UFP INDUSTRIES INC

For the period ended Sep 27, 2025. Filed Nov 5, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 27, 2025 · Filed Nov 5, 2025

UFPI$82.66+3.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

PART I.		FINANCIAL INFORMATION.	Page No.

	Item 1.	Financial Statements	3

		Condensed Consolidated Balance Sheets at September 27, 2025, December 28, 2024 and September 28, 2024	3

		Condensed Consolidated Statements of Earnings and Comprehensive Income for the Three and Nine Months Ended September 27, 2025 and September 28, 2024	4

		Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 27, 2025 and September 28, 2024	5

		Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 27, 2025 and September 28, 2024	7

		Notes to Unaudited Condensed Consolidated Financial Statements	8

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	40

	Item 4.	Controls and Procedures	41

PART II.		OTHER INFORMATION

	Item 1.	Legal Proceedings – NONE

	Item 1A.	Risk Factors	41

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41

	Item 3.	Defaults upon Senior Securities – NONE

	Item 4.	Mine Safety Disclosures – NONE

	Item 5.	Other Information	42

	Item 6.	Exhibits	43

CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands of United States dollars, except share data) · · September 27, · · December 28, · · September 28, ·
· 2025 · 2024 · 2024 ·
ASSETS · · · · · · · ·
CURRENT ASSETS: · · · · · · · ·
Cash and cash equivalents	$1,008,632	$1,171,828	$1,190,807
Restricted cash	3,062	7,766	761
Investments	33,926	31,087	38,935
Accounts receivable, net	607,537	500,920	650,869
Inventories:
Raw materials	354,021	388,435	337,180
Finished goods	313,397	332,389	308,249
Total inventories	667,418	720,824	645,429
Income taxes receivable	2,571	20,588	40,883
Assets held for sale	7,230	—	—
Other current assets	56,708	50,012	45,841
TOTAL CURRENT ASSETS	2,387,084	2,503,025	2,613,525
DEFERRED INCOME TAXES	5,231	5,263	4,118
RESTRICTED INVESTMENTS	48,488	39,140	32,695
RIGHT OF USE ASSETS	123,369	114,721	124,065
OTHER ASSETS	106,708	98,409	98,759
GOODWILL	342,145	339,839	336,092
INDEFINITE-LIVED INTANGIBLE ASSETS	7,324	7,300	7,350
OTHER INTANGIBLE ASSETS, NET	139,305	152,498	158,199
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment	1,900,849	1,750,211	1,684,177
Less accumulated depreciation and amortization	(924,952)	(859,468)	(841,095)
PROPERTY, PLANT AND EQUIPMENT, NET	975,897	890,743	843,082
TOTAL ASSETS	4,135,551	4,150,938	4,217,885
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$231,905	$224,659	$239,897
Accrued liabilities:
Compensation and benefits	183,619	193,438	216,798
Other	82,537	62,356	76,791
Current portion of lease liability	28,767	27,870	28,442
Current portion of long-term debt	5,386	4,125	44,103
TOTAL CURRENT LIABILITIES	532,214	512,448	606,031
LONG-TERM DEBT	229,007	229,830	232,043
LEASE LIABILITY	106,100	95,095	101,741
DEFERRED INCOME TAXES	30,270	31,244	44,695
OTHER LIABILITIES	29,687	32,330	34,029
TOTAL LIABILITIES	927,278	900,947	1,018,539
TEMPORARY EQUITY:
Redeemable noncontrolling interest	$5,018	$5,366	$5,527
SHAREHOLDERS’ EQUITY:
Controlling interest shareholders’ equity:
Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none	$—	$—	$—
Common stock, $1 par value; shares authorized 160,000,000; issued and outstanding, 58,257,224, 60,724,308 and 60,724,664	58,257	60,724	60,725
Additional paid-in capital	434,441	403,379	389,814
Retained earnings	2,689,507	2,775,280	2,728,281
Accumulated other comprehensive loss	(1,760)	(15,311)	(4,386)
Total controlling interest shareholders’ equity	3,180,445	3,224,072	3,174,434
Noncontrolling interest	22,810	20,553	19,385
TOTAL SHAREHOLDERS’ EQUITY	3,203,255	3,244,625	3,193,819
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY	$4,135,551	$4,150,938	$4,217,885

