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SEGMENT REPORTING
 6 Months Ended
Jun. 28, 2025
SEGMENT REPORTING  
SEGMENT REPORTING

G.       SEGMENT REPORTING

ASC 280, Segment Reporting (“ASC 280”), defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. Our CODM is the chief executive officer, as he has the ultimate decision-making authority related to assessing the Company’s performance and allocating resources. The CODM assesses performance for our segments and decides how to allocate resources based on net sales, cost of goods sold, earnings from operations and net earnings. These metrics are also reported on the Consolidated Statement of Earnings and Comprehensive Income. The measure of segment assets is reported on the Consolidated Balance Sheet as total consolidated assets. The CODM uses earnings from operations and net earnings to evaluate income generated from segment assets (return on investment) in determining wage increase allocations and bonus pools, and in deciding whether to reinvest profits into the business, such as for acquisitions, or to pay dividends.

We operate manufacturing, treating and distribution facilities internationally, but primarily in the United States. Our business segments consist of UFP Retail Solutions, UFP Packaging and UFP Construction and align with the end markets we serve. This segment structure allows for a specialized and consistent sales approach among Company operations, efficient use of resources and capital, and quicker introduction of new products and services. We manage the operations of our individual locations primarily through a market-centered reporting structure under which each location is included in a business unit and business units are included in our Retail, Packaging, and Construction segments. In the case of locations that serve multiple segments, results are allocated and accounted for by segment.

The exception to this market-centered reporting and management structure is our International segment, which comprises our packaging operations in Mexico, Canada, Spain, India, United Arab Emirates and Australia and sales and buying offices in other parts of the world, and our Ardellis segment, which represents our wholly owned fully licensed captive insurance company based in Bermuda. Our International and Ardellis segments do not meet the quantitative thresholds in order to be separately reported and accordingly, the International and Ardellis segments have been aggregated in the “All Other” segment for reporting purposes.

“Corporate” includes purchasing, transportation, corporate ventures, and administrative functions that serve our operating segments. Operating results of Corporate primarily consist of net sales to external customers initiated by UFP Purchasing and over (under) allocated costs. The operating results of UFP Real Estate, Inc., which owns and leases real estate, and UFP Transportation Ltd., which owns, leases and operates transportation equipment, are also included in the Corporate column. Inter-company lease and service charges are assessed to our operating segments for the use of these assets and services at fair market value rates. Total assets in the Corporate column include unallocated cash and cash equivalents, certain prepaid assets, and certain property, equipment and other assets pertaining to the centralized activities of Corporate, UFP Real Estate, Inc., UFP Transportation, Inc., and UFP Purchasing, Inc. Real estate activities are conducted by the real estate company on behalf of the segments, and capital expenditures associated with real estate are allocated to the segments.

The tables below are presented in thousands:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 28, 2025

​

​

​

​

​

​

​

​

​

​

​

All

​

​

​

​

​

​

​

    

Retail

    

Packaging

    

Construction

    

Other

    

Corporate

    

Total

Net sales to outside customers

​

$

788,224

​

$

428,669

​

$

551,590

​

$

65,026

​

$

1,865

​

$

1,835,374

Intersegment net sales

​

 

75,997

​

​

25,829

​

​

24,678

​

​

100,543

​

​

(227,047)

​

 

—

Cost of goods sold

​

 

674,484

​

 

358,087

​

 

451,401

​

​

51,789

​

​

(13,121)

​

 

1,522,640

Gross Profit

​

 

113,740

​

​

70,582

​

​

100,189

​

​

13,237

​

​

14,986

​

​

312,734

Selling, general, administrative expenses

​

 

58,642

​

​

43,148

​

​

63,727

​

​

10,398

​

​

9,080

​

 

184,995

Net loss (gain) on disposition and impairment of assets

​

​

1,083

​

​

1,225

​

​

211

​

​

2,616

​

​

(1,305)

​

​

3,830

Other (gains) losses, net

​

 

536

​

​

—

​

​

191

​

​

302

​

​

(211)

​

 

818

Earnings from operations

​

 

53,479

​

​

26,209

​

​

36,060

​

​

(79)

​

​

7,422

​

​

123,091

Interest expense

​

 

30

​

​

3

​

​

—

​

​

(198)

​

​

2,881

​

 

2,716

Interest and investment income

​

​

(84)

