BlueLinx (NYSE: BXC) 2025 earnings plunge but cash and liquidity stay strong
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
BlueLinx Holdings Inc. reported softer results for the fiscal year ended January 3, 2026, as profitability fell sharply despite stable sales. Full-year net sales were $3.0 billion, essentially flat year-over-year, but gross profit dropped to $452 million and gross margin narrowed to 15.3% from 16.6%.
Net income for 2025 was only $0.2 million, or $0.02 per diluted share, compared with $53.1 million, or $6.19 per diluted share, in the prior year. Adjusted net income was $7.8 million and adjusted diluted EPS $0.97, down from $55.2 million and $6.44. Adjusted EBITDA fell to $82.6 million, or 2.8% of net sales, from $131.4 million, or 4.4%.
Fourth-quarter 2025 net sales were $716 million, up 0.7%, but the company posted a net loss of $8.6 million, or $1.08 per share, as SG&A and depreciation rose. Specialty products remained the core, generating about 70% of sales and 82% of full-year gross profit, with Q4 specialty gross margin at 18.1%.
BlueLinx highlighted its Disdero Lumber Co. acquisition and continued shift toward higher-margin specialty products. Free cash flow reached $32.9 million for 2025 and $56.4 million in Q4 alone, supported by inventory-driven working capital gains. The balance sheet showed $385.8 million of cash, total debt and finance leases of $621.3 million, and net leverage excluding real estate finance leases of (0.1x), giving the company substantial liquidity of $726 million.
Positive
- Strong liquidity and low leverage: Available liquidity of $726 million, cash of $385.8 million, and a net leverage ratio excluding real property finance leases of (0.1x) as of January 3, 2026, provide substantial financial flexibility.
- Solid cash generation and specialty mix: 2025 free cash flow was $32.9 million, with Q4 free cash flow of $56.4 million, while specialty products represented about 70% of sales and 82% of full-year gross profit, supporting a higher-margin product focus.
Negative
- Sharp earnings decline: Net income fell to $0.2 million in 2025 from $53.1 million in 2024, and adjusted EBITDA declined to $82.6 million from $131.4 million, indicating materially weaker profitability.
- Margin compression across the business: Company gross margin decreased to 15.3% from 16.6%, with specialty product margin down to 18.0% and structural margin down to 9.2%, reflecting pricing pressure and higher operating expenses.
Insights
Profits and margins compressed materially in 2025, though liquidity and cash generation remain strong.
BlueLinx delivered flat 2025 revenue of
Adjusted EBITDA declined to
Despite weaker earnings, the company generated full-year free cash flow of
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 24, 2026
(Exact name of registrant specified in its charter)
| (State or other | (Commission | (I.R.S. Employer | ||||||
| jurisdiction of incorporation) | File Number) | Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||
Registrant's telephone number, including area code: (770 ) 953-7000
_________________________________________________
(Former name or former address, if changed since last report.)
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 (see General Instruction A.2. below):
| 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 under 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 24, 2026 , BlueLinx Holdings Inc. ("BlueLinx" or "the Company”) issued a press release announcing its financial results for the fiscal fourth quarter and year ended January 3, 2026. A copy of BlueLinx's press release is furnished as Exhibit 99.1 hereto.
On February 25, 2026, as previously announced, BlueLinx will hold a teleconference and audio webcast to discuss its financial results from the fiscal fourth quarter and year ended January 3, 2026. A copy of supplementary materials that will be referred to in the teleconference and webcast, and which will be posted to the Company's website, is furnished as Exhibit 99.2 hereto.
The information included in this Item 2.02, as well as Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
The following exhibits are attached with this Current Report on Form 8-K:
| Exhibit No. | Exhibit Description | |||||||
99.1 | Press Release dated February 24, 2026 reporting financial results for fiscal fourth quarter and year ended January 3, 2026 | |||||||
99.2 | Supplementary materials to be used during webcast conference call on February 25, 2026 | |||||||
| 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.
| BlueLinx Holdings Inc. | |||||||||||
| (Registrant) | |||||||||||
| Dated: | By: | /s/ C. Kelly Wall | |||||||||
| C. Kelly Wall | |||||||||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||||||||
Exhibit 99.1
BlueLinx Announces Fourth Quarter and Full Year 2025 Results
ATLANTA, February 24, 2026 – BlueLinx Holdings Inc. (NYSE: BXC), a leading U.S. wholesale distributor of building products, today reported financial results for the fiscal three months and twelve months ended January 3, 2026.
FOURTH QUARTER 2025 HIGHLIGHTS
•Net sales of $716 million
•Gross profit of $113 million, gross margin of 15.7% and specialty gross margin of 18.1%
•Net loss of $(8.6) million, or $(1.08) loss per share
•Adjusted net loss of $(3.7) million, or $(0.47) adjusted loss per share
•Adjusted EBITDA of $14 million
•Free cash flow of $56 million
FULL YEAR 2025 HIGHLIGHTS
•Net sales of $3.0 billion
•Gross profit of $452 million, gross margin of 15.3%, and specialty gross margin of 18.0%
•Net income of $0.2 million, or $0.02 diluted earnings per share
•Adjusted net income of $8 million, or $0.97 adjusted diluted earnings per share
•Adjusted EBITDA of $83 million
•Free cash flow of $33 million
•Available liquidity of $726 million, including $386 million cash/cash equivalents on hand
•Completion of $38 million in share repurchases
“Our fourth quarter and full year 2025 results demonstrated our ability to grow the business across multiple product lines and in key customer channels, despite persistent challenging market conditions,” said Shyam Reddy, President and CEO of BlueLinx.“ The results were highlighted by increased sales, higher volumes and solid margin performance in a tough housing market, which clearly shows our ability to gain share and generate positive results when driving targeted sales efforts through a focused profitable growth strategy. Our key customer channel focus, product strategy, and enhanced value-add services make us more essential to our customers and suppliers.”
“Specialty products margins significantly improved from the third quarter of 2025 to a gross margin of 18.1%. Structural products gross margins also improved sequentially to 10.0% for the quarter,” said Kelly Wall, Senior Vice President, Chief Financial Officer and Treasurer of BlueLinx. “During the fourth quarter, we generated $56 million in free cash flow primarily due to our effective inventory management. With strong liquidity and minimal net debt, we remain well-positioned to execute on our strategic investments.”
FOURTH QUARTER 2025 FINANCIAL PERFORMANCE
In the fourth quarter of fiscal 2025, which consisted of 14 weeks compared to 13 weeks for the prior year period, net sales were $716 million, an increase of $5.2 million, or 0.7% when compared to the fourth quarter of fiscal 2024. Gross profit was $113 million, a decrease of $0.7 million, or 0.6%, year-over-year, and gross margin was 15.7%, down 20 basis points from the prior year period.
As previously disclosed, on October 31, 2025, we acquired Disdero Lumber Co., LLC (“Disdero”), an Oregon-based distributor of high-end specialty building products. The financial results of Disdero are included in our consolidated results beginning November 1, 2025.
Net sales of specialty products, which includes products such as engineered wood, siding, millwork, outdoor living, specialty lumber and panels, and industrial products, increased $21.1 million, or 4.2%, to $505 million. This increase was primarily due to volume gains in most categories and the addition of Disdero, partially offset by price deflation driven by continued
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challenging external market conditions. Gross profit from specialty product sales was $91.6 million, an increase of $2.8 million, or 3.2%, compared to the fourth quarter last year. Gross margin was 18.1% compared to 18.4% in the prior year period.
Net sales of structural products, which includes products such as lumber, plywood, oriented strand board, rebar, and remesh, decreased $15.9 million, or 7.0%, to $211 million in the fourth quarter of fiscal 2025, and gross profit from sales of structural products decreased $3.6 million to $21.0 million in the quarter. The decreases in structural sales and gross profit were due primarily to price declines in lumber and panels, partially offset by volume growth. Compared to fourth quarter 2024, average composite pricing for lumber decreased 12% and panel prices decreased 20%. Gross margin on structural product sales was 10.0% in the fourth quarter, down from 10.8% in the prior year period.
Selling, general and administrative (“SG&A”) expenses were $102.5 million in the fourth quarter of fiscal 2025, an increase of $9.9 million from $92.6 million for the fourth quarter of fiscal 2024. The year-over-year increase was due primarily to higher personnel expenses, the addition of Disdero, the extra week in the fourth quarter of fiscal 2025, and increased sales and logistics expenses driven by our strategic channel growth, including multi-family.
Other operating expenses, net in the current fiscal quarter were primarily acquisition-related and other non-recurring expenses.
Net loss for the current fiscal quarter was $(8.6) million, or $(1.08) loss per share, versus net income of $5.3 million, or $0.63 per diluted share, in the prior year quarter. The net loss was primarily driven by higher SG&A expenses, higher depreciation and amortization expense from asset additions, and acquisition-related transactions costs. Adjusted net loss for the current fourth quarter was $(3.7) million, or $(0.47) loss per share.
Adjusted EBITDA was $13.9 million, or 1.9% of net sales, compared to $21.5 million, or 3.0% of net sales in the prior year period.
Net cash generated from operating activities was $61.8 million in the fourth quarter of fiscal 2025 compared to $18.7 million in the prior year period. The increase in cash generated from operating activities was due primarily by positive changes in working capital driven by more effective inventory management, partially offset by the cash impact of lower net income in the quarter. We used $5.4 million of cash primarily for improvements to our distribution facilities and for our digital transformation initiative, a multi-year initiative aimed at modernizing and integrating our core technologies by improving data quality, strengthening operational systems, and digitizing key processes. We also entered into $3.3 million of new finance leases mainly to update our fleet during the current quarter.
FULL YEAR 2025 FINANCIAL PERFORMANCE
For fiscal year 2025, which consisted of 53 weeks compared to 52 weeks for the prior fiscal year, net sales were $3.0 billion, a slight increase of $1.5 million year-over-year, reflecting an increase of $7.1 million, or 0.3%, for specialty product net sales, partially offset by a slight decline of $5.6 million, or 0.6%, for structural product net sales. Gross profit was $451.6 million, a decrease of $37.5 million, or 7.7% year-over-year, and gross margin was 15.3%, down 130 basis points from 16.6%. Gross profit for full year 2024 included a net benefit of $12.7 million for import duty-related items; such amounts were not material for full year 2025. Excluding this benefit, gross margin would have been 16.1% for full year 2024. The duty items were related to changes in retroactive rates for anti-dumping duties and to classification adjustments for certain goods imported by the Company.
