Boise Cascade Q3 2026 net income rises 67% to $36.4M
Fourth-quarter 2026 guidance sets total company EBITDA at $32 million to $54 million amid expected seasonal deceleration.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Boise Cascade Company (BCC) reported third-quarter 2026 sales of $1,802.2 million, up 8% from a year earlier, and net income of $36.4 million, up 67%. Diluted earnings were $1.04 per share, compared with $0.58; non-GAAP Adjusted EBITDA was $98.5 million, up 32%. Building Materials Distribution (BMD) sales rose 7%, while its segment income fell 6% to $51.3 million. Wood Products reported $16.1 million of segment income, versus a $12.1 million loss.
At September 30, 2026, cash and equivalents were $385.1 million, undrawn committed bank line availability was $395.1 million, total available liquidity was $780.3 million, and outstanding debt was $452.5 million. Boise Cascade repurchased 1,466,250 shares for $112.8 million in the first nine months, then 65,006 shares for approximately $5 million in October; approximately $120 million remained available under its repurchase program.
Fourth-quarter guidance is $32 million to $54 million in total company EBITDA, including BMD EBITDA of $35 million to $45 million and Wood Products EBITDA of $10 million to $20 million. The company expects typical seasonal deceleration in fourth-quarter activity; early industry projections indicate housing starts may decline mid-single digits from 2026 levels in 2027.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter sales rose 8%, net income 67%, and Adjusted EBITDA 32%.
- Moderate pointWood Products reported $16.1 million of segment income, versus a $12.1 million loss.
Negative
- Moderate pointBMD segment income declined 6% to $51.3 million.
Filing Explained
Boise Cascade's board declared a quarterly dividend of
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Sales: $1,802.2 million
Net income: $36.4 million
Diluted net income per common share: $1.04 per share
+5 more
8 metrics
Sales
$1,802.2 million
Third quarter 2026; up 8% from third quarter 2025
Net income
$36.4 million
Third quarter 2026; up 67% from third quarter 2025
Diluted net income per common share
$1.04 per share
Third quarter 2026; compared with $0.58 in third quarter 2025, up 79%
Adjusted EBITDA
$98.5 million
Third quarter 2026; up 32% from third quarter 2025
BMD segment income
$51.3 million
Third quarter 2026; down 6% from $54.3 million in third quarter 2025
Wood Products segment income
$16.1 million
Third quarter 2026; compared with a $12.1 million loss in third quarter 2025
Total available liquidity
$780.3 million
At September 30, 2026
Total company EBITDA guidance
$32 million to $54 million
Fourth quarter 2026
Key Terms
Adjusted EBITDA, Segment EBITDA, build-to-order construction, LVL
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Segment EBITDA financial
"Segment EBITDA is calculated as segment income before depreciation and amortization"
Segment EBITDA measures how much profit a specific part of a company generates from its core operations, before accounting for interest, taxes and long-term accounting items like depreciation and amortization. Investors use it like inspecting a single slice of a pie to compare which business units are most profitable, track performance trends, and decide where to allocate capital because it highlights underlying operating results without financing or accounting differences.
build-to-order construction technical
"homebuilders have pivoted toward build-to-order construction"
LVL technical
"LVL mill net sales price ($/CF)"
Earnings Snapshot
Sales: $1,802.2 million · Guidance included
Third quarter 2026
Sales
$1,802.2 million
Up 8% from third quarter 2025
Net income
$36.4 million
Up 67% from third quarter 2025
Diluted net income per common share
$1.04 per share
Up 79% from third quarter 2025
Adjusted EBITDA
$98.5 million
Up 32% from third quarter 2025
Guidance
Fourth quarter 2026: BMD EBITDA $35 million to $45 million; Wood Products EBITDA $10 million to $20 million; unallocated corporate costs ($13) million to ($11) million; total company EBITDA $32 million to $54 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were BCC's third-quarter 2026 sales and earnings?
BCC reported third-quarter 2026 sales of $1,802.2 million and net income of $36.4 million. In the third quarter of 2025, sales were $1,667.8 million and net income was $21.8 million.
What is BCC's fourth-quarter 2026 EBITDA guidance?
Total company EBITDA guidance is $32 million to $54 million. The ranges include BMD EBITDA of $35 million to $45 million, Wood Products EBITDA of $10 million to $20 million, and unallocated corporate costs of ($13) million to ($11) million.
When is BCC's quarterly dividend payable, and who qualifies?
The quarterly dividend is $0.23 per share, payable December 16, 2026, to stockholders of record December 1, 2026.
