# BlueLinx Holdings Inc. (BXC) Informational only - not investment advice. CIK: 0001301787 SIC: 5031 Wholesale-Lumber, Plywood, Millwork & Wood Panels SIC breadcrumb: [Wholesale Trade](/division/F/) > [SIC Major Group 50](/major-group/50/) > [SIC 5031 Wholesale-Lumber, Plywood, Millwork & Wood Panels](/industry/5031/) Latest 10-K filed: 2026-02-24 SEC page: https://www.sec.gov/edgar/browse/?CIK=1301787 Filing source: https://www.sec.gov/Archives/edgar/data/1301787/000162828026011136/bxc-20260103.htm ## At a glance FY2025 · period end 2026-01-03 · filed 2026-02-24 · accession 0001628280-26-011136 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001301787.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 2,954,007,000 USD | 2025 | verified | | Net income | 219,000 USD | 2025 | verified | | Assets | 1,549,279,000 USD | 2025 | verified | | Free cash flow | 32,851,000 USD | 2025 | computed | | Net margin | 0.01% | 2025 | computed | | Operating margin | 1.10% | 2025 | computed | | Revenue YoY | +0.05% | 2025 | computed | | ROE | 0.04% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | BXC | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 0.0% | 2.8% | 16 | 39 | | Operating margin | 1.1% | 5.0% | 11 | 37 | | Revenue growth | 0.0% | 4.0% | 26 | 39 | | FCF margin | 1.1% | 2.4% | 32 | 38 | | ROE | 0.0% | 9.1% | 16 | 39 | | ROA | 0.0% | 3.9% | 16 | 39 | | Liabilities / equity | 1.51 | 1.51 | 50 | 39 | | Current ratio | 4.66 | 2.21 | 95 | 38 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 50 SIC Major Group 50, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2954007000 | USD | 2025 | 2026-02-24 | | Net income | 219000 | USD | 2025 | 2026-02-24 | | Assets | 1549279000 | USD | 2025 | 2026-02-24 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001301787.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2009 | 2010 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | 1,881,043,000 | 1,815,535,000 | 2,862,850,000 | 2,637,268,000 | 3,097,328,000 | 4,277,178,000 | 4,450,214,000 | 3,136,381,000 | 2,952,532,000 | 2,954,007,000 | | Net income | | | 16,085,000 | 62,994,000 | -17,656,000 | -17,656,000 | 80,882,000 | 296,133,000 | 296,176,000 | 48,536,000 | 53,116,000 | 219,000 | | Operating income | | | 41,652,000 | 29,988,000 | -13,286,000 | 35,154,000 | 142,241,000 | 438,077,000 | 439,087,000 | 138,449,000 | 87,570,000 | 32,483,000 | | Gross profit | | | 227,406,000 | 231,029,000 | 331,854,000 | 356,915,000 | 477,734,000 | 778,427,000 | 832,984,000 | 527,017,000 | 489,139,000 | 451,628,000 | | Diluted EPS | | | 1.77 | 6.81 | -5.21 | -1.89 | 8.55 | 29.99 | 31.51 | 5.39 | 6.19 | 0.02 | | Operating cash flow | | | 41,397,000 | -2,503,000 | 41,556,000 | -10,304,000 | 55,019,000 | 145,023,000 | 400,297,000 | 306,285,000 | 85,178,000 | 59,784,000 | | Capital expenditures | | | 631,000 | 797,000 | 2,724,000 | 4,791,000 | 3,689,000 | 14,415,000 | 35,886,000 | 27,520,000 | 40,109,000 | 26,933,000 | | Share buybacks | 2,042,000 | 583,000 | | | | | 0.00 | 0.00 | 66,427,000 | 42,135,000 | 45,297,000 | 38,126,000 | | Assets | | | 444,137,000 | 494,095,000 | 959,889,000 | 971,425,000 | 1,048,130,000 | 1,317,454,000 | 1,490,042,000 | 1,537,601,000 | 1,577,717,000 | 1,549,279,000 | | Liabilities | | | 473,978,000 | 459,093,000 | 974,552,000 | 997,508,000 | 989,038,000 | 954,205,000 | 900,013,000 | 903,315,000 | 931,276,000 | 931,964,000 | | Stockholders' equity | | | -29,841,000 | 35,002,000 | -14,663,000 | -26,083,000 | 59,092,000 | 363,249,000 | 590,029,000 | 634,286,000 | 646,441,000 | 617,315,000 | | Cash and cash equivalents | | | 5,540,000 | 4,696,000 | 8,939,000 | 11,643,000 | 82,000 | 85,203,000 | 298,943,000 | 521,743,000 | 505,622,000 | 385,843,000 | | Free cash flow | | | 40,766,000 | -3,300,000 | 38,832,000 | -15,095,000 | 51,330,000 | 130,608,000 | 364,411,000 | 278,765,000 | 45,069,000 | 32,851,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2009 | 2010 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | 0.86% | 3.47% | -0.62% | -0.67% | 2.61% | 6.92% | 6.66% | 1.55% | 1.80% | 0.01% | | Operating margin | | | 2.21% | 1.65% | -0.46% | 1.33% | 4.59% | 10.24% | 9.87% | 4.41% | 2.97% | 1.10% | | Return on equity | | | | 179.97% | | | 136.87% | 81.52% | 50.20% | 7.65% | 8.22% | 0.04% | | Return on assets | | | 3.62% | 12.75% | -1.84% | -1.82% | 7.72% | 22.48% | 19.88% | 3.16% | 3.37% | 0.01% | | Liabilities / equity | | | | 13.12 | | | 16.74 | 2.63 | 1.53 | 1.42 | 1.44 | 1.51 | | Current ratio | | | 2.24 | 2.92 | 3.05 | 3.38 | 2.92 | 3.88 | 5.11 | 5.13 | 4.85 | 4.66 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/BXC/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001301787.