Non-operating pension and other post-employment benefit costs
(19
)
(19
)
(19
)
(163
)
(11
)
(220
)
(42
)
Interest income and other
5
6
6
5
10
22
53
Interest expense, net of capitalized interest
(66
)
(66
)
(71
)
(70
)
(66
)
(273
)
(269
)
Earnings before income taxes
99
99
39
23
74
260
427
Income taxes
(16
)
(12
)
41
51
7
64
(31
)
Net earnings
$
83
$
87
$
80
$
74
$
81
$
324
$
396
Per Share Information
Q1
Q2
Q3
Q4
Year-to-Date
Mar 31, 2025
Jun 30, 2025
Sept 30, 2025
Dec 31, 2025
Dec 31, 2024
Dec 31, 2025
Dec 31, 2024
Earnings per share, basic and diluted
$
0.11
$
0.12
$
0.11
$
0.10
$
0.11
$
0.45
$
0.54
Dividends paid per common share
$
0.21
$
0.21
$
0.21
$
0.21
$
0.20
$
0.84
$
0.94
Weighted average shares outstanding (in thousands):
Basic
726,143
723,682
721,598
721,295
726,927
723,162
728,398
Diluted
726,566
723,927
722,012
721,833
727,776
723,567
728,957
Common shares outstanding at end of period (in thousands)
725,671
721,835
720,861
720,531
725,845
720,531
725,845
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)
Q1
Q2
Q3
Q4
Year-to-Date
in millions
Mar 31, 2025
Jun 30, 2025
Sept 30, 2025
Dec 31, 2025
Dec 31, 2024
Dec 31, 2025
Dec 31, 2024
Net earnings
$
83
$
87
$
80
$
74
$
81
$
324
$
396
Non-operating pension and other post-employment benefit costs
19
19
19
163
11
220
42
Interest income and other
(5
)
(6
)
(6
)
(5
)
(10
)
(22
)
(53
)
Interest expense, net of capitalized interest
66
66
71
70
66
273
269
Income taxes
16
12
(41
)
(51
)
(7
)
(64
)
31
Operating income
179
178
123
251
141
731
685
Depreciation, depletion and amortization
125
125
130
129
126
509
502
Basis of real estate sold
24
33
19
8
27
84
120
Special items included in operating income
—
—
(55
)
(248
)
—
(303
)
(15
)
Adjusted EBITDA(1)
$
328
$
336
$
217
$
140
$
294
$
1,021
$
1,292
(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.
Page 1 of 8
Weyerhaeuser Company
Total Company Statistics
Q4.2025 Analyst Package
Preliminary results (unaudited)
Special Items Included in Net Earnings (Income Tax Affected)
Q1
Q2
Q3
Q4
Year-to-Date
in millions
Mar 31, 2025
Jun 30, 2025
Sept 30, 2025
Dec 31, 2025
Dec 31, 2024
Dec 31, 2025
Dec 31, 2024
Net earnings
$
83
$
87
$
80
$
74
$
81
$
324
$
396
Environmental remediation charge
—
—
—
14
—
14
—
Gain on lumber mill sale
—
—
(21
)
—
—
(21
)
—
Gain on sale of timberlands
—
—
—
(266
)
—
(266
)
—
Insurance recovery
—
—
(19
)
—
—
(19
)
—
Pension settlement charge
—
—
—
111
—
111
—
Product remediation recovery
—
—
—
—
—
—
(19
)
Restructuring, impairments and other charges
—
—
—
—
—
—
7
Net earnings (loss) before special items(1)
$
83
$
87
$
40
$
(67
)
$
81
$
143
$
384
Q1
Q2
Q3
Q4
Year-to-Date
Mar 31, 2025
Jun 30, 2025
Sept 30, 2025
Dec 31, 2025
Dec 31, 2024
Dec 31, 2025
Dec 31, 2024
Net earnings per diluted share
$
0.11
$
0.12
$
0.11
$
0.10
$
0.11
$
0.45
$
0.54
Environmental remediation charge
—
—
—
0.02
—
0.02
—
Gain on lumber mill sale
—
—
(0.03
)
—
—
(0.03
)
—
Gain on sale of timberlands
—
—
—
(0.36
)
—
(0.36
)
—
Insurance recovery
—
—
(0.02
)
—
—
(0.03
)
—
Pension settlement charge
—
—
—
0.15
—
0.15
—
Product remediation recovery
—
—
—
—
—
—
(0.02
)
Restructuring, impairments and other charges
—
—
—
—
—
—
0.01
Net earnings (loss) per diluted share before special items(1)
$
0.11
$
0.12
$
0.06
$
(0.09
)
$
0.11
$
0.20
$
0.53
(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
Q3
Q4
Year-to-Date
in millions
Mar 31, 2025
Jun 30, 2025
Sept 30, 2025
Dec 31, 2025
Dec 31, 2024
Dec 31, 2025
Dec 31, 2024
Pension and post-employment costs:
Pension and post-employment service costs
$
4
$
5
$
5
$
5
$
6
$
19
$
21
Non-operating pension and other post-employment benefit costs
19
19
19
163
11
220
42
Total company pension and post-employment costs
$
23
$
24
$
24
$
168
$
17
$
239
$
63
Page 2 of 8
