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Boise Cascade Company
1111 West Jefferson Street, Suite 300
Boise, ID 83702
News Release
bcclogoa02a05.jpg

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

For Immediate Release: November 3, 2025

Boise Cascade Company Reports Third Quarter 2025 Results

BOISE, Idaho - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported net income of $21.8 million, or $0.58 per share, on sales of $1.7 billion for the third quarter ended September 30, 2025, compared with net income of $91.0 million, or $2.33 per share, on sales of $1.7 billion for the third quarter ended September 30, 2024.

“In the face of subdued demand and commodity pricing headwinds, we were able to post good earnings for the third quarter of 2025,” said Nate Jorgensen, CEO. “We have great clarity on our business model, and the strength of our financial position and unwavering commitment to our core values enable Boise Cascade to remain focused on the execution of our strategic priorities. As we move through 2025 and into 2026, our two-step distribution model, in tandem with our market leading EWP and plywood franchises, will continue to deliver exceptional value to both our customers and vendor partners, providing reliable access to products, responsive service, and operational flexibility that are vital in dynamic markets.”

Third Quarter 2025 Highlights
3Q 20253Q 2024% change
(in thousands, except per-share data and percentages)
Consolidated Results
Sales$1,667,806 $1,713,724 (3)%
Net income21,769 91,038 (76)%
Net income per common share - diluted0.58 2.33 (75)%
Adjusted EBITDA 1
74,381 154,480 (52)%
Segment Results
Wood Products sales$396,401 $453,896 (13)%
Wood Products income (loss)(12,055)53,853 N/M
Wood Products EBITDA 1
14,506 77,404 (81)%
Building Materials Distribution sales1,556,150 1,567,466 (1)%
Building Materials Distribution income54,286 74,821 (27)%
Building Materials Distribution EBITDA 1
69,831 87,749 (20)%
1 For reconciliations of non-GAAP measures, see summary notes at the end of this press release.


September 2025 U.S. housing starts, as reported by the U.S. Census Bureau, have yet to be published. However, when comparing July 2025 and August 2025 housing starts to the same periods in 2024, total U.S. housing starts increased 2%, while single-family housing starts decreased 3%. On a year-to-date basis through August 2025, total U.S. housing starts increased 1%, while single-family housing starts decreased 5%, 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 $57.5 million, or 13%, to $396.4 million for the three months ended September 30, 2025, from $453.9 million for the three months ended September 30, 2024. The decrease in sales was driven by lower sales prices and sales volumes for LVL and I-joists (collectively referred to as EWP), as well as lower plywood sales prices and sales volumes.

For the three months ended September 30, 2025, Wood Products' segment loss was $12.1 million compared to segment income of $53.9 million for the three months ended September 30, 2024. The decrease in segment income was due to lower EWP and plywood sales prices and sales volumes, as well as higher per-unit conversion costs.

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

3Q 2025 vs. 3Q 20243Q 2025 vs. 2Q 2025
 Average Net Selling Prices
    LVL(13)%(5)%
    I-joists(12)%(6)%
    Plywood(2)%(5)%
 Sales Volumes
    LVL(7)%(15)%
    I-joists(10)%(15)%
    Plywood(1)%9%

Building Materials Distribution

BMD's sales decreased $11.3 million, or 1%, to $1,556.2 million for the three months ended September 30, 2025, from $1,567.5 million for the three months ended September 30, 2024. Compared with the same quarter in the prior year, the decrease in sales was driven by a sales price decrease of 1%, as sales volumes were flat. By product line, commodity sales decreased 3%, general line product sales increased 6%, and EWP sales (substantially all of which are sourced through our Wood Products segment) decreased 11%.

BMD segment income decreased $20.5 million to $54.3 million for the three months ended September 30, 2025, from $74.8 million for the three months ended September 30, 2024. The decrease in segment income was driven by a gross margin decrease of $10.6 million, resulting primarily from decreased margins on commodity and EWP products, offset partially by increased margins on general line products. In addition, selling and distribution expenses and depreciation and amortization expense increased $7.8 million and $2.6 million, respectively.

Balance Sheet and Liquidity

Boise Cascade ended third quarter 2025 with $511.8 million of cash and cash equivalents and $395.2 million of undrawn committed bank line availability, for total available liquidity of $907.0 million. The Company had $450.0 million of outstanding debt at September 30, 2025.

