Weyerhaeuser Co 8-K, filed Oct 29, 2026
Weyerhaeuser Co (WY)
About this 8-K
Weyerhaeuser Co filed this 8-K on October 29, 2026.
Weyerhaeuser Company reported third quarter net earnings of $61 million, or 8 cents per diluted share, on net sales of $1.9 billion and Adjusted EBITDA of $248 million; it agreed to divest approximately 81,000 acres in Arkansas for $146 million. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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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:
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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:
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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 |
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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
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Section 2 - Financial Information
Item 2.02. Results of Operations and Financial Condition
On October 29, 2026, Weyerhaeuser Company will post and make available on its website its financial results for the quarter ended September 30, 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.
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Exhibit No. |
Description |
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Exhibit to earnings release of Weyerhaeuser Company posted October 29, 2026. |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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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 |
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By: |
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/s/ Alex G. Whitney |
Name: |
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Alex G. Whitney |
Its: |
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Vice President and Chief Accounting Officer |
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(Principal Accounting Officer) |
Date: October 29, 2026
EXHIBIT 99.1
For more information contact: |
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Analysts – Andy Taylor (206) 539-3907 |
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Media – Nancy Thompson (919) 861-0342 |
Weyerhaeuser Reports Third Quarter Results
SEATTLE, October 29, 2026 – Weyerhaeuser Company (NYSE: WY) today reported third quarter net earnings of $61 million, or 8 cents per diluted share, on net sales of $1.9 billion. This compares with net earnings of $80 million, or 11 cents per diluted share, on net sales of $1.7 billion for the same period last year and net earnings of $162 million for second quarter 2026. There were no special items in third quarter 2026. Net earnings before special items was $40 million for the same period last year and $91 million for second quarter 2026. Adjusted EBITDA for third quarter 2026 was $248 million, compared with $217 million for the same period last year and $310 million for second quarter 2026.
In October, Weyerhaeuser entered into an agreement to divest approximately 81,000 acres of non-core timberlands in Arkansas for $146 million. The transaction is expected to close in the fourth quarter and is subject to customary closing conditions. Consistent with the company’s long-standing approach to active portfolio management, Weyerhaeuser will continue to evaluate opportunities to optimize the return profile of its timberlands portfolio, while also creating additional flexibility for broader capital allocation and growth priorities as market conditions and opportunities evolve.
“Our teams delivered solid operating performance in the third quarter against an increasingly challenging macroeconomic backdrop,” said Devin W. Stockfish, president and chief executive officer. “In addition, we continued to enhance the value of our timberlands portfolio and made meaningful progress advancing several strategic growth initiatives. Looking ahead, we remain confident in the longer-term demand fundamentals that support growth for our businesses and are well positioned to navigate the current environment given the strength of our portfolio, balance sheet and flexible capital allocation framework. We remain intently focused on driving operational excellence, serving our customers and executing our strategy to create superior long-term value for our shareholders.”
WEYERHAEUSER FINANCIAL HIGHLIGHTS |
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2026 |
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2026 |
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2025 |
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(millions, except per share data) |
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Q2 |
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Q3 |
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Q3 |
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Net sales |
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$ |
1,867 |
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$ |
1,862 |
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$ |
1,717 |
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Net earnings |
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$ |
162 |
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$ |
61 |
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$ |
80 |
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Net earnings per diluted share |
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$ |
0.23 |
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$ |
0.08 |
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$ |
0.11 |
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Weighted average shares outstanding, diluted |
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722 |
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721 |
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722 |
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Net earnings before special items(1)(2) |
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$ |
91 |
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$ |
61 |
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$ |
40 |
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Net earnings per diluted share before special items(1) |
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$ |
0.13 |
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$ |
0.08 |
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$ |
0.06 |
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Adjusted EBITDA(1) |
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$ |
310 |
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$ |
248 |
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$ |
217 |
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Net cash from operations |
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$ |
399 |
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$ |
193 |
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$ |
210 |
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Adjusted FAD(3) |
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$ |
323 |
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$ |
110 |
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$ |
117 |
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1
TIMBERLANDS
FINANCIAL HIGHLIGHTS |
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2026 |
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2026 |
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(millions) |
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Q2 |
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Q3 |
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Change |
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Net sales |
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$ |
518 |
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$ |
531 |
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$ |
13 |
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Net contribution to pretax earnings |
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$ |
130 |
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$ |
67 |
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$ |
(63 |
) |
Pretax benefit for special items |
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$ |
(71 |
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$ |
— |
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$ |
71 |
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Net contribution to pretax earnings before special items |
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$ |
59 |
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$ |
67 |
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$ |
8 |
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Adjusted EBITDA |
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$ |
123 |
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$ |
133 |
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$ |
10 |
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Q3 2026 Performance – In the West, fee harvest volumes and forestry and road costs were comparable to the second quarter. Sales volumes were lower primarily due to fiber logs and the timing of export vessels, and per unit log and haul costs were also lower due to fewer export shipments. Sales realizations were slightly higher. In the South, fee harvest volumes were significantly higher than the second quarter due to more favorable weather conditions. Sales realizations were slightly lower due to mix. Per unit log and haul costs were also slightly lower, and forestry and road costs were seasonally higher.
