# UFP INDUSTRIES INC (UFPI) Informational only - not investment advice. CIK: 0000912767 SIC: 2421 Sawmills & Planting Mills, General SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 24](/major-group/24/) > [SIC 2421 Sawmills & Planting Mills, General](/industry/2421/) Latest 10-K filed: 2026-02-25 SEC page: https://www.sec.gov/edgar/browse/?CIK=912767 Filing source: https://www.sec.gov/Archives/edgar/data/912767/000110465926019567/ufpi-20251227x10k.htm ## At a glance FY2025 · period end 2025-12-27 · filed 2026-02-25 · accession 0001104659-26-019567 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000912767.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 6,320,343,000 USD | 2025 | verified | | Net income | 294,792,000 USD | 2025 | verified | | Assets | 4,022,893,000 USD | 2025 | verified | | Free cash flow | 276,360,000 USD | 2025 | computed | | Net margin | 4.66% | 2025 | computed | | Operating margin | 5.76% | 2025 | computed | | Revenue YoY | -4.99% | 2025 | computed | | ROE | 9.63% | 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 | UFPI | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 4.7% | 6.7% | 25 | 9 | | Operating margin | 5.8% | 9.5% | 12 | 9 | | Revenue growth | -5.0% | -5.0% | 50 | 9 | | FCF margin | 4.4% | 8.2% | 38 | 9 | | ROE | 9.6% | 9.8% | 38 | 9 | | ROA | 7.3% | 7.2% | 62 | 9 | | Liabilities / equity | 0.31 | 0.41 | 12 | 9 | | Current ratio | 4.59 | 2.48 | 100 | 9 | 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 24 SIC Major Group 24, 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 | 6320343000 | USD | 2025 | 2026-02-25 | | Net income | 294792000 | USD | 2025 | 2026-02-25 | | Assets | 4022893000 | USD | 2025 | 2026-02-25 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000912767.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | 3,297,377,000 | 4,006,203,000 | 4,489,180,000 | 4,416,009,000 | 5,153,998,000 | 8,636,134,000 | 9,626,739,000 | 7,218,384,000 | 6,652,309,000 | 6,320,343,000 | | Net income | | | 101,179,000 | 119,512,000 | 148,598,000 | 179,650,000 | 246,778,000 | 535,640,000 | 692,651,000 | 514,312,000 | 414,560,000 | 294,792,000 | | Operating income | | | 164,438,000 | 181,469,000 | 207,263,000 | 244,906,000 | 345,826,000 | 737,554,000 | 950,184,000 | 646,534,000 | 492,242,000 | 363,901,000 | | Gross profit | | | 474,590,000 | 542,826,000 | 592,894,000 | 685,518,000 | 800,296,000 | 1,406,967,000 | 1,789,461,000 | 1,418,938,000 | 1,226,742,000 | 1,060,150,000 | | Diluted EPS | | | 1.65 | 1.94 | 2.40 | 2.91 | 4.00 | 8.59 | 10.97 | 8.07 | 6.77 | 5.00 | | Operating cash flow | | | 172,520,000 | 136,583,000 | 116,685,000 | 349,291,000 | 336,477,000 | 512,477,000 | 831,567,000 | 959,890,000 | 642,571,000 | 545,737,000 | | Capital expenditures | | | 53,762,000 | 71,116,000 | 95,862,000 | 84,933,000 | 89,182,000 | 151,166,000 | 174,124,000 | 180,382,000 | 232,274,000 | 269,377,000 | | Dividends paid | | | | | | | | | 58,860,000 | 68,238,000 | 80,782,000 | 82,350,000 | | Share buybacks | 4,866,000 | 800,000 | 0.00 | 12,977,000 | 24,629,000 | | 29,212,000 | | 95,774,000 | 82,149,000 | 141,120,000 | 433,028,000 | | Assets | | | 1,292,058,000 | 1,464,677,000 | 1,647,548,000 | 1,889,477,000 | 2,404,891,000 | 3,245,271,000 | 3,672,073,000 | 4,017,797,000 | 4,150,938,000 | 4,022,893,000 | | Liabilities | | | 431,592,000 | 490,654,000 | 558,864,000 | 631,744,000 | 921,739,000 | 1,228,702,000 | 1,068,370,000 | 967,577,000 | 900,947,000 | 934,186,000 | | Stockholders' equity | | | 849,180,000 | 959,476,000 | 1,073,403,000 | 1,243,715,000 | 1,460,316,000 | 1,978,613,000 | 2,563,982,000 | 2,999,761,000 | 3,224,072,000 | 3,062,359,000 | | Cash and cash equivalents | | | 34,091,000 | 28,339,000 | 27,316,000 | 168,336,000 | 436,507,000 | 286,662,000 | 559,397,000 | 1,118,329,000 | 1,171,828,000 | 914,199,000 | | Free cash flow | | | 118,758,000 | 65,467,000 | 20,823,000 | 264,358,000 | 247,295,000 | 361,311,000 | 657,443,000 | 779,508,000 | 410,297,000 | 276,360,000 | ### 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 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | 3.07% | 2.98% | 3.31% | 4.07% | 4.79% | 6.20% | 7.20% | 7.13% | 6.23% | 4.66% | | Operating margin | | | 4.99% | 4.53% | 4.62% | 5.55% | 6.71% | 8.54% | 9.87% | 8.96% | 7.40% | 5.76% | | Return on equity | | | 11.91% | 12.46% | 13.84% | 14.44% | 16.90% | 27.07% | 27.01% | 17.15% | 12.86% | 9.63% | | Return on assets | | | 7.83% | 8.16% | 9.02% | 9.51% | 10.26% | 16.51% | 18.86% | 12.80% | 9.99% | 7.33% | | Liabilities / equity | | | 0.51 | 0.51 | 0.52 | 0.51 | 0.63 | 0.62 | 0.42 | 0.32 | 0.28 | 0.31 | | Current ratio | | | 2.78 | 2.85 | 3.21 | 3.09 | 3.32 | 2.67 | 3.70 | 4.41 | 4.88 | 4.59 | ## As-reported value updates 2 tracked differences 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/UFPI/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000912767.