Weyerhaeuser Company
Q4.2025 Analyst Package
Preliminary results (unaudited)
Condensed Consolidated Balance Sheet
in millions
March 31, 2025
June 30, 2025
September 30, 2025
December 31, 2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
560
$
592
$
401
$
464
$
684
Receivables, net
382
369
353
303
306
Receivables for taxes
13
9
8
10
9
Inventories
675
610
588
593
607
Assets held for sale
—
—
141
128
—
Prepaid expenses and other current assets
141
178
121
154
142
Total current assets
1,771
1,758
1,612
1,652
1,748
Property and equipment, net
2,333
2,321
2,332
2,420
2,329
Construction in progress
291
316
360
337
287
Timber and timberlands at cost, less depletion
11,506
11,452
11,709
11,533
11,551
Minerals and mineral rights, less depletion
187
184
180
177
189
Deferred tax assets
23
23
62
97
24
Other assets
409
424
413
397
408
Total assets
$
16,520
$
16,478
$
16,668
$
16,613
$
16,536
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$
150
$
900
$
522
$
522
$
210
Accounts payable
288
283
280
278
255
Accrued liabilities
430
511
512
478
512
Total current liabilities
868
1,694
1,314
1,278
977
Long-term debt, net
5,017
4,268
4,948
5,050
4,866
Deferred tax liabilities
32
37
14
18
26
Deferred pension and other post-employment benefits
602
609
613
485
596
Other liabilities
356
346
341
356
350
Total liabilities
6,875
6,954
7,230
7,187
6,815
Total equity
9,645
9,524
9,438
9,426
9,721
Total liabilities and equity
$
16,520
$
16,478
$
16,668
$
16,613
$
16,536
Page 3 of 8
Weyerhaeuser Company
Q4.2025 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Cash Flows
Q1
Q2
Q3
Q4
Year-to-Date
in millions
Mar 31, 2025
Jun 30, 2025
Sept 30, 2025
Dec 31, 2025
Dec 31, 2024
Dec 31, 2025
Dec 31, 2024
Cash flows from operations:
Net earnings
$
83
$
87
$
80
$
74
$
81
$
324
$
396
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization
125
125
130
129
126
509
502
Basis of real estate sold
24
33
19
8
27
84
120
Deferred income taxes, net
4
—
(65
)
(53
)
(31
)
(114
)
(40
)
Pension and other post-employment benefits
23
24
24
168
17
239
63
Share-based compensation expense
11
12
9
11
11
43
43
Gain on lumber mill sale
—
—
(29
)
—
—
(29
)
—
Gain on sale of timberlands
—
—
—
(266
)
—
(266
)
—
Other
—
—
3
4
(4
)
7
2
Change in:
Receivables, net
(76
)
10
29
51
66
14
45
Receivables and payables for taxes
(22
)
6
4
(8
)
2
(20
)
(1
)
Inventories
(68
)
55
17
(4
)
(24
)
—
(55
)
Prepaid expenses and other current assets
5
12
(8
)
2
(1
)
11
19
Accounts payable and accrued liabilities
(25
)
64
2
(30
)
(22
)
11
(23
)
Pension and post-employment benefit contributions and payments
(3
)
(3
)
(7
)
(206
)
(6
)
(219
)
(18
)
Other
(11
)
(29
)
2
6
(24
)
(32
)
(45
)
Net cash from operations
$
70
$
396
$
210
$
(114
)
$
218
$
562
$
1,008
Cash flows from investing activities:
Capital expenditures for property and equipment(1)
$
(71
)
$
(99
)
$
(118
)
$
(135
)
$
(136
)
$
(423
)
$
(364
)
Capital expenditures for timberlands reforestation
(22
)
(8
)
(7
)
(14
)
(13
)
(51
)
(52
)
Acquisitions of timberlands
(4
)
(1
)
(461
)
(3
)
(116
)
(469
)
(251
)
Proceeds from lumber mill sale
—
—
61
—
—
61
—
Proceeds from sale of timberlands
—
—
—
405
—
405
—
Other
—
(3
)
4
1
10
2
31
Net cash from investing activities
$
(97
)
$
(111
)
$
(521
)
$
254
$
(255
)
$
(475
)
$
(636
)
Cash flows from financing activities:
Cash dividends on common shares
$
(152
)
$
(152
)
$
(150
)
$
(152
)
$
(145
)
$
(606
)
$
(684
)
Net proceeds from issuance of long-term debt
299
—
799
101
—
1,199
—
Payments on long-term debt
(210
)
—
(502
)
—
—
(712
)
—
Repurchases of common shares
(25
)
(100
)
(25
)
(10
)
(28
)
(160
)
(154
)
Other
(9
)
(1
)
(2
)
1
(5
)
(11
)
(14
)
Net cash from financing activities
$
(97
)
$
(253
)
$
120
$
(60
)
$
(178
)
$
(290
)
$
(852
)