Q4 2026 Outlook – Weyerhaeuser anticipates fourth quarter earnings before special items and Adjusted EBITDA will be comparable to the third quarter. In the West, the company expects slightly lower fee harvest volumes and slightly higher sales volumes, primarily for export. Sales realizations are expected to be slightly lower. Per unit log and haul costs are expected to be comparable, with seasonally lower forestry and road costs. In the South, the company expects moderately lower fee harvest volumes, slightly higher sales realizations and per unit log and haul costs, and comparable forestry and road costs.
STRATEGIC LAND SOLUTIONS
FINANCIAL HIGHLIGHTS |
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2026 |
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2026 |
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(millions) |
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Q2 |
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Q3 |
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Change |
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Net sales |
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$ |
140 |
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$ |
99 |
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$ |
(41 |
) |
Net contribution to pretax earnings |
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$ |
94 |
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$ |
67 |
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$ |
(27 |
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Adjusted EBITDA |
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$ |
129 |
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$ |
86 |
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$ |
(43 |
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Q3 2026 Performance – Earnings and Adjusted EBITDA decreased from the second quarter due to the timing and mix of Real Estate sales. The number of acres sold decreased significantly, and the average price per acre was moderately lower. The company’s Real Estate results are typically more heavily weighted toward the first half of the year.
Q4 2026 Outlook – Weyerhaeuser anticipates fourth quarter earnings before special items will be approximately $35 million lower than the third quarter and Adjusted EBITDA will be approximately $45 million lower than the third quarter due to the timing and mix of Real Estate sales. The company continues to expect full year 2026 Adjusted EBITDA to be approximately $450 million, a $25 million increase from the initial outlook, and basis as a percentage of Strategic Land Solutions sales to be 15 to 20 percent for the full year.
2
WOOD PRODUCTS
FINANCIAL HIGHLIGHTS |
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2026 |
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2026 |
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(millions) |
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Q2 |
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Q3 |
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Change |
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Net sales |
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$ |
1,360 |
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$ |
1,385 |
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$ |
25 |
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Net contribution to pretax earnings |
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$ |
71 |
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$ |
32 |
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$ |
(39 |
) |
Adjusted EBITDA |
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$ |
129 |
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$ |
91 |
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$ |
(38 |
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Q3 2026 Performance – For lumber, delivered sales realizations were slightly higher compared with the second quarter average. Sales volumes were moderately higher and log and unit manufacturing costs were slightly higher. For oriented strand board, sales realizations were 2 percent lower compared with the second quarter average. Sales volumes were slightly lower, fiber costs were comparable, and unit manufacturing costs were moderately higher due to more extensive planned annual maintenance and elevated resin costs. For engineered wood products, sales volumes were slightly higher for most products compared to the second quarter. Raw material and unit manufacturing costs were also slightly higher. Sales realizations were lower overall, partially driven by a mix shift within solid section products, but were higher for plywood. For distribution, results were lower than the second quarter, primarily due to decreased sales volumes and margins on specialty products.
Q4 2026 Outlook – Weyerhaeuser anticipates fourth quarter earnings before special items and Adjusted EBITDA will be moderately lower than the third quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. For lumber, the company expects slightly lower sales volumes and slightly higher log and unit manufacturing costs. For oriented strand board, the company anticipates slightly higher sales volumes and fiber costs and slightly lower unit manufacturing costs. For engineered wood products, the company expects slightly higher sales realizations, slightly lower sales volumes for most products and moderately higher raw material costs. For distribution, the company anticipates slightly lower results compared to the third 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 October 30, 2026, to discuss third quarter results.
To access the live webcast and presentation online, visit the Investors section on www.weyerhaeuser.com on October 30, 2026.
To join the conference call from within North America, dial 1-877-407-0792 (access code: 13755109) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13755109). Replays will be available for two weeks at 1-844-512-2921 (access code: 13755109) from within North America, and at 1-412-317-6671 (access code: 13755109) from outside North America.