​

​

—

​

​

—

​

​

(2,299)

​

​

(8,374)

​

​

(10,757)

Equity in loss of investee

​

​

—

​

​

(798)

​

​

—

​

​

(15)

​

​

—

​

​

(813)

Interest and other

​

​

(54)

​

​

(795)

​

​

—

​

​

(2,512)

​

​

(5,493)

​

​

(8,854)

Earnings before income taxes

​

​

53,533

​

​

27,004

​

​

36,060

​

​

2,433

​

​

12,915

​

​

131,945

Income taxes

​

​

12,405

​

​

6,371

​

​

8,497

​

​

419

​

​

3,382

​

​

31,074

Net earnings

​

$

41,128

​

$

20,633

​

$

27,563

​

$

2,014

​

$

9,533

​

$

100,871

Other significant items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortization expense

​

$

957

​

​

2,166

​

​

704

​

​

1,671

​

​

430

​

$

5,928

Depreciation expense

​

​

7,592

​

​

9,090

​

​

6,330

​

​

1,109

​

​

9,879

​

​

34,000

Segment assets

​

​

955,976

​

​

819,438

​

​

664,848

​

​

336,597

​

​

1,320,529

​

​

4,097,388

Capital expenditures

​

​

22,218

​

​

21,289

​

​

10,236

​

​

810

​

​

7,931

​

​

62,484

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 29, 2024

​

​

​

​

​

​

​

​

​

​

​

All

​

​

​

​

​

​

​

    

Retail

    

Packaging

    

Construction

    

Other

    

Corporate

    

Total

Net sales to outside customers

​

$

809,067

​

$

435,204

​

$

574,547

​

$

81,470

​

$

1,671

​

$

1,901,959

Intersegment net sales

​

 

70,102

​

​

26,275

​

​

18,797

​

​

80,055

​

​

(195,229)

​

 

—

Cost of goods sold

​

​

682,307

​

 

351,518

​

 

448,992

​

 

61,564

​

​

(5,165)

​

​

1,539,216

Gross Profit

​

​

126,760

​

​

83,686

​

​

125,555

​

​

19,906

​

​

6,836

​

​

362,743

Selling, general, administrative expenses

​

​

65,291

​

​

52,996

​

​

73,307

​

​

14,576

​

​

(3,015)

​

​

203,155

Net loss (gain) on disposition and impairment of assets

​

​

1,158

​

​

1,174

​

​

287

​

​

23

​

​

(420)

​

​

2,222

Other losses (gains), net

​

​

528

​

​

—

​

​

(50)

​

​

(2,189)

​

​

43

​

​

(1,668)

Earnings from operations

​

​

59,783

​

​

29,516

​

​

52,011

​

​

7,496

​

​

10,228

​

​

159,034

Interest expense

​

​

29

​

​

4

​

​

—

​

​

(849)

​

​

3,983

​

 

3,167

Interest and investment income

​

​

(207)

​

​

(1)

​

​

(14)

​

​

(353)

​

​

(12,640)

​

​

(13,215)

Equity in loss of investee

​

​

—

​

​

642

​

​

—

​

​

—

​

​

—

​

​

642

Interest and other

​

​

(178)

​

​

645

​

​

(14)

​

​

(1,202)

​

​

(8,657)

​

​

(9,406)

Earnings before income taxes

​

​

59,961

​

​

28,871

​

​

52,025

​

​

8,698

​

​

18,885

​

​

168,440

Income taxes

​

​

15,025

​

​

7,234

​

​

13,036

​

​

2,180

​

​

4,733

​

​

42,208

Net earnings

​

$

44,936

​

$

21,637

​

$

38,989

​

$

6,518

​

$

14,152

​

$

126,232

Other significant items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortization expense

​

$

998

​

​

2,216

​

​

703

​

​

1,503

​

​

433

​

$

5,853

Depreciation expense

​

 

7,124

​

​

8,467

​

​

5,621

​

​

828

​

​

8,584

​

 

30,624

Segment assets

​

 

916,574

​

​

802,204

​

​

666,622

​

​

337,962

​

​

1,415,132

​

 

4,138,494

Capital expenditures

​

 

14,734

​

​

14,959

​

​

20,734

​

​

834

​

​

6,176

​

 

57,437

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 28, 2025

​

​

​

​

​

​

​

​

​

​

​

All

​

​

​

​

​

​

​

    

