Revenue and margins have contracted sharply from the 2024Q2 peak, with gross margin falling from 32.3% to 16.6% and net margin shifting from 19.7% to 3.3% as commodity panel pricing dominated results.
Louisiana-Pacific Corporation (LPX) annual income statement — 30-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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.5B | 2.71B | 2.94B | 2.58B | 3.85B | 3.92B | 2.4B | 2.31B | 2.83B | 2.73B | 2.23B | 1.89B | 1.93B | 2.09B | 1.72B | 1.36B | 1.38B | 1.05B | 1.38B | 1.7B | 2.24B | 2.6B | 2.85B | 2.3B | 1.94B | 2.36B | 2.93B | 2.88B | 2.3B | 2.4B | 2.49B |
| Revenue Growth % | -11.55% | -7.92% | 13.95% | -33.03% | -1.56% | 63.19% | 3.85% | -18.32% | 3.44% | 22.41% | 18.01% | -2.19% | -7.21% | 21.53% | 26.45% | -1.93% | 31.18% | -23.36% | -19.28% | -23.72% | -14% | -8.79% | 23.88% | 18.4% | -17.67% | -19.54% | 1.88% | 25.31% | -4.39% | -3.36% | -12.56% |
| Cost of Goods Sold | 2.06B | 2.12B | 2.11B | 1.99B | 2.35B | 1.95B | 1.57B | 2.01B | 2.08B | 1.88B | 1.72B | 1.68B | 1.76B | 1.64B | 1.4B | 1.24B | 1.19B | 994.5M | 1.4B | 1.67B | 1.83B | 1.78B | 1.74B | 1.53B | 1.62B | 2.12B | 2.36B | 2.08B | 1.85B | 2.14B | 2.12B |
| COGS % of Revenue | - | 78.25% | 71.74% | 77.02% | 61.11% | 49.86% | 65.28% | 86.88% | 73.69% | 68.84% | 77.19% | 88.91% | 90.85% | 78.5% | 81.78% | 91.7% | 85.86% | 94.29% | 102.08% | 97.81% | 81.73% | 68.62% | 61.13% | 66.55% | 83.37% | 89.93% | 80.56% | 72.26% | 80.7% | 89.02% | 85.42% |
| Gross Profit | 431M | 589M | 831M | 593M | 1.5B | 1.96B | 833M | 303M | 744M | 851.9M | 509.4M | 209.8M | 177M | 448.3M | 312.7M | 112.6M | 195.7M | 60.2M | -28.6M | 37.3M | 408.3M | 815.6M | 1.11B | 769.5M | 323M | 237.6M | 570.2M | 798.5M | 443.3M | 263.8M | 362.5M |
| Gross Margin % | 17.27% | 21.75% | 28.26% | 22.98% | 38.89% | 50.14% | 34.72% | 13.12% | 26.31% | 31.16% | 22.81% | 11.09% | 9.15% | 21.5% | 18.22% | 8.3% | 14.14% | 5.71% | -2.08% | 2.19% | 18.27% | 31.38% | 38.87% | 33.45% | 16.63% | 10.07% | 19.44% | 27.74% | 19.3% | 10.98% | 14.58% |
| Gross Profit Growth % | - | -29.12% | 40.13% | -60.44% | -23.64% | 135.65% | 174.92% | -59.27% | -12.67% | 67.24% | 142.8% | 18.53% | -60.52% | 43.36% | 177.71% | -42.46% | 225.08% | 310.49% | -176.68% | -90.86% | -49.94% | -26.37% | 43.95% | 138.24% | 35.94% | -58.33% | -28.59% | 80.13% | 68.04% | -27.23% | -38.86% |
| Operating Expenses | 328M | 330M | 301M | 306M | 249M | 229M | 218M | 323M | 207.1M | 321.7M | 313.8M | 271M | 257.7M | 245.3M | 200.4M | 264M | 200.8M | 194.4M | 615M | 303.7M | 298.1M | 294M | 356.8M | 199.2M | 277.7M | 469.3M | 470.2M | 421.4M | 368.7M | 352.3M | 331.5M |
| OpEx % of Revenue | - | 12.19% | 10.23% | 11.86% | 6.46% | 5.85% | 9.09% | 13.98% | 7.32% | 11.77% | 14.05% | 14.32% | 13.32% | 11.76% | 11.68% | 19.46% | 14.51% | 18.43% | 44.69% | 17.81% | 13.34% | 11.31% | 12.52% | 8.66% | 14.29% | 19.89% | 16.03% | 14.64% | 16.05% | 14.66% | 13.33% |