3
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: long-term demand drivers for our products; driving operational excellence; advancing our growth strategy and delivering long-term shareholder value and returns; fourth quarter earnings before special items and Adjusted EBITDA for our Timberlands, Strategic Land Solutions and Wood Products segments; fee harvest volumes, domestic and export sales 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; sales volumes, log costs and unit manufacturing costs for our lumber business; sales volumes, fiber costs and unit manufacturing costs for our oriented strand board business; sales volumes, sales realizations and raw material costs for our engineered wood products business and expected fourth 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,” "looking ahead," “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:
4
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.
5
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 June 30, 2026:
(millions) |
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Timberlands |
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Strategic Land Solutions |
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Wood |
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Unallocated |
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Total |
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Adjusted EBITDA by Segment: |
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Net earnings |
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$ |
162 |
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Interest expense, net of capitalized interest |
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66 |
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Income taxes |
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(15 |
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Net contribution (charge) to earnings |
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$ |
130 |
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$ |
94 |
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$ |
71 |
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$ |
(82 |
) |
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$ |
213 |
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Non-operating pension and other post-employment benefit costs |
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— |
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— |
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— |
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14 |
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14 |
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Interest income and other |
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— |
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— |
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— |
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(4 |
) |
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(4 |
) |
Operating income (loss) |
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130 |
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94 |
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71 |
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(72 |
) |
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223 |
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Depreciation, depletion and amortization |
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64 |
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4 |
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58 |
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1 |
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127 |
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Basis of acres sold |
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— |
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31 |
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— |
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— |
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31 |
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Special items included in operating income (loss)(1) |
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(71 |
) |
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— |
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— |
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— |
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(71 |
) |
Adjusted EBITDA |
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$ |
123 |
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$ |
129 |
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$ |
129 |
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$ |
(71 |
) |
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$ |
310 |
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The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2026:
(millions) |
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Timberlands |
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Strategic Land Solutions |
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Wood |
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Unallocated |
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Total |
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Adjusted EBITDA by Segment: |
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Net earnings |
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$ |
61 |
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Interest expense, net of capitalized interest |
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63 |
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Income taxes |
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(36 |
) |
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Net contribution (charge) to earnings |
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$ |
67 |
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$ |
67 |
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$ |
32 |
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$ |
(78 |
) |
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$ |
88 |
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Non-operating pension and other post-employment benefit costs |
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— |
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— |
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— |
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15 |
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15 |
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Interest income and other |
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— |
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— |
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1 |
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(4 |
) |
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(3 |
) |
Operating income (loss) |
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67 |
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67 |
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33 |
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(67 |
) |
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100 |
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Depreciation, depletion and amortization |
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66 |
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3 |
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58 |
