bcc-20250804
0001328581false00013285812025-08-042025-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 4, 2025
BOISE CASCADE COMPANY
(Exact name of registrant as specified in its charter)
Delaware
1-35805
20-1496201
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

1111 West Jefferson Street, Suite 300
Boise, Idaho 83702-5389
(Address of principal executive offices) (Zip Code)
(208) 384-6161
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareBCCNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.
On August 4, 2025, Boise Cascade Company ("Boise Cascade" or the "Company") issued a press release announcing its second quarter 2025 financial results, a copy of which is furnished as Exhibit 99.1 to this Report on Form 8-K. Additionally, Exhibit 99.2, a copy of which is attached hereto, includes certain statistical information related to the Company's quarterly performance.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits.

The following exhibits are furnished as part of this Report on Form 8-K:
ExhibitDescription
104Cover Page Interactive Data File (embedded within the Inline XBRL Document).




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BOISE CASCADE COMPANY
By/s/ Jill Twedt
Jill Twedt
Senior Vice President, General Counsel & Corporate Secretary
Date: August 4, 2025




Boise Cascade CompanyExhibit 99.1
1111 West Jefferson Street, Suite 300
Boise, ID 83702
News Release

Investor Relations Contact - Chris Forrey
investor@bc.com
Media Contact - Amy Evans
mediarelations@bc.com

For Immediate Release: August 4, 2025

Boise Cascade Company Reports Second Quarter 2025 Results

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $62.0 million, or $1.64 per share, on sales of $1.7 billion for the second quarter ended June 30, 2025, compared with net income of $112.3 million, or $2.84 per share, on sales of $1.8 billion for the second quarter ended June 30, 2024.

“During the second quarter of 2025, we experienced sequential volume growth driven by seasonally stronger activity, although underlying demand for new residential construction remained muted,” said Nate Jorgensen, CEO. “While we incurred expected costs related to the Oakdale plywood mill outage, the completion of this modernization project marks a significant milestone, enhancing operational efficiency, strengthening reliability, and reinforcing the value of self-sufficient veneer production as a key competitive advantage. As we navigate a dynamic market environment, our actions will address near-term challenges while continuing to invest in opportunities that position Boise Cascade for sustainable growth in the years ahead.”

Second Quarter 2025 Highlights
2Q 20252Q 2024% change
(in thousands, except per-share data and percentages)
Consolidated Results
Sales$1,740,114 $1,797,670 (3)%
Net income61,985 112,292 (45)%
Net income per common share - diluted1.64 2.84 (42)%
Adjusted EBITDA 1
119,000 181,207 (34)%
Segment Results
Wood Products sales$447,235 $489,823 (9)%
Wood Products income13,976 72,780 (81)%
Wood Products EBITDA 1
37,292 95,050 (61)%
Building Materials Distribution sales1,614,915 1,655,221 (2)%
Building Materials Distribution income78,033 85,400 (9)%
Building Materials Distribution EBITDA 1
91,848 97,141 (5)%
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.


In second quarter 2025, total U.S. housing starts and single-family housing starts decreased 1% and 8%, respectively, compared to the same period in 2024. On a year-to-date basis through June 2025, total housing starts and single-family housing starts decreased 1% and 7%, respectively, compared to the same period in 2024. Single-family housing starts are the key demand driver for our sales.

Wood Products

Wood Products' sales, including sales to Building Materials Distribution (BMD), decreased $42.6 million, or 9%, to $447.2 million for the three months ended June 30, 2025, from $489.8 million for the three months ended June 30, 2024. The decrease in sales was driven by lower sales prices for LVL and I-joists (collectively referred to as EWP). Lower plywood sales volumes and sales prices also contributed to the decrease in sales. In addition, lower sales volumes for I-joists resulted in decreased sales. These decreases were offset partially by increased sales volumes for LVL. Wood Products' segment income decreased $58.8 million to $14.0 million for the three months ended June 30, 2025, from $72.8 million for the three months ended June 30, 2024. The decrease in segment income was due to lower EWP and plywood sales prices, as well as higher per-unit conversion costs primarily as a result of downtime to complete the modernization projects at our Oakdale, Louisiana veneer and plywood mill. In addition, lower plywood sales volumes and an unfavorable profit in inventory adjustment contributed to the decrease in segment income. These decreases in segment income were offset partially by a $3.9 million gain on the sale of a non-operating property.

