Form 8-K

8-K — WEYERHAEUSER CO

Accession: 0001193125-26-197281

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0000106535

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — wy-20260430.htm (Primary)

EX-99.1 (wy-ex99_1.htm)

EX-99.2 (wy-ex99_2.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: wy-20260430.htm · Sequence: 1

8-K

0000106535false00001065352026-04-302026-04-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2026

WEYERHAEUSER COMPANY

(Exact name of registrant as specified in charter)

Washington

1-4825

91-0470860

(State or other jurisdiction of

incorporation or organization)

(Commission

File Number)

(IRS Employer

Identification Number)

220 Occidental Avenue South

Seattle, Washington 98104-7800

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code:

(206) 539-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.25 per share

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934:

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

TABLE OF CONTENTS

Item 2.02. Results of Operations and Financial Condition

Item 9.01. Financial Statements and Exhibits

SIGNATURES

EXHIBIT 99.1

EXHIBIT 99.2

Table of Contents

Section 2 - Financial Information

Item 2.02. Results of Operations and Financial Condition

On April 30, 2026, Weyerhaeuser Company will post and make available on its website its financial results for the quarter ended March 31, 2026. Copies of the earnings release and the exhibit thereto are furnished as Exhibit 99.1 and Exhibit 99.2 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The following items are furnished as exhibits to this report.

Exhibit No.

Description

99.1

Earnings release of Weyerhaeuser Company posted April 30, 2026 reporting results of operations for the quarter ended March 31, 2026.

99.2

Exhibit to earnings release of Weyerhaeuser Company posted April 30, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WEYERHAEUSER COMPANY

By:

/s/ Alex G. Whitney

Name:

Alex G. Whitney

Its:

Vice President and Chief Accounting Officer

(Principal Accounting Officer)

Date: April 30, 2026

EX-99.1

Filename: wy-ex99_1.htm · Sequence: 2

EX-99.1

EXHIBIT 99.1

For more information contact:

Analysts – Andy Taylor (206) 539-3907

Media – Nancy Thompson (919) 861-0342

Weyerhaeuser 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)

Net sales

1,541

1,727

1,763

Net earnings

156

Net earnings per diluted share

0.10

0.22

0.11

Weighted average shares outstanding, diluted

722

727

Net (loss) earnings before special items(1)(2)

(67

)

Net (loss) earnings per diluted share before special items(1)

(0.09

)

0.11

Adjusted EBITDA(1)

140

308

328

Net cash from operations

(114

)

Adjusted FAD(3)

(24

)

(58

)

(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)

Change

Net sales

487

492

Net contribution to pretax earnings

316

115

(201

)

Pretax benefit for special items

(266

)

(58

)

208

Net contribution to pretax earnings before special items

Adjusted EBITDA

114

120

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)

Change

Net sales

103

207

104

Net contribution to pretax earnings

169

Adjusted EBITDA

193

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)

Change

Net sales

1,085

1,164

Net (charge) contribution to pretax earnings

(78

)

120

Pretax benefit for special items

—

(28

)

(28

)

Net (charge) contribution to pretax earnings before special items

(78

)

Adjusted EBITDA

(20

)

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

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

Interest expense, net of capitalized interest

Income taxes

(51

)

Net contribution (charge) to earnings

316

(78

)

(229

)

Non-operating pension and other post-employment benefit costs(1)

—

163

Interest income and other

—

)

Operating income (loss)

316

(78

)

(71

)

251

Depreciation, depletion and amortization

129

Basis of acres sold

—

Special items included in operating income (loss)(2)(3)

(266

)

—

(248

)

Adjusted EBITDA

114

(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

Income taxes

Net contribution (charge) to earnings

115

169

(89

)

237

Non-operating pension and other post-employment benefit costs

—

Interest income and other

—

)

Operating income (loss)

115

169

(79

)

247

Depreciation, depletion and amortization

124

Basis of acres sold

—

Special items included in operating income (loss)(1)(2)

(58

)

—

(28

)

—

(86

)

Adjusted EBITDA

120

193

(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

Interest expense, net of capitalized interest

Income taxes

Net contribution (charge) to earnings

102

106

(99

)

165

Non-operating pension and other post-employment benefit costs

—

Interest income and other

—

)

Operating income (loss)

102

106

(85

)

179

Depreciation, depletion and amortization

125

Basis of acres sold

—

Adjusted EBITDA

167

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)

Net earnings

156

Environmental remediation charge

—

Gain on sale of timberlands

(266

)

(58

)

—

Pension settlement charge

111

—

Product remediation insurance recovery

—

(21

)

—

Net (loss) earnings before special items

(67

)

The table below reconciles net earnings per diluted share before special items to net earnings per diluted share:

2025

2026

2025

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

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)

Net cash from operations

(114

)

Capital expenditures

(149

)

(112

)

(93

)

Adjustments to FAD(1)

239

Adjusted FAD

(24

)

(58

)

(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.

