Non-operating pension and other post-employment benefit costs
(14
)
(14
)
(19
)
(28
)
(38
)
Interest income and other
4
4
6
8
11
Interest expense, net of capitalized interest
(66
)
(66
)
(66
)
(132
)
(132
)
Earnings before income taxes
171
147
99
318
198
Income taxes
(15
)
15
(12
)
—
(28
)
Net earnings
$
156
$
162
$
87
$
318
$
170
Per Share Information
Q1
Q2
Year-to-Date
Mar 31, 2026
Jun 30, 2026
Jun 30, 2025
Jun 30, 2026
Jun 30, 2025
Earnings per share, basic and diluted
$
0.22
$
0.23
$
0.12
$
0.44
$
0.23
Dividends paid per common share
$
0.21
$
0.21
$
0.21
$
0.42
$
0.42
Weighted average shares outstanding (in thousands):
Basic
721,290
721,421
723,682
721,356
724,906
Diluted
721,671
721,901
723,927
721,787
725,239
Common shares outstanding at end of period (in thousands)
721,043
720,692
721,835
720,692
721,835
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)
Q1
Q2
Year-to-Date
in millions
Mar 31, 2026
Jun 30, 2026
Jun 30, 2025
Jun 30, 2026
Jun 30, 2025
Net earnings
$
156
$
162
$
87
$
318
$
170
Non-operating pension and other post-employment benefit costs
14
14
19
28
38
Interest income and other
(4
)
(4
)
(6
)
(8
)
(11
)
Interest expense, net of capitalized interest
66
66
66
132
132
Income taxes
15
(15
)
12
—
28
Operating income
247
223
178
470
357
Depreciation, depletion and amortization
124
127
125
251
250
Basis of acres sold
23
31
33
54
57
Special items included in operating income
(86
)
(71
)
—
(157
)
—
Adjusted EBITDA(1)
$
308
$
310
$
336
$
618
$
664
(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 Strategic Land Solutions acres 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
Q2.2026 Analyst Package
Preliminary results (unaudited)
Special Items Included in Net Earnings (Income Tax Affected)
Q1
Q2
Year-to-Date
in millions
Mar 31, 2026
Jun 30, 2026
Jun 30, 2025
Jun 30, 2026
Jun 30, 2025
Net earnings
$
156
$
162
$
87
$
318
$
170
Gain on sale of timberlands
(58
)
(71
)
—
(129
)
—
Product remediation insurance recovery
(21
)
—
—
(21
)
—
Net earnings before special items(1)
$
77
$
91
$
87
$
168
$
170
Q1
Q2
Year-to-Date
Mar 31, 2026
Jun 30, 2026
Jun 30, 2025
Jun 30, 2026
Jun 30, 2025
Net earnings per diluted share
$
0.22
$
0.23
$
0.12
$
0.44
$
0.23
Gain on sale of timberlands
(0.08
)
(0.10
)
—
(0.18
)
—
Product remediation insurance recovery
(0.03
)
—
—
(0.03
)
—
Net earnings per diluted share before special items(1)
$
0.11
$
0.13
$
0.12
$
0.23
$
0.23
(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
Mar 31, 2026
Jun 30, 2026
Jun 30, 2025
Jun 30, 2026
Jun 30, 2025
Pension and post-employment costs:
Pension and post-employment service costs
$
4
$
5
$
5
$
9
$
9
Non-operating pension and other post-employment benefit costs
14
14
19
28
38
Total company pension and post-employment costs
$
18
$
19
$
24
$
37
$
47
Page 2 of 8
Weyerhaeuser Company
Q2.2026 Analyst Package
Preliminary results (unaudited)
Condensed Consolidated Balance Sheet
in millions
Mar 31, 2026
Jun 30, 2026
Dec 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
299
$
527
$
464
Receivables, net
396
373
303
Receivables for taxes
8
5
10
Inventories
659
604
593
Assets held for sale
—
—
128
Prepaid expenses and other current assets
141
127
154
Total current assets
1,503
1,636
1,652
Property and equipment, net
2,376
2,405
2,420
Construction in progress
397
423
337
Timber and timberlands at cost, less depletion
11,475
11,384
11,533
