UFP Industries (UFPI) Q4 2025 earnings fall but cash flow stays strong

Q: How did UFP Industries (UFPI) perform financially in Q4 2025?

UFP Industries’ Q4 2025 net sales were $1.33 billion , down 9% year over year. Diluted EPS was $0.70 , compared with $1.12 a year earlier, as weaker volumes, slightly lower prices and higher tax and bonus expenses reduced profitability.

Q: What were UFP Industries’ full-year 2025 revenue and earnings?

For 2025, UFP Industries reported net sales of $6.32 billion , down 5% from 2024. Net earnings attributable to controlling interest were $294.8 million , compared with $414.6 million the prior year, reflecting lower volumes, margin pressure and higher operating costs.

Q: How did UFP Industries’ adjusted EBITDA and margins change in 2025?

Adjusted EBITDA for 2025 was $563.6 million , down from $682.3 million in 2024. Consolidated adjusted EBITDA margin declined from 10.3% to 8.9% , as softer demand, price pressure and higher expenses reduced profitability across the Retail, Packaging and Construction segments.

Q: What was UFP Industries’ cash flow and free cash flow in 2025?

UFP Industries generated $545.7 million in cash flows from operating activities during 2025. After maintenance capital expenditures and working capital adjustments, free cash flow was $451.5 million , which the company largely used to repurchase nearly $450 million of its common shares.

Q: How much capital did UFP Industries return to shareholders in 2025?

In 2025, UFP Industries returned $515 million to shareholders. This included nearly $450 million of share repurchases funded by strong free cash flow, along with dividend payments, while maintaining substantial liquidity and a conservative capital structure.

Q: What is UFP Industries’ outlook for 2026 demand and growth targets?

Management expects 2026 demand to be flat to slightly down overall, with continued challenges in new residential construction. Long term, the company targets 7–10% annual unit sales growth, at least 10% of sales from new products, and 12.5% adjusted EBITDA margins.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

UFP Industries reported weaker results for fourth-quarter and full-year 2025 as soft demand and lower prices pressured performance. Q4 net sales were $1.33 billion, down 9%, with diluted EPS of $0.70 versus $1.12 a year earlier. Net earnings attributable to controlling interest fell to $40 million from $68 million.

For 2025, net sales declined 5% to $6.32 billion, while net earnings attributable to controlling interest dropped to $294.8 million from $414.6 million. Adjusted EBITDA decreased to $107.2 million in Q4 and $563.6 million for the year, with margins compressing versus 2024. Retail, Packaging, and Construction segments all saw lower sales and profits.

Despite the earnings decline, cash generation remained strong. Cash flows from operating activities in 2025 were $545.7 million, and free cash flow was $451.5 million, which funded nearly $450 million of share repurchases. Management highlighted total shareholder returns of $515 million in 2025 and year-end liquidity of about $2.2 billion, including over $900 million of cash. The company expects 2026 demand to be flat to slightly down but targets long-term annual unit growth of 7–10% and adjusted EBITDA margins of 12.5%.

Positive

Strong cash generation and liquidity: 2025 cash flows from operating activities were $545.7 million and free cash flow was $451.5 million, supporting year-end liquidity of about $2.2 billion, including over $900 million of cash.
Significant capital returned to shareholders: The company repurchased nearly $450 million of shares and, in total, returned $515 million to shareholders in 2025 through buybacks and dividends.
Conservative balance sheet: Total debt remained relatively low versus equity, with long-term debt and finance lease obligations of $228.9 million against shareholders’ equity of $3.08 billion at year-end 2025.

Negative

Meaningful earnings decline: Full-year net earnings attributable to controlling interest fell from $414.6 million to $294.8 million, a drop of about 29%, with Q4 EPS declining from $1.12 to $0.70.
Revenue and margin compression: Net sales decreased 5% for 2025 and 9% in Q4, while adjusted EBITDA fell from $682.3 million to $563.6 million and margin from 10.3% to 8.9%.
Segment-wide softness: Retail, Packaging and Construction segments all reported lower net sales and net earnings in both Q4 and full year, reflecting weaker organic units and, in some cases, lower selling prices.
Management outlook for flat to slightly down demand: The company anticipates 2026 demand will be flat to slightly down across segments, with markets tied to new residential construction remaining more challenged.