What does BCC expect for housing starts in 2027?
Early industry projections indicate housing starts are expected to decline mid-single digits from 2026 levels.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 2, 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 November 2, 2026, Boise Cascade Company ("Boise Cascade" or the "Company") issued a press release announcing its third 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 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit | Description | ||||
99.1 | Boise Cascade Company Earnings Release dated November 2, 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: November 2, 2026 | ||||||||
| Boise Cascade Company | Exhibit 99.1 | ||||
| 1111 West Jefferson Street, Suite 300 |  | ||||
| Boise, ID 83702 | |||||
| Press Release | ||
For Immediate Release: November 2, 2026 | ||
Investor Contact Chris Forrey investor@bc.com | Media Contact Amy Evans mediarelations@bc.com | |||||||
Boise Cascade reports third quarter 2026 results
BOISE, IDAHO - November 2, 2026 - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $36.4 million, or $1.04 per share, on sales of $1.8 billion for the third quarter ended September 30, 2026, compared with net income of $21.8 million, or $0.58 per share, on sales of $1.7 billion for the third quarter ended September 30, 2025.
“In the third quarter of 2026, we delivered strong financial results despite softer housing starts, demonstrating the resilience of our integrated distribution and wood products platform,” said Jeff Strom, CEO. “Our nationwide reach, local expertise, and disciplined execution enabled us to begin navigating our supplier transitions while sustaining the reliable service and consistent value our customers count on. I’m grateful to our associates, whose commitment to innovation and customer success continues to drive our company forward. As we close out 2026 and look ahead to 2027, we remain focused on integrating new specialty product lines, driving efficiencies, and supporting our customers and suppliers with the in-stock availability and next-day delivery capabilities they value in a more cautious demand environment.”
Third Quarter 2026 Highlights
| 3Q 2026 | 3Q 2025 | % change | ||||||||||||||||||
| (in thousands, except per-share data and percentages) | ||||||||||||||||||||
| Consolidated Results | ||||||||||||||||||||
| Sales | $ | 1,802,174 | $ | 1,667,806 | 8 | % | ||||||||||||||
| Net income | 36,390 | 21,769 | 67 | % | ||||||||||||||||
| Net income per common share - diluted | 1.04 | 0.58 | 79 | % | ||||||||||||||||
Adjusted EBITDA 1 | 98,489 | 74,381 | 32 | % | ||||||||||||||||
| Segment Results | ||||||||||||||||||||
| Building Materials Distribution sales | $ | 1,669,465 | $ | 1,556,150 | 7 | % | ||||||||||||||
| Building Materials Distribution income | 51,280 | 54,286 | (6) | % | ||||||||||||||||
Building Materials Distribution EBITDA 1 | 66,902 | 69,831 | (4) | % | ||||||||||||||||
| Wood Products sales | 461,236 | 396,401 | 16 | % | ||||||||||||||||
| Wood Products income (loss) | 16,079 | (12,055) | N/M | |||||||||||||||||
Wood Products EBITDA 1 | 42,690 | 14,506 | 194 | % | ||||||||||||||||
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.
In third quarter 2026, total U.S. housing starts and single-family housing starts decreased 4% and 2%, respectively, compared to the same period in 2025. On a year-to-date basis through September 2026, total U.S. housing starts and single-family housing starts decreased 1% and 4%, respectively, 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 increased $113.3 million, or 7%, to $1,669.5 million for the three months ended September 30, 2026, from $1,556.2 million for the three months ended September 30, 2025. The overall increase in sales was driven by net sales price and net sales volume increases of 5% and 2%, respectively. By product line, general line product sales increased 4%, commodity sales increased 15%, and EWP sales (substantially all of which are sourced through our Wood Products segment) increased 1%. BMD segment income decreased $3.0 million to $51.3 million for the three months ended September 30, 2026, from $54.3 million for the three months ended September 30, 2025. The decrease in segment income was driven by increased selling and distribution expenses of $6.9 million, offset partially by a gross margin increase of $3.6 million. The increase in gross margin was driven by higher gross margins on commodity products, offset partially by lower gross margins on general line products.
Wood Products
Wood Products' sales, including sales to BMD, increased $64.8 million, or 16%, to $461.2 million for the three months ended September 30, 2026, from $396.4 million for the three months ended September 30, 2025. The increase in sales was primarily driven by higher plywood sales prices and EWP sales volumes. These increases were offset partially by lower plywood sales volumes. For the three months ended September 30, 2026, Wood Products' segment income was $16.1 million compared to segment loss of $12.1 million for the three months ended September 30, 2025. The increase in segment income was primarily due to higher plywood sales prices and EWP sales volumes, offset partially by higher per-unit conversion costs.
Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:
| 3Q 2026 vs. 3Q 2025 | 3Q 2026 vs. 2Q 2026 | YTD 2026 vs. 2025 | ||||||||||||||||||
| Average Net Selling Prices | ||||||||||||||||||||
| LVL | —% | —% | (4)% | |||||||||||||||||
| I-joists | —% | —% | (5)% | |||||||||||||||||
| Plywood | 31% | 8% | 15% | |||||||||||||||||
| Sales Volumes | ||||||||||||||||||||
| LVL | 18% | 2% | 4% | |||||||||||||||||
| I-joists | 10% | (4)% | 1% | |||||||||||||||||
| Plywood | (7)% | (2)% | —% | |||||||||||||||||
Balance Sheet and Liquidity
Boise Cascade ended third quarter 2026 with $385.1 million of cash and cash equivalents and $395.1 million of undrawn committed bank line availability, for total available liquidity of $780.3 million. The Company had $452.5 million of outstanding debt at September 30, 2026.
2
Capital Allocation
We expect capital expenditures in 2026, excluding potential acquisition spending, to total approximately $120 million to $140 million. This level of capital expenditures could increase or decrease as a result of several factors, including availability of engineering and construction resources and timing and availability of equipment purchases.
For the nine months ended September 30, 2026, the Company paid $26.1 million in common stock dividends. On October 29, 2026, our board of directors declared a quarterly dividend of $0.23 per share on our common stock, payable on December 16, 2026, to stockholders of record on December 1, 2026.
For the nine months ended September 30, 2026, the Company paid $112.8 million for the repurchase of 1,466,250 shares of our outstanding common stock. In October 2026, the Company repurchased an additional 65,006 shares of our common stock at a cost of approximately $5 million. Subsequent to these share repurchases, approximately $120 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 driven primarily by new single-family residential construction, with additional demand generated by new multi-family residential construction, residential repair-and-remodeling, and light commercial activity. During the third quarter, high fuel prices and an inflation-driven increase in benchmark interest rates amplified the affordability challenges that have constrained the new home market throughout 2026. To compensate for a reduced pool of qualified homebuyers, homebuilders have pivoted toward build-to-order construction to better align housing starts with home sales and manage finished-home inventory. Activity levels in the fourth quarter are expected to exhibit typical seasonality and decelerate through the winter. Early industry projections for 2027 indicate that housing starts are expected to decline mid-single digits from 2026 levels. Beyond the near-term uncertainty, long-term residential construction fundamentals remain positive, supported by generational tailwinds and an undersupplied housing market. High homeowner equity, aging U.S. housing stock, and a growing preference among older adults to age in place support sustained growth in repair-and-remodeling spending and reinforce the industry’s underlying demand drivers.
Our distribution business, which purchases and resells a diverse range of products, may benefit from rising prices through increased sales and margins, 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, duties and tariffs, input costs, industry operating rates, supply disruptions, transportation costs and availability, inventory levels, and seasonal demand patterns. Our ability to capture market share associated with recent supplier realignment is dependent upon effective execution of inventory load-in, and maintaining inventory positions sufficient to meet customer demand. Customer reliance on our distribution business increases during periods of market uncertainty, as customers respond to slowing sales with more conservative inventory practices, while greater demand certainty typically moderates this effect. We will continue to monitor end-market demand signals and align production rates and inventory stocking positions accordingly.
We are providing financial guidance for fourth 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 related to our recent supplier realignment, and those set forth below under “Forward-Looking Statements.”
