Revenue grew 4.4% YoY to $814.1M in 2026Q2, but net margin of just 0.8% ($6.4M net income) reflects fragile earnings quality despite gross margin improving to 17.2% from 15.3% a year earlier.
BlueLinx Holdings Inc. (BXC) annual income statement — 26-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | 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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 3.01B | 2.95B | 2.95B | 3.14B | 4.45B | 4.28B | 3.1B | 2.64B | 2.86B | 1.81B | 1.88B | 1.92B | 1.98B | 2.15B | 1.91B | 1.76B | 1.8B | 1.65B | 2.78B | 3.83B | 4.9B | 5.62B | 3.67B | 4.27B | 3.73B | 3.77B | 4.22B |
| Revenue Growth % | 2.13% | 0.05% | -5.86% | -29.52% | 4.05% | 38.09% | 17.44% | -7.88% | 57.73% | -3.51% | -1.88% | -3.15% | -8.02% | 12.8% | 8.68% | -2.71% | 9.62% | -40.78% | -27.5% | -21.75% | -12.85% | 53.07% | -14.02% | 14.4% | -0.92% | -10.8% | - |
| Cost of Goods Sold | 2.54B | 2.5B | 2.46B | 2.61B | 3.62B | 3.5B | 2.62B | 2.28B | 2.53B | 1.58B | 1.65B | 1.69B | 1.75B | 1.92B | 1.68B | 1.55B | 1.59B | 1.45B | 2.46B | 3.44B | 4.42B | 5.11B | 3.34B | 3.81B | 3.37B | 3.4B | 3.88B |
| COGS % of Revenue | - | 84.71% | 83.43% | 83.2% | 81.28% | 81.8% | 84.58% | 86.47% | 88.41% | 87.3% | 87.91% | 88.37% | 88.43% | 89.38% | 87.94% | 88.03% | 88.32% | 88.27% | 88.67% | 89.78% | 90.21% | 90.89% | 90.93% | 89.29% | 90.28% | 90.09% | 91.85% |
| Gross Profit | 467.17M | 451.63M | 489.14M | 527.02M | 832.98M | 778.43M | 477.73M | 356.92M | 331.85M | 230.49M | 227.41M | 222.89M | 229.1M | 228.48M | 230.07M | 210.15M | 210.67M | 193.16M | 314.93M | 391.95M | 479.81M | 512.44M | 333.23M | 457.47M | 363.03M | 373.52M | 344.17M |
| Gross Margin % | 15.52% | 15.29% | 16.57% | 16.8% | 18.72% | 18.2% | 15.42% | 13.53% | 11.59% | 12.7% | 12.09% | 11.63% | 11.57% | 10.62% | 12.06% | 11.97% | 11.68% | 11.73% | 11.33% | 10.22% | 9.79% | 9.11% | 9.07% | 10.71% | 9.72% | 9.91% | 8.15% |
| Gross Profit Growth % | - | -7.67% | -7.19% | -36.73% | 7.01% | 62.94% | 33.85% | 7.55% | 43.98% | 1.36% | 2.03% | -2.71% | 0.27% | -0.69% | 9.48% | -0.25% | 9.07% | -38.67% | -19.65% | -18.31% | -6.37% | 53.78% | -27.16% | 26.01% | -2.81% | 8.53% | - |
| Operating Expenses | 433.5M | 419.14M | 401.57M | 388.57M | 393.9M | 340.35M | 335.49M | 321.76M | 345.14M | 207.74M | 213.65M | 205.68M | 215.57M | 249.78M | 224.56M | 218.42M | 234.55M | 209.43M | 323.92M | 393.68M | 402.28M | 396.78M | 258.42M | 366.06M | 317.25M | 325.32M | 331.74M |
| OpEx % of Revenue | - | 14.19% | 13.6% | 12.39% | 8.85% | 7.96% | 10.83% | 12.2% | 12.06% | 11.45% | 11.36% | 10.73% | 10.89% | 11.61% | 11.77% | 12.44% | 13% | 12.72% | 11.65% | 10.27% | 8.21% | 7.06% | 7.04% | 8.57% | 8.5% | 8.63% | 7.85% |