EX-99.2

Filename: wy-ex99_2.htm · Sequence: 3

EX-99.2

Weyerhaeuser Company

Exhibit 99.2

Q1.2026 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Operations

in millions

Dec 31,

2025

Mar 31,

2026

Mar 31,

2025

Net sales

1,541

1,727

1,763

Costs of sales

1,380

1,409

1,428

Gross margin

161

318

335

Selling expenses

General and administrative expenses

113

119

Gain on sale of timberlands

(266

)

(58

)

—

Other operating costs (income), net

(13

)

Operating income

251

247

179

Non-operating pension and other post-employment benefit costs

(163

)

(14

)

(19

)

Interest income and other

Interest expense, net of capitalized interest

(70

)

(66

)

(66

)

Earnings before income taxes

171

Income taxes

(15

)

(16

)

Net earnings

156

Per Share Information

Dec 31,

2025

Mar 31,

2026

Mar 31,

2025

Earnings per share, basic and diluted

0.10

0.22

0.11

Dividends paid per common share

0.21

Weighted average shares outstanding (in thousands):

Basic

721,295

721,290

726,143

Diluted

721,833

721,671

726,566

Common shares outstanding at end of period (in thousands)

720,531

721,043

725,671

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)

in millions

Dec 31,

2025

Mar 31,

2026

Mar 31,

2025

Net earnings

156

Non-operating pension and other post-employment benefit costs

163

Interest income and other

)

Interest expense, net of capitalized interest

Income taxes

(51

)

Operating income

251

247

179

Depreciation, depletion and amortization

129

124

125

Basis of acres sold

Special items included in operating income

(248

)

(86

)

—

Adjusted EBITDA(1)

140

308

328

(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

Q1.2026 Analyst Package

Preliminary results (unaudited)

Special Items Included in Net Earnings (Income Tax Affected)

in millions

Dec 31,

2025

Mar 31,

2026

Mar 31,

2025

Net earnings

156

Environmental remediation charge

—

Gain on sale of timberlands

(266

)

(58

)

—

Pension settlement charge

111

—

Product remediation insurance recovery

—

(21

)

—

Net (loss) earnings before special items(1)

(67

)

Dec 31,

2025

Mar 31,

2026

Mar 31,

2025

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(1)

(0.09

)

0.11

(1) Net (loss) earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company’s earnings performance. Net (loss) 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

in millions

Dec 31,

2025

Mar 31,

2026

Mar 31,

2025

Pension and post-employment costs:

Pension and post-employment service costs

Non-operating pension and other post-employment benefit costs

163

Total company pension and post-employment costs

168

Page 2 of 8

Weyerhaeuser Company

Q1.2026 Analyst Package

Preliminary results (unaudited)

Condensed Consolidated Balance Sheet

in millions

Dec 31,

2025

Mar 31,

2026

Mar 31,

2025

ASSETS

Current assets:

Cash and cash equivalents

464

299

560

Receivables, net

303

396

382

Receivables for taxes

Inventories

593

659

675

Assets held for sale

128

—

Prepaid expenses and other current assets

154

141

Total current assets

1,652

1,503

1,771

Property and equipment, net

2,420

2,376

2,333

Construction in progress

337

397

291

Timber and timberlands at cost, less depletion

11,533

11,475

11,506

Minerals and mineral rights, less depletion

177

176

187

Deferred tax assets

Other assets

397

383

409

Total assets

16,613

16,401

16,520

LIABILITIES AND EQUITY

Current liabilities:

