second quarter 2026
Filed Aug 3, 2026Boise Cascade Company Reports Second Quarter 2026 Results
Sales and Adjusted EBITDA increased year over year, supported by BMD volume and price growth and stronger Wood Products profitability, but consolidated net income, diluted EPS, BMD income, and BMD EBITDA declined.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| SalesGAAP | $ 1,831,335 | – | 5 % |
| Net incomeGAAP | 57,342 | – | (7) % |
| Net income per common share - dilutedGAAP | 1.63 | – | (1) % |
| Adjusted EBITDAnon-GAAP | 126,240 | – | 6 % |
| Building Materials Distribution incomeGAAP | 70,117 | – | (10) % |
| Building Materials Distribution EBITDAnon-GAAP | 85,622 | – | (7) % |
| Wood Products incomeGAAP | 25,653 | – | 84 % |
| Wood Products EBITDAnon-GAAP | 52,371 | – | 40 % |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Building Materials DistributionThe overall increase in sales was driven by net sales volume and net sales price increases of 4% and 1%, respectively. By product line, general line product sales increased 9%, commodity sales increased 7%, and EWP sales decreased 6%. | $ 1,697,494 | – | 5 % |
| Wood ProductsThe increase in sales was primarily driven by higher plywood sales prices and sales volumes. These increases were offset partially by lower sales prices and sales volumes for I-joists and LVL. | 459,603 | – | 3 % |
Third Quarter 2026 outlook
- NoteBMD EBITDA ~$53 - $68 million
- NoteWood Products EBITDA ~$42 - $57 million
- NoteUnallocated Corporate Costs ~($13) - ($11) million
- NoteTotal Company Adjusted EBITDA ~$82 - $114 million
Capital returns
- For the six months ended June 30, 2026, the Company paid $18.1 million in common stock dividends.
- On July 30, 2026, our board of directors declared a quarterly dividend of $0.23 per share on our common stock, payable on September 16, 2026, to stockholders of record on September 1, 2026.
- For the six months ended June 30, 2026, the Company paid $108.3 million for the repurchase of 1,404,815 shares of our outstanding common stock.
- As of June 30, 2026, approximately $130 million of our outstanding common stock was available for repurchase under our existing share repurchase program.
What drove it
- BMD gross margin increased $9.2 million, resulting from higher gross margins on commodity and general line products, offset partially by lower gross margins on EWP.
- Wood Products segment income increased primarily due to higher plywood sales prices and sales volumes, as well as lower per-unit OSB costs.
- Plywood average net selling prices increased 15% and sales volumes increased 3% in 2Q 2026 versus 2Q 2025.
- Boise Cascade and James Hardie announced an expanded agreement under which Boise Cascade became the sole nationwide distributor for James Hardie’s full exterior and outdoor building products portfolio, effective July 31, 2026.
Concerns
- Total U.S. housing starts and single-family housing starts decreased 1% and 4%, respectively, compared to the same period in 2025.
- BMD segment income decreased due to increased selling and distribution expenses and depreciation and amortization expense of $10.8 million and $1.7 million, respectively.
- BMD segment income in second quarter 2025 benefited from a $3.8 million gain on the sale of a non-operating property.
- Wood Products segment income faced lower EWP sales prices and higher per-unit conversion costs.
- The operating environment remained uneven and competitive, while affordability constraints and low consumer sentiment pressured residential construction conditions.
- Third-quarter guidance is subject to uncertainties including the transition to a new third-party supplier for composite decking.
What to watch
- Third Quarter 2026 BMD EBITDA guidance of ~$53 - $68 million.
- Third Quarter 2026 Wood Products EBITDA guidance of ~$42 - $57 million.
- Third Quarter 2026 Total Company Adjusted EBITDA guidance of ~$82 - $114 million.
- The transition away from competing siding, trim, and exterior moulding products under the expanded James Hardie agreement.