Comparative average net selling prices and sales volume changes for EWP and plywood are as follows:

2Q 2025 vs. 2Q 20242Q 2025 vs. 1Q 2025
 Average Net Selling Prices
    LVL(10)%(3)%
    I-joists(8)%(2)%
    Plywood(6)%—%
 Sales Volumes
    LVL8%18%
    I-joists(5)%14%
    Plywood(7)%(2)%

Building Materials Distribution

BMD's sales decreased $40.3 million, or 2%, to $1,614.9 million for the three months ended June 30, 2025, from $1,655.2 million for the three months ended June 30, 2024. Compared with the same quarter in the prior year, the decrease in sales was driven by a sales price decrease of 2%, as sales volumes were flat. By product line, commodity sales decreased 5%, general line product sales increased 4%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 12%. BMD segment income decreased $7.4 million to $78.0 million for the three months ended June 30, 2025, from $85.4 million for the three months ended June 30, 2024. The decrease in segment income was driven by increased selling and distribution expenses and depreciation and amortization expense of $12.1 million and $2.1 million, respectively. These decreases to segment income were offset partially by a gross margin increase of $3.4 million, resulting primarily from increased margins on general line products, which were offset partially by decreased margins on commodity and EWP products. Additionally, segment income benefited from a $3.8 million gain on the sale of a non-operating property.

Balance Sheet and Liquidity

Boise Cascade ended second quarter 2025 with $481.0 million of cash and cash equivalents and $395.2 million of undrawn committed bank line availability, for total available liquidity of $876.2 million. The Company had $450.0 million of outstanding debt at June 30, 2025.

2

Capital Allocation

We expect capital expenditures in 2025, excluding potential acquisition spending, to total approximately $220 million to $240 million. This level of capital expenditures could increase or decrease as a result of several factors, including acquisitions, efforts to further accelerate organic growth, exercise of lease purchase options, our financial results, future economic conditions, availability of engineering and construction resources, and timing and availability of equipment purchases.

For the six months ended June 30, 2025, the Company paid $18.4 million in common stock dividends. On July 31, 2025, our board of directors declared a quarterly dividend of $0.22 per share on our common stock, payable on September 17, 2025, to stockholders of record on September 2, 2025.

For the six months ended June 30, 2025, the Company paid $86.0 million for the repurchase of 837,352 shares of our common stock. In July 2025, the Company repurchased an additional 117,000 shares of our common stock at a cost of approximately $10 million. Subsequent to these share repurchases, there were approximately 850,000 shares available for repurchase under our existing share repurchase program.

Outlook

Demand for the products we manufacture, as well as the products we purchase and distribute, is closely tied to new residential construction, residential repair-and-remodeling activity, and light commercial construction. Residential construction, particularly new single-family construction, remains a key driver of demand for the products we manufacture and distribute. During the past quarter, the operating environment reflected adjustments by large public homebuilders, who moderated their building pace to align with a demand environment shaped by affordability considerations, cautious consumer sentiment, and broader economic conditions. Evolving market conditions have led to reduced home turnover and households delaying big projects impacting repair-and-remodeling spending. Near-term end market demand has eased and will continue to be influenced by factors such as mortgage rates, home affordability, home equity levels, home sizes, new and existing home inventory levels, unemployment rates, and consumer confidence. However, long-term demand drivers for residential construction, including an undersupply of housing units, aging U.S. housing stock, and elevated levels of homeowner equity, remain strong and continue to support the industry’s fundamentals.

As a manufacturer of plywood, a commodity product, we remain subject to fluctuations in product pricing and input costs. Our distribution business, which purchases and resells a diverse range of products, experiences opportunities for increased sales and margins during periods of rising prices, while periods of declining prices may present challenges. Future product pricing, particularly for commodity products, is expected to remain dynamic, influenced by economic conditions, industry operating rates, supply disruptions, duties, tariffs, transportation constraints, inventory levels, and seasonal demand patterns. For the balance of 2025, our rates of production and inventory stocking positions, will be influenced by end market demand signals and channel inventory decisions of our customer base.

About Boise Cascade

Boise Cascade Company is one of the largest producers of engineered wood products and plywood in North America and a leading U.S. wholesale distributor of building products. For more information, please visit the Company's website at www.bc.com.

Webcast and Conference Call

Boise Cascade will host a webcast and conference call to discuss second quarter earnings on Tuesday, August 5, 2025, at 11 a.m. Eastern.

To join the webcast, go to the Investors section of our website at www.bc.com/investors and select the Event Calendar link. Analysts and investors who wish to ask questions during the Q&A session can register for the call here.

