Open the filing on EDGARWeyerhaeuser Reports First Quarter Results
Generated net earnings of $156 million, or $0.22 per diluted share, and net earnings before special items of $77 million, or $0.11 per diluted share
Achieved Adjusted EBITDA of $308 million, a 120 percent increase compared with fourth quarter 2025
Completed sizeable conservation easement transaction in Florida
Previewed new and innovative engineered wood products at International Builders’ Show
Expanded distribution footprint with new facility in Montana and upcoming site in Tennessee
Completed divestiture of timberlands in Virginia
Completed transfer of timber licenses in British Columbia to buyer of Princeton mill in April
SEATTLE, April 30, 2026 - Weyerhaeuser Company (NYSE: WY) today reported first quarter net earnings of $156 million, or 22 cents per diluted share, on net sales of $1.7 billion. This compares with net earnings of $83 million, or 11 cents per diluted share, on net sales of $1.8 billion for the same period last year and net earnings of $74 million for fourth quarter 2025. Excluding an after-tax benefit of $79 million for special items, the company reported first quarter net earnings of $77 million, or 11 cents per diluted share. This compares with a net loss before special items of $67 million for fourth quarter 2025. There were no special items in first quarter 2025. Adjusted EBITDA for first quarter 2026 was $308 million, compared with $328 million for the same period last year and $140 million for fourth quarter 2025.
In February, Weyerhaeuser completed the previously announced divestiture of 108,000 acres of non-core timberlands in Virginia for $192 million. Subsequent to the first quarter, the company received $22 million in proceeds following the transfer of its timber licenses in British Columbia, representing the final proceeds associated with the sale of its Princeton lumber mill.
"Our teams delivered solid operating performance in the first quarter,” said Devin W. Stockfish, president and chief executive officer. “Despite elevated macroeconomic uncertainty, Adjusted EBITDA improved across each of our business segments compared to fourth quarter 2025. In addition, we advanced key growth initiatives in our Wood Products business and made progress on actions to optimize our portfolio. Looking forward, we are encouraged by the recent increase in lumber pricing and are well positioned to navigate a range of market conditions. We maintain a favorable outlook for the longer-term demand fundamentals that support our businesses and remain focused on serving our customers, driving operational excellence and advancing our strategy to accelerate growth and deliver significant long-term value for shareholders."
| WEYERHAEUSER FINANCIAL HIGHLIGHTS | 2025 | 2026 | 2025 |
| (millions, except per share data) | Q4 | Q1 | Q1 |
| Net sales | $1,541 | $1,727 | $1,763 |
| Net earnings | $74 | $156 | $83 |
| Net earnings per diluted share | $0.10 | $0.22 | $0.11 |
| Weighted average shares outstanding, diluted | 722 | 722 | 727 |
| Net (loss) earnings before special items(1)(2) | $(67) | $77 | $83 |
| Net (loss) earnings per diluted share before special items | $(0.09) | $0.11 | $0.11 |
| Adjusted EBITDA | $140 | $308 | $328 |
| Net cash from operations | $(114) | $52 | $70 |
| Adjusted FAD | $(24) | $(58) | $(7) |
(1) Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company’s earnings performance. Additionally, 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. Net earnings before special items and Adjusted EBITDA should not be considered in isolation from, and are not intended to represent an alternative to, our GAAP results. Reconciliations of net earnings before special items and Adjusted EBITDA to GAAP earnings are included within this release.
(2) First quarter 2026 after-tax special items include a $58 million gain on the sale of Virginia timberlands and a $21 million product remediation insurance recovery. Special items for prior periods presented are included in the reconciliation tables within this release.
