LPX · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

Louisiana-Pacific

20 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Top ten customers

earns from · approximately 47% of our net sales

In 2025, our top ten customers accounted for approximately 47% of our net sales.Business (Item 1)

Also named by BGC, CBOE, CVLG, ENTG, FBIN, HUBB, MEDP, MU and 9 more

Wholesale distributors

earns fromnamed as a risk

Adverse changes in the financial or business condition of these wholesale distributors and dealers or our customers, including as a result of the impacts arising from tariffs, geopolitical conflicts, supply chain disruptions, or inflation, could subject us to losses and affect our ability to bring our products to market.Risk factors (Item 1A)

Also named by TREX, WTS

Suppliers

Railroad

depends onnamed as a risk

In particular, a significant portion of the goods we manufacture and raw materials we use are transported by railroad or trucks, which are highly regulated.Risk factors (Item 1A)

Other companies

Engineered wood siding

earns from · 62%

We believe we are the largest manufacturer of engineered wood siding in North America.Business (Item 1)

U.S. housing starts

earns fromnamed as a risk

Our business primarily relies on North American new home construction and repair and remodeling, which are impacted by risks associated with fluctuations in the housing market.Risk factors (Item 1A)

Places

Canada

operates in · 800

As of December 31, 2025, we employed approximately 4,300 employees, comprising approximately 2,800 in the United States, 800 in Canada, and 800 in South America.Business (Item 1)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Canadian provincial forest lands

depends onnamed as a risk

Nonetheless, final or interim resolution of claims brought forward by Canadian provincial governments and Indigenous nations may result in additional restrictions on wood supply, potentially affecting our operational costs and/or timber prices over the long term.Risk factors (Item 1A)

South America

operates in

Our other operations include our South American business (LPSA) that manufactures and distributes OSB structural panels and siding products in South America and certain export markets.Business (Item 1)

Also named by ADM, BALL, HCC

Hazards

Fire

less than 1%named as a risk

During the year ended December 31, 2025, fire interruptions reduced production by less than 1%, but future fire or other operational interruptions could significantly curtail the production capacity of a facility for a period of time.Risk factors (Item 1A)

Also named by CGNX, VTRS

Commodities and inputs

Oriented strand board (OSB)

exposed to its price · about 33% of our North American net sales in 2025named as a risk

OSB accounted for about 33% of our North American net sales in 2025 and 43% in each of 2024 and 2023.Risk factors (Item 1A)

Also named by BLDR, WY

Oriented strand board (OSB)

exposed to its price · approximately $4 millionnamed as a risk

Based upon an assumed North America annual production capacity in the OSB segment of 4.1 billion square feet (3/8” basis) or 3.5 billion square feet (7/16” basis), a $1 change in the annual average price per thousand square feet on 7/16” basis would change annual pre-tax profits by approximately $4 million.Market risk (Item 7A)

Also named by BLDR, WY

Resin

depends on · five major suppliersnamed as a risk

Currently, we purchase most of our resin from five major suppliers.Business (Item 1)

Also named by PHM

Natural gas

exposed to its pricenamed as a risk

While a significant portion of the energy requirements of our plants are met by the energy produced from the conversion of wood waste, we also purchase electricity and natural gas.Business (Item 1)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Canadian dollar

exposed to its pricenamed as a risk

Changes in the value of foreign currencies (principally Canadian dollars, Brazilian reals, Chilean pesos, and Argentine pesos) could have an adverse effect on our results of operations.Risk factors (Item 1A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

Wood fiber

exposed to its pricenamed as a risk

The most significant raw material used in our operations is wood fiber.Risk factors (Item 1A)

Also named by IP, PKG

Petroleum products

exposed to its pricenamed as a risk

Resin product costs are influenced by changes in the prices or availability of raw materials used to produce resins, primarily petroleum products, as well as demand for and availability of resin products and their chemical precursors.Risk factors (Item 1A)

Also named by CROX

Laws and programs

U.S. tariffs

subject to · $8 millionnamed as a risk

For the year ended December 31, 2025, we incurred $8 million in expenses related to new or increased tariffs.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

U.S. Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

Our operations are subject to anti-corruption laws, including the U.S. Foreign Corrupt Practices Act (FCPA) and other anti-corruption laws that apply in countries where we do business.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

OECD Pillar Two

subject tonamed as a risk

Both Pillar Two and The Tax Act are discussed further in "Note 6, Income Taxes" of the Notes to the Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K.Risk factors (Item 1A)

Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more

Sustainable Forestry Initiative (SFI)

subject to

We source all our wood fiber sustainably, as certified according to the standards of the Sustainable Forestry Initiative® (SFI®) and the Programme for the Endorsement of Forest Certification (PEFC®).Business (Item 1)

Also named by RYN, WY