Current maturities of long-term debt

522

372

150

Accounts payable

278

284

288

Accrued liabilities

478

404

430

Total current liabilities

1,278

1,060

868

Long-term debt, net

5,050

5,052

5,017

Deferred tax liabilities

Deferred pension and other post-employment benefits

485

484

602

Other liabilities

356

351

356

Total liabilities

7,187

6,962

6,875

Total equity

9,426

9,439

9,645

Total liabilities and equity

16,613

16,401

16,520

Page 3 of 8

Weyerhaeuser Company

Q1.2026 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Cash Flows

in millions

Dec 31,

2025

Mar 31,

2026

Mar 31,

2025

Cash flows from operations:

Net earnings

156

Noncash charges (credits) to earnings:

Depreciation, depletion and amortization

129

124

125

Basis of acres sold

Deferred income taxes, net

(53

)

Pension and other post-employment benefits

168

Share-based compensation expense

Gain on sale of timberlands

(266

)

(58

)

—

Other

—

Change in:

Receivables, net

(94

)

(76

)

Receivables and payables for taxes

)

(22

)

Inventories

)

(68

)

(68

)

Prepaid expenses and other current assets

Accounts payable and accrued liabilities

(30

)

(66

)

(25

)

Pension and post-employment benefit contributions and payments

(206

)

Other

(11

)

Net cash from operations

(114

)

Cash flows from investing activities:

Capital expenditures for property and equipment(1)

(135

)

(89

)

(71

)

Capital expenditures for timberlands reforestation

(14

)

(23

)

(22

)

Proceeds from sale of timberlands

405

192

—

Other

)

Net cash from investing activities

254

(97

)

Cash flows from financing activities:

Cash dividends on common shares

(152

)

(151

)

(152

)

Net proceeds from issuance of long-term debt

101

—

299

Payments on long-term debt

—

(150

)

(210

)

Repurchases of common shares

(10

)

(10

)

(25

)

Other

)

Net cash from financing activities

(60

)

(315

)

(97

)

Net change in cash, cash equivalents and restricted cash

(182

)

(124

)

Cash, cash equivalents and restricted cash at beginning of period

401

481

684

Cash, cash equivalents and restricted cash at end of period

481

299

560

Cash paid during the period for:

Interest, net of amounts capitalized

Income taxes, net of refunds

(1) Includes $16 million, $39 million and $30 million in capital expenditures related to the construction of our Monticello engineered wood products facility in first quarter 2025, fourth quarter 2025 and first quarter 2026, respectively. These amounts are excluded for purposes of calculating Adjusted Funds Available for Distribution.

Page 4 of 8

Weyerhaeuser Company

Timberlands Segment

Q1.2026 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations

in millions

Q4.2025

Q1.2026

Q1.2025

Sales to unaffiliated customers

353

356

382

Intersegment sales

134

136

152

Total net sales

487

492

534

Costs of sales

410

409

Gross margin

125

General and administrative expenses

Gain on sale of timberlands

(266

)

(58

)

—

Other operating costs (income), net

)

Operating income and Net contribution to earnings

316

115

102

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

in millions

Q4.2025

Q1.2026

Q1.2025

Operating income

316

115

102

Depreciation, depletion and amortization

Special items

(266

)

(58

)

—

Adjusted EBITDA(1)

114

120

167

(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

Q4.2025

Q1.2026

Q1.2025

Gain on sale of timberlands

(266

)

(58

)

—

Selected Segment Items

in millions

Q4.2025

Q1.2026

Q1.2025

Total increase in working capital(2)

(23

)

(18

)

(16

)

Cash spent for capital expenditures(3)

(38

)

(43

)

(26

)

(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)

Q4.2025

Q1.2026

Q1.2025

Third Party

Delivered logs:

Net Sales

West

138

144

169

(millions)

South

153

148

152

North

Total delivered logs

306

335

Stumpage and pay-as-cut timber

Recreational and other lease revenue

Other revenue

Total

353

356

382

Delivered Logs

West

108.64

106.76

118.52

Third Party Sales

South

37.29

37.26

37.10

Realizations (per ton)

North

73.28

70.65

71.43

Delivered Logs

West

1,276

1,347

1,428

Third Party Sales

South

4,089

3,968

4,106

Volumes (tons, thousands)

North

204

205

192

Fee Harvest Volumes

West

2,143

2,178

2,229

(tons, thousands)

South

6,048

5,915

6,133

North

267

278

272

(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

Q1.2026 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations

in millions

Q4.2025

Q1.2026

Q1.2025

Net sales

103

207

Costs of sales

Gross margin

175

General and administrative expenses

Other operating income, net

)