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-10-01 | | | 6.38 | reported discrete quarter | | 2023-Q1 | 2023-04-01 | | | 1.94 | reported discrete quarter | | 2023-Q2 | 2023-07-01 | | | 2.70 | reported discrete quarter | | 2023-Q3 | 2023-07-01 | | 24,466,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 809,981,000 | | 2.71 | reported discrete quarter | | 2023-Q4 | 2023-12-30 | 712,529,000 | -18,124,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-30 | 726,244,000 | 17,492,000 | 2.00 | reported discrete quarter | | 2024-Q2 | 2024-03-30 | | 17,492,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-29 | 768,363,000 | | 1.65 | reported discrete quarter | | 2024-Q3 | 2024-06-29 | | 14,336,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-28 | 747,288,000 | | 1.87 | reported discrete quarter | | 2024-Q4 | 2024-12-28 | 710,637,000 | 5,272,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-29 | 709,226,000 | 2,805,000 | 0.33 | reported discrete quarter | | 2025-Q2 | 2025-03-29 | | 2,805,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-28 | 780,107,000 | | 0.54 | reported discrete quarter | | 2025-Q3 | 2025-06-28 | | 4,310,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-27 | 748,870,000 | | 0.20 | reported discrete quarter | | 2025-Q4 | 2026-01-03 | 715,804,000 | -8,551,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-04-04 | 731,149,000 | -1,458,000 | -0.18 | reported discrete quarter | | 2026-Q2 | 2026-04-04 | | -1,458,000 | | reported discrete quarter | | 2026-Q2 | 2026-07-04 | 814,077,000 | | 0.81 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from BXC's latest 10-K: [/company/BXC/business/](/company/BXC/business/). ## Risk Factors Verbatim Item 1A Risk Factors from BXC's latest 10-K: [/company/BXC/risk-factors/](/company/BXC/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1301787/000162828026052605/bxc-20260704.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-04 Report date: 2026-07-04 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Cautionary Statement Concerning Forward-Looking Statements This Quarterly Report on Form 10-Q (“Quarterly Report” or “Form 10-Q”) contains forward-looking statements. Forward-looking statements include, without limitation, any statements that predict, forecast, indicate or imply future results, performance, liquidity levels or achievements, and may contain the words “believe,” “anticipate,” “could,” “expect,” “estimate,” “intend,” “may,” “project,” “plan,” “should,” “will,” “will be,” “will likely continue,” “will likely result,” “would,” or words or phrases of similar meaning. Forward-looking statements are based on estimates and assumptions made by our management that, although believed by us to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties that may cause our business, strategy, or actual results to differ materially from the forward-looking statements. The forward-looking statements in this report include, without limitation, statements about anticipated effects of adopting certain accounting standards; estimated future annual amortization expense; estimates made in connection with revenue recognition; the expected outcome of legal proceedings; the expected outcome of government and regulatory proceedings; industry conditions; seasonality; liquidity and capital resources; our confidence in the Company’s long-term growth strategy; our areas of focus and management initiatives, including our business and digital transformation initiatives, and the success thereof; our plans and ability to enhance our facilities, fleet, and technology hardware; our ability to manage increases in fuel and other energy prices; the demand outlook for construction materials and expectations regarding new home construction, repair and remodel activity and continued investment in existing and new homes; our positioning for long-term value creation; our efforts and ability to generate profitable growth; our ability to increase net sales in specialty product categories; our ability to generate profits and cash from sales of specialty products; our ability to successfully integrate the operations of Disdero, including our ability to strengthen and expand our premium specialty product offerings; or ability to effectively manage inventory; our ability to manage our lease commitments; our ability to negotiate collective bargaining agreements; our multi-year capital allocation plans; our ability to manage volatility in wood-based commodities; our improvement in execution and productivity; our efforts and ability to maintain a disciplined capital structure and capital allocation strategy; our ability to maintain a strong balance sheet; our ability to focus on operating improvement initiatives and commercial excellence; and whether or not the Company will continue any share repurchases. These risks and uncertainties also include those discussed under the heading “Risk Factors” in Part I, Item 1A of our 2025 Form 10-K, as supplemented by the risk factors disclosed in Part II, Item1A, “Risk Factors” in our Quarterly Report on Form 10-Q for the Quarterly Period ended April 4, 2026, and those risks and uncertainties discussed elsewhere in this Form 10-Q, and in future reports that we file with the SEC. We operate in a changing environment in which new risks can emerge from time to time. It is not possible for management to predict all of these risks, nor can it assess the extent to which any factor, or a combination of factors, may cause our business, strategy, or actual results to differ materially from those contained in forward-looking statements. Given these risks and uncertainties, we caution you not to place undue reliance on forward-looking statements. We expressly