BlueLinx Holdings Inc. Reports Q4 and Full-Year 2025 Results
BlueLinx Holdings Inc. (NYSE: BXC), a leading U.S. wholesale distributor of building products, announced financial results for the fiscal three months and twelve months ending January 3, 2026.
Fourth Quarter 2025 Highlights
- Net sales: $716 million
- Gross profit: $113 million; gross margin: 15.7%; specialty gross margin: 18.1%
- Net loss: $(8.6) million, $(1.08) per share
- Adjusted net loss: $(3.7) million, $(0.47) per share
- Adjusted EBITDA: $14 million
- Free cash flow: $56 million
Full-Year 2025 Highlights
- Net sales: $3.0 billion
- Gross profit: $452 million; gross margin: 15.3%; specialty gross margin: 18.0%
- Net income: $0.2 million, $0.02 per diluted share
- Adjusted net income: $8 million, $0.97 per diluted share
- Adjusted EBITDA: $83 million
- Free cash flow: $33 million
- Available liquidity: $726 million, including $386 million in cash and cash equivalents
- Completed $38 million in share repurchases
Shyam Reddy, President and CEO, noted that results highlighted sales growth, higher volumes, and solid margins despite challenging market conditions. He emphasized the company’s focus on profitable growth, key customer channels, and specialty product strategies.
Kelly Wall, CFO, added that specialty product margins increased to 18.1% in Q4, with structural products reaching 10.0%. Free cash flow of $56 million reflected effective inventory management, and strong liquidity positions BlueLinx to pursue strategic investments.
Q4 2025 Financial Performance
The fourth quarter included 14 weeks, compared to 13 weeks in Q4 2024. Net sales increased 0.7% to $716 million, while gross profit slightly declined by 0.6% to $113 million.
Disdero Lumber Co., LLC, an Oregon-based specialty building products distributor acquired on October 31, 2025, contributed to consolidated results beginning November 1, 2025.
- Specialty product net sales increased 4.2% to $505 million due to volume growth and the addition of Disdero. Gross profit rose 3.2% to $91.6 million, with a gross margin of 18.1%.
- Structural product net sales declined 7.0% to $211 million, and gross profit fell to $21.0 million. Price deflation in lumber and panels drove the decline, though volumes improved slightly. Gross margin was 10.0%.
SG&A expenses rose to $102.5 million due to higher personnel costs, the Disdero acquisition, an extra week in Q4, and growth in sales and logistics. Other operating expenses were primarily acquisition-related and non-recurring.
Net loss for Q4 was $(8.6) million, or $(1.08) per share, compared to net income of $5.3 million in Q4 2024. Adjusted net loss was $(3.7) million, or $(0.47) per share. Adjusted EBITDA was $13.9 million, or 1.9% of net sales.
Operating cash flow was $61.8 million, up from $18.7 million last year, driven by improved working capital management. Investments included $5.4 million in distribution facilities and digital transformation initiatives, along with $3.3 million in finance leases for fleet updates.
Full-Year 2025 Financial Performance
Fiscal 2025 consisted of 53 weeks versus 52 weeks in 2024. Net sales reached $3.0 billion, slightly higher than the prior year. Gross profit was $451.6 million, down 7.7%, with a gross margin of 15.3%.
- Specialty product net sales grew 0.3% to $2.1 billion, driven by volume growth and the Disdero acquisition. Gross profit decreased 7.2% to $369.0 million, with a gross margin of 18.0%.
- Structural product net sales decreased 0.6% to $901 million, with gross profit falling to $82.6 million. Gross margin was 9.2%, down from 10.1% in 2024, primarily due to panel price deflation.
SG&A expenses rose 4.3% to $381.1 million, reflecting Disdero integration, an extra week in fiscal 2025, sales and logistics expansion, and ongoing digital transformation efforts. Other operating expenses included acquisition-related items and insurance recoveries from property damage.
Net income was $0.2 million, or $0.02 per diluted share, compared to $53.1 million in 2024. Adjusted net income was $7.8 million, or $0.97 per share. Adjusted EBITDA was $82.6 million, or 2.8% of net sales, down from $131.4 million in 2024. Operating cash flow totaled $59.8 million, with free cash flow of $32.9 million.
Capital Allocation and Financial Position
Capital investments totaled $26.9 million, focused on distribution facilities and digital initiatives, compared to $40.1 million in 2024. New finance leases were $44.6 million, primarily for fleet updates.
BlueLinx repurchased $37.7 million in shares during 2025, leaving $58.7 million available under current authorizations. Total debt stood at $621 million, with $300 million in senior secured notes and $321 million in finance leases. Available liquidity was $726 million, including $386 million in cash and equivalents. Net debt was $(5) million, yielding a net leverage ratio of (0.1x).
First Quarter 2026 Outlook
Early trends indicate specialty product gross margins of 17–18% and structural product margins of 9–10%. Average daily sales volumes are expected to be lower than Q4 2025 due to seasonal and weather impacts, but above the first quarter of 2025, which was affected by severe winter conditions.
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