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Capital Allocation

We expect capital expenditures in 2025, excluding potential acquisition spending, to total approximately $230 million to $250 million. In addition, we expect capital expenditures in 2026, excluding potential acquisition spending, to total approximately $150 million to $170 million. These levels of capital expenditures could increase or decrease as a result of several factors, including 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 nine months ended September 30, 2025, the Company paid $26.6 million in common stock dividends. On October 30, 2025, our board of directors declared a quarterly dividend of $0.22 per share on our common stock, payable on December 17, 2025, to stockholders of record on December 1, 2025.

For the nine months ended September 30, 2025, the Company paid $111.0 million for the repurchase of 1,128,752 shares of our common stock. In October 2025, the Company repurchased an additional 120,000 shares of our common stock at a cost of approximately $9 million. On October 30, 2025, our board of directors authorized the repurchase of up to $300.0 million of our outstanding common stock. This authorization replaced the prior repurchase authorization.

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 2025, the housing market has been shaped by policy uncertainty, low consumer confidence, elevated interest rates, and affordability challenges for prospective homebuyers. Early industry projections for 2026 are consistent with 2025 housing start levels. Demand expectations are characterized by a cautious market in the first half of the year, with gradual improvement expected later in the year. This improvement is expected to be driven by the continuation of interest rate cuts and normalized homebuilder inventory levels. Near term demand 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 generational tailwinds and an undersupply of housing units, remain strong, while elevated levels of homeowner equity and an aging U.S. housing stock support robust repair-and-remodel spending and reinforce the industry’s solid 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. With seasonally slower activity expected in the fourth quarter, we anticipate taking capital project and maintenance-related downtime at certain of our manufacturing facilities, and may also take periodic market-related downtime across our manufacturing system in order to align production rates and inventory stocking positions with end market demand signals.

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 third quarter earnings on Tuesday, November 4, 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.
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The archived webcast will be available in the Investors section of Boise Cascade's website.

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 (loss) 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 (loss) 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 (loss) to Segment EBITDA, please see the section titled, "Summary Notes to Consolidated Financial Statements and Segment Information" below.

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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.

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Boise Cascade Company
Consolidated Statements of Operations
(in thousands, except per-share data) (unaudited)
Three Months EndedNine Months Ended
September 30June 30, 2025September 30
2025202420252024
Sales$1,667,806 $1,713,724 $1,740,114 $4,944,414 $5,156,814 
Costs and expenses 
Materials, labor, and other operating expenses (excluding depreciation)1,404,311 1,375,719 1,441,459 4,121,953 4,123,838 
Depreciation and amortization42,378 36,861 37,409 116,908 107,078 
Selling and distribution expenses165,074 157,522 161,815 470,537 451,415 
General and administrative expenses25,763 26,172 26,470 77,230 77,232 
Other (income) expense, net(2,049)94 (7,569)(9,592)(68)
1,635,477 1,596,368 1,659,584 4,777,036 4,759,495 
Income from operations32,329 117,356 80,530 167,378 397,319 
Foreign currency exchange gain (loss)(293)300 1,093 800 (103)
Pension expense (excluding service costs)(33)(37)(32)(98)(111)
Interest expense(5,327)(6,082)(5,183)(15,822)(18,257)
Interest income4,181 10,168 4,623 14,314 31,308 
Change in fair value of interest rate swaps— (866)(435)(925)(1,573)
(1,472)3,483 66 (1,731)11,264 
Income before income taxes30,857 120,839 80,596 165,647 408,583 
Income tax provision(9,088)(29,801)(18,611)(41,545)(101,129)
Net income$21,769 $91,038 $61,985 $124,102 $307,454 
Weighted average common shares outstanding:
  Basic37,385 38,848 37,682 37,692 39,286 
  Diluted37,509 39,063 37,795 37,828 39,521 
Net income per common share:
  Basic$0.58 $2.34 $1.64 $3.29 $7.83 
  Diluted$0.58 $2.33 $1.64 $3.28 $7.78 
Dividends declared per common share$0.22 $5.21 $0.21 $0.64 $5.61 


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Wood Products Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months EndedNine Months Ended
September 30June 30, 2025September 30
2025202420252024
Segment sales$396,401 $453,896 $447,235 $1,259,481 $1,412,647 
Costs and expenses    
Materials, labor, and other operating expenses (excluding depreciation)368,406 361,313 398,451 1,129,103 1,097,954 
Depreciation and amortization26,561 23,551 23,316 72,363 70,205 
Selling and distribution expenses10,287 10,587 11,004 31,894 32,252 
General and administrative expenses3,391 4,640 3,816 10,520 14,266 
Other (income) expense, net(189)(48)(3,328)(4,029)99 
408,456 400,043 433,259 1,239,851 1,214,776 
Segment income (loss)$(12,055)$53,853 $13,976 $19,630 $197,871 
(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)92.9 %79.6 %89.1 %89.6 %77.7 %
Depreciation and amortization6.7 %5.2 %5.2 %5.7 %5.0 %
Selling and distribution expenses2.6 %2.3 %2.5 %2.5 %2.3 %
General and administrative expenses0.9 %1.0 %0.9 %0.8 %1.0 %
Other (income) expense, net— %— %(0.7)%(0.3 %)— %
103.0 %88.1 %96.9 %98.4 %86.0 %
Segment income (loss)(3.0 %)11.9 %3.1 %1.6 %14.0 %

