Operating income has plummeted from $147.0 million in 2024Q2 to $27.8 million in 2026Q1, reflecting structural margin compression as revenue growth remains negative.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 6.37B | 6.4B | 6.72B | 6.84B | 8.39B | 7.93B | 5.47B | 4.64B | 5B | 4.43B | 3.91B | 3.63B | 3.57B | 3.27B | 2.78B | 2.25B | 2.24B |
| Revenue Growth % | -3.76% | -4.75% | -1.67% | -18.47% | 5.82% | 44.77% | 17.91% | -7.04% | 12.71% | 13.31% | 7.65% | 1.67% | 9.17% | 17.79% | 23.62% | 0.33% | - |
| Cost of Goods Sold | 4.16B | 5.51B | 5.39B | 5.41B | 6.47B | 6.3B | 4.54B | 3.97B | 4.31B | 3.82B | 3.4B | 3.15B | 3.07B | 2.85B | 2.4B | 1.99B | 1.98B |
| COGS % of Revenue | - | 86.02% | 80.21% | 79.1% | 77.17% | 79.49% | 82.85% | 85.41% | 86.23% | 86.18% | 86.89% | 86.79% | 85.78% | 86.96% | 86.48% | 88.64% | 88.41% |
| Gross Profit | 709.89M | 895.67M | 1.33B | 1.43B | 1.91B | 1.63B | 938.79M | 677.63M | 687.7M | 612.33M | 512.78M | 479.89M | 508.06M | 426.88M | 375.62M | 255.41M | 259.62M |
| Gross Margin % | 11.15% | 13.98% | 19.79% | 20.9% | 22.83% | 20.51% | 17.15% | 14.59% | 13.77% | 13.82% | 13.11% | 13.21% | 14.22% | 13.04% | 13.52% | 11.36% | 11.59% |
| Gross Profit Growth % | - | -32.69% | -6.88% | -25.37% | 17.76% | 73.21% | 38.54% | -1.46% | 12.31% | 19.41% | 6.85% | -5.54% | 19.02% | 13.65% | 47.06% | -1.62% | - |
| Operating Expenses | 753.89M | 715.95M | 840.65M | 804.55M | 756.92M | 654.23M | 603.76M | 541.17M | 602.34M | 471.18M | 433.2M | 376.71M | 362.51M | 328.13M | 312.49M | 281.17M | 277.39M |
| OpEx % of Revenue | - | 11.18% | 12.5% | 11.77% | 9.02% | 8.25% | 11.03% | 11.65% | 12.06% | 10.63% | 11.08% | 10.37% | 10.14% | 10.02% | 11.24% | 12.51% | 12.38% |
| Selling, General & Admin | 724.08M | 716.02M | 697.39M | 674.1M | 657.29M | 574.32M | 514.37M | 464.29M | 456.95M | 390.42M | 361.38M | 322.73M | 312.66M | 290.77M | 278.18M | 242.24M | 242.5M |
| SG&A % of Revenue | - | 11.18% | 10.37% | 9.86% | 7.84% | 7.25% | 9.4% | 10% | 9.15% | 8.81% | 9.24% | 8.88% | 8.75% | 8.88% | 10.01% | 10.78% | 10.82% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 143.26M | 130.45M | 99.62M | 79.91M | 89.39M | 76.88M | -25M | 80.76M | 71.82M | 53.97M | 49.85M | 37.35M | 34.31M | 38.92M | 34.89M |
| Operating Income | 160.53M | 179.72M | 490.04M | 624.39M | 1.16B | 971.8M | 335.03M | 136.46M | 72.04M | 141.15M | 79.58M | 103.19M | 145.55M | 98.76M | 63.13M | -27.05M | -13.16M |
| Operating Margin % | 2.52% | 2.81% | 7.29% | 9.13% | 13.8% | 12.26% | 6.12% | 2.94% | 1.44% | 3.18% | 2.03% | 2.84% | 4.07% | 3.02% | 2.27% | -1.2% | -0.59% |
| Operating Income Growth % | - | -63.33% | -21.52% | -46.07% | 19.14% | 190.07% | 145.52% | 89.43% | -48.96% | 77.38% | -22.88% | -29.1% | 47.38% | 56.43% | 333.42% | -105.49% | - |
| EBITDA | 321.65M | 337.94M | 637.44M | 759.8M | 1.26B | 1.05B | 432.16M | 218.84M | 218.88M | 221.53M | 152.43M | 160.39M | 198.6M | 138.57M | 100.34M | 12.19M | 24.51M |
| EBITDA Margin % | 5.05% | 5.28% | 9.48% | 11.11% | 15.04% | 13.3% | 7.89% | 4.71% | 4.38% | 5% | 3.9% | 4.41% | 5.56% | 4.23% | 3.61% | 0.54% | 1.09% |
| EBITDA Growth % | -42.59% | -46.98% | -16.1% | -39.78% | 19.68% | 143.96% | 97.48% | -0.02% | -1.2% | 45.34% | -4.96% | -19.24% | 43.32% | 38.09% | 723.42% | -50.29% | - |
| D&A (Non-Cash Add-back) | 161.13M | 158.22M | 147.4M | 135.41M | 103.88M | 82.49M | 97.13M | 82.38M | 146.84M | 80.38M | 72.85M | 57.2M | 53.05M | 39.81M | 37.21M | 39.23M | 37.67M |