- Commodity-product pricing, mortgage rates, housing starts, input costs, transportation availability, inventory levels, and seasonal demand patterns.
Balance sheet and cash flow
- Boise Cascade ended second quarter 2026 with $304.8 million of cash and cash equivalents and $395.1 million of undrawn committed bank line availability, for total available liquidity of $699.9 million.
- The Company had $452.5 million of outstanding debt at June 30, 2026.
- We expect capital expenditures in 2026, excluding potential acquisition spending, to total approximately $150 million to $170 million.
Analysis
Boise Cascade reported sales of $ 1,831,335, up 5 %, while net income declined to 57,342 from 61,985 and diluted net income per common share declined to 1.63 from 1.64. Adjusted EBITDA increased to 126,240 from 119,000, a 6 % increase. The result reflects revenue and adjusted earnings growth despite lower GAAP profit measures, with second quarter 2025 results including $5.8 million of after-tax gains on sales of non-operating properties.
BMD remained the primary revenue contributor, with sales of $ 1,697,494, up 5 %. Net sales volume increased 4% and net sales price increased 1%, led by 9% growth in general line product sales and 7% growth in commodity sales, while EWP sales decreased 6%. BMD income declined to 70,117 and BMD EBITDA declined to 85,622. Increased selling and distribution expenses and depreciation and amortization expense, as well as the prior-year gain on a non-operating property, outweighed the $9.2 million gross margin increase.
Wood Products showed the sharper earnings improvement. Sales increased to 459,603, while segment income rose to 25,653 from 13,976 and EBITDA rose to 52,371 from 37,292. Higher plywood prices and volumes and lower per-unit OSB costs supported segment income. Plywood average net selling prices increased 15% and sales volumes increased 3% versus 2Q 2025, whereas LVL and I-joist pricing and volumes declined. Higher per-unit conversion costs and lower EWP sales prices remained offsets.
Liquidity at quarter-end comprised $304.8 million of cash and cash equivalents and $395.1 million of undrawn committed bank line availability, for total available liquidity of $699.9 million, against $452.5 million of outstanding debt. The company paid $18.1 million in common stock dividends and $108.3 million for repurchases of 1,404,815 shares during the six months ended June 30, 2026. It expects 2026 capital expenditures of approximately $150 million to $170 million, excluding potential acquisition spending.
The third-quarter outlook calls for BMD EBITDA of ~$53 - $68 million, Wood Products EBITDA of ~$42 - $57 million, unallocated corporate costs of ~($13) - ($11) million, and Total Company Adjusted EBITDA of ~$82 - $114 million. Management characterized the operating environment as uneven and competitive, citing subdued residential construction, affordability constraints, low consumer sentiment, geopolitical uncertainty, volatile Treasury yields and mortgage rates, and persistent inflation. The expanded James Hardie distribution agreement, effective July 31, 2026, is a strategic development, while the company also identified its transition to a new third-party supplier for composite decking as a third-quarter guidance uncertainty.
Management, verbatim
I am excited to announce an outstanding second quarter, in what continues to be a mixed demand backdrop. These results reflect the power of our people and the service capabilities that our integrated model delivers to the marketplace.
Jeff Strom, CEO
Not in the filing
stated, not guessed- GAAP gross profit and gross margin
- GAAP operating income
- GAAP operating expenses
- Income tax expense and tax rate
- GAAP basic earnings per share
- Non-GAAP earnings per share
- Operating cash flow
- Free cash flow
- Prior-quarter consolidated sales, net income, EPS, and Adjusted EBITDA
- Prior-quarter BMD sales, BMD income, and BMD EBITDA
- Prior-quarter Wood Products sales, Wood Products income, and Wood Products EBITDA
- Third Quarter 2026 revenue guidance
- Third Quarter 2026 gross margin guidance
- Third Quarter 2026 operating expense guidance
- Third Quarter 2026 tax-rate guidance
- Previous-release outlook for comparison with reported results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.