| Fourth Quarter 2026 Guidance | |||||
| BMD EBITDA | $35 - $45 million | ||||
| Wood Products EBITDA | $10 - $20 million | ||||
| Unallocated Corporate Costs | ($13) - ($11) million | ||||
| Total Company EBITDA | $32 - $54 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 third quarter earnings on Tuesday, November 3, 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 and the related webcast call contain 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), including our forthcoming Quarterly Report on Form 10-Q for the third quarter of 2026, 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 termination of the distribution relationship with our former composite decking supplier and our ability to execute a successful transition to our new third-party supplier for composite decking; 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 | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30 | June 30, 2026 | September 30 | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Sales | $ | 1,802,174 | $ | 1,667,806 | $ | 1,831,335 | $ | 5,132,123 | $ | 4,944,414 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) | 1,506,573 | 1,404,311 | 1,503,462 | 4,265,105 | 4,121,953 | ||||||||||||||||||||||||
| Depreciation and amortization | 42,732 | 42,378 | 42,714 | 124,499 | 116,908 | ||||||||||||||||||||||||
| Selling and distribution expenses | 172,720 | 165,074 | 173,787 | 496,951 | 470,537 | ||||||||||||||||||||||||
| General and administrative expenses | 24,605 | 25,763 | 27,266 | 78,171 | 77,230 | ||||||||||||||||||||||||
| Other (income) expense, net | (295) | (2,049) | 130 | (203) | (9,592) | ||||||||||||||||||||||||
| 1,746,335 | 1,635,477 | 1,747,359 | 4,964,523 | 4,777,036 | |||||||||||||||||||||||||
| Income from operations | 55,839 | 32,329 | 83,976 | 167,600 | 167,378 | ||||||||||||||||||||||||
| Foreign currency exchange gain (loss) | (52) | (293) | (420) | (713) | 800 | ||||||||||||||||||||||||
| Pension expense (excluding service costs) | (30) | (33) | (30) | (90) | (98) | ||||||||||||||||||||||||
| Interest expense | (7,092) | (5,327) | (7,106) | (20,217) | (15,822) | ||||||||||||||||||||||||
| Interest income | 2,124 | 4,181 | 2,152 | 7,213 | 14,314 | ||||||||||||||||||||||||
| Change in fair value of interest rate swaps | — | — | — | — | (925) | ||||||||||||||||||||||||
| (5,050) | (1,472) | (5,404) | (13,807) | (1,731) | |||||||||||||||||||||||||
| Income before income taxes | 50,789 | 30,857 | 78,572 | 153,793 | 165,647 | ||||||||||||||||||||||||
| Income tax provision | (14,399) | (9,088) | (21,230) | (42,219) | (41,545) | ||||||||||||||||||||||||
| Net income | $ | 36,390 | $ | 21,769 | $ | 57,342 | $ | 111,574 | $ | 124,102 | |||||||||||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||||||||||||||
| Basic | 34,962 | 37,385 | 35,212 | 35,357 | 37,692 | ||||||||||||||||||||||||
| Diluted | 35,002 | 37,509 | 35,227 | 35,400 | 37,828 | ||||||||||||||||||||||||
| Net income per common share: | |||||||||||||||||||||||||||||
| Basic | $ | 1.04 | $ | 0.58 | $ | 1.63 | $ | 3.16 | $ | 3.29 | |||||||||||||||||||
| Diluted | $ | 1.04 | $ | 0.58 | $ | 1.63 | $ | 3.15 | $ | 3.28 | |||||||||||||||||||
| Dividends declared per common share | $ | 0.23 | $ | 0.22 | $ | 0.22 | $ | 0.67 | $ | 0.64 | |||||||||||||||||||
6
Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30 | June 30, 2026 | September 30 | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Segment sales | $ | 1,669,465 | $ | 1,556,150 | $ | 1,697,494 | $ | 4,755,907 | $ | 4,578,181 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) | 1,430,971 | 1,321,283 | 1,439,101 | 4,059,308 | 3,887,978 | ||||||||||||||||||||||||
| Depreciation and amortization | 15,622 | 15,545 | 15,505 | 46,410 | 43,722 | ||||||||||||||||||||||||
| Selling and distribution expenses | 161,705 | 154,841 | 161,674 | 464,653 | 438,805 | ||||||||||||||||||||||||
| General and administrative expenses | 9,936 | 10,210 | 11,001 | 31,358 | 30,664 | ||||||||||||||||||||||||
| Other (income) expense, net | (49) | (15) | 96 | (161) | (3,724) | ||||||||||||||||||||||||
| 1,618,185 | 1,501,864 | 1,627,377 | 4,601,568 | 4,397,445 | |||||||||||||||||||||||||