| Selling, General & Admin | 287.95M | 381.11M | 365.53M | 355.82M | 366.31M | 322.2M | 314.23M | 291.53M | 319.31M | 198.71M | 204.31M | 195.94M | 206.09M | 240.67M | 216M | 207.86M | 221.19M | 210.21M | 303.4M | 372.75M | 381.55M | 378.01M | 248.29M | 346.58M | 295.49M | 298.58M | 301.35M |
| SG&A % of Revenue | - | 12.9% | 12.38% | 11.34% | 8.23% | 7.53% | 10.15% | 11.05% | 11.15% | 10.95% | 10.86% | 10.22% | 10.41% | 11.18% | 11.32% | 11.84% | 12.26% | 12.77% | 10.91% | 9.72% | 7.79% | 6.72% | 6.76% | 8.11% | 7.91% | 7.92% | 7.13% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.18M | 38.04M | 36.04M | 32.75M | 27.59M | 18.14M | 21.27M | 30.23M | 380K | 822K | 255K | -871K | -325K | -306K | 7K | 8.56M | 10.56M | 0 | -788K | 20.52M | 20.92M | 20.72M | 18.77M | 10.13M | 19.48M | 21.76M | 26.75M |
| Operating Income | 33.67M | 32.48M | 87.57M | 138.45M | 439.09M | 438.08M | 142.24M | 35.15M | -13.29M | 29.99M | 41.85M | 16.79M | 13.54M | -21.3M | 5.51M | -8.27M | -23.88M | -16.27M | -8.99M | -1.73M | 77.53M | 115.66M | 74.81M | 91.41M | 45.78M | 48.19M | 12.43M |
| Operating Margin % | 1.12% | 1.1% | 2.97% | 4.41% | 9.87% | 10.24% | 4.59% | 1.33% | -0.46% | 1.65% | 2.22% | 0.88% | 0.68% | -0.99% | 0.29% | -0.47% | -1.32% | -0.99% | -0.32% | -0.05% | 1.58% | 2.06% | 2.04% | 2.14% | 1.23% | 1.28% | 0.29% |
| Operating Income Growth % | - | -62.91% | -36.75% | -68.47% | 0.23% | 207.98% | 304.62% | 364.59% | -144.3% | -28.34% | 149.25% | 24.04% | 163.55% | -486.66% | 166.61% | 65.36% | -46.8% | -80.94% | -419% | -102.23% | -32.97% | 54.61% | -18.16% | 99.64% | -5% | 287.81% | - |
| EBITDA | 77.68M | 72.39M | 126.06M | 170.49M | 466.7M | 466.27M | 171.14M | 65.39M | 12.54M | 39.02M | 51.19M | 26.53M | 23.01M | -12.18M | 14.07M | 2.29M | -10.51M | 719K | 11.53M | 21.62M | 100.88M | 138.06M | 87.26M | 110.88M | 67.54M | 74.94M | 42.82M |
| EBITDA Margin % | 2.58% | 2.45% | 4.27% | 5.44% | 10.49% | 10.9% | 5.53% | 2.48% | 0.44% | 2.15% | 2.72% | 1.38% | 1.16% | -0.57% | 0.74% | 0.13% | -0.58% | 0.04% | 0.41% | 0.56% | 2.06% | 2.46% | 2.38% | 2.6% | 1.81% | 1.99% | 1.01% |
| EBITDA Growth % | -22.39% | -42.58% | -26.06% | -63.47% | 0.09% | 172.45% | 161.74% | 421.42% | -67.86% | -23.78% | 92.95% | 15.31% | 288.85% | -186.57% | 514.05% | 121.8% | -1562.03% | -93.76% | -46.68% | -78.57% | -26.93% | 58.21% | -21.3% | 64.17% | -9.87% | 75.01% | - |
