AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 2/6 · 18/10/2026
Moat25
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 1/4 · Substantial timberlands and rights support useful capabilities, but numerous sellers offer similar products and selling price is a principal competitive factor. Comparative cost leadership or protected economic rents are not demonstrated.
durability · 1/4 · Retained mineral rights and the land base can endure, but competing harvest supply moderates timber price increases. Durable assets have not translated into demonstrated durable competitive superiority.
customer dependency · 1/4 · Reliable supply is a management-described selling point, but similar offerings and price-led competition indicate weak demonstrated customer dependency. No meaningful switching friction is disclosed.
erosion resilience · 1/4 · Broad 2025 realization declines and continued 2026 OSB weakness show exposure to commodity competition. Lumber's recovery provides a partial offset, but disclosed market supply adjustments explain that improvement without establishing company-specific protection.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · 1/4 · Second-quarter 2026 lumber realizations rose 12 percent and plywood realizations rose 9 percent, while OSB realizations fell 14 percent and several other products weakened. Together with broad 2025 declines, observed pricing remains fragile and market-driven.
retention · 2/4 · Indirect demand evidence is mixed: engineered solid section volumes rose 7 percent and OSB volumes rose 2 percent, while lumber volumes fell 9 percent and other lines weakened. Continuing demand is demonstrated, but these aggregate volumes cannot establish customer-level retention or switching costs.
margin resilience · 1/4 · Wood Products operating income fell from $457 million in 2024 to $55 million in 2025. Second-quarter 2026 improved, but first-half operating income remained below the prior year. This demonstrates fragile operating resilience alongside the disclosed pricing declines.
contractual freedom · — · Commodity market pricing constrains economic discretion, but the passages do not establish sales-contract repricing rights, duration or commitment terms. Mineral rents and royalties disclose a revenue mechanism without sufficient pricing provisions to grade contractual freedom.
Predictability—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Financial strength—
Missing required inputs: debtFcfGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 15.25
- currentRatioGrade
- 43.41
- Net debt / operating income (x)
- 6.99
- Interest coverage (x)
- 2.68
- Current ratio (x)
- 1.29
Capital allocation—
Missing required inputs: cashConversionGrade. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 6.11
- 3-year average dilution (%)
- -0.85
- 3-year average SBC / revenue (%)
- 0.57
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · First-half 2026 operating cash flow of $451 million covered $251 million of property and reforestation spending, but not also $303 million of dividends and $20 million of repurchases. Asset-sale proceeds and financing supported broader uses. Lower repurchases and debt repayments show adjustment, while 2025 cash returns also exceeded operating cash after capital expenditures. Outcomes support a mixed assessment, not proof of value-destructive allocation.
incentive alignment · 3/4 · Actual incentive arrangements use three-year PSUs and four-year RSUs, with ownership requirements and hedging prohibitions. Earned PSU shares vested in March 2026, demonstrating implementation rather than merely proposed awards. Actual ownership compliance and exceptional pay-performance outcomes remain unestablished.
execution · 2/4 · Management reports $92 million of operational improvements and achievement of its multi-year Climate Solutions target; conservation transactions and positive cash generation provide concrete supporting outcomes. Assessment is partly indirect: weak Wood Products results and timberland-sale-driven consolidated income growth limit evidence of sustained operating improvement.
governance · 3/4 · Disclosed practices include ten independent directors out of eleven, separated chair and CEO roles, annual elections, majority voting and independent key committees. These support strong governance structures, without establishing exceptional oversight effectiveness.
Evidence
We own or control more than 10 million acres of timberlands in the U.S.
Our Business / timberland ownership · Filed 13/02/2026
We compete in the marketplace through our ability to provide customers with a consistent and reliable supply of high-quality logs at scale volumes and competitive prices.
Timberlands / competitive capabilities · Filed 13/02/2026
COMPETITION IN OUR MARKETS We operate in highly competitive domestic and foreign markets, with numerous companies selling similar products.
Competition in Our Markets · Filed 13/02/2026
The principal basis for competition for many of our products is selling price.
Risk Factors / basis of competition · Filed 13/02/2026
Increases in timber prices often result in substantial increases in harvesting on private timberlands, including lands owned by others and not previously made available for commercial timber operations, causing a short-term increase in supply that moderates such price increases.