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5 |
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132 |
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Basis of acres sold |
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— |
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16 |
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— |
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— |
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16 |
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Special items included in operating income (loss) |
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— |
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— |
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— |
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— |
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— |
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Adjusted EBITDA |
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$ |
133 |
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$ |
86 |
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$ |
91 |
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$ |
(62 |
) |
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$ |
248 |
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6
The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2025:
(millions) |
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Timberlands |
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Strategic Land Solutions |
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Wood |
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Unallocated |
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Total |
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Adjusted EBITDA by Segment: |
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Net earnings |
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$ |
80 |
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Interest expense, net of capitalized interest |
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|
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71 |
|
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Income taxes |
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(41 |
) |
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Net contribution (charge) to earnings |
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$ |
80 |
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$ |
69 |
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$ |
(19 |
) |
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$ |
(20 |
) |
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$ |
110 |
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Non-operating pension and other post-employment benefit costs |
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|
— |
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|
|
— |
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|
|
— |
|
|
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19 |
|
|
|
19 |
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Interest income and other |
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|
— |
|
|
|
— |
|
|
|
— |
|
|
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(6 |
) |
|
|
(6 |
) |
Operating income (loss) |
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|
80 |
|
|
|
69 |
|
|
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(19 |
) |
|
|
(7 |
) |
|
|
123 |
|
Depreciation, depletion and amortization |
|
|
68 |
|
|
|
3 |
|
|
|
56 |
|
|
|
3 |
|
|
|
130 |
|
Basis of acres sold |
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|
— |
|
|
|
19 |
|
|
|
— |
|
|
|
— |
|
|
|
19 |
|
Special items included in operating income (loss)(1)(2) |
|
|
— |
|
|
|
— |
|
|
|
(29 |
) |
|
|
(26 |
) |
|
|
(55 |
) |
Adjusted EBITDA |
|
$ |
148 |
|
|
$ |
91 |
|
|
$ |
8 |
|
|
$ |
(30 |
) |
|
$ |
217 |
|
The table below reconciles Adjusted EBITDA for the year-to-date period ended September 30, 2026:
(millions) |
|
Timberlands |
|
|
Strategic Land Solutions |
|
|
Wood |
|
|
Unallocated |
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|
Total |
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Adjusted EBITDA by Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
379 |
|
||||
Interest expense, net of capitalized interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
195 |
|
||||
Income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(36 |
) |
||||
Net contribution (charge) to earnings |
|
$ |
312 |
|
|
$ |
330 |
|
|
$ |
145 |
|
|
$ |
(249 |
) |
|
$ |
538 |
|
Non-operating pension and other post-employment benefit costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
43 |
|
|
|
43 |
|
Interest income and other |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
(12 |
) |
|
|
(11 |
) |
Operating income (loss) |
|
|
312 |
|
|
|
330 |
|
|
|
146 |
|
|
|
(218 |
) |
|
|
570 |
|
Depreciation, depletion and amortization |
|
|
193 |
|
|
|
8 |
|
|
|
173 |
|
|
|
9 |
|
|
|
383 |
|
Basis of acres sold |
|
|
— |
|
|
|
70 |
|
|
|
— |
|
|
|
— |
|
|
|
70 |
|
Special items included in operating income (loss)(1)(2) |
|
|
(129 |
) |
|
|
— |
|
|
|
(28 |
) |
|
|
— |
|
|
|
(157 |
) |
Adjusted EBITDA |
|
$ |
376 |
|
|
$ |
408 |
|
|
$ |
291 |
|
|
$ |
(209 |
) |
|
$ |
866 |
|
7
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:
|
|
2026 |
|
|
2026 |
|
|
2025 |
|
|||
(millions) |
|
Q2 |
|
|
Q3 |
|
|
Q3 |
|
|||
Net earnings |
|
$ |
162 |
|
|
$ |
61 |
|
|
$ |
80 |
|
Gain on lumber mill sale |
|
|
— |
|
|
|
— |
|
|
|
(21 |
) |
Gain on sale of timberlands |
|
|
(71 |
) |
|
|
— |
|
|
|
— |
|
Insurance recovery |
|
|
— |
|
|
|
— |
|
|
|
(19 |
) |
Net earnings before special items |
|
$ |
91 |
|
|
$ |
61 |
|
|
$ |
40 |
|
The table below reconciles net earnings per diluted share before special items to net earnings per diluted share:
|
|
2026 |
|
|
2026 |
|
|
2025 |
|
|||
|
|
Q2 |
|
|
Q3 |
|
|
Q3 |
|
|||
Net earnings per diluted share |
|
$ |
0.23 |
|
|
$ |
0.08 |
|
|
$ |
0.11 |
|
Gain on lumber mill sale |
|
|
— |
|
|
|
— |
|
|
|
(0.03 |
) |
Gain on sale of timberlands |
|
|
(0.10 |
) |
|
|
— |
|
|
|
— |
|
Insurance recovery |
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
Net earnings per diluted share before special items |
|
$ |
0.13 |
|
|
$ |
0.08 |
|
|
$ |
0.06 |
|
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:
|
|
2026 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
||||
(millions) |
|
Q2 |
|
|
Q3 |
|
|
Q3 |
|
|
Q3 YTD |
|
||||
Net cash from operations |
|
$ |
399 |
|
|
$ |
193 |
|
|
$ |
210 |
|
|
$ |
644 |
|
Capital expenditures |
|
|
(139 |
) |
|
|
(137 |
) |
|
|
(125 |
) |
|
|
(388 |
) |
Adjustments to FAD(1) |
|
|
63 |
|
|
|
54 |
|
|
|
32 |
|
|
|
119 |
|
Adjusted FAD |
|
$ |
323 |
|
|
$ |
110 |
|
|
$ |
117 |
|
|
$ |
375 |
|
8
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, |
|
|
Jun 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
||||||
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 benefit costs |
|
|
(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, |
|
|
Jun 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
||||||
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, |
|
|
Jun 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
||||||
Net earnings |
|
$ |
156 |
|
|
$ |
162 |
|
|
$ |
61 |
|
|
$ |
80 |
|
|
$ |
379 |
|
|
$ |
250 |
|
Non-operating pension and other post-employment benefit costs |
|
|
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(1) |
|
$ |
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 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.