| EBIT | 142.29M | 189.75M | 525.83M | 670.54M | 1.17B | 973.66M | 312.53M | 134.28M | 48.3M | 142.96M | 69.99M | 103.21M | 145.35M | 98.76M | 63.56M | -27.14M | -11.99M |
| Net Interest Income | -3.28M | 8.97M | 15.07M | 22.61M | -13.15M | -24.61M | -25.22M | -23.24M | -24.54M | -24.82M | -26.3M | -22.21M | -21.81M | -20.18M | -21.36M | -18.58M | -20.21M |
| Interest Income | 16.19M | 18.77M | 39.14M | 48.11M | 12.26M | 195K | 999K | 2.81M | 1.65M | 547K | 390K | 323K | 237K | 241K | 392K | 407K | 790K |
| Interest Expense | 10.52M | 9.8M | 24.07M | 25.5M | 25.41M | 24.81M | 26.22M | 26.05M | 26.19M | 25.37M | 26.69M | 22.53M | 22.05M | 20.43M | 21.76M | 18.99M | 21M |
| Other Income/Expense | -10.34M | 233K | 11.72M | 20.66M | -11.47M | -22.95M | -48.72M | -28.23M | -49.94M | -23.82M | -36.28M | -22.51M | -22.24M | -20.61M | -21.33M | -19.08M | 11.99M |
| Pretax Income | 150.19M | 179.95M | 501.76M | 645.05M | 1.15B | 948.85M | 286.31M | 108.23M | 22.1M | 117.59M | 43.3M | 80.68M | 123.31M | 78.15M | 41.8M | -46.12M | -33M |
| Pretax Margin % | 2.36% | 2.81% | 7.46% | 9.43% | 13.67% | 11.97% | 5.23% | 2.33% | 0.44% | 2.65% | 1.11% | 2.22% | 3.45% | 2.39% | 1.5% | -2.05% | -1.47% |
| Income Tax | 26.68M | 47.12M | 125.41M | 161.39M | 288.72M | 236.37M | 111.33M | 27.31M | 1.63M | 34.63M | 5.05M | 28.5M | 43.3M | -38.79M | 307K | 240K | 300K |
| Effective Tax Rate % | 17.76% | 26.18% | 24.99% | 25.02% | 25.19% | 24.91% | 38.88% | 25.23% | 7.35% | 29.45% | 11.66% | 35.32% | 35.11% | -49.63% | 0.73% | -0.52% | -0.91% |
| Net Income | 110.33M | 132.84M | 376.35M | 483.66M | 857.66M | 712.49M | 174.98M | 80.92M | 20.48M | 82.96M | 38.25M | 52.18M | 80.01M | 116.94M | 41.5M | -46.36M | -33.3M |
| Net Margin % | 1.73% | 2.07% | 5.6% | 7.07% | 10.23% | 8.99% | 3.2% | 1.74% | 0.41% | 1.87% | 0.98% | 1.44% | 2.24% | 3.57% | 1.49% | -2.06% | -1.49% |
| Net Income Growth % | -64.7% | -64.7% | -22.19% | -43.61% | 20.38% | 307.18% | 116.22% | 295.2% | -75.32% | 116.86% | -26.69% | -34.78% | -31.58% | 181.8% | 189.5% | -39.24% | - |
| Net Income (Continuing) | 110.33M | 132.84M | 376.35M | 483.66M | 857.66M | 712.49M | 174.98M | 80.92M | 20.48M | 82.96M | 38.25M | 52.18M | 80.01M | 116.94M | 41.5M | -46.36M | -33.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.06 | 3.52 | 9.57 | 12.12 | 21.56 | 17.97 | 4.44 | 2.06 | 0.52 | 2.12 | 0.98 | 1.33 | 2.03 | 2.91 | 1.00 | -1.12 | -0.80 |
| EPS Growth % | -63.05% | -63.22% | -21.04% | -43.78% | 19.98% | 304.73% | 115.53% | 296.15% | -75.47% | 116.33% | -26.32% | -34.48% | -30.24% | 191% | 189.29% | -40% | - |
| EPS (Basic) | - | 3.54 | 9.63 | 12.20 | 21.70 | 18.07 | 4.45 | 2.07 | 0.53 | 2.15 | 0.99 | 1.33 | 2.03 | 2.91 | 1.00 | -1.18 | -0.85 |
| Diluted Shares Outstanding | 36.02M | 36.97M | 39.32M | 39.9M | 39.77M | 39.65M | 39.43M | 39.24M | 39.39M | 39.07M | 38.92M | 39.35M | 39.49M | 40.23M | 41.46M | 41.46M | 41.46M |
| Basic Shares Outstanding | 35.91M | 36.82M | 39.09M | 39.65M | 39.53M | 39.42M | 39.28M | 39.04M | 38.93M | 38.62M | 38.76M | 39.24M | 39.41M | 40.2M | 41.46M | 39.31M | 39.31M |
| Dividend Payout Ratio | - | 26.07% | 60.8% | 71.64% | 18.6% | 29.99% | 45.26% | 66.67% | 247.18% | 3.26% | - | - | - | - | - | - | - |
Cyclical housing demand sensitivity
As indicated by the most recent quarterly financial data, Boise Cascade has experienced a consistent revenue decline, with the latest period showing a 2.5% year-over-year contraction, reflecting broader headwinds in the US residential construction market that continue to pressure the company's top-line growth trajectory.