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 | 2022-09-24 | | | 2.66 | reported discrete quarter | | 2023-Q1 | 2023-04-01 | | | 1.98 | reported discrete quarter | | 2023-Q2 | 2023-07-01 | | | 2.36 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 1,827,637,000 | 134,035,000 | 2.10 | reported discrete quarter | | 2023-Q4 | 2023-12-30 | 1,524,353,000 | 103,447,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-30 | 1,638,966,000 | 120,791,000 | 1.96 | reported discrete quarter | | 2024-Q2 | 2024-06-29 | 1,901,959,000 | 125,930,000 | 2.05 | reported discrete quarter | | 2024-Q3 | 2024-09-28 | 1,649,383,000 | 99,800,000 | 1.64 | reported discrete quarter | | 2024-Q4 | 2024-12-28 | 1,462,001,000 | 68,039,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-29 | 1,595,519,000 | 78,753,000 | 1.30 | reported discrete quarter | | 2025-Q2 | 2025-06-28 | 1,835,374,000 | 100,734,000 | 1.70 | reported discrete quarter | | 2025-Q3 | 2025-09-27 | 1,559,627,000 | 75,346,000 | 1.29 | reported discrete quarter | | 2025-Q4 | 2025-12-27 | 1,329,823,000 | 39,959,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-28 | 1,461,267,000 | 50,774,000 | 0.89 | reported discrete quarter | | 2026-Q2 | 2026-06-27 | 1,882,937,000 | 82,872,000 | 1.48 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from UFPI's latest 10-K: [/company/UFPI/business/](/company/UFPI/business/). ## Risk Factors Verbatim Item 1A Risk Factors from UFPI's latest 10-K: [/company/UFPI/risk-factors/](/company/UFPI/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/912767/000110465926090859/ufpi-20260627x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-05 Report date: 2026-06-27 Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS UFP Industries, Inc. is a holding company with subsidiaries in North America, Europe, Asia, and Australia that design, manufacture, and supply products made from wood, wood and non-wood composites, and other materials to three segments: retail, packaging, and construction. We are headquartered in Grand Rapids, Michigan. Our business segments are functionally interdependent and are supported by common corporate services, such as accounting and finance, information technology, human resources, marketing, purchasing, transportation, legal and compliance, among others. We regularly invest in automation and implement best practices to improve the efficiency of our manufacturing facilities across each of the segments. The results and improvements from these investments are shared among the segments. This exchange of ideas drives faster innovation for new products, processes, and product improvements. Importantly, our structure allows us to evaluate market conditions and opportunities, while effectively allocating capital and resources to the appropriate segments and business units. We believe that the diversification and manner in which we operate our business segments provides an inherent hedge against the inevitable business cycles that our markets experience and over which we have little control. Accordingly, our goal is to provide stable earnings and cash flows to our shareholders. Our diversification and operating practices also mitigate the impact of volatile lumber market conditions experienced by traditional lumber companies. This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. We do not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in currency and inflation; fluctuations in the price of lumber; adverse economic conditions in the markets we serve; changes in tariffs, import/export regulations, and other trade policies; concentration of sales to customers; the success of vertical integration strategies; excess capacity or supply chain challenges; our ability to make successful business acquisitions; government regulations, particularly involving environmental and safety regulations; adverse or unusual weather conditions; inbound and outbound transportation costs; alternatives to replace treated wood products; cybersecurity breaches; artificial intelligence; and potential pandemics. Certain of these risk factors as well as other risk factors and additional information are included in our reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission. OVERVIEW Our results for the second quarter of 2026 include the following highlights: [[GREPCENT_TABLE]] [["","\u25cf","Our net sales increased 3% compared to the second quarter of 2025, consisting of a 1% increase in organic unit sales (excluding growth from acquisitions within the last 12 months) and a 2% increase attributable to acquisitions. Organic unit sales increased 4% in our packaging segment, partially offset by a 2% decrease in our construction segment and a 1% decrease in our retail segment. Acquired businesses contributed 4%, 2%, and 1% unit