Insights

Revenue, earnings and margins fell in 2025, but cash flow, liquidity and capital returns stayed strong.

UFP Industries saw broad-based pressure in 2025. Net sales declined 5% to $6.32 billion, and net earnings attributable to controlling interest dropped about 29% to $294.8 million. Q4 trends were weaker, with net sales down 9% and EPS at $0.70 versus $1.12. Segment data show lower net sales and compressed margins across Retail, Packaging and Construction.

Profitability contracted as gross margin and adjusted EBITDA margin fell. Adjusted EBITDA decreased to $107.2 million in Q4 and $563.6 million for the year, with consolidated adjusted EBITDA margin slipping from 10.3% to 8.9%. Management cited higher tax rates, year-end bonus adjustments and non-cash items as additional EPS headwinds, on top of weaker volumes and modest price declines.

Cash generation and balance sheet strength partially offset the earnings deterioration. Operating cash flow of $545.7 million and free cash flow of $451.5 million funded approximately $450 million of share repurchases, while year-end liquidity was roughly $2.2 billion with over $900 million of cash and modest debt. Management expects 2026 demand to be flat to slightly down but maintains long-term targets of 7–10% annual unit growth and 12.5% adjusted EBITDA margins, emphasizing cost reductions and disciplined capital allocation.

02/23/2026 - 04:20 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 23, 2026

UFP INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)


Michigan (State or other Jurisdiction of Incorporation)	0-22684 (Commission File Number)	38-1465835 (IRS Employer Identification No.)


2801 East Beltline, NE Grand Rapids, Michigan (Address of Principal Executive Offices)	49525 (Zip Code)

Registrant's telephone number, including area code: (616) 364-6161

None

(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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	UFPI	The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On February 23, 2026, the Registrant issued a press release announcing its financial results for the quarter-ended December 27, 2025. A copy of the Registrant’s press release is attached as Exhibit 99(a) to this Current Report.

Item 9.01 Financial Statements, Pro Forma Financial Information, and Exhibits

(c)Exhibits

99(a)Press Release dated February 23, 2026

104Cover Page Interactive File (the cover page XBRL tags are embedded in the Inline XBRL document).

EXHIBIT INDEX


Exhibit Number		Document

99(a)		Press Release, dated February 23, 2026.

104		Cover Page Interactive Data File (the cover page XBRL tags are embedded in 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, thereunto duly authorized.


	UFP INDUSTRIES, INC.
	(Registrant)

Dated: February 23, 2026	By:	/s/ Michael R. Cole

		Michael R. Cole
		Chief Financial Officer,
		Principal Financial Officer and
		Treasurer

Exhibit 99(a)

UFP Industries Announces Fourth Quarter 2025 Results

GRAND RAPIDS, MI (February 23, 2026) - UFP Industries, Inc. (Nasdaq: UFPI) a leading manufacturer focused on delivering value-added products across its Retail, Packaging, and Construction segments reported results for the fourth quarter 2025.

●Net Sales of $1.33 billion decreased by 9 percent due to a 2 percent decrease in price and a 7 percent decline in organic units.

●Diluted earnings per share of $0.70 compared to $1.12 a year ago, and Net Earnings Attributable to Controlling Interests of $40 million compared to $68 million a year ago. Earnings were impacted by a higher estimated tax rate, year-end bonus adjustments from estimates to actual, and certain non-cash transactions.

●Adjusted EBITDA¹ was $107.2 million in the quarter, or 8.1 percent of net sales compared to 9.1 percent a year ago. Adjusted EBITDA margin¹ was 8.9 percent for the year, roughly 170bps higher than 2019.

●New product sales were 7.6 percent of total net sales.

●Cash flows from operating activities in 2025 was $546 million. Free cash flow¹ of $451 million was used to repurchase nearly $450 million of our shares.

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

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

Fourth Quarter 2025 Highlights

UFP Consolidated


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

Percentage change in net sales:
Organic units		(7)	%							(3)	%
Acquisitions		—								—
Selling prices		(2)								(2)

¹ Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below.

