UFP Industries Announces Third Quarter 2025 Results
GRAND RAPIDS, Mich.--( BUSINESS WIRE)--UFP Industries, Inc. (Nasdaq: UFPI) a leading manufacturer focused on delivering value-added products across its Retail, Packaging, and Construction segments reported results for the third quarter 2025.
Will Schwartz, President and CEO of UFP Industries commented, “Our third quarter played out largely as anticipated and reflective of the competitive environment we are seeing across our end markets. Visibility remains limited, particularly in markets tied to residential construction; however, trends across the majority of our business units have shown signs of stabilizing, demonstrating the benefits of our balanced portfolio and the team we have in place. I’m proud of how our team has navigated these challenging market conditions with our adjusted EBITDA margin approximately 200 basis points higher than 2019 levels despite competitive pricing and weaker demand, startup costs associated with growth investments and substantial investments to build our Surestone brand. We plan to gain market share, strengthen return on capital, and achieve margin improvements. As part of this plan, we will have reduced structural costs by $60 million from 2024 levels by the end of 2026.”
Schwartz continued, “Looking ahead, we are driving innovation across the product portfolio and making strategic investments to create shareholder value. Our long-term capital plans remain aggressive, with a bias toward driving growth through investment in our most attractive opportunities. M&A remains a key component to our capital allocation strategy, and we have identified targets across each of our business units that complement our core strengths. Our robust financial position remains a competitive advantage enabling us to repurchase approximately $350 million of our shares through the end of October, while increasing our cash dividend year over year. Grounded in the strength of our team and business model, we remain focused on the strategies to grow our core, higher margin businesses, develop innovative new products and drive operational efficiencies across our network of plants. We are confident in our ability to continue executing as we move into next year.”
____________________
1
Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below.
Third Quarter 2025 Highlights
UFP Consolidated
(In thousands)
Quarter Period
Year to Date
2025
2024
% Change
2025
2024
% Change
NET SALES
$
1,559,627
$
1,649,383
(5.4
)
%
$
4,990,520
$
5,190,308
(3.8
)
%
GROSS PROFIT
262,681
298,412
(12.0
)
843,611
987,233
(14.5
)
GROSS MARGIN
16.8
%
18.1
%
16.9
%
19.0
%
NET EARNINGS
75,542
101,619
(25.7
)
255,836
348,950
(26.7
)
ADJUSTED EBITDA
140,019
164,915
(15.1
)
456,317
549,562
(17.0
)
ADJUSTED EBITDA MARGIN
9.0
%
10.0
%
9.1
%
10.6
%
PERCENTAGE CHANGE IN SALES:
ORGANIC UNITS
(4
)
%
(3
)
%
ACQUISITIONS
—
—
SELLING PRICES
(1
)
(1
)
UFP Retail
(In thousands)
Quarter Period
Year to Date
2025
2024
% Change
2025
2024
% Change
NET SALES
$
593,985
$
635,571
(6.5
)
%
$
1,989,592
$
2,073,403
(4.0
)
%
GROSS PROFIT
80,222
93,055
(13.8
)
275,257
320,939
(14.2
)
GROSS MARGIN
13.5
%
14.6
%
13.8
%
15.5
%
NET EARNINGS
15,741
31,769
(50.5
)
77,532
114,768
(32.4
)
ADJUSTED EBITDA
39,985
51,155
(21.8
)
139,812
176,701
(20.9
)
ADJUSTED EBITDA MARGIN
6.7
%
8.0
%
7.0
%
8.5
%
PERCENTAGE CHANGE IN SALES:
ORGANIC UNITS
(6
)
%
(5
)
%
ACQUISITIONS
—
—
SELLING PRICES
(1
)
1
UFP Packaging
(In thousands)
Quarter Period
Year to Date
2025
2024
% Change
2025
2024
% Change
NET SALES
$
394,949
$
401,626
(1.7
)
%
$
1,233,626
$
1,261,248
(2.2
)
%
GROSS PROFIT
67,421
71,245
(5.4
)
207,577
240,371
(13.6
)
GROSS MARGIN
17.1
%
17.7
%
16.8
%
19.1
%
NET EARNINGS
21,358
16,507
29.4
58,908
63,472
(7.2
)
ADJUSTED EBITDA
34,284
34,348
(0.2
)
108,125
121,620
(11.1
)
ADJUSTED EBITDA MARGIN
8.7
%
8.6
%
8.8
%
9.6
%
PERCENTAGE CHANGE IN SALES:
ORGANIC UNITS
(3
)
%
(1
)
%
ACQUISITIONS
1
1
SELLING PRICES
-
(2
)
UFP Construction