Net sales of specialty products increased $7.1 million, or 0.3% to $2.1 billion in fiscal year 2025. The overall increase in specialty product net sales was due to volume growth in some categories and the addition of Disdero, partially offset by price deflation. Gross profit from specialty product sales was $369.0 million in the current year, a decrease of $28.6 million, or 7.2%, year-over-year and gross margin in the current year was 18.0% compared to 19.4% in the prior year. The prior year included the aforementioned net benefit of $12.7 million for import duty-related items from prior periods. Excluding this benefit, gross margin for specialty products would have been 18.8% for the prior fiscal year.
Net sales of structural products decreased $5.6 million, or 0.6%, to $901.0 million in fiscal year 2025, and gross profit from sales of structural products decreased $8.9 million to $82.6 million. The decreases in structural products net sales and gross profit were due primarily to market-based price deflation in panels, partially offset by pricing and slight volume growth for lumber. Compared to fiscal year 2024, average composite pricing for lumber in the U.S. increased while panel prices significantly decreased. Gross margin on structural product sales was 9.2% compared to 10.1% for the prior fiscal year.
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SG&A expenses were $381.1 million during fiscal year 2025, up $15.6 million, or 4.3%, compared to the prior fiscal year. The year-over-year increase was due to the addition of Disdero, the extra week in fiscal year 2025, increased sales and logistics expenses driven by our strategic channel growth, including multi-family, as well as continuing technology initiatives associated with our digital transformation.
Other operating expenses, net in the current fiscal year were primarily acquisition-related and other non-recurring expenses, partially offset by insurance recoveries received in 2025 related to property damaged at our Erwin, Tennessee facility due to Hurricane Helene in late 2024.
Net income was $0.2 million, or $0.02 per diluted share, versus $53.1 million, or $6.19 per diluted share in the prior fiscal year. Fiscal year 2024 reflects the aforementioned $12.7 million net benefit for import-duty related items. Adjusted net income was $7.8 million and adjusted diluted earnings per share was $0.97 in the current fiscal year, compared to $55.2 million or adjusted diluted earnings per share of $6.44 in the prior fiscal year.
Adjusted EBITDA in fiscal year 2025 was $82.6 million, or 2.8% of net sales, compared to $131.4 million, or 4.4% of net sales in fiscal year 2024.
Net cash generated from operating activities was $59.8 million for fiscal year 2025 compared to $85.2 million in fiscal year 2024. This decrease in cash provided by operating activities during fiscal year 2025 was primarily due to lower cash impact of net income in the year, partially offset by positive changes in working capital driven by more effective inventory management. Free cash flow was $32.9 million in fiscal year 2025 compared to $45.1 million in the prior fiscal year.
CAPITAL ALLOCATION AND FINANCIAL POSITION
During fiscal year 2025, we invested $26.9 million to property and equipment, primarily for improvements to our distribution facilities and for our digital transformation initiative, compared to $40.1 million in fiscal year 2024. We also entered into $44.6 million of new finance leases, mainly to update our fleet, in the current fiscal year compared to $19.4 million in the prior fiscal year. We did not repurchase any of our common stock during the fourth quarter of fiscal 2025, but repurchased $37.7 million in fiscal year 2025. At quarter-end, we had $8.7 million remaining under our $100 million authorization announced in October 2023 and an additional $50 million from our more recent authorization announced in July 2025, for a total of $58.7 million available for share repurchases.
As of January 3, 2026, total debt outstanding was $621 million, including $300 million of senior secured notes that mature in 2029 and $321 million of finance leases. Available liquidity was $726 million which included an undrawn revolving credit facility that had $340 million of availability plus cash and cash equivalents of $386 million. Net debt was $(5) million, which consisted of total debt and finance lease obligations, less real property finance lease obligations of $241 million, and less cash and cash equivalents of $386 million, resulting in a net leverage ratio of (0.1x) using a trailing twelve-month Adjusted EBITDA of $83 million.
FIRST QUARTER 2026 OUTLOOK
Based on the first seven weeks of the first quarter of fiscal 2026, we are expecting specialty product gross margin to be in the range of 17% to 18%, and structural product gross margin to be in the range of 9% to 10%. We also expect average daily sales volumes to be lower than in the fourth quarter of 2025 due to normal seasonal patterns and severe winter weather, but higher than the weather‑impacted first quarter of 2025.
CONFERENCE CALL INFORMATION
BlueLinx will host a conference call on February 25, 2026, at 10:00 a.m. Eastern Time, accompanied by a supporting slide presentation.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the BlueLinx website at https://investors.bluelinxco.com, and a replay of the webcast will be available at the same site shortly after the webcast is complete.
To participate in the live teleconference:
Domestic Live: 1-888-660-6392
Passcode: 9140086
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To listen to a replay of the teleconference, which will be available through March 4, 2026:
Domestic Replay: 1-800-770-2030
Passcode: 9140086
ABOUT BLUELINX
BlueLinx (NYSE: BXC) is a leading U.S. wholesale distributor of residential and commercial building products with both branded and private-label SKUs across product categories such as lumber, panels, engineered wood, siding, millwork, and industrial products. With a strong market position, broad geographic coverage footprint servicing 50 states, and the strength of a locally focused sales force, we distribute a comprehensive range of products to our customers which include national home centers, pro dealers, cooperatives, specialty distributors, regional and local dealers and industrial manufacturers. BlueLinx provides a wide range of value-added services and solutions to our customers and suppliers, and we operate our business through a broad network of distribution centers. To learn more about BlueLinx, please visit www.bluelinxco.com.
INVESTOR & MEDIA CONTACT
Tom Morabito
Investor Relations Officer
(470) 394-0099
investor@bluelinxco.com
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements include, without limitation, any statement that predicts, forecasts, indicates or implies future results, performance, liquidity levels or achievements, and may contain the words “believe,” “anticipate,” “could,” “expect,” “estimate,” “intend,” “may,” “project,” “plan,” “should,” “will,” “will be,” “will likely continue,” “will likely result,” “would,” or words or phrases of similar meaning.
The forward-looking statements in this press release include statements about our strategy, liquidity, and debt, our long-run positioning relative to industry conditions, future share repurchases, and the information set forth under the heading “First Quarter 2026 Outlook”.
Forward-looking statements in this press release are based on estimates and assumptions made by our management that, although believed by us to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties that may cause our business, strategy, or actual results to differ materially from the forward-looking statements. These risks and uncertainties include those discussed in greater detail in our filings with the Securities and Exchange Commission. We operate in a changing environment in which new risks can emerge from time to time. It is not possible for management to predict all of these risks, nor can it assess the extent to which any factor, or a combination of factors, may cause our business, strategy, or actual results to differ materially from those contained in forward-looking statements. Factors that may cause these differences include, among other things: adverse housing market conditions; consolidation among competitors, suppliers, and customers; disintermediation risk; our dependence on international suppliers and manufacturers for certain products and related exposure to risks of new or increased tariffs, changes in trade policies, and other risks that could affect our financial condition; pricing and product cost variability; volumes of product sold; competition; the cyclical nature of the industry in which we operate; loss of products or key suppliers and manufacturers; information technology security risks and business interruption risks; effective inventory management relative to our sales volume or the prices of the products we produce; the ability to attract, train, and retain highly qualified associates and other key personnel while controlling related labor costs; acquisitions and the integration and completion of such acquisitions; business disruptions; exposure to product liability and other claims and legal proceedings related to our business and the products we distribute; the impacts of climate change; successful implementation of our strategy; wage increases or work stoppages by our union employees; costs imposed by federal, state, local, and other regulations; compliance costs associated with federal, state, and local environmental protection laws; the effects of epidemics, global pandemics or other widespread public health crises and governmental rules and regulations; fluctuations in our operating results; our level of indebtedness and our ability to incur additional debt to fund future needs; changes in insurance-related deductible/retention liabilities based on actual loss development experience; the covenants of the instruments governing our indebtedness limiting the discretion of our management in operating the business; the potential to incur more debt; the fact that we have consummated certain sale leaseback transactions with resulting long-term non-cancelable leases, many of which are or will be finance leases; the fact
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that we lease many of our distribution centers, and we would still be obligated under these leases even if we close a leased distribution center; inability to raise funds necessary to finance a required repurchase of our senior secured notes; a lowering or withdrawal of debt ratings; changes in our product mix; increases in fuel and other energy prices or availability of third-party freight providers; the possibility that the value of our deferred tax assets could become impaired; changes in our expected annual effective tax rate could be volatile; the costs and liabilities related to our participation in multi-employer pension plans could increase; the risk that our cash flows and capital resources may be insufficient to service our existing or future indebtedness; interest rate risk, which could cause our debt service obligations to increase; potential to incur impairment charges if we determine that our goodwill has become impaired; and changes in, or interpretation of, accounting principles.
Given these risks and uncertainties, we caution you not to place undue reliance on forward-looking statements. We expressly disclaim any obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.
NON-GAAP MEASURES AND SUPPLEMENTAL FINANCIAL INFORMATION
The Company reports its financial results in accordance with GAAP. The Company also believes that presentation of certain non-GAAP measures may be useful to investors and may provide a more complete understanding of the factors and trends affecting the business than using reported GAAP results alone. Any non-GAAP measures used herein are reconciled to their most directly comparable GAAP measures herein in the “Reconciliation of Non-GAAP Measurements” table later in this release. The Company cautions that non-GAAP measures are not intended to present superior measures of our financial condition from those measures determined under GAAP and should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. The Company further cautions that its non-GAAP measures, as used herein, are not necessarily comparable to other similarly titled measures of other companies due to differences in methods of calculation.
Adjusted EBITDA and Adjusted EBITDA Margin. BlueLinx defines Adjusted EBITDA as an amount equal to net income (loss) plus interest expense and all interest expense related items, income taxes, depreciation and amortization, and further adjusted for certain non-cash items and other special items, including compensation expense from share based compensation, one-time charges associated with the legal, consulting, and professional fees related to our merger and acquisition activities, gains or losses on sales of properties, amortization of deferred gains on real estate, and expense associated with our restructuring activities, such as severance, in addition to other significant and/or one-time, nonrecurring, non-operating items.