Minerals and mineral rights, less depletion
176
173
177
Deferred tax assets
91
113
97
Other assets
383
379
397
Total assets
$
16,401
$
16,513
$
16,613
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$
372
$
122
$
522
Accounts payable
284
311
278
Accrued liabilities
404
468
478
Total current liabilities
1,060
901
1,278
Long-term debt, net
5,052
5,303
5,050
Deferred tax liabilities
15
15
18
Deferred pension and other post-employment benefits
484
486
485
Other liabilities
351
352
356
Total liabilities
6,962
7,057
7,187
Total equity
9,439
9,456
9,426
Total liabilities and equity
$
16,401
$
16,513
$
16,613
Page 3 of 8
Weyerhaeuser Company
Q2.2026 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Cash Flows
Q1
Q2
Year-to-Date
in millions
Mar 31, 2026
Jun 30, 2026
Jun 30, 2025
Jun 30, 2026
Jun 30, 2025
Cash flows from operations:
Net earnings
$
156
$
162
$
87
$
318
$
170
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization
124
127
125
251
250
Basis of acres sold
23
31
33
54
57
Deferred income taxes, net
1
(26
)
—
(25
)
4
Pension and other post-employment benefits
18
19
24
37
47
Share-based compensation expense
13
10
12
23
23
Gain on sale of timberlands
(58
)
(71
)
—
(129
)
—
Other
1
—
—
1
—
Change in:
Receivables, net
(94
)
11
10
(83
)
(66
)
Receivables and payables for taxes
1
13
6
14
(16
)
Inventories
(68
)
54
55
(14
)
(13
)
Prepaid expenses and other current assets
2
2
12
4
17
Accounts payable and accrued liabilities
(66
)
83
64
17
39
Pension and post-employment benefit contributions and payments
(5
)
(4
)
(3
)
(9
)
(6
)
Other
4
(12
)
(29
)
(8
)
(40
)
Net cash from operations
$
52
$
399
$
396
$
451
$
466
Cash flows from investing activities:
Capital expenditures for property and equipment(1)
$
(89
)
$
(131
)
$
(99
)
$
(220
)
$
(170
)
Capital expenditures for timberlands reforestation
(23
)
(8
)
(8
)
(31
)
(30
)
Proceeds from lumber mill sale
—
22
—
22
—
Proceeds from sale of timberlands
192
114
—
306
—
Other
1
(4
)
(4
)
(3
)
(8
)
Net cash from investing activities
$
81
$
(7
)
$
(111
)
$
74
$
(208
)
Cash flows from financing activities:
Cash dividends on common shares
$
(151
)
$
(152
)
$
(152
)
$
(303
)
$
(304
)
Net proceeds from issuance of long-term debt
—
—
—
—
299
Net proceeds from issuance of commercial paper
—
331
—
331
—
Payments on long-term debt
(150
)
(250
)
—
(400
)
(210
)
Payments on commercial paper
—
(81
)
—
(81
)
—
Repurchases of common shares
(10
)
(10
)
(100
)
(20
)
(125
)
Other
(4
)
(2
)
(1
)
(6
)
(10
)
Net cash from financing activities
$
(315
)
$
(164
)
$
(253
)
$
(479
)
$
(350
)
Net change in cash, cash equivalents and restricted cash
$
(182
)
$
228
$
32
$
46
$
(92
)
Cash, cash equivalents and restricted cash at beginning of period
481
299
560
481
684
Cash, cash equivalents and restricted cash at end of period
$
299
$
527
$
592
$
527
$
592
Cash paid during the period for:
Interest, net of amounts capitalized
$
60
$
73
$
74
$
133
$
132
Income taxes, net of refunds
$
13
$
—
$
6
$
13
$
40
(1) Includes capital expenditures related to the construction of our Monticello engineered wood products facility of $22 million and $38 million in second quarter 2025 and year-to-date 2025, respectively, and $30 million, $63 million and $93 million in first quarter 2026, second quarter 2026, and year-to-date 2026, respectively. These amounts are excluded for purposes of calculating Adjusted Funds Available for Distribution.
