Operating margins have compressed to 5.9% in 2026Q1 from a 23.8% peak in 2024Q2, reflecting significant negative operating leverage as revenue fell to $574 million.
| 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 | 2.56B | 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 % | -12.96% | -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 | 2.05B | 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 | 507M | 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 % | 19.81% | 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 | 366M | 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 | 331M | 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 | 1M | 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 | 138M | 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 % | 5.39% | 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 | 246M | 404M | 655M | 406M | 1.38B | 1.85B | 722M | 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 % | 9.61% | 14.92% | 22.27% | 15.73% | 35.78% | 47.2% | 30.1% | 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 % | -61.2% | -38.32% | 61.33% | -70.56% | -25.38% | 155.96% | 600.97% | -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) | 108M | 145M | 125M | 119M | 129M | 114M | 107M | 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 | 105M | 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 | 0 | 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 | 9M | 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 | -23M | -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 | 115M | 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 % | 4.49% | 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 | 15M | 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 % | 13.04% | 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 | 82M | 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 % | 3.2% | 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 % | -79.65% | -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) | 82M | 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) | 1.17 | 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 % | -79.23% | -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% | - | - |
Cyclical OSB Price Volatility
As reported in recent financial filings, LPX experienced a significant revenue decline, with the most recent quarter showing a 20.7% year-over-year contraction to $574 million, signaling that the post-pandemic housing demand surge has largely normalized across the company's core OSB and engineered wood segments.
The sharp deceleration in top-line growth suggests that the company is struggling to offset the impact of lower commodity pricing with its specialty siding volumes. Investors should monitor whether the current revenue floor holds as interest rate sensitivity continues to weigh on new residential construction starts.
Based on the provided income statement data, gross margins have compressed significantly from a peak of 32.3% in 2024Q2 to 20.0% in 2026Q1, reflecting the inherent difficulty of maintaining premium pricing power when OSB market realizations face persistent downward pressure.
The erosion of gross margins indicates that the company's specialty siding mix has not yet fully insulated the bottom line from commodity volatility. This trend warrants further investigation into whether the current margin level represents a structural floor or if further contraction is likely in a high-rate environment.
According to the latest quarterly figures, operating margins have narrowed to 5.9% from a high of 23.8% in 2024Q2, demonstrating that the company's high-fixed-cost manufacturing model is currently experiencing significant negative operating leverage as revenue volumes decline across its primary business segments.
The inability to scale SG&A efficiencies in line with revenue drops suggests that the company's cost structure remains heavily tied to production throughput. Analysts should evaluate whether management can implement further cost-rationalization measures to protect operating income if the current demand environment persists.
Data from the most recent income statements indicates that net income has fallen to $27 million in 2026Q1, down from $160 million in 2024Q2, raising concerns about the durability of earnings if the company cannot successfully pivot away from its reliance on cyclical OSB pricing.
Short-term observers may focus on the volatility of EPS, which dropped to $0.39 in the latest quarter, as evidence that the company remains a price-taker rather than a branded specialty manufacturer. The market may be underestimating the risk of further earnings degradation if housing starts remain suppressed by elevated mortgage rates.
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.