The archived webcast will be available in the Investors section of Boise Cascade's website.
3

Use of Non-GAAP Financial Measures

We refer to the terms EBITDA, Adjusted EBITDA and Segment EBITDA in this earnings release and the accompanying Quarterly Statistical Information as supplemental measures of our performance and liquidity that are not required by or presented in accordance with generally accepted accounting principles in the United States (GAAP). We define EBITDA as income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. We also disclose Segment EBITDA, which is segment income before depreciation and amortization.

We believe EBITDA, Adjusted EBITDA and Segment EBITDA are meaningful measures because they present a transparent view of our recurring operating performance and allow management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. We also believe EBITDA, Adjusted EBITDA and Segment EBITDA are useful to investors because they provide a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that are used by our management and because they are frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. EBITDA, Adjusted EBITDA and Segment EBITDA, however, are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income, income from operations, or any other performance measure derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. The use of EBITDA, Adjusted EBITDA and Segment EBITDA instead of net income or segment income have limitations as analytical tools, including: the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for these limitations by relying on our GAAP results. Our measures of EBITDA, Adjusted EBITDA and Segment EBITDA are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. For a reconciliation of net income to EBITDA and Adjusted EBITDA and segment income to Segment EBITDA, please see the section titled, "Summary Notes to Consolidated Financial Statements and Segment Information" below.

4

Forward-Looking Statements

This press release contains statements concerning future events and expectations, including, without limitation, statements relating to our outlook. These statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," “outlook,” "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. Factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include those factors set forth in Boise Cascade’s most recent Annual Report on Form 10-K, subsequent reports filed by Boise Cascade with the Securities and Exchange Commission (SEC), and the following important factors: the commodity nature of a portion of our products and their price movements, which are driven largely by general economic conditions, industry capacity and operating rates, industry cycles that affect supply and demand, and net import and export activity; the highly competitive nature of our industry; declines in demand for our products due to competing technologies or materials, as well as changes in building code provisions; disruptions to information systems used to process and store customer, employee, and vendor information, as well as the technology that manages our operations and other business processes; material disruptions and/or major equipment failure at our manufacturing facilities; declining demand for residual byproducts, particularly wood chips generated in our manufacturing operations; labor disruptions, shortages of skilled and technical labor, or increased labor costs; the need to successfully formulate and implement succession plans for key members of our management team; product shortages, loss of key suppliers, and our dependence on third-party suppliers and manufacturers; the cost and availability of third-party transportation services used to deliver the goods we manufacture and distribute, as well as our raw materials; cost and availability of raw materials, including wood fiber and glues and resins; our ability to execute our organic growth and acquisition strategies efficiently and effectively; failures or delays with new or existing technology systems and software platforms; our ability to successfully pursue our long-term growth strategy related to innovation and digital technology; concentration of our sales among a relatively small group of customers, as well as the financial condition and creditworthiness of our customers; impairment of our long-lived assets, goodwill, and/or intangible assets; substantial ongoing capital investment costs, including those associated with organic growth and acquisitions, and the difficulty in offsetting fixed costs related to those investments; our indebtedness, including the possibility that we may not generate sufficient cash flows from operations or that future borrowings may not be available in amounts sufficient to fulfill our debt obligations and fund other liquidity needs; restrictive covenants contained in our debt agreements; changes in foreign trade policy, including the imposition of tariffs; compliance with data privacy and security laws and regulations; the impacts of climate change and related legislative and regulatory responses intended to reduce climate change; cost of compliance with government regulations, in particular, environmental regulations; exposure to product liability, product warranty, casualty, construction defect, and other claims; and fluctuations in the market for our equity.

It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects. Forward-looking statements speak only as of the date they are made, and, except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

5

Boise Cascade Company
Consolidated Statements of Operations
(in thousands, except per-share data) (unaudited)
Three Months EndedSix Months Ended
June 30March 31, 2025June 30
2025202420252024
Sales$1,740,114 $1,797,670 $1,536,494 $3,276,608 $3,443,090 
Costs and expenses 
Materials, labor, and other operating expenses (excluding depreciation)1,441,459 1,440,680 1,276,183 2,717,642 2,748,119 
Depreciation and amortization37,409 34,367 37,121 74,530 70,217 
Selling and distribution expenses161,815 149,783 143,648 305,463 293,893 
General and administrative expenses26,470 25,943 24,997 51,467 51,060 
Other (income) expense, net(7,569)(84)26 (7,543)(162)
1,659,584 1,650,689 1,481,975 3,141,559 3,163,127 
Income from operations80,530 146,981 54,519 135,049 279,963 
Foreign currency exchange gain (loss)1,093 (104)— 1,093 (403)
Pension expense (excluding service costs)(32)(37)(33)(65)(74)
Interest expense(5,183)(6,105)(5,312)(10,495)(12,175)
Interest income4,623 10,543 5,510 10,133 21,140 
Change in fair value of interest rate swaps(435)(487)(490)(925)(707)
66 3,810 (325)(259)7,781 
Income before income taxes80,596 150,791 54,194 134,790 287,744 
Income tax provision(18,611)(38,499)(13,846)(32,457)(71,328)
Net income$61,985 $112,292 $40,348 $102,333 $216,416 
Weighted average common shares outstanding:
  Basic37,682 39,412 38,017 37,848 39,510 
  Diluted37,795 39,608 38,215 37,999 39,766 
Net income per common share:
  Basic$1.64 $2.85 $1.06 $2.70 $5.48 
  Diluted$1.64 $2.84 $1.06 $2.69 $5.44 
Dividends declared per common share$0.21 $0.20 $0.21 $0.42 $0.40 


