UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35805 Boise Cascade Company (Exact name of registrant as specified in its charter) Delaware 20-1496201 (State or other jurisdiction of incorporation ...

Management attributed part of the quarter’s weakness to seasonality, with sequential volume declines in both divisions. The quarter also included an approximately $6 million accrual tied to legal proceedings in the Building Materials Distribution (BMD) segment, which CFO Kelly Hibbs said reduced earnings by about $0.16 per share after tax .In the fourth quarter, Jorgensen said total U.S. housing starts and single-family housing starts increased 4% and 7%, respectively, versus the prior-year quarter. Boise C ...

In Wood Products, prices stabilized while wood markets, like commodities, other commodities continue to experience weak pricing due to soft demand. Despite market challenges, we delivered solid earnings for the quarter. As announced in December, I will retire next week after 10 years with Boise Cascade, including 6 as CEO and has been an honor and privilege to serve in this role. Jeff's transitioned into the CEO role reflects our deliberate and purposeful succession planning. I have great confidence in Jeff ...

Financial Data and Key Metrics Changes - Full-year net income for 2025 was $132.8 million, or $3.53 per share, compared to $68.9 million, or $1.78 per share in the fourth quarter of 2024 [4][6] - Consolidated fourth-quarter sales were $1.5 billion, down 7% from the fourth quarter of 2024 [5][6] - Fourth-quarter net income was $8.7 million, or $0.24 per share, compared to $68.9 million, or $1.78 per share in the year-ago quarter [6][7] Business Line Data and Key Metrics Changes - Building Materials Distribution (BMD) sales in the fourth quarter were $1.4 billion, down 5% from the fourth quarter of 2024, with segment EBITDA of $56.4 million compared to $84.5 million in the prior year [8][9] - Wood Products sales in the fourth quarter were $354 million, down 16% compared to the fourth quarter of 2024, with segment EBITDA of $12.3 million compared to $56.6 million in the year-ago quarter [8][9] Market Data and Key Metrics Changes - Total U.S. housing starts increased by 4% year-over-year, while single-family housing starts increased by 7% [5] - Plywood sales volume was 354 million feet, down from 371 million feet in the fourth quarter of 2024, with average net sales price down 6% year-over-year [14][15] Company Strategy and Development Direction - The company is focused on expanding its distribution business and enhancing EWP production capabilities, with significant investments made in the last three years [4][16] - The acquisition of Holden Humphrey is expected to enhance the company's footprint and product offerings in the Northeast region [20][79] Management's Comments on Operating Environment and Future Outlook - Management noted that single-family starts fell short of 2024 levels by approximately 7% and are expected to be flat or modestly down in 2026 due to affordability challenges [20][21] - The company remains confident in long-term demand drivers for residential construction, including persistent undersupply of housing and high levels of homeowner equity [22][23] Other Important Information - The company repurchased approximately $181 million of common stock in 2025, including $70 million in the fourth quarter [16] - Capital expenditures for 2025 were $241 million, with expectations for 2026 spending between $150 million and $170 million [15][16] Q&A Session Summary Question: Can you talk about the share gains in the general line within BMD? - Management noted strong demand for general line products, achieving an all-time high in 2025, with continued growth expected [28] Question: How is the channel positioned for EWP as builders target low single-digit volume growth? - Management indicated that restocking has begun in Q1, and they are aligned with strong partners on the builder and dealer side [31] Question: What areas will the new CEO focus on? - The new CEO emphasized maintaining strategic priorities, increasing earnings stability, and becoming the employer of choice for associates [32][34] Question: Can you provide more color on the Holden Humphrey acquisition? - The acquisition is expected to enhance efficiency and access to new product categories in the Northeast region [79][80] Question: What factors could drive BMD margins back to 5%? - Management indicated that improved sales velocity and a favorable mix of products could help achieve this margin level [47][49]

Financial Data and Key Metrics Changes - Full-year net income for 2025 was $132.8 million, or $3.53 per share, compared to $68.9 million, or $1.78 per share in the previous year [4][6] - Fourth-quarter consolidated sales were $1.5 billion, down 7% from the fourth quarter of 2024 [5] - Fourth-quarter net income was $8.7 million, or $0.24 per share, compared to $68.9 million, or $1.78 per share in the year-ago quarter [6] Business Line Data and Key Metrics Changes - Building Materials Distribution (BMD) sales in the fourth quarter were $1.4 billion, down 5% from the fourth quarter of 2024, with segment EBITDA of $56.4 million compared to $84.5 million in the prior year [8][9] - Wood Products sales in the fourth quarter were $354 million, down 16% compared to the fourth quarter of 2024, with segment EBITDA of $12.3 million compared to $56.6 million in the year-ago quarter [8][9] Market Data and Key Metrics Changes - Total U.S. housing starts increased by 4% year-over-year, while single-family housing starts increased by 7% [5] - Plywood sales volume was 354 million feet, down from 371 million feet in the fourth quarter of 2024, with average net sales price down 6% year-over-year [14][15] Company Strategy and Development Direction - The company is focused on expanding its distribution business and enhancing EWP production capabilities, with significant investments made in the last three years [4][16] - The acquisition of Holden Humphrey is expected to enhance the company's footprint and product offerings in the Northeast region [20][77] Management's Comments on Operating Environment and Future Outlook - Management noted that single-family starts are expected to be flat or modestly down in 2026 due to affordability challenges for homebuyers [20][21] - The company remains confident in long-term demand drivers for residential construction, including housing undersupply and aging housing stock [22] Other Important Information - The company repurchased approximately $181 million of common stock in 2025, with an additional $39 million repurchased in the first quarter of 2026 [16][17] - A $6 million charge related to legal proceedings in the BMD segment was noted, stemming from a Lacey Act investigation [7][11] Q&A Session Summary Question: Can you talk about the share gains in the general line within BMD? - Management indicated strong demand for general line products, with significant growth in categories like James Hardie and Trex, and a focus on home center business [28] Question: How is the channel positioned for EWP with builders targeting low single-digit volume growth? - Management noted some restocking in Q1 and strong partnerships with builders and dealers, indicating readiness for market recovery [31] Question: What areas will the new CEO focus on? - The new CEO emphasized maintaining strategic priorities, increasing efficiencies, and becoming the employer of choice for associates [34] Question: Can you provide more color on the Holden Humphrey acquisition? - The acquisition is expected to enhance efficiency and access to new product categories in the Northeast, with opportunities to leverage relationships across the region [77] Question: What is the outlook for BMD margins? - Management indicated that achieving normal margins will depend on seasonal demand and product mix, with expectations for improvement in the second and third quarters [46][48]