(In thousands)
Quarter Period
Year to Date
2025
2024
% Change
2025
2024
% Change
NET SALES
$
496,465
$
534,625
(7.1
)
%
$
1,563,995
$
1,627,068
(3.9
)
%
GROSS PROFIT
91,203
111,658
(18.3
)
282,192
351,548
(19.7
)
GROSS MARGIN
18.4
%
20.9
%
18.0
%
21.6
%
NET EARNINGS
24,682
32,127
(23.2
)
74,189
108,584
(31.7
)
ADJUSTED EBITDA
41,878
50,888
(17.7
)
124,668
163,395
(23.7
)
ADJUSTED EBITDA MARGIN
8.4
%
9.5
%
8.0
%
10.0
%
PERCENTAGE CHANGE IN SALES:
ORGANIC UNITS
(2
)
%
1
%
ACQUISITIONS
—
—
SELLING PRICES
(5
)
(5
)
Capital Structure, Leverage and Liquidity Information
UFP Industries maintains a strong balance sheet and as of September 27, 2025, had liquidity of approximately $2.3 billion consisting of $1.0 billion of cash and $1.3 billion of remaining availability under its revolving credit facility and a shelf agreement with certain lenders. The company’s return-focused approach to capital allocation includes the following:
2025 Full Year and Long-Term Outlook
Our 2025 outlook remains largely unchanged. We continue to anticipate the softer demand and competitive pricing environment will remain through the balance of 2025 and are planning for low single-digit unit declines in each of our segments. We anticipate a more significant decline in markets tied to new residential construction, but we continue to expect to see some level of stabilization in most of our other businesses units as an offset. We expect initial stocking orders and expanded manufacturing and distribution capabilities will support momentum in our Deckorators’s and Surestone business through the remainder of the year and into 2026.
The company’s long-term goals remain unchanged and include: 1) achieving 7-10 percent unit sales growth annually (including bolt-on acquisitions) with at least 10 percent of all sales coming from new products; 2) achieving 12.5 percent adjusted EBITDA margins; 3) earning an incremental return on new investments over our hurdle rate; and 4) maintaining a conservative capital structure
Conference Call
UFP Industries will host a conference call on Thursday, October 30, 2025, to discuss these results and outlook. The conference call will begin at 10:00 a.m. Eastern Time and will be hosted by CEO Will Schwartz and CFO Michael Cole. Interested investors can access the webcast directly with this link (here). A replay of the call will be available through the UFP Investor Relations website at www.ufpinvestor.com for at least 90 days following the call.
UFP Industries, Inc.
UFP Industries, Inc. is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in North America, Europe, Asia and Australia. For more about UFP Industries, go to www.ufpi.com.
This press release 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. The Company does 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 or unusual weather conditions; 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; inbound and outbound transportation costs; alternatives to replace treated wood products; government regulations, particularly involving environmental and safety regulations; our ability to make successful business acquisitions; cybersecurity breaches; and potential pandemics. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission
Non-GAAP Financial Information
This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Management uses Adjusted EBITDA, a non-GAAP financial measure, in order to evaluate historical and ongoing operations. Management believes that this non-GAAP financial measure is useful in order to enable investors to perform meaningful comparisons of historical and current performance. Adjusted EBITDA is intended to supplement and should be read together with the financial results. Adjusted EBITDA should not be considered an alternative or substitute for, and should not be considered superior to, the reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measure. See the table below for a reconciliation of Adjusted EBITDA to net earnings.
