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Industrial distribution · Industrials · Fiscal year ends Dec 31
Boise Cascade reported revenue of $6.4B in the fiscal year ended Dec 2025, down 4.8% from the year before. Operating income was $183M, an operating margin of 2.9%, and net income was $133M. Operating cash flow of $254M less capital expenditure of $241M left free cash flow of $13M. It held more cash than debt (net cash $32M).
Ranks among the 15 industrial distribution companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 7,926 | 8,387 | 6,838 | 6,724 | 6,405 |
| Cost of revenue | 6,300 | 6,473 | 5,409 | 5,394 | 5,351 |
| Gross profit | 1,626 | 1,915 | 1,429 | 1,331 | 1,054 |
| Selling, general & admin | 574 | 657 | 674 | 697 | 716 |
| Operating income | 972 | 1,158 | 624 | 490 | 183 |
| Interest expense | 24.8 | 25.4 | 25.5 | 24.1 | 21.8 |
| Pre-tax income | 949 | 1,146 | 645 | 502 | 180 |
| Income tax | 236 | 289 | 161 | 125 | 47.1 |
| Net income | 712 | 858 | 484 | 376 | 133 |
| Diluted EPS | 17.97 | 21.56 | 12.12 | 9.57 | 3.53 |
| Diluted shares | 39.6 | 39.8 | 39.9 | 39.3 | 37.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 749 | 998 | 950 | 713 | 477 |
| Receivables | 444 | 297 | – | – | – |
| Inventory | 661 | 698 | 712 | 803 | 796 |
| Current assets | 1,886 | 2,064 | 2,057 | 1,886 | 1,654 |
| Net PP&E | 495 | 770 | 933 | 1,047 | 1,157 |
| Goodwill | 60.4 | 138 | 170 | 172 | 185 |
| Total assets | 2,573 | 3,241 | 3,459 | 3,369 | 3,242 |
| Payables | 335 | 270 | – | – | – |
| Current liabilities | 641 | 546 | 594 | 564 | 493 |
| Long-term debt | 445 | 444 | 445 | 446 | 445 |
| Total liabilities | 1,220 | 1,183 | 1,263 | 1,218 | 1,167 |
| Shareholders' equity | 1,353 | 2,058 | 2,196 | 2,151 | 2,075 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 667 | 1,041 | 687 | 438 | 254 |
| Capital expenditure | 107 | 114 | 215 | 230 | 241 |
| Free cash flow | 560 | 927 | 472 | 209 | 12.7 |
| Depreciation & amortisation | 80.8 | 102 | 132 | 144 | 158 |
| Stock-based compensation | 7.9 | 11.9 | 15.4 | 15.5 | 12.1 |
| Acquisitions | 0.0 | 515 | 163 | 10.2 | 33.4 |
| Share buybacks | 0.0 | 0.0 | 6.4 | 195 | 183 |
| Dividends paid | 214 | 160 | 346 | 229 | 34.6 |
| Dividend per share | 5.42 | 4.01 | 8.70 | 5.82 | 0.86 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.8% | −18.5% | −1.7% | −4.8% |
| Operating income growth (YoY) | – | 19.1% | −46.1% | −21.5% | −62.6% |
| EPS growth (YoY) | – | 20.0% | −43.8% | −21.0% | −63.1% |
| Gross margin | 20.5% | 22.8% | 20.9% | 19.8% | 16.5% |
| Operating margin | 12.3% | 13.8% | 9.1% | 7.3% | 2.9% |
| Net margin | 9.0% | 10.2% | 7.1% | 5.6% | 2.1% |
| Return on equityBlank when equity is negative | 52.7% | 41.7% | 22.0% | 17.5% | 6.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 50.3% | 43.0% | 21.8% | 17.5% | 6.7% |
| Free cash flow margin | 7.1% | 11.1% | 6.9% | 3.1% | 0.2% |
| Cash conversion (CFO ÷ net income) | 0.94x | 1.21x | 1.42x | 1.16x | 1.91x |
| Receivable days | 20 | 13 | – | – | – |
| Inventory days | 38 | 39 | 48 | 54 | 54 |
| Payable days | 19 | 15 | – | – | – |
| Interest cover | 39.2x | 45.6x | 24.5x | 20.4x | 8.39x |
| Debt ÷ equity | 0.33x | 0.22x | 0.20x | 0.21x | 0.21x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −304 | −554 | −504 | −267 | −31.8 |
| Current ratio | 2.94x | 3.78x | 3.46x | 3.34x | 3.36x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.