6

Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months EndedSix Months Ended
June 30March 31, 2025June 30
2025202420252024
Segment sales$447,235 $489,823 $415,845 $863,080 $958,751 
Costs and expenses    
Materials, labor, and other operating expenses (excluding depreciation)398,451 378,920 362,246 760,697 736,641 
Depreciation and amortization23,316 22,270 22,486 45,802 46,654 
Selling and distribution expenses11,004 11,114 10,603 21,607 21,665 
General and administrative expenses3,816 4,606 3,313 7,129 9,626 
Other (income) expense, net(3,328)133 (512)(3,840)147 
433,259 417,043 398,136 831,395 814,733 
Segment income$13,976 $72,780 $17,709 $31,685 $144,018 
(percentage of sales)
Segment sales100.0  %100.0  %100.0 %100.0 %100.0 %
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)89.1 %77.4 %87.1 %88.1 %76.8 %
Depreciation and amortization5.2 %4.5 %5.4 %5.3 %4.9 %
Selling and distribution expenses2.5 %2.3 %2.5 %2.5 %2.3 %
General and administrative expenses0.9 %0.9 %0.8 %0.8 %1.0 %
Other (income) expense, net(0.7 %)— %(0.1)%(0.4 %)— %
96.9 %85.1 %95.7 %96.3 %85.0 %
Segment income3.1 %14.9 %4.3 %3.7 %15.0 %

7

Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months EndedSix Months Ended
June 30March 31, 2025June 30
2025202420252024
Segment sales$1,614,915 $1,655,221 $1,407,116 $3,022,031 $3,160,242 
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)1,365,755 1,409,510 1,200,940 2,566,695 2,687,931 
Depreciation and amortization13,815 11,741 14,362 28,177 22,848 
Selling and distribution expenses150,865 138,716 133,099 283,964 272,330 
General and administrative expenses10,689 10,070 9,765 20,454 19,604 
Other (income) expense, net(4,242)(216)533 (3,709)(334)
1,536,882 1,569,821 1,358,699 2,895,581 3,002,379 
Segment income $78,033 $85,400 $48,417 $126,450 $157,863 
(percentage of sales)
Segment sales100.0 %100.0 %100.0 %100.0 %100.0 %
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)84.6 %85.2 %85.3 %84.9 %85.1 %
Depreciation and amortization0.9 %0.7 %1.0 %0.9 %0.7 %
Selling and distribution expenses9.3 %8.4 %9.5 %9.4 %8.6 %
General and administrative expenses0.7 %0.6 %0.7 %0.7 %0.6 %
Other (income) expense, net(0.3)%— %— %(0.1)%— %
95.2 %94.8 %96.6 %95.8 %95.0 %
Segment income 4.8 %5.2 %3.4 %4.2 %5.0 %

8

Segment Information
(in thousands) (unaudited)
Three Months EndedSix Months Ended
June 30March 31, 2025June 30
2025202420252024
Segment sales
Wood Products$447,235 $489,823 $415,845 $863,080 $958,751 
Building Materials Distribution1,614,915 1,655,221 1,407,116 3,022,031 3,160,242 
Intersegment eliminations(322,036)(347,374)(286,467)(608,503)(675,903)
Total net sales$1,740,114 $1,797,670 $1,536,494 $3,276,608 $3,443,090 
Segment income
Wood Products$13,976 $72,780 $17,709 $31,685 $144,018 
Building Materials Distribution78,033 85,400 48,417 126,450 157,863 
Total segment income92,009 158,180 66,126 158,135 301,881 
Unallocated corporate costs(11,479)(11,199)(11,607)(23,086)(21,918)
Income from operations$80,530 $146,981 $54,519 $135,049 $279,963 
Segment EBITDA
Wood Products$37,292 $95,050 $40,195 $77,487 $190,672 
Building Materials Distribution91,848 97,141 62,779 154,627 180,711 

See accompanying summary notes to consolidated financial statements and segment information.