² Adjusted EBITDA is net of bonus expense (excluding vesting expense associated with share-based bonus arrangements) which totaled $16 million in the fourth quarter of 2025 and was $14 million higher than the same period of 2024.

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Exhibit 99(a)

UFP Retail


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

Percentage change in net sales:
Organic units		(13)	%							(7)	%
Acquisitions		—								—
Selling prices		(2)								1

●

ProWood organic unit sales declined 13 percent in the quarter from year ago levels due to difficult comparisons from elevated storm related demand for our products in 2024.

●

Deckorators organic unit sales grew 17 percent in the quarter from year ago levels. Our Surestone decking sales increased 44 percent and our traditional wood plastic composite decking increased 35 percent, both from the quarter a year ago.

UFP Packaging


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

Percentage change in net sales:
Organic units		(2)	%							(1)	%
Acquisitions		1								1
Selling prices		—								(2)

●

Structural Packaging organic unit sales grew 1 percent in the quarter from year ago levels.

●

PalletOne organic unit sales declined 8 percent in the quarter from year ago levels due to weaker demand, which was partially offset by a 4 percent contribution from acquisitions.

●

Protective Packaging organic unit sales declined 2 percent in the quarter from a year ago, due to challenging market conditions.

UFP Construction


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

Percentage change in net sales:
Organic units		(5)	%							—	%
Acquisitions		—								—
Selling prices		(5)								(5)

●

Site Built organic unit sales declined 17 percent in the quarter from year ago levels due to weaker single-family residential activity in our core western markets.

●

Factory Built organic unit sales grew 1 percent in the quarter from year ago levels.

●

Concrete Forming Solutions organic unit sales grew 3 percent in the quarter from year ago levels.

‌Page 2

Exhibit 99(a)

●

Commercial organic sales grew 3 percent in the quarter from year ago levels.

Capital Structure, Leverage and Liquidity Information

UFP Industries maintains a strong balance sheet and as of December 27, 2025, had liquidity of approximately $2.2 billion consisting of over $900 million of cash and $1.3 billion of remaining availability under its revolving credit facility and a shelf agreement with certain lenders. The company’s return-focused approach to capital allocation includes the following:

●

Acquisitions and Organic Growth. The company seeks strategic acquisitions and invests in organic growth opportunities when acquisition targets are not available at valuations that will allow us to meet or exceed targeted return rates. The company expects to invest approximately $300 million to $325 million on capital projects in 2026.

●

Dividend payments. On February 12, 2026, the UFP Industries Board of Directors increased our quarterly cash dividend to $0.36 per share, which represents a 3 percent year-over-year increase. This dividend is payable on March 16, 2026, to shareholders of record on March 2, 2026. We continue to consider our payout ratio and yield when determining the appropriate dividend rate and have a long-term objective of increasing our dividend in line with our earnings and free cash flow growth.

●

Share repurchases. As of December 27, 2025, we repurchased 4.5 million shares for $443 million, at an average share price of $98.39 for the year, representing approximately 7 percent of our shares outstanding at the beginning of the year.

2026 Outlook and Long-Term Targets

We anticipate that the current market environment will continue in 2026 and that overall demand will be flat to slightly down in each of our segments based on our sales mix. We anticipate markets tied to new residential construction will remain more challenged and see stabilization across our other end markets as an offset. However, we believe we are positioned well to perform better than the market due to market share gains across our portfolio and the execution of our cost out program. We anticipate initial stocking orders, upgraded manufacturing capacity, and expanded distribution will support momentum in our Deckorators and Surestone businesses in 2026.

The company’s long-term goals remain unchanged and include: 1) achieving 7-10 percent unit sales growth annually (including bolt-on acquisitions) with at least 10 percent of all sales coming from new products; 2) achieving 12.5 percent adjusted EBITDA margins; 3) earning an incremental return on new investments over our hurdle rate; and 4) maintaining a conservative capital structure.

Conference Call

UFP Industries will host a conference call on Tuesday, February 24, 2026, to discuss these results and outlook. The conference call will begin at 9:30 a.m. Eastern Time and will be hosted by CEO Will Schwartz and CFO Michael Cole. Interested investors can access the webcast directly with this link (here). A replay of the call will be available through the UFP Investor Relations website at www.ufpinvestor.com for at least 90 days following the call.

