bxc-20250927

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 27, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-32383



			BlueLinx Holdings Inc.
			(Exact name of registrant as specified in its charter)


Delaware		77-0627356
(State of Incorporation)		(I.R.S. Employer Identification No.)

1950 Spectrum Circle, Suite 300
Marietta	GA	30067
(Address of principal executive offices)		(Zip Code)

(770) 953-7000

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BXC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically (Section 232.405 of this chapter) every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☑

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of October 31, 2025, there were 7,865,058 shares of BlueLinx Holdings Inc. common stock, par value $0.01, outstanding.

BLUELINX HOLDINGS INC.

Form 10-Q

For the Quarterly Period Ended September 27, 2025

Table of Contents


			PAGE
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements — BlueLinx Holdings Inc. (Unaudited)			1
Condensed Consolidated Statements of Operations			1
Condensed Consolidated Balance Sheets			2
Condensed Consolidated Statements of Stockholders' Equity			3
Condensed Consolidated Statements of Cash Flows			5
Notes to Condensed Consolidated Financial Statements			6
Note 1 - Basis of Presentation			6

Note 2 - Inventory			8
Note 3 - Goodwill and Intangible Assets, net			8
Note 4 - Revenue Recognition			9
Note 5 - Debt and Finance Lease Obligations			10

Note 6 - Share-Based Compensation			12
Note 7 - Leases			13
Note 8 - Commitments and Contingencies			17

Note 9 - Income Taxes			17
Note 10 - Earnings Per Share and Stockholders' Equity			18
Note 11 - Fair Value			19
Note 12 - Segment Reporting			19
Note 13 - Subsequent Event			21
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			22
Item 3. Quantitative and Qualitative Disclosures About Market Risk			33
Item 4. Controls and Procedures			33

PART II. OTHER INFORMATION
Item 1. Legal Proceedings			34
Item 1A. Risk Factors			34
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			34
Item 3. Defaults Upon Senior Securities			34
Item 4. Mine Safety Disclosures			35
Item 5. Other Information			35
Item 6. Exhibits			36

Signatures			37

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BLUELINX HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)


	Three Fiscal Months Ended				Nine Fiscal Months Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Net sales	$	748,870	$	747,288	$	2,238,203	$	2,241,895
Cost of products sold	640,683		621,619		1,899,198		1,866,101
Gross profit	108,187		125,669		339,005		375,794
Operating expenses (income):
Selling, general, and administrative	89,281		92,210		278,639		272,913
Depreciation and amortization	9,742		9,530		29,086		29,083
Amortization of deferred gains on real estate	(984)		(984)		(2,951)		(2,952)


Other operating, net	182		888		(1,494)		1,210
Total operating expenses	98,221		101,644		303,280		300,254
Operating income	9,966		24,025		35,725		75,540
Non-operating expenses:
Interest expense, net	8,603		4,619		23,640		14,044
Settlement of defined benefit pension plan	—		(2,226)		—		(2,226)

Income before provision for income taxes	1,363		21,632		12,085		63,722
(Benefit) provision for income taxes	(292)		5,616		3,315		15,878
Net income	$	1,655	$	16,016	$	8,770	$	47,844

Basic earnings per share	$	0.20	$	1.88	$	1.09	$	5.54
Diluted earnings per share	$	0.20	$	1.87	$	1.08	$	5.53

See accompanying Notes.

Table of Contents

BLUELINX HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)


	As of
	September 27, 2025		December 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	429,360	$	505,622
Receivables, less allowances of $5,111 and $4,344, respectively	268,652		225,837
Inventories, net	345,879		355,909
Other current assets	55,033		46,620
Total current assets	1,098,924		1,133,988
Property and equipment, at cost	487,858		443,628
Accumulated depreciation	(200,826)		(194,072)
Property and equipment, net	287,032		249,556
Operating lease right-of-use assets	49,062		47,221
Goodwill	55,372		55,372
Intangible assets, net	24,021		26,881
Deferred income tax asset, net	48,385		50,578
Other non-current assets	19,168		14,121
Total assets	$	1,581,964	$	1,577,717
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	168,551	$	170,202
Accrued compensation	10,421		16,706


Finance lease liabilities - current	19,725		12,541
Operating lease liabilities - current	8,806		8,478
Real estate deferred gains - current	3,935		3,935

Other current liabilities	27,624		21,862
Total current liabilities	239,062		233,724

Long-term debt	296,443		295,061
Finance lease liabilities, less current portion	302,079		280,002
Operating lease liabilities, less current portion	41,834		40,114
Real estate deferred gains, less current portion	60,346		63,296

Other non-current liabilities	19,182		19,079
Total liabilities	958,946		931,276
Commitments and Contingencies
STOCKHOLDERS’ EQUITY:
Preferred Stock, $0.01 par value, 30,000,000 shares authorized, none outstanding	—		—
Common Stock, $0.01 par value, 20,000,000 shares authorized, 7,863,445 and 8,294,798 outstanding, respectively	79		83
Additional paid-in capital	91,914		124,103

Retained earnings	531,025		522,255
Total stockholders’ equity	623,018		646,441
Total liabilities and stockholders’ equity	$	1,581,964	$	1,577,717

See accompanying Notes.