(3) Adjusted Funds Available for Distribution (Adjusted FAD) is a non-GAAP measure that management uses to evaluate the company’s liquidity. Adjusted FAD, as we define it, is net cash from operations adjusted for capital expenditures and significant non-recurring items. Adjusted FAD measures cash generated during the period (net of capital expenditures and significant non-recurring items) that is available for dividends, repurchases of common shares, debt reduction, acquisitions and other discretionary and nondiscretionary capital allocation activities. Adjusted FAD should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. A reconciliation of Adjusted FAD to net cash from operations is included within this release.
TIMBERLANDS
| FINANCIAL HIGHLIGHTS | 2025 | 2026 | |
| (millions) | Q4 | Q1 | Change |
| Net sales | $487 | $492 | $5 |
| Net contribution to pretax earnings | $316 | $115 | $(201) |
| Pretax benefit for special items | $(266) | $(58) | $208 |
| Net contribution to pretax earnings before special items | $50 | $57 | $7 |
| Adjusted EBITDA | $114 | $120 | $6 |
Q1 2026 Performance - In the West, fee harvest volumes were slightly higher than the fourth quarter due to more favorable weather conditions. Sales realizations were slightly lower overall due to mix, but were moderately higher for domestic logs. Per unit log and haul costs and forestry and road costs were seasonally lower. In the South, fee harvest volumes were slightly lower than the fourth quarter, primarily due to adverse weather conditions early in the quarter. Sales realizations and per unit log and haul costs were both comparable to the fourth quarter, and forestry and road costs were higher.
First quarter pretax special items include a $58 million gain on the sale of timberlands.
Q2 2026 Outlook - Weyerhaeuser anticipates second quarter earnings before special items and Adjusted EBITDA will be comparable to the first quarter. In the West, the company expects moderately higher fee harvest volumes and slightly higher sales realizations. In the South, the company expects slightly higher fee harvest volumes and comparable sales realizations. In both regions, the company anticipates higher per unit log and haul costs and seasonally higher forestry and road costs.
STRATEGIC LAND SOLUTIONS
| FINANCIAL HIGHLIGHTS | 2025 | 2026 | |
| (millions) | Q4 | Q1 | Change |
| Net sales | $103 | $207 | $104 |
| Net contribution to pretax earnings | $84 | $169 | $85 |
| Adjusted EBITDA | $95 | $193 | $98 |
Q1 2026 Performance - Earnings and Adjusted EBITDA increased significantly from the fourth quarter due to a $94 million conservation easement transaction in our Climate Solutions business and due to the timing and mix of real estate sales. The number of real estate acres sold was significantly higher and the average price per acre sold was significantly lower, but consistent with historical levels.
Q2 2026 Outlook - Weyerhaeuser anticipates second quarter earnings before special items will be approximately $80 million lower than the first quarter and Adjusted EBITDA will be approximately $70 million lower than the first quarter due to the absence of a large conservation easement transaction, partially offset by higher Real Estate results due to the timing and mix of sales. The company continues to expect full year 2026 Adjusted EBITDA for the segment to be approximately $425 million and now expects basis as a percentage of Strategic Land Solutions sales to be 20 to 30 percent for the full year.
WOOD PRODUCTS
| FINANCIAL HIGHLIGHTS | 2025 | 2026 | |
| (millions) | Q4 | Q1 | Change |
| Net sales | $1,085 | $1,164 | $79 |
| Net (charge) contribution to pretax earnings | $(78) | $42 | $120 |
| Pretax benefit for special items | $ - | $(28) | $(28) |
| Net (charge) contribution to pretax earnings before special items | $(78) | $14 | $92 |
| Adjusted EBITDA | $(20) | $71 | $91 |
Q1 2026 Performance - Sales realizations for lumber and oriented strand board increased 13 percent and 8 percent, respectively, compared with fourth quarter averages. For lumber, sales volumes were slightly higher, unit manufacturing costs were lower, and log costs were comparable. For oriented strand board, sales volumes and unit manufacturing costs were slightly lower, and fiber costs were slightly higher. For engineered wood products, sales realizations were lower for most products. Sales volumes were slightly higher, primarily for solid section and medium density fiberboard products. Unit manufacturing costs were comparable and raw material costs were higher, primarily for oriented strand board webstock. For distribution, results were higher than the fourth quarter due to increased sales volumes.