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, |
|
|
Jun 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
||||||
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(1) |
|
$ |
77 |
|
|
$ |
91 |
|
|
$ |
61 |
|
|
$ |
40 |
|
|
$ |
229 |
|
|
$ |
210 |
|
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Year-to-Date |
|
||||||||||||
|
|
Mar 31, |
|
|
Jun 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
||||||
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(1) |
|
$ |
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 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 |
|
|
Q3 |
|
|
Year-to-Date |
|
||||||||||||
in millions |
|
Mar 31, |
|
|
Jun 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
||||||
Pension and post-employment costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Pension and post-employment service costs |
|
$ |
4 |
|
|
$ |
5 |
|
|
$ |
4 |
|
|
$ |
5 |
|
|
$ |
13 |
|
|
$ |
14 |
|
Non-operating pension and other post-employment benefit costs |
|
|
14 |
|
|
|
14 |
|
|
|
15 |
|
|
|
19 |
|
|
|
43 |
|
|
|
57 |
|
Total company pension and post-employment costs |
|
$ |
18 |
|
|
$ |
19 |
|
|
$ |
19 |
|
|
$ |
24 |
|
|
$ |
56 |
|
|
$ |
71 |
|
Weyerhaeuser Company |
Q3.2026 Analyst Package
Preliminary results (unaudited)
Condensed Consolidated Balance Sheet
in millions |
|
Mar 31, |
|
|
Jun 30, |
|
|
Sept 30, |
|
|
Dec 31, |
|
||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current 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 EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current 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 |
|
Weyerhaeuser Company |
Q3.2026 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Cash Flows
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Year-to-Date |
|
||||||||||||
in millions |
|
Mar 31, |
|
|
Jun 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
||||||
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 contributions and 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(1) |
|
$ |
(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 beginning of period |
|
|
481 |
|
|
|
299 |
|
|
|
527 |
|
|
|
592 |
|
|
|
481 |
|
|
|
684 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
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 third quarter 2025 and year-to-date 2025, respectively, and $30 million, $63 million, $54 million and $147 million in first quarter 2026, second quarter 2026, third quarter 2026, and year-to-date 2026, respectively. These amounts are excluded for purposes of calculating Adjusted Funds Available for Distribution.
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(1)
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(1) |
|
$ |
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(2) |
|
$ |
(18 |
) |
|
$ |
85 |
|
|
$ |
(56 |
) |
|
$ |
(22 |
) |
|
$ |
11 |
|
|
$ |
13 |
|
Cash spent for capital expenditures(3) |
|
$ |
(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 and Strategic Land Solutions segments combined.
(3) Does not include cash spent for the acquisition of timberlands.
Segment Statistics(4)
|
|
|
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-cut timber |
|
10 |
|
|
|
11 |
|
|
|
15 |
|
|
|
22 |
|
|
|
36 |
|
|
|
45 |
|
|
|
Recreational and other lease 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.
Weyerhaeuser Company |
Strategic Land Solutions 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 |
|
||||||
Net sales |
|
$ |
207 |
|
|
$ |
140 |
|
|
$ |
99 |
|
|
$ |
103 |
|
|
$ |
446 |
|
|
$ |
351 |
|
Costs of sales |
|
|
32 |
|
|
|
38 |
|
|
|
26 |
|
|
|
28 |
|
|
|
96 |
|
|
|
104 |
|
Gross margin |
|
|
175 |
|
|
|
102 |
|
|
|
73 |
|
|
|
75 |
|
|
|
350 |
|
|
|
247 |
|
General and administrative expenses |
|
|
6 |
|
|
|
8 |
|
|
|
6 |
|
|
|
7 |
|
|
|
20 |
|
|
|
20 |
|
Other operating income, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(4 |
) |
Operating income and Net contribution to earnings |
|
$ |
169 |
|
|
$ |
94 |
|
|
$ |
67 |
|
|
$ |
69 |
|
|
$ |
330 |
|
|
$ |
231 |
|