| D&A (Non-Cash Add-back) | 44.01M | 39.91M | 38.49M | 32.04M | 27.61M | 28.19M | 28.9M | 30.23M | 25.83M | 9.03M | 9.34M | 9.74M | 9.47M | 9.12M | 8.56M | 10.56M | 13.37M | 16.98M | 20.52M | 23.36M | 23.35M | 22.4M | 12.46M | 19.48M | 21.76M | 26.75M | 30.39M |
| EBIT | 30.98M | 32.48M | 90.05M | 105.63M | 437.03M | 439.38M | 142.5M | 32.61M | -12.91M | 30.81M | 42.1M | 15.92M | 13.21M | -21.61M | 5.52M | -7.09M | -20.04M | -24.44M | -9.59M | -1.36M | 72.34M | 115.47M | 72.45M | 91.41M | 45.78M | 48.19M | 12.43M |
| Net Interest Income | -35.84M | -32.35M | -19.36M | -23.75M | -42.27M | -45.51M | -47.41M | -54.22M | -47.3M | -21.23M | -24.9M | -27.34M | -26.77M | -28.02M | -28.16M | -30.51M | -33.79M | -32.46M | -38.55M | -43.66M | -46.16M | -42.31M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 42.85M | 32.35M | 19.36M | 23.75M | 42.27M | 45.51M | 47.41M | 54.22M | 47.3M | 21.23M | 24.9M | 27.34M | 26.77M | 28.02M | 28.16M | 30.51M | 33.79M | 32.46M | 38.55M | 38.55M | 46.16M | 42.31M | 42.31M | 31.12M | 0 | 1.32M | 0 |
| Other Income/Expense | -34.86M | -32.35M | -16.88M | -56.56M | -44.33M | -44.2M | -47.16M | -56.76M | -46.92M | -20.4M | -24.45M | -28.21M | -27.1M | -28.33M | -28.15M | -29.34M | -29.95M | -40.63M | -39.15M | -43.29M | -51.35M | -42.5M | -31.12M | -376K | -348K | -448K | -560K |
| Pretax Income | -1.19M | 129K | 70.69M | 81.89M | 394.76M | 393.88M | 95.08M | -21.61M | -60.21M | 9.59M | 17.21M | -11.42M | -13.56M | -49.63M | -22.64M | -37.6M | -53.83M | -56.9M | -48.14M | -45.02M | 26.18M | 73.16M | 43.69M | 91.03M | 45.44M | 47.74M | 11.87M |
| Pretax Margin % | -0.04% | 0% | 2.39% | 2.61% | 8.87% | 9.21% | 3.07% | -0.82% | -2.1% | 0.53% | 0.91% | -0.6% | -0.69% | -2.31% | -1.19% | -2.14% | -2.98% | -3.46% | -1.73% | -1.17% | 0.53% | 1.3% | 1.19% | 2.13% | 1.22% | 1.27% | 0.28% |
| Income Tax | 760K | -90K | 17.57M | 33.35M | 98.58M | 97.74M | 14.2M | -3.95M | -12.15M | -53.41M | 1.12M | 153K | 312K | -9.01M | 386K | 962K | -589K | 4.56M | -16.43M | -17.08M | 10.35M | 28.56M | 17.78M | 34.88M | 17.6M | 17.6M | -13.76M |
| Effective Tax Rate % | -63.97% | -69.77% | 24.86% | 40.73% | 24.97% | 24.82% | 14.93% | 18.29% | 20.19% | -557.21% | 6.52% | -1.34% | -2.3% | 18.16% | -1.7% | -2.56% | 1.09% | -8.02% | 34.14% | 37.93% | 39.53% | 39.04% | 40.7% | 38.31% | 38.73% | 36.86% | -115.97% |
| Net Income | -1.95M | 219K | 53.12M | 48.54M | 296.18M | 296.13M | 80.88M | -17.66M | -48.05M | 62.99M | 16.09M | -11.58M | -13.87M | -40.62M | -23.03M | -38.57M | -53.24M | -61.46M | -31.7M | -27.95M | 15.83M | 44.6M | 25.91M | 56.15M | 27.84M | 29.27M | 7.24M |
