8-K

EXHIBIT 99.1


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

Weyerhaeuser Reports Fourth Quarter, Full Year Results

•

Generated full year net earnings of $1.9 billion, or $2.53 per diluted share

•

Achieved full year Adjusted EBITDA of $3.7 billion

•

Returning $1.75 billion in total cash back to shareholders based on 2022 results, including $550 million of share repurchase completed in 2022

SEATTLE, January 26, 2023 – Weyerhaeuser Company (NYSE: WY) today reported fourth quarter net earnings of $11 million, or 2 cents per diluted share, on net sales of $1.8 billion. This compares with net earnings of $416 million, or 55 cents per diluted share, on net sales of $2.2 billion for the same period last year and net earnings of $310 million for the third quarter of 2022. Excluding a total after-tax charge of $160 million for special items, the company reported fourth quarter net earnings of $171 million, or 24 cents per diluted share. This compares with net earnings before special items of $367 million for the same period last year. Adjusted EBITDA for the fourth quarter of 2022 was $369 million compared with $674 million for the same period last year and $583 million for the third quarter of 2022.

In the fourth quarter, Weyerhaeuser completed the purchase of a group annuity contract which transfers approximately $420 million of the company's Canadian pension liabilities to an insurance carrier. The contract purchase was funded from Canadian pension plan assets, with no company cash contribution required. As a result of the transaction, fourth quarter special items include a noncash after-tax settlement charge of $152 million. This transaction is the latest in a series of actions taken to reduce the company's pension plan obligations. Since beginning these efforts in 2018, Weyerhaeuser's pension obligations have decreased from $6.8 billion to $2.3 billion as of December 31, 2022.

For the full year 2022, Weyerhaeuser reported net earnings of $1.9 billion, or $2.53 per diluted share, on net sales of $10.2 billion. This compares with net earnings of $2.6 billion on net sales of $10.2 billion for the full year 2021. Full year 2022 includes after-tax charges of $367 million for special items. Excluding these items, the company reported net earnings of $2.2 billion, or $3.02 per diluted share. This compares with net earnings before special items of $2.5 billion for the full year 2021. Adjusted EBITDA for full year 2022 was $3.7 billion compared with $4.1 billion for full year 2021.

This afternoon, the company declared a $0.90 per share supplemental dividend. On a combined basis, including dividends and share repurchase, the company is returning $1.75 billion of cash, or 75 percent of 2022 Adjusted FAD, to shareholders based on 2022 results.

“I am extremely proud of our accomplishments in 2022, and our performance reflects strong execution across all businesses despite macroeconomic headwinds, supply chain disruptions and dynamic market conditions,” said Devin W. Stockfish, president and chief executive officer. “Our teams drove continued improvements across each of the value levers of our investment thesis in 2022. Notably, we grew our timberlands holdings through a strategic acquisition in the Carolinas, captured additional operational excellence improvements, announced our first two carbon capture and storage agreements and joined the Climate Pledge. We also increased our base dividend by 5.9 percent, repurchased $550 million of our shares and refinanced $900 million of debt. Entering 2023, our balance sheet is exceptionally strong, and we are well positioned to navigate through a range of market conditions. We remain focused on serving our customers and driving long-term value for shareholders through our unrivaled portfolio, industry-leading performance, strong ESG foundation and disciplined capital allocation.”


WEYERHAEUSER FINANCIAL HIGHLIGHTS	2022		2022			2021		2022		2021
(millions, except per share data)	Q3		Q4			Q4		Full Year		Full Year
Net sales	$	2,276	$	1,823		$	2,206	$	10,184	$	10,201
Net earnings	$	310	$	11		$	416	$	1,880	$	2,607
Net earnings per diluted share	$	0.42	$	0.02		$	0.55	$	2.53	$	3.47
Weighted average shares outstanding, diluted		741		737			751		743		751
Net earnings before special items(1)(2)	$	310	$	171		$	367	$	2,247	$	2,526
Net earnings per diluted share before special items(1)	$	0.42	$	0.24		$	0.49	$	3.02	$	3.37
Adjusted EBITDA(1)	$	583	$	369		$	674	$	3,654	$	4,094
Net cash from operations	$	562	$	167		$	494	$	2,832	$	3,159
Adjusted FAD(3)	$	468	$	(56	)	$	181	$	2,327	$	2,623

(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)

Fourth quarter 2022 after-tax special items include a $152 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract and a $8 million noncash impairment charge related to the planned divestiture of legacy coal assets. 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	2022		2022
(millions)	Q3		Q4		Change
Net sales	$	574	$	548	$	(26	)
Net contribution to pretax earnings	$	107	$	86	$	(21	)
Adjusted EBITDA	$	168	$	150	$	(18	)

Q4 2022 Performance – In the West, fee harvest volumes were slightly higher than the third quarter, as harvest operations returned to normal levels faster than expected following the resolution of the work stoppage. Sales realizations were significantly lower, partially offset by moderately higher sales volumes. Per unit log and haul costs were comparable, and forestry and road costs were seasonally lower. In the South, fee harvest volumes were slightly higher than the third quarter, while sales realizations and per unit log and haul costs were both comparable.

Q1 2023 Outlook – Weyerhaeuser anticipates first quarter earnings and Adjusted EBITDA will be slightly higher than the fourth quarter. In the West, the company expects significantly higher fee harvest volumes, partially offset by significantly lower domestic sales realizations. Per unit log and haul costs are expected to be moderately lower and forestry and road costs are expected to be seasonally lower. In the South, the company expects fee harvest volumes and sales realizations to be slightly lower. Per unit log and haul costs and forestry and road costs are expected to be comparable.