increases in our packaging, retail, and construction segments, respectively. Overall selling prices were flat as higher selling prices in our ProWood business unit, driven by the pass-through of higher commodity lumber costs to customers, were offset by competitive pricing pressure in our Site Built business unit."]] [[/GREPCENT_TABLE]] 21 Table of Contents UFP INDUSTRIES, INC. [[GREPCENT_TABLE]] [["","\u25cf","Our gross profit decreased by $23 million, or 7%, compared to the same period of the prior year. By segment, gross profit decreased by $10 million in Construction, $10 million in Packaging, and $3 million in Corporate, while Retail increased by $1 million and All Other remained flat. The overall decrease in our gross profit is primarily due to higher transportation costs across all of the business units. The impact of weaker demand on volumes and pricing in our Site Built and Pallet One was more than offset by improvements in our other business units."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Our operating profits decreased $20 million, or 16%, compared to the second quarter of 2025. The overall decrease is a result of the decrease in gross profit mentioned above and a $1 million increase in selling, general, and administrative (\u201cSG&A\u201d) expenses, partially offset by a $4 million decrease in net losses on the disposition and impairment of assets. The increase in SG&A is due to acquired business and professional and legal fees associated with acquisitions."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Our cash flows from operations were $61 million in the first six months of 2026 compared to $113 million during the first six months of 2025. The $52 million decline resulted from a decrease in net earnings and non-cash expenses of $50 million and an increase in our investment in net working capital since year end that was $2 million higher in the first six months of 2026 than it was in the first six months of 2025. We anticipate that this increase in net working capital will convert to cash by early in the fourth quarter as we move past the typical seasonal peak in our net working capital."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Our Cash and cash equivalents at the end of June 2026 was $597 million compared to $842 million at the end of June 2025. The decline in our cash is primarily due to share repurchase activity and recent business acquisitions. Our unused borrowing capacity under our revolving credit facility and a shelf agreement with certain lenders along with our cash resulted in total liquidity of approximately $1.9 billion at the end of the second quarter of 2026."]] [[/GREPCENT_TABLE]] HISTORICAL LUMBER PRICES We experience significant fluctuations in the cost of commodity lumber products from primary producers (“Lumber Market”). The following table presents the Random Lengths framing lumber composite price: [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Random Lengths Composite"],["\u200b","\u200b","Average $/MBF"],["\u200b","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025"],["January","\u200b","$","400","\u200b","$","434"],["February","\u200b","","436","\u200b","","442"],["March","\u200b","","443","\u200b","","479"],["April","\u200b","","486","\u200b","\u200b","485"],["May","\u200b","","484","\u200b","\u200b","453"],["June","\u200b","","491","\u200b","\u200b","431"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Second quarter average","\u200b","$","487","\u200b","$","456"],["Year-to-date average","\u200b","$","457","\u200b","$","454"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Second quarter percentage change","\u200b","","6.8","%","","\u200b"],["Year-to-date percentage change","\u200b","","0.7","%","","\u200b"]] [[/GREPCENT_TABLE]] ​ 22 Table of Contents UFP INDUSTRIES, INC. In addition, a Southern Yellow Pine (“SYP”) composite price, which we prepare and use, is presented below. Our purchases of this species comprise approximately 76% of our total lumber purchases. [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Random Lengths SYP"],["\u200b","\u200b","Average $/MBF"],["\u200b","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025"],["January","\u200b","$","392","\u200b","$","386"],["February","\u200b","","415","\u200b","","401"],["March","\u200b","","422","\u200b","","424"],["April","\u200b","","484","\u200b","\u200b","446"],["May","\u200b","","445","\u200b","\u200b","445"],["June","\u200b","","453","\u200b","\u200b","381"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Second quarter average","\u200b","$","461","\u200b","$","424"],["Year-to-date average","\u200b","$","435","\u200b","$","414"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Second quarter percentage change","\u200b","\u200b","8.7","%","\u200b","\u200b"],["Year-to-date percentage