UFP Industries, Inc.

UFP Industries, Inc. is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in North America, Europe, Asia and Australia. For more about UFP Industries, go to www.ufpi.com.

‌Page 3

Exhibit 99(a)

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in currency and inflation; fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; changes in tariffs, import/export regulations, and other trade policies; concentration of sales to customers; the success of vertical integration strategies; excess capacity or supply chain challenges; inbound and outbound transportation costs; alternatives to replace treated wood products; government regulations, particularly involving environmental and safety regulations; our ability to make successful business acquisitions; cybersecurity breaches; and potential pandemics. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.

Non-GAAP Financial Information

This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Management uses Adjusted EBITDA and Free cash flow, non-GAAP financial measures, in order to evaluate historical and ongoing operations. Management believes that these non-GAAP financial measures are useful in order to enable investors to perform meaningful comparisons of historical and current performance. Adjusted EBITDA and Free cash flow are intended to supplement and should be read together with the financial results. Adjusted EBITDA and Free cash flow should not be considered alternatives or substitutes for, and should not be considered superior to, the reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measures. See the table below for a reconciliation of Net earnings to Adjusted EBITDA and a reconciliation of Cash flow from operations to Free cash flow.

Net earnings

Net earnings refers to net earnings attributable to controlling interest unless specifically noted.

# # #

---------------AT THE COMPANY---------------

Stanley Elliott

Director of Investor Relations

(804) 337-8217

‌Page 4

Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND

COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND TWELVE MONTHS ENDED

DECEMBER 2025/2024


		Quarter Period								Year to Date
(In thousands, except per share data)		2025				2024				2025				2024
Net sales		$	1,329,823	100.0	%	$	1,462,001	100.0	%	$	6,320,343	100.0	%	$	6,652,309	100.0	%
Cost of sales			1,113,284	83.7			1,222,492	83.6			5,260,193	83.2			5,425,567	81.6
Gross profit			216,539	16.3			239,509	16.4			1,060,150	16.8			1,226,742	18.4

Operating expenses
Selling, general and administrative expenses			159,729	12.0			156,491	10.7			691,008	10.9			735,046	11.0
Net (gain) loss on disposition and impairments of assets			(3,084)	(0.2)			4,619	0.3			3,128	—			6,157	0.1
Other losses (gains), net			807	0.1			(1,060)	(0.1)			2,113	—			(6,703)	(0.1)
Total operating expenses			157,452				160,050				696,249				734,500

Earnings from operations			59,087	4.4			79,459	5.4			363,901	5.8			492,242	7.4

Interest and other			(1,394)	(0.1)			(11,560)	(0.8)			(28,340)	(0.4)			(47,913)	(0.7)

Earnings before income taxes			60,481	4.5			91,019	6.2			392,241	6.2			540,155	8.1
Income taxes			20,325	1.5			21,236	1.5			96,249	1.5			121,422	1.8
Net earnings			40,156	3.0			69,783	4.8			295,992	4.7			418,733	6.3

Less net earnings attributable to noncontrolling interest			(197)	—			(1,744)	(0.1)			(1,200)	—			(4,173)	(0.1)

Net earnings attributable to controlling interest		$	39,959	3.0		$	68,039	4.7		$	294,792	4.7		$	414,560	6.2

Earnings per share - basic		$	0.70			$	1.12			$	5.00			$	6.78

Earnings per share - diluted		$	0.70			$	1.12			$	5.00			$	6.77

Comprehensive income		$	44,078			$	58,121			$	315,340			$	398,753

Less comprehensive income attributable to noncontrolling interest			(795)				(1,007)				(3,673)				(610)

Comprehensive income attributable to controlling interest		$	43,283			$	57,114			$	311,667			$	398,143

‌Page 5

Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS

OF EARNINGS BY SEGMENT (UNAUDITED)