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

AND COMPREHENSIVE INCOME


(in thousands of United States dollars, except per share data) · · Three Months Ended · · Nine Months Ended ·
· · September 27, · · September 28, · · September 27, · · September 28, ·
· 2025 · 2024 · 2025 · 2024
NET SALES	$1,559,627	$1,649,383	$4,990,520	$5,190,308
COST OF GOODS SOLD	1,296,946	1,350,971	4,146,909	4,203,075
GROSS PROFIT	262,681	298,412	843,611	987,233
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	170,030	183,341	531,279	578,555
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS	2,458	(453)	6,212	1,538
OTHER LOSSES (GAINS), NET	722	(4,402)	1,306	(5,643)
EARNINGS FROM OPERATIONS	89,471	119,926	304,814	412,783
INTEREST EXPENSE	2,757	2,956	8,142	9,259
INTEREST AND INVESTMENT INCOME	(12,142)	(17,217)	(34,016)	(46,925)
EQUITY IN (EARNINGS) LOSS OF INVESTEE	(278)	77	(1,072)	1,313
INTEREST AND OTHER	(9,663)	(14,184)	(26,946)	(36,353)
EARNINGS BEFORE INCOME TAXES	99,134	134,110	331,760	449,136
INCOME TAXES	23,592	32,491	75,924	100,186
NET EARNINGS	75,542	101,619	255,836	348,950
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST	(196)	(1,819)	(1,003)	(2,429)
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST	$75,346	$99,800	$254,833	$346,521

EARNINGS PER SHARE – BASIC	$1.29	$1.64	$4.29	$5.66
EARNINGS PER SHARE – DILUTED	$1.29	$1.64	$4.28	$5.65

OTHER COMPREHENSIVE INCOME:
NET EARNINGS	75,542	101,619	255,836	348,950
OTHER COMPREHENSIVE INCOME (LOSS)	507	792	15,426	(8,318)
COMPREHENSIVE INCOME	76,049	102,411	271,262	340,632
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST	(487)	(1,032)	(2,878)	397
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST	$75,562	$101,379	$268,384	$341,029

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY


(in thousands of United States dollars, · · Controlling Interest Shareholders’ Equity · · ·
except share and per share data) · · · · · Additional · · · · · Accumulated Other · · · · · · · · ·
· · Common · · Paid-In · · Retained · · Comprehensive · · Noncontrolling · · · · · Temporary
· Stock · Capital · Earnings · Loss · Interest (NCI) · Total · Equity
Balance on December 28, 2024	$60,724	$403,379	$2,775,280	$(15,311)	$20,553	$3,244,625	$5,366
Net earnings (loss)			78,753		853	79,606	(183)
Foreign currency translation adjustment				2,744	(31)	2,713	(2)
Unrealized gain on debt securities				470		470
Other		(355)				(355)	99
Cash dividends - $0.35 per share - quarterly			(21,322)			(21,322)
Issuance of 7,197 shares under employee stock purchase plan	7	643				650
Issuance of 232,101 shares under stock grant programs	232	3,055	101			3,388
Issuance of 80,341 shares under deferred compensation plans	81	(81)				—
Repurchase of 649,060 shares	(649)	(9,460)	(59,991)			(70,100)
Expense associated with share-based compensation arrangements		11,493				11,493
Accrued expense under deferred compensation plans		7,888				7,888
Balance on March 29, 2025	$60,395	$416,562	$2,772,821	$(12,097)	$21,375	$3,259,056	$5,280
Net earnings (loss)			100,734		376	101,110	(239)
Foreign currency translation adjustment				10,239	1,615	11,854	2
Unrealized loss on debt securities				(118)		(118)
Other		(1,818)				(1,818)	210
Distributions to NCI					(285)	(285)
Cash dividends - $0.35 per share - quarterly			(20,656)			(20,656)
Issuance of 7,593 shares under employee stock purchase plan	8	636				644
Issuance of 26,949 shares under stock grant programs	27	17	1			45
Issuance of 10,998 shares under deferred compensation plans	10	(10)				—
Repurchase of 1,874,279 shares	(1,874)	(13)	(189,506)			(191,393)
Expense associated with share-based compensation arrangements		8,755				8,755
Accrued expense under deferred compensation plans		1,269				1,269
Balance on June 28, 2025	$58,566	$425,398	$2,663,394	$(1,976)	$23,081	$3,168,463	$5,253
Net earnings (loss)			75,346		253	75,599	(55)
Foreign currency translation adjustment				(354)	471	117	(180)
Unrealized loss on debt securities				570		570
Other		(177)				(177)
Distributions to NCI					(995)	(995)
Purchase of remaining NCI of subsidiary						—
Redeemable NCI						—
Cash dividends - $0.35 per share - quarterly			(20,512)			(20,512)
Issuance of 7,299 shares under employee stock purchase plan	7	565				572
Net forfeitures of 30,601 shares under stock grant programs	(30)	37	37			44
Issuance of 10,940 shares under deferred compensation plans	11	(11)				—
Repurchase of 296,562 shares	(297)	(22)	(28,758)			(29,077)
Expense associated with share-based compensation arrangements		7,497				7,497
Accrued expense under deferred compensation plans		1,154				1,154
Balance on September 27, 2025	$58,257	$434,441	$2,689,507	$(1,760)	$22,810	$3,203,255	$5,018

