Weyerhaeuser CompanyNYSE: WY

Q3 2026 Earnings Financials

· Issued by Weyerhaeuser Company

Summary by 6ix AI

Weyerhaeuser Company had net earnings of $61 million, or $0.08 per share, on net sales of $1,862 million for the third quarter ended September 30, 2026, compared with net earnings of $80 million, or $0.11 per share, on net sales of $1,717 million a year earlier.

Key details

  • Adjusted EBITDA (earnings before interest, taxes, depreciation, depletion and amortization, adjusted for the cost basis of land acres sold and special items) was $248 million for the third quarter of 2026, compared with $217 million a year earlier. It is a measure outside standard accounting rules.
  • For the nine months ended September 30, 2026, net sales were $5,456 million and net earnings were $379 million, or $0.53 per share. These earnings include a $129 million gain on sale of timberlands recorded in the first and second quarters.
  • The Timberlands segment had operating income of $67 million for the third quarter of 2026, compared with $80 million a year earlier.
  • The company paid dividends of $0.21 per common share in the third quarter of 2026.
  • At September 30, 2026, cash and cash equivalents were $349 million and long-term debt, net, was $5,354 million.

What’s still pending

  • The results are preliminary and unaudited.

6ix AI wrote this summary from the release below and checked it against the release.

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Weyerhaeuser Company  Exhibit 99.2
Q3.2026 Analyst Package Preliminary results (unaudited)

Consolidated Statement of Operations

Q1  Q2  Q3  Year-to-Date

in millions  Mar 31, 2026  Jun 30, 2026  Sept 30, 2026  Sept 30, 2025  Sept 30, 2026  Sept 30, 2025
Net sales  $  1,727  $  1,867  $  1,862  $  1,717  $  5,456  $  5,364
Costs of sales  1,409  1,556  1,605  1,513  4,570  4,500
Gross margin  318  311  257  204  886  864
Selling expenses  23  24  26  23  73  69
General and administrative expenses  119  115  115  107  349  340
Gain on sale of timberlands  (58)  (71)  —  —  (129)  —
Other operating (income) costs, net  (13)  20  16  (49)  23  (25)
Operating income  247  223  100  123  570  480
Non-operating pension and other post-employment benefitcosts  (14)  (14)  (15)  (19)  (43)  (57)
Interest income and other  4  4  3  6  11  17
Interest expense, net of capitalized interest  (66)  (66)  (63)  (71)  (195)  (203)
Earnings before income taxes  171  147  25  39  343  237
Income taxes  (15)  15  36  41  36  13
Net earnings  $  156  $  162  $  61  $  80  $  379  $  250

Per Share Information

Q1  Q2  Q3  Year-to-Date
Mar 31,2026  Jun 30, 2026  Sept 30, 2026  Sept 30, 2025  Sept 30, 2026  Sept 30, 2025
Earnings per share, basic and diluted  $  0.22  $  0.23  $  0.08  $  0.11  $  0.53  $  0.35
Dividends paid per common share  $  0.21  $  0.21  $  0.21  $  0.21  $  0.63  $  0.63
Weighted average shares outstanding (in thousands):Basic  721,290  721,421  720,982  721,598  721,230  723,791
Diluted  721,671  721,901  721,464  722,012  721,678  724,151
Common shares outstanding at end of period (in thousands)  721,043  720,692  720,342  720,861  720,342  720,861

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

Q1  Q2  Q3  Year-to-Date

in millions  Mar 31, 2026  Jun 30, 2026  Sept 30, 2026  Sept 30, 2025  Sept 30, 2026  Sept 30, 2025
Net earnings  $  156  $  162  $  61  $  80  $  379  $  250
Non-operating pension and other post-employment benefitcosts  14  14  15  19  43  57
Interest income and other  (4)  (4)  (3)  (6)  (11)  (17)
Interest expense, net of capitalized interest  66  66  63  71  195  203
Income taxes  15  (15)  (36)  (41)  (36)  (13)
Operating income  247  223  100  123  570  480
Depreciation, depletion and amortization  124  127  132  130  383  380
Basis of acres sold  23  31  16  19  70  76
Special items included in operating income  (86)  (71)  —  (55)  (157)  (55)
Adjusted EBITDA  $  308  $  310  $  248  $  217  $  866  $  881

(1)Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company.

