LOUISIANA-PACIFIC CORPLPX
LOUISIANA-PACIFIC CORP Segments Disclosure
SEGMENT INFORMATION
The Company defines its operating segments as those operations that engage in business activities from which revenues are earned and expenses incurred, for which discrete financial information is available, and that are regularly reviewed to analyze performance and allocate resources by the chief operating decision maker (“CODM”), the Company’s Chief Executive Officer.
Change in Reportable Segments
The Company conducts business through three operating segments: Siding, OSB and LP South America (LPSA). In the fourth quarter of 2025, the Company determined that LPSA did not meet the reportable segment criteria and beginning with the fourth quarter of 2025, the financial information for the LPSA operating segment is included in Other. These changes had no impact on our consolidated results of operations or financial position. Prior period segment information has been recast to conform to our current presentation. Our other operating segments, Siding and OSB remain reportable operating segments. Other now comprises our South American operations and other products that are not individually significant.
•The Siding segment serves diverse end markets with a broad product portfolio of engineered wood siding, trim, soffit, and fascia. Our Siding is offered primed (LP® SmartSide® Trim & Siding, LP BuilderSeries® Lap Siding, and LP® Outdoor Building Solutions®) and pre-finished (LP® SmartSide® ExpertFinish® Trim & Siding) to meet the needs of builders and installers in new construction and repair and remodeling applications.
•The OSB segment manufactures and distributes OSB structural panel products, including the innovative value-added OSB product portfolio known as LP® Structural Solutions (which includes LP® FlameBlock® Fire-Rated Sheathing, LP WeatherLogic® Air & Water Barrier, LP® TechShield® Radiant Barrier, LP Legacy® Premium Sub-Flooring, and LP® TopNotch® 350 Durable Sub-Flooring).
The accounting policies of the segments are the same as those described in the Company’s summary of significant accounting policies. We evaluate the performance of our operating segments based on segment Adjusted EBITDA, which the CODM uses to evaluate performance and allocate resources.
Segment Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization, and excludes stock-based compensation expense, loss on impairment, business exit credit and charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, pension settlement charges, and other non-operating income (expense).
The CODM uses segment Adjusted EBITDA predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment Adjusted EBITDA to assess the relative performance of each segment and to determine the compensation of certain employees.
Information about our segments is as follows (dollar amounts in millions):
Year Ended December 31, 2025 | |||||||||||||||||
| Siding | OSB | Total | |||||||||||||||
| Revenues from external customers | $ | 1,689 | $ | 832 | $ | 2,521 | |||||||||||
| Reconciliation of revenue | |||||||||||||||||
Other revenues1 | 187 | ||||||||||||||||
| Total consolidated revenues | $ | 2,708 | |||||||||||||||
| Less: | |||||||||||||||||
| Cost of sales | (1,157) | (815) | |||||||||||||||
| Selling, general, and administrative expenses | (176) | (68) | |||||||||||||||
| Depreciation and amortization | 81 | 54 | |||||||||||||||
Other segment items2 | 7 | 5 | |||||||||||||||
Reportable segment Adjusted EBITDA | $ | 444 | $ | 7 | $ | 452 | |||||||||||
Year Ended December 31, 2024 | |||||||||||||||||
| Siding | OSB | Total | |||||||||||||||
| Revenues from external customers | $ | 1,558 | $ | 1,184 | $ | 2,742 | |||||||||||
| Reconciliation of revenue | |||||||||||||||||
Other revenues1 | 199 | ||||||||||||||||
| Total consolidated revenues | $ | 2,941 | |||||||||||||||
| Less: | |||||||||||||||||
| Cost of sales | (1,092) | (872) | |||||||||||||||
| Selling, general, and administrative expenses | (155) | (62) | |||||||||||||||
| Depreciation and amortization | 74 | 45 | |||||||||||||||
Other segment items2 | 5 | 3 | |||||||||||||||
Reportable segment Adjusted EBITDA | $ | 390 | $ | 298 | $ | 688 | |||||||||||
Year Ended December 31, 2023 | |||||||||||||||||
| Siding | OSB | Total | |||||||||||||||
| Revenues from external customers | $ | 1,328 | $ | 1,026 | $ | 2,354 | |||||||||||
| Reconciliation of revenue | |||||||||||||||||
Other revenues1 | 227 | ||||||||||||||||
| Total consolidated revenues | $ | 2,581 | |||||||||||||||
| Less: | |||||||||||||||||
| Cost of sales | (1,005) | (789) | |||||||||||||||
| Selling, general, and administrative expenses | (125) | (61) | |||||||||||||||
| Depreciation and amortization | 67 | 43 | |||||||||||||||
Other segment items2 | 3 | 2 | |||||||||||||||
Reportable segment Adjusted EBITDA | $ | 269 | $ | 220 | $ | 490 | |||||||||||
1Other revenues include sales from LPSA and other minor products, services, and closed operations that do not meet the criteria for discontinued operations.
