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INCOME TAXES | 12 Months Ended
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Dec. 27, 2025
INCOME TAXES |
INCOME TAXES | J.INCOME TAXES Income tax provisions for the years ended December 27, 2025, December 28, 2024, and December 30, 2023 are summarized as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ | 2024 | ​ | 2023
Currently Payable: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 27,236 | ​ | $ | 101,832 | ​ | $ | 123,257
State and local | ​ |  | 9,057 | ​ |  | 21,751 | ​ |  | 28,580
Foreign | ​ |  | 10,757 | ​ |  | 12,877 | ​ |  | 10,808
​ | ​ |  | 47,050 | ​ |  | 136,460 | ​ |  | 162,645
Net Deferred: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Federal | ​ |  | 43,320 | ​ |  | (10,951) | ​ |  | (2,249)
State and local | ​ |  | 8,468 | ​ |  | (2,074) | ​ |  | (3,223)
Foreign | ​ |  | (2,589) | ​ |  | (2,013) | ​ |  | (389)
​ | ​ |  | 49,199 | ​ |  | (15,038) | ​ |  | (5,861)
Total income tax expense | ​ | $ | 96,249 | ​ | $ | 121,422 | ​ | $ | 156,784
​ The components of earnings before income taxes consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ | 2024 | ​ | 2023
U.S. | ​ | $ | 366,193 | ​ | $ | 496,245 | ​ | $ | 633,816
Foreign | ​ |  | 26,048 | ​ |  | 43,910 | ​ |  | 37,425
Total | ​ | $ | 392,241 | ​ | $ | 540,155 | ​ | $ | 671,241
​ ​ ​ The effective income tax rates are different from the statutory federal income tax rates for the following reasons: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | ​ | 2024 | ​ | ​ | 2023 | ​ ​ ​
​ | ​ | Amount | ​ | Percent | ​ | ​ | Amount | ​ | Percent | ​ | ​ | Amount | ​ | Percent | ​
U.S. federal statutory tax rate | $ | 82,370 | ​ | 21.0 | % | $ | 113,433 | ​ | 21.0 | % | $ | 140,961 | ​ | 21.0 | %
State and local incomes taxes, net of federal income tax effects |  | 13,845 | ​ | 3.5 |  | ​ | 15,545 | ​ | 2.9 | ​ | ​ | 20,032 | ​ | 3.0 | ​
Foreign tax effects |  | 1,692 | ​ | 0.4 |  | ​ | 1,618 | ​ | 0.3 | ​ | ​ | 1,361 | ​ | 0.2 | ​
Effect of cross-border tax laws |  | (190) | ​ | — |  | ​ | 572 | ​ | 0.1 | ​ | ​ | 193 | ​ | — | ​
Tax credits | ​ | (3,128) | ​ | (0.8) | ​ | ​ | (5,386) | ​ | (1.0) | ​ | ​ | (5,873) | ​ | (0.9) | ​
Valuation allowances | ​ | 391 | ​ | 0.1 | ​ | ​ | (547) | ​ | (0.1) | ​ | ​ | 1,336 | ​ | 0.2 | ​
Nontaxable or nondeductible items: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share-based payment awards | ​ | (8,969) | ​ | (2.3) | ​ | ​ | (13,452) | ​ | (2.5) | ​ | ​ | (5,533) | ​ | (0.8) | ​
162(m) - nondeductible officer compensation | ​ | 7,009 | ​ | 1.8 | ​ | ​ | 8,319 | ​ | 1.5 | ​ | ​ | 4,140 | ​ | 0.6 | ​
Other | ​ | 1,924 | ​ | 0.5 | ​ | ​ | (255) | ​ | — | ​ | ​ | (1,861) | ​ | (0.3) | ​
Changes in unrecognized tax benefits | ​ | 572 | ​ | 0.1 | ​ | ​ | 878 | ​ | 0.2 | ​ | ​ | 1,560 | ​ | 0.2 | ​
Other adjustments |  | 733 | ​ | 0.2 |  | ​ | 697 | ​ | 0.1 | ​ | ​ | 468 | ​ | 0.2 | ​
Effective income tax rate | $ | 96,249 | ​ | 24.5 | % | $ | 121,422 | ​ | 22.5 | % | $ | 156,784 | ​ | 23.4 | %
​ We assessed foreign tax effects on an individual jurisdiction basis, as required by ASU 2023-09. No foreign jurisdiction, either individually or in aggregate, exceeded the threshold for separate disclosure. As a result, foreign tax effects are presented as a single aggregated reconciling item in the effective tax rate reconciliation. The following states make up the majority of our state and local income tax expense: ​
​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025
Florida | ​ | $ | 1,952
Georgia | ​ |  | 1,636
Pennsylvania | ​ |  | 1,321
Texas | ​ |  | 1,318
California | ​ | ​ | 1,266
Total | ​ | $ | 7,493
All other states | ​ | ​ | 6,352
State and local incomes taxes, net of federal income tax effects | ​ | $ | 13,845
