Boise Cascade Company
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −6.15%.
Did BCC Beat Earnings? Q4 2025 Results
Boise Cascade delivered a surprising earnings beat in Q4 2025, sending shares up 6.8%, as the wood products and building materials distributor posted EPS of $0.24 against a consensus estimate of $0.12, a beat of 97.69%, even as revenue slipped 6.8% year-over-year to $1.46 billion, narrowly clearing the $1.45 billion estimate. The headline figures masked a bruising operating environment: the Wood Products segment swung to a $13.79 million quarterly loss from $33.58 million in income a year earlier, hammered by double-digit price declines in LVL and I-joist products, while the BMD segment's income fell 41% to $41.48 million, partly due to a $6.00 million legal accrual. CEO Nate Jorgensen, who is set to hand over leadership ahead of his retirement, acknowledged the quarter's expected seasonal softness but pointed to the company's $872.30 million liquidity position and long-term housing undersupply thesis as reasons for confidence. Looking ahead, management anticipates single-family starts will remain flat to modestly down in 2026, with affordability and mortgage rates remaining persistent headwinds.
- Lower single-family housing starts (down 7% YoY in Q4 and full year 2025)
- Declining EWP and plywood prices and volumes
- Lower commodity product margins in BMD segment
- General line product sales growth partially offsetting declines
- $6 million legal accrual impacting BMD segment income
- Higher per-unit conversion costs in Wood Products due to planned downtime for mill modernization
“While the fourth quarter reflected the expected seasonal softness in demand, I am proud of our teams for delivering strong operating results despite ongoing market headwinds. I want to thank each Boise Cascade associate for their dedication and perseverance throughout the year. The foundation of our success remains our people and the values we live every day. Looking ahead, we are well positioned to capture opportunities when housing starts recover, supported by our resilient business model and strategic investments in both our distribution and EWP manufacturing businesses. As I prepare to retire, I am deeply grateful for the Board of Directors' support and for 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 serve Boise Cascade well as we advance our objectives and create long-term value for our stakeholders.”
Boise Cascade CEO, on the earnings call
Forward Guidance & Outlook
Single-family housing starts fell approximately 7% in 2025 versus 2024 and are expected to be flat or modestly down in 2026. Home builders moderated starts to avoid finished home inventory buildup amid persistent affordability challenges. Multi-family starts are expected to level off in 2026 due to prohibitive capital costs and low rent growth. Industry experts expect flat home improvement spending in 2026 as high borrowing costs and low home turnover constrain demand. Near-term demand will be influenced by mortgage rates, home affordability, unemployment, and consumer confidence. Long-term demand drivers including generational tailwinds and housing undersupply remain strong. Product pricing is expected to remain dynamic, influenced by economic conditions, tariffs, supply disruptions, and seasonal demand. The company expects 2026 capital expenditures of approximately $150 million to $170 million, excluding potential acquisitions.
BCC YoY Financials
BCC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.