Page 4 of 8
Weyerhaeuser Company
Timberlands Segment
Q2.2026 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Sales to unaffiliated customers
$
356
$
367
$
373
$
723
$
755
Intersegment sales
136
151
156
287
308
Total net sales
492
518
529
1,010
1,063
Costs of sales
409
434
416
843
825
Gross margin
83
84
113
167
238
Selling expenses
—
1
1
1
1
General and administrative expenses
25
24
24
49
48
Gain on sale of timberlands
(58
)
(71
)
—
(129
)
—
Other operating costs (income), net
1
—
—
1
(1
)
Operating income and Net contribution to earnings
$
115
$
130
$
88
$
245
$
190
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Operating income
$
115
$
130
$
88
$
245
$
190
Depreciation, depletion and amortization
63
64
64
127
129
Special items
(58
)
(71
)
—
(129
)
—
Adjusted EBITDA(1)
$
120
$
123
$
152
$
243
$
319
(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
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Gain on sale of timberlands
$
(58
)
$
(71
)
$
—
$
(129
)
$
—
Selected Segment Items
in millions
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Total (increase) decrease in working capital(2)
$
(18
)
$
85
$
51
$
67
$
35
Cash spent for capital expenditures(3)
$
(43
)
$
(24
)
$
(19
)
$
(67
)
$
(45
)
(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Strategic Land Solutions segments combined.
(3) Does not include cash spent for the acquisition of timberlands.
Segment Statistics(4)
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Third Party
Delivered logs:
Net Sales
West
$
144
$
171
$
169
$
315
$
338
(millions)
South
148
145
154
293
306
North
14
9
8
23
22
Total delivered logs
306
325
331
631
666
Stumpage and pay-as-cut timber
10
11
13
21
23
Recreational and other lease revenue
20
20
19
40
38
Other revenue
20
11
10
31
28
Total
$
356
$
367
$
373
$
723
$
755
Delivered Logs
West
$
106.76
$
115.27
$
117.69
$
111.22
$
118.11
Third Party Sales
South
$
37.26
$
38.20
$
37.71
$
37.72
$
37.40
Realizations (per ton)
North
$
70.65
$
78.31
$
74.30
$
73.31
$
72.45
Delivered Logs
West
1,347
1,487
1,430
2,834
2,858
Third Party Sales
South
3,968
3,812
4,074
7,780
8,180
Volumes (tons, thousands)
North
205
108
105
313
297
Fee Harvest Volumes
West
2,178
2,245
2,238
4,423
4,467
(tons, thousands)
South
5,915
5,955
6,220
11,870
12,353
North
278
178
180
456
452
(4) Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.
Page 5 of 8
Weyerhaeuser Company
Strategic Land Solutions Segment
Q2.2026 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Net sales
$
207
$
140
$
154
$
347
$
248
Costs of sales
32
38
44
70
76
Gross margin
175
102
110
277
172
General and administrative expenses
6
8
6
14
13
Other operating income, net
—
—
(2
)
—
(3
)
Operating income and Net contribution to earnings
$
169
$
94
$
106
$
263
$
162
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Operating income
$
169
$
94
$
106
$
263
$
162
Depreciation, depletion and amortization
1
4
4
5
6
Basis of acres sold
23
31
33
54
57
Adjusted EBITDA(1)
$
193
$
129
$
143
$
322
$
225
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Segment Statistics(2)
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Net Sales
Real Estate
$
69
$
91
$
72
$
160
$
134
(millions)
Natural Resources
27
34
26
61
45
Climate Solutions
111
15
56
126
69
Total
$
207
$
140
$
154
$
347
$
248
Acres Sold
Real Estate
17,141
21,168
17,233
38,309
33,641
Price per Acre
Real Estate
$
4,015
$
4,319
$
4,161
$
4,183
$
3,967
Basis as a Percent of Strategic Land Solutions Net Sales
Strategic Land Solutions
11
%
22
%
21
%
16
%
23
%
(2) Effective first quarter 2026, the segment previously called Real Estate, Energy & Natural Resources has been renamed Strategic Land Solutions. Reportable business lines included within the segment have been updated from Real Estate and Energy & Natural Resources to Real Estate, Natural Resources and Climate Solutions. Segment statistics for second quarter and year-to-date 2025 have been adjusted to present comparative data, with all changes attributable to the disaggregation of the Climate Solutions business.