2Other segment items include stock compensation expense.
Year Ended December 31, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
| Reconciliation of profit (loss) | |||||||||||||||||
Reportable Segment adjusted EBITDA | $ | 452 | $ | 688 | $ | 490 | |||||||||||
| Add (deduct): | |||||||||||||||||
Other Adjusted EBITDA1 | (15) | — | (11) | ||||||||||||||
| Equity in unconsolidated affiliate | (1) | (13) | (3) | ||||||||||||||
| Depreciation and amortization | (145) | (126) | (119) | ||||||||||||||
| Stock-based compensation expense | (30) | (20) | (13) | ||||||||||||||
Loss on impairment1 | (44) | (5) | (6) | ||||||||||||||
Other operating credits and charges, net2,3 | (6) | (8) | (18) | ||||||||||||||
Product-line discontinuance charges3 | (2) | — | — | ||||||||||||||
Business exit credits and charges2 | — | 14 | (32) | ||||||||||||||
| Interest expense | (15) | (14) | (14) | ||||||||||||||
| Investment income | 16 | 22 | 18 | ||||||||||||||
Other non-operating (expense) income | (15) | 9 | (43) | ||||||||||||||
| Income before income taxes | $ | 195 | $ | 547 | $ | 248 | |||||||||||
1Other Adjusted EBITDA includes LPSA, corporate, and other minor products, services, and closed operations that do not meet the criteria for discontinued operations.
2See further discussion in “Note 5 - Business Exit Credits and Charges” of the Notes to the Consolidated Financial Statements.
3See further discussion in “Note 10 - Other Operating and Non-Operating Income (Expense)” of the Notes to the Consolidated Financial Statements.
Year Ended December 31, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
| Capital Expenditures | |||||||||||||||||
| Siding | $ | 184 | $ | 108 | $ | 212 | |||||||||||
| OSB | 83 | 63 | 59 | ||||||||||||||
| Other | 24 | 11 | 29 | ||||||||||||||
| Total capital expenditures | $ | 291 | $ | 183 | $ | 300 | |||||||||||
| December 31, | |||||||||||
2025 | 2024 | ||||||||||
| Identifiable Assets | |||||||||||
| Siding | $ | 1,419 | $ | 1,307 | |||||||
| OSB | 531 | 553 | |||||||||
| Other | 677 | 696 | |||||||||
| Total assets | $ | 2,627 | $ | 2,556 | |||||||
Other identifiable assets include cash and cash equivalents, short-term and long-term investments, corporate assets, and other items.
Changes in goodwill by segment for the years ended December 31, 2025 and 2024, are provided in the following table (dollar amounts in millions):
| Siding | OSB | Total | |||||||||||||||
Balance at December 31, 2023 | $ | 4 | $ | 16 | $ | 19 | |||||||||||
| Impairment charges | — | — | — | ||||||||||||||
Balance at December 31, 2024 | 4 | 16 | 19 | ||||||||||||||
| Impairment charges | — | — | — | ||||||||||||||
Balance at December 31, 2025 | $ | 4 | $ | 16 | $ | 19 | |||||||||||
Information concerning our geographic areas is as follows (dollar amounts in millions):
Year Ended December 31, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Total sales - Point of origin | |||||||||||||||||
| U.S. | $ | 2,430 | $ | 2,611 | $ | 2,265 | |||||||||||
| Canada | 669 | 675 | 610 | ||||||||||||||
| South America | 202 | 214 | 241 | ||||||||||||||
Inter-geographic sales | (593) | (559) | (535) | ||||||||||||||
Total sales | $ | 2,708 | $ | 2,941 | $ | 2,581 | |||||||||||
Year Ended December 31, | |||||||||||
2025 | 2024 | ||||||||||
Long lived assets | |||||||||||
| U.S. | $ | 1,191 | $ | 1,063 | |||||||
| Canada | 439 | 468 | |||||||||
| South America | 107 | 93 | |||||||||
Total long lived assets | $ | 1,737 | $ | 1,624 | |||||||
Long lived assets include property, plant and equipment, timber and timberlands, and right of use assets.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 14, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.