8-K

EXHIBIT 99.1


For more information contact:		Analysts – Andy Taylor (206) 539-3907
		Media – Nancy Thompson (919) 861-0342

Weyerhaeuser Reports Second Quarter Results

•

Generated net earnings of $87 million, or $0.12 per diluted share

•

Achieved Adjusted EBITDA of $336 million

•

Completed approximately $125 million of share repurchase in first half 2025

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Completed prior $1 billion share repurchase program and announced new $1 billion authorization in second quarter 2025

•

Announced agreements to acquire high-quality timberlands in North Carolina and Virginia and sell Princeton lumber mill in British Columbia

SEATTLE, July 24, 2025 – Weyerhaeuser Company (NYSE: WY) today reported second quarter net earnings of $87 million, or 12 cents per diluted share, on net sales of $1.9 billion. This compares with net earnings of $173 million, or 24 cents per diluted share, on net sales of $1.9 billion for the same period last year and net earnings of $83 million for first quarter 2025. There were no special items in second quarter 2025 or first quarter 2025. Net earnings before special items was $154 million for second quarter 2024. Adjusted EBITDA for second quarter 2025 was $336 million, compared with $410 million for the same period last year and $328 million for first quarter 2025.

“Our teams delivered solid operating performance in the second quarter,” said Devin W. Stockfish, president and chief executive officer. “Notwithstanding the challenging market backdrop, we continue to demonstrate our commitment to returning meaningful amounts of cash back to shareholders, while also capitalizing on strategic portfolio optimization opportunities. Notably, we significantly increased our share repurchase activity in the second quarter and we continue to enhance the value of our timberlands portfolio with high-quality and strategically located acreage. Looking forward, we are well positioned to navigate a range of market conditions in the near term, and we remain confident in the longer-term demand fundamentals that support our businesses. Our balance sheet is strong, and we continue to focus on driving operational excellence, serving customers, enhancing our unmatched portfolio, and creating long-term value for our shareholders through our disciplined and flexible capital allocation framework.”


WEYERHAEUSER FINANCIAL HIGHLIGHTS	2025			2025		2024
(millions, except per share data)	Q1			Q2		Q2
Net sales	$	1,763		$	1,884	$	1,939
Net earnings	$	83		$	87	$	173
Net earnings per diluted share	$	0.11		$	0.12	$	0.24
Weighted average shares outstanding, diluted		727			724		729
Net earnings before special items(1)(2)	$	83		$	87	$	154
Net earnings per diluted share before special items(1)	$	0.11		$	0.12	$	0.21
Adjusted EBITDA(1)	$	328		$	336	$	410
Net cash from operations	$	70		$	396	$	432
Adjusted FAD(3)	$	(7	)	$	311	$	316

(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 real estate 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)

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		2025
(millions)	Q1		Q2		Change
Net sales	$	534	$	529	$	(5	)
Net contribution to pretax earnings	$	102	$	88	$	(14	)
Adjusted EBITDA	$	167	$	152	$	(15	)

Q2 2025 Performance – In the West, fee harvest and sales volumes were comparable to the first quarter. Sales realizations were comparable overall, as moderately higher export realizations for Japan were offset by slightly lower domestic realizations. Per unit log and haul costs and forestry and road costs were seasonally higher. In the South, fee harvest volumes and sales realizations were slightly higher than the first quarter. Per unit log and haul costs were moderately higher, and forestry and road costs were slightly lower.

Q3 2025 Outlook – Weyerhaeuser anticipates third quarter earnings before special items and Adjusted EBITDA will be approximately $10 million lower than the second quarter. In the West, the company expects slightly higher fee harvest volumes, higher per unit log and haul costs, seasonally higher forestry and road costs, and moderately lower sales realizations, primarily for domestic logs. In the South, the company anticipates slightly higher fee harvest volumes, comparable per unit log and haul costs, higher forestry and road costs, and slightly lower sales realizations due to mix.

REAL ESTATE, ENERGY & NATURAL RESOURCES


FINANCIAL HIGHLIGHTS	2025		2025
(millions)	Q1		Q2		Change
Net sales	$	94	$	154	$	60
Net contribution to pretax earnings	$	56	$	106	$	50
Adjusted EBITDA	$	82	$	143	$	61

Q2 2025 Performance – Earnings and Adjusted EBITDA increased significantly from the first quarter due to the timing and mix of real estate sales. The number of acres sold and average price per acre were significantly higher, and basis as a percentage of real estate sales was lower.