Adjusted EBITDA, as we defineit, is operating income adjusted for depreciation, depletion, amortization, basis of Strategic Land Solutions acres sold and special items.

Ourdefinition of Adjusted EBITDA may be different from similarly titled measures reported by other companies.

Adjusted EBITDA should not beconsidered in isolation from, and is not intended to represent an alternative to, our GAAP results.
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Weyerhaeuser Company  Total Company Statistics
Q3.2026 Analyst Package Preliminary results (unaudited)

Special Items Included in Net Earnings (Income Tax Affected)

Q1  Q2  Q3  Year-to-Date

in millions  Mar 31, 2026  Jun 30, 2026  Sept 30, 2026  Sept 30, 2025  Sept 30, 2026  Sept 30, 2025
Net earnings  $  156  $  162  $  61  $  80  $  379  $  250
Gain on lumber mill sale  —  —  —  (21)  —  (21)
Gain on sale of timberlands  (58)  (71)  —  —  (129)  —
Insurance recovery  —  —  —  (19)  —  (19)
Product remediation insurance recovery  (21)  —  —  —  (21)  —
Net earnings before special items  $  77  $  91  $  61  $  40  $  229  $  210

Q1  Q2  Q3  Year-to-Date
Mar 31,2026  Jun 30, 2026  Sept 30, 2026  Sept 30, 2025  Sept 30, 2026  Sept 30, 2025
Net earnings per diluted share  $  0.22  $  0.23  $  0.08  $  0.11  $  0.53  $  0.35
Gain on lumber mill sale  —  —  —  (0.03)  —  (0.03)
Gain on sale of timberlands  (0.08)  (0.10)  —  —  (0.18)  —
Insurance recovery  —  —  —  (0.02)  —  (0.03)
Product remediation insurance recovery  (0.03)  —  —  —  (0.03)  —
Net earnings per diluted share before special items  $  0.11  $  0.13  $  0.08  $  0.06  $  0.32  $  0.29

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

Net earnings before special items should not be considered in isolation from, and is not intended to represent analternative to, our GAAP results.

Selected Total Company Items

Q1  Q2  Q3  Year-to-Date

in millions  Mar 31, 2026  Jun 30, 2026  Sept 30, 2026  Sept 30, 2025  Sept 30, 2026  Sept 30, 2025
Pension and post-employment costs:Pension and post-employment service costs  $  4  $  5  $  4  $  5  $  13  $  14
Non-operating pension and other post-employment benefitcosts  14  14  15  19  43  57
Total company pension and post-employment costs  $  18  $  19  $  19  $  24  $  56  $  71
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Weyerhaeuser Company Q3.2026 Analyst Package Preliminary results (unaudited)

Condensed Consolidated Balance Sheet

in millions  Mar 31, 2026  Jun 30, 2026  Sept 30, 2026  Dec 31, 2025
ASSETSCurrent assets:Cash and cash equivalents  $  299  $  527  $  349  $  464
Receivables, net  396  373  383  303
Receivables for taxes  8  5  6  10
Inventories  659  604  592  593
Assets held for sale  —  —  —  128
Prepaid expenses and other current assets  141  127  131  154
Total current assets  1,503  1,636  1,461  1,652
Property and equipment, net  2,376  2,405  2,427  2,420
Construction in progress  397  423  466  337
Timber and timberlands at cost, less depletion  11,475  11,384  11,337  11,533
Minerals and mineral rights, less depletion  176  173  170  177
Deferred tax assets  91  113  144  97
Other assets  383  379  375  397
Total assets  $  16,401  $  16,513  $  16,380  $  16,613

