Non-operating pension and other post-employment benefit costs
(19
)
(19
)
(10
)
(38
)
(21
)
Interest income and other
5
6
13
11
29
Interest expense, net of capitalized interest
(66
)
(66
)
(67
)
(132
)
(134
)
Earnings before income taxes
99
99
206
198
340
Income taxes
(16
)
(12
)
(33
)
(28
)
(53
)
Net earnings
$
83
$
87
$
173
$
170
$
287
Per Share Information
Q1
Q2
Year-to-Date
March 31, 2025
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Earnings per share, basic and diluted
$
0.11
$
0.12
$
0.24
$
0.23
$
0.39
Dividends paid per common share
$
0.21
$
0.21
$
0.20
$
0.42
$
0.54
Weighted average shares outstanding (in thousands):
Basic
726,143
723,682
729,026
724,906
729,534
Diluted
726,566
723,927
729,341
725,239
729,950
Common shares outstanding at end of period (in thousands)
725,671
721,835
727,519
721,835
727,519
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)
Q1
Q2
Year-to-Date
in millions
March 31, 2025
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Net earnings
$
83
$
87
$
173
$
170
$
287
Non-operating pension and other post-employment benefit costs
19
19
10
38
21
Interest income and other
(5
)
(6
)
(13
)
(11
)
(29
)
Interest expense, net of capitalized interest
66
66
67
132
134
Income taxes
16
12
33
28
53
Operating income
179
178
270
357
466
Depreciation, depletion and amortization
125
125
126
250
251
Basis of real estate sold
24
33
39
57
70
Special items included in operating income
—
—
(25
)
—
(25
)
Adjusted EBITDA(1)
$
328
$
336
$
410
$
664
$
762
(1) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.
Weyerhaeuser Company
Total Company Statistics
Q2.2025 Analyst Package
Preliminary results (unaudited)
Special Items Included in Net Earnings (Income Tax Affected)
Q1
Q2
Year-to-Date
in millions
March 31, 2025
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Net earnings
$
83
$
87
$
173
$
170
$
287
Product remediation recovery
—
—
(19
)
—
(19
)
Net earnings before special items(1)
$
83
$
87
$
154
$
170
$
268
Q1
Q2
Year-to-Date
March 31, 2025
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Net earnings per diluted share
$
0.11
$
0.12
$
0.24
$
0.23
$
0.39
Product remediation recovery
—
—
(0.03
)
—
(0.02
)
Net earnings per diluted share before special items(1)
$
0.11
$
0.12
$
0.21
$
0.23
$
0.37
(1) Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company’s earnings performance. Net earnings before special items should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.
Selected Total Company Items
Q1
Q2
Year-to-Date
in millions
March 31, 2025
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Pension and post-employment costs:
Pension and post-employment service costs
$
4
$
5
$
5
$
9
$
10
Non-operating pension and other post-employment benefit costs
19
19
10
38
21
Total company pension and post-employment costs
$
23
$
24
$
15
$
47
$
31
Weyerhaeuser Company
Q2.2025 Analyst Package
Preliminary results (unaudited)
Condensed Consolidated Balance Sheet
in millions
March 31, 2025
June 30, 2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
560
$
592
$
684
Receivables, net
382
369
306
Receivables for taxes
13
9
9
Inventories
675
610
607
Prepaid expenses and other current assets
141
178
142
Total current assets
1,771
1,758
1,748
Property and equipment, net
2,333
2,321
2,329
Construction in progress
291
316
287
Timber and timberlands at cost, less depletion
11,506
11,452
11,551
Minerals and mineral rights, less depletion
187
184
189
Deferred tax assets
23
23
24
Other assets
409
424
408
Total assets
$
16,520
$
16,478
$
16,536
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$
150
$
900
$
210
Accounts payable
288
283
255
Accrued liabilities
