Louisiana-Pacific (LPX) FY2025 results: revenue $2.7 billion, down 7.9% on the year
Louisiana-Pacific Corp. (LPX) reported revenue of $2.7 billion for fiscal 2025, the year ended 31 December 2025, down 7.9% on the year before. Net income was $146 million, down 65.2%, and diluted earnings per share $2.08. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 11 new.
- Fourth-quarter sales fell on OSB: Consolidated net sales fell to $567 million. Siding rose 6% to $384 million, while OSB fell to $136 million. Net loss was $(8) million, or $(0.11) per diluted share.
- OSB prices drove EBITDA decline: Full-year Adjusted EBITDA was $436 million, down $252 million. The company attributed a $292 million effect to lower OSB prices and reduced volumes, partly offset by Siding gains.
- Siding sales and profit grew: Full-year Siding net sales were $1,689 million, up 8%, on 4% higher volume and 4% higher price. Segment Adjusted EBITDA rose 14% to $444 million.
- OSB sales and profit fell sharply: Fourth-quarter OSB net sales fell 49% to $136 million, and Adjusted EBITDA was $(39) million against $50 million. Full-year OSB net sales were $832 million, down 30%, with Adjusted EBITDA of $7 million.
- Operating cash flow fell $223 million: Full-year cash from operations was $382 million. Fourth-quarter operating cash flow was $67 million, against $105 million a year earlier.
From this 10-K
Louisiana-Pacific, known as LP, makes engineered wood building products, mainly siding and oriented strand board (OSB), for new home construction, repair and remodeling, and outdoor structures. It was founded in 1972, is headquartered in Nashville, Tennessee, and operates more than 20 manufacturing facilities across North and South America. It reports two segments, Siding and OSB, and includes its South American business in Other.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 2,708 | 2,941 | 2,581 | -7.9% | |
| Cost of revenue | 2,119 | 2,110 | 1,988 | +0.4% | |
| Gross profit | 589 | 832 | 593 | -29.2% | |
| Gross margin | 21.8% | 28.3% | 23.0% | ||
| Selling, general and administrative | 329 | 291 | 257 | +13.1% | |
| Operating income | 209 | 530 | 287 | -60.6% | |
| Operating margin | 7.7% | 18.0% | 11.1% | ||
| Interest expense | 17.0 | 14.0 | 17.0 | +21.4% | |
| Pre-tax income | 196 | 560 | 252 | -65.0% | |
| Income tax | 50.0 | 140 | 74.0 | -64.3% | |
| Effective tax rate | 25.5% | 25.0% | 29.4% | ||
| Net income | 146 | 420 | 178 | -65.2% | |
| Net margin | 5.4% | 14.3% | 6.9% | ||
| Diluted EPS | $2.08 | $5.89 | $2.46 | -64.7% |
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Free 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 | 382 | 605 | 316 | -36.9% | |
| Capital expenditure | 291 | 183 | 300 | +59.0% | |
| Free cash flow | 91.0 | 422 | 16.0 | -78.4% | |
| Free cash flow margin | 3.4% | 14.3% | 0.6% | ||
| Cash from investing | -291 | -183 | -376 | ||
| Cash from financing | -141 | -292 | -77.0 | ||
| Depreciation and amortisation | 138 | 123 | 119 | +12.2% | |
| Share-based compensation | 30.0 | 20.0 | 13.0 | +50.0% | |
| Buybacks | 61.0 | 212 | 0.0 | -71.2% | |
| Dividends paid | 78.0 | 74.0 | 69.0 | +5.4% | |
| Dividend per share | $0.28 | $0.26 | $0.24 | +7.7% | |
| Diluted shares, weighted | 70m | 71m | 72m | -1.4% | |
| Shares outstanding at period end | 70m | 70m | 72m | 0.0% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 1,731 | 1,671 | 1,557 | +3.6% | |
| Debt | 348 | 348 | 347 | 0.0% | |
| Operating lease liabilities | 22.0 | 24.0 | 25.0 | -8.3% | |
| Other liabilities | 526 | 513 | 508 | +2.5% | |
| Total liabilities and equity | 2,627 | 2,556 | 2,437 | +2.8% | |
| Fixed assets | 1,709 | 1,579 | 1,540 | +8.2% | |
| Goodwill | 19.0 | 19.0 | 19.0 | 0.0% | |
| Intangible assets | n/a | 30.0 | 32.0 | ||
| Cash and equivalents | 292 | 340 | 222 | -14.1% | |
| Receivables | 127 | 131 | 155 | -3.1% | |
| Inventory | 363 | 357 | 378 | +1.7% | |
| Other assets | 117 | 100 | 91.0 | +17.0% | |
| Total assets | 2,627 | 2,556 | 2,437 | +2.8% |
10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.