LIABILITIES AND EQUITYCurrent liabilities:Current maturities of long-term debt  $  372  $  122  $  —  $  522
Accounts payable  284  311  310  278
Accrued liabilities  404  468  494  478
Total current liabilities  1,060  901  804  1,278
Long-term debt, net  5,052  5,303  5,354  5,050
Deferred tax liabilities  15  15  16  18
Deferred pension and other post-employment benefits  484  486  488  485
Other liabilities  351  352  336  356
Total liabilities  6,962  7,057  6,998  7,187
Total equity  9,439  9,456  9,382  9,426
Total liabilities and equity  $  16,401  $  16,513  $  16,380  $  16,613
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Weyerhaeuser Company Q3.2026 Analyst Package Preliminary results (unaudited)

Consolidated Statement of Cash Flows

Q1  Q2  Q3  Year-to-Date

in millions  Mar 31, 2026  Jun 30, 2026  Sept 30, 2026  Sept 30, 2025  Sept 30, 2026  Sept 30, 2025
Cash flows from operations:Net earnings  $  156  $  162  $  61  $  80  $  379  $  250
Noncash charges (credits) to earnings:Depreciation, depletion and amortization  124  127  132  130  383  380
Basis of acres sold  23  31  16  19  70  76
Deferred income taxes, net  1  (26)  (35)  (65)  (60)  (61)
Pension and other post-employment benefits  18  19  19  24  56  71
Share-based compensation expense  13  10  10  9  33  32
Gain on lumber mill sale  —  —  —  (29)  —  (29)
Gain on sale of timberlands  (58)  (71)  —  —  (129)  —
Other  1  —  1  3  2  3
Change in:Receivables, net  (94)  11  (9)  29  (92)  (37)
Receivables and payables for taxes  1  13  (11)  4  3  (12)
Inventories  (68)  54  11  17  (3)  4
Prepaid expenses and other current assets  2  2  (6)  (8)  (2)  9
Accounts payable and accrued liabilities  (66)  83  28  2  45  41
Pension and post-employment benefit contributionsand payments  (5)  (4)  (5)  (7)  (14)  (13)
Other  4  (12)  (19)  2  (27)  (38)
Net cash from operations  $  52  $  399  $  193  $  210  $  644  $  676
Cash flows from investing activities:Capital expenditures for property and equipment  $  (89)$  (131)$  (130)$  (118)$  (350)$  (288)
Capital expenditures for timberlands reforestation  (23)  (8)  (7)  (7)  (38)  (37)
Acquisitions of timberlands  —  (3)  —  (461)  (3)  (466)
Proceeds from lumber mill sale  —  22  —  61  22  61
Proceeds from sale of timberlands  192  114  —  —  306  —
Other  1  (1)  (1)  4  (1)  1
Net cash from investing activities  $  81  $  (7)$  (138)$  (521)$  (64)$  (729)
Cash flows from financing activities:Cash dividends on common shares  $  (151)$  (152)$  (151)$  (150)$  (454)$  (454)
Net proceeds from issuance of long-term debt  —  —  —  799  —  1,098
Net proceeds from issuance of commercial paper  —  331  50  —  381  —
Payments on long-term debt  (150)  (250)  (122)  (502)  (522)  (712)
Payments on commercial paper  —  (81)  —  —  (81)  —
Repurchases of common shares  (10)  (10)  (10)  (25)  (30)  (150)
Other  (4)  (2)  —  (2)  (6)  (12)
Net cash from financing activities  $  (315)$  (164)$  (233)$  120  $  (712)$  (230)

Net change in cash, cash equivalents and restricted cash  $  (182)$  228  $  (178)$  (191)$  (132)$  (283)
Cash, cash equivalents and restricted cash at beginningof period  481  299  527  592  481  684
Cash, cash equivalents and restricted cash at end ofperiod  $  299  $  527  $  349  $  401  $  349  $  401

Cash paid during the period for:Interest, net of amounts capitalized  $  60  $  73  $  62  $  69  $  195  $  201
Income taxes, net of refunds  $  13  $  —  $  8  $  21  $  21  $  61
(1)Includes capital expenditures related to the construction of our Monticello engineered wood products facility of $32 million and $70 million in thirdquarter 2025 and year-to-date 2025, respectively, and $30 million, $63 million, $54 million and $147 million in first quarter 2026, second quarter2026, third quarter 2026, and year-to-date 2026, respectively.

