Executive Summary

As of today, BlueLinx has not published Q2 2026 earnings materials (8‑K Item 2.02 or an earnings call transcript). The company’s Investor Relations site lists quarterly materials only through Q3 2025, so a Q2 2026 recap cannot be completed yet .
Latest available Q2 results (Q2 2025) showed net sales of $780.1M (+1.5% YoY), GAAP diluted EPS of $0.54, adjusted EPS of $0.70, and adjusted EBITDA of $26.8M (3.4% margin). Specialty margins were solid at 18.5% while structural margins were 8.2% .
Versus S&P Global consensus for Q2 2025, revenue was essentially in line ($780.1M vs $782.0M estimate), while adjusted EPS missed ($0.70 vs $1.06 estimate); EBITDA was below consensus as well ($23.8M actual vs $27.0M estimate). The prior quarter (Q3 2025) also modestly missed on revenue and EPS vs consensus, underscoring estimate pressure into 2H25.*
Management emphasized multi‑family channel gains, continued execution of product/channel strategies, and capital returns (new $50M buyback) amid soft market conditions; liquidity stood at $730M (including $387M cash) .

Note: This report synthesizes the latest available quarter (Q2 2025) and adjacent periods while Q2 2026 materials are pending.

What Went Well and What Went Wrong

What Went Well

Specialty resilience and pricing discipline: “We were also pleased with our solid specialty product margins in a competitive pricing environment.” Specialty gross margin was 18.5% (vs 19.3% last year) despite market pressure .
Structural improvement on lumber: “Structural product margins benefited from an increase in lumber prices, partially offset by a significant decline in panel prices during the quarter.” Structural gross margin rose to 8.2% vs 7.9% YoY .
Balance sheet and buybacks: Available liquidity of $730M and a new $50M authorization (total repurchase availability $61.5M) support opportunistic capital allocation .

What Went Wrong

Margin compression and earnings miss: Company gross margin fell 60 bps YoY to 15.3% and adjusted EPS ($0.70) missed S&P Global consensus ($1.06)*, driven by pricing deflation in some specialty categories and higher SG&A .
Higher operating costs: SG&A rose $5.8M YoY to $95.3M, reflecting logistics costs, multi‑family growth investments, and digital transformation expenses .
Negative free cash flow: Free cash flow was -$36.4M in Q2 2025 (CFO -$26.8M), reflecting seasonality, working capital, and capex tied to growth and digital initiatives .

Financial Results

Consolidated P&L and Cash Flow (YoY and QoQ)

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($M)	$768.4	$709.2	$780.1
Gross Margin (%)	15.9%	15.7%	15.3%
Net Income ($M)	$14.3	$2.8	$4.3
Diluted EPS (GAAP)	$1.65	$0.33	$0.54
Adjusted Diluted EPS (non‑GAAP)	$1.68	$0.27	$0.70
Adjusted EBITDA ($M)	$34.4	$19.6	$26.8
Cash from Operations ($M)	$35.8	-$33.9	-$26.8
Free Cash Flow ($M)	$29.3	-$39.8	-$36.4

Observations: Q2 2025 revenue improved both YoY and sequentially, but margins compressed YoY; adjusted EPS and EBITDA remained below Q2 2024 levels amid higher operating costs and pricing deflation in parts of specialty .

Segment Breakdown (Q2 2025 vs Q2 2024; with Q1 2025 context)

Segment	Q2 2024 Net Sales ($M)	Q1 2025 Net Sales ($M)	Q2 2025 Net Sales ($M)	Q2 2024 GM%	Q1 2025 GM%	Q2 2025 GM%
Specialty	$539.5	$479.4	$543.5	19.3%	18.7%	18.5%
Structural	$228.9	$229.8	$236.6	7.9%	9.3%	8.2%

Commentary: Specialty volumes improved but pricing deflation pressured margins; structural benefited from lumber prices, offset by panel price declines .