| Selling, General & Admin | 313M | 329M | 291M | 257M | 270M | 224M | 196M | 230M | 209M | 190.4M | 183.6M | 152.8M | 149.5M | 150.2M | 129.4M | 111.2M | 118.8M | 114.4M | 232.1M | 139M | 166.8M | 151.3M | 166.2M | 182.4M | 181.4M | 164.4M | 234.7M | 219.4M | 183.3M | 168.4M | 139.7M |
| SG&A % of Revenue | - | 12.15% | 9.89% | 9.96% | 7.01% | 5.72% | 8.17% | 9.96% | 7.39% | 6.96% | 8.22% | 8.07% | 7.73% | 7.2% | 7.54% | 8.2% | 8.59% | 10.85% | 16.87% | 8.15% | 7.46% | 5.82% | 5.83% | 7.93% | 9.34% | 6.97% | 8% | 7.62% | 7.98% | 7.01% | 5.62% |
| Research & Development | 0 | 0 | 1M | 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 | 0 |
| R&D % of Revenue | - | - | 0.03% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 1M | 9M | 49M | -21M | 5M | 22M | 93M | -3.9M | 1M | -15.2M | -5.3M | -3.1M | 29.5M | -34.9M | 78.9M | 82M | 80M | 382.9M | 164.7M | 131.3M | 142.7M | 190.6M | 16.8M | 96.3M | 304.9M | 235.5M | 202M | 185.4M | 183.9M | 191.8M |
| Operating Income | 103M | 259M | 530M | 287M | 1.25B | 1.73B | 615M | -20M | 526.1M | 523.4M | 204M | -63.3M | -77.6M | 202.8M | 107.4M | -140.2M | -7.6M | -133.3M | -643.6M | -266.4M | 110.2M | 521.6M | 750.9M | 570.3M | 45.3M | -231.7M | 100M | 377.1M | 74.6M | -88.5M | 31M |
| Operating Margin % | 4.13% | 9.56% | 18.02% | 11.12% | 32.43% | 44.29% | 25.64% | -0.87% | 18.6% | 19.14% | 9.13% | -3.34% | -4.01% | 9.73% | 6.26% | -10.33% | -0.55% | -12.64% | -46.77% | -15.63% | 4.93% | 20.07% | 26.35% | 24.79% | 2.33% | -9.82% | 3.41% | 13.1% | 3.25% | -3.68% | 1.25% |
| Operating Income Growth % | - | -51.13% | 84.67% | -77.04% | -27.91% | 181.95% | 3175% | -103.8% | 0.52% | 156.57% | 422.27% | 18.43% | -138.26% | 88.83% | 176.6% | -1744.74% | 94.3% | 79.29% | -141.59% | -341.74% | -78.87% | -30.54% | 31.67% | 1158.94% | 119.55% | -331.7% | -73.48% | 405.5% | 184.29% | -385.48% | -88.47% |
| EBITDA | 256M | 404M | 656M | 406M | 1.38B | 1.85B | 726M | 103M | 646.1M | 646.7M | 316.8M | 38.6M | 23.1M | 294.1M | 181.3M | -61.3M | 74.4M | -53.3M | -543.2M | -156.6M | 238.2M | 656.7M | 896M | 711.6M | 202.9M | -36.5M | 335.5M | 579.1M | 260M | 95.4M | 222.8M |
| EBITDA Margin % | 10.26% | 14.92% | 22.31% | 15.73% | 35.86% | 47.33% | 30.26% | 4.46% | 22.85% | 23.65% | 14.18% | 2.04% | 1.19% | 14.1% | 10.57% | -4.52% | 5.38% | -5.05% | -39.47% | -9.19% | 10.66% | 25.27% | 31.45% | 30.94% | 10.44% | -1.55% | 11.44% | 20.12% | 11.32% | 3.97% | 8.96% |
| EBITDA Growth % | -40.74% | -38.41% | 61.58% | -70.62% | -25.42% | 155.23% | 604.85% | -84.06% | -0.09% | 104.14% | 720.73% | 67.1% | -92.15% | 62.22% | 395.76% | -182.39% | 239.59% | 90.19% | -246.87% | -165.74% | -63.73% | -26.71% | 25.91% | 250.71% | 655.89% | -110.88% | -42.07% | 122.73% | 172.54% | -57.18% | -52.75% |