The Company presents Adjusted EBITDA because it is a primary measure used by management to evaluate operating performance. Management believes this metric helps to enhance investors’ overall understanding of the financial performance and cash flows of the business. Management also believes Adjusted EBITDA is helpful in highlighting operating trends. Adjusted EBITDA is frequently used by securities analysts, investors, and other interested parties in their evaluation of companies, many of which present an Adjusted EBITDA measure when reporting their results.
We determine our Adjusted EBITDA Margin, which we sometimes refer to as our Adjusted EBITDA as a percentage of net sales, by dividing our Adjusted EBITDA for the applicable period by our net sales for the applicable period. We believe that this ratio is useful to investors because it more clearly defines the quality of earnings and operational efficiency of translating sales to profitability.
Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share. BlueLinx defines Adjusted Net Income (Loss) as Net Income or Loss adjusted for certain non-cash items and other special items, including compensation expense from share based compensation, one-time charges associated with the legal, consulting, and professional fees related to our merger and acquisition activities, gains or losses on sales of properties, realization of deferred gains on real estate, and expense associated with our restructuring activities, such as severance, in addition to other significant and/or one-time, nonrecurring, non-operating items, further adjusted for the tax impacts of such reconciling items. BlueLinx defines Adjusted Earnings (Loss) Per Share (basic and/or diluted) as the Adjusted Net Income (Loss) for the period divided by the weighted average outstanding shares (basic and/or diluted) for the periods presented. However, for any period with an Adjusted Net Loss, only Adjusted Basic Loss Per Share is presented for the period. We believe that Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share (basic and/or diluted) are useful to investors to enhance investors’ overall understanding of the financial performance of the business. Management also believes Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share (basic and/or diluted) are helpful in highlighting operating trends.
Our Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share (basic and/or diluted) are not presentations made in accordance with GAAP and are not intended to present superior measures of our financial condition from those measures
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determined under GAAP. Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share (basic or diluted), as used herein, are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. These non-GAAP measures are reconciled in the “Reconciliation of Non-GAAP Measurements” table later in this release.
Free Cash Flow. BlueLinx defines free cash flow as net cash provided by operating activities less total capital expenditures. Free cash flow is a measure used by management to assess our financial performance, and we believe it is useful for investors because it relates the operating cash flow of the Company to the capital that is spent to continue and improve business operations. In particular, free cash flow indicates the amount of cash generated after capital expenditures that can be used for, among other things, investment in our business, strengthening our balance sheet, and repayment of our debt obligations. Free cash flow does not represent the residual cash flow available for discretionary expenditures since there may be other nondiscretionary expenditures that are not deducted from the measure. Free cash flow is not a presentation made in accordance with GAAP and is not intended to present a superior measure of financial condition from those determined under GAAP. Free cash flow, as used herein, is not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. This non-GAAP measure is reconciled in the “Reconciliation of Non-GAAP Measurements” table later in this release.
Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities. BlueLinx calculates Net Debt as its total short- and long-term debt, including outstanding balances under our term loan and revolving credit facility and the total amount of its obligations under finance leases, less cash and cash equivalents. Net Debt Excluding Real Property Finance Lease Liabilities is calculated in the same manner as Net Debt, except the total amount of obligations under real estate finance leases are excluded. Although our credit agreements do not contain leverage covenants, a net leverage ratio excluding finance lease obligations for real property is included within the terms of our revolving credit agreement. We believe that Net Debt and Net Debt Excluding Real Property Finance Lease Liabilities are useful to investors because our management reviews both metrics as part of its management of overall liquidity, financial flexibility, capital structure and leverage, and creditors and credit analysts monitor our net debt as part of their assessments of our business. We determine our Overall Net Leverage Ratio by dividing our Net Debt by Twelve-Month Trailing Adjusted EBITDA. Our calculation of Net Leverage Ratio Excluding Real Property Finance Lease Liabilities is determined by dividing our Net Debt Excluding Real Property Finance Lease Liabilities by Twelve-Month Trailing Adjusted EBITDA. We believe that these ratios are useful to investors because they are indicators of our ability to meet our future financial obligations. In addition, our Net Leverage Ratio is a measure that is frequently used by investors and creditors. Our Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities are not made in accordance with GAAP and are not intended to present a superior measure of our financial condition from measures and ratios determined under GAAP. The calculations of our Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities are presented in the table on the last page of this Exhibit 99.1. Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities, as used herein, are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.
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BLUELINX HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Fiscal Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||||
| January 3, 2026 | December 28, 2024 | January 3, 2026 | December 28, 2024 | ||||||||||||||||||||
| (14 weeks) | (13 weeks) | (53 weeks) | (52 weeks) | ||||||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||||||||
| Net sales | $ | 715,804 | $ | 710,637 | $ | 2,954,007 | $ | 2,952,532 | |||||||||||||||
| Cost of products sold | 603,181 | 597,292 | 2,502,379 | 2,463,393 | |||||||||||||||||||
| Gross profit | 112,623 | 113,345 | 451,628 | 489,139 | |||||||||||||||||||
| Gross margin percentage | 15.7 | % | 15.9 | % | 15.3 | % | 16.6 | % | |||||||||||||||
| Operating expenses (income): | |||||||||||||||||||||||
| Selling, general, and administrative | 102,470 | 92,619 | 381,109 | 365,532 | |||||||||||||||||||
| Depreciation and amortization | 10,819 | 9,405 | 39,905 | 38,488 | |||||||||||||||||||
| Recognition of deferred gains on real estate | (983) | (982) | (3,934) | (3,934) | |||||||||||||||||||
| Gain from sale of properties, net | — | — | — | (272) | |||||||||||||||||||
| Other operating expenses, net | 3,559 | 273 | 2,065 | 1,755 | |||||||||||||||||||
| Total operating expenses | 115,865 | 101,315 | 419,145 | 401,569 | |||||||||||||||||||
| Operating income | (3,242) | 12,030 | 32,483 | 87,570 | |||||||||||||||||||
| Non-operating expenses: | |||||||||||||||||||||||
| Interest expense, net | 8,714 | 5,320 | 32,354 | 19,364 | |||||||||||||||||||
| Settlement of defined benefit pension plan | — | (255) | — | (2,481) | |||||||||||||||||||
| (Loss) income before (benefit) provision for income taxes | (11,956) | 6,965 | 129 | 70,687 | |||||||||||||||||||
| (Benefit) provision for income taxes | (3,405) | 1,693 | (90) | 17,571 | |||||||||||||||||||
| Net (loss) income | $ | (8,551) | $ | 5,272 | $ | 219 | $ | 53,116 | |||||||||||||||
| Basic (loss) earnings per share | $ | (1.08) | $ | 0.63 | $ | 0.02 | $ | 6.22 | |||||||||||||||
| Diluted earnings per share | $ | 0.62 | $ | 0.02 | $ | 6.19 | |||||||||||||||||
7
BLUELINX HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| As of | |||||||||||
| January 3, 2026 | December 28, 2024 | ||||||||||
| (In thousands, except share data) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 385,843 | $ | 505,622 | |||||||
| Accounts receivable, net | 218,161 | 225,837 | |||||||||
| Inventories, net | 325,998 | 355,909 | |||||||||
| Other current assets | 54,466 | 46,620 | |||||||||
| Total current assets | 984,468 | 1,133,988 | |||||||||
| Property and equipment, net | 286,760 | 249,556 | |||||||||
| Operating lease right-of-use assets | 54,608 | 47,221 | |||||||||
| Goodwill | 67,226 | 55,372 | |||||||||
| Intangible assets, net | 86,700 | 26,881 | |||||||||
| Deferred income tax asset, net | 50,615 | 50,578 | |||||||||
| Other non-current assets | 18,902 | 14,121 | |||||||||
| Total assets | $ | 1,549,279 | $ | 1,577,717 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 136,388 | $ | 170,202 | |||||||
| Accrued compensation | 17,466 | 16,706 | |||||||||
| Finance lease liabilities - current | 22,348 | 12,541 | |||||||||
| Operating lease liabilities - current | 8,969 | 8,478 | |||||||||
| Real estate deferred gains - current | 3,935 | 3,935 | |||||||||
| Other current liabilities | 22,173 | 21,862 | |||||||||
| Total current liabilities | 211,279 | 233,724 | |||||||||
| Non-current liabilities: | |||||||||||
| Long-term debt | 296,660 | 295,061 | |||||||||
| Finance lease liabilities - less current portion | 298,931 | 280,002 | |||||||||
| Operating lease liabilities - less current portion | 47,075 | 40,114 | |||||||||
| Real estate deferred gains - less current portion | 59,362 | 63,296 | |||||||||
| Other non-current liabilities | 18,657 | 19,079 | |||||||||
| Total liabilities | 931,964 | 931,276 | |||||||||
| Commitments and contingencies | |||||||||||
| STOCKHOLDERS' EQUITY: | |||||||||||
Preferred Stock, $0.01 par value, 30,000,000 shares authorized, none outstanding | — | — | |||||||||
Common Stock, $0.01 par value, 20,000,000 shares authorized, 7,866,497 and 8,650,046 outstanding, respectively | 79 | 83 | |||||||||
| Additional paid-in capital | 94,762 | 124,103 | |||||||||
| Retained earnings | 522,474 | 522,255 | |||||||||
| Total stockholders’ equity | 617,315 | 646,441 | |||||||||
| Total liabilities and stockholders’ equity | $ | 1,549,279 | $ | 1,577,717 | |||||||
8
BLUELINX HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Fiscal Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||||
| January 3, 2026 | December 28, 2024 | January 3, 2026 | December 28, 2024 | ||||||||||||||||||||
| (14 weeks) | (13 weeks) | (53 weeks) | (52 weeks) | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||||||