Net earnings
Net earnings refers to net earnings attributable to controlling interest unless specifically noted.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND
COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED
SEPTEMBER 2025/2024
Quarter Period
Year to Date
(In thousands, except per share data)
2025
2024
2025
2024
NET SALES
$
1,559,627
100.0
%
$
1,649,383
100.0
%
$
4,990,520
100.0
%
$
5,190,308
100.0
%
COST OF GOODS SOLD
1,296,946
83.2
1,350,971
81.9
4,146,909
83.1
4,203,075
81.0
GROSS PROFIT
262,681
16.8
298,412
18.1
843,611
16.9
987,233
19.0
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
170,030
10.9
183,341
11.1
531,279
10.6
578,555
11.1
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS
2,458
0.2
(453
)
—
6,212
0.1
1,538
—
OTHER LOSSES (GAINS), NET
722
—
(4,402
)
(0.3
)
1,306
—
(5,643
)
(0.1
)
EARNINGS FROM OPERATIONS
89,471
5.7
119,926
7.3
304,814
6.1
412,783
8.0
INTEREST AND OTHER
(9,663
)
(0.6
)
(14,184
)
(0.9
)
(26,946
)
(0.5
)
(36,353
)
(0.7
)
EARNINGS BEFORE INCOME TAXES
99,134
6.4
134,110
8.1
331,760
6.6
449,136
8.7
INCOME TAXES
23,592
1.5
32,491
2.0
75,924
1.5
100,186
1.9
NET EARNINGS
75,542
4.8
101,619
6.2
255,836
5.1
348,950
6.7
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
(196
)
—
(1,819
)
(0.1
)
(1,003
)
—
(2,429
)
—
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST
$
75,346
4.8
$
99,800
6.1
$
254,833
5.1
$
346,521
6.7
EARNINGS PER SHARE - BASIC
$
1.29
$
1.64
$
4.29
$
5.66
EARNINGS PER SHARE - DILUTED
$
1.29
$
1.64
$
4.28
$
5.65
COMPREHENSIVE INCOME
$
76,049
$
102,411
$
271,262
$
340,632
LESS 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 EARNINGS BY SEGMENT (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 2025/2024
Quarter Period 2025
(In thousands)
Retail
Packaging
Construction
All Other
Corporate
Total
NET SALES
$
593,985
$
394,949
$
496,465
$
72,482
$
1,746
$
1,559,627
COST OF GOODS SOLD
513,763
327,528
405,262
59,251
(8,858
)
1,296,946
GROSS PROFIT
80,222
67,421
91,203
13,231
10,604
262,681
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
49,032
45,831
58,943
9,226
6,998
170,030
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS
9,983
(5,970
)
(59
)
63
(1,559
)
2,458
OTHER LOSSES (GAINS), NET
462
—
(3
)
203
60
722
EARNINGS FROM OPERATIONS
20,745
27,560
32,322
3,739
5,105
89,471
INTEREST AND OTHER
(70
)
(381
)
(7
)
(2,845
)
(6,360
)
(9,663
)
EARNINGS BEFORE INCOME TAXES
20,815
27,941
32,329
6,584
11,465
99,134
INCOME TAXES
5,074
6,583
7,647
1,691
2,597
23,592
NET EARNINGS
$
15,741
$
21,358
$
24,682
$
4,893
$
8,868
$
75,542
Quarter Period 2024
(In thousands)
Retail
Packaging
Construction
All Other
Corporate
Total
NET SALES
$
635,571
$
401,626
$
534,625
$
75,802
$
1,759
$
1,649,383
COST OF GOODS SOLD
542,516
330,381
422,967
61,350
(6,243
)
1,350,971
GROSS PROFIT
93,055
71,245
111,658
14,452
8,002
298,412
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
54,113
49,352
69,046
13,696
(2,866
)
183,341
NET (GAIN) LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS
(9
)
28
(64
)
(4
)
(404
)
(453
)
OTHER (GAINS) LOSSES, NET
(2,861
)
—
276
(1,787
)
(30
)
(4,402
)
EARNINGS FROM OPERATIONS
41,812
21,865
42,400
2,547
11,302
119,926
INTEREST AND OTHER
(114
)
81
—
(4,033
)
(10,118
)
(14,184
)
