Boise Cascade Reports Fourth Quarter and Full-Year 2025 Results
Boise Cascade Company (“Boise Cascade,” the “Company,” “we,” or “our”) (NYSE: BCC) announced its financial results for the fourth quarter and full year of 2025. The company reported a fourth-quarter net income of $8.7 million, equivalent to $0.24 per share, on total sales of $1.5 billion. For the full year, Boise Cascade reported net income of $132.8 million, or $3.53 per share, with total sales reaching $6.4 billion.
It is important to note that both fourth-quarter and full-year earnings were negatively affected by approximately $6 million, or $0.16 per share after-tax, due to an accrual related to ongoing legal proceedings within the Building Materials Distribution segment. Comparative results for 2024 are provided in the company’s detailed financial tables.
CEO Statement
Nate Jorgensen, CEO of Boise Cascade, stated, “While the fourth quarter reflected the anticipated seasonal softness in demand, I am proud of our teams for delivering strong operating results despite continued market challenges. I want to thank every Boise Cascade associate for their dedication and perseverance throughout the year. The foundation of our success remains our people and the values we uphold every day. Looking forward, we are well-positioned to seize opportunities as housing starts recover, supported by a resilient business model and strategic investments in our distribution and engineered wood products (EWP) manufacturing businesses.
As I prepare to retire, I am deeply grateful for the support of the Board of Directors and the strength of our leadership team. I have great confidence in Jeff as he steps into the role of CEO. His vision, experience, and steadfast commitment to our values will ensure Boise Cascade continues to advance its objectives and create long-term value for stakeholders.”
Housing Market Overview
In the fourth quarter of 2025, total U.S. housing starts decreased by 4% compared to the same period in 2024, while single-family housing starts declined 7%. For the full year, total housing starts decreased 1%, and single-family starts dropped 7%. Single-family housing starts remain a key driver of demand for Boise Cascade’s products, influencing sales in both the Building Materials Distribution and Wood Products segments.
Building Materials Distribution Segment
The Building Materials Distribution (BMD) segment experienced a sales decrease of $75.7 million, or 5%, reaching $1,363.1 million for the fourth quarter, compared to $1,438.8 million for the same period in 2024. The decline was driven by a 4% decrease in sales prices and a 1% reduction in sales volumes. By product line, commodity sales decreased 9%, general line product sales increased 3%, and EWP sales decreased 14%, most of which were supplied by the Wood Products segment.
Segment income for BMD fell $29.2 million to $41.5 million in the fourth quarter, down from $70.7 million in the prior year. This decrease was primarily due to lower gross margins on commodity and EWP products, partially offset by improved margins on general line products. Additionally, the previously noted $6 million accrual for legal proceedings affected segment income.
For the full year, BMD sales decreased $225.2 million, or 4%, to $5,941.3 million from $6,166.5 million in 2024. The decline was driven by a 2% decrease in both sales prices and volumes. Commodity sales decreased 6%, general line product sales increased 3%, and EWP sales decreased 13%. Segment income for the full year declined $81.2 million to $222.2 million from $303.4 million in 2024. The decrease was primarily due to lower gross margins on commodity and EWP products, partially offset by improved margins on general line products. In addition, selling and distribution expenses increased $21.8 million, and depreciation and amortization expenses rose $9.2 million.
Wood Products Segment
The Wood Products segment reported fourth-quarter sales of $354.0 million, a 16% decrease from $419.7 million in the same period of 2024. The decline was attributed to lower sales prices and volumes of LVL, I-joists (EWP), and plywood. Segment results showed a loss of $13.8 million for the quarter, compared to segment income of $33.6 million in the prior year. This decline was driven primarily by lower EWP sales prices and volumes, reduced plywood prices, and higher per-unit conversion costs.
For the full year, Wood Products sales totaled $1,613.4 million, down 12% from $1,832.3 million in 2024. This reduction was mainly caused by lower sales prices and volumes for EWP and plywood. Segment income dropped $225.6 million to $5.8 million for the year, compared to $231.5 million in 2024. The decline was due largely to decreased sales prices and volumes for EWP and plywood, coupled with higher per-unit conversion costs. These costs were partly impacted by planned downtime at the Oakdale plywood mill to support mill modernization projects. Offsetting these decreases was a $3.9 million gain on the sale of a non-operating property.
Summary of Fourth Quarter and Annual Performance
Overall, Boise Cascade’s fourth-quarter and full-year 2025 results reflect the challenges of a soft housing market and ongoing operational pressures, particularly in commodity and EWP product lines. Despite these headwinds, the company maintained profitability in the fourth quarter and achieved high full-year net income. Strategic investments in both distribution and EWP manufacturing, coupled with a resilient business model, position Boise Cascade to benefit from any potential recovery in housing starts.
The transition in leadership with Jeff stepping into the CEO role ensures continuity in strategic direction while preserving the company’s long-standing values and operational excellence.
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