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions |
|
Q1.2026 |
|
|
Q2.2026 |
|
|
Q3.2026 |
|
|
Q3.2025 |
|
|
YTD.2026 |
|
|
YTD.2025 |
|
||||||
Operating income |
|
$ |
169 |
|
|
$ |
94 |
|
|
$ |
67 |
|
|
$ |
69 |
|
|
$ |
330 |
|
|
$ |
231 |
|
Depreciation, depletion and amortization |
|
|
1 |
|
|
|
4 |
|
|
|
3 |
|
|
|
3 |
|
|
|
8 |
|
|
|
9 |
|
Basis of acres sold |
|
|
23 |
|
|
|
31 |
|
|
|
16 |
|
|
|
19 |
|
|
|
70 |
|
|
|
76 |
|
Adjusted EBITDA(1) |
|
$ |
193 |
|
|
$ |
129 |
|
|
$ |
86 |
|
|
$ |
91 |
|
|
$ |
408 |
|
|
$ |
316 |
|
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Segment Statistics(2)
|
|
|
Q1.2026 |
|
|
Q2.2026 |
|
|
Q3.2026 |
|
|
Q3.2025 |
|
|
YTD.2026 |
|
|
YTD.2025 |
|
||||||
Net Sales |
Real Estate |
|
$ |
69 |
|
|
$ |
91 |
|
|
$ |
51 |
|
|
$ |
62 |
|
|
$ |
211 |
|
|
$ |
196 |
|
(millions) |
Natural Resources |
|
|
27 |
|
|
|
34 |
|
|
|
27 |
|
|
|
30 |
|
|
|
88 |
|
|
|
75 |
|
|
Climate Solutions |
|
|
111 |
|
|
|
15 |
|
|
|
21 |
|
|
|
11 |
|
|
|
147 |
|
|
|
80 |
|
|
Total |
|
$ |
207 |
|
|
$ |
140 |
|
|
$ |
99 |
|
|
$ |
103 |
|
|
$ |
446 |
|
|
$ |
351 |
|
Acres Sold |
Real Estate |
|
|
17,141 |
|
|
|
21,168 |
|
|
|
12,827 |
|
|
|
11,982 |
|
|
|
51,136 |
|
|
|
45,623 |
|
Price per Acre |
Real Estate |
|
$ |
4,015 |
|
|
$ |
4,319 |
|
|
$ |
3,945 |
|
|
$ |
5,128 |
|
|
$ |
4,123 |
|
|
$ |
4,272 |
|
Basis as a Percent of Strategic |
Strategic Land Solutions |
|
|
11 |
% |
|
|
22 |
% |
|
|
16 |
% |
|
|
18 |
% |
|
|
16 |
% |
|
|
22 |
% |
(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 third quarter and year-to-date 2025 have been adjusted to present comparative data, with all changes attributable to the disaggregation of the Climate Solutions business.
Weyerhaeuser Company |
Wood Products 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 |
|
||||||
Net sales |
|
$ |
1,164 |
|
|
$ |
1,360 |
|
|
$ |
1,385 |
|
|
$ |
1,228 |
|
|
$ |
3,909 |
|
|
$ |
3,872 |
|
Costs of sales |
|
|
1,087 |
|
|
|
1,223 |
|
|
|
1,283 |
|
|
|
1,218 |
|
|
|
3,593 |
|
|
|
3,575 |
|
Gross margin |
|
|
77 |
|
|
|
137 |
|
|
|
102 |
|
|
|
10 |
|
|
|
316 |
|
|
|
297 |
|
Selling expenses |
|
|
22 |
|
|
|
23 |
|
|
|
25 |
|
|
|
23 |
|
|
|
70 |
|
|
|
67 |
|
General and administrative expenses |
|
|
39 |
|
|
|
37 |
|
|
|
40 |
|
|
|
39 |
|
|
|
116 |
|
|
|
118 |
|
Other operating (income) costs, net |
|
|
(26 |
) |
|
|
6 |
|
|
|
4 |
|
|
|
(33 |
) |
|
|
(16 |
) |
|
|
(21 |
) |
Operating income (loss) |
|
|
42 |
|
|
|
71 |
|
|
|
33 |
|
|
|
(19 |
) |
|
|
146 |
|
|
|
133 |
|
Interest income and other |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
Net contribution (charge) to earnings |
|
$ |
42 |
|
|
$ |
71 |
|
|
$ |
32 |
|
|
$ |
(19 |
) |
|
$ |
145 |
|
|
$ |
133 |
|
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions |
|
Q1.2026 |
|
|
Q2.2026 |
|
|
Q3.2026 |
|
|
Q3.2025 |
|
|
YTD.2026 |
|
|
YTD.2025 |
|
||||||
Operating income (loss) |
|
$ |
42 |
|
|
$ |
71 |
|
|
$ |
33 |
|
|
$ |
(19 |
) |
|
$ |
146 |
|
|
$ |
133 |
|
Depreciation, depletion and amortization |
|
|
57 |
|
|
|
58 |
|
|
|
58 |
|
|
|
56 |
|
|
|
173 |
|
|
|
166 |
|
Special items |
|
|
(28 |
) |
|
|
— |
|
|
|
— |
|
|
|
(29 |
) |
|
|
(28 |
) |
|
|
(29 |
) |
Adjusted EBITDA(1) |
|
$ |
71 |
|
|
$ |
129 |
|
|
$ |
91 |
|
|
$ |
8 |
|
|
$ |
291 |
|
|
$ |
270 |
|
(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 lumber mill sale |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(29 |
) |
|
$ |
— |
|
|
$ |
(29 |
) |
Product remediation insurance recovery |
|
$ |
(28 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(28 |
) |
|
$ |
— |
|
Selected Segment Items
in millions |
|
Q1.2026 |
|
|
Q2.2026 |
|
|
Q3.2026 |
|
|
Q3.2025 |
|
|
YTD.2026 |
|
|
YTD.2025 |
|
||||||
Total (increase) decrease in working capital(2) |
|
$ |
(203 |
) |
|
$ |
86 |
|
|
$ |
63 |
|
|
$ |
116 |
|
|
$ |
(54 |
) |
|
$ |
8 |
|
Cash spent for capital expenditures(3) |
|
$ |
(69 |
) |
|
$ |
(115 |
) |
|
$ |
(113 |
) |
|
$ |
(88 |
) |
|
$ |
(297 |
) |
|
$ |
(243 |
) |
(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.