EARNINGS BEFORE INCOME TAXES
41,926
21,784
42,400
6,580
21,420
134,110
INCOME TAXES
10,157
5,277
10,273
1,594
5,190
32,491
NET EARNINGS
$
31,769
$
16,507
$
32,127
$
4,986
$
16,230
$
101,619
CONDENSED CONSOLIDATED STATEMENTS
OF EARNINGS BY SEGMENT (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 2025/2024
Year to Date 2025
(In thousands)
Retail
Packaging
Construction
All Other
Corporate
Total
NET SALES
$
1,989,592
$
1,233,626
$
1,563,995
$
197,806
$
5,501
$
4,990,520
COST OF GOODS SOLD
1,714,335
1,026,049
1,281,803
160,706
(35,984
)
4,146,909
GROSS PROFIT
275,257
207,577
282,192
—
37,100
—
41,485
843,611
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
163,029
136,748
185,454
—
28,086
—
17,962
531,279
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS
11,090
(4,713
)
272
—
2,679
—
(3,116
)
6,212
OTHER LOSSES (GAINS), NET
780
—
268
—
451
—
(193
)
1,306
EARNINGS FROM OPERATIONS
100,358
75,542
96,198
5,884
26,832
304,814
INTEREST AND OTHER
(184
)
(848
)
(8
)
—
(6,304
)
—
(19,602
)
(26,946
)
EARNINGS BEFORE INCOME TAXES
100,542
76,390
96,206
12,188
46,434
331,760
INCOME TAXES
23,010
17,482
22,017
—
2,779
—
10,636
75,924
NET EARNINGS
$
77,532
$
58,908
$
74,189
$
9,409
$
35,798
$
255,836
Year to Date 2024
(In thousands)
Retail
Packaging
Construction
All Other
Corporate
Total
NET SALES
$
2,073,403
$
1,261,248
$
1,627,068
$
224,219
$
4,370
$
5,190,308
COST OF GOODS SOLD
1,752,464
1,020,877
1,275,520
171,916
(17,702
)
4,203,075
GROSS PROFIT
320,939
240,371
351,548
52,303
22,072
987,233
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
175,014
156,289
211,503
41,663
(5,914
)
578,555
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS
877
1,455
222
10
(1,026
)
1,538
OTHER (GAINS) LOSSES, NET
(2,527
)
—
70
(3,286
)
100
(5,643
)
EARNINGS FROM OPERATIONS
147,575
82,627
139,753
13,916
28,912
412,783
INTEREST AND OTHER
(386
)
1,314
(25
)
(8,826
)
(28,430
)
(36,353
)
EARNINGS BEFORE INCOME TAXES
147,961
81,313
139,778
22,742
57,342
449,136
INCOME TAXES
33,193
17,841
31,194
5,072
12,886
100,186
NET EARNINGS
$
114,768
$
63,472
$
108,584
$
17,670
$
44,456
$
348,950
RECONCILIATION OF NET EARNINGS TO
ADJUSTED EBITDA BY SEGMENT (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 2025/2024
Quarter Period 2025
(In thousands)
Retail
Packaging
Construction
All Other
Corporate
Total
NET EARNINGS
$
15,741
$
21,358
$
24,682
$
4,893
$
8,868
$
75,542
INTEREST AND OTHER
(70
)
(381
)
(7
)
(2,845
)
(6,360
)
(9,663
)
INCOME TAXES
5,074
6,583
7,647
1,691
2,597
23,592
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS
855
1,609
2,173
171
2,728
7,536
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS
7,583
(5,970
)
(59
)
63
(1,559
)
58
IMPAIRMENT OF INTANGIBLES
2,400
—
—
—
—
2,400
DEPRECIATION EXPENSE
7,523
8,946
6,667
1,027
10,470
34,633
AMORTIZATION OF INTANGIBLES
879
2,139
775
1,701
427
5,921
ADJUSTED EBITDA
$
39,985
$
34,284
$
41,878
$
6,701
$
17,171
$
140,019
NET EARNINGS AS A PERCENTAGE OF NET SALES
2.7
%
5.4
%
5.0
%
6.8
%
*
4.8
%
ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES
6.7
%
8.7
%
8.4
%
9.2
%
*
9.0
%
* Not meaningful
Quarter Period 2024
(In thousands)
Retail
Packaging
Construction
All Other
Corporate
Total
NET EARNINGS
$
31,769
$
16,507
$
32,127
$
4,986
$