430
511
512
Total current liabilities
868
1,694
977
Long-term debt, net
5,017
4,268
4,866
Deferred tax liabilities
32
37
26
Deferred pension and other post-employment benefits
602
609
596
Other liabilities
356
346
350
Total liabilities
6,875
6,954
6,815
Total equity
9,645
9,524
9,721
Total liabilities and equity
$
16,520
$
16,478
$
16,536
Weyerhaeuser Company
Q2.2025 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Cash Flows
Q1
Q2
Year-to-Date
in millions
March 31, 2025
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Cash flows from operations:
Net earnings
$
83
$
87
$
173
$
170
$
287
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization
125
125
126
250
251
Basis of real estate sold
24
33
39
57
70
Pension and other post-employment benefits
23
24
15
47
31
Share-based compensation expense
11
12
12
23
22
Other
4
—
3
4
4
Change in:
Receivables, net
(76
)
10
(4
)
(66
)
(57
)
Receivables and payables for taxes
(22
)
6
16
(16
)
13
Inventories
(68
)
55
15
(13
)
(53
)
Prepaid expenses and other current assets
5
12
16
17
33
Accounts payable and accrued liabilities
(25
)
64
37
39
(14
)
Pension and post-employment benefit contributions and payments
(3
)
(3
)
(5
)
(6
)
(9
)
Other
(11
)
(29
)
(11
)
(40
)
(22
)
Net cash from operations
$
70
$
396
$
432
$
466
$
556
Cash flows from investing activities:
Capital expenditures for property and equipment(1)
$
(71
)
$
(99
)
$
(82
)
$
(170
)
$
(139
)
Capital expenditures for timberlands reforestation
(22
)
(8
)
(9
)
(30
)
(31
)
Acquisitions of timberlands
(4
)
(1
)
(53
)
(5
)
(53
)
Other
—
(3
)
1
(3
)
3
Net cash from investing activities
$
(97
)
$
(111
)
$
(143
)
$
(208
)
$
(220
)
Cash flows from financing activities:
Cash dividends on common shares
$
(152
)
$
(152
)
$
(146
)
$
(304
)
$
(394
)
Net proceeds from issuance of long-term debt
299
—
—
299
—
Payments on long-term debt
(210
)
—
—
(210
)
—
Repurchases of common shares
(25
)
(100
)
(49
)
(125
)
(99
)
Other
(9
)
(1
)
—
(10
)
(10
)
Net cash from financing activities
$
(97
)
$
(253
)
$
(195
)
$
(350
)
$
(503
)
Net change in cash, cash equivalents and restricted cash
$
(124
)
$
32
$
94
$
(92
)
$
(167
)
Cash, cash equivalents and restricted cash at beginning of period
684
560
903
684
1,164
Cash, cash equivalents and restricted cash at end of period
$
560
$
592
$
997
$
592
$
997
Cash paid during the period for:
Interest, net of amounts capitalized
$
58
$
74
$
69
$
132
$
126
Income taxes, net of refunds
$
34
$
6
$
15
$
40
$
38
(1) Includes $16 million, $22 million and $38 million in capital expenditures related to the construction of our Monticello engineered wood products facility in first quarter 2025, second quarter 2025 and year-to-date 2025, respectively. These amounts are excluded for purposes of calculating Adjusted Funds Available for Distribution.
Weyerhaeuser Company
Timberlands Segment
Q2.2025 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Sales to unaffiliated customers
$
382
$
373
$
409
$
755
$
796
Intersegment sales
152
156
146
308
280
Total net sales
534
529
555
1,063
1,076
Costs of sales
409
416
450
825
865
Gross margin
125
113
105
238
211
Selling expenses
—
1
—
1
—
General and administrative expenses
24
24
25
48
50
Other operating (income) costs, net
(1
)
—
—
(1
)
1
Operating income
102
88
80
190
160
Interest income and other
—
—
1
—
1
Net contribution to earnings
$
102
$
88
$
81
$
190
$
161
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Operating income
$
102
$
88
$
80
$
190
$
160
Depreciation, depletion and amortization
65
64
67
129
131
Adjusted EBITDA(1)
$
167
$
152
$
147
$
319
$
291
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 9.