FOR THE THREE MONTHS ENDED DECEMBER 2025/2024


	Quarter Period 2025
(In thousands)	Retail		Packaging		Construction		All Other		Corporate		Total
Net sales	$	443,964	$	370,097	$	439,790	$	73,744	$	2,228	$	1,329,823
Cost of sales		373,322		312,198		364,195		51,793		11,776		1,113,284
Gross profit		70,642		57,899		75,595		21,951		(9,548)		216,539
Selling, general and administrative expenses		55,233		43,871		52,495		9,772		(1,642)		159,729
Net loss (gain) on disposition and impairments of assets		49		1,826		(13)		488		(5,434)		(3,084)
Other losses (gains), net		618		—		(3)		240		(48)		807
Earnings from operations		14,742		12,202		23,116		11,451		(2,424)		59,087
Interest and other		(119)		170		(3)		(1,876)		434		(1,394)
Earnings before income taxes		14,861		12,032		23,119		13,327		(2,858)		60,481
Income taxes		5,714		4,526		7,682		2,194		209		20,325
Net earnings	$	9,147	$	7,506	$	15,437	$	11,133	$	(3,067)	$	40,156


	Quarter Period 2024
(In thousands)	Retail		Packaging		Construction		All Other		Corporate		Total
Net sales	$	524,591	$	375,315	$	486,776	$	73,971	$	1,348	$	1,462,001
Cost of sales		456,731		314,427		399,826		68,602		(17,094)		1,222,492
Gross profit		67,860		60,888		86,950		5,369		18,442		239,509
Selling, general and administrative expenses		34,578		35,468		51,014		(1,723)		37,154		156,491
Net loss (gain) on disposition and impairments of assets		2,189		5,090		452		18		(3,130)		4,619
Other (gains) losses, net		(436)		—		(447)		(286)		109		(1,060)
Earnings from operations		31,529		20,330		35,931		7,360		(15,691)		79,459
Interest and other		(171)		(1,415)		42		(530)		(9,486)		(11,560)
Earnings before income taxes		31,700		21,745		35,889		7,890		(6,205)		91,019
Income taxes		7,341		5,182		8,294		721		(302)		21,236
Net earnings	$	24,359	$	16,563	$	27,595	$	7,169	$	(5,903)	$	69,783

‌Page 6

Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS

OF EARNINGS BY SEGMENT (UNAUDITED)

FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024


	Year to Date 2025
(In thousands)	Retail		Packaging		Construction		All Other		Corporate		Total
Net sales	$	2,433,556	$	1,603,723	$	2,003,785	$	271,550	$	7,729	$	6,320,343
Cost of sales		2,087,657		1,338,247		1,645,998		212,499		(24,208)		5,260,193
Gross profit		345,899		265,476		357,787		59,051		31,937		1,060,150
Selling, general and administrative expenses		218,262		180,619		237,949		37,858		16,320		691,008
Net loss (gain) on disposition and impairments of assets		11,139		(2,887)		259		3,167		(8,550)		3,128
Other losses (gains), net		1,398		—		265		691		(241)		2,113
Earnings from operations		115,100		87,744		119,314		17,335		24,408		363,901
Interest and other		(303)		(678)		(11)		(8,180)		(19,168)		(28,340)
Earnings before income taxes		115,403		88,422		119,325		25,515		43,576		392,241
Income taxes		28,724		22,008		29,699		4,973		10,845		96,249
Net earnings	$	86,679	$	66,414	$	89,626	$	20,542	$	32,731	$	295,992


	Year to Date 2024
(In thousands)	Retail		Packaging		Construction		All Other		Corporate		Total
Net sales	$	2,597,994	$	1,636,563	$	2,113,844	$	298,190	$	5,718	$	6,652,309
Cost of sales		2,209,195		1,335,304		1,675,346		240,518		(34,796)		5,425,567
Gross profit		388,799		301,259		438,498		57,672		40,514		1,226,742
Selling, general and administrative expenses		209,592		191,757		262,517		39,940		31,240		735,046
Net loss (gain) on disposition and impairments of assets		3,067		6,545		673		28		(4,156)		6,157
Other (gains) losses, net		(2,964)		—		(376)		(3,572)		209		(6,703)
Earnings from operations		179,104		102,957		175,684		21,276		13,221		492,242
Interest and other		(557)		(101)		17		(9,356)		(37,916)		(47,913)
Earnings before income taxes		179,661		103,058		175,667		30,632		51,137		540,155
Income taxes		40,534		23,023		39,488		5,793		12,584		121,422
Net earnings	$	139,127	$	80,035	$	136,179	$	24,839	$	38,553	$	418,733