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Building Materials Distribution Segment
Statements of Operations
(in thousands, except percentages) (unaudited)
Three Months EndedNine Months Ended
September 30June 30, 2025September 30
2025202420252024
Segment sales$1,556,150 $1,567,466 $1,614,915 $4,578,181 $4,727,708 
Costs and expenses
Materials, labor, and other operating expenses (excluding depreciation)1,321,283 1,322,001 1,365,755 3,887,978 4,009,932 
Depreciation and amortization15,545 12,928 13,815 43,722 35,776 
Selling and distribution expenses154,841 146,994 150,865 438,805 419,324 
General and administrative expenses10,210 10,580 10,689 30,664 30,184 
Other (income) expense, net(15)142 (4,242)(3,724)(192)
1,501,864 1,492,645 1,536,882 4,397,445 4,495,024 
Segment income $54,286 $74,821 $78,033 $180,736 $232,684 
(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)84.9 %84.3 %84.6 %84.9 %84.8 %
Depreciation and amortization1.0 %0.8 %0.9 %1.0 %0.8 %
Selling and distribution expenses10.0 %9.4 %9.3 %9.6 %8.9 %
General and administrative expenses0.7 %0.7 %0.7 %0.7 %0.6 %
Other (income) expense, net— %— %(0.3)%(0.1)%— %
96.5 %95.2 %95.2 %96.1 %95.1 %
Segment income 3.5 %4.8 %4.8 %3.9 %4.9 %

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Segment Information
(in thousands) (unaudited)
Three Months EndedNine Months Ended
September 30June 30, 2025September 30
2025202420252024
Segment sales
Wood Products$396,401 $453,896 $447,235 $1,259,481 $1,412,647 
Building Materials Distribution1,556,150 1,567,466 1,614,915 4,578,181 4,727,708 
Intersegment eliminations(284,745)(307,638)(322,036)(893,248)(983,541)
Total net sales$1,667,806 $1,713,724 $1,740,114 $4,944,414 $5,156,814 
Segment income (loss)
Wood Products$(12,055)$53,853 $13,976 $19,630 $197,871 
Building Materials Distribution54,286 74,821 78,033 180,736 232,684 
Total segment income42,231 128,674 92,009 200,366 430,555 
Unallocated corporate costs(9,902)(11,318)(11,479)(32,988)(33,236)
Income from operations$32,329 $117,356 $80,530 $167,378 $397,319 
Segment EBITDA
Wood Products$14,506 $77,404 $37,292 $91,993 $268,076 
Building Materials Distribution69,831 87,749 91,848 224,458 268,460 

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


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Boise Cascade Company
Consolidated Balance Sheets
(in thousands) (unaudited)
September 30, 2025December 31, 2024
ASSETS
Current
Cash and cash equivalents$511,770 $713,260 
Receivables 
Trade, less allowances of $4,922 and $5,506
438,443 321,820 
Related parties221 173 
Other24,286 22,772 
Inventories844,358 803,296 
Prepaid expenses and other33,678 24,747 
Total current assets1,852,756 1,886,068 
 
Property and equipment, net1,129,593 1,047,083 
Operating lease right-of-use assets57,366 49,673 
Finance lease right-of-use assets12,236 22,128 
Timber deposits9,757 6,916 
Goodwill171,945 171,945 
Intangible assets, net157,771 173,027 
Deferred income taxes3,283 3,705 
Other assets7,304 8,838 
Total assets$3,402,011 $3,369,383 

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Boise Cascade Company
Consolidated Balance Sheets (continued)
(in thousands, except per-share data) (unaudited)
September 30, 2025December 31, 2024
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
Trade$354,399 $297,676 
Related parties2,117 1,315 
Accrued liabilities 
Compensation and benefits104,688 127,415 
Interest payable5,300 9,957 
Other131,563 127,653 
Total current liabilities598,067 564,016 
Debt 
Long-term debt, net445,145 446,167 
Other 
Compensation and benefits38,679 42,006 
Operating lease liabilities, net of current portion51,381 43,174 
Finance lease liabilities, net of current portion15,915 26,883 
Deferred income taxes89,554 78,849 
Other long-term liabilities19,885 17,014 
215,414 207,926 
 