Page 6 of 8
Weyerhaeuser Company
Wood Products Segment
Q2.2026 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Net sales
$
1,164
$
1,360
$
1,357
$
2,524
$
2,644
Costs of sales
1,087
1,223
1,243
2,310
2,357
Gross margin
77
137
114
214
287
Selling expenses
22
23
22
45
44
General and administrative expenses
39
37
40
76
79
Other operating (income) costs, net
(26
)
6
6
(20
)
12
Operating income and Net contribution to earnings
$
42
$
71
$
46
$
113
$
152
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Operating income
$
42
$
71
$
46
$
113
$
152
Depreciation, depletion and amortization
57
58
55
115
110
Special items
(28
)
—
—
(28
)
—
Adjusted EBITDA(1)
$
71
$
129
$
101
$
200
$
262
(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
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Product remediation insurance recovery
$
(28
)
$
—
$
—
$
(28
)
$
—
Selected Segment Items
in millions
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Total (increase) decrease in working capital(2)
$
(203
)
$
86
$
49
$
(117
)
$
(108
)
Cash spent for capital expenditures(3)
$
(69
)
$
(115
)
$
(88
)
$
(184
)
$
(155
)
(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.
(3) Includes capital expenditures related to the construction of our Monticello engineered wood products facility of $22 million and $38 million in second quarter 2025 and year-to-date 2025, respectively, and $30 million, $63 million and $93 million in first quarter 2026, second quarter 2026, and year-to-date 2026, 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
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Structural Lumber
Third party net sales
$
478
$
591
$
581
$
1,069
$
1,108
(volumes presented
Third party sales realizations
$
443
$
508
$
454
$
476
$
458
in board feet)
Third party sales volumes
1,081
1,163
1,277
2,244
2,415
Production volumes
1,100
1,136
1,208
2,236
2,371
Oriented Strand
Third party net sales
$
167
$
180
$
205
$
347
$
433
Board
Third party sales realizations
$
236
$
242
$
280
$
239
$
298
(volumes presented
Third party sales volumes
707
743
731
1,450
1,450
in square feet 3/8")
Production volumes
742
745
737
1,487
1,480
Engineered Solid
Third party net sales
$
155
$
181
$
169
$
336
$
330
Section
Third party sales realizations
$
2,790
$
2,906
$
2,916
$
2,851
$
2,968
(volumes presented
Third party sales volumes
5.6
6.2
5.8
11.8
11.1
in cubic feet)
Production volumes
5.7
5.9
6.0
11.6
11.7
Engineered
Third party net sales
$
72
$
89
$
95
$
161
$
183
I-joists
Third party sales realizations
$
2,307
$
2,343
$
2,399
$
2,326
$
2,456
(volumes presented
Third party sales volumes
31
38
40
69
75
in lineal feet)
Production volumes
35
31
40
66
75
Softwood Plywood
Third party net sales
$
38
$
47
$
41
$
85
$
81
(volumes presented
Third party sales realizations
$
442
$
486
$
446
$
465
$
452
in square feet 3/8")
Third party sales volumes
86
97
92
183
180
Production volumes
77
85
82
162
162
Medium Density
Third party net sales
$
31
$
31
$
36
$
62
$
68
Fiberboard
Third party sales realizations
$
1,172
$
1,148
$
1,195
$
1,159
$
1,180
(volumes presented
Third party sales volumes
26
27
31
53
58
in square feet 3/4")
Production volumes
28
25
37
53
59
(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
Q2.2026 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
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Unallocated corporate function and variable compensation expense
$
(44
)
$
(42
)
$
(41
)
$
(86
)
$
(83
)
Liability classified share-based compensation
—
—
1
—
—
Foreign exchange (loss) gain
(1
)
1
2
—
2
Elimination of intersegment profit in inventory and LIFO
(11
)
(12
)
(4
)
(23
)
(22
)
Other, net
(23
)
(19
)
(20
)
(42
)
(44
)
Operating loss
(79
)
(72
)
(62
)
(151
)
(147
)
Non-operating pension and other post-employment benefit costs
(14
)
(14
)
(19
)
(28
)
(38
)
Interest income and other
4
4
6
8
11
Net charge to earnings
$
(89
)
$
(82
)
$
(75
)
$
(171
)
$
(174
)
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions
Q1.2026
Q2.2026
Q2.2025
YTD.2026
YTD.2025
Operating loss
$
(79
)
$
(72
)
$
(62
)
$
(151
)
$
(147
)
Depreciation, depletion and amortization
3
1
2
4
5
Adjusted EBITDA(1)
$
(76
)
$
(71
)
$
(60
)
$
(147
)
$
(142
)
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.