REAL ESTATE, ENERGY & NATURAL RESOURCES


FINANCIAL HIGHLIGHTS	2022		2022
(millions)	Q3		Q4		Change
Net sales	$	68	$	55	$	(13	)
Net contribution to pretax earnings	$	48	$	24	$	(24	)
Pretax charge for special items	$	—	$	10	$	10
Net contribution to pretax earnings before special items	$	48	$	34	$	(14	)
Adjusted EBITDA	$	60	$	46	$	(14	)

Q4 2022 Performance – Earnings and Adjusted EBITDA decreased from the third quarter due to lower real estate sales. The number of acres sold decreased due to the timing of transactions, partially offset by an increase in the average price per acre due to the mix of properties sold. The segment reported full year Adjusted EBITDA of $329 million.

Fourth quarter pretax special items include a $10 million noncash impairment charge related to the planned divestiture of legacy coal assets.

Q1 2023 Outlook – Weyerhaeuser anticipates first quarter earnings before special items will be approximately $10 million higher than the fourth quarter and Adjusted EBITDA will be approximately $35 million higher than the fourth quarter due to the timing and mix of real estate sales. The company expects full year 2023 Adjusted EBITDA for the segment will be approximately $300 million.

WOOD PRODUCTS


FINANCIAL HIGHLIGHTS	2022		2022
(millions)	Q3		Q4		Change
Net sales	$	1,767	$	1,331	$	(436	)
Net contribution to pretax earnings	$	344	$	147	$	(197	)
Adjusted EBITDA	$	395	$	197	$	(198	)

Q4 2022 Performance – Sales realizations for lumber and oriented strand board decreased 11 percent and 16 percent, respectively, compared with third quarter averages. Sales and production volumes for lumber were significantly lower due to the work stoppage, labor constraints and adverse weather conditions. Unit manufacturing costs were significantly higher and log costs were moderately lower, primarily for western logs. For oriented strand board, sales volumes were slightly lower and production volumes were comparable. Unit manufacturing costs were moderately lower, and fiber costs were slightly lower. Sales realizations were lower for most engineered wood products, while sales volumes were significantly lower for all products due to softening demand. Raw material costs were moderately lower, primarily for oriented strand board webstock. Distribution sales volumes were lower, primarily for engineered wood products.

Q1 2023 Outlook – Weyerhaeuser anticipates first quarter earnings and Adjusted EBITDA will be moderately higher than the fourth quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. For lumber, the company expects higher sales volumes, moderately lower log costs and significantly lower unit manufacturing costs. For oriented strand board, the company anticipates moderately higher sales volumes, moderately lower fiber costs and slightly lower unit manufacturing costs. Sales realizations for engineered wood products are expected to be significantly lower, partially offset by significantly lower raw material costs, primarily for oriented strand board webstock. For distribution, the company anticipates lower margins for all products.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in North America. Our

company is a real estate investment trust. In 2022, we generated $10.2 billion in net sales and employed approximately 9,200 people who serve customers worldwide. Our 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 January 27, 2023 to discuss fourth quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on January 27, 2023.

To join the conference call from within North America, dial 1-877-407-0792 (access code: 13734906) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13734906). Replays will be available for two weeks at 1-844-512-2921 (access code: 13734906) from within North America, and at 1-412-317-6671 (access code: 13734906) from outside North America.

FORWARD-LOOKING STATEMENTS

This news 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: earnings and Adjusted EBITDA for the company and for each of our businesses; fee harvest volumes and sales realizations for our Timberlands business; log and haul, forestry and road costs and expenses; sales volumes and log and manufacturing costs for our lumber business; sales volumes, fiber costs and unit manufacturing costs for our oriented strand board business; sales realizations and raw material costs for our engineered wood products business; margins for all products in our distribution business; and our future performance through a range of market conditions. 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,” “planned,” “will,” and similar words and expressions. They may use the positive, negative or another variation of those and similar words and expressions. These forward-looking statements are based on our current expectations and assumptions and are not guarantees of future events or performance. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to:

●

the effect of general economic conditions, including employment rates, interest rate levels, inflation, housing starts, general availability and cost of financing for home mortgages and the relative strength of the U.S. dollar;

●

the effect of COVID-19 and other viral or disease outbreaks and their potential effects on our business, results of operations, cash flows, financial condition and future prospects;

●

market demand for the company's products, including market demand for our timberland properties with higher and better uses, which is related to, among other factors, the strength of the various U.S. business segments and U.S. and international economic conditions;

●

changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Japanese yen, the Chinese yuan, and the Canadian dollar, and the relative value of the euro to the yen;

●

restrictions on international trade and tariffs imposed on imports or exports;

●

the availability and cost of shipping and transportation;

●

economic activity in Asia, especially Japan and China;

●

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

●

potential disruptions in our manufacturing operations;

●

the level of competition from domestic and foreign producers;

●

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

●

our ability to hire and retain capable employees;

●

the successful and timely execution and integration of our strategic acquisitions, including our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic divestitures, each of which is subject to a number of risks and conditions beyond our control including, but not limited to, timing and required regulatory approvals or the occurrence of any event, change or other circumstances that could give rise to a termination of any acquisition or divestiture transaction under the terms of the governing transaction agreements;

●

raw material availability and prices;

●

the effect of weather;

●

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

●

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

●

energy prices;

●

transportation and labor availability and costs;

●

federal tax policies;

●

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

●

legal proceedings;

●

performance of pension fund investments and related derivatives;