These amounts are excluded for purposes of calculating Adjusted Funds Availablefor Distribution.
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Weyerhaeuser Company  Timberlands Segment
Q3.2026 Analyst Package Preliminary results (unaudited)

Segment Statement of Operations

in millions  Q1.2026  Q2.2026  Q3.2026  Q3.2025  YTD.2026  YTD.2025
Sales to unaffiliated customers  $  356  $  367  $  378  $  386  $  1,101  $  1,141
Intersegment sales  136  151  153  150  440  458
Total net sales  492  518  531  536  1,541  1,599
Costs of sales  409  434  438  429  1,281  1,254
Gross margin  83  84  93  107  260  345
Selling expenses  —  1  —  —  1  1
General and administrative expenses  25  24  25  25  74  73
Gain on sale of timberlands  (58)  (71)  —  —  (129)  —
Other operating costs, net  1  —  1  2  2  1
Operating income and Net contribution to earnings  $  115  $  130  $  67  $  80  $  312  $  270
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization in millions  Q1.2026  Q2.2026  Q3.2026  Q3.2025  YTD.2026  YTD.2025
Operating income  $  115  $  130  $  67  $  80  $  312  $  270
Depreciation, depletion and amortization  63  64  66  68  193  197
Special items  (58)  (71)  —  —  (129)  —
Adjusted EBITDA  $  120  $  123  $  133  $  148  $  376  $  467

(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  Q3.2026  Q3.2025  YTD.2026  YTD.2025
Gain on sale of timberlands  $  (58)$  (71)$  —  $  —  $  (129)$  —
Selected Segment Items

in millions  Q1.2026  Q2.2026  Q3.2026  Q3.2025  YTD.2026  YTD.2025
Total (increase) decrease in working capital  $  (18)$  85  $  (56)$  (22)$  11  $  13
Cash spent for capital expenditures  $  (43)$  (24)$  (24)$  (37)$  (91)$  (82)
(2)Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands andStrategic Land Solutions segments combined.(3)Does not include cash spent for the acquisition of timberlands.

Segment Statistics   Q1.2026  Q2.2026  Q3.2026  Q3.2025  YTD.2026  YTD.2025
Third Party  Delivered logs:
Net Sales  West  $  144  $  171  $  160  $  169  $  475  $  507
(millions)  South  148  145  163  154  456  460
North  14  9  13  13  36  35
Total delivered logs  306  325  336  336  967  1,002
Stumpage and pay-as-cuttimber  10  11  15  22  36  45
Recreational and otherlease revenue  20  20  21  21  61  59
Other revenue  20  11  6  7  37  35
Total  $  356  $  367  $  378  $  386  $  1,101  $  1,141
Delivered Logs  West  $  106.76  $  115.27  $  118.52  $  110.68  $  113.57  $  115.52
Third Party Sales  South  $  37.26  $  38.20  $  37.67  $  36.65  $  37.70  $  37.15
Realizations (per ton)  North  $  70.65  $  78.31  $  74.35  $  72.75  $  73.69  $  72.56
Delivered Logs  West  1,347  1,487  1,345  1,529  4,179  4,387
Third Party Sales  South  3,968  3,812  4,324  4,217  12,104  12,397
Volumes (tons, thousands)  North  205  108  180  183  493  480
Fee Harvest Volumes  West  2,178  2,245  2,249  2,394  6,672  6,861
(tons, thousands)  South  5,915  5,955  6,428  6,431  18,298  18,784
North  278  178  243  262  699  714
(4)Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.
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