Risk Factors / timber supply response · Filed 13/02/2026
For example, plastic, wood/plastic or composite materials may be used by builders as alternatives to our wood products such as lumber, veneer, plywood and oriented strand board.
Risk Factors / substitute materials · Filed 13/02/2026
PHYSICAL RISKS RELATED TO CLIMATE CHANGE Changes in global or regional climate conditions could significantly harm our timberland assets and have a negative impact on our results of operations, cash flow and financial condition.
Risk Factors / physical climate risks · Filed 13/02/2026
As the owner of mineral rights and interests, we typically do not invest in development or operations but, instead, enter into contracts with operators granting them the rights to explore, develop and sell energy and natural resources produced from our property in exchange for rents and royalties.
Energy and Natural Resources / rents and royalties · Filed 13/02/2026
We generally reserve mineral rights when selling timberlands acreage.
Energy and Natural Resources / retained mineral rights · Filed 13/02/2026
These decreases were partially offset by increases in acres sold and average price per acre sold for our Real Estate business, as well as increases in right-of-way easements and royalty income for our Natural Resources business.
Strategic Land Solutions / second-quarter 2026 results · Filed 31/07/2026
Comparing Year-to-Date 2026 with Year-to-Date 2025 Net sales Net sales increased $99 million – 40 percent – primarily due to a $94 million conservation easement sale in our Climate Solutions business, increases in acres sold and average price per acre sold for our Real Estate business, as well as increases in right-of-way easements, royalty income, and mineral asset sales for our Natural Resources business.
Strategic Land Solutions / first-half 2026 results · Filed 31/07/2026
In any period, the average price per acre will vary based on the location and physical characteristics of parcels sold.
Strategic Land Solutions / parcel-mix qualification · Filed 31/07/2026
Comparing Second Quarter 2026 with Second Quarter 2025 Net sales Net sales decreased $14 million – 9 percent – primarily due to decreases in acres sold and average price per acre sold for our Climate Solutions business, largely driven by a reduction in Conservation sales.
Strategic Land Solutions / conservation sales decline · Filed 31/07/2026
2025 2024 2024 Net sales $ 6,905 $ 7,124 $ (219 ) Costs of sales $ 5,880 $ 5,811 $ 69 Operating income $ 731 $ 685 $ 46 Net earnings $ 324 $ 396 $ (72 ) Basic and diluted earnings per share $ 0.45 $ 0.54 $ (0.09 ) COMPARING 2025 WITH 2024 Net Sales Net sales decreased $219 million — 3 percent — primarily due to a $264 million decrease in Wood Products net sales attributable to decreased sales realizations across most product lines, as well as an $18 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations and volumes in the Western region.
MD&A / 2025 sales realizations · Filed 13/02/2026
Comparing Second Quarter 2026 with Second Quarter 2025 Net sales Net sales increased $3 million – less than 1 percent – primarily due to: • a $24 million increase in complementary building products sales primarily attributable to increased sales volumes and realizations for steel; • a $12 million increase in engineered solid section sales attributable to a 7 percent increase in sales volumes; • a $10 million increase in structural lumber sales attributable to a 12 percent increase in sales realizations, partially offset by a 9 percent decrease in sales volumes and • a $6 million increase in softwood plywood sales attributable to a 9 percent increase in sales realizations and a 4 percent increase in sales volumes.
Wood Products / second-quarter 2026 pricing and volumes · Filed 31/07/2026
These increases were partially offset by: • a $25 million decrease in oriented strand board sales attributable to a 14 percent decrease in sales realizations, partially offset by a 2 percent increase in sales volumes; • a $13 million decrease in other products produced sales, primarily attributable to a decrease in wood chip sales realizations and volumes; • a $6 million decrease in engineered I-joist sales attributable to a 5 percent decrease in sales volumes and a 2 percent decrease in sales realizations and • a $5 million decrease in medium density fiberboard sales attributable to a 13 percent decrease in sales volumes and a 4 percent decrease in sales realizations.