16,230
$
101,619
INTEREST AND OTHER
(114
)
81
—
(4,033
)
(10,118
)
(14,184
)
INCOME TAXES
10,157
5,277
10,273
1,594
5,190
32,491
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS
1,116
1,575
1,822
140
3,416
8,069
NET (GAIN) LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS
(9
)
28
(64
)
(4
)
(404
)
(453
)
GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY
—
—
—
—
—
—
DEPRECIATION EXPENSE
7,238
8,664
6,027
832
8,726
31,487
AMORTIZATION OF INTANGIBLES
998
2,216
703
1,536
433
5,886
ADJUSTED EBITDA
$
51,155
$
34,348
$
50,888
$
5,051
$
23,473
$
164,915
NET EARNINGS AS A PERCENTAGE OF NET SALES
5.0
%
4.1
%
6.0
%
6.6
%
*
6.2
%
ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES
8.0
%
8.6
%
9.5
%
6.7
%
*
10.0
%
* Not meaningful
RECONCILIATION OF NET EARNINGS TO
ADJUSTED EBITDA BY SEGMENT (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 2025/2024
Year to Date 2025
(In thousands)
Retail
Packaging
Construction
All Other
Corporate
Total
NET EARNINGS
$
77,532
$
58,908
$
74,189
$
9,409
$
35,798
$
255,836
INTEREST AND OTHER
(184
)
(848
)
(8
)
(6,304
)
(19,602
)
(26,946
)
INCOME TAXES
23,010
17,482
22,017
2,779
10,636
75,924
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS
3,146
5,390
7,173
609
11,588
27,906
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS
8,690
(4,713
)
272
2,679
(3,116
)
3,812
IMPAIRMENT OF INTANGIBLES
2,400
—
—
—
—
2,400
GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY
—
(1,511
)
(344
)
—
—
(1,855
)
DEPRECIATION EXPENSE
22,425
26,933
19,188
3,080
29,948
101,574
AMORTIZATION OF INTANGIBLES
2,793
6,484
2,181
4,973
1,235
17,666
ADJUSTED EBITDA
$
139,812
$
108,125
$
124,668
$
17,225
$
66,487
$
456,317
NET EARNINGS AS A PERCENTAGE OF NET SALES
3.9
%
4.8
%
4.7
%
4.8
%
*
5.1
%
ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES
7.0
%
8.8
%
8.0
%
8.7
%
*
9.1
%
* Not meaningful
Year to Date 2024
(In thousands)
Retail
Packaging
Construction
All Other
Corporate
Total
NET EARNINGS
$
114,768
$
63,472
$
108,584
$
17,670
$
44,456
$
348,950
INTEREST AND OTHER
(386
)
1,314
(25
)
(8,826
)
(28,430
)
(36,353
)
INCOME TAXES
33,193
17,841
31,194
5,072
12,886
100,186
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS
3,928
5,351
6,098
609
11,359
27,345
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS
877
1,455
222
10
(1,026
)
1,538
GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY
—
(37
)
(1,818
)
—
—
(1,855
)
DEPRECIATION EXPENSE
21,327
25,600
17,032
2,449
25,722
92,130
AMORTIZATION OF INTANGIBLES
2,994
6,624
2,108
4,573
1,322
17,621
ADJUSTED EBITDA
$
176,701
$
121,620
$
163,395
$
21,557
$
66,289
$
549,562
NET EARNINGS AS A PERCENTAGE OF NET SALES
5.5
%
5.0
%
6.7
%
7.9
%
*
6.7
%
ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES
8.5
%
9.6
%
10.0
%
9.6
%
*
10.6
%
* Not meaningful
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
SEPTEMBER 2025/2024
(In thousands)
ASSETS
2025
2024
LIABILITIES AND EQUITY
2025
2024
CURRENT ASSETS
CURRENT LIABILITIES
Cash and cash equivalents
$
1,008,632
1,190,807
Accounts payable
$
231,905
239,897
Restricted cash
3,062
761
Accrued liabilities and other
294,923
322,031
Investments
33,926
38,935
Current portion of debt
5,386
44,103
Accounts receivable
607,537
650,869
Inventories
667,418