First quarter pretax special items include a $28 million product remediation insurance recovery.
Q2 2026 Outlook - Weyerhaeuser anticipates second quarter earnings before special items and Adjusted EBITDA will be comparable to the first quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. For lumber, the company expects higher sales volumes, slightly higher log costs, and comparable unit manufacturing costs. For oriented strand board, the company anticipates higher sales volumes and unit manufacturing costs, and moderately higher fiber costs. For engineered wood products, the company expects higher sales volumes, comparable sales realizations, and slightly higher raw material costs. For distribution, the company anticipates slightly higher results compared to the first quarter.
ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900 and today owns or controls more than 10 million acres of timberlands in the U.S., as well as additional public timberlands managed under long-term licenses in Canada. Weyerhaeuser has been a global leader in sustainability for more than a century and manages 100 percent of its timberlands on a fully sustainable basis in compliance with internationally recognized sustainable forestry standards. Weyerhaeuser is also one of the largest manufacturers of wood products in North America and operates additional business lines around product distribution, climate solutions, real estate, and energy and natural resources, among others. In 2025, the company generated $6.9 billion in net sales and employed approximately 9,500 people who serve customers worldwide. Operated as a real estate investment trust, Weyerhaeuser’s common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.
EARNINGS CALL INFORMATION
Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on May 1, 2026, to discuss first quarter results.
To access the live webcast and presentation online, visit the Investors section on www.weyerhaeuser.com on May 1, 2026.
To join the conference call from within North America, dial 1-877-407-0792 (access code: 13755107) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13755107). Replays will be available for two weeks at 1-844-512-2921 (access code: 13755107) from within North America, and at 1-412-317-6671 (access code: 13755107) from outside North America.
FORWARD-LOOKING STATEMENTS
Forward-looking statements notice
This earnings release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, with respect to our outlook and expectations concerning the following: our future operating performance and ability to operate through a range of market conditions; long-term demand drivers for our products; driving operational excellence; advancing our growth strategy and delivering long-term shareholder value and returns; second quarter earnings before special items and Adjusted EBITDA for our Timberlands, Strategic Land Solutions and Wood Products segments; fee harvest volumes, sales realizations, per unit log and haul costs and forestry and road costs for our Timberlands segment; full year Adjusted EBITDA and basis as a percentage of sales for our Strategic Land Solutions segment, as well as expected results from the Real Estate business; sales volumes, log and fiber costs and unit manufacturing costs for our lumber and oriented strand board businesses; sales volumes, sales realizations and raw material costs for our engineered wood products business; and expected second quarter results for our distribution business. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often involve use of words and expressions such as “anticipate,” “expect,” “outlook,” “will” and similar words and expressions or reference events to occur in a future time period or by a future date. They may use the positive, negative or another variation of those and similar words and expressions. These forward-looking statements are based on our current expectations and assumptions and are not guarantees of future events or performance. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to:
the effect of general economic conditions, including employment rates, interest rates, inflation rates, housing starts, general availability and cost of financing for home mortgages and the relative strength of the U.S. dollar;
market demand for the company's products, including market demand for our timberland properties with higher and better uses, which is related to, among other factors, the strength of the various U.S. business segments and U.S. and international economic conditions;
changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Japanese yen, the Chinese yuan and the Canadian dollar, and the relative value of the euro to the yen;
U.S. trade policy and resulting restrictions on international trade and tariffs imposed on imports or exports;
the availability and cost of shipping and transportation;
economic activity in Asia, especially Japan, India and China;
performance of our manufacturing operations, including maintenance and capital requirements;