Retail

    

Packaging

    

Construction

    

Other

    

Corporate

    

Total

Net sales to outside customers

​

$

1,395,607

​

​

838,677

​

​

1,067,530

​

​

125,324

​

​

3,755

​

$

3,430,893

Intersegment net sales

​

 

140,642

​

​

49,543

​

​

51,239

​

​

191,027

​

​

(432,451)

​

 

—

Cost of goods sold

​

 

1,200,572

​

​

698,521

​

​

876,541

​

​

101,455

​

​

(27,126)

​

 

2,849,963

Gross Profit

​

 

195,035

​

​

140,156

​

​

190,989

​

​

23,869

​

​

30,881

​

​

580,930

Selling, general, administrative expenses

​

 

113,997

​

​

90,917

​

​

126,511

​

​

18,860

​

​

10,964

​

 

361,249

Net loss (gain) on disposition and impairment of assets

​

​

1,107

​

​

1,257

​

​

331

​

​

2,616

​

​

(1,557)

​

​

3,754

Other (gains) losses, net

​

 

318

​

​

—

​

​

271

​

​

248

​

​

(253)

​

 

584

Earnings from operations

​

 

79,613

​

​

47,982

​

​

63,876

​

​

2,145

​

​

21,727

​

​

215,343

Interest expense

​

 

60

​

​

6

​

​

—

​

​

(531)

​

​

5,850

​

 

5,385

Interest and investment income

​

​

(174)

​

​

—

​

​

(1)

​

​

(2,607)

​

​

(19,092)

​

​

(21,874)

Equity in loss of investee

​

​

—

​

​

(473)

​

​

—

​

​

(321)

​

​

—

​

​

(794)

Interest and other

​

​

(114)

​

​

(467)

​

​

(1)

​

​

(3,459)

​

​

(13,242)

​

​

(17,283)

Earnings before income taxes

​

​

79,727

​

​

48,449

​

​

63,877

​

​

5,604

​

​

34,969

​

​

232,626

Income taxes

​

​

17,936

​

​

10,899

​

​

14,370

​

​

1,088

​

​

8,039

​

​

52,332

Net earnings

​

$

61,791

​

$

37,550

​

$

49,507

​

$

4,516

​

$

26,930

​

$

180,294

Other significant items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortization expense

​

$

1,914

​

​

4,345

​

​

1,406

​

​

3,272

​

​

808

​

$

11,745

Depreciation expense

​

​

14,902

​

​

17,987

​

​

12,521

​

​

2,053

​

​

19,478

​

​

66,941

Segment assets

​

​

955,976

​

​

819,438

​

​

664,848

​

​

336,597

​

​

1,320,529

​

​

4,097,388

Capital expenditures

​

​

54,526

​

​

46,549

​

​

16,664

​

​

1,424

​

​

10,589

​

​

129,752

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 29, 2024

​

​

​

​

​

​

​

​

​

​

​

All

​

​

​

​

​

​

​

    

Retail

    

Packaging

    

Construction

    

Other

    

Corporate

    

Total

Net sales to outside customers

​

$

1,437,832

​

$

859,622

​

$

1,092,443

​

$

148,417

​

$

2,611

​

$

3,540,925

Intersegment net sales

​

 

129,448

​

​

47,201

​

​

38,832

​

​

151,312

​

​

(366,793)

​

 

—

Cost of goods sold

​

​

1,209,948

​

 

690,496

​

 

852,553

​

 

110,566

​

​

(11,459)

​

​

2,852,104

Gross Profit

​

​

227,884

​

​

169,126

​

​

239,890

​

​

37,851

​

​

14,070

​

​

688,821

Selling, general, administrative expenses

​

​

120,901

​

​

106,937

​

​

142,457

​

​

27,967

​

​

(3,048)

​

​

395,214

Net loss (gain) on disposition and impairment of assets

​

​

886

​

​

1,427

​

​

286

​

​

14

​

​

(622)

​

​

1,991

Other losses (gains), net

​

​

334

​

​

—

​

​

(206)

​

​

(1,499)

​

​

130

​

​

(1,241)

Earnings from operations

​

​

105,763

​

​

60,762

​

​

97,353

​

​

11,369

​

​

17,610

​

​

292,857

Interest expense

​

​

58

​

​

8

​

​

—

​

​

(1,666)