Q3 2025 Outlook – Weyerhaeuser anticipates third quarter earnings before special items will be approximately $60 million lower than the second quarter and Adjusted EBITDA will be approximately $80 million lower than the second quarter due to the timing and mix of real estate sales. The company continues to expect full year 2025 Adjusted EBITDA of $350 million and basis as a percentage of real estate sales to be 30 to 40 percent for the full year.

WOOD PRODUCTS


FINANCIAL HIGHLIGHTS	2025		2025
(millions)	Q1		Q2		Change
Net sales	$	1,287	$	1,357	$	70
Net contribution to pretax earnings	$	106	$	46	$	(60	)
Adjusted EBITDA	$	161	$	101	$	(60	)

Q2 2025 Performance – Sales realizations for lumber and oriented strand board decreased 2 percent and 12 percent, respectively, compared with first quarter averages. For lumber, sales volumes were higher, unit manufacturing costs

were comparable, and log costs were slightly higher. For oriented strand board, sales volumes and fiber costs were slightly higher, and unit manufacturing costs were higher due to an increase in downtime for planned annual maintenance. For engineered wood products, sales volumes were higher for all products, raw material costs were slightly lower, and unit manufacturing costs were lower, primarily driven by increased production of medium density fiberboard following a temporary operational disruption in the first quarter. Sales realizations were lower for most engineered wood products. Distribution results were lower than the first quarter, as seasonally higher sales volumes were offset by lower pricing for commodity and engineered wood products.

Q3 2025 Outlook – Weyerhaeuser anticipates third quarter earnings before special items and Adjusted EBITDA will be comparable to the second quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. For lumber and oriented strand board, the company expects sales volumes and unit manufacturing costs to be comparable to the second quarter and log and fiber costs to be slightly lower. For engineered wood products, the company expects lower sales volumes, slightly lower sales realizations, and lower raw material costs, primarily for oriented strand board webstock. Distribution results are expected to be comparable to the second quarter.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900 and today owns or controls approximately 10.4 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 2024, the company generated $7.1 billion in net sales and employed approximately 9,400 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 July 25, 2025, to discuss second quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on July 25, 2025.

To join the conference call from within North America, dial 1-877-407-0792 (access code: 13748397) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13748397). Replays will be available for two weeks at 1-844-512-2921 (access code: 13748397) from within North America, and at 1-412-317-6671 (access code: 13748397) 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, long-term demand for our products, enhancing the value of our timberland portfolio and delivery of long-term shareholder value and returns; third quarter earnings before special items and Adjusted EBITDA for our Timberlands, Real Estate, Energy & Natural Resources and Wood Products segments; fee harvest volumes, sales realizations, per unit log and haul costs and forestry and road costs for our Timberlands segment; the timing and mix and expected basis of real estate sales for our Real Estate, Energy & Natural Resources segment; 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 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,” “looking forward,” “will” and similar words and

expressions or reference events to occur in a future time period. 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:

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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;

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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;

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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;

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U.S. trade policy and resulting restrictions on international trade and tariffs imposed on imports or exports;

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the availability and cost of shipping and transportation;

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economic activity in Asia, especially Japan and China;

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performance of our manufacturing operations, including maintenance and capital requirements;

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potential disruptions in our manufacturing operations;

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the level of competition from domestic and foreign producers;

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the successful execution of our internal plans and strategic initiatives, including restructuring and cost reduction initiatives;

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our ability to hire and retain capable employees;

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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;

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the effect of weather;

•

changes in global or regional climate conditions and governmental response to such changes;

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the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;

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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;

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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;

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energy prices;

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transportation and labor availability and costs;

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federal tax policies;

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the effect of forestry, land use, environmental and other governmental regulations;

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legal proceedings;

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performance of pension fund investments and related derivatives;

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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;

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changes in accounting principles; and

•

other risks and uncertainties identified in our 2024 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 publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

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 March 31, 2025:


(millions)	Timberlands		Real Estate & ENR		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 real estate sold		—		24		—		—			24
Adjusted EBITDA	$	167	$	82	$	161	$	(82	)	$	328

The table below reconciles Adjusted EBITDA for the quarter ended June 30, 2025:


(millions)	Timberlands		Real Estate & ENR		Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings										$	87
Interest expense, net of capitalized interest											66
Income taxes											12
Net contribution (charge) to earnings	$	88	$	106	$	46	$	(75	)	$	165
Non-operating pension and other post-employment benefit costs		—		—		—		19			19
Interest income and other		—		—		—		(6	)		(6	)
Operating income (loss)		88		106		46		(62	)		178
Depreciation, depletion and amortization		64		4		55		2			125
Basis of real estate sold		—		33		—		—			33
Adjusted EBITDA	$	152	$	143	$	101	$	(60	)	$	336

The table below reconciles Adjusted EBITDA for the quarter ended June 30, 2024:


(millions)	Timberlands			Real Estate & ENR		Wood Products			Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings												$	173
Interest expense, net of capitalized interest													67
Income taxes													33
Net contribution (charge) to earnings	$	81		$	59	$	196		$	(63	)	$	273
Non-operating pension and other post-employment benefit costs		—			—		—			10			10
Interest income and other		(1	)		—		—			(12	)		(13	)
Operating income (loss)		80			59		196			(65	)		270
Depreciation, depletion and amortization		67			4		54			1			126
Basis of real estate sold		—			39		—			—			39
Special items included in operating income (loss)(1)		—			—		(25	)		—			(25	)
Adjusted EBITDA	$	147		$	102	$	225		$	(64	)	$	410

(1)

Operating income (loss) for Wood Products includes a pretax special item consisting of a $25 million product remediation recovery.

The table below reconciles Adjusted EBITDA for the year-to-date period ended June 30, 2025:


(millions)	Timberlands		Real Estate & ENR		Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings										$	170
Interest expense, net of capitalized interest											132
Income taxes											28
Net contribution (charge) to earnings	$	190	$	162	$	152	$	(174	)	$	330
Non-operating pension and other post-employment benefit costs		—		—		—		38			38
Interest income and other		—		—		—		(11	)		(11	)
Operating income (loss)		190		162		152		(147	)		357
Depreciation, depletion and amortization		129		6		110		5			250
Basis of real estate sold		—		57		—		—			57
Adjusted EBITDA	$	319	$	225	$	262	$	(142	)	$	664

RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET EARNINGS

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		2025		2024
(millions)	Q1		Q2		Q2
Net earnings	$	83	$	87	$	173
Product remediation recovery		—		—		(19	)
Net earnings before special items	$	83	$	87	$	154

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


	2025		2025		2024
	Q1		Q2		Q2
Net earnings per diluted share	$	0.11	$	0.12	$	0.24
Product remediation recovery		—		—		(0.03	)
Net earnings per diluted share before special items	$	0.11	$	0.12	$	0.21

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			2025			2024			2025
(millions)	Q1			Q2			Q2			Q2 YTD
Net cash from operations	$	70		$	396		$	432		$	466
Capital expenditures		(93	)		(107	)		(91	)		(200	)
Adjustments to FAD(1)		16			22			(25	)		38
Adjusted FAD	$	(7	)	$	311		$	316		$	304

(1)

Adjustments to FAD include a $25 million product remediation recovery in second quarter 2024, and $16 million, $22 million and $38 million in capital expenditures related to our Monticello engineered wood products facility in first quarter, second quarter and year-to-date 2025, respectively.


Weyerhaeuser Company	Exhibit 99.2

Q2.2025 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Operations


	Q1			Q2						Year-to-Date
in millions	March 31, 2025			June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net sales	$	1,763		$	1,884		$	1,939		$	3,647		$	3,735
Costs of sales		1,428			1,559			1,535			2,987			2,976
Gross margin		335			325			404			660			759
Selling expenses		23			23			22			46			44
General and administrative expenses		119			114			116			233			236
Other operating costs (income), net		14			10			(4	)		24			13
Operating income		179			178			270			357			466
Non-operating pension and other post-employment benefit costs		(19	)		(19	)		(10	)		(38	)		(21	)
Interest income and other		5			6			13			11			29
Interest expense, net of capitalized interest		(66	)		(66	)		(67	)		(132	)		(134	)
Earnings before income taxes		99			99			206			198			340
Income taxes		(16	)		(12	)		(33	)		(28	)		(53	)
Net earnings	$	83		$	87		$	173		$	170		$	287