9

Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
June 30, 2025December 31, 2024
ASSETS
Current
Cash and cash equivalents$481,019 $713,260 
Receivables 
Trade, less allowances of $4,102 and $5,506
462,312 321,820 
Related parties282 173 
Other18,059 22,772 
Inventories918,957 803,296 
Prepaid expenses and other30,428 24,747 
Total current assets1,911,057 1,886,068 
 
Property and equipment, net1,116,343 1,047,083 
Operating lease right-of-use assets53,175 49,673 
Finance lease right-of-use assets12,549 22,128 
Timber deposits7,201 6,916 
Goodwill171,945 171,945 
Intangible assets, net162,856 173,027 
Deferred income taxes3,464 3,705 
Other assets6,921 8,838 
Total assets$3,445,511 $3,369,383 

10

Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
June 30, 2025December 31, 2024
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade$414,966 $297,676 
Related parties2,173 1,315 
Accrued liabilities 
Compensation and benefits98,865 127,415 
Interest payable10,145 9,957 
Other119,039 127,653 
Total current liabilities645,188 564,016 
Debt 
Long-term debt, net444,884 446,167 
Other 
Compensation and benefits38,031 42,006 
Operating lease liabilities, net of current portion46,847 43,174 
Finance lease liabilities, net of current portion16,180 26,883 
Deferred income taxes81,181 78,849 
Other long-term liabilities21,143 17,014 
203,382 207,926 
 
Commitments and contingent liabilities 
Stockholders' equity 
Preferred stock, $0.01 par value per share; 50,000 shares authorized, no shares issued and outstanding
— — 
Common stock, $0.01 par value per share; 300,000 shares authorized, 45,248 and 45,139 shares issued, respectively
452 451 
Treasury stock, 7,793 and 6,956 shares at cost, respectively
(428,732)(341,974)
Additional paid-in capital
566,111 565,041 
Accumulated other comprehensive loss
(448)(460)
Retained earnings2,014,674 1,928,216 
Total stockholders' equity2,152,057 2,151,274 
Total liabilities and stockholders' equity$3,445,511 $3,369,383 

11

Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Six Months Ended June 30
20252024
Cash provided by (used for) operations
Net income$102,333 $216,416 
Items in net income not using (providing) cash 
Depreciation and amortization, including deferred financing costs and other
76,341 71,832 
Stock-based compensation7,010 7,923 
Pension expense65 74 
Deferred income taxes2,778 11,088 
Change in fair value of interest rate swaps925 707 
Other(11,181)115 
Decrease (increase) in working capital, net of acquisitions 
Receivables(133,103)(102,096)
Inventories(115,661)(120,976)
Prepaid expenses and other(7,750)(7,870)
Accounts payable and accrued liabilities86,242 99,354 
Income taxes payable(2,677)(6,251)
Other(628)(1,151)
Net cash provided by operations4,694 169,165 
Cash provided by (used for) investment
Expenditures for property and equipment(132,257)(74,099)
Acquisitions of businesses and facilities, net of cash acquired— (3,387)
Proceeds from sales of assets and other10,152 819 
Net cash used for investment(122,105)(76,667)
Cash provided by (used for) financing
Borrowings of long-term debt, including revolving credit facility50,000 — 
Payments of long-term debt, including revolving credit facility(50,000)— 
Treasury stock purchased(87,746)(88,858)
Dividends paid on common stock(18,383)(19,069)
Tax withholding payments on stock-based awards(5,939)(11,117)
Payments of deferring financing costs(1,819)— 
Other(943)(952)
Net cash used for financing(114,830)(119,996)
Net decrease in cash and cash equivalents(232,241)(27,498)
Balance at beginning of the period713,260 949,574 
Balance at end of the period$481,019 $922,076 
12

Summary Notes to Consolidated Financial Statements and Segment Information
The Consolidated Statements of Operations, Segment Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Segment Information presented herein do not include the notes accompanying the Company's Consolidated Financial Statements and should be read in conjunction with the Company’s 2024 Form 10-K and the Company's other filings with the Securities and Exchange Commission. Net income for all periods presented involved estimates and accruals.
EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following table reconciles net income to EBITDA and Adjusted EBITDA for the (i) three months ended June 30, 2025 and 2024, (ii) three months ended March 31, 2025, and (iii) six months ended June 30, 2025 and 2024:
Three Months EndedSix Months Ended
June 30March 31, 2025June 30
2025202420252024
(in thousands)
Net income$61,985 $112,292 $40,348 $102,333 $216,416 
Interest expense5,183 6,105 5,312 10,495 12,175 
Interest income(4,623)(10,543)(5,510)(10,133)(21,140)
Income tax provision18,611 38,499 13,846 32,457 71,328 
Depreciation and amortization37,409 34,367 37,121 74,530 70,217 
EBITDA118,565 180,720 91,117 209,682 348,996 
Change in fair value of interest rate swaps435 487 490 925 707 
Adjusted EBITDA$119,000 $181,207 $91,607 $210,607 $349,703 
13