| D&A (Non-Cash Add-back) | 153M | 145M | 126M | 119M | 132M | 119M | 111M | 123M | 120M | 123.3M | 112.8M | 101.9M | 100.7M | 91.3M | 73.9M | 78.9M | 82M | 80M | 100.4M | 109.8M | 128M | 135.1M | 145.1M | 141.3M | 157.6M | 195.2M | 235.5M | 202M | 185.4M | 183.9M | 191.8M |
| EBIT | 90M | 209M | 534M | 261M | 1.23B | 1.74B | 646M | -6M | 539M | 529.5M | 195.9M | -64.2M | -75.2M | 241.2M | 82.6M | -135.4M | 12.9M | -97.9M | -704.2M | -266.4M | 124M | 520.1M | 745.4M | 565.2M | 73.9M | -161.6M | 62.9M | 377.7M | 73.2M | -89.3M | 31M |
| Net Interest Income | 3M | 2M | 8M | 4M | 3M | -13M | -17M | -10M | 1.8M | -8.8M | -23.9M | -31.2M | -29.8M | -36M | -49.3M | -56.9M | -63.9M | -74.6M | -49.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 12M | 16M | 22M | 18M | 14M | 1M | 2M | 7M | 17.6M | 10.5M | 8.2M | 0 | 0 | 0 | 0 | 0 | 0 | 26.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9M | 14M | 14M | 14M | 11M | 14M | 19M | 17M | 15.8M | 19.3M | 32.1M | 31.2M | 29.8M | 36M | 49.3M | 56.9M | 63.9M | 71.6M | 49.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -14M | -63M | 30M | -35M | -91M | -30M | -9M | -3M | -2M | -13.2M | -45.3M | -32.1M | -27.4M | 3.8M | -66.2M | -49.6M | -40.3M | -36.2M | -109.7M | -40.7M | 43.8M | 14.8M | -50.5M | -60.3M | -62.5M | -52.3M | -44.3M | -21.4M | -55.4M | -56.1M | -357.3M |
| Pretax Income | 89M | 196M | 560M | 252M | 1.16B | 1.7B | 606M | -23M | 524M | 510.2M | 164.9M | -95.4M | -105M | 206.6M | 38M | -169.4M | -47.9M | -169.4M | -753.3M | -270.6M | 154M | 536.4M | 703.2M | 517.1M | -20.9M | -289.1M | -25.3M | 356.3M | 17.8M | -145.4M | -326.3M |
| Pretax Margin % | 3.57% | 7.24% | 19.04% | 9.76% | 30.07% | 43.52% | 25.26% | -1% | 18.53% | 18.66% | 7.38% | -5.04% | -5.43% | 9.91% | 2.21% | -12.48% | -3.46% | -16.06% | -54.74% | -15.87% | 6.89% | 20.64% | 24.68% | 22.48% | -1.08% | -12.25% | -0.86% | 12.38% | 0.77% | -6.05% | -13.13% |
| Income Tax | 21M | 50M | 140M | 74M | 274M | 402M | 121M | -13M | 122.3M | 119.1M | 19.8M | -2.7M | -27.2M | 41.1M | 7.6M | -33.2M | -22.1M | -63.4M | -202M | -133.4M | 24.2M | 61.3M | 279.7M | 233.1M | 4.3M | -112.4M | -11.5M | 139.5M | 15.8M | -43.6M | -125.6M |
| Effective Tax Rate % | 23.6% | 25.51% | 25% | 29.37% | 23.64% | 23.59% | 19.97% | 56.52% | 23.34% | 23.34% | 12.01% | 2.83% | 25.9% | 19.89% | 20% | 19.6% | 46.14% | 37.43% | 26.82% | 49.3% | 15.71% | 11.43% | 39.78% | 45.08% | -20.57% | 38.88% | 45.45% | 39.15% | 88.76% | 29.99% | 38.49% |
| Net Income | 68M | 146M | 420M | 178M | 1.09B | 1.38B | 499M | -5M | 394.6M | 389.8M | 149.8M | -88.1M | -75.4M | 177.1M | 28.8M | -170.7M | -39M | -121.4M | -578.8M | -179.9M | 123.7M | 455.5M | 420.7M | 272.5M | -62M | -171.6M | -13.8M | 216.8M | 2M | -101.8M | -200.7M |