potential disruptions in our manufacturing operations;
the level of competition from domestic and foreign producers;
the successful execution of our internal plans and strategic initiatives, including restructuring and cost reduction initiatives as well as our previously announced growth initiatives;
our ability to hire and retain capable employees;
the successful and timely execution and integration of our strategic acquisitions, including our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic divestitures, each of which is subject to a number of risks and conditions beyond our control including, but not limited to, timing and required regulatory approvals or the occurrence of any event, change or other circumstances that could give rise to a termination of any acquisition or divestiture transaction under the terms of the governing transaction agreements;
raw material availability and prices;
the effect of weather;
changes in global or regional climate conditions and governmental response to such changes;
the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;
the effects of significant geopolitical conditions or developments such as significant international trade disputes or domestic or foreign terrorist attacks, armed conflict and political unrest;
the occurrence of regional or global health epidemics and their potential effects on our business, results of operations, cash flows, financial condition and future prospects;
energy and fuel prices;
transportation and labor availability and costs;
federal tax policies;
the effect of forestry, land use, environmental and other governmental regulations;
legal proceedings;
performance of pension fund investments and related derivatives;
the effect of timing of employee retirements as it relates to the cost of pension benefits and changes in the market price of our common stock on charges for share-based compensation;
the accuracy of our estimates of costs and expenses related to contingent liabilities and the accuracy of our estimates of charges related to casualty losses;
changes in accounting principles; and other risks and uncertainties identified in our 2025 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC.
It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects.
Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update our forward-looking statements after the date of this earnings release.
RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS
We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S. GAAP measures for each.
The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2025:
| (millions) | Timberlands | Strategic Land Solutions | Wood Products | Unallocated Items | Total |
| Adjusted EBITDA by Segment: | | | | | |
| Net earnings | | | | | $74 |
| Interest expense, net of capitalized interest | | | | | 70 |
| Income taxes | | | | | (51) |
| Net contribution (charge) to earnings | $316 | $84 | $(78) | $(229) | $93 |
| Non-operating pension and other post-employment benefit costs | - | - | - | 163 | 163 |
| Interest income and other | - | - | - | (5) | (5) |
| Operating income (loss) | 316 | 84 | (78) | (71) | 251 |
| Depreciation, depletion and amortization | 64 | 3 | 58 | 4 | 129 |
| Basis of acres sold | - | 8 | - | - | 8 |
| Special items included in operating income (loss)(2)(3) | (266) | - | - | 18 | (248) |
| Adjusted EBITDA | $114 | $95 | $(20) | $(49) | $140 |
(1) Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $145 million noncash settlement charge related to the transfer of pension plan assets and liabilities to an insurance company through the purchase of a group annuity contract.
(2) Operating income (loss) for Timberlands includes pretax special items consisting of a $117 million gain on the sale of Georgia and Alabama timberlands and a $149 million gain on the sale of Oregon timberlands.
(3) Operating income (loss) for Unallocated includes a pretax special item consisting of an $18 million noncash environmental remediation charge.
The table below reconciles Adjusted EBITDA for the quarter ended March 31, 2026:
| (millions) | Timberlands | Strategic Land Solutions | Wood Products | Unallocated Items | Total |
| Adjusted EBITDA by Segment: | | | | | |
| Net earnings | | | | | $156 |
| Interest expense, net of capitalized interest | | | | | 66 |
| Income taxes | | | | | 15 |
| Net contribution (charge) to earnings | $115 | $169 | $42 | $(89) | $237 |
| Non-operating pension and other post-employment benefit costs | - | - | - | 14 | 14 |
| Interest income and other | - | - | - | (4) | (4) |
| Operating income (loss) | 115 | 169 | 42 | (79) | 247 |
| Depreciation, depletion and amortization | 63 | 1 | 57 | 3 | 124 |
| Basis of acres sold | - | 23 | - | - | 23 |
| Special items included in operating income (loss)(1)(2) | (58) | - | (28) | - | (86) |
| Adjusted EBITDA | $120 | $193 | $71 | $(76) | $308 |
(1) Operating income (loss) for Timberlands includes a pretax special item consisting of a $58 million gain on the sale of Virginia timberlands.