‌Page 7

Exhibit 99(a)

RECONCILIATION OF NET EARNINGS TO

ADJUSTED EBITDA BY SEGMENT (UNAUDITED)

FOR THE THREE MONTHS ENDED DECEMBER 2025/2024


	Quarter Period 2025
(In thousands)	Retail		Packaging		Construction		All Other		Corporate		Total
Net earnings	$	9,147	$	7,506	$	15,437	$	11,133	$	(3,067)	$	40,156
Interest and other		(119)		170		(3)		(1,876)		434		(1,394)
Income taxes		5,714		4,526		7,682		2,194		209		20,325
Expenses associated with share-based compensation arrangements		894		1,639		2,667		408		4,278		9,886
Net loss (gain) on disposition and impairments of assets		49		1,826		(13)		488		(5,434)		(3,084)
Gain from reduction of estimated earnout liability		—		—		—		(457)		—		(457)
Depreciation expense		8,013		9,773		6,675		1,085		11,240		36,786
Amortization of intangibles		837		2,078		728		1,007		375		5,025
Adjusted EBITDA	$	24,535	$	27,518	$	33,173	$	13,982	$	8,035	$	107,243

Net earnings as a percentage of net sales		2.1%		2.0%		3.5%		15.1%		*		3.0%

Adjusted EBITDA as a percentage of net sales		5.5%		7.4%		7.5%		19.0%		*		8.1%
* Not meaningful


	Quarter Period 2024
(In thousands)	Retail		Packaging		Construction		All Other		Corporate		Total
Net earnings	$	24,359	$	16,563	$	27,595	$	7,169	$	(5,903)	$	69,783
Interest and other		(171)		(1,415)		42		(530)		(9,486)		(11,560)
Income taxes		7,341		5,182		8,294		721		(302)		21,236
Expenses associated with share-based compensation arrangements		1,860		1,623		1,846		163		5,326		10,818
Net loss (gain) on disposition and impairments of assets		940		861		451		18		(3,130)		(860)
Impairment of intangibles		1,250		4,229		—		—		—		5,479
Gain from reduction of estimated earnout liability		—		(605)		—		—		—		(605)
Depreciation expense		7,550		9,003		6,092		889		8,977		32,511
Amortization of intangibles		998		2,216		702		1,551		433		5,900
Adjusted EBITDA	$	44,127	$	37,657	$	45,022	$	9,981	$	(4,085)	$	132,702

Net earnings as a percentage of net sales		4.6%		4.4%		5.7%		9.7%		*		4.8%

Adjusted EBITDA as a percentage of net sales		8.4%		10.0%		9.2%		13.5%		*		9.1%
* Not meaningful

‌Page 8

Exhibit 99(a)

RECONCILIATION OF NET EARNINGS TO

ADJUSTED EBITDA BY SEGMENT (UNAUDITED)

FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024


	Year to Date 2025
(In thousands)	Retail		Packaging		Construction		All Other		Corporate		Total
Net earnings	$	86,679	$	66,414	$	89,626	$	20,542	$	32,731	$	295,992
Interest and other		(303)		(678)		(11)		(8,180)		(19,168)		(28,340)
Income taxes		28,724		22,008		29,699		4,973		10,845		96,249
Expenses associated with share-based compensation arrangements		4,040		7,029		9,840		1,017		15,866		37,792
Net loss (gain) on disposition and impairments of assets		8,739		(2,887)		259		3,167		(8,550)		728
Impairment of intangibles		2,400		—		—		—		—		2,400
Gain from reduction of estimated earnout liability		—		(1,511)		(344)		(457)		—		(2,312)
Depreciation expense		30,438		36,706		25,863		4,165		41,188		138,360
Amortization of intangibles		3,630		8,562		2,909		5,980		1,610		22,691
Adjusted EBITDA	$	164,347	$	135,643	$	157,841	$	31,207	$	74,522	$	563,560

Net earnings as a percentage of net sales		3.6%		4.1%		4.5%		7.6%		*		4.7%

Adjusted EBITDA as a percentage of net sales		6.8%		8.5%		7.9%		11.5%		*		8.9%
* Not meaningful