disclaim any obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law. The following discussion should be read in conjunction with our consolidated financial statements and related notes and other financial information included in this Form 10-Q and in our 2025 Form 10-K. In addition to historical information, the following discussion and other parts of this Form 10-Q contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by this forward-looking information due to the factors discussed under Part I, Item 1A, Risk Factors, in our 2025 Form 10-K, as supplemented by the factors discussed in Part II, Item 1A, Risk Factors, in our Form 10-Q for the Quarterly Period ended April 4, 2026. Our Strategy We remain committed to driving a culture of profitable growth within new and existing product lines and geographies, while positioning the Company for long-term value creation. The following initiatives represent key areas of our management team’s focus: 1.Grow our higher-margin specialty product categories. We continue to pursue a revenue mix weighted towards higher-margin, specialty product categories such as engineered wood products, siding, millwork, outdoor living products, specialty lumber and panels, and industrial products. Additionally, we are expanding our value-added service 17 Table of Contents offerings designed to simplify complex customer sourcing requirements. Our acquisition of Disdero in the fourth quarter of fiscal 2025 enhanced our revenue mix by adding a significant number of new lines of premium specialty building materials, including decking, trim, flooring, paneling, posts, timbers, siding, and stepping, to our product offerings. 2.Increase share gain in local and national markets. We continue to pursue multi-family project growth, expand our product lines with key national accounts, expand branded product lines into new geographic markets, and launch new product lines. With our expanded product categories, and our strategic vendor relationships, we seek to be a better extension of our customers’ business in a scalable way. 3.Foster a performance-driven culture committed to business excellence and profitable growth to be the provider of choice for both suppliers and customers. We seek to improve the customer experience through enhanced tools, value-added services, and technology enablement, accelerating organic growth within specific product and solutions offerings where we are uniquely advantaged; increase our performance by leveraging our scale and national footprint together with pricing, operational and procurement capabilities, and deploy capital to drive sustained margin expansion, grow cash flow and maintain continued profitable growth. 4.Maintain a disciplined capital structure and pursue strategic investments that increase the value of our Company. We continue to strategically target acquisition opportunities that grow our higher-margin specialty products business, expand our geographic reach, or complement our existing capabilities. We also continue to evaluate and identify additional markets that are potential opportunities for new market development. We further seek to maintain a disciplined capital structure while at the same time investing in our business to modernize our distribution facilities, as well as our tractor and trailer fleet, and to improve operational performance. During the fiscal six months ended July 4, 2026, we: •Added property & equipment consisting of purchased assets totaling $5.5 million plus assets obtained through finance leases totaling $4.6 million. In addition, we recognized right-of use assets totaling $6.4 million related to operating leases. These additions were used primarily to enhance our facilities, fleet, and technology hardware. •Returned capital of $5.0 million to our shareholders by using cash to purchase 95,800 shares of our common stock at an average price of $52.19, excluding broker commissions and excise tax. Business and Digital Transformation We have initiated a series of business and digital transformation actions focused on redesigning and optimizing key elements of our operating model to improve efficiency, execution, and operating leverage. These actions include business process‑driven initiatives and targeted digital investments intended to simplify operations, reduce complexity, and increase consistency across the enterprise. We have focused on improving organizational efficiency across corporate functions and field operations through process redesign, role clarity, increased standardization, and productivity improvements. In parallel, we are modernizing our logistics and commercial operating capabilities, including the implementation of an enterprise transportation management platform and the use of advanced analytics and artificial intelligence to enhance decision‑making, support optimization across pricing, procurement, and logistics, and improve inventory management and collections efficiency. Collectively, these actions are intended to improve execution consistency, enhance margin performance, strengthen operating leverage, and improve our ability to perform across cyclical market conditions. Our Culture and Values Our culture is guided by our values: •Customer Centric - We put our customers first, so we are customer centric in all that we do. •Integrity - We act with integrity, because doing the right thing is critical to our success. •Respect - We treat everyone with dignity and respect. •Grit - We show grit in the face of changing landscapes. •Collaboration - We collaborate with each other and our customers to build great teams and construct innovative solutions. 