—

)

Operating income and Net contribution to earnings

169

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

in millions

Q4.2025

Q1.2026

Q1.2025

Operating income

169

Depreciation, depletion and amortization

Basis of acres sold

Adjusted EBITDA(1)

193

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Segment Statistics(2)

Q4.2025

Q1.2026

Q1.2025

Net Sales

Real Estate

(millions)

Natural Resources

Climate Solutions

111

Total

103

207

Acres Sold

Real Estate

4,135

17,141

16,408

Price per Acre

Real Estate

8,561

4,015

3,764

Basis as a Percent of

Strategic Land Solutions Net Sales

Strategic Land Solutions

(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 first quarter and fourth quarter 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

Q1.2026 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations

in millions

Q4.2025

Q1.2026

Q1.2025

Net sales

1,085

1,164

1,287

Costs of sales

1,099

1,087

1,114

Gross margin

(14

)

173

Selling expenses

General and administrative expenses

Other operating costs (income), net

(26

)

Operating (loss) income and Net (charge) contribution to earnings

(78

)

106

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

in millions

Q4.2025

Q1.2026

Q1.2025

Operating (loss) income

(78

)

106

Depreciation, depletion and amortization

Special items

—

(28

)

—

Adjusted EBITDA(1)

(20

)

161

(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

Q4.2025

Q1.2026

Q1.2025

Product remediation insurance recovery

—

(28

)

—

Selected Segment Items

in millions

Q4.2025

Q1.2026

Q1.2025

Total decrease (increase) in working capital(2)

(203

)

(157

)

Cash spent for capital expenditures(3)

(110

)

(69

)

(67

)

(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.

(3) Includes $16 million, $39 million and $30 million in capital expenditures related to the construction of our Monticello engineered wood products facility in first quarter 2025, fourth quarter 2025 and first quarter 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

Q4.2025

Q1.2026

Q1.2025

Structural Lumber

Third party net sales

420

478

527

(volumes presented

Third party sales realizations

393

443

463

in board feet)

Third party sales volumes

1,066

1,081

1,138

Production volumes

1,009

1,100

1,163

Oriented Strand

Third party net sales

162

167

228

Board

Third party sales realizations

218

236

317

(volumes presented

Third party sales volumes

739

707

719

in square feet 3/8")

Production volumes

758

742

743

Engineered Solid

Third party net sales

157

155

161

Section

Third party sales realizations

2,928

2,790

3,026

(volumes presented

Third party sales volumes

5.4

5.6

5.3

in cubic feet)

Production volumes

5.2

5.7

Engineered

Third party net sales

I-joists

Third party sales realizations

2,384

2,307

2,519

(volumes presented

Third party sales volumes

in lineal feet)

Production volumes

Softwood Plywood

Third party net sales

(volumes presented

Third party sales realizations

404

442

459

in square feet 3/8")

Third party sales volumes

Production volumes

Medium Density

Third party net sales

Fiberboard

Third party sales realizations

1,168

1,172

1,163

(volumes presented

Third party sales volumes

in square feet 3/4")

Production volumes

(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

Q1.2026 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

Q4.2025

Q1.2026

Q1.2025

Unallocated corporate function and variable compensation expense

(46

)

(44

)

(42

)

Liability classified share-based compensation

—

)

Foreign exchange (loss) gain

)

—

Elimination of intersegment profit in inventory and LIFO

(11

)

(18

)

Other, net

(42

)

(23

)

(24

)

Operating loss

(71

)

(79

)

(85

)

Non-operating pension and other post-employment benefit costs

(163

)

(14

)

(19

)

Interest income and other

Net charge to earnings

(229

)

(89

)

(99

)

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

in millions

Q4.2025

Q1.2026

Q1.2025

Operating loss

(71

)

(79

)

(85

)

Depreciation, depletion and amortization

Special items

—

Adjusted EBITDA(1)

(49

)

(76

)

(82

)

(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)

in millions

Q4.2025

Q1.2026

Q1.2025

Environmental remediation charge

—

Special items included in operating loss

—

Pension settlement charge

145

—

Special items included in net charge to earnings

163

—

Unallocated Selected Items

in millions

Q4.2025

Q1.2026

Q1.2025

Cash spent for capital expenditures

)

—

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