●

the effect of timing of employee retirements as it relates to the cost of pension benefits and changes in the market price of our common stock on charges for share-based compensation;

●

the accuracy of our estimates of costs and expenses related to contingent liabilities and the accuracy of our estimates of charges related to casualty losses;

●

changes in accounting principles; and

●

other risks and uncertainties identified in our 2021 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 year ended December 31, 2022:


(millions)	Timberlands		Real Estate & ENR		Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings										$	1,880
Interest expense, net of capitalized interest											270
Loss on debt extinguishment(1)											276
Income taxes											425
Net contribution (charge) to earnings	$	528	$	218	$	2,536	$	(431	)	$	2,851
Non-operating pension and other post-employment benefit costs(2)		—		—		—		254			254
Interest income and other		—		—		—		(25	)		(25	)
Operating income (loss)		528		218		2,536		(202	)		3,080
Depreciation, depletion and amortization		256		17		201		6			480
Basis of real estate sold		—		84		—		—			84
Special items included in operating income (loss)(3)		—		10		—		—			10
Adjusted EBITDA	$	784	$	329	$	2,737	$	(196	)	$	3,654

(1)

Loss on debt extinguishment is a pretax special item related to the early extinguishment of $931 million of debt.

(2)

Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $205 million noncash settlement charge related to the transfer of pension plan assets and liabilities to an insurance company through the purchase of a group annuity contract.

(3)

Operating income (loss) for Real Estate & ENR includes a pretax special item consisting of a $10 million noncash impairment charge related to the planned divestiture of legacy coal assets.

The table below reconciles Adjusted EBITDA for the year ended December 31, 2021:


(millions)	Timberlands			Real Estate & ENR		Wood Products			Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings												$	2,607
Interest expense, net of capitalized interest													313
Income taxes													709
Net contribution (charge) to earnings	$	464		$	210	$	3,211		$	(256	)	$	3,629
Non-operating pension and other post-employment benefit costs		—			—		—			19			19
Interest income and other		—			—		—			(5	)		(5	)
Operating income (loss)		464			210		3,211			(242	)		3,643
Depreciation, depletion and amortization		261			15		196			5			477
Basis of real estate sold		—			71		—			—			71
Special items included in operating income (loss)(1)(2)(3)		(32	)		—		(50	)		(15	)		(97	)
Adjusted EBITDA	$	693		$	296	$	3,357		$	(252	)	$	4,094

(1)

Operating income (loss) for Timberlands includes a pretax special item consisting of a $32 million gain on the sale of timberlands.

(2)

Operating income (loss) for Wood Products includes pretax special items consisting of a $37 million product remediation insurance recovery and a $13 million insurance recovery.

(3)

Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $15 million noncash legal benefit.

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2022:


(millions)	Timberlands		Real Estate & ENR		Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings										$	11
Interest expense, net of capitalized interest											66
Income taxes											(45	)
Net contribution (charge) to earnings	$	86	$	24	$	147	$	(225	)	$	32
Non-operating pension and other post-employment benefit costs(1)		—		—		—		216			216
Interest income and other		—		—		—		(16	)		(16	)
Operating income (loss)		86		24		147		(25	)		232
Depreciation, depletion and amortization		64		5		50		1			120
Basis of real estate sold		—		7		—		—			7
Special items included in operating income (loss)(2)		—		10		—		—			10
Adjusted EBITDA	$	150	$	46	$	197	$	(24	)	$	369

(1)

(2)

Operating income (loss) for Real Estate & ENR includes a pretax special item consisting of a $10 million noncash impairment charge related to the planned divestiture of legacy coal assets.

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2022:


(millions)	Timberlands		Real Estate & ENR		Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings										$	310
Interest expense, net of capitalized interest											67
Income taxes											77
Net contribution (charge) to earnings	$	107	$	48	$	344	$	(45	)	$	454
Non-operating pension and other post-employment benefit costs		—		—		—		12			12
Interest income and other		—		—		—		(9	)		(9	)
Operating income (loss)		107		48		344		(42	)		457
Depreciation, depletion and amortization		61		5		51		2			119
Basis of real estate sold		—		7		—		—			7
Adjusted EBITDA	$	168	$	60	$	395	$	(40	)	$	583

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2021:


(millions)	Timberlands		Real Estate & ENR		Wood Products			Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings											$	416
Interest expense, net of capitalized interest												77
Income taxes												112
Net contribution (charge) to earnings	$	110	$	36	$	516		$	(57	)	$	605
Non-operating pension and other post-employment benefit costs		—		—		—			5			5
Interest income and other		—		—		—			(1	)		(1	)
Operating income (loss)		110		36		516			(53	)		609
Depreciation, depletion and amortization		66		4		51			—			121
Basis of real estate sold		—		9		—			—			9
Special items included in operating income (loss)(1)(2)		—		—		(50	)		(15	)		(65	)
Adjusted EBITDA	$	176	$	49	$	517		$	(68	)	$	674

(1)

Operating income (loss) for Wood Products includes pretax special items consisting of a $37 million product remediation insurance recovery and a $13 million insurance recovery.

(2)

Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $15 million noncash legal benefit.