change","\u200b","\u200b","5.1","%","\u200b","\u200b"]] [[/GREPCENT_TABLE]] ​ Finally, a Spruce Pine Fir (“SPF”) composite price, which we prepare and use, is presented below. Our purchases of this species comprise approximately 11% of our total lumber purchases. ​ [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Random Lengths SPF"],["\u200b","\u200b","Average $/MBF"],["\u200b","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025"],["January","\u200b","$","430","\u200b","$","480"],["February","\u200b","","457","\u200b","","479"],["March","\u200b","","464","\u200b","","526"],["April","\u200b","","491","\u200b","\u200b","504"],["May","\u200b","","496","\u200b","\u200b","446"],["June","\u200b","","508","\u200b","\u200b","444"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Second quarter average","\u200b","$","498","\u200b","$","465"],["Year-to-date average","\u200b","$","474","\u200b","$","480"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Second quarter percentage change","\u200b","\u200b","7.1","%","\u200b","\u200b"],["Year-to-date percentage change","\u200b","\u200b","(1.3)","%","\u200b","\u200b"]] [[/GREPCENT_TABLE]] ​ Lumber prices increased during the second quarter of 2026, after declining during the first quarter. Commodity lumber costs increased due to mill curtailments and higher duties on Canadian lumber, partially offset by weak overall demand resulting from lower consumer sentiment and greater economic uncertainty. A change in lumber prices impacts profitability of products sold with fixed and variable prices, as discussed below. 23 Table of Contents UFP INDUSTRIES, INC. IMPACT OF THE LUMBER MARKET ON OUR OPERATING RESULTS We generally price our products to pass lumber costs through to our customers so that our profitability is based on the value-added manufacturing, distribution, engineering, and other services we provide. As a result, our dollar sales levels (and working capital requirements) are impacted by the lumber costs of our products. Lumber costs were 43.7% and 42.9% of our total net sales in the first six months of 2026 and 2025, respectively. Our gross margins are impacted by (1) the relative level of the Lumber Market (i.e. whether prices are higher or lower from comparative periods), and (2) the trend in the market price of lumber (i.e. whether the price of lumber is increasing or decreasing within a period or from period to period). Additionally, as explained below, product categories can be priced differently. Some of our products have fixed selling prices, while the selling prices of [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/912767/000110465926019567/ufpi-20251227x10k.htm Complete FY 2025 MD&A: /company/UFPI/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-25 Report date: 2025-12-27 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. UFP Industries, Inc. is a holding company with subsidiaries in the United States, Mexico, Canada, Spain, India and Australia that design, manufacture, and supply products made from wood, wood and non-wood composites, and other materials to three segments: retail, packaging, and construction. We are headquartered in Grand Rapids, Michigan. This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. We do not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in currency and inflation; fluctuations in the price of lumber; adverse economic conditions in the markets we serve; concentration of sales to customers; vertical integration strategies; excess capacity or supply chain challenges; our ability to make successful business acquisitions; government regulations, particularly involving environmental and safety regulations; adverse or unusual weather conditions;  inbound and outbound transportation costs; alternatives to replace treated wood products; cybersecurity breaches; tariffs on import and export sales; and potential pandemics. Certain of these risk factors as well as other risk factors and additional information are included in our reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission, included under Item 1A above. OVERVIEW We are pleased to present this overview of 2025. Our results for 2025 include the following highlights: [[GREPCENT_TABLE]] [["","\u25cf","Our net sales decreased 5% compared to 2024, which was comprised of a 2% decrease in selling prices and a 3% decrease in unit sales. The overall decrease in our selling prices is primarily due to more competitive pricing in our Site-Built business unit. The overall organic unit decline consists of a 7% decrease in our Retail segment and a 1% decrease in our Packaging segment, while unit sales in our Construction segment were flat compared to 2024. An acquired business contributed a 1% unit increase in our Packaging segment. We believe we maintained or gained market share in each of our business units."]] [[/GREPCENT_TABLE]] 20 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","Our gross profits decreased by $167 million, or 14%, compared to last year, exceeding our 3% decrease in unit sales. By segment, gross profits decreased by $81 million in Construction, $36 million in Packaging, and $43 million in Retail. The overall decrease in our gross profits is primarily due to the decline in unit sales as a result of weaker demand, which also resulted in more competitive pricing."