Wood Products / second-quarter 2026 pricing and volume declines · Filed 31/07/2026
2025 2024 2024 Net sales: Structural lumber $ 2,037 $ 1,906 $ 131 Oriented strand board 762 979 (217 ) Engineered solid section 649 708 (59 ) Engineered I-joists 343 390 (47 ) Softwood plywood 155 158 (3 ) Medium density fiberboard 135 159 (24 ) Complementary building products 565 615 (50 ) Other products produced (1) 311 306 5 Total segment net sales $ 4,957 $ 5,221 $ (264 ) Costs of sales $ 4,674 $ 4,516 $ 158 Operating income and Net contribution to earnings $ 55 $ 457 $ (402 ) (1) Other products produced sales include wood chips, other byproducts and third-party residual log sales from our Canadian Forestlands operations.
Wood Products / 2025 operating results · Filed 13/02/2026
2025 Net sales: Structural lumber $ 591 $ 581 $ 10 $ 1,069 $ 1,108 $ (39 ) Oriented strand board 180 205 (25 ) 347 433 (86 ) Engineered solid section 181 169 12 336 330 6 Engineered I-joists 89 95 (6 ) 161 183 (22 ) Softwood plywood 47 41 6 85 81 4 Medium density fiberboard 31 36 (5 ) 62 68 (6 ) Complementary building products 179 155 24 322 280 42 Other products produced(1) 62 75 (13 ) 142 161 (19 ) Total $ 1,360 $ 1,357 $ 3 $ 2,524 $ 2,644 $ (120 ) Costs of sales $ 1,223 $ 1,243 $ (20 ) $ 2,310 $ 2,357 $ (47 ) Operating income and Net contribution to earnings $ 71 $ 46 $ 25 $ 113 $ 152 $ (39 ) (1) Other products produced sales include wood chips, other byproducts and third-party residual log sales from our Canadian Forestlands operations.
Wood Products / quarter and first-half 2026 operating results · Filed 31/07/2026
Curtailments and some permanent closures in late 2025 and into 2026, fewer European lumber imports, leaner dealer inventories and tighter freight markets contributed to the price increases.
Market Conditions / drivers of lumber price increases · Filed 31/07/2026
3 WEYERHAEUSER COMPANY CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS JUNE 2026 JUNE 2025 Cash flows from operations: Net earnings $ 318 $ 170 Noncash charges (credits) to earnings: Depreciation, depletion and amortization 251 250 Basis of acres sold 54 57 Deferred income taxes, net (25 ) 4 Pension and other post-employment benefits (Note 6) 37 47 Share-based compensation expense (Note 12) 23 23 Gain on sale of timberlands (Note 15) (129 ) — Other 1 — Change in: Receivables, net (83 ) (66 ) Receivables and payables for taxes 14 (16 ) Inventories (14 ) (13 ) Prepaid expenses and other current assets 4 17 Accounts payable and accrued liabilities 17 39 Pension and post-employment benefit contributions and payments (9 ) (6 ) Other (8 ) (40 ) Net cash from operations 451 466 Cash flows from investing activities: Capital expenditures for property and equipment (220 ) (170 ) Capital expenditures for timberlands reforestation (31 ) (30 ) Proceeds from sale of timberlands (Note 15) 306 — Proceeds from lumber mill sale (Note 16) 22 — Other (3 ) (8 ) Net cash from investing activities 74 (208 ) Cash flows from financing activities: Cash dividends on common shares (303 ) (304 ) Net proceeds from issuance of long-term debt (Note 8) — 299 Net proceeds from issuance of commercial paper (Note 8) 331 — Payments on long-term debt (Note 8) (400 ) (210 ) Payments on commercial paper (Note 8) (81 ) — Repurchases of common shares (Note 4) (20 ) (125 ) Other (6 ) (10 ) Net cash from financing activities (479 ) (350 ) Net change in cash, cash equivalents and restricted cash 46 (92 ) Cash, cash equivalents and restricted cash at beginning of period 481 684 Cash, cash equivalents and restricted cash at end of period $ 527 $ 592 Cash paid during the period for: Interest, net of amount capitalized of $7 and $6 $ 133 $ 132 Income taxes, net of refunds $ 13 $ 40 See accompanying Notes to Consolidated Financial Statements.