The following table reconciles segment income and unallocated corporate costs to Segment EBITDA, EBITDA and Adjusted EBITDA for the (i) three months ended June 30, 2025 and 2024, (ii) three months ended March 31, 2025, and (iii) six months ended June 30, 2025 and 2024:
Three Months EndedSix Months Ended
June 30March 31, 2025June 30
2025202420252024
(in thousands)
Wood Products
Segment income$13,976 $72,780 $17,709 $31,685 $144,018 
Depreciation and amortization23,316 22,270 22,486 45,802 46,654 
Segment EBITDA$37,292 $95,050 $40,195 $77,487 $190,672 
Building Materials Distribution
Segment income$78,033 $85,400 $48,417 $126,450 $157,863 
Depreciation and amortization13,815 11,741 14,362 28,177 22,848 
Segment EBITDA$91,848 $97,141 $62,779 $154,627 $180,711 
Corporate
Unallocated corporate costs$(11,479)$(11,199)$(11,607)$(23,086)$(21,918)
Foreign currency exchange gain (loss)1,093 (104)— 1,093 (403)
Pension expense (excluding service costs)(32)(37)(33)(65)(74)
Change in fair value of interest rate swaps(435)(487)(490)(925)(707)
Depreciation and amortization278 356 273 551 715 
EBITDA(10,575)(11,471)(11,857)(22,432)(22,387)
Change in fair value of interest rate swaps435 487 490 925 707 
Corporate Adjusted EBITDA$(10,140)$(10,984)$(11,367)$(21,507)$(21,680)
Total Company Adjusted EBITDA$119,000 $181,207 $91,607 $210,607 $349,703 

14

Exhibit 99.2
Boise Cascade Company
Quarterly Statistical Information
Wood Products Segment
2025
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,616 5,457 10,073 
 I-joist sales volume (MELF)54,711 62,469 117,180 
 Plywood sales volume (MSF 3/8")362,779 355,714 718,493 
 Lumber sales volume (MBF)19,830 18,126 37,956 
 LVL mill net sales price ($/CF)$26.09 $25.22 $25.62 
 I-joist mill net sales price ($/MELF)$1,833 $1,801 $1,816 
 Plywood net sales price ($/MSF 3/8")$341 $342 $341 
 Lumber net sales price ($/MBF)$619 $678 $647 
 Segment sales (000)$415,845 $447,235 $863,080 
 Segment income (000)$17,709 $13,976 $31,685 
 Segment depreciation and amortization (000)$22,486 $23,316 $45,802 
 Segment EBITDA (000)1
$40,195 $37,292 $77,487 
 EBITDA as a percentage of sales9.7 %8.3 %9.0 %
 Capital spending (000)$30,689 $39,358 $70,047 
 Receivables (000)$74,469 $77,128 
 Inventories (000)$260,464 $257,046 
 Accounts payable (000)$74,749 $76,124 
2024
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)4,777 5,074 4,952 4,561 19,364 
 I-joist sales volume (MELF)56,587 65,788 58,884 53,081 234,340 
 Plywood sales volume (MSF 3/8")371,699 383,092 390,978 371,263 1,517,032 
 Lumber sales volume (MBF)22,772 17,619 19,390 18,429 78,210 
 LVL mill net sales price ($/CF)$28.75 $28.12 $27.62 $26.93 $27.87 
 I-joist mill net sales price ($/MELF)$2,018 $1,961 $1,921 $1,894 $1,949 
 Plywood net sales price ($/MSF 3/8")$378 $362 $333 $350 $355 
 Lumber net sales price ($/MBF)$650 $751 $705 $632 $682 
 Segment sales (000)$468,928 $489,823 $453,896 $419,670 $1,832,317 
 Segment income (000)$71,238 $72,780 $53,853 $33,583 $231,454 
 Segment depreciation and amortization (000)2
$24,384 $22,270 $23,551 $22,998 $93,203 
 Segment EBITDA (000)1
$95,622 $95,050 $77,404 $56,581 $324,657 
 EBITDA as a percentage of sales20.4 %19.4 %17.1 %13.5 %17.7 %
 Capital spending (000)$19,643 $17,793 $24,771 $59,663 $121,870 
 Receivables (000)$84,892 $83,445 $77,244 $55,719 
 Inventories (000)$213,050 $206,198 $226,300 $245,320 
 Accounts payable (000)$61,834 $66,374 $73,922 $61,800 