(2) Operating income (loss) for Wood Products includes a pretax special item consisting of a $28 million product remediation insurance recovery.
The table below reconciles Adjusted EBITDA for the quarter ended March 31, 2025:
| (millions) | Timberlands | Strategic Land Solutions | Wood Products | Unallocated Items | Total |
| Adjusted EBITDA by Segment: | | | | | |
| Net earnings | | | | | $83 |
| Interest expense, net of capitalized interest | | | | | 66 |
| Income taxes | | | | | 16 |
| Net contribution (charge) to earnings | $102 | $56 | $106 | $(99) | $165 |
| Non-operating pension and other post-employment benefit costs | - | - | - | 19 | 19 |
| Interest income and other | - | - | - | (5) | (5) |
| Operating income (loss) | 102 | 56 | 106 | (85) | 179 |
| Depreciation, depletion and amortization | 65 | 2 | 55 | 3 | 125 |
| Basis of acres sold | - | 24 | - | - | 24 |
| Adjusted EBITDA | $167 | $82 | $161 | $(82) | $328 |
RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET EARNINGS (INCOME TAX AFFECTED)
We reconcile net earnings before special items to net earnings and net earnings per diluted share before special items to net earnings per diluted share, as those are the most directly comparable U.S. GAAP measures. We believe the measures provide meaningful supplemental information for investors about our operating performance, better facilitate period to period comparisons and are widely used by analysts, lenders, rating agencies and other interested parties.
The table below reconciles net earnings before special items to net earnings:
| 2025 | 2026 | 2025 |
|---|
| (millions) | Q4 | Q1 | Q1 |
| Net earnings | $74 | $156 | $83 |
| Environmental remediation charge | 14 | - | - |
| Gain on sale of timberlands | (266) | (58) | - |
| Pension settlement charge | 111 | - | - |
| Product remediation insurance recovery | - | (21) | - |
| Net (loss) earnings before special items | $(67) | $77 | $83 |
The table below reconciles net earnings per diluted share before special items to net earnings per diluted share:
| 2025 | 2026 | 2025 |
|---|
| Q4 | Q1 | Q1 |
|---|
| Net earnings per diluted share | $0.10 | $0.22 | $0.11 |
| Environmental remediation charge | 0.02 | - | - |
| Gain on sale of timberlands | (0.36) | (0.08) | - |
| Pension settlement charge | 0.15 | - | - |
| Product remediation insurance recovery | - | (0.03) | - |
| Net (loss) earnings per diluted share before special items | $(0.09) | $0.11 | $0.11 |
RECONCILIATION OF ADJUSTED FAD TO NET CASH FROM OPERATIONS
We reconcile Adjusted FAD to net cash from operations, as that is the most directly comparable U.S. GAAP measure. We believe the measure provides meaningful supplemental information for investors about our liquidity.
The table below reconciles Adjusted FAD to net cash from operations:
| 2025 | 2026 | 2025 |
|---|
| (millions) | Q4 | Q1 | Q1 |
| Net cash from operations | $(114) | $52 | $70 |
| Capital expenditures | (149) | (112) | (93) |
| Adjustments to FAD | 239 | 2 | 16 |
| Adjusted FAD | $(24) | $(58) | $(7) |
(1) Adjustments to FAD in 2025 include a $200 million pension plan contribution paid in fourth quarter 2025, as well as $16 million and $39 million in capital expenditures related to our Monticello engineered wood products facility in first quarter and fourth quarter 2025, respectively. Adjustments to FAD in 2026 include a $28 million product remediation insurance recovery and $30 million in capital expenditures related to our Monticello engineered wood products facility in first quarter 2026.
Contacts
For more information contact:
Analysts - Andy Taylor (206) 539-3907 · Media - Nancy Thompson (919) 861-0342