# WEYERHAEUSER CO (WY) Informational only - not investment advice. CIK: 0000106535 SIC: 6798 Real Estate Investment Trusts SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/) Latest 10-K filed: 2026-02-13 SEC page: https://www.sec.gov/edgar/browse/?CIK=106535 Filing source: https://www.sec.gov/Archives/edgar/data/106535/000119312526051422/wy-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-13 · accession 0001193125-26-051422 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000106535.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 6,905,000,000 USD | 2025 | verified | | Net income | 324,000,000 USD | 2025 | verified | | Assets | 16,613,000,000 USD | 2025 | verified | | Free cash flow | 511,000,000 USD | 2025 | computed | | Net margin | 4.69% | 2025 | computed | | Operating margin | 10.59% | 2025 | computed | | Revenue YoY | -3.07% | 2025 | computed | | ROE | 3.44% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Real estate investment trusts](/compare/reits/) · SIC 6798 Real Estate Investment Trusts No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including WY - Real estate investment trusts: [peer review](/compare/reits/) · [market-risk page](/compare/reits/risk/) ### Peer percentile fingerprint | Ratio | WY | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 4.7% | 16.8% | 30 | 149 | | Operating margin | 10.6% | 23.2% | 17 | 66 | | Revenue growth | -3.1% | 3.7% | 23 | 149 | | FCF margin | 7.4% | 21.8% | 20 | 70 | | ROE | 3.4% | 5.7% | 40 | 151 | | ROA | 2.0% | 1.5% | 58 | 155 | | Liabilities / equity | 0.76 | 1.48 | 17 | 151 | | Current ratio | 1.29 | 0.80 | 70 | 11 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 6905000000 | USD | 2025 | 2026-02-13 | | Net income | 324000000 | USD | 2025 | 2026-02-13 | | Assets | 16613000000 | USD | 2025 | 2026-02-13 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000106535.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | 6,365,000,000 | 7,196,000,000 | 7,476,000,000 | 6,554,000,000 | 7,532,000,000 | 10,201,000,000 | 10,184,000,000 | 7,674,000,000 | 7,124,000,000 | 6,905,000,000 | | Net income | | | 1,027,000,000 | 582,000,000 | 748,000,000 | -76,000,000 | 797,000,000 | 2,607,000,000 | 1,880,000,000 | 839,000,000 | 396,000,000 | 324,000,000 | | Operating income | | | 822,000,000 | 1,131,000,000 | 1,394,000,000 | 651,000,000 | 1,710,000,000 | 3,643,000,000 | 3,080,000,000 | 1,186,000,000 | 685,000,000 | 731,000,000 | | Gross profit | | | 1,385,000,000 | 1,898,000,000 | 1,884,000,000 | 1,142,000,000 | 2,085,000,000 | 4,098,000,000 | 3,620,000,000 | 1,682,000,000 | 1,313,000,000 | 1,025,000,000 | | Diluted EPS | | | 1.39 | 0.77 | 0.99 | -0.10 | 1.07 | 3.47 | 2.53 | 1.15 | 0.54 | 0.45 | | Operating cash flow | | | 735,000,000 | 1,201,000,000 | 1,112,000,000 | 966,000,000 | 1,529,000,000 | 3,159,000,000 | 2,832,000,000 | 1,433,000,000 | 1,008,000,000 | 562,000,000 | | Capital expenditures | | | 59,000,000 | 61,000,000 | 59,000,000 | 57,000,000 | 56,000,000 | 55,000,000 | 53,000,000 | 57,000,000 | 52,000,000 | 51,000,000 | | Dividends paid | | | 932,000,000 | 941,000,000 | 995,000,000 | 1,013,000,000 | 381,000,000 | 884,000,000 | 1,617,000,000 | 1,216,000,000 | 684,000,000 | 606,000,000 | | Share buybacks | | | 2,003,000,000 | 0.00 | 366,000,000 | 60,000,000 | 0.00 | 100,000,000 | 543,000,000 | 131,000,000 | 154,000,000 | 160,000,000 | | Assets | | | 19,243,000,000 | 18,059,000,000 | 17,249,000,000 | 16,406,000,000 | 16,311,000,000 | 17,652,000,000 | 17,340,000,000 | 16,983,000,000 | 16,536,000,000 | 16,613,000,000 | | Liabilities | | | 10,063,000,000 | 9,160,000,000 | 8,203,000,000 | 8,229,000,000 | 7,580,000,000 | 6,885,000,000 | 6,591,000,000 | 6,747,000,000 | 6,815,000,000 | 7,187,000,000 | | Stockholders' equity | 5,304,000,000 | 4,869,000,000 | | | 9,046,000,000 | 8,177,000,000 | 8,731,000,000 | 10,767,000,000 | 10,749,000,000 | 10,236,000,000 | 9,721,000,000 | 9,426,000,000 | | Cash and cash equivalents | | | 676,000,000 | 824,000,000 | 334,000,000 | 139,000,000 | 495,000,000 | 1,879,000,000 | 1,581,000,000 | 1,164,000,000 | 684,000,000 | 464,000,000 | | Free cash flow | | | 676,000,000 | 1,140,000,000 | 1,053,000,000 | 909,000,000 | 1,473,000,000 | 3,104,000,000 | 2,779,000,000 | 1,376,000,000 | 956,000,000 | 511,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | 16.14% | 8.09% | 10.01% | -1.16% | 10.58% | 25.56% | 18.46% | 10.93% | 5.56% | 4.69% | | Operating margin | | | 12.91% | 15.72% | 18.65% | 9.93% | 22.70% | 35.71% | 30.24% | 15.45% | 9.62% | 10.59% | | Return on equity | | | | | 8.27% | -0.93% | 9.13% | 24.21% | 17.49% | 8.20% | 4.07% | 3.44% | | Return on assets | | | 5.34% | 3.22% | 4.34% | -0.46% | 4.89% | 14.77% | 10.84% | 4.94% | 2.39% | 1.95% | | Liabilities / equity | | | | | 0.91 | 1.01 | 0.87 | 0.64 | 0.61 | 0.66 | 0.70 | 0.76 | | Current ratio | | | 1.34 | 1.47 | 0.83 | 1.60 | 1.69 | 3.29 | 1.58 | 2.94 | 1.79 | 1.29 | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/WY/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000106535.