Revenue: As of FY2026 Q1, the actual value is USD 1.499 B, beating the estimate of USD 1.46 B.

EPS: As of FY2026 Q1, the actual value is USD 0.5, beating the estimate of USD 0.4167.

EBIT: As of FY2026 Q1, the actual value is USD 30.87 M.

Overall Financial Performance

Boise Cascade Company reported total sales of $1,498.6 million for the three months ended March 31, 2026, a 2% decrease from $1,536.5 million in the same period of 2025. Income from operations significantly decreased to $27.8 million in 2026 from $54.5 million in 2025. Net income also saw a substantial decline, reaching $17.8 million in 2026 compared to $40.3 million in 2025.

Building Materials Distribution (BMD) Segment

Segment Revenue

Sales for the BMD segment decreased by 1% to $1,388.9 million for the three months ended March 31, 2026, from $1,407.1 million in the prior year period. This decrease was primarily driven by a 3% reduction in net sales prices, partially offset by a 2% increase in net sales volumes. General Line Products: Sales increased by $25.4 million to $625.0 million in 2026. Commodity Products: Sales decreased by $24.1 million to $492.8 million in 2026. Engineered Wood Products (EWP): Sales decreased by $19.5 million to $271.1 million in 2026.

Operational Metrics

Segment income from operations for BMD decreased by $15.5 million to $32.9 million in 2026, down from $48.4 million in 2025. This decline was attributed to an $8.2 million increase in selling and distribution expenses and a $6.5 million decrease in gross margin, particularly for EWP. The gross margin percentage for BMD was 14.4% in 2026, slightly down from 14.7% in 2025. Materials, labor, and other operating expenses (excluding depreciation) decreased to $1,189.2 million in 2026 from $1,200.9 million in 2025, driven by lower purchased materials costs. The MLO rate as a percentage of sales increased due to lower margin percentages on general line and EWP products. Selling and distribution expenses increased by $8.2 million to $141.3 million in 2026.

Wood Products Segment

Segment Revenue

Sales for the Wood Products segment, including intersegment sales, decreased by 4% to $398.2 million for the three months ended March 31, 2026, from $415.8 million in the prior year. The decrease was primarily due to lower sales prices for LVL and I-joists (both down 7%), resulting in sales decreases of $8.5 million and $6.9 million, respectively. Sales volumes for I-joists and LVL also decreased by 5% and 1%, respectively. These declines were partially offset by higher plywood sales volumes (up 3%) and sales prices (up 1%), which contributed to a $4.5 million increase in plywood sales.

Operational Metrics

Segment income from operations for Wood Products decreased by $9.2 million to $8.5 million in 2026, from $17.7 million in 2025. This was mainly due to lower EWP sales prices and higher per-unit EWP conversion costs. Materials, labor, and other operating expenses (excluding depreciation) decreased to $353.0 million in 2026 from $362.2 million in 2025, benefiting from reduced purchases of external veneer and lower per-unit OSB costs. The MLO rate for this segment increased by 150 basis points due to lower EWP sales prices and volumes.

Sales Volumes and Prices

• Laminated Veneer Lumber (LVL): Sales volume was 4.6 million cubic feet in both 2026 and 2025. Average net selling price was $24.22 per cubic foot in 2026, down from $26.09 in 2025.
• I-joists: Sales volume was 52 million equivalent lineal feet in 2026, down from 55 million in 2025. Average net selling price was $1,700 per 1,000 equivalent lineal feet in 2026, down from $1,833 in 2025.
• Plywood: Sales volume increased to 373 million sq. ft. (³⁄₈” basis) in 2026 from 363 million in 2025. Average net selling price was $343 per 1,000 sq. ft. (³⁄₈” basis) in 2026, up from $341 in 2025.

Other Key Financial Metrics

Cash Flow

Net cash used for operations was - $16.0 million in 2026, an improvement from - $28.5 million used in 2025, primarily due to a lesser year-over-year increase in working capital. Net cash used for investment activities was - $39.5 million in 2026, compared to - $52.2 million in 2025. Net cash used for financing activities was - $83.1 million in 2026, up from - $70.8 million in 2025.

Capital Expenditures

Total capital expenditures were $39.8 million for the three months ended March 31, 2026, down from $53.2 million in the same period of 2025. Capital expenditures for BMD were $22.9 million in 2026, and for Wood Products were $16.7 million.

Liquidity and Debt

As of March 31, 2026, Boise Cascade Company had $338.7 million in cash and cash equivalents and $395.1 million in undrawn committed bank line availability, totaling $733.8 million in available liquidity. Total outstanding debt was $452.5 million.

Stock Repurchase and Dividends

During the three months ended March 31, 2026, Boise Cascade Company repurchased and retired 830,751 shares of common stock at a cost of $65.5 million. Dividends paid on common stock amounted to $10.4 million. As of March 31, 2026, $173.1 million remained authorized under the share repurchase program.

Outlook and Guidance

Boise Cascade Company anticipates capital expenditures for 2026 to range from approximately $150 million to $170 million, focusing on BMD growth projects, business improvement, efficiency projects, replacement projects, and ongoing environmental compliance. The company expects to fund seasonal and intra-month working capital requirements in 2026 through cash on hand and, if necessary, borrowings under its revolving credit facility. Future product pricing, especially for commodity products, is projected to remain dynamic due to various economic and geopolitical factors.