The sustained negative growth rates across the last several quarters suggest that the company is struggling to find a floor in demand for its building materials. This trend appears to be a direct consequence of reduced housing starts, which limits the volume throughput necessary for the distribution segment to maintain historical revenue levels.
Based on reported income statements, Boise Cascade's gross margin has deteriorated significantly from 20.5% in 2024Q1 to a point where recent data is unavailable, signaling that the company's ability to capture pricing power in a softening commodity environment is currently facing substantial, ongoing structural challenges.
The erosion of gross margins suggests that the company is unable to fully pass through input cost volatility to its customer base. Investors should monitor whether this margin compression is a temporary cyclical phenomenon or a more permanent shift in the competitive landscape for structural wood products.
According to the provided financial statements, operating income has plummeted from $147.0 million in 2024Q2 to $27.8 million in 2026Q1, demonstrating that the company's fixed cost structure is failing to scale effectively as revenue volumes continue to decline across its core business segments.
The sharp contraction in operating margin from 8.2% to 1.9% over the same period indicates that the company lacks the necessary operating leverage to protect profitability during downturns. This suggests that the high fixed costs associated with mill operations and distribution infrastructure are becoming a significant burden on earnings.
As reported in recent filings, Boise Cascade's net income has seen a dramatic decline, falling from $112.3 million in 2024Q2 to $17.8 million in 2026Q1, a trend that warrants further investigation into the impact of inventory accounting methods on reported bottom-line performance.
The volatility in EPS, which dropped from $2.84 to $0.50 over the observed period, suggests that reported earnings may be heavily influenced by non-cash inventory adjustments inherent in the LIFO method. Analysts should be cautious of these headline figures, as they may not accurately reflect the underlying cash-generating capability of the business.
Based on the latest income statement data, the company's net margin has compressed to a thin 1.2%, raising concerns that the current business model may be unsustainable if the residential construction cycle does not show signs of a near-term recovery in demand.
The significant decline in net profitability suggests that the company is operating with very little margin for error. If the current trend of declining volumes persists, the company may face difficulty maintaining its historical dividend and capital allocation policies without eroding its strong cash position.
Quick answers to the most common questions about buying BCC stock.
For fiscal year 2025, Boise Cascade Company (BCC) reported total revenue of $6.40B. This represents a 185.8% increase compared to $2.24B in 2010.
Boise Cascade Company (BCC) is profitable, generating $132.8M in net income for the fiscal year ending 2025 with a net profit margin of 2.1%.
Boise Cascade Company (BCC) reported an operating income of $179.7M, resulting in an operating profit margin of 2.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Boise Cascade Company (BCC) generated $895.7M in gross profit for the year, representing a gross profit margin of 14.0%. This demonstrates the company's core pricing power and production efficiency.