Net change in cash, cash equivalents and restricted cash
$
(124
)
$
32
$
(191
)
$
80
$
(215
)
$
(203
)
$
(480
)
Cash, cash equivalents and restricted cash at beginning of period
684
560
592
401
899
684
1,164
Cash, cash equivalents and restricted cash at end of period
$
560
$
592
$
401
$
481
$
684
$
481
$
684
Cash paid during the period for:
Interest, net of amounts capitalized
$
58
$
74
$
69
$
71
$
70
$
272
$
259
Income taxes, net of refunds
$
34
$
6
$
21
$
6
$
9
$
67
$
60
(1) Includes $16 million, $22 million, $32 million, $39 million and $109 million in capital expenditures related to the construction of our Monticello engineered wood products facility in first quarter 2025, second quarter 2025, third quarter 2025, fourth quarter 2025 and full year 2025, respectively. These amounts are excluded for purposes of calculating Adjusted Funds Available for Distribution.
Page 4 of 8
Weyerhaeuser Company
Timberlands Segment
Q4.2025 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions
Q1.2025
Q2.2025
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Sales to unaffiliated customers
$
382
$
373
$
386
$
353
$
359
$
1,494
$
1,512
Intersegment sales
152
156
150
134
138
592
554
Total net sales
534
529
536
487
497
2,086
2,066
Costs of sales
409
416
429
410
411
1,664
1,686
Gross margin
125
113
107
77
86
422
380
Selling expenses
—
1
—
—
—
1
1
General and administrative expenses
24
24
25
24
26
97
100
Gain on sale of timberlands
—
—
—
(266
)
—
(266
)
—
Other operating (income) costs, net
(1
)
—
2
3
(2
)
4
—
Operating income
102
88
80
316
62
586
279
Interest income and other
—
—
—
—
—
—
1
Net contribution to earnings
$
102
$
88
$
80
$
316
$
62
$
586
$
280
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions
Q1.2025
Q2.2025
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Operating income
$
102
$
88
$
80
$
316
$
62
$
586
$
279
Depreciation, depletion and amortization
65
64
68
64
64
261
260
Special items
—
—
—
(266
)
—
(266
)
—
Adjusted EBITDA(1)
$
167
$
152
$
148
$
114
$
126
$
581
$
539
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Segment Special Items Included In Net Contribution to Earnings (Pretax)
in millions
Q1.2025
Q2.2025
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Gain on sale of timberlands
$
—
$
—
$
—
$
(266
)
$
—
$
(266
)
$
—
Selected Segment Items
in millions
Q1.2025
Q2.2025
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Total (increase) decrease in working capital(2)
$
(16
)
$
51
$
(22
)
$
(23
)
$
(12
)
$
(10
)
$
28
Cash spent for capital expenditures(3)
$
(26
)
$
(19
)
$
(37
)
$
(38
)
$
(31
)
$
(120
)
$
(105
)
(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
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Third Party
Delivered logs:
Net Sales
West
$
169
$
169
$
169
$
138
$
154
$
645
$
693
(millions)
South
152
154
154
153
150
613
603
North
14
8
13
15
13
50
46
Total delivered logs
335
331
336
306
317
1,308
1,342
Stumpage and pay-as-cut timber
10
13
22
15
13
60
51
Recreational and other lease revenue
19
19
21
20
20
79
77
Other revenue
18
10
7
12
9
47
42
Total
$
382
$
373
$
386
$
353
$
359
$
1,494
$
1,512
Delivered Logs
West
$
118.52
$
117.69
$
110.68
$
108.64
$
110.32
$
113.97
$
117.45
Third Party Sales
South
$
37.10
$
37.71
$
36.65
$
37.29
$
37.26
$
37.18
$
36.94
Realizations (per ton)
North
$
71.43
$
74.30
$
72.75
$
73.28
$
69.22
$
72.77
$
71.96
Delivered Logs
West
1,428
1,430
1,529
1,276
1,402
5,663
5,901
Third Party Sales
South
4,106
4,074
4,217
4,089
4,012
16,486
16,317
Volumes (tons, thousands)
North
192
105
183
204
184
684
637
Fee Harvest Volumes
West
2,229
2,238
2,394
2,143
2,149
9,004
8,902
(tons, thousands)
South
6,133
6,220
6,431
6,048
6,161
24,832
24,514
North
272
180
262
267
264
981
940
(4) Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.