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:


	2022		2022		2021			2022		2021
(millions)	Q3		Q4		Q4			Full Year		Full Year
Net earnings	$	310	$	11	$	416		$	1,880	$	2,607
Gain on sale of timberlands		—		—		—			—		(32	)
Insurance recovery		—		—		(9	)		—		(9	)
Legal benefit		—		—		(12	)		—		(12	)
Loss on debt extinguishment		—		—		—			207		—
Pension settlement charge		—		152		—			152		—
Product remediation recovery		—		—		(28	)		—		(28	)
Restructuring, impairments and other charges		—		8		—			8		—
Net earnings before special items	$	310	$	171	$	367		$	2,247	$	2,526

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


	2022		2022		2021			2022		2021
	Q3		Q4		Q4			Full Year		Full Year
Net earnings per diluted share	$	0.42	$	0.02	$	0.55		$	2.53	$	3.47
Gain on sale of timberlands		—		—		—			—		(0.04	)
Insurance recovery		—		—		(0.01	)		—		(0.01	)
Legal benefit		—		—		(0.01	)		—		(0.01	)
Loss on debt extinguishment		—		—		—			0.28		—
Pension settlement charge		—		0.21		—			0.20		—
Product remediation recovery		—		—		(0.04	)		—		(0.04	)
Restructuring, impairments and other charges		—		0.01		—			0.01		—
Net earnings per diluted share before special items	$	0.42	$	0.24	$	0.49		$	3.02	$	3.37

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:


	2022			2022			2021			2022			2021
(millions)	Q3			Q4			Q4			Full Year			Full Year
Net cash from operations	$	562		$	167		$	494		$	2,832		$	3,159
Capital expenditures		(94	)		(223	)		(218	)		(468	)		(441	)
Adjustments to FAD(1)		—			—			(95	)		(37	)		(95	)
Adjusted FAD	$	468		$	(56	)	$	181		$	2,327		$	2,623

(1)

Adjustments to FAD include a $37 million product remediation insurance recovery received in first quarter 2022 and a $95 million tax refund received in fourth quarter 2021 associated with our $300 million voluntary contribution to our U.S. qualified pension plan in 2018.


Weyerhaeuser Company	Exhibit 99.2

Q4.2022 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Operations


	Q1			Q2			Q3			Q4						Year-to-Date
in millions	March 31, 2022			June 30, 2022			Sept 30, 2022			Dec 31, 2022			Dec 31, 2021			Dec 31, 2022			Dec 31, 2021
Net sales	$	3,112		$	2,973		$	2,276		$	1,823		$	2,206		$	10,184		$	10,201
Costs of sales		1,647			1,789			1,694			1,434			1,501			6,564			6,103
Gross margin		1,465			1,184			582			389			705			3,620			4,098
Selling expenses		23			23			24			23			27			93			95
General and administrative expenses		92			102			100			104			113			398			396
Other operating costs (income), net		6			12			1			30			(44	)		49			(36	)
Operating income		1,344			1,047			457			232			609			3,080			3,643
Non-operating pension and other post-employment benefit costs		(15	)		(11	)		(12	)		(216	)		(5	)		(254	)		(19	)
Interest income and other		(1	)		1			9			16			1			25			5
Interest expense, net of capitalized interest		(72	)		(65	)		(67	)		(66	)		(77	)		(270	)		(313	)
Loss on debt extinguishment		(276	)		—			—			—			—			(276	)		—
Earnings (loss) before income taxes		980			972			387			(34	)		528			2,305			3,316
Income taxes		(209	)		(184	)		(77	)		45			(112	)		(425	)		(709	)
Net earnings	$	771		$	788		$	310		$	11		$	416		$	1,880		$	2,607

Per Share Information


	Q1		Q2		Q3		Q4				Year-to-Date
	March 31, 2022		June 30, 2022		Sept 30, 2022		Dec 31, 2022		Dec 31, 2021		Dec 31, 2022		Dec 31, 2021
Earnings per share
Basic	$	1.03	$	1.06	$	0.42	$	0.02	$	0.56	$	2.53	$	3.48
Diluted	$	1.03	$	1.06	$	0.42	$	0.02	$	0.55	$	2.53	$	3.47
Dividends paid per common share	$	1.63	$	0.18	$	0.18	$	0.18	$	0.67	$	2.17	$	1.18
Weighted average shares outstanding (in thousands):
Basic		747,507		744,542		740,058		735,715		749,020		741,904		749,496
Diluted		748,823		745,582		740,975		736,640		750,942		742,953		750,983
Common shares outstanding at end of period (in thousands)		745,442		741,738		737,547		732,794		747,301		732,794		747,301

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


	Q1		Q2			Q3			Q4						Year-to-Date
in millions	March 31, 2022		June 30, 2022			Sept 30, 2022			Dec 31, 2022			Dec 31, 2021			Dec 31, 2022			Dec 31, 2021
Net earnings	$	771	$	788		$	310		$	11		$	416		$	1,880		$	2,607
Non-operating pension and other post-employment benefit costs		15		11			12			216			5			254			19
Interest income and other		1		(1	)		(9	)		(16	)		(1	)		(25	)		(5	)
Interest expense, net of capitalized interest		72		65			67			66			77			270			313
Loss on debt extinguishment		276		—			—			—			—			276			—
Income taxes		209		184			77			(45	)		112			425			709
Operating income		1,344		1,047			457			232			609			3,080			3,643
Depreciation, depletion and amortization		122		119			119			120			121			480			477
Basis of real estate sold		31		39			7			7			9			84			71
Special items included in operating income		—		—			—			10			(65	)		10			(97	)
Adjusted EBITDA(1)	$	1,497	$	1,205		$	583		$	369		$	674		$	3,654		$	4,094

(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.