| Net Margin % | 2.72% | 5.39% | 14.28% | 6.9% | 28.18% | 35.17% | 20.8% | -0.22% | 13.95% | 14.26% | 6.71% | -4.66% | -3.9% | 8.49% | 1.68% | -12.58% | -2.82% | -11.51% | -42.06% | -10.55% | 5.53% | 17.53% | 14.76% | 11.85% | -3.19% | -7.27% | -0.47% | 7.53% | 0.09% | -4.24% | -8.07% |
| Net Income Growth % | -68.52% | -65.24% | 135.96% | -83.61% | -21.13% | 175.95% | 10080% | -101.27% | 1.23% | 160.21% | 270.03% | -16.84% | -142.57% | 514.93% | 116.87% | -337.69% | 67.87% | 79.03% | -221.73% | -245.43% | -72.84% | 8.27% | 54.39% | 539.52% | 63.87% | -1143.48% | -106.37% | 10740% | 101.96% | 49.28% | -288.2% |
| Net Income (Continuing) | 68M | 146M | 420M | 178M | 885M | 1.3B | 485M | -10M | 401.7M | 391.1M | 150.3M | -86M | -73.4M | 177.4M | 30.4M | -145M | -25.8M | -116.5M | -551.3M | -155.3M | 129.8M | 474.9M | 416.4M | 280.7M | -3.8M | -128.8M | 6.6M | 216.8M | 2M | -101.8M | -200.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 198M | 71M | 12M | 0 | -4.2M | 0 | 0 | 0 | 0 | 0 | -3.3M | -9.2M | -6.4M | -5.3M | -14.1M | 0 | -1.8M | 0 | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 4M | 10M | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.8M | 21.1M | 18.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.97 | 2.08 | 5.89 | 2.47 | 11.90 | 14.05 | 4.46 | -0.08 | 2.73 | 2.66 | 1.03 | -0.62 | -0.53 | 1.23 | 0.20 | -1.28 | -0.30 | -1.12 | -5.62 | -1.73 | 1.17 | 4.15 | 3.84 | 2.56 | -0.59 | -1.64 | -0.13 | 2.04 | 0.02 | -0.94 | -1.87 |
| EPS Growth % | -68.28% | -64.69% | 138.46% | -79.24% | -15.3% | 215.02% | 5585.85% | -102.98% | 2.63% | 158.25% | 266.13% | -16.98% | -143.09% | 515% | 115.63% | -326.67% | 73.21% | 80.07% | -224.86% | -247.86% | -71.81% | 8.07% | 50% | 533.9% | 64.02% | -1161.54% | -106.37% | 10986.96% | 101.96% | 49.73% | -289.58% |
| EPS (Basic) | - | 2.09 | 5.91 | 2.47 | 11.90 | 14.20 | 4.50 | -0.08 | 2.76 | 2.70 | 1.04 | -0.62 | -0.53 | 1.27 | 0.21 | -1.28 | -0.30 | -1.12 | -5.62 | -1.73 | 1.18 | 4.18 | 3.88 | 2.58 | -0.59 | -1.64 | -0.13 | 2.04 | 0.02 | -0.94 | -1.87 |
| Diluted Shares Outstanding | 70M | 70M | 71M | 72M | 78M | 98M | 112M | 123M | 144.4M | 146M | 145.3M | 142.4M | 141.1M | 144.3M | 142.6M | 133.2M | 129.1M | 108.4M | 102.9M | 103.7M | 105.5M | 109.7M | 109.6M | 106.5M | 104.6M | 104.4M | 104.1M | 106.2M | 108.6M | 108.3M | 107.33M |
| Basic Shares Outstanding | 70M | 70M | 71M | 72M | 78M | 97M | 111M | 123M | 143M | 144M | 143.4M | 142.4M | 141.1M | 139.6M | 137.1M | 133.2M | 129.1M | 108.4M | 102.9M | 103.7M | 105.1M | 109M | 108.3M | 105.5M | 104.6M | 104.4M | 104.1M | 106.2M | 108.4M | 108.3M | 107.33M |
| Dividend Payout Ratio | - | 53.42% | 17.62% | 38.76% | 6.35% | 4.79% | 13.03% | - | 18.85% | - | - | - | - | - | - | - | - | - | - | - | 51.09% | 11.42% | 7.75% | - | - | - | - | 27.31% | 3035% | - | - |
Quick answers to the most common questions about buying LPX stock.