Per Share Information


	Q1		Q2				Year-to-Date
	March 31, 2025		June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Earnings per share, basic and diluted	$	0.11	$	0.12	$	0.24	$	0.23	$	0.39
Dividends paid per common share	$	0.21	$	0.21	$	0.20	$	0.42	$	0.54
Weighted average shares outstanding (in thousands):
Basic		726,143		723,682		729,026		724,906		729,534
Diluted		726,566		723,927		729,341		725,239		729,950
Common shares outstanding at end of period (in thousands)		725,671		721,835		727,519		721,835		727,519

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


	Q1			Q2						Year-to-Date
in millions	March 31, 2025			June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net earnings	$	83		$	87		$	173		$	170		$	287
Non-operating pension and other post-employment benefit costs		19			19			10			38			21
Interest income and other		(5	)		(6	)		(13	)		(11	)		(29	)
Interest expense, net of capitalized interest		66			66			67			132			134
Income taxes		16			12			33			28			53
Operating income		179			178			270			357			466
Depreciation, depletion and amortization		125			125			126			250			251
Basis of real estate sold		24			33			39			57			70
Special items included in operating income		—			—			(25	)		—			(25	)
Adjusted EBITDA(1)	$	328		$	336		$	410		$	664		$	762

(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 real estate 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.


Weyerhaeuser Company	Total Company Statistics

Q2.2025 Analyst Package

Preliminary results (unaudited)

Special Items Included in Net Earnings (Income Tax Affected)


	Q1		Q2					Year-to-Date
in millions	March 31, 2025		June 30, 2025		June 30, 2024			June 30, 2025		June 30, 2024
Net earnings	$	83	$	87	$	173		$	170	$	287
Product remediation recovery		—		—		(19	)		—		(19	)
Net earnings before special items(1)	$	83	$	87	$	154		$	170	$	268


	Q1		Q2					Year-to-Date
	March 31, 2025		June 30, 2025		June 30, 2024			June 30, 2025		June 30, 2024
Net earnings per diluted share	$	0.11	$	0.12	$	0.24		$	0.23	$	0.39
Product remediation recovery		—		—		(0.03	)		—		(0.02	)
Net earnings per diluted share before special items(1)	$	0.11	$	0.12	$	0.21		$	0.23	$	0.37

(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	March 31, 2025		June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Pension and post-employment costs:
Pension and post-employment service costs	$	4	$	5	$	5	$	9	$	10
Non-operating pension and other post-employment benefit costs		19		19		10		38		21
Total company pension and post-employment costs	$	23	$	24	$	15	$	47	$	31

     Weyerhaeuser Company

    

Q2.2025 Analyst Package

Preliminary results (unaudited)

Condensed Consolidated Balance Sheet


in millions	March 31, 2025		June 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	560	$	592	$	684
Receivables, net		382		369		306
Receivables for taxes		13		9		9
Inventories		675		610		607
Prepaid expenses and other current assets		141		178		142
Total current assets		1,771		1,758		1,748
Property and equipment, net		2,333		2,321		2,329
Construction in progress		291		316		287
Timber and timberlands at cost, less depletion		11,506		11,452		11,551
Minerals and mineral rights, less depletion		187		184		189
Deferred tax assets		23		23		24
Other assets		409		424		408
Total assets	$	16,520	$	16,478	$	16,536

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	150	$	900	$	210
Accounts payable		288		283		255
Accrued liabilities		430		511		512
Total current liabilities		868		1,694		977
Long-term debt, net		5,017		4,268		4,866
Deferred tax liabilities		32		37		26
Deferred pension and other post-employment benefits		602		609		596
Other liabilities		356		346		350
Total liabilities		6,875		6,954		6,815
Total equity		9,645		9,524		9,721
Total liabilities and equity	$	16,520	$	16,478	$	16,536

     Weyerhaeuser Company

    

