Boise Cascade reported net income of $21.8 million, or $0.58 per share, for the third quarter of 2025, compared with $91 million, or $2.33 per share, a year earlier. Sales totaled $1.67 billion, down 3% from the same period in 2024, according to figures released by Boise Cascade Company.
Adjusted EBITDA decreased 52% to $74 million from $154 million a year earlier. The decline reflected weaker demand for engineered wood products and plywood, coupled with higher production costs.
The Wood Products segment posted a loss of $12 million compared with income of $54 million in the prior-year quarter. Segment sales fell 13% to $396 million due to lower selling prices and volumes for laminated veneer lumber, I-joists, and plywood. Average net selling prices for laminated veneer lumber and I-joists declined 13% and 12% respectively, while plywood prices fell 2%. Sales volumes were also lower, decreasing 7% for laminated veneer lumber, 10% for I-joists, and 1% for plywood compared with the same quarter in 2024.
Sequentially, when compared with the second quarter of 2025, average selling prices fell by 5% for laminated veneer lumber, 6% for I-joists, and 5% for plywood. Volumes decreased 15% for laminated veneer lumber and I-joists, while plywood volumes increased 9%.
The Building Materials Distribution division reported income of $54 million, down 27% year over year. Segment sales decreased 1% to $1.56 billion as a 1% decline in sales prices offset flat volumes. Commodity sales decreased 3%, general line products increased 6%, and engineered wood product sales declined 11%.
At the end of September 2025, Boise Cascade held $512 million in cash and $395 million in undrawn credit, giving total liquidity of $907 million. Outstanding debt stood at $450 million.
The company expects 2025 capital expenditures to total between $230 million and $250 million, with 2026 spending projected between $150 million and $170 million. Boise Cascade’s board declared a quarterly dividend of $0.22 per share, payable December 17, 2025, and authorized up to $300 million in new share repurchases.
Housing market conditions remained weak through the quarter. U.S. housing starts increased 1% year to date through August 2025, while single-family starts decreased 5%, which Boise Cascade identified as the primary driver of its sales.
The company said 2026 demand is expected to remain consistent with 2025 levels, with gradual improvement forecast later in the year as interest rate cuts and normalized homebuilder inventories support recovery. Near-term activity will continue to depend on mortgage rates, affordability, and consumer confidence.
Boise Cascade plans to take capital project and maintenance-related downtime in the fourth quarter to align production with market demand and may also take temporary market-related downtime across its manufacturing system.
Boise Cascade Company is one of North America’s largest producers of engineered wood products and plywood and a leading U.S. distributor of building materials.