| Segment income | $ | 51,280 | $ | 54,286 | $ | 70,117 | $ | 154,339 | $ | 180,736 | |||||||||||||||||||
| (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) | 85.7 | % | 84.9 | % | 84.8 | % | 85.4 | % | 84.9 | % | |||||||||||||||||||
| Depreciation and amortization | 0.9 | % | 1.0 | % | 0.9 | % | 1.0 | % | 1.0 | % | |||||||||||||||||||
| Selling and distribution expenses | 9.7 | % | 10.0 | % | 9.5 | % | 9.8 | % | 9.6 | % | |||||||||||||||||||
| General and administrative expenses | 0.6 | % | 0.7 | % | 0.6 | % | 0.7 | % | 0.7 | % | |||||||||||||||||||
| Other (income) expense, net | — | % | — | % | — | % | — | % | (0.1) | % | |||||||||||||||||||
| 96.9 | % | 96.5 | % | 95.9 | % | 96.8 | % | 96.1 | % | ||||||||||||||||||||
| Segment income | 3.1 | % | 3.5 | % | 4.1 | % | 3.2 | % | 3.9 | % | |||||||||||||||||||
7
Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30 | June 30, 2026 | September 30 | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Segment sales | $ | 461,236 | $ | 396,401 | $ | 459,603 | $ | 1,319,043 | $ | 1,259,481 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||
| Materials, labor, and other operating expenses (excluding depreciation) | 404,157 | 368,406 | 390,877 | 1,148,019 | 1,129,103 | ||||||||||||||||||||||||
| Depreciation and amortization | 26,611 | 26,561 | 26,718 | 76,794 | 72,363 | ||||||||||||||||||||||||
| Selling and distribution expenses | 11,069 | 10,287 | 12,167 | 32,460 | 31,894 | ||||||||||||||||||||||||
| General and administrative expenses | 3,566 | 3,391 | 4,190 | 11,624 | 10,520 | ||||||||||||||||||||||||
| Other (income) expense, net | (246) | (189) | (2) | (78) | (4,029) | ||||||||||||||||||||||||
| 445,157 | 408,456 | 433,950 | 1,268,819 | 1,239,851 | |||||||||||||||||||||||||
| Segment income (loss) | $ | 16,079 | $ | (12,055) | $ | 25,653 | $ | 50,224 | $ | 19,630 | |||||||||||||||||||
| (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) | 87.6 | % | 92.9 | % | 85.0 | % | 87.0 | % | 89.6 | % | |||||||||||||||||||
| Depreciation and amortization | 5.8 | % | 6.7 | % | 5.8 | % | 5.8 | % | 5.7 | % | |||||||||||||||||||
| Selling and distribution expenses | 2.4 | % | 2.6 | % | 2.6 | % | 2.5 | % | 2.5 | % | |||||||||||||||||||
| General and administrative expenses | 0.8 | % | 0.9 | % | 0.9 | % | 0.9 | % | 0.8 | % | |||||||||||||||||||
| Other (income) expense, net | (0.1 | %) | — | % | — | % | — | % | (0.3 | %) | |||||||||||||||||||
| 96.5 | % | 103.0 | % | 94.4 | % | 96.2 | % | 98.4 | % | ||||||||||||||||||||
| Segment income (loss) | 3.5 | % | (3.0 | %) | 5.6 | % | 3.8 | % | 1.6 | % | |||||||||||||||||||
8
Segment Information
(in thousands) (unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30 | June 30, 2026 | September 30 | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Segment sales | |||||||||||||||||||||||||||||
| Building Materials Distribution | $ | 1,669,465 | $ | 1,556,150 | $ | 1,697,494 | $ | 4,755,907 | $ | 4,578,181 | |||||||||||||||||||
| Wood Products | 461,236 | 396,401 | 459,603 | 1,319,043 | 1,259,481 | ||||||||||||||||||||||||
| Intersegment eliminations | (328,527) | (284,745) | (325,762) | (942,827) | (893,248) | ||||||||||||||||||||||||
| Total net sales | $ | 1,802,174 | $ | 1,667,806 | $ | 1,831,335 | $ | 5,132,123 | $ | 4,944,414 | |||||||||||||||||||
| Segment income (loss) | |||||||||||||||||||||||||||||
| Building Materials Distribution | $ | 51,280 | $ | 54,286 | $ | 70,117 | $ | 154,339 | $ | 180,736 | |||||||||||||||||||
| Wood Products | 16,079 | (12,055) | 25,653 | 50,224 | 19,630 | ||||||||||||||||||||||||
| Total segment income | 67,359 | 42,231 | 95,770 | 204,563 | 200,366 | ||||||||||||||||||||||||
| Unallocated corporate costs | (11,520) | (9,902) | (11,794) | (36,963) | (32,988) | ||||||||||||||||||||||||
| Income from operations | $ | 55,839 | $ | 32,329 | $ | 83,976 | $ | 167,600 | $ | 167,378 | |||||||||||||||||||
| Segment EBITDA | |||||||||||||||||||||||||||||
| Building Materials Distribution | $ | 66,902 | $ | 69,831 | $ | 85,622 | $ | 200,749 | $ | 224,458 | |||||||||||||||||||
| Wood Products | 42,690 | 14,506 | 52,371 | 127,018 | 91,993 | ||||||||||||||||||||||||
See accompanying summary notes to consolidated financial statements and segment information.