| Net Margin % | -0.06% | 0.01% | 1.8% | 1.55% | 6.66% | 6.92% | 2.61% | -0.67% | -1.68% | 3.47% | 0.86% | -0.6% | -0.7% | -1.89% | -1.21% | -2.2% | -2.95% | -3.73% | -1.14% | -0.73% | 0.32% | 0.79% | 0.71% | 1.31% | 0.75% | 0.78% | 0.17% |
| Net Income Growth % | -106.86% | -99.59% | 9.44% | -83.61% | 0.01% | 266.13% | 558.1% | 63.26% | -176.28% | 291.63% | 238.95% | 16.55% | 65.85% | -76.39% | 40.29% | 27.56% | 13.37% | -93.87% | -13.45% | -276.51% | -64.5% | 72.17% | -53.87% | 101.7% | -4.9% | 304.41% | - |
| Net Income (Continuing) | -1.95M | 219K | 53.12M | 48.54M | 296.18M | 296.13M | 80.88M | -17.66M | -48.05M | 62.99M | 16.09M | -11.58M | -13.87M | -40.62M | -23.03M | -38.57M | -53.24M | -61.46M | -31.7M | -27.95M | 15.83M | 44.6M | 25.91M | 56.15M | 27.84M | 29.27M | 7.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.25 | 0.03 | 6.19 | 5.39 | 31.51 | 29.99 | 8.55 | -1.89 | -5.21 | 6.81 | 1.77 | -1.32 | -1.61 | -5.07 | -3.83 | -8.20 | -15.35 | -17.53 | -9.02 | -8.01 | 4.51 | 12.91 | 9.02 | 25.73 | 12.76 | 13.42 | 3.32 |
| EPS Growth % | -107.14% | -99.55% | 14.84% | -82.89% | 5.07% | 250.76% | 552.38% | 63.72% | -176.51% | 284.75% | 234.09% | 18.01% | 68.24% | -32.38% | 53.29% | 46.58% | 12.44% | -94.35% | -12.61% | -277.61% | -65.07% | 43.13% | -64.94% | 101.65% | -4.92% | 304.22% | - |
| EPS (Basic) | - | 0.03 | 6.22 | 5.40 | 31.75 | 30.80 | 8.58 | -1.89 | -5.21 | 6.96 | 1.80 | -1.32 | -1.61 | -5.07 | -3.83 | -8.20 | -15.35 | -17.53 | -9.02 | -8.01 | 4.60 | 13.09 | 9.64 | 27.44 | 13.60 | 14.31 | 3.54 |
| Diluted Shares Outstanding | 7.86M | 7.95M | 8.57M | 8.99M | 9.4M | 9.87M | 9.46M | 9.34M | 9.22M | 9.25M | 9.09M | 8.75M | 8.6M | 8.02M | 6.01M | 4.7M | 3.47M | 3.51M | 3.51M | 3.49M | 3.48M | 3.45M | 2.29M | 2.18M | 2.18M | 2.18M | 2.18M |
| Basic Shares Outstanding | 7.81M | 7.89M | 8.53M | 8.99M | 9.33M | 9.61M | 9.43M | 9.34M | 9.22M | 9.04M | 8.94M | 8.75M | 8.6M | 8.02M | 6.01M | 4.7M | 3.47M | 3.51M | 3.51M | 3.49M | 3.46M | 3.41M | 2.15M | 2.05M | 2.05M | 2.05M | 2.05M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 97.27% | 33.86% | - | - | - | - | - |
Quick answers to the most common questions about buying BXC stock.
For fiscal year 2025, BlueLinx Holdings Inc. (BXC) reported total revenue of $2.95B. This represents a 30.1% decline compared to $4.22B in 2000.
BlueLinx Holdings Inc. (BXC) is profitable, generating $0.2M in net income for the fiscal year ending 2025 with a net profit margin of 0.0%.
BlueLinx Holdings Inc. (BXC) reported an operating income of $32.5M, resulting in an operating profit margin of 1.1%. This margin reflects the operational efficiency of the business before interest and taxes.