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Our operating profits decreased $128 million, or 26%, compared to last year. The overall decrease is a result of the decline in gross profits above which was partially offset by a $44 million decrease in selling, general, and administrative (\u201cSG&A\u201d) expenses. The decrease in SG&A is due to our cost reduction efforts totaling $40 million and our incentive compensation plans (bonus and sales incentives) totaling $24 million. These decreases in SG&A were partially offset by a $20 million increase in advertising costs to build brand awareness of our Deckorators\u2019 Surestone\u2122 composite decking."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Our cash flows from operations in 2025 were $546 million compared to $643 million in 2024. The $97 million decline resulted primarily from the change in our investment in net working capital, which was $54 million higher in 2025 than 2024. In 2025, working capital increased by $3 million, reflecting a $35 million decrease in current assets and a $38 million decrease in current liabilities. The prior year included a $53 million net decrease in working capital comprised of a $54 million decrease in current assets and $3 million decrease in current liabilities. Additionally, net earnings and non-cash expenses decreased $43 million compared to the prior year due to the factors stated above."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","We invested $269 million in capital expenditures, which was comprised of expansionary and efficiency capital expenditures, to support and grow our existing businesses, totaling $163 million, maintenance capital expenditures totaling $106 million, and $18 million invested in business combinations."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","We returned $82 million to our shareholders through dividends. We repurchased 4,498,835 shares of our common stock for $443 million, at an average price of $98.39 per share. Of this amount, 87,327 shares were repurchased in order to settle tax withholding obligations of long-term stock incentive plan participants\u2019 awards that vested in 2025. These shares were purchased at an average price of $109.83 per share, totaling $10 million."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Our Cash and cash equivalents at the end of 2025 was $914 million compared to $1.2 billion at the end of 2024. Our unused borrowing capacity under our revolving credit facility and a shelf agreement with certain lenders along with our cash resulted in total liquidity of approximately $2.2 billion at the end of December 2025. We plan to continue to pursue a balanced and return driven approach to capital allocation focused on continuing to increase our dividend at a rate that is aligned with our anticipated long-term earnings growth rate, repurchasing our common stock to offset dilution from issuances under our equity-based compensation programs, making capital investments needed to execute our organic growth and operating improvement strategies, and completing business acquisitions that complement our existing businesses and provide new avenues for growth. We will opportunistically increase repurchases of our stock when the price reaches a pre-determined level that we believe represents an attractive investment."]] [[/GREPCENT_TABLE]] 21 Table of Contents HISTORICAL LUMBER PRICES The following table presents the Random Lengths framing lumber composite price. ​ [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Random Lengths Composite"],["\u200b","\u200b","Average $/MBF"],["\u200b","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024"],["January","\u200b","$","434","\u200b","$","398"],["February","\u200b","","442","\u200b","","389"],["March","\u200b","","479","\u200b","","416"],["April","\u200b","","485","\u200b","","403"],["May","\u200b","","453","\u200b","","377"],["June","\u200b","","431","\u200b","","382"],["July","\u200b","","426","\u200b","","363"],["August","\u200b","","433","\u200b","","386"],["September","\u200b","","384","\u200b","","398"],["October","\u200b","\u200b","380","\u200b","\u200b","405"],["November","\u200b","\u200b","381","\u200b","\u200b","442"],["December","\u200b","\u200b","367","\u200b","\u200b","436"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Annual