For fiscal year 2025, Louisiana-Pacific Corporation (LPX) reported total revenue of $2.71B. This represents a 8.9% increase compared to $2.49B in 1996.
Louisiana-Pacific Corporation (LPX) is profitable, generating $146.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.4%.
Louisiana-Pacific Corporation (LPX) reported an operating income of $259.0M, resulting in an operating profit margin of 9.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Louisiana-Pacific Corporation (LPX) generated $589.0M in gross profit for the year, representing a gross profit margin of 21.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
OSB price and volume volatility
Metrics are mathematically derived from official filings.
Revenue Rolling Over From Peak
Based on reported quarterly figures, LPX revenue fell from $814.0M in 2024Q2 to $574.0M in 2026Q1, a roughly 30% peak-to-trough decline that suggests the post-pandemic housing demand cycle has largely normalized across its core OSB business. Investors should monitor whether the Siding segment can offset this contraction.
The sequential decline in revenue across most of the ten-quarter window points to a cyclical downturn rather than a company-specific demand break, as OSB realizations appear to be the dominant swing factor. The 2026Q3 rebound to $691.0M suggests some seasonal or pricing recovery, but a single quarter is insufficient to confirm a durable turn. The forward guidance of $460-470M would imply a sharp sequential drop, which may indicate that the recovery is fragile or that management is guiding conservatively.
Gross Margin Compressing Toward Mid-Teens
As reported in financial statements, LPX gross margin compressed from 32.3% in 2024Q2 to 16.6% in 2026Q3, a structural-looking reset that suggests commodity panel pricing is doing most of the work on profitability rather than specialty mix gains.
A compression of more than 15 percentage points is too large to be explained by Siding mix alone, implying that OSB realizations and raw fiber costs are dominating the gross profit line. The recovery from 15.0% in 2025Q4 to 20.0% in 2026Q1 indicates the margin floor is volatile rather than stable, which argues against treating Siding as a fully insulating hedge. Investors should monitor whether gross margin can hold above the mid-teens if OSB pricing stays weak.
Operating Leverage Working in Reverse
Based on LPX's reported figures, operating margin fell from 23.8% in 2024Q2 to 4.2% in 2026Q3 as SG&A held near $76M to $95M per quarter, indicating that fixed overhead is absorbing a growing share of a shrinking gross profit base.
Because gross profit dropped faster than SG&A, the cost base is behaving as a fixed-cost drag on earnings, consistent with a high-fixed-cost manufacturing model. The 2025Q3 SG&A spike to $95M against $115-129M gross profit illustrates how thin the cushion has become. This suggests the earnings base is highly sensitive to any further revenue or price erosion.
Net Income Swings Track Mix, Not Trend
According to recent SEC filings, LPX net income moved from $160M in 2024Q2 to a loss of $8M in 2025Q4 and back to $23M in 2026Q3, a volatility pattern that is more consistent with commodity timing than with a change in underlying earnings power.
Diluted EPS of $0.32 in 2026Q3 against an operating income of $29M implies a meaningful gap between operating and net results, which warrants review of non-operating items and tax effects in the filings. Stock-based compensation remains small relative to revenue, so it does not appear to distort earnings quality materially. The reported figures alone do not establish the cause of the swings, and further investigation of the tax and non-operating lines is warranted.
Siding Narrative Faces Real Test
The strongest bear case is that the Siding growth thesis has not yet shown up in the reported numbers, as consolidated gross margin and revenue continue to track OSB cyclicality rather than a specialty mix shift.
Short-sellers would likely argue that the Siding pivot is priced into the stock while reported margins still fall in line with commodity peers such as West Fraser and BlueLinx, which show negative or thin operating margins. Management's expectation of Siding volume growth in Q3 has not yet been verified against segment-level disclosures, and the forward revenue guide implies a decline that could signal broader end-market weakness. Investors should treat the Siding recovery as unproven until segment margins are disclosed separately.