BlueLinx Holdings Inc. (BXC) generated $451.6M in gross profit for the year, representing a gross profit margin of 15.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Near-zero net margin vulnerability
Metrics are mathematically derived from official filings.
Stagnant Top Line Amid Housing Headwinds
Revenue growth has been essentially flat, with 2026Q2 showing only 4.4% YoY growth, according to the latest quarterly report, suggesting limited organic expansion in a challenging housing market.
The company's revenue has hovered around $700-$800 million per quarter over the past two years, with the most recent quarter showing a modest 4.4% YoY increase. This stagnation appears to reflect the cyclical downturn in housing starts and remodeling activity, which are primary demand drivers. The lack of meaningful growth, despite a slight uptick in the latest quarter, indicates that BXC is struggling to gain traction in a soft demand environment, and investors should monitor whether this is a temporary stabilization or a prolonged plateau.
Gross Margin Recovery but Still Thin
Gross margin improved to 17.2% in 2026Q2, up from 15.3% a year earlier, as reported in the financial statements, yet remains structurally low for a distributor, limiting pricing power.
The gross margin expansion in the latest quarter is a positive sign, likely driven by a favorable mix shift toward specialty products and better inventory management. However, at 17.2%, the margin is still well below that of integrated peers like Builders FirstSource (29.0%) and Installed Building Products (34.0%), reflecting BXC's role as a wholesale intermediary. The thin gross margin leaves little room for error, and any commodity price volatility or competitive pressure could quickly erode profitability.
Operating Leverage Remains Elusive
Operating income swung from a loss of $3.2M in 2025Q4 to a profit of $20.6M in 2026Q2, but SG&A costs have remained sticky, as per the income statement, limiting operating leverage.
Despite a 13.7% sequential revenue increase in 2026Q2, operating income grew disproportionately, indicating some operating leverage. However, SG&A expenses have been relatively stable around $90-$100 million per quarter, suggesting that fixed costs are not scaling down with revenue declines. The company's operating margin of 2.5% in 2026Q2 is still razor-thin, and the inability to meaningfully reduce overhead during downturns leaves BXC vulnerable to margin compression if volumes falter.
EPS Beat Masks Underlying Fragility
Q2 2026 EPS of $0.81 beat consensus by a wide margin, but net income of $6.4M represents a net margin of just 0.8%, as per the income statement, indicating fragile earnings quality.
The EPS beat is notable, but the absolute level of profitability remains extremely low, with net income barely above break-even. Stock-based compensation of $3.2M in the quarter is a modest drag, but the larger concern is the near-zero net margin, which leaves no cushion for operational hiccups. The earnings quality appears weak, as the beat may be driven by one-time factors such as inventory gains or favorable vendor rebates, which may not be sustainable. Investors should scrutinize the sustainability of this earnings level given the mixed guidance tone.
COGS Dominates, SG&A Sticky
COGS accounted for 82.8% of revenue in 2026Q2, as reported in the financial statements, while SG&A remained flat at around $96M, highlighting the challenge of cost control in a commodity-driven business.
The cost structure is heavily weighted toward COGS, which is typical for a distributor but leaves BXC exposed to commodity price swings. SG&A expenses have been remarkably stable, even as revenue fluctuates, indicating that management has limited flexibility to cut fixed costs in a downturn. The company's ability to improve profitability hinges on either increasing gross margins through a specialty mix shift or achieving greater SG&A efficiency, both of which appear challenging in the current environment.
Near-Zero Margin Leaves No Room for Error
Despite the Q2 2026 EPS beat, net margin is just 0.8%, and the company has posted losses in two of the last four quarters, as per the income statement, suggesting the business is highly vulnerable to any adverse shift.
Short-sellers would likely focus on the razor-thin net margin, which has been at or near zero for several quarters. The company's operating income has been volatile, swinging from a loss in 2025Q4 to a modest profit in 2026Q2, indicating that profitability is not stable. With revenue growth stagnant and commodity prices potentially declining, BXC could easily slip back into losses. The mixed guidance from management further suggests that the recent beat may not be repeatable, and the market should be cautious about extrapolating this performance.