18 Table of Contents Acquisition of Disdero During the fourth quarter of fiscal 2025, we acquired Disdero Lumber Co. LLC (“Disdero”), a value-added distributor focusing on premium specialty building materials, including decking, trim, flooring, paneling, posts, timbers, siding, and stepping. Disdero’s products are used primarily in the construction of high-end, custom homes and decks, as well as upscale multi-family residential and commercial projects. The acquisition of Disdero was funded with cash on hand. Disdero is based near Portland, Oregon and began operations in 1953. We expect the acquisition of Disdero to strengthen and expand our offerings for premium specialty products, which typically have higher profit margins, and increase our market penetration in the Pacific Northwest. We plan to operate Disdero under its established brand name for the foreseeable future. Factors That Affect Our Operating Results and Trends Our results of operations and financial performance are influenced by a variety of factors, including the following: adverse housing market conditions, including but not limited to housing starts, construction labor shortages, repair and remodel activity and commercial construction, foreclosure rates, interest rates, unemployment rates and job and wage growth rates, consumer debt levels, tightened availability or affordability of homeowner insurance coverage, and mortgage availability and pricing, as well as other consumer financing mechanisms, that ultimately affect demand for our products; consolidation among competitors, suppliers, and customers; escalating changes in retaliatory trade policies of the United States and other countries; disintermediation risk; our dependence on international suppliers and manufacturers for certain products and related exposure to risks of new or increased tariffs and other risks that could affect our financial condition; pricing and product cost variability; volumes of product sold; competition; the cyclical nature of the industry in which we operate; loss of products or key suppliers and manufacturers; information technology security risks and business interruption risks; effective inventory management relative to our sales volume or the prices of the products we produce; acquisitions and th [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1301787/000162828026011136/bxc-20260103.htm Complete FY 2026 MD&A: /company/BXC/mda/fy2026/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-24 Report date: 2026-01-03 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Form 10-K. In addition to historical information, the following discussion and other parts of this Form 10-K contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by this forward-looking information due to the factors discussed under “Risk Factors,” “Cautionary Statement Concerning Forward-Looking Statements,” and elsewhere in this Form 10-K.   Factors That Affect Our Operating Results and Trends Our results of operations and financial performance are influenced by a variety of factors, including: (i) general economic and industry conditions affecting demand in the housing market; (ii) the commoditized nature of many of the products we manufacture and distribute; and (iii) cost and availability of the products we distribute. These factors, and the related trends and uncertainties, have historically produced cyclicality in our results of operations, and we expect this cyclicality to continue in future periods. General Economic Conditions Affecting Demand Many of the factors that cause our operations to fluctuate are seasonal or cyclical in nature. Historically, our operating results have also been correlated with the level of single-family residential housing starts in the U.S. The demand for new homes is dependent on a variety of factors, including unemployment levels, job and wage growth, changes in population and demographics, the availability and cost of mortgage financing, the supply and affordability of new and existing homes, availability and affordability of homeowners insurance coverage, and consumer confidence and demand. Certain developments have led to a more challenging macro-economic environment, such as broad-based inflation, the rapid rise in mortgage rates, home price appreciation, and low existing home turnover. These developments have impacted the U.S. housing market, including the residential repair and remodel and residential new construction markets, and have contributed to a slowdown in the U.S. housing industry that continued through 2024 and 2025. In addition, looking ahead, we believe that the demand for our products could face pressure from increases in tariffs and other inflationary pressures, the potential for trade disruption through