter 2023 excludes approximately $163 million for the acquisition of businesses and facilities, net of cash acquired.

2

Boise Cascade Company

Quarterly Statistical Information (continued)

Wood Products Segment
			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
			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

3

Boise Cascade Company

Quarterly Statistical Information (continued)

Wood Products Segment (continued)
			2023
			Q1			Q2			Q3			Q4			YTD
LVL sales volume (MCF)			3,639			4,682			4,945			4,109			17,375
I-joist sales volume (MELF)			38,711			62,950			64,125			54,015			219,801
Plywood sales volume (MSF 3/8")			405,960			439,963			389,827			363,008			1,598,758
Lumber sales volume (MBF)			31,560			32,528			31,729			29,221			125,038
LVL mill net sales price ($/CF)			$	31.17		$	30.14		$	29.08		$	29.93		$	30.01
I-joist mill net sales price ($/MELF)			$	2,168		$	2,088		$	2,035		$	2,093		$	2,088
Plywood net sales price ($/MSF 3/8")			$	367		$	365		$	382		$	375		$	372
Lumber net sales price ($/MBF)			$	724		$	707		$	641		$	588		$	667
Segment sales (000)			$	437,428		$	530,273		$	515,225		$	449,676		$	1,932,602
Segment income (000)			$	69,395		$	104,035		$	99,574		$	64,128		$	337,132
Segment depreciation and amortization (000)3			$	23,790		$	23,005		$	23,350		$	28,565		$	98,710
Segment EBITDA (000)1			$	93,185		$	127,040		$	122,924		$	92,693		$	435,842
EBITDA as a percentage of sales			21.3		%	24.0		%	23.9		%	20.6		%	22.6		%
Capital spending (000)			$	7,262		$	12,106		$	11,807		$	28,185		$	59,360
Receivables (000)			$	77,318		$	97,229		$	88,688		$	56,882
Inventories (000)			$	232,136		$	200,948		$	205,111		$	218,861
Accounts payable (000)			$	63,275		$	60,656		$	69,023		$	60,196
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 and fourth quarter 2023 include accelerated depreciation of $2.2 million and $6.2 million, respectively, 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:
			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
			2023
			Q1			Q2			Q3			Q4			YTD
Net income			$	96,733		$	146,320		$	143,068		$	97,535		$	483,656
Interest expense			6,361			6,339			6,351			6,445			25,496
Interest income			(9,685)			(11,519)			(13,760)			(13,142)			(48,106)
Income tax provision			33,275			49,447			49,005			29,666			161,393
Depreciation and amortization			31,186			30,722			31,474			39,085			132,467
EBITDA			157,870			221,309			216,138			159,589			754,906
Change in fair value of interest rate swaps			804			(333)			327			993			1,791
Adjusted EBITDA			$	158,674		$	220,976		$	216,465		$	160,582		$	756,697

For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our fourth quarter and full year 2025 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 February 23, 2026.

5

FAQ

How did Boise Cascade (BCC) perform financially in Q4 2025?

Boise Cascade reported Q4 2025 net income of $8.7 million, or $0.24 per diluted share, on sales of $1.46 billion. This compares to $68.9 million, or $1.78 per share, on $1.57 billion of sales in Q4 2024, reflecting significantly weaker profitability.

What were Boise Cascade’s full year 2025 results compared to 2024?

For 2025, Boise Cascade generated $6.40 billion of sales and net income of $132.8 million, or $3.53 per share. In 2024, sales were $6.72 billion and net income was $376.4 million, or $9.57 per share, indicating a substantial decline in earnings year over year.

How did Boise Cascade’s Building Materials Distribution segment perform in 2025?

In 2025, the Building Materials Distribution segment delivered sales of $5.94 billion, down 4% from 2024, with segment income of $222.2 million versus $303.4 million. Lower commodity and engineered wood margins, higher expenses, and a $6 million legal accrual weighed on profitability.

What happened in Boise Cascade’s Wood Products segment in 2025?

Wood Products 2025 sales were $1.61 billion, down from $1.83 billion in 2024, and segment income fell to $5.8 million from $231.5 million. Lower engineered wood and plywood prices and volumes, higher per-unit conversion costs, and modernization-related downtime significantly reduced earnings.

What is Boise Cascade’s liquidity and debt position at year-end 2025?

At December 31, 2025, Boise Cascade held $477.2 million of cash and cash equivalents and had $395.1 million of undrawn committed bank line availability, totaling $872.3 million of liquidity. The company reported $450.0 million of outstanding debt on its balance sheet.

How much capital did Boise Cascade return to shareholders in 2025?

In 2025, Boise Cascade paid $34.6 million in common stock dividends and repurchased 2,101,392 shares for $181.4 million. In January and February 2026, it repurchased an additional 469,284 shares for about $39 million, leaving roughly $200 million authorized for future repurchases.

What outlook did Boise Cascade provide for housing-related demand in 2026?

Boise Cascade noted 2025 single-family housing starts were about 7% below 2024 and are expected to be flat or modestly down in 2026. The company highlighted affordability challenges, softer multi-family starts, and expectations for flat home improvement spending but pointed to long-term housing undersupply as a supportive factor.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EARNINGS RELEASE 483.0 KB
• EX-99.2 QUARTERLY STATISTICAL INFORMATION 352.3 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.3 KB