| Net (loss) income | $ | (8,551) | $ | 5,272 | $ | 219 | $ | 53,116 | |||||||||||||||
| Adjustments to reconcile net (loss) income to cash provided by operations: | |||||||||||||||||||||||
| Depreciation and amortization | 10,819 | 9,405 | 39,905 | 38,488 | |||||||||||||||||||
| Amortization of debt discount and issuance costs | 375 | 328 | 1,510 | 1,318 | |||||||||||||||||||
| Gains from sale of property | — | — | — | (272) | |||||||||||||||||||
| Insurance recoveries in excess of carrying values of property & equipment | — | — | (2,443) | — | |||||||||||||||||||
| Recognition of deferred gains from real estate | (983) | (982) | (3,934) | (3,934) | |||||||||||||||||||
| Share-based compensation | 2,937 | 808 | 11,252 | 7,749 | |||||||||||||||||||
| (Benefit) provision for deferred income taxes | (2,229) | 728 | (36) | 2,678 | |||||||||||||||||||
| Changes in operating assets and liabilities, net of business combination: | |||||||||||||||||||||||
| Accounts receivable | 56,868 | 52,212 | 14,053 | 2,573 | |||||||||||||||||||
| Inventories | 35,929 | (15,368) | 45,959 | (12,271) | |||||||||||||||||||
| Accounts payable | (33,159) | (14,930) | (36,009) | 13,002 | |||||||||||||||||||
| Other current assets | 1,875 | (10,120) | (3,710) | (20,012) | |||||||||||||||||||
| Other assets and liabilities | (2,047) | (8,609) | (6,982) | 2,743 | |||||||||||||||||||
| Net cash provided by operating activities | 61,834 | 18,744 | 59,784 | 85,178 | |||||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||||||
| Acquisition of business, net of cash acquired | (95,210) | — | (95,210) | — | |||||||||||||||||||
| Proceeds from sales of property and insurance recoveries | 31 | 60 | 2,656 | 899 | |||||||||||||||||||
| Property and equipment investments | (5,447) | (20,279) | (26,933) | (40,109) | |||||||||||||||||||
| Net cash used in investing activities | (100,626) | (20,219) | (119,487) | (39,210) | |||||||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||||||||
| Common stock repurchases | — | (15,315) | (38,126) | (45,297) | |||||||||||||||||||
| Debt financing costs | (483) | — | (3,095) | — | |||||||||||||||||||
| Repurchase of shares to satisfy employee tax withholdings | (93) | (108) | (2,538) | (3,365) | |||||||||||||||||||
| Principal payments on finance lease liabilities | (4,149) | (3,761) | (16,317) | (13,427) | |||||||||||||||||||
| Net cash used in financing activities | (4,725) | (19,184) | (60,076) | (62,089) | |||||||||||||||||||
| Net change in cash and cash equivalents | (43,517) | (20,659) | (119,779) | (16,121) | |||||||||||||||||||
| Cash and cash equivalents at beginning of period | 429,360 | 526,281 | 505,622 | 521,743 | |||||||||||||||||||
| Cash and cash equivalents at end of period | $ | 385,843 | $ | 505,622 | $ | 385,843 | $ | 505,622 | |||||||||||||||
9
The following schedule presents our revenues disaggregated by specialty and structural product category:
| Fiscal Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||||
| January 3, 2026 | December 28, 2024 | January 3, 2026 | December 28, 2024 | ||||||||||||||||||||
| (14 weeks) | (13 weeks) | (53 weeks) | (52 weeks) | ||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||
| Net sales: | |||||||||||||||||||||||
| Specialty products | $ | 504,689 | $ | 483,610 | $ | 2,052,990 | $ | 2,045,910 | |||||||||||||||
| Structural products | 211,115 | 227,027 | 901,017 | 906,622 | |||||||||||||||||||
| Total | $ | 715,804 | $ | 710,637 | $ | 2,954,007 | $ | 2,952,532 | |||||||||||||||
| Gross profit: | |||||||||||||||||||||||
| Specialty products | $ | 91,583 | $ | 88,747 | $ | 368,993 | $ | 397,625 | |||||||||||||||
| Structural products | 21,040 | 24,598 | 82,635 | 91,514 | |||||||||||||||||||
| Total | $ | 112,623 | $ | 113,345 | $ | 451,628 | $ | 489,139 | |||||||||||||||
| Gross margin % : | |||||||||||||||||||||||
| Specialty products | 18.1 | % | 18.4 | % | 18.0 | % | 19.4 | % | |||||||||||||||
| Structural products | 10.0 | % | 10.8 | % | 9.2 | % | 10.1 | % | |||||||||||||||
| Company gross margin | 15.7 | % | 15.9 | % | 15.3 | % | 16.6 | % | |||||||||||||||
10
BLUELINX HOLDINGS INC.
RECONCILIATION OF NON-GAAP MEASUREMENTS
(Unaudited)
The following table reconciles Net (loss) income to Adjusted EBITDA (non-GAAP) for the periods indicated:
| Fiscal Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||||
| January 3, 2026 | December 28, 2024 | January 3, 2026 | December 28, 2024 | ||||||||||||||||||||
| (14 weeks) | (13 weeks) | (53 weeks) | (52 weeks) | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Net (loss) income | $ | (8,551) | $ | 5,272 | $ | 219 | $ | 53,116 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Depreciation and amortization | 10,819 | 9,405 | 39,905 | 38,488 | |||||||||||||||||||
| Interest expense, net | 8,714 | 5,320 | 32,354 | 19,364 | |||||||||||||||||||
| (Benefit) provision for income taxes | (3,405) | 1,693 | (90) | 17,571 | |||||||||||||||||||
| Share-based compensation expense | 2,937 | 808 | 11,252 | 7,749 | |||||||||||||||||||
| Recognition of deferred gains on real estate | (983) | (982) | (3,934) | (3,934) | |||||||||||||||||||
| Gains from sales of property | — | — | — | (272) | |||||||||||||||||||
Pension settlement and withdrawal costs(1) | — | (255) | — | (2,481) | |||||||||||||||||||
| Inventory step-up adjustment | 798 | — | 798 | — | |||||||||||||||||||
Acquisition-related costs(2) | 2,074 | — | 2,537 | — | |||||||||||||||||||
Restructuring and other(3) | 1,486 | 274 | (472) | 1,755 | |||||||||||||||||||
| Adjusted EBITDA | $ | 13,889 | $ | 21,535 | $ | 82,569 | $ | 131,356 | |||||||||||||||
(1) Reflects expenses and related adjustments related to our previously disclosed settlement of the BlueLinx Corporation Hourly Retirement Defined Benefit Plan.
(2) Primarily reflects legal, professional, technology and other expenses for due diligence, acquisition, and post-acquisition integration activities.
(3) Reflects net losses from Hurricane Helene in fiscal 2024, related insurance recoveries in fiscal 2025, and non-recurring items.
11
The following table reconciles Net income (loss) and Diluted earnings (loss) per share to Adjusted net income (non-GAAP) and Adjusted diluted earnings per share (non-GAAP):
| Fiscal Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||||
| January 3, 2026 | December 28, 2024 | January 3, 2026 | December 28, 2024 | ||||||||||||||||||||
| (14 weeks) | (13 weeks) | (53 weeks) | (52 weeks) | ||||||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||||||||
| Net (loss) income | $ | (8,551) | $ | 5,272 | $ | 219 | $ | 53,116 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Share-based compensation expense | 2,937 | 808 | 11,252 | 7,749 | |||||||||||||||||||
| Recognition of deferred gains on real estate | (983) | (982) | (3,934) | (3,934) | |||||||||||||||||||
| Gain from sales of property | — | — | — | (272) | |||||||||||||||||||
Pension settlement and withdrawal costs(1) | — | (255) | — | (2,481) | |||||||||||||||||||
| Inventory step-up adjustment | 798 | — | 798 | — | |||||||||||||||||||
Acquisition-related costs (2) | 2,074 | — | 2,537 | — | |||||||||||||||||||
Restructuring and other (3) | 1,486 | 274 | (472) | 1,755 | |||||||||||||||||||
Tax impacts of reconciling items above (4) | (1,494) | 38 | (2,555) | (701) | |||||||||||||||||||
| Adjusted net (loss) income - non-GAAP | $ | (3,733) | $ | 5,155 | $ | 7,845 | $ | 55,232 | |||||||||||||||
| Basic (loss) earnings per share | $ | (1.08) | $ | 0.63 | $ | 0.02 | $ | 6.22 | |||||||||||||||
| Diluted earnings per share | 0.62 | $ | 0.02 | $ | 6.19 | ||||||||||||||||||
| Weighted average shares outstanding - Basic | 7,865 | 8,356 | 7,984 | 8,531 | |||||||||||||||||||
| Weighted average shares outstanding - Diluted | 7,913 | 8,431 | 8,039 | 8,572 | |||||||||||||||||||
| Adjusted basic EPS - non-GAAP | $ | (0.47) | $ | 0.61 | $ | 0.98 | $ | 6.47 | |||||||||||||||
| Adjusted diluted EPS - non-GAAP | $ | 0.61 | $ | 0.97 | $ | 6.44 | |||||||||||||||||
(4) Income tax impact calculated based on the effective income tax rate for the respective fiscal quarterly periods and fiscal year periods presented. However, for fiscal year 2025, a combined statutory rate for federal and state income taxes was applied.
In the following table, our Adjusted EBITDA margin (non-GAAP) is calculated and compared to Net income (loss) as a percentage of Net sales:
| Fiscal Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||||
| January 3, 2026 | December 28, 2024 | January 3, 2026 | December 28, 2024 | ||||||||||||||||||||
| (14 weeks) | (13 weeks) | (53 weeks) | (52 weeks) | ||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||
| Net sales | $ | 715,804 | $ | 710,637 | $ | 2,954,007 | $ | 2,952,532 | |||||||||||||||
| Net (loss) income | (8,551) | 5,272 | 219 | 53,116 | |||||||||||||||||||
| Net (loss) income as a percentage of Net sales | (1.2) | % | 0.7 | % | — | % | 1.8 | % | |||||||||||||||
| Net sales | $ | 715,804 | $ | 710,637 | $ | 2,954,007 | $ | 2,952,532 | |||||||||||||||
Adjusted EBITDA - non-GAAP(1) | 13,889 | 21,535 | 82,569 | 131,356 | |||||||||||||||||||
| Adjusted EBITDA margin - non-GAAP | 1.9 | % | 3.0 | % | 2.8 | % | 4.4 | % | |||||||||||||||
(1)See the table that reconciles Net (loss) income to Adjusted EBITDA (non-GAAP)
12
The following table shows the calculations of our “Net Debt,” “Net Leverage Ratio,” and our “Net Leverage Ratio Excluding Real Property Finance Lease Liabilities,” as those non-GAAP measures are used and presented within the terms of our revolving credit agreement.
| As of | |||||||||||
| ($ amounts in thousands) | January 3, 2026 | December 28, 2024 | |||||||||
Long term debt (1) | $ | 300,000 | $ | 300,000 | |||||||
| Finance lease liabilities for equipment and vehicles | 80,635 | 49,785 | |||||||||
| Finance lease liabilities for real property | 240,644 | 242,758 | |||||||||
| Total debt and finance leases | 621,279 | 592,543 | |||||||||
| Less: available cash and cash equivalents | 385,843 | 505,622 | |||||||||
| Net debt (non-GAAP) | $ | 235,436 | $ | 86,921 | |||||||
| Net Debt, excluding finance lease liabilities for real property | $ | (5,208) | $ | (155,837) | |||||||
| Twelve-month trailing adjusted EBITDA (see above reconciliations) | $ | 82,569 | $ | 131,356 | |||||||
| Net Leverage Ratio | 2.9x | 0.7x | |||||||||
| Net Leverage Ratio Excluding Real Property Finance Lease Liabilities | (0.1x) | (1.2x) | |||||||||
(1) As of January 3, 2026 and December 28, 2024, our long-term debt is comprised of $300.0 million of senior-secured notes issued in October 2021. These notes are presented under the long-term debt caption of our consolidated balance sheet, and as of January 3, 2026 were $296.7 million which is net of unamortized debt discount of $2.0 million and unamortized debt issuance costs of $1.3 million. As of December 28, 2024, these notes were reported on our consolidated balance sheet at $295.1 million, which is net of unamortized discount of $2.5 million and unamortized debt issuance costs of $2.4 million. Our senior secured notes are presented in this table at their face value for the purposes of calculating our net leverage ratio.