Page 5 of 8
Weyerhaeuser Company
Real Estate, Energy & Natural Resources Segment
Q4.2025 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions
Q1.2025
Q2.2025
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Net sales
$
94
$
154
$
103
$
103
$
86
$
454
$
391
Costs of sales
32
44
28
13
34
117
152
Gross margin
62
110
75
90
52
337
239
General and administrative expenses
7
6
7
7
6
27
26
Other operating income, net
(1
)
(2
)
(1
)
(1
)
—
(5
)
(3
)
Operating income and Net contribution to earnings
$
56
$
106
$
69
$
84
$
46
$
315
$
216
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions
Q1.2025
Q2.2025
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Operating income
$
56
$
106
$
69
$
84
$
46
$
315
$
216
Depreciation, depletion and amortization
2
4
3
3
3
12
13
Basis of real estate sold
24
33
19
8
27
84
120
Adjusted EBITDA(1)
$
82
$
143
$
91
$
95
$
76
$
411
$
349
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Segment Statistics
Q1.2025
Q2.2025
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Net Sales
Real Estate
$
69
$
123
$
65
$
73
$
60
$
330
$
280
(millions)
Energy and Natural Resources
25
31
38
30
26
124
111
Total
$
94
$
154
$
103
$
103
$
86
$
454
$
391
Acres Sold
Real Estate
16,654
24,103
11,982
4,356
20,028
57,095
94,908
Price per Acre
Real Estate
$
3,812
$
4,757
$
5,128
$
8,271
$
2,806
$
4,827
$
2,682
Basis as a Percent of Real Estate Net Sales
Real Estate
35
%
27
%
29
%
11
%
45
%
25
%
43
%
Page 6 of 8
Weyerhaeuser Company
Wood Products Segment
Q4.2025 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions
Q1.2025
Q2.2025
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Net sales
$
1,287
$
1,357
$
1,228
$
1,085
$
1,263
$
4,957
$
5,221
Costs of sales
1,114
1,243
1,218
1,099
1,092
4,674
4,516
Gross margin
173
114
10
(14
)
171
283
705
Selling expenses
22
22
23
21
21
88
85
General and administrative expenses
39
40
39
38
37
156
155
Other operating costs (income), net
6
6
(33
)
5
7
(16
)
8
Operating income (loss) and Net contribution (charge) to earnings
$
106
$
46
$
(19
)
$
(78
)
$
106
$
55
$
457
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions
Q1.2025
Q2.2025
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Operating income (loss)
$
106
$
46
$
(19
)
$
(78
)
$
106
$
55
$
457
Depreciation, depletion and amortization
55
55
56
58
55
224
219
Special items
—
—
(29
)
—
—
(29
)
(15
)
Adjusted EBITDA(1)
$
161
$
101
$
8
$
(20
)
$
161
$
250
$
661
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Segment Special Items Included in Net Contribution to Earnings (Pretax)
in millions
Q1.2025
Q2.2025
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Gain on lumber mill sale
$
—
$
—
$
(29
)
$
—
$
—
$
(29
)
$
—
Product remediation recovery
$
—
$
—
$
—
$
—
$
—
$
—
$
(25
)
Restructuring, impairments and other charges
$
—
$
—
$
—
$
—
$
—
$
—
$
10
Selected Segment Items
in millions
Q1.2025
Q2.2025
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Total (increase) decrease in working capital(2)
$
(157
)
$
49
$
116
$
66
$
26
$
74
$
(35
)
Cash spent for capital expenditures(3)
$
(67
)
$
(88
)
$
(88
)
$
(110
)
$
(117
)
$
(353
)
$
(294
)
(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, $32 million, $39 million and $109 million in capital expenditures related to the construction of our Monticello engineered wood products facility in first quarter 2025, second quarter 2025, third quarter 2025, fourth quarter 2025 and full year 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
