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Weyerhaeuser (WY) FY2025 results: revenue $6.9 billion, down 3.1% on the year

Weyerhaeuser Co. (WY) reported revenue of $6.9 billion for fiscal 2025, the year ended 31 December 2025, down 3.1% on the year before. Net income was $324 million, down 18.2%, and diluted earnings per share $0.45. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue
$6.9 billion
-3.1% on the year
FY2018FY2025
Operating margin
10.6%
9.6% a year earlier
FY2018FY2025
Net income
$324 million
-18.2% on the year
FY2018FY2025
Diluted EPS
$0.45
-16.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 4 new.

  • Special items drove reported quarter earnings: Quarter net earnings were $74 million, or 10 cents per diluted share, including after-tax special items. Before those items the company reported a net loss of $67 million, or 9 cents per diluted share.
  • Quarter Adjusted EBITDA declined year on year: Fourth quarter Adjusted EBITDA was $140 million, down from $294 million a year earlier and $217 million in the third quarter. Net sales were $1.5 billion.
  • Full year net sales and earnings: Full year 2025 net sales were $6.9 billion and net earnings were $324 million, or 45 cents per diluted share, against $7.1 billion and $396 million in 2024.
  • Real Estate earnings rose on sale timing: Real Estate, Energy & Natural Resources Adjusted EBITDA was $95 million, compared with $91 million in the third quarter, reflecting timing and mix of real estate sales.
  • Lumber and OSB realizations fell: Sales realizations for lumber and oriented strand board were 3 percent and 6 percent lower than third quarter averages. Wood Products Adjusted EBITDA was negative $20 million.
Read the Q4 FY2025 earnings call summary

From this 10-K

Weyerhaeuser reports three segments: Timberlands, which sells logs; Wood Products, whose lines include structural lumber, oriented strand board and softwood plywood; and Real Estate, Energy and Natural Resources, which sells acres of land and holds energy and natural resource interests. It operates as a REIT, and pays corporate income tax through taxable subsidiaries rather than at the top.

Weyerhaeuser Co., the 10-K for 2025

Weyerhaeuser reports three segments: Timberlands, which sells logs; Wood Products, whose lines include structural lumber, oriented strand board and softwood plywood; and Real Estate, Energy and Natural Resources, which sells acres of land and holds energy and natural resource interests. It operates as a REIT, and pays corporate income tax through taxable subsidiaries rather than at the top.

Timberlands

Its two main products are pulled by different demand. Sawlogs are driven directly by domestic production of wood-based building products. Pulpwood is driven by the production of pulp, paper and oriented strand board, and by demand for biofuels such as wood-burning pellets made from pulpwood. The segment is also constrained by the availability of harvestable timber, and the filing describes Western log markets as highly tensioned by available supply while Southern log markets have more available supply, with additional mill capacity being added in the US South tightening markets in certain geographies.

The Western region is separately exposed to export demand and trade policy, and the filing names Japanese housing starts as a key driver of export log demand in Japan.

Wood Products

Product lines named in the filing include structural lumber, oriented strand board and softwood plywood. The filing states that the strength of the US housing market, particularly new residential construction, strongly affects demand in this segment, as does repair and remodelling activity. Because single-family construction uses far more wood than multi-family, the company states that single-family construction is the primary driver for its business.

Real Estate, Energy and Natural Resources

Selling and developing land, plus energy and natural resource interests on the land it owns. The company reports acres sold and average price per acre for this segment. It is affected by the general state of the economy, local real estate market conditions, the level of US construction activity, and the evolution of emerging renewable energy and carbon-related markets.

Climate Solutions

The company states that it believes it is uniquely positioned to help others achieve climate change mitigation goals through its Climate Solutions business. It frames the demand case around governments and businesses having made commitments to decarbonise and reduce greenhouse gas emissions, which will require modifying operations, investing in low-carbon technologies or purchasing credits, and adds that although political and broader sentiment on climate mitigation can fluctuate, it expects climate change to remain a significant social concern over the long term.

Where the tax actually falls

Weyerhaeuser is required to pay corporate income taxes on the earnings of its taxable REIT subsidiaries, which include the Wood Products segment and portions of the Timberlands and Real Estate, Energy and Natural Resources segments. Its provision for income taxes is primarily driven by what those subsidiaries earn.

What moves the whole business

The filing sets out the chain: market conditions and the strength of the broader US economy are influenced by activity in US housing and in repair and remodelling, by inflation trends and by interest rates. Seasonal weather affects the level of US construction, which in turn affects demand for logs and wood products. It also names ongoing US trade policy changes as a source of macroeconomic uncertainty and increased consumer caution, with the potential to affect supply and demand, import and export dynamics and pricing, and distinguishes those from the annual anti-dumping and countervailing duties placed on certain products and countries, such as Canadian softwood lumber.

From Weyerhaeuser's annual report on Form 10-K for the year ended 31 December 2025, written from the management discussion and analysis; the filing carries no Item 1 business section that could be located by name. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue6,9057,1247,674-3.1%
Cost of revenue5,8805,8115,992+1.2%
Gross profit1,0251,3131,682-21.9%
Gross margin14.8%18.4%21.9%
Research and development5.07.07.0-28.6%
Operating income7316851,186+6.7%
Operating margin10.6%9.6%15.5%
Interest expense273269280+1.5%
Pre-tax income260427937-39.1%
Income tax-64.031.098.0
Effective tax rate-24.6%7.3%10.5%
Net income324396839-18.2%
Net margin4.7%5.6%10.9%
Diluted EPS$0.45$0.54$1.15-16.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow5621,0081,433-44.2%
Capital expenditure51.052.057.0-1.9%
Free cash flow5119561,376-46.5%
Free cash flow margin7.4%13.4%17.9%
Cash from investing-475-636-508
Cash from financing-290-852-1,342
Depreciation and amortisation509502500+1.4%
Share-based compensation43.043.036.00.0%
Buybacks160154131+3.9%
Dividends paid6066841,216-11.4%
Dividend per share$0.84$0.94$1.66-10.6%
Diluted shares, weighted724m729m732m-0.7%
Shares outstanding at period end721m726m730m-0.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity9,4269,72110,236-3.0%
Debt5,5725,0765,069+9.8%
Operating lease liabilities10812196.0-10.7%
Finance lease liabilities14.08.07.0+75.0%
Other liabilities1,4931,6101,575-7.3%
Total liabilities and equity16,61316,53616,983+0.5%
Fixed assets2,4202,3292,269+3.9%
Cash and equivalents4646841,164-32.2%
Receivables303306354-1.0%
Inventory593607566-2.3%
Other assets12,83312,61012,630+1.8%
Total assets16,61316,53616,983+0.5%

10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.