	Year to Date 2024
(In thousands)	Retail		Packaging		Construction		All Other		Corporate		Total
Net earnings	$	139,127	$	80,035	$	136,179	$	24,839	$	38,553	$	418,733
Interest and other		(557)		(101)		17		(9,356)		(37,916)		(47,913)
Income taxes		40,534		23,023		39,488		5,793		12,584		121,422
Expenses associated with share-based compensation arrangements		5,788		6,974		7,944		772		16,685		38,163
Net loss (gain) on disposition and impairments of assets		1,817		2,316		673		28		(4,156)		678
Impairment of intangibles		1,250		4,229		—		—		—		5,479
Gain from reduction of estimated earnout liability		—		(642)		(1,818)		—		—		(2,460)
Depreciation expense		28,877		34,603		23,124		3,338		34,699		124,641
Amortization of intangibles		3,992		8,840		2,810		6,124		1,755		23,521
Adjusted EBITDA	$	220,828	$	159,277	$	208,417	$	31,538	$	62,204	$	682,264

Net earnings as a percentage of net sales		5.4%		4.9%		6.4%		8.3%		*		6.3%

Adjusted EBITDA as a percentage of net sales		8.5%		9.7%		9.9%		10.6%		*		10.3%
* Not meaningful

‌Page 9

Exhibit 99(a)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

DECEMBER 2025/2024


(In thousands)
Assets			2025			2024		Liabilities and equity			2025			2024
Current assets								Current liabilities
Cash and cash equivalents		$	914,199		$	1,171,828		Accounts payable		$	205,932		$	224,659
Restricted cash			10,872			7,766		Accrued liabilities and other			287,390			283,664
Investments			34,374			31,087		Current portion of debt			899			4,125
Accounts receivable			475,959			500,920
Inventories			722,020			720,824		Total current liabilities			494,221			512,448
Other current assets			111,228			70,600
								Long-term debt and finance lease obligations			228,859			229,830
Total current assets			2,268,652			2,503,025		Other liabilities			211,106			158,669

Other assets			276,788			257,533		Temporary equity			4,463			5,366
Intangible assets, net			484,873			499,637
Property, plant and equipment, net			992,580			890,743		Shareholders' equity			3,084,244			3,244,625

Total assets		$	4,022,893		$	4,150,938		Total liabilities and equity		$	4,022,893		$	4,150,938

‌Page 10

Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE TWELVE MONTHS ENDED

DECEMBER 2025/2024


(In thousands)		2025			2024
Cash flows from operating activities:
Net earnings	$	295,992		$	418,733
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation		138,360			124,641
Amortization of intangibles		22,691			23,521
Expense associated with share-based and grant compensation arrangements		37,792			38,163
Deferred income taxes		49,915			(15,382)
Unrealized gain on investment and other		(2,431)			(1,217)
Impairment of investments		6,500			—
Equity in earnings of investee		(709)			(89)
Net loss on sale, disposition and impairment of assets		728			678
Impairment of intangibles		2,400			5,479
Gain from reduction of estimated earnout liability		(2,312)			(2,460)
Changes in:
Accounts receivable		27,464			47,070
Inventories		7,291			6,356
Accounts payable		(20,190)			22,394
Accrued liabilities and other		(17,754)			(25,316)
Net cash from operating activities		545,737			642,571

Cash flows used in investing activities:
Capital expenditures		(269,377)			(232,274)
Proceeds from sale of property, plant and equipment		31,472			11,501
Acquisitions and purchases of non-controlling interest, net of cash received		(17,626)			(29,830)
Purchases of investments		(38,767)			(55,397)
Proceeds from sale of investments		19,953			30,844
Other		1,104			4,406
Net cash used in investing activities		(273,241)			(270,750)