Q2.2025 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Cash Flows


	Q1			Q2						Year-to-Date
in millions	March 31, 2025			June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Cash flows from operations:
Net earnings	$	83		$	87		$	173		$	170		$	287
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization		125			125			126			250			251
Basis of real estate sold		24			33			39			57			70
Pension and other post-employment benefits		23			24			15			47			31
Share-based compensation expense		11			12			12			23			22
Other		4			—			3			4			4
Change in:
Receivables, net		(76	)		10			(4	)		(66	)		(57	)
Receivables and payables for taxes		(22	)		6			16			(16	)		13
Inventories		(68	)		55			15			(13	)		(53	)
Prepaid expenses and other current assets		5			12			16			17			33
Accounts payable and accrued liabilities		(25	)		64			37			39			(14	)
Pension and post-employment benefit contributions and payments		(3	)		(3	)		(5	)		(6	)		(9	)
Other		(11	)		(29	)		(11	)		(40	)		(22	)
Net cash from operations	$	70		$	396		$	432		$	466		$	556
Cash flows from investing activities:
Capital expenditures for property and equipment(1)	$	(71	)	$	(99	)	$	(82	)	$	(170	)	$	(139	)
Capital expenditures for timberlands reforestation		(22	)		(8	)		(9	)		(30	)		(31	)
Acquisitions of timberlands		(4	)		(1	)		(53	)		(5	)		(53	)
Other		—			(3	)		1			(3	)		3
Net cash from investing activities	$	(97	)	$	(111	)	$	(143	)	$	(208	)	$	(220	)
Cash flows from financing activities:
Cash dividends on common shares	$	(152	)	$	(152	)	$	(146	)	$	(304	)	$	(394	)
Net proceeds from issuance of long-term debt		299			—			—			299			—
Payments on long-term debt		(210	)		—			—			(210	)		—
Repurchases of common shares		(25	)		(100	)		(49	)		(125	)		(99	)
Other		(9	)		(1	)		—			(10	)		(10	)
Net cash from financing activities	$	(97	)	$	(253	)	$	(195	)	$	(350	)	$	(503	)

Net change in cash, cash equivalents and restricted cash	$	(124	)	$	32		$	94		$	(92	)	$	(167	)
Cash, cash equivalents and restricted cash at beginning of period		684			560			903			684			1,164
Cash, cash equivalents and restricted cash at end of period	$	560		$	592		$	997		$	592		$	997

Cash paid during the period for:
Interest, net of amounts capitalized	$	58		$	74		$	69		$	132		$	126
Income taxes, net of refunds	$	34		$	6		$	15		$	40		$	38

(1) Includes $16 million, $22 million and $38 million in capital expenditures related to the construction of our Monticello engineered wood products facility in first quarter 2025, second quarter 2025 and year-to-date 2025, respectively. These amounts are excluded for purposes of calculating Adjusted Funds Available for Distribution.


Weyerhaeuser Company	Timberlands Segment

Q2.2025 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations


in millions	Q1.2025			Q2.2025		Q2.2024		YTD.2025			YTD.2024
Sales to unaffiliated customers	$	382		$	373	$	409	$	755		$	796
Intersegment sales		152			156		146		308			280
Total net sales		534			529		555		1,063			1,076
Costs of sales		409			416		450		825			865
Gross margin		125			113		105		238			211
Selling expenses		—			1		—		1			—
General and administrative expenses		24			24		25		48			50
Other operating (income) costs, net		(1	)		—		—		(1	)		1
Operating income		102			88		80		190			160
Interest income and other		—			—		1		—			1
Net contribution to earnings	$	102		$	88	$	81	$	190		$	161

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


in millions	Q1.2025		Q2.2025		Q2.2024		YTD.2025		YTD.2024
Operating income	$	102	$	88	$	80	$	190	$	160
Depreciation, depletion and amortization		65		64		67		129		131
Adjusted EBITDA(1)	$	167	$	152	$	147	$	319	$	291

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 9.

Selected Segment Items


in millions	Q1.2025			Q2.2025			Q2.2024			YTD.2025			YTD.2024
Total (increase) decrease in working capital(2)	$	(16	)	$	51		$	32		$	35		$	40
Cash spent for capital expenditures(3)	$	(26	)	$	(19	)	$	(21	)	$	(45	)	$	(52	)

(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.

(3) Does not include cash spent for the acquisition of timberlands.