Page 1 of 8


Weyerhaeuser Company	Total Company Statistics

Q4.2022 Analyst Package

Preliminary results (unaudited)

Special Items Included in Net Earnings (Income Tax Affected)


	Q1		Q2		Q3		Q4					Year-to-Date
in millions	March 31, 2022		June 30, 2022		Sept 30, 2022		Dec 31, 2022		Dec 31, 2021			Dec 31, 2022		Dec 31, 2021
Net earnings	$	771	$	788	$	310	$	11	$	416		$	1,880	$	2,607
Gain on sale of timberlands		—		—		—		—		—			—		(32	)
Insurance recovery		—		—		—		—		(9	)		—		(9	)
Legal benefit		—		—		—		—		(12	)		—		(12	)
Loss on debt extinguishment(1)		207		—		—		—		—			207		—
Pension settlement charge		—		—		—		152		—			152		—
Product remediation recovery		—		—		—		—		(28	)		—		(28	)
Restructuring, impairments and other charges		—		—		—		8		—			8		—
Net earnings before special items(2)	$	978	$	788	$	310	$	171	$	367		$	2,247	$	2,526


	Q1		Q2		Q3		Q4					Year-to-Date
	March 31, 2022		June 30, 2022		Sept 30, 2022		Dec 31, 2022		Dec 31, 2021			Dec 31, 2022		Dec 31, 2021
Net earnings per diluted share	$	1.03	$	1.06	$	0.42	$	0.02	$	0.55		$	2.53	$	3.47
Gain on sale of timberlands		—		—		—		—		—			—		(0.04	)
Insurance recovery		—		—		—		—		(0.01	)		—		(0.01	)
Legal benefit		—		—		—		—		(0.01	)		—		(0.01	)
Loss on debt extinguishment(1)		0.28		—		—		—		—			0.28		—
Pension settlement charge		—		—		—		0.21		—			0.20		—
Product remediation recovery		—		—		—		—		(0.04	)		—		(0.04	)
Restructuring, impairments and other charges		—		—		—		0.01		—			0.01		—
Net earnings per diluted share before special items(2)	$	1.31	$	1.06	$	0.42	$	0.24	$	0.49		$	3.02	$	3.37

(1) We recorded a total pretax loss on debt extinguishment of $276 million ($207 million after-tax) in first quarter 2022.

(2) 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		Q4				Year-to-Date
in millions	March 31, 2022		June 30, 2022		Sept 30, 2022		Dec 31, 2022		Dec 31, 2021		Dec 31, 2022		Dec 31, 2021
Pension and post-employment costs:
Pension and post-employment service costs	$	10	$	8	$	9	$	9	$	10	$	36	$	42
Non-operating pension and other post-employment benefit costs		15		11		12		216		5		254		19
Total company pension and post-employment costs	$	25	$	19	$	21	$	225	$	15	$	290	$	61

Page 2 of 8

Weyerhaeuser Company

Q4.2022 Analyst Package

Preliminary results (unaudited)

Condensed Consolidated Balance Sheet


in millions	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	1,205	$	1,723	$	1,920	$	1,581	$	1,879
Receivables, net		745		547		425		357		507
Receivables for taxes		8		6		15		42		24
Inventories		611		571		542		550		520
Prepaid expenses and other current assets		206		165		146		216		205
Total current assets		2,775		3,012		3,048		2,746		3,135
Property and equipment, net		2,026		2,000		1,997		2,171		2,057
Construction in progress		203		233		245		222		175
Timber and timberlands at cost, less depletion		11,469		11,706		11,681		11,604		11,510
Minerals and mineral rights, less depletion		252		248		245		214		255
Deferred tax assets		15		11		10		8		17
Other assets		376		370		364		375		503
Total assets	$	17,116	$	17,580	$	17,590	$	17,340	$	17,652

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	—	$	118	$	982	$	—
Accounts payable		310		283		272		247		281
Accrued liabilities		674		658		664		511		673
Total current liabilities		984		941		1,054		1,740		954
Long-term debt, net		5,053		5,053		4,935		4,071		5,099
Deferred tax liabilities		66		83		89		96		46
Deferred pension and other post-employment benefits		432		347		335		344		440
Other liabilities		344		340		339		340		346
Total liabilities		6,879		6,764		6,752		6,591		6,885
Total equity		10,237		10,816		10,838		10,749		10,767
Total liabilities and equity	$	17,116	$	17,580	$	17,590	$	17,340	$	17,652