1

Boise Cascade Company
Quarterly Statistical Information (continued)
Wood Products Segment (continued)
2023
Q1Q2Q3Q4YTD
 LVL sales volume (MCF)3,639 4,682 4,945 4,109 17,375 
 I-joist sales volume (MELF)38,711 62,950 64,125 54,015 219,801 
 Plywood sales volume (MSF 3/8")405,960 439,963 389,827 363,008 1,598,758 
 Lumber sales volume (MBF)31,560 32,528 31,729 29,221 125,038 
 LVL mill net sales price ($/CF)$31.17 $30.14 $29.08 $29.93 $30.01 
 I-joist mill net sales price ($/MELF)$2,168 $2,088 $2,035 $2,093 $2,088 
 Plywood net sales price ($/MSF 3/8")$367 $365 $382 $375 $372 
 Lumber net sales price ($/MBF)$724 $707 $641 $588 $667 
 Segment sales (000)$437,428 $530,273 $515,225 $449,676 $1,932,602 
 Segment income (000)$69,395 $104,035 $99,574 $64,128 $337,132 
 Segment depreciation and amortization (000)2
$23,790 $23,005 $23,350 $28,565 $98,710 
 Segment EBITDA (000)1
$93,185 $127,040 $122,924 $92,693 $435,842 
 EBITDA as a percentage of sales21.3 %24.0 %23.9 %20.6 %22.6 %
 Capital spending (000)$7,262 $12,106 $11,807 $28,185 $59,360 
 Receivables (000)$77,318 $97,229 $88,688 $56,882 
 Inventories (000)$232,136 $200,948 $205,111 $218,861 
 Accounts payable (000)$63,275 $60,656 $69,023 $60,196 
1Segment EBITDA is calculated as segment income before depreciation and amortization.
2Segment depreciation and amortization in first quarter 2024 and fourth quarter 2023 include accelerated depreciation of $2.2 million and $6.2 million, respectively, for the indefinite curtailment of lumber production assets at our Chapman, Alabama, facility.

2

Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment
2025
Q1Q2Q3Q4YTD
 Commodity sales1
36.7 %34.2 %35.4 %
 General line sales1
42.6 %45.4 %44.1 %
 EWP sales1
20.7 %20.4 %20.5 %
 Total sales (000)$1,407,116 $1,614,915 $3,022,031 
 Gross margin2
14.7 %15.4 %15.1 %
 Segment income (000)$48,417 $78,033 $126,450 
 Segment depreciation and amortization (000)$14,362 $13,815 $28,177 
 Segment EBITDA (000)3
$62,779 $91,848 $154,627 
 EBITDA as a percentage of sales4.5 %5.7 %5.1 %
 Capital spending (000)4
$22,431 $39,588 $62,019 
 Receivables (000)$438,218 $444,290 
 Inventories (000)$660,970 $661,911 
 Accounts payable (000)$438,404 $365,966 
2024
Q1Q2Q3Q4YTD
 Commodity sales1
36.7 %35.0 %34.9 %36.7 %35.8 %
 General line sales1
41.0 %42.4 %43.8 %42.4 %42.4 %
 EWP sales1
22.3 %22.6 %21.3 %20.9 %21.8 %
 Total sales (000)$1,505,021 $1,655,221 $1,567,466 $1,438,785 $6,166,493 
 Gross margin2
15.1 %14.8 %15.7 %15.8 %15.3 %
 Segment income (000)$72,463 $85,400 $74,821 $70,701 $303,385 
 Segment depreciation and amortization (000)$11,107 $11,741 $12,928 $13,758 $49,534 
 Segment EBITDA (000)3
$83,570 $97,141 $87,749 $84,459 $352,919 
 EBITDA as a percentage of sales5.6 %5.9 %5.6 %5.9 %5.7 %
 Capital spending (000)5
$14,672 $21,904 $36,902 $34,115 $107,593 
 Receivables (000)$453,083 $436,992 $386,303 $315,698 
 Inventories (000)$601,546 $626,044 $566,056 $557,977 
 Accounts payable (000)$412,919 $392,798 $300,978 $226,236 