Segment Statistics(4)


		Q1.2025		Q2.2025		Q2.2024		YTD.2025		YTD.2024
Third Party	Delivered logs:
Net Sales	West	$	169	$	169	$	205	$	338	$	381
(millions)	South		152		154		153		306		304
	North		14		8		9		22		22
	Total delivered logs		335		331		367		666		707
	Stumpage and pay-as-cut timber		10		13		13		23		24
	Recreational and other lease revenue		19		19		19		38		38
	Other revenue		18		10		10		28		27
	Total	$	382	$	373	$	409	$	755	$	796
Delivered Logs	West	$	118.52	$	117.69	$	123.15	$	118.11	$	122.18
Third Party Sales	South	$	37.10	$	37.71	$	36.89	$	37.40	$	36.91
Realizations (per ton)	North	$	71.43	$	74.30	$	76.55	$	72.45	$	74.78
Delivered Logs	West		1,428		1,430		1,668		2,858		3,120
Third Party Sales	South		4,106		4,074		4,154		8,180		8,243
Volumes (tons, thousands)	North		192		105		118		297		293
Fee Harvest Volumes	West		2,229		2,238		2,355		4,467		4,569
(tons, thousands)	South		6,133		6,220		6,293		12,353		12,283
	North		272		180		190		452		429

(4) Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.


Weyerhaeuser Company	Real Estate, Energy & Natural Resources Segment

Q2.2025 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations


in millions	Q1.2025			Q2.2025			Q2.2024			YTD.2025			YTD.2024
Net sales	$	94		$	154		$	109		$	248		$	216
Costs of sales		32			44			46			76			87
Gross margin		62			110			63			172			129
General and administrative expenses		7			6			8			13			14
Other operating income, net		(1	)		(2	)		(4	)		(3	)		(4	)
Operating income and Net contribution to earnings	$	56		$	106		$	59		$	162		$	119

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


in millions	Q1.2025		Q2.2025		Q2.2024		YTD.2025		YTD.2024
Operating income	$	56	$	106	$	59	$	162	$	119
Depreciation, depletion and amortization		2		4		4		6		7
Basis of real estate sold		24		33		39		57		70
Adjusted EBITDA(1)	$	82	$	143	$	102	$	225	$	196

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 9.

Segment Statistics


		Q1.2025			Q2.2025			Q2.2024			YTD.2025			YTD.2024
Net Sales	Real Estate	$	69		$	123		$	78		$	192		$	161
(millions)	Energy and Natural Resources		25			31			31			56			55
	Total	$	94		$	154		$	109		$	248		$	216
Acres Sold	Real Estate		16,654			24,103			37,665			40,757			57,439
Price per Acre	Real Estate	$	3,812		$	4,757		$	2,062		$	4,371		$	2,601
Basis as a Percent of Real Estate Net Sales	Real Estate		35	%		27	%		50	%		30	%		43	%


Weyerhaeuser Company	Wood Products Segment

Q2.2025 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations


in millions	Q1.2025		Q2.2025		Q2.2024			YTD.2025		YTD.2024
Net sales	$	1,287	$	1,357	$	1,421		$	2,644	$	2,723
Costs of sales		1,114		1,243		1,185			2,357		2,292
Gross margin		173		114		236			287		431
Selling expenses		22		22		22			44		43
General and administrative expenses		39		40		37			79		77
Other operating costs (income), net		6		6		(19	)		12		(13	)
Operating income and Net contribution to earnings	$	106	$	46	$	196		$	152	$	324

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


in millions	Q1.2025		Q2.2025		Q2.2024			YTD.2025		YTD.2024
Operating income	$	106	$	46	$	196		$	152	$	324
Depreciation, depletion and amortization		55		55		54			110		110
Special items		—		—		(25	)		—		(25	)
Adjusted EBITDA(1)	$	161	$	101	$	225		$	262	$	409

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 9.

Segment Special Items Included in Net Contribution to Earnings (Pretax)


in millions	Q1.2025		Q2.2025		Q2.2024			YTD.2025		YTD.2024
Product remediation recovery	$	—	$	—	$	(25	)	$	—	$	(25	)

Selected Segment Items


in millions	Q1.2025			Q2.2025			Q2.2024			YTD.2025			YTD.2024
Total (increase) decrease in working capital(2)	$	(157	)	$	49		$	34		$	(108	)	$	(140	)
Cash spent for capital expenditures(3)	$	(67	)	$	(88	)	$	(63	)	$	(155	)	$	(105	)