Page 3 of 8

Weyerhaeuser Company

Q4.2022 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Cash Flows


	Q1			Q2			Q3			Q4						Year-to-Date
in millions	March 31, 2022			June 30, 2022			Sept 30, 2022			Dec 31, 2022			Dec 31, 2021			Dec 31, 2022			Dec 31, 2021
Cash flows from operations:
Net earnings	$	771		$	788		$	310		$	11		$	416		$	1,880		$	2,607
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization		122			119			119			120			121			480			477
Basis of real estate sold		31			39			7			7			9			84			71
Deferred income taxes, net		14			—			3			(47	)		(2	)		(30	)		14
Pension and other post-employment benefits		25			19			21			225			15			290			61
Share-based compensation expense		8			9			8			8			7			33			30
Gain on sale of timberlands		—			—			—			—			—			—			(32	)
Loss on debt extinguishment		276			—			—			—			—			276			—
Change in:
Receivables, net		(238	)		198			121			68			(10	)		149			(57	)
Receivables and payables for taxes		110			(83	)		(12	)		(116	)		6			(101	)		99
Inventories		(87	)		29			28			(7	)		(22	)		(37	)		(77	)
Prepaid expenses and other current assets		(1	)		(2	)		(4	)		(5	)		(4	)		(12	)		(25	)
Accounts payable and accrued liabilities		(62	)		47			(8	)		(88	)		(3	)		(111	)		113
Pension and post-employment benefit contributions and payments		(4	)		(10	)		(5	)		(5	)		(3	)		(24	)		(59	)
Other		(8	)		(7	)		(26	)		(4	)		(36	)		(45	)		(63	)
Net cash from operations	$	957		$	1,146		$	562		$	167		$	494		$	2,832		$	3,159
Cash flows from investing activities:
Capital expenditures for property and equipment	$	(50	)	$	(71	)	$	(86	)	$	(208	)	$	(202	)	$	(415	)	$	(386	)
Capital expenditures for timberlands reforestation		(20	)		(10	)		(8	)		(15	)		(16	)		(53	)		(55	)
Acquisition of timberlands		(18	)		(265	)		(3	)		(9	)		—			(295	)		(149	)
Proceeds from sale of timberlands		—			—			—			—			—			—			261
Other		1			—			—			3			1			4			4
Net cash from investing activities	$	(87	)	$	(346	)	$	(97	)	$	(229	)	$	(217	)	$	(759	)	$	(325	)
Cash flows from financing activities:
Cash dividends on common shares	$	(1,218	)	$	(134	)	$	(133	)	$	(132	)	$	(502	)	$	(1,617	)	$	(884	)
Net proceeds from issuance of long-term debt		881			—			—			—			—			881			—
Payments on long-term debt		(1,203	)		—			—			—			(150	)		(1,203	)		(375	)
Proceeds from exercise of stock options		12			2			1			1			5			16			51
Repurchases of common shares		(118	)		(141	)		(143	)		(141	)		(74	)		(543	)		(100	)
Other		(18	)		(1	)		(1	)		(5	)		(3	)		(25	)		(22	)
Net cash from financing activities	$	(1,664	)	$	(274	)	$	(276	)	$	(277	)	$	(724	)	$	(2,491	)	$	(1,330	)

Net change in cash, cash equivalents and restricted cash	$	(794	)	$	526		$	189		$	(339	)	$	(447	)	$	(418	)	$	1,504
Cash, cash equivalents and restricted cash at beginning of period		1,999			1,205			1,731			1,920			2,446			1,999			495
Cash, cash equivalents and restricted cash at end of period	$	1,205		$	1,731		$	1,920		$	1,581		$	1,999		$	1,581		$	1,999

Cash paid during the period for:
Interest, net of amounts capitalized	$	78		$	71		$	62		$	72		$	78		$	283		$	315
Income taxes, net of refunds	$	85		$	269		$	92		$	120		$	115		$	566		$	609

Page 4 of 8


Weyerhaeuser Company	Timberlands Segment

Q4.2022 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations


in millions	Q1.2022			Q2.2022			Q3.2022			Q4.2022		Q4.2021			YTD.2022			YTD.2021
Sales to unaffiliated customers	$	465		$	515		$	441		$	437	$	429		$	1,858		$	1,636
Intersegment sales		161			156			133			111		136			561			535
Total net sales		626			671			574			548		565			2,419			2,171
Costs of sales		423			495			442			436		432			1,796			1,650
Gross margin		203			176			132			112		133			623			521
Selling expenses		—			—			1			—		1			1			2
General and administrative expenses		24			24			25			25		23			98			92
Other operating (income) loss, net		(3	)		(1	)		(1	)		1		(1	)		(4	)		(37	)
Operating income and Net contribution to earnings	$	182		$	153		$	107		$	86	$	110		$	528		$	464

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


in millions	Q1.2022		Q2.2022		Q3.2022		Q4.2022		Q4.2021		YTD.2022		YTD.2021
Operating income	$	182	$	153	$	107	$	86	$	110	$	528	$	464
Depreciation, depletion and amortization		65		66		61		64		66		256		261
Special items		—		—		—		—		—		—		(32	)
Adjusted EBITDA(1)	$	247	$	219	$	168	$	150	$	176	$	784	$	693

(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	Q1.2022		Q2.2022		Q3.2022		Q4.2022		Q4.2021		YTD.2022		YTD.2021
Gain on sale of timberlands	$	—	$	—	$	—	$	—	$	—	$	—	$	32

Selected Segment Items


in millions	Q1.2022			Q2.2022			Q3.2022			Q4.2022			Q4.2021			YTD.2022			YTD.2021
Total decrease (increase) in working capital(2)	$	(34	)	$	57		$	14		$	(28	)	$	(21	)	$	9		$	(31	)
Cash spent for capital expenditures(3)	$	(30	)	$	(23	)	$	(22	)	$	(38	)	$	(38	)	$	(113	)	$	(114	)

(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)


		Q1.2022		Q2.2022		Q3.2022		Q4.2022		Q4.2021		YTD.2022		YTD.2021
Third Party	Delivered logs:
Net Sales	West	$	259	$	308	$	224	$	213	$	220	$	1,004	$	869
(millions)	South		154		160		166		165		160		645		589
	North		15		10		15		16		14		56		52
	Total delivered logs		428		478		405		394		394		1,705		1,510
	Stumpage and pay-as-cut timber		9		11		10		16		9		46		31
	Recreational and other lease revenue		17		16		18		17		17		68		65
	Other revenue		11		10		8		10		9		39		30
	Total	$	465	$	515	$	441	$	437	$	429	$	1,858	$	1,636
Delivered Logs	West	$	161.29	$	173.35	$	158.59	$	141.88	$	146.39	$	159.46	$	140.08
Third Party Sales	South	$	37.15	$	38.47	$	38.59	$	38.67	$	36.55	$	38.23	$	35.47
Realizations (per ton)	North	$	72.79	$	83.93	$	83.84	$	80.57	$	66.74	$	79.64	$	66.18
Delivered Logs	West		1,604		1,778		1,411		1,503		1,501		6,296		6,203
Third Party Sales	South		4,135		4,167		4,310		4,252		4,358		16,864		16,594
Volumes (tons, thousands)	North		210		118		177		202		217		707		788
Fee Harvest Volumes	West		2,240		2,085		1,760		1,773		1,954		7,858		8,084
(tons, thousands)	South		5,842		6,159		6,112		6,216		6,160		24,329		23,304
	North		278		180		245		271		285		974		1,085