average","\u200b","$","425","\u200b","$","400"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Annual percentage change","\u200b","","6.3","%","","\u200b"]] [[/GREPCENT_TABLE]] ​ In addition, a Southern Yellow Pine (“SYP”) composite price, which we prepare and use, is presented below. Our purchases of this species comprise approximately 75% of our total lumber purchases. [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Random Lengths SYP"],["\u200b","\u200b","Average $/MBF"],["\u200b","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024"],["January","\u200b","$","386","\u200b","$","380"],["February","\u200b","","401","\u200b","","371"],["March","\u200b","","424","\u200b","","394"],["April","\u200b","","446","\u200b","","371"],["May","\u200b","","445","\u200b","","353"],["June","\u200b","","381","\u200b","","355"],["July","\u200b","","351","\u200b","","333"],["August","\u200b","","347","\u200b","","345"],["September","\u200b","","320","\u200b","","337"],["October","\u200b","\u200b","323","\u200b","\u200b","368"],["November","\u200b","\u200b","335","\u200b","\u200b","386"],["December","\u200b","\u200b","346","\u200b","\u200b","359"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Annual average","\u200b","$","375","\u200b","$","363"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Annual percentage change","\u200b","\u200b","3.3","%","\u200b","\u200b"]] [[/GREPCENT_TABLE]] ​ 22 Table of Contents Finally, a Spruce Pine Fir (“SPF”) composite price, which we prepare and use, is presented below. Our purchases of this species comprise approximately 12% of our total lumber purchases. [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Random Lengths SPF"],["\u200b","\u200b","Average $/MBF"],["\u200b","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024"],["January","\u200b","$","480","\u200b","$","424"],["February","\u200b","","479","\u200b","","420"],["March","\u200b","","526","\u200b","","449"],["April","\u200b","","504","\u200b","","437"],["May","\u200b","","446","\u200b","","401"],["June","\u200b","","444","\u200b","","393"],["July","\u200b","","462","\u200b","","369"],["August","\u200b","","484","\u200b","","400"],["September","\u200b","","422","\u200b","","423"],["October","\u200b","\u200b","432","\u200b","\u200b","428"],["November","\u200b","\u200b","422","\u200b","\u200b","487"],["December","\u200b","\u200b","403","\u200b","\u200b","495"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Annual average","\u200b","$","459","\u200b","$","427"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Annual percentage change","\u200b","\u200b","7.5","%","\u200b","\u200b"]] [[/GREPCENT_TABLE]] Overall lumber prices in 2025 have increased compared to 2024 despite overall weak demand in the end markets that primarily consume softwood lumber – new housing, housing repair and remodel activity, and industrial (including packaging) –  as a result of higher duties on Canadian lumber imported to the United States and capacity curtailments in the U.S. and Canada. IMPACT OF THE LUMBER MARKET ON OUR OPERATING RESULTS We generally price our products to pass lumber costs through to our customers so that our profitability is based on the value-added manufacturing, distribution, engineering, and other services we provide. As a result, our dollar sales levels (and working capital requirements) are impacted by the lumber costs of our products. Lumber costs were 41.6% and 40.4% of our net sales in 2025 and 2024, respectively. Our gross margins are impacted by (1) the relative level of the Lumber Market (i.e. whether prices are higher or lower from comparative periods), and (2) the trend [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/UFPI/mda/fy2025/ All MD&A years: /company/UFPI/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/UFPI/mda/fy2024/): filed 2025-02-26; accession 0001558370-25-001595 (https://www.sec.gov/Archives/edgar/data/912767/000155837025001595/ufpi-20241228x10k.htm) - [FY 2023 MD&A](/company/UFPI/mda/fy2023/): filed 2024-02-28; accession 0001558370-24-001963 (https://www.sec.gov/Archives/edgar/data/912767/000155837024001963/ufpi-20231230x10k.htm) - [FY 2022 MD&A](/company/UFPI/mda/fy2022/): filed 2023-03-01; accession 0001558370-23-002546 (https://www.sec.gov/Archives/edgar/data/912767/000155837023002546/ufpi-20221231x10k.htm) - [FY 2021 MD&A](/company/UFPI/mda/fy2021/): filed 2022-02-23; accession 0001558370-22-001761 (https://www.sec.gov/Archives/edgar/data/912767/000155837022001761/ufpi-20211225x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 2421 Sawmills & Planting Mills, General) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/UFPI.md · JSON record: /company/UFPI.json · verified financials: /company/UFPI/financials.json / /company/UFPI/financials.csv · machine TOC for the whole site: /llms.txt