Table of Contents

BLUELINX HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)


	Common Stock			Additional Paid-In Capital		Retained Earnings		Stockholders’ Equity Total
	Shares	Amount
Balance, December 28, 2024	8,295	$	83	$	124,103	$	522,255	$	646,441
Net income	—	—		—		2,805		2,805

Vesting of restricted stock units	18	(a)		(a)		—		—
Compensation related to share-based grants	—	—		2,522		—		2,522
Repurchase of shares to satisfy employee tax withholdings	(7)	(a)		(507)		—		(507)
Common stock repurchases and retirements	(186)	(2)		(15,145)		—		(15,147)

Balance, March 29, 2025	8,120	81		110,973		525,060		636,114
Net income	—	—		—		4,310		4,310

Vesting of restricted stock units	62	1		(1)		—		—
Compensation related to share-based grants	—	—		2,341		—		2,341
Repurchase of shares to satisfy employee tax withholdings	(18)	(a)		(1,245)		—		(1,245)
Common stock repurchases and retirements	(283)	(3)		(20,205)		—		(20,208)


Balance, June 28, 2025	7,881	79		91,863		529,370		621,312
Net income	—	—		—		1,655		1,655

Vesting of restricted stock units	26	(a)		(a)		—		—
Compensation related to share-based grants	—	—		3,452		—		3,452
Repurchase of shares to satisfy employee tax withholdings	(9)	(a)		(677)		—		(677)
Common stock repurchases and retirements	(35)	(a)		(2,724)		—		(2,724)

Balance, September 27, 2025	7,863	$	79	$	91,914	$	531,025	$	623,018

(a) Activity rounds to less than one thousand dollars

Table of Contents


	Common Stock			Additional Paid-In Capital		Retained Earnings		Stockholders’ Equity Total
	Shares	Amount
Balance, December 30, 2023	8,650	$	87	$	165,060	$	469,139	$	634,286
Net income	—	—		—		17,492		17,492

Vesting of restricted stock units	19	(a)		(a)		—		—
Compensation related to share-based grants	—	—		2,350		—		2,350
Repurchase of shares to satisfy employee tax withholdings	(7)	(a)		(907)		—		(907)



Balance, March 30, 2024	8,662	87		166,503		486,631		653,221
Net income	—	—		—		14,336		14,336

Vesting of restricted stock units	57	1		(1)		—		—
Compensation related to share-based grants	—	—		1,405		—		1,405
Repurchase of shares to satisfy employee tax withholdings	(16)	(a)		(1,545)		—		(1,545)

Common stock repurchases and retirements	(152)	(2)		(15,083)		—		(15,085)

Balance, June 29, 2024	8,551	86		151,279		500,967		652,332
Net income	—	—		—		16,016		16,016

Vesting of restricted stock units	26	(a)		(a)		—		—
Compensation related to share-based grants	—	—		3,186		—		3,186
Repurchase of shares to satisfy employee tax withholdings	(8)	(a)		(816)		—		(816)

Common stock repurchases and retirements	(146)	(2)		(15,127)		—		(15,129)


Balance, September 28, 2024	8,423	$	84	$	138,522	$	516,983	$	655,589

(a) Activity rounds to less than one thousand dollars

See accompanying Notes.

Table of Contents

BLUELINX HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Nine Fiscal Months Ended
	September 27, 2025		September 28, 2024
Cash flows from operating activities:
Net income	$	8,770	$	47,844
Adjustments to reconcile net income to net cash (used in) provided by operations:
Depreciation and amortization	29,086		29,083
Amortization of debt discount and issuance costs	1,135		990
Settlement of frozen defined benefit pension plan	—		(2,226)

Insurance recoveries in excess of carrying values of property & equipment	(2,443)		—

Provision for deferred income taxes	2,193		1,950
Amortization of deferred gains from real estate	(2,951)		(2,952)
Share-based compensation	8,315		6,941
Changes in operating assets and liabilities:
Accounts receivable	(42,815)		(47,413)
Inventories	10,030		3,097
Accounts payable	(2,850)		27,932


Other current assets	(5,585)		(9,892)
Other assets and liabilities	(4,935)		11,080
Net cash (used in) provided by operating activities	(2,050)		66,434

Cash flows from investing activities:
Disbursements for property and equipment	(21,486)		(19,830)

Proceeds from asset sales and insurance recoveries	2,625		839
Net cash used in investing activities	(18,861)		(18,991)

Cash flows from financing activities:

SEC Form 10-Q filed by Bluelinx Holdings Inc.