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

Page 5 of 8


Weyerhaeuser Company	Real Estate, Energy & Natural Resources Segment

Q4.2022 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations


in millions	Q1.2022		Q2.2022		Q3.2022		Q4.2022		Q4.2021		YTD.2022		YTD.2021
Net sales	$	128	$	117	$	68	$	55	$	59	$	368	$	344
Costs of sales		41		45		14		13		16		113		109
Gross margin		87		72		54		42		43		255		235
General and administrative expenses		6		7		6		8		7		27		25
Other operating loss, net		—		—		—		10		—		10		—
Operating income and Net contribution to earnings	$	81	$	65	$	48	$	24	$	36	$	218	$	210

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


in millions	Q1.2022		Q2.2022		Q3.2022		Q4.2022		Q4.2021		YTD.2022		YTD.2021
Operating income	$	81	$	65	$	48	$	24	$	36	$	218	$	210
Depreciation, depletion and amortization		4		3		5		5		4		17		15
Basis of real estate sold		31		39		7		7		9		84		71
Special items		—		—		—		10		—		10		—
Adjusted EBITDA(1)	$	116	$	107	$	60	$	46	$	49	$	329	$	296

(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	Q1.2022		Q2.2022		Q3.2022		Q4.2022			Q4.2021		YTD.2022			YTD.2021
Restructuring, impairments and other charges	$	—	$	—	$	—	$	(10	)	$	—	$	(10	)	$	—

Selected Segment Items

in millions

Q1.2022

Q2.2022

Q3.2022

Q4.2022

Q4.2021

YTD.2022

YTD.2021

Cash spent for capital expenditures

—

—

—

—

—

—

—

Segment Statistics


		Q1.2022			Q2.2022			Q3.2022			Q4.2022			Q4.2021			YTD.2022			YTD.2021
Net Sales	Real Estate	$	97		$	90		$	30		$	18		$	34		$	235		$	246
(millions)	Energy and Natural Resources		31			27			38			37			25			133			98
	Total	$	128		$	117		$	68		$	55		$	59		$	368		$	344
Acres Sold	Real Estate		24,126			26,906			5,014			2,745			6,920			58,791			55,827
Price per Acre	Real Estate	$	3,785		$	3,215		$	5,046		$	5,550		$	4,385		$	3,714		$	3,725
Basis as a Percent of Real Estate Net Sales	Real Estate		32	%		43	%		23	%		39	%		26	%		36	%		29	%

Page 6 of 8


Weyerhaeuser Company	Wood Products Segment

Q4.2022 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations


in millions	Q1.2022		Q2.2022		Q3.2022		Q4.2022		Q4.2021			YTD.2022		YTD.2021
Net sales	$	2,519	$	2,341	$	1,767	$	1,331	$	1,718		$	7,958	$	8,221
Costs of sales		1,276		1,414		1,360		1,116		1,185			5,166		4,808
Gross margin		1,243		927		407		215		533			2,792		3,413
Selling expenses		21		21		22		22		23			86		84
General and administrative expenses		35		35		36		36		34			142		138
Other operating costs (income), net		5		8		5		10		(40	)		28		(20	)
Operating income and Net contribution to earnings	$	1,182	$	863	$	344	$	147	$	516		$	2,536	$	3,211

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


in millions	Q1.2022		Q2.2022		Q3.2022		Q4.2022		Q4.2021			YTD.2022		YTD.2021
Operating income	$	1,182	$	863	$	344	$	147	$	516		$	2,536	$	3,211
Depreciation, depletion and amortization		51		49		51		50		51			201		196
Special items		—		—		—		—		(50	)		—		(50	)
Adjusted EBITDA(1)	$	1,233	$	912	$	395	$	197	$	517		$	2,737	$	3,357

(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	Q1.2022		Q2.2022		Q3.2022		Q4.2022		Q4.2021		YTD.2022		YTD.2021
Insurance recovery	$	—	$	—	$	—	$	—	$	13	$	—	$	13
Product remediation recovery	$	—	$	—	$	—	$	—	$	37	$	—	$	37

Selected Segment Items


in millions	Q1.2022			Q2.2022			Q3.2022			Q4.2022			Q4.2021			YTD.2022			YTD.2021
Total decrease (increase) in working capital(2)	$	(371	)	$	205		$	136		$	20		$	(11	)	$	(10	)	$	(23	)
Cash spent for capital expenditures	$	(39	)	$	(56	)	$	(68	)	$	(184	)	$	(174	)	$	(347	)	$	(320	)