embargoes, sanctions and import and export controls, and labor shortages and workforce disruption in the home building and remodeling industry due to immigration enforcement activities. However, we believe that several factors, including the current high levels of home equity, the fundamental undersupply of housing in the U.S., potential actions of the U.S. government to address housing availability and affordability, repair and remodel activity, and demographic shifts, among others, will support demand for our products. For additional information regarding the risk factors impacting our business, refer to Part I, Item 1A, Risk Factors, in this Annual Report. Industry Conditions Affecting Demand Residential Repair and Remodel We estimate that demand from the residential repair and remodel market (“R&R”) accounts for approximately 45 percent of our annual sales. Historically, R&R demand conditions have tended to be less cyclical when compared to the residential new construction market, particularly for exterior products that are exposed to the elements and where maintenance is less likely to be deferred for long periods of time. We believe R&R demand is driven by a myriad of factors including, but not limited to: home prices and affordability; macro-economic conditions and expectations around inflationary rate, unemployment rate, interest rate, and economic output; raw materials prices; the pace of new household formations; savings rates; employment conditions; and emerging trends, such as the increased popularity of home-based remote working environments. Residential mortgage rates have risen in recent years and we believe many homeowners who secured mortgages with lower interest rates will be inclined to stay longer in existing homes, which could benefit R&R demand over the near-to-medium term. On the other hand, we are experiencing low existing home turnover, which we believe may still be hindering any significant growth in R&R activity. According to the Joint Center For Housing Studies’ Leading Indicator of Remodeling Activity (“LIRA”) Index, spending for R&R is expected to increase in 2026 over 2025 and 2024. The total market size of the U.S. R&R market remains significant, with total U.S. homeowner improvements and repairs spending expected to be approximately $517 billion in 2026, compared to $511 billion, $501 billion, $510 billion, and $515 billion in 2025, 2024, 2023, and 2022, respectively, but up significantly from the $407 billion and $362 billion in 2021 and 2020, respectively. As the median age of U.S. housing stock continues to increase over time, we anticipate domestic R&R spending will also increase. According to the U.S. Census Bureau and Department of Housing and Urban Development, the median age of an owner-occupied home in the U.S. increased from 23 years in 1985 to 26 Table of Contents 41 years in 2023. Moreover, approximately 73 percent of the current owner-occupied housing stock was built prior to 2000. We believe the increasing average age of the nation’s existing homes will drive demand for R&R projects. Residential New Construction We estimate that demand from the residential new construction market, including single-family and multi-family units, accounts for approximately 40 percent of our annual sales. We believe our products are currently more likely to be used in single-family construction than in multi-family units, and therefore we are actively pursuing multi-family business as part of our sales growth strategy. We believe demand for new residential construction is driven by a myriad of factors including, but not limited to: mortgage rates, which have recently declined from multi-year highs; lending standards; home affordability; construction cost; employment conditions; savings rates; the rate of population growth and new household formation; builder activity levels; the level of existing home inventory on the market; consumer sentiment; and actions that may be taken by the U.S. government to increase home construction activity. Based on data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the rate of residential housing starts for single family units and multi-family units have fluctuated in recent years. However, we believe the U.S. is currently facing a record housing shortage, and we note that the shortfall estimates generally range between 3.8 million and 4.7 million homes. When this shortage begins to correct and home building recovers, we believe our scale, national footprint, strategic supplier relationships, key national customer relationships, and breadth of market leading products and brands will position us to serve a higher demand in the single-family and multifamily residential construction markets. Commodity Nature of Our Products Many of the building products we distribute including lumber and panels, such as oriented strand board (“OSB”) and plywood, are commodities that are widely available from various suppliers with prices and volumes determined frequently in a market that is based on participants' perceptions and expectations of short-term supply and demand factors. The selling price of our commodity products is based on the current market purchase price to