9
Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current | |||||||||||
| Cash and cash equivalents | $ | 385,148 | $ | 477,215 | |||||||
| Receivables | |||||||||||
Trade, less allowances of $5,534 and $5,618 | 454,078 | 315,944 | |||||||||
| Related parties | 368 | 86 | |||||||||
| Other | 27,873 | 24,698 | |||||||||
| Inventories | 931,436 | 795,724 | |||||||||
| Prepaid expenses and other | 24,078 | 40,751 | |||||||||
| Total current assets | 1,822,981 | 1,654,418 | |||||||||
| Property and equipment, net | 1,134,915 | 1,157,261 | |||||||||
| Operating lease right-of-use assets | 63,809 | 55,980 | |||||||||
| Finance lease right-of-use assets | 40,133 | 11,825 | |||||||||
| Timber deposits | 10,479 | 8,058 | |||||||||
| Goodwill | 185,239 | 185,384 | |||||||||
| Intangible assets, net | 144,186 | 159,665 | |||||||||
| Deferred income taxes | 2,597 | 3,041 | |||||||||
| Other assets | 6,626 | 6,311 | |||||||||
| Total assets | $ | 3,410,965 | $ | 3,241,943 | |||||||
10
Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current | |||||||||||
| Accounts payable | |||||||||||
| Trade | $ | 370,757 | $ | 254,622 | |||||||
| Related parties | 2,837 | 915 | |||||||||
| Accrued liabilities | |||||||||||
| Compensation and benefits | 137,104 | 103,066 | |||||||||
| Interest payable | 5,293 | 10,176 | |||||||||
| Other | 130,555 | 124,297 | |||||||||
| Total current liabilities | 646,546 | 493,076 | |||||||||
| Debt | |||||||||||
| Long-term debt, net | 448,668 | 445,405 | |||||||||
| Other | |||||||||||
| Compensation and benefits | 36,795 | 39,354 | |||||||||
| Operating lease liabilities, net of current portion | 57,096 | 49,778 | |||||||||
| Finance lease liabilities, net of current portion | 43,764 | 15,631 | |||||||||
| Deferred income taxes | 101,261 | 105,551 | |||||||||
| Other long-term liabilities | 24,129 | 18,270 | |||||||||
| 263,045 | 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, 34,868 and 36,190 shares issued and outstanding, respectively | 349 | 362 | |||||||||
Additional paid-in capital | 575,155 | 571,220 | |||||||||
Accumulated other comprehensive loss | (455) | (476) | |||||||||
| Retained earnings | 1,477,657 | 1,503,772 | |||||||||
| Total stockholders' equity | 2,052,706 | 2,074,878 | |||||||||
| Total liabilities and stockholders' equity | $ | 3,410,965 | $ | 3,241,943 | |||||||
11
Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
| Nine Months Ended September 30 | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash provided by (used for) operations | |||||||||||
| Net income | $ | 111,574 | $ | 124,102 | |||||||
| Items in net income not using (providing) cash | |||||||||||
Depreciation and amortization, including deferred financing costs and other | 127,208 | 119,634 | |||||||||
| Stock-based compensation | 10,180 | 10,068 | |||||||||
| Deferred income taxes | (3,962) | 11,243 | |||||||||
| Change in fair value of interest rate swaps | — | 925 | |||||||||
| Other | (237) | (11,238) | |||||||||
| Decrease (increase) in working capital, net of acquisitions | |||||||||||
| Receivables | (141,559) | (111,725) | |||||||||
| Inventories | (135,712) | (42,462) | |||||||||
| Prepaid expenses and other | (3,764) | (7,336) | |||||||||
| Accounts payable and accrued liabilities | 167,193 | 38,693 | |||||||||
| Income taxes payable | 21,508 | (6,248) | |||||||||
| Other | (6,108) | (2,524) | |||||||||
| Net cash provided by operations | 146,321 | 123,132 | |||||||||
| Cash provided by (used for) investment | |||||||||||
| Expenditures for property and equipment | (90,351) | (187,447) | |||||||||
| Acquisitions of businesses and facilities | (135) | — | |||||||||
| Proceeds from sales of assets and other | 890 | 11,051 | |||||||||
| Net cash used for investment | (89,596) | (176,396) | |||||||||