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

Segment Statistics


in millions, except for third party sales realizations		Q1.2022		Q2.2022		Q3.2022		Q4.2022		Q4.2021		YTD.2022		YTD.2021
Structural Lumber	Third party net sales	$	1,206	$	998	$	676	$	494	$	701	$	3,374	$	3,721
(volumes presented	Third party sales realizations	$	1,041	$	776	$	556	$	495	$	592	$	724	$	759
in board feet)	Third party sales volumes(3)		1,157		1,289		1,216		996		1,185		4,658		4,902
	Production volumes		1,203		1,232		1,140		938		1,148		4,513		4,815
Oriented Strand	Third party net sales	$	564	$	497	$	287	$	230	$	327	$	1,578	$	1,840
Board	Third party sales realizations	$	787	$	676	$	401	$	335	$	490	$	553	$	675
(volumes presented	Third party sales volumes(3)		717		735		715		686		668		2,853		2,726
in square feet 3/8")	Production volumes		739		758		735		729		725		2,961		2,865
Engineered Solid	Third party net sales	$	196	$	247	$	233	$	186	$	188	$	862	$	679
Section	Third party sales realizations	$	3,433	$	3,863	$	3,946	$	3,743	$	3,319	$	3,751	$	2,789
(volumes presented	Third party sales volumes(3)		5.7		6.4		5.9		5.0		5.7		23.0		24.4
in cubic feet)	Production volumes		5.7		6.4		6.0		5.5		6.0		23.6		24.0
Engineered	Third party net sales	$	137	$	168	$	166	$	102	$	132	$	573	$	447
I-joists	Third party sales realizations	$	2,969	$	3,432	$	3,525	$	3,537	$	2,888	$	3,350	$	2,300
(volumes presented	Third party sales volumes(3)		46		49		47		29		45		171		194
in lineal feet)	Production volumes		44		50		47		31		46		172		190
Softwood Plywood	Third party net sales	$	58	$	53	$	47	$	35	$	40	$	193	$	210
(volumes presented	Third party sales realizations	$	783	$	746	$	632	$	543	$	581	$	679	$	681
in square feet 3/8")	Third party sales volumes(3)		75		70		74		66		68		285		308
	Production volumes		66		67		64		62		60		259		263
Medium Density	Third party net sales	$	48	$	53	$	50	$	41	$	43	$	192	$	186
Fiberboard	Third party sales realizations	$	1,082	$	1,174	$	1,274	$	1,310	$	995	$	1,200	$	908
(volumes presented	Third party sales volumes(3)		44		45		40		31		43		160		205
in square feet 3/4")	Production volumes		44		48		38		31		43		161		206

(3) Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

Page 7 of 8


Weyerhaeuser Company	Unallocated Items

Q4.2022 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, interest income and other as well as legacy obligations.

Net Charge to Earnings


in millions	Q1.2022			Q2.2022			Q3.2022			Q4.2022			Q4.2021			YTD.2022			YTD.2021
Unallocated corporate function and variable compensation expense	$	(31	)	$	(36	)	$	(36	)	$	(36	)	$	(35	)	$	(139	)	$	(129	)
Liability classified share-based compensation		1			2			2			(1	)		(4	)		4			(6	)
Foreign exchange gain (loss)		—			3			9			(2	)		3			10			5
Elimination of intersegment profit in inventory and LIFO		(59	)		18			2			18			10			(21	)		(23	)
Other, net		(12	)		(21	)		(19	)		(4	)		(27	)		(56	)		(89	)
Operating loss		(101	)		(34	)		(42	)		(25	)		(53	)		(202	)		(242	)
Non-operating pension and other post-employment benefit costs		(15	)		(11	)		(12	)		(216	)		(5	)		(254	)		(19	)
Interest income and other		(1	)		1			9			16			1			25			5
Net charge to earnings	$	(117	)	$	(44	)	$	(45	)	$	(225	)	$	(57	)	$	(431	)	$	(256	)

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


in millions	Q1.2022			Q2.2022			Q3.2022			Q4.2022			Q4.2021			YTD.2022			YTD.2021
Operating loss	$	(101	)	$	(34	)	$	(42	)	$	(25	)	$	(53	)	$	(202	)	$	(242	)
Depreciation, depletion and amortization		2			1			2			1			—			6			5
Special items		—			—			—			—			(15	)		—			(15	)
Adjusted EBITDA(1)	$	(99	)	$	(33	)	$	(40	)	$	(24	)	$	(68	)	$	(196	)	$	(252	)

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

Unallocated Special Items Included in Net Charge to Earnings (Pretax)


in millions	Q1.2022		Q2.2022		Q3.2022		Q4.2022			Q4.2021		YTD.2022			YTD.2021
Legal benefit	$	—	$	—	$	—	$	—		$	15	$	—		$	15
Special items included in operating loss		—		—		—		—			15		—			15
Pension settlement charge		—		—		—		(205	)		—		(205	)		—
Special items included in net charge to earnings	$	—	$	—	$	—	$	(205	)	$	15	$	(205	)	$	15

Unallocated Selected Items


in millions	Q1.2022			Q2.2022			Q3.2022			Q4.2022			Q4.2021			YTD.2022			YTD.2021
Cash spent for capital expenditures	$	(1	)	$	(2	)	$	(4	)	$	(1	)	$	(6	)	$	(8	)	$	(7	)

Page 8 of 8


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	Press release of Weyerhaeuser Company issued January 26, 2023 reporting results of operations for the quarter ended December 31, 2022.
		99.2	Exhibit to press release of Weyerhaeuser Company issued January 26, 2023.
		104	Cover Page Interactive Data File (embedded within the Inline XBRL document).


WEYERHAEUSER COMPANY


By:		/s/ David M. Wold
Name:		David M. Wold
Its:		Senior Vice President and Chief Financial Officer
		(Principal Accounting Officer)