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY, CONTINUED


(in thousands of United States dollars, · · Controlling Interest Shareholders’ Equity · · ·
except share and per share data) · · · · · Additional · · · · · Accumulated Other · · · · · · · · ·
· · Common · · Paid-In · · Retained · · Comprehensive · · Noncontrolling · · · · · Temporary
· Stock · Capital · Earnings · Earnings (Loss) · Interest (NCI) · Total · Equity
Balance on December 30, 2023	$61,621	$354,702	$2,582,332	$1,106	$30,429	$3,030,190	$20,030
Net earnings (loss)			120,791		622	121,413	(314)
Foreign currency translation adjustment				(1,419)	616	(803)	(333)
Unrealized gain on debt securities				6		6
Distributions to NCI					(3,331)	(3,331)
Cash dividends - $0.33 per share - quarterly			(20,411)			(20,411)
Issuance of 6,251 shares under employee stock purchase plan	6	648				654
Issuance of 369,012 shares under stock grant programs	369	5,829				6,198
Issuance of 76,927 shares under deferred compensation plans	77	(77)				—
Repurchase of 319,295 shares	(319)	(17,686)	(18,631)			(36,636)
Expense associated with share-based compensation arrangements		11,194				11,194
Accrued expense under deferred compensation plans		7,621				7,621
Balance on March 30, 2024	$61,754	$362,231	$2,664,081	$(307)	$28,336	$3,116,095	$19,383
Net earnings (loss)			125,930		652	126,582	(350)
Foreign currency translation adjustment				(5,594)	(2,220)	(7,814)	(102)
Unrealized loss on debt securities				(64)		(64)
Other		(607)				(607)
Distributions to NCI					(6,069)	(6,069)
Cash dividends - $0.33 per share - quarterly			(20,249)			(20,249)
Issuance of 8,573 shares under employee stock purchase plan	9	807				816
Issuance of 29,460 shares under stock grant programs	29	1	5			35
Issuance of 9,841 shares under deferred compensation plans	10	(10)				—
Repurchase of 883,232 shares	(883)		(99,681)			(100,564)
Expense associated with share-based compensation arrangements		7,954				7,954
Accrued expense under deferred compensation plans		1,395				1,395
Balance on June 29, 2024	$60,919	$371,771	$2,670,086	$(5,965)	$20,699	$3,117,510	$18,931
Net earnings (loss)			99,800		2,370	102,170	(551)
Foreign currency translation adjustment				1,029	(1,236)	(207)	449
Unrealized gain on debt securities				550		550
Other		(390)				(390)
Distributions to NCI					(2,448)	(2,448)
Purchase of remaining NCI of subsidiary		8,400				8,400	(13,302)
Cash dividends - $0.33 per share - quarterly			(20,061)			(20,061)
Issuance of 5,843 shares under employee stock purchase plan	6	646				652
Net forfeitures of 10,964 shares under stock grant programs	(10)	45	18			53
Issuance of 8,661 shares under deferred compensation plans	8	(8)				—
Repurchase of 197,417 shares	(198)		(21,562)			(21,760)
Expense associated with share-based compensation arrangements		8,021				8,021
Accrued expense under deferred compensation plans		1,329				1,329
Balance on September 28, 2024	$60,725	$389,814	$2,728,281	$(4,386)	$19,385	$3,193,819	$5,527

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