Financial Data and Key Metrics Changes - Full-year net income for 2025 was $132.8 million, or $3.53 per share, compared to $68.9 million, or $1.78 per share in the prior year quarter [3][4] - Consolidated fourth-quarter sales were $1.5 billion, down 7% from the fourth quarter of 2024 [4] - Fourth-quarter net income was $8.7 million, or $0.24 per share, compared to $68.9 million, or $1.78 per share in the year-ago quarter [4][5] Business Line Data and Key Metrics Changes - Building Materials Distribution (BMD) sales in the fourth quarter were $1.4 billion, down 5% from the fourth quarter of 2024, with segment EBITDA of $56.4 million compared to $84.5 million in the prior year quarter [7][8] - Wood Products sales in the fourth quarter were $354 million, down 16% compared to the fourth quarter of 2024, with segment EBITDA of $12.3 million compared to $56.6 million in the year-ago quarter [7][8] Market Data and Key Metrics Changes - Total U.S. housing starts increased by 4% year-over-year, while single-family housing starts increased by 7% compared to the prior year quarter [4] - Plywood sales volume was 354 million feet, down from 371 million feet in the fourth quarter of 2024, with average net sales price down 6% year-over-year [12][13] Company Strategy and Development Direction - The company continues to focus on expanding its distribution business and enhancing EWP production capabilities, with significant investments made in the last three years [3][4] - The acquisition of Holden Humphrey is expected to enhance the company's footprint and product offerings in the Northeast region [19][77] Management's Comments on Operating Environment and Future Outlook - Management noted that single-family starts fell short of 2024 levels by approximately 7% and are expected to be flat or modestly down in 2026 due to affordability challenges for homebuyers [20] - The company remains confident in long-term demand drivers for residential construction, including persistent undersupply of housing and high levels of homeowner equity [22] Other Important Information - The company repurchased approximately $181 million of common stock in 2025, including $70 million in the fourth quarter [15] - Capital expenditures for 2025 were $241 million, with expectations for 2026 spending to be between $150 million and $170 million [14][15] Q&A Session Summary Question: Can you talk about the share gains in the general line within BMD? - Management noted strong demand in general line products, achieving an all-time high in 2025, with continued growth expected [27][28] Question: How is the channel positioned for EWP as builders target low single-digit volume growth? - Management indicated that restocking has begun in Q1, and strong partnerships with builders and dealers position the company well for market recovery [30] Question: What areas will the new CEO focus on? - The new CEO emphasized maintaining strategic priorities, increasing earnings stability, and becoming the employer of choice for associates [31][32] Question: Can you provide more color on the Holden Humphrey acquisition? - The acquisition is expected to enhance efficiency and access to new product categories in the Northeast, allowing for expanded relationships with key suppliers [76][78] Question: What factors will drive BMD margins back to 5%? - Management indicated that improved sales velocity, mix shift, and seasonal strength in the second and third quarters could help achieve this margin target [46][60]

Boise Cascade Company Fourth Quarter 2025 Earnings Webcast February 24, 2026 Forward-Looking Statements This presentation contains statements concerning future events and expectations, including, without limitation, statements relating to first quarter 2026 outlook and expected key drivers for Boise Cascade and each of its business segments. These statements constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or invol ...

Performance was driven by a deliberate shift toward general line products, which reached an all-time high in the sales mix, offsetting broader market headwinds in commodities. Management attributed the decline in Wood Products EBITDA to lower EWP sales prices and volumes, alongside higher per-unit conversion costs resulting from decreased production rates. The company completed major multi-year investments in the Southeast, including the Oakdale modernization, to position for above-market growth in En ...

Boise Cascade Company Exhibit 99.1 1111 West Jefferson Street, Suite 300 Boise, ID 83702 Press Release For Immediate Release: February 23, 2026 Investor Contact Chris Forrey investor@bc.com Media Contact Amy Evans mediarelations@bc.com Boise Cascade Company Reports Fourth Quarter and Full Year 2025 Results BOISE, IDAHO - February 23, 2026 - Boise Cascade Company ("Boise Cascade," the "Company," "we," or "our") (NYSE: BCC) today reported fourth quarter net income of $8.7 million, or $0.24 per share, on sales ...

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