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

(3) Includes $16 million, $22 million and $38 million in capital expenditures related to the construction of our Monticello engineered wood products facility in first quarter 2025, second quarter 2025 and year-to-date 2025, 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		Q1.2025		Q2.2025		Q2.2024		YTD.2025		YTD.2024
Structural Lumber	Third party net sales	$	527	$	581	$	499	$	1,108	$	963
(volumes presented	Third party sales realizations	$	463	$	454	$	419	$	458	$	424
in board feet)	Third party sales volumes		1,138		1,277		1,190		2,415		2,270
	Production volumes		1,163		1,208		1,163		2,371		2,248
Oriented Strand	Third party net sales	$	228	$	205	$	288	$	433	$	543
Board	Third party sales realizations	$	317	$	280	$	407	$	298	$	383
(volumes presented	Third party sales volumes		719		731		708		1,450		1,418
in square feet 3/8")	Production volumes		743		737		744		1,480		1,479
Engineered Solid	Third party net sales	$	161	$	169	$	191	$	330	$	368
Section	Third party sales realizations	$	3,026	$	2,916	$	3,239	$	2,968	$	3,226
(volumes presented	Third party sales volumes		5.3		5.8		6.0		11.1		11.4
in cubic feet)	Production volumes		5.7		6.0		6.1		11.7		11.8
Engineered	Third party net sales	$	88	$	95	$	107	$	183	$	206
I-joists	Third party sales realizations	$	2,519	$	2,399	$	2,645	$	2,456	$	2,647
(volumes presented	Third party sales volumes		35		40		41		75		78
in lineal feet)	Production volumes		35		40		41		75		84
Softwood Plywood	Third party net sales	$	40	$	41	$	42	$	81	$	83
(volumes presented	Third party sales realizations	$	459	$	446	$	464	$	452	$	485
in square feet 3/8")	Third party sales volumes		88		92		90		180		171
	Production volumes		80		82		82		162		154
Medium Density	Third party net sales	$	32	$	36	$	42	$	68	$	81
Fiberboard	Third party sales realizations	$	1,163	$	1,195	$	1,186	$	1,180	$	1,184
(volumes presented	Third party sales volumes		27		31		36		58		69
in square feet 3/4")	Production volumes		22		37		34		59		68

(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.


Weyerhaeuser Company	Unallocated Items

Q2.2025 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	Q1.2025			Q2.2025			Q2.2024			YTD.2025			YTD.2024
Unallocated corporate function and variable compensation expense	$	(42	)	$	(41	)	$	(37	)	$	(83	)	$	(75	)
Liability classified share-based compensation		(1	)		1			3			—			2
Foreign exchange gain (loss)		—			2			—			2			(1	)
Elimination of intersegment profit in inventory and LIFO		(18	)		(4	)		6			(22	)		—
Other, net		(24	)		(20	)		(37	)		(44	)		(63	)
Operating loss		(85	)		(62	)		(65	)		(147	)		(137	)
Non-operating pension and other post-employment benefit costs		(19	)		(19	)		(10	)		(38	)		(21	)
Interest income and other		5			6			12			11			28
Net charge to earnings	$	(99	)	$	(75	)	$	(63	)	$	(174	)	$	(130	)

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


in millions	Q1.2025			Q2.2025			Q2.2024			YTD.2025			YTD.2024
Operating loss	$	(85	)	$	(62	)	$	(65	)	$	(147	)	$	(137	)
Depreciation, depletion and amortization		3			2			1			5			3
Adjusted EBITDA(1)	$	(82	)	$	(60	)	$	(64	)	$	(142	)	$	(134	)

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 9.

Unallocated Selected Items


in millions	Q1.2025		Q2.2025		Q2.2024			YTD.2025		YTD.2024
Cash spent for capital expenditures	$	—	$	—	$	(7	)	$	—	$	(13	)


Washington	1-4825	91-0470860

(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification Number)


☐	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))


☐	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.


	Item 2.02. Results of Operations and Financial Condition
	Item 9.01. Financial Statements and Exhibits
	SIGNATURES
	EXHIBIT 99.1
	EXHIBIT 99.2



		Exhibit No.	Description
		99.1	Earnings release of Weyerhaeuser Company posted July 24, 2025 reporting results of operations for the quarter ended June 30, 2025.
		99.2	Exhibit to earnings release of Weyerhaeuser Company posted July 24, 2025.
		104	Cover Page Interactive Data File (embedded within the Inline XBRL document).


WEYERHAEUSER COMPANY


By:		/s/ Alex G. Whitney
Name:		Alex G. Whitney
Its:		Vice President and Chief Accounting Officer
		(Principal Accounting Officer)