The following schedule reconciles Net cash provided by operating activities to Free cash flow (non-GAAP):
| Fiscal Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||||
| January 3, 2026 | December 28, 2024 | January 3, 2026 | December 28, 2024 | ||||||||||||||||||||
| (14 weeks) | (13 weeks) | (53 weeks) | (52 weeks) | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Net cash provided by operating activities | $ | 61,834 | $ | 18,744 | $ | 59,784 | $ | 85,178 | |||||||||||||||
| Less: property and equipment investments | (5,447) | (20,279) | (26,933) | (40,109) | |||||||||||||||||||
| Free cash flow - non-GAAP | $ | 56,387 | $ | (1,535) | $ | 32,851 | $ | 45,069 | |||||||||||||||
13
BlueLinx Q4 and Full Year 2025 Results Delivering What Matters February 25, 2026 © BlueLinx 2026. All Rights Reserved. 1 EXHIBIT 99.2
This presentation contains forward-looking statements. Forward-looking statements include, without limitation, any statement that predicts, forecasts, indicates or implies future results, performance, liquidity levels or achievements, and may contain the words “believe,” “anticipate,” “could”, “expect,” “estimate,” “intend,” “may”, “project,” “plan,” “should”, “will”, “will be,” “will likely continue,” “will likely result”, “would” or words or phrases of similar meaning. The forward-looking statements in this presentation include statements about our strategy, liquidity, and debt, our long-run positioning relative to industry conditions, future share repurchases, and acquisitions and integrations. Forward-looking statements in this press release are based on estimates and assumptions made by our management that, although believed by us to be reasonable, are inherently uncertain. Forward- looking statements involve risks and uncertainties that may cause our business, strategy, or actual results to differ materially from the forward-looking statements. These risks and uncertainties include those discussed in greater detail in our filings with the Securities and Exchange Commission. We operate in a changing environment in which new risks can emerge from time to time. It is not possible for management to predict all of these risks, nor can it assess the extent to which any factor, or a combination of factors, may cause our business, strategy, or actual results to differ materially from those contained in forward-looking statements. Factors that may cause these differences include, among other things: adverse housing market conditions; consolidation among competitors, suppliers, and customers; disintermediation risk; our dependence on international suppliers and manufacturers for certain products and related exposure to risks of new or increased tariffs, changes in trade policies, and other risks that could affect our financial condition; pricing and product cost variability; volumes of product sold; competition; the cyclical nature of the industry in which we operate; loss of products or key suppliers and manufacturers; information technology security risks and business interruption risks; effective inventory management relative to our sales volume or the prices of the products we produce; the ability to attract, train, and retain highly qualified associates and other key personnel while controlling related labor costs; acquisitions and the integration and completion of such acquisitions; business disruptions; exposure to product liability and other claims and legal proceedings related to our business and the products we distribute; the impacts of climate change; successful implementation of our strategy; wage increases or work stoppages by our union employees; costs imposed by federal, state, local, and other regulations; compliance costs associated with federal, state, and local environmental protection laws; the effects of epidemics, global pandemics or other widespread public health crises and governmental rules and regulations; fluctuations in our operating results; our level of indebtedness and our ability to incur additional debt to fund future needs; changes in insurance-related deductible/retention liabilities based on actual loss development experience; the covenants of the instruments governing our indebtedness limiting the discretion of our management in operating the business; the potential to incur more debt; the fact that we have consummated certain sale leaseback transactions with resulting long-term non-cancelable leases, many of which are or will be finance leases; the fact that we lease many of our distribution centers, and we would still be obligated under these leases even if we close a leased distribution center; inability to raise funds necessary to finance a required repurchase of our senior secured notes; a lowering or withdrawal of debt ratings; changes in our product mix; increases in fuel and other energy prices or availability of third-part freight providers; the possibility that the value of our deferred tax assets could become impaired; changes in our expected annual effective tax rate could be volatile; the costs and liabilities related to our participation in multi-employer pension plans could increase; the risk that our cash flows and capital resources may be insufficient to service our existing or future indebtedness; interest rate risk, which could cause our debt service obligations to increase; potential to incur impairment charges if we determine that our goodwill has become impaired; and changes in, or interpretation of, accounting principles. Given these risks and uncertainties, we caution you not to place undue reliance on forward-looking statements. We expressly disclaim any obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law. Immaterial Rounding Differences. Immaterial rounding adjustments and differences may exist between slides, press releases, and previously issued presentations. This presentation and the associated remarks made during this conference call are integrally related and are intended to be presented and understood together. 2 Safe Harbor Statement
Opening Remarks 3 Shyam Reddy President & CEO
4 BlueLinx: Delivering What Matters BLUELINX STRATEGIC PRIORITIES
5 ▪ FY 2025 Net sales of $3.0B ▪ FY 2025 Adjusted EBITDA of $83M (1) ▪ Q4 2025 Net sales of $716M ▪ Adjusted EBITDA of $14M (1) ▪ Specialty products gross margin of 18.1%; structural products gross margin of 10.0% ▪ Specialty product sales comprised approximately 70% of sales and 80% of gross profit in for both Q4 2025 and full year 2025 ▪ Master data management platform enhancements ▪ Established a new transportation management system ▪ Premium, higher margin specialty wood products ▪ Advances key BlueLinx strategies ▪ Early results encouraging ▪ $726M of liquidity – including $386M of cash/cash equivalents ▪ $38M in share repurchases for full year 2025 ▪ Net leverage ratio of (0.1x) (2) q Delivered strong full year 2022 results q Solid Q4 results highlighted by record cash generation q Remain focused on specialty product growth q Executed strategic capital allocation actions q Further strengthened our financial position ü Delivered solid full year 2025 results given the challenging environment ü Solid Q4 results highlighted by higher volumes and solid gross margins ü Remain focused on specialty product sales growth ü Phase One of our digital transformation is complete ü Acquisition of Disdero Lumber Company ü Strong financial position ü (1) See appendix for reconciliations to all non-GAAP measures (2) Does not include finance leases for real property, per the terms of our credit agreement DELIVERING WHAT MATTERS
n Net sales of $3.0B, up slightly year-over-year q Full year volume increases offset by market-related pricing pressures n Gross profit of $452M, down 7.7% year-over-year q 15.3% of net sales q 82% of gross profit from specialty products n Gross margin of 15.3%, down 130 bps year-over-year q 18.0% specialty products gross margin q 9.2% structural products gross margin n Net income of $0.2M and Diluted EPS of $0.02 n Adjusted net income of $8M and Adjusted Diluted EPS of $0.97 (1) n Adjusted EBITDA of $83M, or 2.8% of sales (1) n Generated operating cash of $60M q Free cash flow of $33M (1) q Net leverage ratio of (0.1x) (2) Explosive profitable growth with a highly engaged team 6 FULL YEAR 2025 RESULTS FY 25 Sales by Product Category Specialty Products 69% Structural Products 31% FY 25 Gross Profit by Product Category Specialty Products 82% Structural Products 18% (1) See appendix for reconciliations to all non-GAAP measures (2) Does not include finance leases for real property, per the terms of our credit agreement
n New home starts continue to be volatile q Labor constraints, inflation, consumer confidence all playing a role q Policy uncertainty also contributing n Home affordability remains challenging q Mortgage rates off historic highs, but still elevated q Home price appreciation n Repair and remodel market expected to improve slightly in 2026(1) q Existing home sales remain low q Investments being made today will benefit BlueLinx when the market improves n Long-term trends remain positive Note: Management’s estimate by end market for two-step distribution of building materials (1) Source: Joint Center for Housing Studies at Harvard University 7 U.S. HOUSING INDUSTRY BLUELINX SALES BY END MARKET Repair & Remodel 45% New Home Construction 40% Commercial 15%
Financial Review 8 Kelly Wall SVP, Chief Financial Officer and Treasurer
n Net Sales increased 0.7% to $716M q Specialty product sales up 4% q Structural product sales down 7% n Gross Margin of 15.7%, down 20 bps n Adjusted Loss Per Share of $(0.47) (1) n Adjusted EBITDA of $14M (1) q Adjusted EBITDA(1) margin of 1.9% n Free Cash Flow of $56M (1) q Cash Flow from Operations $62M q Capital Expenditures of $5M 9 FOURTH QUARTER 2025 RESULTS (1) See Appendix for reconciliations for all non-GAAP figures (2) Does not include finance leases for real property, per terms of our credit agreement (3) Due to the Adjusted Net Loss for 4Q 2025, an Adjusted Basic Loss Per Share is presented for 4Q 2025 instead of an Adjusted Diluted Loss Per Share (( Q4 Commentary $ millions, except per share data and leverage ratios Q4 2025 Q4 2024 Variance Net Sales $716 $711 0.7% Gross Profit $113 $113 (0.6)% Gross Margin % 15.7% 15.9% (20) bps Adjusted Net (Loss) Income (1) $(3.7) $5.2 NM Adjusted Diluted EPS (1)(3) $(0.47) $0.61 NM Adjusted EBITDA (1) $14 $22 (36)% Adjusted EBITDA(1) as a % of Net Sales 1.9% 3.0% (110) bps Free Cash Flow(1) $56 $(2) $58 Net Leverage Ratio 2.9x 0.7x 2.2x Net Leverage Ratio per Credit Agreement (2) (0.1x) (1.2x) 1.1x