KPIs and Balance Sheet Highlights

KPI	Q1 2025	Q2 2025
Cash and Cash Equivalents ($M)	$449.0	$386.8
Available Liquidity ($M)	$795.0	$730.0
Net Debt excl. Real Estate Finance Leases ($M)	-$74.7	-$11.2
Net Leverage ex. Real Estate Finance Leases (x)	(0.7x)	(0.1x)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Specialty Gross Margin (%)	Q2 2025 (as guided from Q1)	17%–18%	—	—
Structural Gross Margin (%)	Q2 2025 (as guided from Q1)	9%–10%	—	—
Specialty Gross Margin (%)	Q3 2025 (as guided from Q2)	—	17%–18%	Maintained vs prior quarter’s run‑rate range
Structural Gross Margin (%)	Q3 2025 (as guided from Q2)	—	8%–9%	Lowered vs prior quarter range (from 9%–10%)

Management offered margin ranges rather than full P&L guidance; they highlighted slightly higher daily sales early in Q3 2025 vs Q2 2025 .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
Specialty product strategy and margins	Specialty GM 18.7%; duty item impact noted; price deflation pressured specialty	Specialty GM 18.5%; margins “solid” despite competitive pricing; volumes up	Stable to slightly pressured YoY
Structural product dynamics (lumber/panels)	Lumber up YoY; panels down; GM 9.3%	Lumber up; panels down; GM 8.2% (up 30 bps YoY)	Stabilizing with mix tailwinds from lumber
Multi‑family channel growth	Investment continuing; end‑market mix highlighted	Market share gains in multi‑family; demand creation emphasized	Improving execution
Digital transformation	Ongoing investment; SG&A impact	Continued spend cited in SG&A; capex tied to digital	Continuing investment
Capital allocation (buybacks)	$15M buybacks in Q1; $31M authorization remaining	$20M buybacks; new $50M authorization (total $61.5M)	Increased capacity

Management Commentary

CEO: “We were also pleased with our solid specialty product margins in a competitive pricing environment. Structural product margins benefited from an increase in lumber prices, partially offset by a significant decline in panel prices during the quarter.”
CEO: “While current market conditions remain challenging, we will continue executing our long‑term profitable sales growth strategy to yield market share gains in multi‑family and other strategic areas of focus.”
CFO: “With our continued strong balance sheet, significant liquidity, and low leverage, we remain well‑positioned to accelerate our profitable sales growth as the home building industry rebounds… today we announced a new $50 million share repurchase authorization…”

Q&A Highlights

A full Q2 2026 earnings call transcript is not yet available, and a Q2 2025 transcript was not furnished in SEC filings. The company provided webcast details in Q2 material; margin outlook color and end‑market dynamics are reflected in the press release and deck .

Estimates Context

Q2 2025 vs S&P Global consensus: Adjusted EPS $0.70 vs $1.06 estimate*; Revenue $780.1M vs $782.0M estimate*; EBITDA $23.8M vs $27.0M estimate* .
Q3 2025 vs S&P Global consensus: EPS $0.45 vs $0.51 estimate*; Revenue $748.9M vs $757.1M estimate*; EBITDA $18.7M vs $22.2M estimate* (signals continued modest pressure into 2H25).*

Estimates table

Metric	Q2 2025 Actual	Q2 2025 Consensus	Delta	Q3 2025 Actual	Q3 2025 Consensus	Delta
Revenue ($M)	$780.1	$782.0*	-$1.9	$748.9*	$757.1*	-$8.2
EPS (Adjusted/Normalized)	$0.70	$1.06*	-$0.36	$0.45*	$0.51*	-$0.06
EBITDA ($M)	$23.8	$27.0*	-$3.2	$18.7*	$22.2*	-$3.5

Values marked with * are retrieved from S&P Global.

Key Takeaways for Investors

Q2 2026 deliverables are not yet released; monitor the IR page and EDGAR for the Q2 2026 8‑K and call transcript to confirm trajectory .
Specialty performance remains the core earnings driver; watch if 18–19% specialty GM can be sustained amid price deflation and mix shifts .
Structural margin recovery tracks lumber price improvement but remains sensitive to panel pricing; management guided 8–9% structural GM early in Q3 2025 .
Operating expense intensity (logistics, digital transformation, growth into multi‑family) drove SG&A higher; monitor productivity gains and margin recapture vs spending pace .
Strong liquidity and expanded buyback authorization position BXC to be opportunistic; capital returns continue to support the equity story through the cycle .
Near‑term estimate risk tilted cautious after back‑to‑back quarters modestly below consensus*; watch for updated sell‑side revisions once Q2 2026 files.
Catalyst checklist into Q2 2026 print: specialty margin trend, structural margin vs guidance, working capital normalization and FCF inflection, and any incremental color on M&A/greenfield initiatives .

Appendix: Source documents

Q2 2025 8‑K press release, financials, and non‑GAAP reconciliations .
Q1 2025 8‑K press release and deck for sequential and prior context .
Investor Relations quarterly results index (latest available quarters) .

BlueLinx Holdings Inc. (BXC)·Q2 2026 Earnings Summary