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, 37,163 and 45,139 shares issued, respectively
371 451 
Treasury stock, — and 6,956 shares at cost, respectively
— (341,974)
Additional paid-in capital
569,169 565,041 
Accumulated other comprehensive loss
(442)(460)
Retained earnings1,574,287 1,928,216 
Total stockholders' equity2,143,385 2,151,274 
Total liabilities and stockholders' equity$3,402,011 $3,369,383 

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Boise Cascade Company
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Nine Months Ended September 30
20252024
Cash provided by (used for) operations
Net income$124,102 $307,454 
Items in net income not using (providing) cash 
Depreciation and amortization, including deferred financing costs and other
119,634 109,531 
Stock-based compensation10,068 11,668 
Pension expense98 111 
Deferred income taxes11,243 15,096 
Change in fair value of interest rate swaps925 1,573 
Other(11,336)322 
Decrease (increase) in working capital, net of acquisitions 
Receivables(111,725)(51,192)
Inventories(42,462)(80,739)
Prepaid expenses and other(7,336)(6,697)
Accounts payable and accrued liabilities38,693 44,547 
Income taxes payable(6,248)(3,970)
Other(2,524)(3,952)
Net cash provided by operations123,132 343,752 
Cash provided by (used for) investment
Expenditures for property and equipment(187,447)(135,760)
Acquisitions of businesses and facilities, net of cash acquired— (5,581)
Proceeds from sales of assets and other11,051 1,197 
Net cash used for investment(176,396)(140,144)
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(112,702)(158,509)
Dividends paid on common stock(26,582)(220,485)
Tax withholding payments on stock-based awards(5,939)(11,141)
Payments of deferring financing costs(1,819)— 
Other(1,184)(1,448)
Net cash used for financing(148,226)(391,583)
Net decrease in cash and cash equivalents(201,490)(187,975)
Balance at beginning of the period713,260 949,574 
Balance at end of the period$511,770 $761,599 
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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 September 30, 2025 and 2024, (ii) three months ended June 30, 2025, and (iii) nine months ended September 30, 2025 and 2024:
Three Months EndedNine Months Ended
September 30June 30, 2025September 30
2025202420252024
(in thousands)
Net income$21,769 $91,038 $61,985 $124,102 $307,454 
Interest expense5,327 6,082 5,183 15,822 18,257 
Interest income(4,181)(10,168)(4,623)(14,314)(31,308)
Income tax provision9,088 29,801 18,611 41,545 101,129 
Depreciation and amortization42,378 36,861 37,409 116,908 107,078 
EBITDA74,381 153,614 118,565 284,063 502,610 
Change in fair value of interest rate swaps— 866 435 925 1,573 
Adjusted EBITDA$74,381 $154,480 $119,000 $284,988 $504,183 
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The following table reconciles segment income (loss) and unallocated corporate costs to Segment EBITDA, EBITDA and Adjusted EBITDA for the (i) three months ended September 30, 2025 and 2024, (ii) three months ended June 30, 2025, and (iii) nine months ended September 30, 2025 and 2024:
Three Months EndedNine Months Ended
September 30June 30, 2025September 30
2025202420252024
(in thousands)
Wood Products
Segment income (loss)$(12,055)$53,853 $13,976 $19,630 $197,871 
Depreciation and amortization26,561 23,551 23,316 72,363 70,205 
Segment EBITDA$14,506 $77,404 $37,292 $91,993 $268,076 
Building Materials Distribution
Segment income$54,286 $74,821 $78,033 $180,736 $232,684 
Depreciation and amortization15,545 12,928 13,815 43,722 35,776 
Segment EBITDA$69,831 $87,749 $91,848 $224,458 $268,460 
Corporate
Unallocated corporate costs$(9,902)$(11,318)$(11,479)$(32,988)$(33,236)
Foreign currency exchange gain (loss)(293)300 1,093 800 (103)
Pension expense (excluding service costs)(33)(37)(32)(98)(111)
Change in fair value of interest rate swaps— (866)(435)(925)(1,573)
Depreciation and amortization272 382 278 823 1,097 
EBITDA(9,956)(11,539)(10,575)(32,388)(33,926)
Change in fair value of interest rate swaps— 866 435 925 1,573 
Corporate Adjusted EBITDA$(9,956)$(10,673)$(10,140)$(31,463)$(32,353)
Total Company Adjusted EBITDA$74,381 $154,480 $119,000 $284,988 $504,183 

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