$ in millions n Net sales of $505M, up 4% q Driven mainly by volume increases and Disdero q Specialty is approximately 70% of total net sales n Gross profit of $92M, up 3% q Specialty gross profit 81% of total gross profit n Gross margin of 18.1%, down 30 bps q Above the expected range of 17% to 18% Q4 Commentary 10 SPECIALTY PRODUCTS Q4 2025 RESULTS $487 $504 $539 $519 $484 $479 $543 $525 $505 19.4% 20.7% 19.3% 19.4% 18.4% 18.7% 18.5% 16.6% 18.1% Net Sales Gross Margin Rate 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
$ in millions n Net sales of $211M, down 7% q Driven by lower pricing partially offset by higher volumes q Year-over-year average pricing for commodities: Ÿ 12% decrease in average price of lumber Ÿ 20% decrease in average price of panels n Gross profit of $21M, down 14% q Structural gross profit 19% of total gross profit n Gross margin of 10.0%, down 80 bps q Above the expected range of 8% to 9% Q4 Commentary 11 STRUCTURAL PRODUCTS Q4 2025 RESULTS $226 $222 $229 $228 $227 $230 $237 $223 $211 10.6% 10.6% 7.9% 11.0% 10.8% 9.3% 8.2% 9.3% 10.0% Net Sales Gross Margin Rate 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
n Net Sales of $3.0B q Specialty product sales up slightly q Structural product sales down slightly n Gross Margin of 15.3%, down 130 bps n Adjusted Diluted EPS of $0.97 (1) n Adjusted EBITDA of $83M (1) q Adjusted EBITDA(1) margin of 2.8% n Free Cash Flow of $33M(1) q Cash Flow from Operations $60M q Capital Expenditures of $27M 12 FULL YEAR 2025 RESULTS (1) See Appendix for reconciliations for all non-GAAP figures (2) Does not include finance leases for real property, per the terms of our credit agreement FY 24 Commentary $ in millions, except per share data, leverage ratios, and Net Sales FY 2025 FY 2024 Variance Net Sales ($ billions) $3.0 $3.0 —% Gross Profit $452 $489 (8)% Gross Margin % 15.3% 16.6% (130) bps Adjusted Net Income(1) $8 $55 (86)% Adjusted Diluted EPS(1) $0.97 $6.44 (85)% Adjusted EBITDA(1) $83 $131 (37)% Adjusted EBITDA(1) as a % of Net Sales 2.8% 4.4% (160) bps Free Cash Flow(1) $33 $45 (27)% Net Leverage Ratio 2.9x 0.7x 2.2x Net Leverage Ratio per Credit Agreement(2) (0.1x) (1.2x) (1.1x)
n At the end of Q4 2025: § Cash and Cash Equivalents of $386M § Total available liquidity of $726M § Net debt of $(5) million (1) § Net leverage of (0.1x) (2) n No material outstanding debt maturities until 2029 ($ millions) Debt Maturity Schedule Note: debt maturity schedule does not include finance lease obligations Net Leverage (1) 13 BALANCE SHEET $300 $285 $293 $321 $300 $300 $300 Finance Leases Senior Notes Q4 2023 Q4 2024 Q4 2025 (1.0) (1.2) (0.1) Net Leverage Q4 2023 Q4 2024 Q4 2025 Outstanding Debt and Finance Leases (1) Net debt presented here excludes finance lease obligations for real property under the terms of our revolving credit agreement. (2) Net Leverage including real property financing leases was 0.3x, 0.7x, and 2.9x in Q4 2023, Q4 2024, and Q4 2025 respectively. Net leverage ratio excluding finance lease obligations for real property, as presented above, is included within the terms of our revolving credit agreement. See Appendix for reconciliations of non-GAAP measures.
FY 25 Free Cash Flow Walk * $ in millions Net Working Capital Management(1) $ in millions * See Appendix for reconciliations for all non-GAAP measures (1) Net working capital includes accounts receivable, inventory, and accounts payable; Return on Working Capital is calculated by dividing trailing twelve month (TTM) Adjusted EBITDA by Net Working Capital as of the end of the period presented or discussed 14 WORKING CAPITAL AND FREE CASH FLOW $414 $487 $452 $432 $412 $462 $492 $446 $408 Total Net Working Capital Return on Working Capital 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 $200 $300 $400 $500 $600 —% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
INVEST IN THE BUSINESS EXPAND GEOGRAPHIC FOOTPRINT SHARE REPURCHASES OPERATING CASH FLOW FREE CASH FLOW RETURN TO SHAREHOLDERSGROWTH AND MARGIN EXPANSION 15 CAPITAL ALLOCATION FRAMEWORK GUIDING PRINCIPLES n Maintain strong balance sheet and financial stability n Long-term net leverage could increase to at or around 2.0x when considering growth n Invest in business through fluctuating economic cycles n Acquisitions aligned to strategy n Opportunistic share repurchases
Q&A 16
Appendix 17
20-year average (1) Source: Historical data is U.S. Census Bureau; Forecast from John Burns Real Estate Consulting, LLC subject limitations and disclaimers – not for redistribution (2) Source: Joint Center for Housing Studies at Harvard University. The Leading Indicator of Remodeling Activity (LIRA) provides a short-term outlook of national home improvement and repair spending to owner-occupied homes. (3) Source: Historical data is Freddie Mac; Forecast: John Burns Real Estate Consulting, LLC subject limitations and disclaimers – not for redistribution. Mortgage rates expected to remain above 20-year average Starts expected to be around 20-year average and well above 2009-2011 levels 18 MACRO TRENDS Remodeling spend expected to improve slightly in 2026 20-year average 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 E 20 26 E 20 27 E 20 28 E — 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Total U.S. Single Family Housing Starts (SFHS) Housing starts in thousands(1) 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $550 LIRA Remodeling Activity Index TTM Moving Total - Dollars in billions(2) 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 P 20 27 P 20 28 P —% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 30 Year Fixed Mortgage Rates As of February 2026(3)
Average Q4 25 lumber prices decreased 12% year- over-year and decreased 8% from Q3 25 (1) Source: Random Lengths and company analysis 19 WOOD-BASED COMMODITY PRICE TRENDS Average Q4 25 panel prices declined 20% year- over-year and decreased 1% from Q3 25 484540467 347357344357368400 411 762687 987 1,243 466 702 1,244 797 587 449413408 437383403383385430456 451409378 20 18 Q 1 20 18 Q 2 20 18 Q 3 20 18 Q 4 20 19 Q 1 20 19 Q 2 20 19 Q 3 20 19 Q 4 20 20 Q 1 20 20 Q 2 20 20 Q 3 20 20 Q 4 20 21 Q 1 20 21 Q 2 20 21 Q 3 20 21 Q 4 20 22 Q 1 20 22 Q 2 20 22 Q 3 20 22 Q 4 20 23 Q 1 20 23 Q 2 20 23 Q 3 20 23 Q 4 20 24 Q 1 20 24 Q 2 20 24 Q 3 20 24 Q 4 20 25 Q 1 20 25 Q 2 20 25 Q 3 20 25 Q 4 — 200 400 600 800 1,000 1,200 1,400 503549483 389373350337343387401 682713 1,003 1,566 766715 1,232 874 671 528499532 636585615599515549534 487443438 20 18 Q 1 20 18 Q 2 20 18 Q 3 20 18 Q 4 20 19 Q 1 20 19 Q 2 20 19 Q 3 20 19 Q 4 20 20 Q 1 20 20 Q 2 20 20 Q 3 20 20 Q 4 20 21 Q 1 20 21 Q 2 20 21 Q 3 20 21 Q 4 20 22 Q 1 20 22 Q 2 20 22 Q 3 20 22 Q 4 20 23 Q 1 20 23 Q 2 20 23 Q 3 20 23 Q 4 20 24 Q 1 20 24 Q 2 20 24 Q 3 20 24 Q 4 20 25 Q 1 20 25 Q 2 20 25 Q 3 20 25 Q 4 — 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Framing Lumber Composite Index $/mbf, Quarterly Average Price(1) As of December 2025 Structural Panel Composite Index $/msf, Quarterly Average Price(1) As of December 2025
The Company reports its financial results in accordance with GAAP. The Company also believes that presentation of certain non-GAAP measures may be useful to investors and may provide a more complete understanding of the factors and trends affecting the business than using reported GAAP results alone. Any non-GAAP measures used herein are reconciled to their most directly comparable GAAP measures herein or in the financial tables accompanying this presentation. The Company cautions that non-GAAP measures are not presentations made in accordance with GAAP and are not intended to present superior measures of our financial condition from those measures determined under GAAP. Non-GAAP measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. The Company further cautions that its non-GAAP measures, as used herein, are not necessarily comparable to other similarly titled measures of other companies due to differences in methods of calculation. Adjusted EBITDA and Adjusted EBITDA Margin. BlueLinx defines Adjusted EBITDA as an amount equal to net income (loss) plus interest expense and all interest expense related items, income taxes, depreciation and amortization, and further adjusted for certain non-cash items and other special items, including compensation expense from share based compensation, one-time charges associated with the legal, consulting, and professional fees related to our merger and acquisition activities, gains or losses on sales of properties, amortization of deferred gains on real estate, and expense associated with our restructuring activities, such as severance, in addition to other significant and/or one-time, nonrecurring, non-operating items. The Company presents Adjusted EBITDA because it is a primary measure used by management to evaluate operating performance. Management believes this metric helps to enhance investors’ overall understanding of the financial performance and cash flows of the business. Management also believes Adjusted EBITDA is helpful in highlighting operating trends. Adjusted EBITDA is frequently used by securities analysts, investors, and other interested parties in their evaluation of companies, many of which present an Adjusted EBITDA measure when reporting their results. We determine our Adjusted EBITDA Margin, which we sometimes refer to as our Adjusted EBITDA as a percentage of net sales, by dividing our Adjusted EBITDA for the applicable period by our net sales for the applicable period. We believe that this ratio is useful to investors because it more clearly defines the quality of earnings and operational efficiency of translating sales to profitability. Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share. BlueLinx defines Adjusted Net Income (Loss) as net income or loss adjusted for certain non-cash items and other special items, including compensation expense from share based compensation, one-time charges associated with the legal, consulting, and professional fees related to our merger and acquisition activities, gains or losses on sales of properties, realization of deferred gains on real estate, and expense associated with our restructuring activities, such as severance, in addition to other significant and/or one-time, nonrecurring, non-operating items, further adjusted for the tax impacts of such reconciling items. BlueLinx defines Adjusted Earnings (Loss) Per Share (basic and/or diluted) as the Adjusted Net Income (Loss) for the period divided by the weighted average outstanding shares (basic and/or diluted) for the periods presented. However, for any period with an Adjusted Net Loss, only Adjusted Basic Loss Per Share is presented for the period. We believe that Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share (basic and/or diluted) are useful to investors to enhance investors’ overall understanding of the financial performance of the business. Management also believes Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share (basic and/or diluted) are helpful in highlighting operating trends. Free Cash Flow. BlueLinx defines free cash flow as net cash provided by operating activities less total capital expenditures. Free cash flow is a measure used by management to assess our financial performance, and we believe it is useful for investors because it relates the operating cash flow of the Company to the capital that is spent to continue and improve business operations. In particular, free cash flow indicates the amount of cash generated after capital expenditures that can be used for, among other things, investment in our business, strengthening our balance sheet, and repayment of our debt obligations. Free cash flow does not represent the residual cash flow available for discretionary expenditures since there may be other nondiscretionary expenditures that are not deducted from the measure. Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities. BlueLinx calculates Net Debt as its total short- and long-term debt, including outstanding balances under our term loan and revolving credit facility and the total amount of its obligations under finance leases, less cash and cash equivalents. Net Debt Excluding Real Property Finance Lease Liabilities is calculated in the same manner as Net Debt, except the total amount of obligations under real estate finance leases are excluded. Although our credit agreements do not contain leverage covenants, a net leverage ratio excluding finance lease obligations is included within the terms of our revolving credit agreement. We believe that Net Debt and Net Debt Excluding Real Property Finance Lease Liabilities are useful to investors because our management reviews both metrics as part of its management of overall liquidity, financial flexibility, capital structure and leverage, and creditors and credit analysts monitor our net debt as part of their assessments of our business. We determine our Overall Net Leverage Ratio by dividing our Net Debt by Twelve- Month Trailing Adjusted EBITDA. Our calculation of Net Leverage Ratio Excluding Real Property Finance Lease Liabilities is determined by dividing our Net Debt Excluding Real Property Finance Lease Liabilities by Twelve-Month Trailing Adjusted EBITDA. We believe that these ratios are useful to investors because they are indicators of our ability to meet our future financial obligations. In addition, our Net Leverage Ratio is a measure that is frequently used by investors and creditors. Our Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities are not made in accordance with GAAP and are not intended to present a superior measure of our financial condition from measures and ratios determined under GAAP. The calculations of our Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities are presented in the table on page 27. Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities, as used herein, are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. 20 Non-GAAP Measures and Supplemental Financial Information
Net sales, gross profit dollars, gross profit percentages, sales mix, and gross profit mix by product category by fiscal quarter, Q1 2023 – Q4 2025 In millions where dollars are presented 21 Supplementary Financial Information Fiscal Quarter 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 Net sales by category: Specialty products $ 505 $ 525 $ 543 $ 479 $ 484 $ 519 $ 539 $ 504 $ 487 $ 559 $ 571 $ 568 Structural products 211 223 237 230 227 228 229 222 226 251 245 230 Net sales $ 716 $ 749 $ 780 $ 709 $ 711 $ 747 $ 768 $ 726 $ 713 $ 810 $ 816 $ 798 Net sales mix by category: Specialty products 71 % 70 % 70 % 68 % 68 % 69 % 70 % 69 % 68 % 69 % 70 % 71 % Structural products 29 % 30 % 30 % 32 % 32 % 31 % 30 % 31 % 32 % 31 % 30 % 29 % Gross Profit $ by category: Specialty products $ 92 $ 87 $ 100 $ 90 $ 89 $ 100 $ 104 $ 104 $ 95 $ 111 $ 109 $ 107 Structural products 21 21 19 21 25 25 18 24 24 28 27 27 Gross profit $ 113 $ 108 $ 120 $ 111 $ 113 $ 126 $ 122 $ 128 $ 119 $ 139 $ 136 $ 134 Gross Margin % by category: Specialty products 18 % 17 % 18 % 19 % 18 % 19 % 19 % 21 % 19 % 20 % 19 % 19 % Structural products 10 % 9 % 8 % 9 % 11 % 11 % 8 % 11 % 11 % 11 % 11 % 12 % Company gross margin % 16 % 14 % 15 % 16 % 16 % 17 % 16 % 18 % 17 % 17 % 17 % 17 % Gross profit mix by category Specialty products 81 % 81 % 84 % 81 % 78 % 80 % 85 % 81 % 80 % 80 % 80 % 80 % Structural products 19 % 19 % 16 % 19 % 22 % 20 % 15 % 19 % 20 % 20 % 20 % 20 % Rounded figures in this presentation may not agree to presentation in other formats we have published such as earnings releases, earnings decks, or other similar materials presented elsewhere.
Adjusted Net Income and Adjusted Diluted EPS reconciliation for fiscal quarters Q1 2023 - Q4 2025 (unaudited) In thousands, except EPS amounts. Rounded figures in this table may not agree to presentations in other formats we have published such as earnings releases, earnings decks, or other similar materials presented elsewhere. 22 Non-GAAP Reconciliation / supplemental financial information (1) Reflects expenses and adjustments related to the settlement of the BlueLinx Corporation Hourly Retirement Plan (defined benefit plan). (2) Primarily reflects legal, professional, technology and other expenses for due diligence, acquisition, and post-acquisition activities. Certain amounts for periods in fiscal 2025 and 2023 have been reclassified for Acquisition-related costs and Restructuring and other. (3) Reflects gains from property insurance recoveries in 1Q 2025 from Hurricane Helene, net losses related to Hurricane Helene in 3Q 2024, severance expenses, and other one-time non-operating items, net. Certain amounts for periods in fiscal 2025 and 2023 have been reclassified for Acquisition-related costs and Restructuring and other, net. Fiscal Quarter 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 Net (loss) income $ (8,551) $ 1,655 $ 4,310 $ 2,805 $ 5,272 $ 16,016 $ 14,336 $ 17,492 $ (18,124) $ 24,382 $ 24,466 $ 17,812 Adjustments: Share-based compensation expense 2,937 3,452 2,341 2,522 808 3,186 1,405 2,350 2,580 2,980 1,926 4,569 Realization of deferred gains on real estate (983) (984) (983) (984) (982) (984) (984) (984) (982) (984) (984) (984) Gain from sale of property — — — — — (272) — — — — — — Pension settlement and related expenses(1) — — — — (255) (2,226) — — 31,034 594 594 594 Acquisition-related costs(2) 2,074 126 196 142 — — — — 186 75 — 17 Restructuring and other, net(3) 1,486 56 385 (2,400) 274 1,160 7 314 (784) 606 993 3,099 Inventory step-up adjustment 798 — — — — — — — — — — — Estimated tax impacts of reconciling items (1,494) (651) (643) 233 38 (224) (106) (405) 11,891 (889) (607) (1,933) Adjusted net (loss) income - non-GAAP $ (3,733) $ 3,654 $ 5,606 $ 2,318 $ 5,155 $ 16,656 $ 14,658 $ 18,767 $ 25,801 $ 26,764 $ 26,388 $ 23,174 Basic EPS $ (1.08) $ 0.20 $ 0.54 $ 0.33 $ 0.63 $ 1.88 $ 1.65 $ 2.02 $ (2.08) $ 2.72 $ 2.70 $ 1.96 Diluted EPS $ 0.20 $ 0.54 $ 0.33 $ 0.62 $ 1.87 $ 1.65 $ 2.00 $ 2.71 $ 2.70 $ 1.94 Weighted average shares outstanding - Basic 7,865 7,888 7,935 8,257 8,356 8,496 8,645 8,653 8,704 8,936 9,040 9,059 Weighted average shares outstanding - Diluted 7,913 7,946 7,977 8,328 8,431 8,528 8,686 8,741 8,757 8,970 9,057 9,157 Non-GAAP Adjusted Basic (L)EPS - non-GAAP $ (0.47) $ 0.46 $ 0.70 $ 0.28 $ 0.61 $ 1.96 $ 1.69 $ 2.16 $ 2.96 $ 2.99 $ 2.92 $ 2.55 Non-GAAP Adjusted Diluted EPS - non-GAAP $ 0.45 $ 0.70 $ 0.27 $ 0.61 $ 1.95 $ 1.68 $ 2.14 $ 2.94 $ 2.98 $ 2.91 $ 2.53
The following schedule reconciles Net cash provided by operating activities to Free cash flow (non-GAAP) for Q1 2023 to Q4 2025 (unaudited) In millions. Rounded figures in this table may not agree to presentations in other formats we have published such as earnings releases, earnings decks, or other similar materials presented elsewhere. 23 Non-GAAP Reconciliation Fiscal Quarter 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 Net cash provided by (used in) operating activities $ 62 $ 59 $ (27) $ (34) $ 19 $ 62 $ 36 $ (31) $ 76 $ 78 $ 64 $ 89 Less: Property and equipment disbursements (5) (6) (10) (6) (20) (8) (6) (5) (9) (5) (5) (9) Free cash flow - non-GAAP $ 56 $ 53 $ (36) $ (40) $ (2) $ 54 $ 30 $ (36) $ 67 $ 73 $ 59 $ 80
Non-GAAP Reconciliation Net Working Capital by Fiscal Quarter Q1 2023 – Q4 2025 (unaudited) $ amounts in millions 24 Fiscal Quarter 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 Accounts receivables, net $218 $269 $279 $276 $226 $278 $274 $288 $228 $298 $294 $299 Inventories, net 326 346 391 400 356 341 358 371 344 364 379 409 544 615 670 675 582 619 632 659 572 662 674 708 Accounts payable 136 169 178 213 170 186 179 172 158 202 190 177 Net Working Capital $408 $446 $492 $462 $412 $432 $453 $487 $414 $460 $484 $531 Trailing 12 months Adjusted EBITDA $83 $90 $105 $112 $131 $146 $160 $174 $183 $209 $259 $324 Return on Working Capital 20% 20% 21% 24% 32% 34% 35% 36% 44% 45% 54% 61% Each component used to compute Net Working Capital in this table is determined in accordance with GAAP and reported in our consolidated balance sheets. Rounded figures in this presentation may not agree to presentation in other formats we've published such as earnings news releases, other earnings decks, or other similar materials presented elsewhere.