(3) Includes capital expenditures related to the construction of our Monticello engineered wood products facility of $32 million and $70 million in third quarter 2025 and year-to-date 2025, respectively, and $30 million, $63 million, $54 million and $147 million in first quarter 2026, second quarter 2026, third quarter 2026, and year-to-date 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 |
|
Q1.2026 |
|
|
Q2.2026 |
|
|
Q3.2026 |
|
|
Q3.2025 |
|
|
YTD.2026 |
|
|
YTD.2025 |
|
|||||||
Structural Lumber |
Third party net sales |
|
$ |
478 |
|
|
$ |
591 |
|
|
$ |
629 |
|
|
$ |
509 |
|
|
$ |
1,698 |
|
|
$ |
1,617 |
|
(volumes presented |
Third party sales realizations |
|
$ |
443 |
|
|
$ |
508 |
|
|
$ |
510 |
|
|
$ |
405 |
|
|
$ |
488 |
|
|
$ |
440 |
|
in board feet) |
Third party sales volumes |
|
|
1,081 |
|
|
|
1,163 |
|
|
|
1,233 |
|
|
|
1,259 |
|
|
|
3,477 |
|
|
|
3,674 |
|
|
Production volumes |
|
|
1,100 |
|
|
|
1,136 |
|
|
|
1,166 |
|
|
|
1,167 |
|
|
|
3,402 |
|
|
|
3,538 |
|
Oriented Strand |
Third party net sales |
|
$ |
167 |
|
|
$ |
180 |
|
|
$ |
172 |
|
|
$ |
167 |
|
|
$ |
519 |
|
|
$ |
600 |
|
Board |
Third party sales realizations |
|
$ |
236 |
|
|
$ |
242 |
|
|
$ |
237 |
|
|
$ |
231 |
|
|
$ |
238 |
|
|
$ |
276 |
|
(volumes presented |
Third party sales volumes |
|
|
707 |
|
|
|
743 |
|
|
|
726 |
|
|
|
727 |
|
|
|
2,176 |
|
|
|
2,177 |
|
in square feet 3/8") |
Production volumes |
|
|
742 |
|
|
|
745 |
|
|
|
735 |
|
|
|
750 |
|
|
|
2,222 |
|
|
|
2,230 |
|
Engineered Solid |
Third party net sales |
|
$ |
155 |
|
|
$ |
181 |
|
|
$ |
171 |
|
|
$ |
162 |
|
|
$ |
507 |
|
|
$ |
492 |
|
Section |
Third party sales realizations |
|
$ |
2,790 |
|
|
$ |
2,906 |
|
|
$ |
2,833 |
|
|
$ |
2,932 |
|
|
$ |
2,845 |
|
|
$ |
2,956 |
|
(volumes presented |
Third party sales volumes |
|
|
5.6 |
|
|
|
6.2 |
|
|
|
6.0 |
|
|
|
5.5 |
|
|
|
17.8 |
|
|
|
16.6 |
|
in cubic feet) |
Production volumes |
|
|
5.7 |
|
|
|
5.9 |
|
|
|
5.8 |
|
|
|
5.1 |
|
|
|
17.4 |
|
|
|
16.8 |
|
Engineered |
Third party net sales |
|
$ |
72 |
|
|
$ |
89 |
|
|
$ |
91 |
|
|
$ |
85 |
|
|
$ |
252 |
|
|
$ |
268 |
|
I-joists |
Third party sales realizations |
|
$ |
2,307 |
|
|
$ |
2,343 |
|
|
$ |
2,322 |
|
|
$ |
2,421 |
|
|
$ |
2,325 |
|
|
$ |
2,444 |
|
(volumes presented |
Third party sales volumes |
|
|
31 |
|
|
|
38 |
|
|
|
40 |
|
|
|
35 |
|
|
|
109 |
|
|
|
110 |
|
in lineal feet) |
Production volumes |
|
|
35 |
|
|
|
31 |
|
|
|
35 |
|
|
|
36 |
|
|
|
101 |
|
|
|
111 |
|
Softwood Plywood |
Third party net sales |
|
$ |
38 |
|
|
$ |
47 |
|
|
$ |
51 |
|
|
$ |
38 |
|
|
$ |
136 |
|
|
$ |
119 |
|
(volumes presented |
Third party sales realizations |
|
$ |
442 |
|
|
$ |
486 |
|
|
$ |
527 |
|
|
$ |
417 |
|
|
$ |
486 |
|
|
$ |
440 |
|
in square feet 3/8") |
Third party sales volumes |
|
|
86 |
|
|
|
97 |
|
|
|
96 |
|
|
|
91 |
|
|
