Weyerhaeuser Company (WY) Q4 2025 earnings summary

Executive summary

• Full year 2025 net earnings were $324 million ($0.45 per diluted share) on $6.9 billion in net sales, with Adjusted EBITDA of $1.0 billion, reflecting a decline from 2024 amid challenging market conditions.

• Q4 2025 net earnings were $74 million ($0.10 per diluted share) on $1.5 billion in sales; Adjusted EBITDA was $140 million, with a net loss of $67 million excluding special items.

• Special items in Q4 included significant gains from timberland sales and a $145 million noncash pension settlement charge.

• Achieved multi-year growth targets, exceeded Climate Solutions Adjusted EBITDA goal, and launched a new growth strategy targeting $1.5 billion incremental Adjusted EBITDA by 2030.

• Returned $766 million to shareholders in 2025, including $160 million in share repurchases, completed a $1 billion repurchase program, and announced a new $1 billion authorization.

Financial highlights

• Gross margin for 2025 was $1,025 million, down from $1,313 million in 2024; Adjusted FAD for 2025 was $397 million, down from $567 million in 2024.

• Completed $406 million in Timberlands divestitures and agreed to sell 108,000 acres in Virginia for $193 million.

• Cash from operations was $562 million; excluding pension contributions, $762 million.

• Ended year with just under $500 million in cash and $5.6 billion in total debt; pension liability management included a $455 million annuity contract, reducing gross pension obligations to $1.9 billion.

• Net debt to Adjusted EBITDA (LTM) increased to 5.0 at year-end 2025.

Outlook and guidance

• Timberlands and Wood Products Q1 2026 earnings and Adjusted EBITDA expected to be comparable to Q4 2025; Strategic Land Solutions earnings and Adjusted EBITDA projected to be significantly higher due to a large conservation easement sale.

• Full-year 2026 company-wide fee harvest volumes expected at 35.5 million tons; Strategic Land Solutions Adjusted EBITDA guidance of $425 million.

• 2026 CapEx guidance: $400–$450 million, plus $300 million for a new EWP facility in Arkansas.

• Company maintains a favorable long-term outlook and is positioned to capitalize as market conditions improve.