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- **Revenue decline**: Q3 2025 revenue down 3% YoY, net income $21.8 million vs. $91 million YoY, reflecting Wood Products and BMD margin pressure.
- **EWP Pricing Stabilization**: CEO expects Q4 2025 EWP prices to hold, with potential 2026 upside as builders prioritize speed.
- **BMD Resilience**: 4.5% EBITDA margin in Q3, supported by 2-step distribution model and multifamily growth focus.
- **Capital Allocation**: $300 million share buyback authorized, balanced with capex for 2026 growth initiatives.
- **2026 Outlook**: Multifamily expansion, EWP price recovery, and plywood tariff clarity key drivers for recovery.

**【CEO Summary Section】**
- Q3 2025 revenue was $1.7 billion, down 3% YoY, with net income of $21.8 million ($0.58 per share) vs. $91 million ($2.33 per share) in Q3 2024.
- Wood Products faced pricing and volume declines, while BMD saw EBITDA margin compression to 4.5% due to commodity headwinds and EWP competition.
- Emphasized 2-step distribution model's resilience, with BMD mitigating market weakness through next-day delivery service.
- 2026 outlook: EWP prices may stabilize, plywood tariffs uncertain, and multifamily growth as a key offset to single-family weakness.

**【CFO Financial Commentary】**
- Wood Products EBITDA: $14.5 million (vs. $77.4 million YoY), driven by 13% sales decline and cost pressures.
- BMD EBITDA: $69.8 million (vs. $87.7 million YoY), with 1% sales decline and 60bp gross margin erosion.
- Capital spending: $187 million YTD, with 2025 guidance of $230-250 million; 2026 capex expected at $150-170 million.
- Share repurchases: $120 million YTD, with a new $300 million buyback authorization replacing prior program.
- Q4 2025 guidance: Wood Products EBITDA $0-$15 million, BMD EBITDA $40-55 million, effective tax rate 26-27%.

**【Q&A Highlights】**
- **General Line Growth**: BMD achieved market share gains in decking and multifamily, offsetting commodity weakness. Door and millwork investments driving margin expansion opportunities.
- **EWP Pricing**: CEO expects stabilization in Q4 2025, with potential upside in 2026 as builders prioritize cycle times.
- **Multifamily Focus**: BMD targeting 10-15% of revenue from multifamily by 2026, leveraging EWP and general line product mix.
- **Oakdale Efficiency**: Wood Products modernization ongoing, with Q3 inefficiencies expected to improve in 2026.
- **Tariff Impact**: Uncertainty around South American plywood tariffs could influence 2026 production strategies.
- **Inventory Management**: BMD maintaining balanced inventory levels, positioning for 2026 spring recovery potential.

Boise Cascade Company (BCC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BCC

BCC fundamentals

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