Boise Cascade (BCC) FY2025 results: revenue $6.4 billion, down 4.8% on the year
Boise Cascade Co. (BCC) reported revenue of $6.4 billion for fiscal 2025, the year ended 31 December 2025, down 4.8% on the year before. Net income was $133 million, down 64.7%, and diluted earnings per share $3.53. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$6.4 billion
-4.8% on the year
FY2018FY2025
Operating margin
2.9%
7.3% a year earlier
FY2018FY2025
Net income
$133 million
-64.7% on the year
FY2018FY2025
Diluted EPS
$3.53
-63.1% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 kept.
Fourth quarter net income fell 87%: Net income was $8.7 million, or $0.24 per diluted share, on sales of $1.5 billion, against $68.9 million, or $1.78 per share, a year earlier. Sales fell 7% year over year.
Adjusted EBITDA fell in both periods: Adjusted EBITDA was $57.2 million in the fourth quarter, down 56% from $128.7 million, and $342.2 million for the year, down 46% from $632.8 million.
Distribution sales and income fell: BMD sales fell 5% to $1,363.1 million, with sales prices down 4% and sales volumes down 1%. Segment income fell to $41.5 million from $70.7 million.
Wood Products posted fourth-quarter loss: Wood Products sales fell 16% to $354.0 million, including sales to BMD. The segment posted a $13.8 million loss, against $33.6 million of income a year earlier.
General line grew while EWP fell: In the fourth quarter, commodity sales fell 9% and general line sales rose 3%. EWP sales, substantially all sourced through Wood Products, fell 14%.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
254
438
687
-42.0%
Capital expenditure
241
230
215
+5.2%
Free cash flow
12.7
209
472
-93.9%
Free cash flow margin
0.2%
3.1%
6.9%
Cash from investing
-263
-238
-376
Cash from financing
-227
-437
-361
Depreciation and amortisation
158
144
132
+9.8%
Share-based compensation
12.1
15.5
15.4
-21.7%
Buybacks
183
195
6.4
-6.1%
Dividends paid
34.6
229
346
-84.9%
Dividend per share
$0.86
$5.82
$8.70
-85.2%
Diluted shares, weighted
38m
39m
40m
-4.3%
Shares outstanding at period end
36m
38m
40m
-5.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,075
2,151
2,196
-3.6%
Debt
445
446
445
-0.2%
Operating lease liabilities
49.8
43.2
56.4
+15.3%
Finance lease liabilities
15.6
26.9
28.1
-41.9%
Other liabilities
656
702
733
-6.5%
Total liabilities and equity
3,242
3,369
3,459
-3.8%
Fixed assets
1,157
1,047
933
+10.5%
Goodwill
185
172
170
+7.8%
Intangible assets
160
173
191
-7.7%
Cash and equivalents
477
713
950
-33.1%
Inventory
796
803
712
-0.9%
Other assets
467
461
503
+1.3%
Total assets
3,242
3,369
3,459
-3.8%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.