replace those products in our inventory, plus adders for our shipping, handling, overhead costs, and our profit margin. At certain times, particularly in a dynamic inflationary commodity market, the selling price for any one or more of the products we distribute, especially those of a commodity nature, may well exceed our purchase price because our prices are based on current replacement cost. At certain other times, the selling price may fall below our purchase price for the same reasons, requiring us to incur short-term losses on specific sales transactions and/or recognize a loss provision for the lower-of-cost-or-net-realizable-value position on certain products in our inventory that are of a commodity nature. Therefore, our profitability depends, in significant part, on the impact of commodity prices along with inventory levels. In addition to prices, our profitability is also dependent on managing our cost structure, particularly shipping and handling costs, which represent significant components of our operating costs. Composite lumber and panel prices have been historically volatile. The following table represents the percentage price changes on a year-over-year basis of the average monthly composite prices for lumber and average monthly composite prices for panels as reflected in the industry publication, Random Lengths, for the periods indicated below. [[GREPCENT_TABLE]] [["","2025 versus 2024","","2024 versus 2023","","2023 versus 2022"],["Increase (decrease) in composite lumber prices","5.8%","","(2.5)%","","(47)%"],["Increase (decrease) in composite panel prices","(16.5)%","","1.2%","","(32)%"]] [[/GREPCENT_TABLE]] There is significant uncertainty regarding future trends in lumber and panel index prices. We continue to closely monitor these pricing trends, and work to manage our business, inventory levels, and costs accordingly. Cost and Availability of the Products We Distribute Our gross profit is equal to our Net sales less the Cost of products sold. Substantially all of the amount reported in Cost of products sold is composed of cost to purchase inventory for resale to customers, including the cost of inbound freights, volume incentives, and inventory adjustments. During fiscal 2025, 2024 and 2023, no one supplier represented more than 10% of our consolidated Cost of products sold. The specialty products we distribute are available from select domestic and international suppliers from which we have established and cultivated relationships. The structural products we distribute are available from a variety of suppliers in both the U.S. and Canada. 27 Table of Contents The products we import are subject to various tariffs, including those imposed under each of Section 232 of the Trade Expansion Act of 1962, Section 301 of the Trade Act of 1974, the International Emergency Economic Powers Act (IEEPA) (through February 24, 2026), and Section 122 of the Trade Act of 1974, depending on the product’s material composition and/or origin. We also purchase imported products from domestic companies who then may pass along tariffs in their cost of goods. The products we import, and imported products we purchase domestically, may be subject to new or additional tariffs in addition to those listed above. Disease Outbreaks and Public Health Crises The impact of any future disease outbreaks, such as epidemics or pandemics, and other public health crises can affect our operational and financial performance to varying degrees. In addition, any subsequent economic recovery from such events can also affect our operational and financial performance. The extent of any future disease outbreaks or other public health crises or related containment measures and government responses are highly uncertain and cannot be predicted. Results of Operations Fiscal 2025 Compared to Fiscal 2024 The following table sets forth our results of operations for fiscal 2025 and fiscal 2024. Fiscal 2025 consisted of 53 weeks and fiscal 2024 consisted of 52 fiscal weeks. [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2026 MD&A: /company/BXC/mda/fy2026/ All MD&A years: /company/BXC/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/BXC/mda/fy2024/): filed 2025-02-18; accession 0001301787-25-000012 (https://www.sec.gov/Archives/edgar/data/1301787/000130178725000012/bxc-20241228.htm) - [FY 2023 MD&A](/company/BXC/mda/fy2023/): filed 2024-02-20; accession 0001301787-24-000009 (https://www.sec.gov/Archives/edgar/data/1301787/000130178724000009/bxc-20231230.htm) - [FY 2022 MD&A](/company/BXC/mda/fy2022/): filed 2023-02-21; accession 0001301787-23-000010 (https://www.sec.gov/Archives/edgar/data/1301787/000130178723000010/bxc-20221231.htm) - [FY 2022 MD&A](/company/BXC/mda/a-0001301787-22-000006/): filed 2022-02-22; accession 0001301787-22-000006 (https://www.sec.gov/Archives/edgar/data/1301787/000130178722000006/bxc-20220101.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 5031 Wholesale-Lumber, Plywood, Millwork & Wood Panels) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/BXC.md · JSON record: /company/BXC.json · verified financials: /company/BXC/financials.json / /company/BXC/financials.csv · machine TOC for the whole site: /llms.txt