Cash flows used in financing activities:
Borrowings under revolving credit facilities		34,426			29,913
Repayments under revolving credit facilities		(38,133)			(32,256)
Repayments of debt		—			(40,000)
Repayment of debt on behalf of investee		—			(6,303)
Contingent consideration payments and other		(221)			(4,868)
Proceeds from issuance of common stock		2,471			2,811
Dividends paid to shareholders		(82,350)			(80,782)
Distributions to noncontrolling interest		(3,005)			(11,848)
Purchase of remaining noncontrolling interest of subsidiary		(549)			(4,902)
Payments to taxing authorities in connection with shares directly withheld from employees		(9,591)			(17,838)
Repurchase of common stock		(433,028)			(141,120)
Other		(163)			73
Net cash used in financing activities		(530,143)			(307,120)

Effect of exchange rate changes on cash		3,124			(7,363)
Net change in cash and cash equivalents		(254,523)			57,338

All cash and cash equivalents, beginning of period		1,179,594			1,122,256

All cash and cash equivalents, end of period	$	925,071		$	1,179,594

Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	$	1,171,828		$	1,118,329
Restricted cash, beginning of period		7,766			3,927
All cash and cash equivalents, beginning of period	$	1,179,594		$	1,122,256

Cash and cash equivalents, end of period	$	914,199		$	1,171,828
Restricted cash, end of period		10,872			7,766
All cash and cash equivalents, end of period	$	925,071		$	1,179,594

‌Page 11

Exhibit 99(a)

RECONCILIATION OF NET CASH FROM OPERATING

ACTIVITIES TO FREE CASH FLOW (UNAUDITED)

FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024


(In thousands)		2025			2024
Net cash from operating activities	$	545,737		$	642,571
Increase (decrease) in investment in net working capital		3,189			(50,504)
Maintenance capital expenditures⁽¹⁾		(105,703)			(124,511)
Interest expense, net of taxes		8,238			9,852
Free cash flow	$	451,461		$	477,408

(1) Breakdown of capital expenditures from the condensed consolidated statements of cash flows:
Maintenance capital expenditures	$	105,703		$	124,511
Expansionary and efficiency capital expenditures		163,674			107,763
Total capital expenditures	$	269,377		$	232,274

‌Page 12

Source: View Original Filing on SEC EDGAR

FAQ

How did UFP Industries (UFPI) perform financially in Q4 2025?

UFP Industries’ Q4 2025 net sales were $1.33 billion, down 9% year over year. Diluted EPS was $0.70, compared with $1.12 a year earlier, as weaker volumes, slightly lower prices and higher tax and bonus expenses reduced profitability.

What were UFP Industries’ full-year 2025 revenue and earnings?

For 2025, UFP Industries reported net sales of $6.32 billion, down 5% from 2024. Net earnings attributable to controlling interest were $294.8 million, compared with $414.6 million the prior year, reflecting lower volumes, margin pressure and higher operating costs.

How did UFP Industries’ adjusted EBITDA and margins change in 2025?

Adjusted EBITDA for 2025 was $563.6 million, down from $682.3 million in 2024. Consolidated adjusted EBITDA margin declined from 10.3% to 8.9%, as softer demand, price pressure and higher expenses reduced profitability across the Retail, Packaging and Construction segments.

What was UFP Industries’ cash flow and free cash flow in 2025?

UFP Industries generated $545.7 million in cash flows from operating activities during 2025. After maintenance capital expenditures and working capital adjustments, free cash flow was $451.5 million, which the company largely used to repurchase nearly $450 million of its common shares.

How much capital did UFP Industries return to shareholders in 2025?

In 2025, UFP Industries returned $515 million to shareholders. This included nearly $450 million of share repurchases funded by strong free cash flow, along with dividend payments, while maintaining substantial liquidity and a conservative capital structure.

What is UFP Industries’ outlook for 2026 demand and growth targets?

Management expects 2026 demand to be flat to slightly down overall, with continued challenges in new residential construction. Long term, the company targets 7–10% annual unit sales growth, at least 10% of sales from new products, and 12.5% adjusted EBITDA margins.

How strong is UFP Industries’ liquidity and balance sheet at year-end 2025?

As of December 27, 2025, UFP Industries reported liquidity of about $2.2 billion, including over $900 million of cash and $1.3 billion of availability under its credit facilities. Long-term debt was $228.9 million, supporting a conservative capital structure.

Filing Exhibits & Attachments

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EX-99 EX-99(A) 1.3 MB

UFP Industries (UFPI) Q4 2025 earnings fall but cash flow stays strong