|
279 |
|
|
|
271 |
|
|
Production volumes |
|
|
77 |
|
|
|
85 |
|
|
|
85 |
|
|
|
82 |
|
|
|
247 |
|
|
|
244 |
|
Medium Density |
Third party net sales |
|
$ |
31 |
|
|
$ |
31 |
|
|
$ |
37 |
|
|
$ |
39 |
|
|
$ |
99 |
|
|
$ |
107 |
|
Fiberboard |
Third party sales realizations |
|
$ |
1,172 |
|
|
$ |
1,148 |
|
|
$ |
1,147 |
|
|
$ |
1,157 |
|
|
$ |
1,155 |
|
|
$ |
1,171 |
|
(volumes presented |
Third party sales volumes |
|
|
26 |
|
|
|
27 |
|
|
|
33 |
|
|
|
33 |
|
|
|
86 |
|
|
|
91 |
|
in square feet 3/4") |
Production volumes |
|
|
28 |
|
|
|
25 |
|
|
|
33 |
|
|
|
35 |
|
|
|
86 |
|
|
|
94 |
|
(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. Sales realizations include selling price plus freight, minus normal sales deductions.
Weyerhaeuser Company |
Unallocated Items |
Q3.2026 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 |
|
Q1.2026 |
|
|
Q2.2026 |
|
|
Q3.2026 |
|
|
Q3.2025 |
|
|
YTD.2026 |
|
|
YTD.2025 |
|
||||||
Unallocated corporate function and variable compensation expense |
|
$ |
(44 |
) |
|
$ |
(42 |
) |
|
$ |
(46 |
) |
|
$ |
(37 |
) |
|
$ |
(132 |
) |
|
$ |
(120 |
) |
Liability classified share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
Foreign exchange (loss) gain |
|
|
(1 |
) |
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
2 |
|
Elimination of intersegment profit in inventory and LIFO |
|
|
(11 |
) |
|
|
(12 |
) |
|
|
(6 |
) |
|
|
15 |
|
|
|
(29 |
) |
|
|
(7 |
) |
Other, net |
|
|
(23 |
) |
|
|
(19 |
) |
|
|
(15 |
) |
|
|
14 |
|
|
|
(57 |
) |
|
|
(30 |
) |
Operating loss |
|
|
(79 |
) |
|
|
(72 |
) |
|
|
(67 |
) |
|
|
(7 |
) |
|
|
(218 |
) |
|
|
(154 |
) |
Non-operating pension and other post-employment benefit costs |
|
|
(14 |
) |
|
|
(14 |
) |
|
|
(15 |
) |
|
|
(19 |
) |
|
|
(43 |
) |
|
|
(57 |
) |
Interest income and other |
|
|
4 |
|
|
|
4 |
|
|
|
4 |
|
|
|
6 |
|
|
|
12 |
|
|
|
17 |
|
Net charge to earnings |
|
$ |
(89 |
) |
|
$ |
(82 |
) |
|
$ |
(78 |
) |
|
$ |
(20 |
) |
|
$ |
(249 |
) |
|
$ |
(194 |
) |
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions |
|
Q1.2026 |
|
|
Q2.2026 |
|
|
Q3.2026 |
|
|
Q3.2025 |
|
|
YTD.2026 |
|
|
YTD.2025 |
|
||||||
Operating loss |
|
$ |
(79 |
) |
|
$ |
(72 |
) |
|
$ |
(67 |
) |
|
$ |
(7 |
) |
|
$ |
(218 |
) |
|
$ |
(154 |
) |
Depreciation, depletion and amortization |
|
|
3 |
|
|
|
1 |
|
|
|
5 |
|
|
|
3 |
|
|
|
9 |
|
|
|
8 |
|
Special items |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26 |
) |
|
|
— |
|
|
|
(26 |
) |
Adjusted EBITDA(1) |
|
$ |
(76 |
) |
|
$ |
(71 |
) |
|
$ |
(62 |
) |
|
$ |
(30 |
) |
|
$ |
(209 |
) |
|
$ |
(172 |
) |
(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 |
|
Q1.2026 |
|
|
Q2.2026 |
|
|
Q3.2026 |
|
|
Q3.2025 |
|
|
YTD.2026 |
|
|
YTD.2025 |
|
||||||
Insurance recovery |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(26 |
) |
|
$ |
— |
|
|
$ |
(26 |
) |