645,429
Other current assets
66,509
86,724
TOTAL CURRENT ASSETS
2,387,084
2,613,525
TOTAL CURRENT LIABILITIES
532,214
606,031
OTHER ASSETS
283,796
259,637
LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS
229,007
232,043
INTANGIBLE ASSETS, NET
488,774
501,641
OTHER LIABILITIES
166,057
180,465
TEMPORARY EQUITY
5,018
5,527
PROPERTY, PLANT AND EQUIPMENT, NET
975,897
843,082
SHAREHOLDERS' EQUITY
3,203,255
3,193,819
TOTAL ASSETS
$
4,135,551
$
4,217,885
TOTAL LIABILITIES AND EQUITY
$
4,135,551
$
4,217,885
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED
SEPTEMBER 2025/2024
(In thousands)
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings
$
255,836
$
348,950
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation
101,574
92,130
Amortization of intangibles
17,666
17,621
Expense associated with share-based and grant compensation arrangements
27,906
27,345
Deferred income taxes
(393
)
(674
)
Unrealized gain on investment and other
(2,195
)
(3,201
)
Equity in (earnings) loss of investee
(1,072
)
1,313
Net loss on sale, disposition and impairment of assets
3,812
1,538
Impairment of intangibles
2,400
—
Gain from reduction of estimated earnout liability
(1,855
)
(1,855
)
Changes in:
Accounts receivable
(104,813
)
(102,355
)
Inventories
61,025
81,238
Accounts payable
6,243
37,391
Accrued liabilities and other
32,988
(1,779
)
NET CASH FROM OPERATING ACTIVITIES
399,122
497,662
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property, plant, and equipment
(205,504
)
(165,493
)
Proceeds from sale of property, plant and equipment
17,308
3,795
Acquisitions and purchases of non-controlling interest, net of cash received
(17,626
)
—
Purchases of investments
(27,388
)
(34,284
)
Proceeds from sale of investments
14,464
13,782
Other
1,535
4,712
NET CASH USED IN INVESTING ACTIVITIES
(217,211
)
(177,488
)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Borrowings under revolving credit facilities
23,299
20,130
Repayments under revolving credit facilities
(22,469
)
(20,477
)
Repayment of debt on behalf of investee
—
(6,303
)
Contingent consideration payments and other
(221
)
(4,779
)
Proceeds from issuance of common stock
1,867
2,122
Dividends paid to shareholders
(62,490
)
(60,721
)
Distributions to noncontrolling interest
(1,280
)
(11,848
)
Purchase of remaining noncontrolling interest of subsidiary
—
(4,902
)
Payments to taxing authorities in connection with shares directly withheld from employees
(9,582
)
(17,838
)
Repurchase of common stock
(280,987
)
(141,122
)
Other
(182
)
55
NET CASH USED IN FINANCING ACTIVITIES
(352,045
)
(245,683
)
Effect of exchange rate changes on cash
2,234
(5,179
)
NET CHANGE IN CASH AND CASH EQUIVALENTS
(167,900
)
69,312
ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
1,179,594
1,122,256
ALL CASH AND CASH EQUIVALENTS, END OF PERIOD
$
1,011,694
$
1,191,568
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period
$
1,171,828
$
1,118,329
Restricted cash, beginning of period
7,766
3,927
All cash and cash equivalents, beginning of period
$
1,179,594
$
1,122,256
Cash and cash equivalents, end of period
$
1,008,632
$
1,190,807
Restricted cash, end of period
3,062
761
All cash and cash equivalents, end of period
$
1,011,694
$
1,191,568