Adjusted EBITDA reconciliation by fiscal quarter, Q1 2023 – Q4 2025 (unaudited) In millions where dollars are presented. Some dollar amounts round to less than $1 million and therefore no amount is presented in the table below. 25 (1) Reflects expenses and other adjustments related to our previously disclosed settlement of the BlueLinx Corporation Hourly Retirement Plan (defined benefit) in 4Q 2023. (2) Reflects primarily legal, professional, technology and other integration costs. Certain amounts for periods in fiscal 2025 and 2023 have been reclassified for Acquisition-related costs and Restructuring and other. Amounts for certain fiscal quarters round to less than $1 million. (3) Reflects gains from property insurance recoveries in 1Q 2025 for Hurricane Helene, net losses related to Hurricane Helene in 3Q 2024, severance expenses, and other one-time non-operating items, net. Certain amounts for periods in fiscal 2023 have been reclassified for Acquisition-related costs and Restructuring and other, net. Amounts for certain fiscal quarters round to less than $1 million. Note: Figures are rounded in this presentation to align with figures as presented in the deck. As a result, the rounded figures in this presentation may not agree to presentation in other formats we have published such as earnings releases, other earnings decks, or other similar materials presented elsewhere. Fiscal Quarter 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 Net (loss) income $ (9) $ 2 $ 4 $ 3 $ 5 $ 16 $ 14 $ 17 $ (18) $ 24 $ 24 $ 18 Adjustments: Depreciation and amortization 11 10 10 10 9 10 10 9 8 8 8 8 Interest expense, net 9 9 8 7 5 5 5 5 4 6 6 8 Provision for (benefit from) income taxes (3) — 2 1 2 6 5 6 10 9 8 6 Share-based compensation expense 3 3 2 3 1 3 1 2 3 3 2 4 Recognition of deferred gains on real estate (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) Pension settlement and related expenses(1) — — — — — (2) — — 31 1 1 1 Inventory step-up adjustment 1 — — — — — — — — — — — Acquisition-related costs(2) 2 — — — — — — — — — — — Restructuring and other, net (3) 1 — 1 (2) — 1 — 1 (1) 1 1 3 Adjusted EBITDA - non-GAAP $ 14 $ 22 $ 27 $ 20 $ 22 $ 37 $ 34 $ 39 $ 36 $ 50 $ 49 $ 47 Net sales $ 716 $ 749 $ 780 $ 709 $ 711 $ 747 $ 768 $ 726 $ 713 $ 810 $ 816 $ 798 Adjusted EBITDA Margin - non-GAAP 1.9 % 3.0 % 3.4 % 2.8 % 3.0 % 4.9 % 4.5 % 5.4 % 5.1 % 6.2 % 6.0 % 5.9 % Non-GAAP Reconciliation / supplemental financial information
Twelve-Month Trailing Adjusted EBITDA reconciliation by Fiscal Quarter, Q1 2023 – Q4 2025 (unaudited) In millions $. Some dollar amounts round to less than $1 million and therefore no amount is presented in the table below. 26 Non-GAAP Reconciliation (1) Reflects expenses and other adjustments related to our previously disclosed settlement of the BlueLinx Corporation Hourly Retirement Plan in 4Q 2023. (2) Reflects primarily legal, professional, technology and other integration costs. Certain amounts for periods in fiscal 2025 and 2023 have been reclassified for Acquisition-related costs and Restructuring and other. Amounts for certain fiscal quarters round to less than $1 million. (3) Reflects gains from property insurance recoveries in 1Q 2025 for Hurricane Helene, net losses related to Hurricane Helene in 3Q 2024, severance expenses, and other one-time non-operating items, net. Certain amounts for periods in fiscal 2023 have been reclassified for Acquisition-related costs and Restructuring and other, net. Amounts for certain fiscal quarters round to less than $1 million. Note: Figures are rounded in this presentation to align with figures as presented in the deck. As a result, the rounded figures in this presentation may not agree to presentation in other formats we have published such as earnings releases, other earnings decks, or other similar materials presented elsewhere. Twelve-Month Trailing as of the End of Fiscal Quarter 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 Net (loss) income $ — $ 14 $ 28 $ 38 $ 53 $ 30 $ 38 $ 48 $ 49 $ 99 $ 134 $ 181 Adjustments: Depreciation and amortization 40 38 38 39 38 37 36 34 32 31 30 29 Interest expense, net 32 29 25 21 19 18 19 21 24 29 34 39 Provision for income taxes — 5 11 13 18 26 29 32 33 32 44 58 Share-based compensation expense 11 9 9 8 8 10 9 10 12 13 12 12 Realization of deferred gains on real estate (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) Pension settlement and related expenses(1) — — (2) (2) (2) 29 32 32 33 2 1 1 Inventory step-up adjustment 1 Acquisition-related costs(2) 3 — — — — — — — — 1 1 1 Restructuring and other, net (3) — (2) — (1) 2 1 — 1 4 6 7 7 Adjusted EBITDA - non-GAAP $ 83 $ 90 $ 105 $ 112 $ 131 $ 146 $ 160 $ 174 $ 183 $ 209 $ 259 $ 324
Fiscal Quarter 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 ($ amounts in thousands) Long term debt(1) $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 Finance lease liabilities for equipment and vehicles 80,635 80,264 75,570 74,365 49,785 50,752 47,979 48,445 42,252 34,008 27,743 27,162 Finance lease liabilities for real property 240,644 241,540 241,987 242,390 242,758 243,058 243,359 243,622 243,174 243,335 243,445 243,602 Total debt and finance leases 621,279 621,804 617,557 616,755 592,543 593,810 591,338 592,067 585,426 577,343 571,188 570,764 Less: available cash and cash equivalents 385,843 429,360 386,765 449,020 505,622 526,281 491,392 481,309 521,743 469,783 418,325 376,234 Net debt (non-GAAP) $ 235,436 $ 192,444 $ 230,792 $ 167,735 $ 86,921 $ 67,529 $ 99,946 $ 110,758 $ 63,683 $ 107,560 $ 152,863 $ 194,530 Net debt, excluding finance lease liabilities for real property (non-GAAP) $ (5,208) $ (49,096) $ (11,195) $ (74,655) $ (155,837) $ (175,529) $ (143,413) $ (132,864) $ (179,491) $ (135,775) $ (90,582) $ (49,072) Trailing twelve-month adjusted EBITDA (non-GAAP, see above reconciliations) $ 82,569 $ 90,215 $ 104,502 $ 112,133 $ 131,356 $ 146,290 $ 160,067 $ 174,651 $ 182,804 $ 209,435 $ 259,163 $ 322,392 Net leverage ratio 2.9x 2.1x 2.2x 1.5x 0.7x 0.5x 0.6x 0.6x 0.3x 0.5x 0.6x 0.6x Net leverage ratio excluding real property finance lease liabilities(2) (0.1x) (0.5x) (0.1x) (0.7x) (1.2x) (1.2x) (0.9x) (0.8x) (1.0x) (0.6x) (0.3x) (0.2x) Non-GAAP Reconciliation / Supplemental Financial Information The following schedule reconciles Total debt and finance leases to: Net debt (non-GAAP) and to Net debt excluding finance lease liabilities for real property (non-GAAP). The calculations of Net leverage ratio (non-GAAP) and Net leverage ratio excluding real property finance leases liabilities (non-GAAP) is also presented (unaudited). (1) For the periods presented above, our long-term debt is comprised of $300 million of senior-secured notes issued in October 2021. These notes are presented under the long-term debt caption of our consolidated balance sheet net of unamortized discount and unamortized debt issuance costs. Our senior secured notes are presented in this table at their face value for the purposes of calculating our net leverage ratio. (2) Net leverage ratio excluding finance lease obligations for real property is included within the terms of our revolving credit agreement. 27
FAQ
How did BlueLinx (BXC) perform financially in full-year 2025?
BlueLinx delivered flat 2025 net sales of about $3.0 billion but saw a steep profit drop. Net income was $0.2 million versus $53.1 million in 2024, and adjusted EBITDA fell to $82.6 million, reflecting lower margins and higher operating expenses.
What were BlueLinx’s Q4 2025 earnings and margins?
In Q4 2025, BlueLinx generated $716 million in net sales and a net loss of $8.6 million, or $1.08 per share. Gross margin was 15.7%, slightly below the prior year, while adjusted EBITDA was $13.9 million, or 1.9% of net sales.
How important are specialty products to BlueLinx’s 2025 results?
Specialty products were central in 2025, generating about 70% of net sales and 82% of gross profit. Full-year specialty net sales were $2.05 billion with an 18.0% gross margin, underscoring management’s focus on higher-margin, value-added product categories.
What is BlueLinx’s cash and debt position as of January 3, 2026?
As of January 3, 2026, BlueLinx held $385.8 million of cash and cash equivalents and total debt and finance leases of $621.3 million. Available liquidity was $726 million, and net leverage excluding real property finance leases was reported at (0.1x).
How much free cash flow did BlueLinx (BXC) generate in 2025?
BlueLinx reported 2025 free cash flow of $32.9 million, calculated as net cash provided by operating activities of $59.8 million minus $26.9 million of property and equipment investments. In Q4 alone, free cash flow was $56.4 million, driven largely by working capital improvements.
What guidance did BlueLinx give for Q1 2026 margins and volumes?
For the first quarter of fiscal 2026, BlueLinx expects specialty product gross margin between 17% and 18% and structural product gross margin between 9% and 10%. Average daily sales volumes are anticipated to be seasonally lower than Q4 2025 but above the weather-impacted Q1 2025.
Filing Exhibits & Attachments
5 documents
Bluelinx Hldgs Inc
NYSE:BXC
BXC Rankings
BXC Latest News
BXC Latest SEC Filings
Feb 24, 2026
[10-K] BlueLinx Holdings Inc. Files Annual Report
Dec 15, 2025
[8-K] BlueLinx Holdings Inc. Reports Material Event
BXC Stock Data
528.14M
7.49M
Industrial Distribution
Wholesale-lumber, Plywood, Millwork & Wood Panels
United States
MARIETTA