​ Temporary differences which give rise to deferred income tax assets and (liabilities) on December 27, 2025 and December 28, 2024 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Employee benefits | ​ | $ | 52,057 | ​ | $ | 49,666
Lease liability | ​ | ​ | 32,033 | ​ | ​ | 31,100
Net operating loss carryforwards | ​ |  | 9,903 | ​ |  | 6,550
Foreign subsidiary capital loss carryforward | ​ |  | 510 | ​ |  | 428
Other tax credits | ​ |  | 434 | ​ |  | —
Inventory | ​ |  | 2,444 | ​ |  | 3,047
Reserves on receivables | ​ |  | 2,305 | ​ |  | 2,025
Accrued expenses | ​ |  | 3,752 | ​ |  | 3,762
Capitalized research and development costs | ​ | ​ | 201 | ​ | ​ | 35,548
Other, net | ​ |  | 276 | ​ |  | —
Gross deferred income tax assets | ​ |  | 103,915 | ​ |  | 132,126
Valuation allowance | ​ |  | (4,101) | ​ |  | (3,428)
Deferred income tax assets | ​ |  | 99,814 | ​ |  | 128,698
Depreciation | ​ |  | (103,982) | ​ |  | (84,924)
Intangibles | ​ |  | (40,614) | ​ |  | (39,525)
Right of use assets | ​ | ​ | (30,398) | ​ | ​ | (29,894)
Other, net | ​ |  | — | ​ |  | (336)
Deferred income tax liabilities | ​ |  | (174,994) | ​ |  | (154,679)
Net deferred income tax liability | ​ | $ | (75,180) | ​ | $ | (25,981)
​ Income taxes paid (net of refunds received) during the year ended December 27, 2025 and December 28, 2024 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Federal | ​ | $ | 47,000 | ​ | $ | 97,000
State and local | ​ |  | 12,633 | ​ |  | 25,737
Foreign | ​ |  | 8,133 | ​ |  | 12,514
Total | ​ | $ | 67,766 | ​ | $ | 135,251
​ All state, local, and foreign jurisdictions individually represented less than 5% of total income taxes paid, net of refunds, and are included in the aggregated amounts above. As of December 27, 2025, we had federal, state and foreign net operating loss (NOL) carryforwards of $9.9 million. The NOL carryforwards expire as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net Operating Losses
​ | ​ ​ ​ | U.S. | ​ ​ ​ | State | ​ ​ ​ | Foreign
2026 - 2030 | ​ | $ | — | ​ | $ | — | ​ | $ | 218
2031 - 2035 | ​ |  | — | ​ | ​ | 502 | ​ | ​ | 7,166
2036 - 2040 | ​ |  | — | ​ | ​ | 499 | ​ | ​ | —
2041 - 2045 | ​ |  | — | ​ | ​ | 932 | ​ | ​ | —
Thereafter | ​ |  | — | ​ | ​ | — | ​ | ​ | 585
Total | ​ | $ | — | ​ | $ | 1,933 | ​ | $ | 7,969
​ As of December 27, 2025, we believe that it is more likely than not that the benefit from certain state and foreign NOL carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance of $3.6 million against the various NOLs. Furthermore, there is a valuation allowance of $0.5 million against a capital loss carryforward we have for a wholly-owned subsidiary, UFP Canada, Inc. Based upon the business activity and the nature of the assets of this subsidiary, our ability to realize a future benefit from this carryforward is doubtful. The capital loss has an unlimited carryforward and therefore will not expire unless there is a change in control of the subsidiary. The Organization of Economic Cooperation and Development (“OECD”) reached an agreement among various countries to implement a minimum 15% tax rate on certain multinational enterprises, commonly referred to as Pillar Two. We continue to analyze the impacts of these legislative changes to our effective tax rate, consolidated financial statements, and related disclosures. As of December 27, 2025, we do not expect the impact of Pillar Two legislation to have a material impact on our tax expense. ​ On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are continuing to evaluate the impact of OBBBA beyond 2025; however, any effects are expected to relate primarily to deferred tax items and are not anticipated to materially impact our effective tax rate.

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