| 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) | |||||||||
| Repurchase of common stock | (114,537) | (112,702) | |||||||||
| Dividends paid on common stock | (26,103) | (26,582) | |||||||||
| Tax withholding payments on stock-based awards | (6,244) | (5,939) | |||||||||
| Payments of deferring financing costs | — | (1,819) | |||||||||
| Other | (1,908) | (1,184) | |||||||||
| Net cash used for financing | (148,792) | (148,226) | |||||||||
| Net decrease in cash and cash equivalents | (92,067) | (201,490) | |||||||||
| Balance at beginning of the period | 477,215 | 713,260 | |||||||||
| Balance at end of the period | $ | 385,148 | $ | 511,770 | |||||||
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 September 30, 2026 and 2025, (ii) three months ended June 30, 2026, and (iii) nine months ended September 30, 2026 and 2025:
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30 | June 30, 2026 | September 30 | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| Net income | $ | 36,390 | $ | 21,769 | $ | 57,342 | $ | 111,574 | $ | 124,102 | |||||||||||||||||||
| Interest expense | 7,092 | 5,327 | 7,106 | 20,217 | 15,822 | ||||||||||||||||||||||||
| Interest income | (2,124) | (4,181) | (2,152) | (7,213) | (14,314) | ||||||||||||||||||||||||
| Income tax provision | 14,399 | 9,088 | 21,230 | 42,219 | 41,545 | ||||||||||||||||||||||||
| Depreciation and amortization | 42,732 | 42,378 | 42,714 | 124,499 | 116,908 | ||||||||||||||||||||||||
| EBITDA | 98,489 | 74,381 | 126,240 | 291,296 | 284,063 | ||||||||||||||||||||||||
| Change in fair value of interest rate swaps | — | — | — | — | 925 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 98,489 | $ | 74,381 | $ | 126,240 | $ | 291,296 | $ | 284,988 | |||||||||||||||||||
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 September 30, 2026 and 2025, (ii) three months ended June 30, 2026, and (iii) nine months ended September 30, 2026 and 2025:
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30 | June 30, 2026 | September 30 | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| Building Materials Distribution | |||||||||||||||||||||||||||||
| Segment income | $ | 51,280 | $ | 54,286 | $ | 70,117 | $ | 154,339 | $ | 180,736 | |||||||||||||||||||
| Depreciation and amortization | 15,622 | 15,545 | 15,505 | 46,410 | 43,722 | ||||||||||||||||||||||||
| Segment EBITDA | $ | 66,902 | $ | 69,831 | $ | 85,622 | $ | 200,749 | $ | 224,458 | |||||||||||||||||||
| Wood Products | |||||||||||||||||||||||||||||
| Segment income (loss) | $ | 16,079 | $ | (12,055) | $ | 25,653 | $ | 50,224 | $ | 19,630 | |||||||||||||||||||
| Depreciation and amortization | 26,611 | 26,561 | 26,718 | 76,794 | 72,363 | ||||||||||||||||||||||||
| Segment EBITDA | $ | 42,690 | $ | 14,506 | $ | 52,371 | $ | 127,018 | $ | 91,993 | |||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||
| Unallocated corporate costs | $ | (11,520) | $ | (9,902) | $ | (11,794) | $ | (36,963) | $ | (32,988) | |||||||||||||||||||
| Foreign currency exchange gain (loss) | (52) | (293) | (420) | (713) | 800 | ||||||||||||||||||||||||
| Pension expense (excluding service costs) | (30) | (33) | (30) | (90) | (98) | ||||||||||||||||||||||||
| Change in fair value of interest rate swaps | — | — | — | — | (925) | ||||||||||||||||||||||||
| Depreciation and amortization | 499 | 272 | 491 | 1,295 | 823 | ||||||||||||||||||||||||
| EBITDA | (11,103) | (9,956) | (11,753) | (36,471) | (32,388) | ||||||||||||||||||||||||
| Change in fair value of interest rate swaps | — | — | — | — | 925 | ||||||||||||||||||||||||
| Corporate Adjusted EBITDA | $ | (11,103) | $ | (9,956) | $ | (11,753) | $ | (36,471) | $ | (31,463) | |||||||||||||||||||