​

​

7,903

​

 

6,303

Interest and investment income

​

​

(330)

​

​

(11)

​

​

(25)

​

​

(3,127)

​

​

(26,215)

​

​

(29,708)

Equity in loss of investee

​

​

—

​

​

1,236

​

​

—

​

​

—

​

​

—

​

​

1,236

Interest and other

​

​

(272)

​

​

1,233

​

​

(25)

​

​

(4,793)

​

​

(18,312)

​

​

(22,169)

Earnings before income taxes

​

​

106,035

​

​

59,529

​

​

97,378

​

​

16,162

​

​

35,922

​

​

315,026

Income taxes

​

​

23,036

​

​

12,564

​

​

20,921

​

​

3,478

​

​

7,696

​

​

67,695

Net earnings

​

$

82,999

​

$

46,965

​

$

76,457

​

$

12,684

​

$

28,226

​

$

247,331

Other significant items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortization expense

​

$

1,996

​

​

4,408

​

​

1,405

​

​

3,037

​

​

889

​

$

11,735

Depreciation expense

​

 

14,089

​

​

16,936

​

​

11,005

​

​

1,617

​

​

16,996

​

 

60,643

Segment assets

​

 

916,574

​

​

802,204

​

​

666,622

​

​

337,962

​

​

1,415,132

​

 

4,138,494

Capital expenditures

​

 

28,134

​

​

28,270

​

​

33,360

​

​

1,863

​

​

14,958

​

 

106,585

​

The following table presents goodwill by segment as of June 28, 2025, and December 28, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Retail

    

Packaging

    

Construction

    

All Other

    

Corporate

    

Total

Balance as of December 28, 2024

 

$

84,116

 

$

146,747

 

$

87,401

 

$

21,575

​

$

—

 

$

339,839

2025 Purchase Accounting Adjustments

​

​

—

​

​

12

​

​

—

​

​

—

​

​

—

​

​

12

Foreign Exchange, Net

 

​

33

​

​

—

​

​

256

​

​

1,439

​

​

—

 

​

1,728

Balance as of June 28, 2025

​

$

84,149

 

$

146,759

​

$

87,657

​

$

23,014

​

$

—

​

$

341,579

​

The following table presents our disaggregated net sales (in thousands) by business unit for each segment for the three and six months ended June 28, 2025, and June 29, 2024 (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

​

June 28,

​

June 29,

​

June 28,

​

June 29,

​

​

​

2025

    

2024

    

2025

    

2024

​

Retail

​

​

​

​

​

​

​

​

​

​

​

​

​

ProWood

​

$

690,230

​

$

706,284

​

$

1,230,699

​

$

1,259,529

​

Deckorators

​

 

97,994

​

​

99,706

​

​

163,606

​

​

173,841

​

Other

​

 

—

​

 

3,077

​

 

1,302

​

 

4,462

​

Total Retail

​

$

788,224

​

$

809,067

​

$

1,395,607

​

$

1,437,832

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Packaging

​

​

​

​

​

​

​

​

​

​

​

​

​

Structural Packaging

​

$

267,301

​

$

280,102

​

$

523,283

​

$

554,252

​

PalletOne

​

​

141,914

​

​

136,911

​

​

276,133

​

​

269,401

​

Protective Packaging

​

​

19,454

​

​

18,191

​

​

39,261

​

​

35,969

​

Total Packaging

​

$

428,669

​

$

435,204

​

$

838,677

​

$

859,622

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction

​

​

​

​

​

​

​

​

​

​

​

​

​

Factory Built

​

$

229,669

​

$

225,242

​

$

446,888

​

$

417,076

​

Site Built

​

 

202,413

​

 

238,547

​

 

393,030

​

 

460,106

​

Commercial

​

​

70,515

​

​

66,347

​

​

134,235

​

​

127,731

​

Concrete Forming

​

 

48,993

​

 

44,411

​

 

93,377

​

 

87,530

​

Total Construction

​

$

551,590

​

$

574,547

​

$

1,067,530

​

$

1,092,443

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All Other

​

$

65,026

​

$

81,470

​

$

125,324

​

$

148,417

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate

​

$

1,865

​

$

1,671

​

$

3,755

​

$

2,611

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Net Sales

​

$

1,835,374

​

$

1,901,959

​

$

3,430,893

​

$

3,540,925

​

​