Selected Segment Items
in millions
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Total (increase) decrease in working capital(2)
$
(16
)
$
51
$
32
$
35
$
40
Cash spent for capital expenditures(3)
$
(26
)
$
(19
)
$
(21
)
$
(45
)
$
(52
)
(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.
(3) Does not include cash spent for the acquisition of timberlands.
Segment Statistics(4)
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Third Party
Delivered logs:
Net Sales
West
$
169
$
169
$
205
$
338
$
381
(millions)
South
152
154
153
306
304
North
14
8
9
22
22
Total delivered logs
335
331
367
666
707
Stumpage and pay-as-cut timber
10
13
13
23
24
Recreational and other lease revenue
19
19
19
38
38
Other revenue
18
10
10
28
27
Total
$
382
$
373
$
409
$
755
$
796
Delivered Logs
West
$
118.52
$
117.69
$
123.15
$
118.11
$
122.18
Third Party Sales
South
$
37.10
$
37.71
$
36.89
$
37.40
$
36.91
Realizations (per ton)
North
$
71.43
$
74.30
$
76.55
$
72.45
$
74.78
Delivered Logs
West
1,428
1,430
1,668
2,858
3,120
Third Party Sales
South
4,106
4,074
4,154
8,180
8,243
Volumes (tons, thousands)
North
192
105
118
297
293
Fee Harvest Volumes
West
2,229
2,238
2,355
4,467
4,569
(tons, thousands)
South
6,133
6,220
6,293
12,353
12,283
North
272
180
190
452
429
(4) Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.
Weyerhaeuser Company
Real Estate, Energy & Natural Resources Segment
Q2.2025 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Net sales
$
94
$
154
$
109
$
248
$
216
Costs of sales
32
44
46
76
87
Gross margin
62
110
63
172
129
General and administrative expenses
7
6
8
13
14
Other operating income, net
(1
)
(2
)
(4
)
(3
)
(4
)
Operating income and Net contribution to earnings
$
56
$
106
$
59
$
162
$
119
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Operating income
$
56
$
106
$
59
$
162
$
119
Depreciation, depletion and amortization
2
4
4
6
7
Basis of real estate sold
24
33
39
57
70
Adjusted EBITDA(1)
$
82
$
143
$
102
$
225
$
196
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 9.
Segment Statistics
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Net Sales
Real Estate
$
69
$
123
$
78
$
192
$
161
(millions)
Energy and Natural Resources
25
31
31
56
55
Total
$
94
$
154
$
109
$
248
$
216
Acres Sold
Real Estate
16,654
24,103
37,665
40,757
57,439
Price per Acre
Real Estate
$
3,812
$
4,757
$
2,062
$
4,371
$
2,601
Basis as a Percent of Real Estate Net Sales
Real Estate
35
%
27
%
50
%
30
%
43
%
Weyerhaeuser Company
Wood Products Segment
Q2.2025 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Net sales
$
1,287
$
1,357
$
1,421
$
2,644
$
2,723
Costs of sales
1,114
1,243
1,185
2,357
2,292
Gross margin
173
114
236
287
431
Selling expenses
22
22
22
44
43
General and administrative expenses
39
40
37
79
77
Other operating costs (income), net
6
6
(19
)
12
(13
)
Operating income and Net contribution to earnings
$
106
$
46
$
196
$
152
$
324
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Operating income
$
106
$
46
$
196
$
152
$
324
Depreciation, depletion and amortization
55
55
54
110
110
Special items
—
—
(25
)
—
(25
)
Adjusted EBITDA(1)
$
161
$
101
$
225
$
262
$
409
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 9.
Segment Special Items Included in Net Contribution to Earnings (Pretax)
in millions
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Product remediation recovery
$
—
$
—
$
(25
)
$
—
$
(25
)
Selected Segment Items
in millions
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Total (increase) decrease in working capital(2)
$
(157
)
$
49
$
34
$
(108
)
$
(140
)
Cash spent for capital expenditures(3)
$
(67
)
$
(88
)
$
(63
)
$
(155
)
$
(105
)
(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.