3

Boise Cascade Company
Quarterly Statistical Information (continued)
Building Materials Distribution Segment (continued)
2023
Q1Q2Q3Q4YTD
 Commodity sales1
39.7 %37.5 %37.4 %36.9 %37.8 %
 General line sales1
38.7 %39.6 %39.4 %40.4 %39.5 %
 EWP sales1
21.6 %22.9 %23.2 %22.7 %22.7 %
 Total sales (000)$1,379,242 $1,636,538 $1,670,296 $1,492,614 $6,178,690 
 Gross margin2
14.8 %15.0 %15.2 %15.2 %15.0 %
 Segment income (000)$69,685 $98,550 $97,076 $70,497 $335,808 
 Segment depreciation and amortization (000)$7,070 $7,386 $7,781 $10,116 $32,353 
 Segment EBITDA (000)3
$76,755 $105,936 $104,857 $80,613 $368,161 
 EBITDA as a percentage of sales5.6 %6.5 %6.3 %5.4 %6.0 %
 Capital spending (000)6
$22,659 $25,929 $19,135 $88,001 $155,724 
 Receivables (000)$393,338 $445,991 $434,755 $344,978 
 Inventories (000)$506,663 $502,085 $478,295 $493,509 
 Accounts payable (000)$363,163 $390,840 $362,196 $252,144 
1Product line sales are shown as a percentage of total Building Materials Distribution (BMD) sales.
2We define gross margin as "Sales" less "Materials, labor, and other operating expenses (excluding depreciation)." Substantially all costs included in "Materials, labor, and other operating expenses (excluding depreciation)" for our BMD segment are for inventory purchased for resale. Gross margin percentage is gross margin as a percentage of segment sales.
3Segment EBITDA is calculated as segment income before depreciation and amortization.
4During 2025, capital spending in second quarter includes approximately $17 million to purchase previously leased BMD properties in Chicago, Illinois and Minneapolis, Minnesota.
5During 2024, capital spending in third quarter includes approximately $20 million to purchase a previously leased BMD property in Westfield, Massachusetts.
6During 2023, capital spending in first quarter includes approximately $11 million to purchase a property in Kansas City, Missouri, to house a new door and millwork location and capital spending in fourth quarter includes approximately $63 million to purchase properties in West Palm Beach, Florida, and Modesto, California. Capital spending in fourth quarter 2023 excludes approximately $163 million for the acquisition of businesses and facilities, net of cash acquired.


4

Boise Cascade Company
Quarterly Statistical Information (continued)
Reconciliation of Non-GAAP Financial Measures
(in thousands)
Total Boise Cascade Company
EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps. The following tables reconcile net income to EBITDA and Adjusted EBITDA for the periods noted below:
2025
Q1Q2Q3Q4YTD
Net income$40,348 $61,985 $102,333 
Interest expense5,312 5,183 10,495 
Interest income(5,510)(4,623)(10,133)
Income tax provision13,846 18,611 32,457 
Depreciation and amortization37,121 37,409 74,530 
EBITDA91,117 118,565 209,682 
Change in fair value of interest rate swaps490 435 925 
Adjusted EBITDA$91,607 $119,000 $210,607 
2024
Q1Q2Q3Q4YTD
Net income$104,124 $112,292 $91,038 $68,900 $376,354 
Interest expense6,070 6,105 6,082 5,810 24,067 
Interest income(10,597)(10,543)(10,168)(7,831)(39,139)
Income tax provision32,829 38,499 29,801 24,276 125,405 
Depreciation and amortization35,850 34,367 36,861 37,035 144,113 
EBITDA168,276 180,720 153,614 128,190 630,800 
Change in fair value of interest rate swaps220 487 866 465 2,038 
Adjusted EBITDA$168,496 $181,207 $154,480 $128,655 $632,838 
2023
Q1Q2Q3Q4YTD
Net income$96,733 $146,320 $143,068 $97,535 $483,656 
Interest expense6,361 6,339 6,351 6,445 25,496 
Interest income(9,685)(11,519)(13,760)(13,142)(48,106)
Income tax provision33,275 49,447 49,005 29,666 161,393 
Depreciation and amortization31,186 30,722 31,474 39,085 132,467 
EBITDA157,870 221,309 216,138 159,589 754,906 
Change in fair value of interest rate swaps804 (333)327 993 1,791 
Adjusted EBITDA$158,674 $220,976 $216,465 $160,582 $756,697 

For additional information regarding the non-GAAP measures presented in this document, please refer to our press release announcing our second quarter 2025 financial results, a copy of which is attached as Exhibit 99.1 to our Current Report on Form 8-K furnished to the Securities and Exchange Commission on August 4, 2025.

5