Consolidated Statement of Cash Flows / first-half 2026 · Filed 31/07/2026
GAAP measure. Dollar Amounts in Millions 2025 Net cash from operations $562 Capital expenditures (474) Adjustments to FAD 309 Adjusted FAD $397 A-2 | Weyerhaeuser Company TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS DEF 14A 0000106535 false 0000106535 2025-01-01 2025-12-31 0000106535 2024-01-01 2024-12-31 0000106535 2023-01-01 2023-12-31 0000106535 2022-01-01 2022-12-31 0000106535 2021-01-01 2021-12-31 0000106535 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:PeoMember 2025-01-01 2025-12-31 0000106535 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000106535 ecd:EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember ecd:PeoMember 2025-01-01 2025-12-31 0000106535 ecd:EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000106535 ecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMember ecd:PeoMember 2025-01-01 2025-12-31 0000106535 ecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000106535 ecd:AggtPnsnAdjsSvcCstMember ecd:PeoMember 2025-01-01 2025-12-31 0000106535 ecd:AggtPnsnAdjsSvcCstMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000106535 ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember ecd:PeoMember 2025-01-01 2025-12-31 0000106535 ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000106535 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:PeoMember 2025-01-01 2025-12-31 0000106535 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000106535 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:PeoMember 2025-01-01 2025-12-31 0000106535 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000106535 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:PeoMember 2025-01-01 2025-12-31 0000106535 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000106535 ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember ecd:PeoMember 2025-01-01 2025-12-31 0000106535 ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000106535 ecd:PnsnAdjsSvcCstMember ecd:PeoMember 2025-01-01 2025-12-31 0000106535 ecd:PnsnAdjsSvcCstMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000106535 ecd:PnsnAdjsPrrSvcCstMember ecd:PeoMember 2025-01-01 2025-12-31 0000106535 ecd:PnsnAdjsPrrSvcCstMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000106535 2 2025-01-01 2025-12-31 0000106535 1 2025-01-01 2025-12-31 0000106535 3 2025-01-01 2025-12-31 iso4217:USD wy:PercentileRank
Appendix A / 2025 cash generation and capital expenditures · Filed 01/04/2026
Notably, in 2025, we meaningfully enhanced the quality and value of our timberlands portfolio, exceeded the multi-year growth target for our Climate Solutions business, captured $92 million in operational excellence improvements and returned $766 million in total cash to shareholders.
2025 Highlights / reported achievements and cash returns · Filed 01/04/2026
Our long-term incentive program comprises two types of awards: • PSU awards, which measure performance over a three-year performance period and are settled in shares of common stock • RSU awards, which vest ratably over a four-year period and are settled in shares of common stock Our long-term incentive awards effectively align the interests of our senior executives and our shareholders by rewarding stock price appreciation and cash returns to our shareholders.
Executive Compensation / long-term incentive structure · Filed 01/04/2026
Directors and executive officers are obligated to own shares of Weyerhaeuser common stock valued at least at five times the director’s cash compensation, at three times the executive officer’s annual base salary and at six times the CEO’s annual base salary.
Executive Compensation / stock ownership requirements · Filed 01/04/2026
Earned PSU shares vested on March 1, 2026.
Executive Compensation / earned PSU vesting · Filed 01/04/2026
Directors and officers are prohibited from hedging or pledging company stock
Compensation governance / hedging and pledging prohibition · Filed 01/04/2026
Our current board composition far exceeds this requirement, as ten of our eleven directors are independent, with the one exception being our chief executive officer.
Governance / board independence · Filed 13/02/2026
Our board chair and our chief executive officer are currently separate.
Governance / separated chair and CEO roles · Filed 13/02/2026
All of our directors stand for election annually, and we have a majority voting standard in uncontested elections.
Governance / annual elections and majority voting · Filed 13/02/2026
The board of directors has determined that these committees are comprised exclusively of independent directors and, in the case of the Audit Committee and Compensation Committee, include members who meet the enhanced independence requirements of the SEC and the NYSE for service on those committees.
Corporate Governance / committee independence · Filed 01/04/2026
Operating income Operating income increased $45 million – 25 percent – primarily due to a $71 million increase in gain on sale of timberlands, partially offset by a $14 million decrease in consolidated gross margin (see discussion of components above).
MD&A / operating income increase and timberland sale gain · Filed 31/07/2026
Some of our wood products, such as lumber, veneer, plywood and oriented strand board, are commodities and are subject to fluctuations in market pricing.
Risk Factors / commodity market pricing · Filed 13/02/2026