(3) Includes $16 million, $22 million and $38 million in capital expenditures related to the construction of our Monticello engineered wood products facility in first quarter 2025, second quarter 2025 and year-to-date 2025, respectively. These amounts are excluded for purposes of calculating Adjusted Funds Available for Distribution.
Segment Statistics(4)
in millions, except for third party sales realizations
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Structural Lumber
Third party net sales
$
527
$
581
$
499
$
1,108
$
963
(volumes presented
Third party sales realizations
$
463
$
454
$
419
$
458
$
424
in board feet)
Third party sales volumes
1,138
1,277
1,190
2,415
2,270
Production volumes
1,163
1,208
1,163
2,371
2,248
Oriented Strand
Third party net sales
$
228
$
205
$
288
$
433
$
543
Board
Third party sales realizations
$
317
$
280
$
407
$
298
$
383
(volumes presented
Third party sales volumes
719
731
708
1,450
1,418
in square feet 3/8")
Production volumes
743
737
744
1,480
1,479
Engineered Solid
Third party net sales
$
161
$
169
$
191
$
330
$
368
Section
Third party sales realizations
$
3,026
$
2,916
$
3,239
$
2,968
$
3,226
(volumes presented
Third party sales volumes
5.3
5.8
6.0
11.1
11.4
in cubic feet)
Production volumes
5.7
6.0
6.1
11.7
11.8
Engineered
Third party net sales
$
88
$
95
$
107
$
183
$
206
I-joists
Third party sales realizations
$
2,519
$
2,399
$
2,645
$
2,456
$
2,647
(volumes presented
Third party sales volumes
35
40
41
75
78
in lineal feet)
Production volumes
35
40
41
75
84
Softwood Plywood
Third party net sales
$
40
$
41
$
42
$
81
$
83
(volumes presented
Third party sales realizations
$
459
$
446
$
464
$
452
$
485
in square feet 3/8")
Third party sales volumes
88
92
90
180
171
Production volumes
80
82
82
162
154
Medium Density
Third party net sales
$
32
$
36
$
42
$
68
$
81
Fiberboard
Third party sales realizations
$
1,163
$
1,195
$
1,186
$
1,180
$
1,184
(volumes presented
Third party sales volumes
27
31
36
58
69
in square feet 3/4")
Production volumes
22
37
34
59
68
(4) Third party net sales, third party sales realizations and third party sales volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.
Weyerhaeuser Company
Unallocated Items
Q2.2025 Analyst Package
Preliminary results (unaudited)
Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses and interest income and other.
Net Charge to Earnings
in millions
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Unallocated corporate function and variable compensation expense
$
(42
)
$
(41
)
$
(37
)
$
(83
)
$
(75
)
Liability classified share-based compensation
(1
)
1
3
—
2
Foreign exchange gain (loss)
—
2
—
2
(1
)
Elimination of intersegment profit in inventory and LIFO
(18
)
(4
)
6
(22
)
—
Other, net
(24
)
(20
)
(37
)
(44
)
(63
)
Operating loss
(85
)
(62
)
(65
)
(147
)
(137
)
Non-operating pension and other post-employment benefit costs
(19
)
(19
)
(10
)
(38
)
(21
)
Interest income and other
5
6
12
11
28
Net charge to earnings
$
(99
)
$
(75
)
$
(63
)
$
(174
)
$
(130
)
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions
Q1.2025
Q2.2025
Q2.2024
YTD.2025
YTD.2024
Operating loss
$
(85
)
$
(62
)
$
(65
)
$
(147
)
$
(137
)
Depreciation, depletion and amortization
3
2
1
5
3
Adjusted EBITDA(1)
$
(82
)
$
(60
)
$
(64
)
$
(142
)
$
(134
)
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 9.