Revenue has rebounded sequentially to about $1.8B with gross margin improving to 16.4%, yet operating margin of 3.1% in Q3 2026 remains well below the 8.2% recorded in Q2 2024, with SG&A near $197M per quarter limiting operating leverage.
Boise Cascade Company (BCC) annual income statement — 16-year revenue, gross profit & net income history
| 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 | 6.59B | 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 % | 1.23% | -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 | 5.54B | 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 | 1.06B | 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 % | 16.04% | 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 | 867.6M | 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 | 716.04M | 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 | 3M | 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 | 189.53M | 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 % | 2.88% | 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 | 358.96M | 341.57M | 637.44M | 759.8M | 1.26B | 1.05B | 432.16M | 218.84M | 220.97M | 223.47M | 154.5M | 160.39M | 198.6M | 138.57M | 100.34M | 12.19M | 24.51M |
| EBITDA Margin % | 5.45% | 5.33% | 9.48% | 11.11% | 15.04% | 13.3% | 7.89% | 4.71% | 4.42% | 5.04% | 3.95% | 4.41% | 5.56% | 4.23% | 3.61% | 0.54% | 1.09% |
| EBITDA Growth % | -13.62% | -46.42% | -16.1% | -39.78% | 19.68% | 143.96% | 97.48% | -0.97% | -1.12% | 44.64% | -3.67% | -19.24% | 43.32% | 38.09% | 723.42% | -50.29% | - |
| D&A (Non-Cash Add-back) | 169.42M | 161.85M | 147.4M | 135.41M | 103.88M | 82.49M | 97.13M | 82.38M | 148.94M | 82.32M | 74.93M | 57.2M | 53.05M | 39.81M | 37.21M | 39.23M | 37.67M |
| EBIT | 194.34M | 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 | -14.58M | 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 | 11.66M | 18.77M | 39.14M | 48.11M | 12.26M | 195K | 999K | 2.81M | 1.65M | 547K | 390K | 323K | 237K | 241K | 392K | 407K | 790K |
| Interest Expense | 26.24M | 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 | -21.43M | 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 | 168.1M | 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 % | 2.55% | 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 | 47.79M | 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 % | 28.43% | 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 | 120.31M | 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 % | 1.82% | 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 % | -37.66% | -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) | 120.31M | 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) | 3.44 | 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 % | -32.61% | -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 | 35M | 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 | 34.96M | 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% | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Commodity price and housing cycle exposure
Metrics are mathematically derived from official filings.
Revenue Stabilizing After Multi-Quarter Decline
According to reported quarterly figures, BCC's revenue reached roughly $1.8B in its most recent quarter, a sequential rebound from $1.5B in Q1 2026, though the TTM top line still contracted about 4.8% year over year, suggesting volume recovery has not yet offset the prior-year softness.
The sequential rebound from roughly $1.5B to $1.8B implies some relief in end-market volumes or pricing, but the negative year-over-year trend in the reported figures indicates the recovery is partial. Investors should treat the single-quarter bounce cautiously until it persists across another reporting period. The data do not isolate price versus volume contributions, so the durability of this growth cannot be fully assessed from the income statement alone.
Gross Margin Rebuilt Above Trough Levels
Based on reported figures, BCC's gross margin expanded from 13.0% in Q4 2025 to 17.9% in Q2 2026 before easing to 16.4% in Q3, indicating that margin recovery has been meaningful but is still below the roughly 20% levels seen in 2024.
The margin path suggests input cost or product mix relief has partially reversed the compression seen in late 2025, though the company has not returned to its 2024 peak. Because the business relies heavily on third-party distribution, margins remain sensitive to commodity price swings and are unlikely to expand structurally without a larger share of manufactured EWP. The gap to 2024 levels warrants monitoring to determine whether the recovery is cyclical or structural.
Thin Operating Margin Limits Operating Leverage
As reported in the income statement, operating income fell from $147.0M in Q2 2024 to $21.9M in Q4 2025 before recovering to $84.0M in Q2 2026, while SG&A remained near $170M to $197M per quarter, showing that overhead has not scaled down with volume.
The stable SG&A base against fluctuating gross profit means that operating income is highly sensitive to gross margin movements, which is characteristic of a high fixed-overhead distribution model in a downturn. The sharp swing in operating income relative to a comparatively flat SG&A line suggests operating leverage works in both directions. Investors should assess whether cost actions can keep overhead flexible during the next trough.
Q2 2026 Earnings Spike Warrants Scrutiny
Based on the reported EPS of $1.63 in Q2 2026 against a much lower $0.50 in Q1 and $0.24 in Q4 2025, the quarterly earnings profile is highly uneven, and the single-quarter spike may reflect non-recurring or timing-related benefits.
The data show a large gap between the Q2 2026 net income and the adjacent quarters, which could reflect inventory valuation effects under LIFO, vendor rebate timing, or favorable product mix. These are interpretations rather than confirmed drivers, since the income statement does not disclose their magnitude. Until a second strong quarter is observed, the normalized earnings base should be considered uncertain.
Peak-Margin Quarter May Not Persist
The strongest bear case rests on the fact that TTM operating margin remains near 2.8% and the Q2 2026 peak of 4.6% sits well below the 8.2% operating margin recorded in Q2 2024, suggesting the recent rebound may fade if housing demand softens again.
Short-sellers would likely argue that the quarterly profit surge is a cyclical high rather than evidence of a durable margin reset, given the broader revenue contraction and declining comparison base. Continued dependence on commodity-linked distribution spreads leaves earnings exposed to any renewed input cost or demand shock. The absence of forward guidance in the supplied data further limits visibility into whether the recovery can be sustained.