| Total Company Adjusted EBITDA | $ | 98,489 | $ | 74,381 | $ | 126,240 | $ | 291,296 | $ | 284,988 | |||||||||||||||||||
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 | % | 46.9 | % | 45.4 | % | 45.8 | % | |||||||||
Commodity sales1 | 35.5 | % | 34.8 | % | 36.6 | % | 35.6 | % | |||||||||
EWP sales1 | 19.5 | % | 18.3 | % | 18.0 | % | 18.6 | % | |||||||||
| Total sales (000) | $ | 1,388,948 | $ | 1,697,494 | $ | 1,669,465 | $ | 4,755,907 | |||||||||
Gross margin2 | 14.4 | % | 15.2 | % | 14.3 | % | 14.6 | % | |||||||||
| Segment income (000) | $ | 32,942 | $ | 70,117 | $ | 51,280 | $ | 154,339 | |||||||||
| Segment depreciation and amortization (000) | $ | 15,283 | $ | 15,505 | $ | 15,622 | $ | 46,410 | |||||||||
Segment EBITDA (000)3 | $ | 48,225 | $ | 85,622 | $ | 66,902 | $ | 200,749 | |||||||||
| EBITDA as a percentage of sales | 3.5 | % | 5.0 | % | 4.0 | % | 4.2 | % | |||||||||
Capital spending (000)4 | $ | 25,394 | $ | 8,192 | $ | 8,338 | $ | 41,924 | |||||||||
| Receivables (000) | $ | 446,083 | $ | 491,395 | $ | 440,705 | |||||||||||
| Inventories (000) | $ | 635,409 | $ | 661,517 | $ | 661,445 | |||||||||||
| Accounts payable (000) | $ | 392,747 | $ | 373,549 | $ | 324,360 | |||||||||||
| 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 $5 million to purchase a previously leased property in Chicago, Illinois. | |||||||||||||||||
2
Boise Cascade Company
Quarterly Statistical Information (continued)
| Wood Products Segment | |||||||||||||||||
| 2026 | |||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||
| LVL sales volume (MCF) | 4,562 | 5,321 | 5,436 | 15,319 | |||||||||||||
| I-joist sales volume (MELF) | 51,950 | 61,411 | 58,680 | 172,041 | |||||||||||||
| Plywood sales volume (MSF 3/8") | 373,342 | 367,745 | 361,974 | 1,103,061 | |||||||||||||
| Lumber sales volume (MBF) | 21,022 | 21,449 | 19,016 | 61,487 | |||||||||||||
| LVL mill net sales price ($/CF) | $ | 24.22 | $ | 24.10 | $ | 24.02 | $ | 24.11 | |||||||||
| I-joist mill net sales price ($/MELF) | $ | 1,700 | $ | 1,679 | $ | 1,676 | $ | 1,684 | |||||||||
| Plywood net sales price ($/MSF 3/8") | $ | 343 | $ | 393 | $ | 425 | $ | 386 | |||||||||
| Lumber net sales price ($/MBF) | $ | 563 | $ | 592 | $ | 632 | $ | 595 | |||||||||
| Segment sales (000) | $ | 398,204 | $ | 459,603 | $ | 461,236 | $ | 1,319,043 | |||||||||
| Segment income (000) | $ | 8,492 | $ | 25,653 | $ | 16,079 | $ | 50,224 | |||||||||
| Segment depreciation and amortization (000) | $ | 23,465 | $ | 26,718 | $ | 26,611 | $ | 76,794 | |||||||||
Segment EBITDA (000)1 | $ | 31,957 | $ | 52,371 | $ | 42,690 | $ | 127,018 | |||||||||
| EBITDA as a percentage of sales | 8.0 | % | 11.4 | % | 9.3 | % | 9.6 | % | |||||||||
| Capital spending (000) | $ | 16,663 | $ | 15,154 | $ | 18,682 | $ | 50,499 | |||||||||
| Receivables (000) | $ | 76,380 | $ | 79,595 | $ | 76,816 | |||||||||||
| Inventories (000) | $ | 242,385 | $ | 265,766 | $ | 269,991 | |||||||||||
| Accounts payable (000) | $ | 65,222 | $ | 75,158 | $ | 73,887 | |||||||||||
| 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 | $ | 57,342 | $ | 36,390 | $ | 111,574 | |||||||||
| Interest expense | 6,019 | 7,106 | 7,092 | 20,217 | |||||||||||||
| Interest income | (2,937) | (2,152) | (2,124) | (7,213) | |||||||||||||
| Income tax provision | 6,590 | 21,230 | 14,399 | 42,219 | |||||||||||||
| Depreciation and amortization | 39,053 | 42,714 | 42,732 | 124,499 | |||||||||||||
| EBITDA | 66,567 | 126,240 | 98,489 | 291,296 | |||||||||||||
| Change in fair value of interest rate swaps | — | — | — | — | |||||||||||||
| Adjusted EBITDA | $ | 66,567 | $ | 126,240 | $ | 98,489 | $ | 291,296 | |||||||||
| 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 third quarter 2026 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 November 2, 2026.
5