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Structural Lumber
Third party net sales
$
527
$
581
$
509
$
420
$
492
$
2,037
$
1,906
(volumes presented
Third party sales realizations
$
463
$
454
$
405
$
393
$
442
$
429
$
423
in board feet)
Third party sales volumes
1,138
1,277
1,259
1,066
1,114
4,740
4,500
Production volumes
1,163
1,208
1,167
1,009
1,110
4,547
4,404
Oriented Strand
Third party net sales
$
228
$
205
$
167
$
162
$
230
$
762
$
979
Board
Third party sales realizations
$
317
$
280
$
231
$
218
$
321
$
261
$
348
(volumes presented
Third party sales volumes
719
731
727
739
717
2,916
2,810
in square feet 3/8")
Production volumes
743
737
750
758
758
2,988
2,920
Engineered Solid
Third party net sales
$
161
$
169
$
162
$
157
$
165
$
649
$
708
Section
Third party sales realizations
$
3,026
$
2,916
$
2,932
$
2,928
$
2,996
$
2,949
$
3,175
(volumes presented
Third party sales volumes
5.3
5.8
5.5
5.4
5.5
22.0
22.3
in cubic feet)
Production volumes
5.7
6.0
5.1
5.2
5.5
22.0
22.3
Engineered
Third party net sales
$
88
$
95
$
85
$
75
$
89
$
343
$
390
I-joists
Third party sales realizations
$
2,519
$
2,399
$
2,421
$
2,384
$
2,508
$
2,431
$
2,613
(volumes presented
Third party sales volumes
35
40
35
31
35
141
149
in lineal feet)
Production volumes
35
40
36
32
32
143
147
Softwood Plywood
Third party net sales
$
40
$
41
$
38
$
36
$
37
$
155
$
158
(volumes presented
Third party sales realizations
$
459
$
446
$
417
$
404
$
450
$
432
$
463
in square feet 3/8")
Third party sales volumes
88
92
91
89
83
360
342
Production volumes
80
82
82
78
79
322
314
Medium Density
Third party net sales
$
32
$
36
$
39
$
28
$
36
$
135
$
159
Fiberboard
Third party sales realizations
$
1,163
$
1,195
$
1,157
$
1,168
$
1,163
$
1,171
$
1,177
(volumes presented
Third party sales volumes
27
31
33
25
31
116
135
in square feet 3/4")
Production volumes
22
37
35
24
33
118
138
(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.
Page 7 of 8
Weyerhaeuser Company
Unallocated Items
Q4.2025 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
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Unallocated corporate function and variable compensation expense
$
(42
)
$
(41
)
$
(37
)
$
(46
)
$
(47
)
$
(166
)
$
(154
)
Liability classified share-based compensation
(1
)
1
1
—
2
1
2
Foreign exchange gain (loss)
—
2
—
(1
)
1
1
1
Elimination of intersegment profit in inventory and LIFO
(18
)
(4
)
15
18
(1
)
11
4
Other, net
(24
)
(20
)
14
(42
)
(28
)
(72
)
(120
)
Operating loss
(85
)
(62
)
(7
)
(71
)
(73
)
(225
)
(267
)
Non-operating pension and other post-employment benefit costs
(19
)
(19
)
(19
)
(163
)
(11
)
(220
)
(42
)
Interest income and other
5
6
6
5
10
22
52
Net charge to earnings
$
(99
)
$
(75
)
$
(20
)
$
(229
)
$
(74
)
$
(423
)
$
(257
)
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions
Q1.2025
Q2.2025
Q3.2025
Q4.2025
Q4.2024
YTD.2025
YTD.2024
Operating loss
$
(85
)
$
(62
)
$
(7
)
$
(71
)
$
(73
)
$
(225
)
$
(267
)
Depreciation, depletion and amortization
3
2
3
4
4
12
10
Special items
—
—
(26
)
18
—
(8
)
—
Adjusted EBITDA(1)
$
(82
)
$
(60
)
$
(30
)
$
(49
)
$
(69
)
$
(221
)
$
(257
)
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Unallocated Special Items Included in Operating Loss and Net Charge to Earnings (Pretax)