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.42 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.21 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.31 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 2,022,000,000 | 239,000,000 | 0.33 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 1,774,000,000 | 219,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 1,796,000,000 | 114,000,000 | 0.16 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 1,939,000,000 | 173,000,000 | 0.24 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 1,681,000,000 | 28,000,000 | 0.04 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 1,708,000,000 | 81,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 1,763,000,000 | 83,000,000 | 0.11 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 1,884,000,000 | 87,000,000 | 0.12 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 1,717,000,000 | 80,000,000 | 0.11 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 1,541,000,000 | 74,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 1,727,000,000 | 156,000,000 | 0.22 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 1,867,000,000 | 162,000,000 | 0.23 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/106535/000119312526328606/wy-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-31 Report date: 2026-06-30 Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) NOTE ABOUT FORWARD-LOOKING STATEMENTS This report contains statements concerning our future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements relating to: our expected future financial and operating performance; our plans, strategies, intentions and expectations; our capital structure and the sufficiency of our liquidity position to meet future cash requirements; our cash dividend framework, including our target percentage return to shareholders of Adjusted Funds Available for Distribution, including expected supplemental cash dividends and/or future share repurchases; future compliance with covenants in our debt agreements; our expectations concerning our contingent liabilities and the sufficiency of related reserves and accruals including, but not limited to, cost estimates of future litigation and environmental remediation; our provision for income taxes; expected capital expenditures; the expected cost, productivity and timing of the completion of a new wood products manufacturing facility; estimated returns on pension plan assets; expected market and general economic conditions, including related influencing factors such as the trajectory of U.S. housing construction activity, repair and remodel activity, inflation trends and interest rates and the potential impacts of U.S. trade policy; our expectations about our future opportunities in emerging carbon credit and carbon capture and storage markets and our assumptions used in valuing incentive compensation and related expense. 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 such as “anticipate,” “believe,” “committed,” "continue,” “estimate,” “expect,” “foreseeable,” “maintain,” “may,” "plan," “potential,” and “will,” or similar words or terminology. They may use the positive, negative or another variation of those and similar words. 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. There is no guarantee that any of the events anticipated by our forward-looking statements will occur. If any of the events occur, there is no guarantee what effect it will have on our operations, cash flows, or financial condition. We undertake no obligation to update our forward-looking statements after the date of this report. The factors listed below, as well as other factors not described herein because they are not currently known to us or we currently judge them to be immaterial, may cause our actual results to differ significantly from our forward-looking statements: ● the effect of general economic conditions, including employment rates, interest rates, inflation rates, housing starts, general availability and cost of financing for home mortgages and the relative strength of the U.S. dollar; ● 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; ● U.S. trade policy and resulting 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, India 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, as well as our previously announced growth 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; ● the effects of significant geopolitical conditions or developments such as significant international trade disputes or domestic or foreign terrorist attacks, armed conflict and political unrest; ● the occurrence of regional or global health epidemics and their potential effects on our business, results of operations, cash flows, financial condition and future prospects; ● energy and fuel 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; 17 ● changes in accounting principles and ● other risks and uncertainties described in this report under Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) and in our 2025 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 update our forward-looking statements after the date of this report. RESULTS OF OPERATIONS In reviewing our results of operations, it is important to understand these terms: ● Sales realizations for Timberlands and Wood Products refer to net selling prices. This includes selling price plus freight, minus normal sales deductions. Real Estate transactions are presented at the contract sales price before commissions and closing costs, net of any credits. ● Net contribution (charge) to earnings does not include interest expense or income taxes. ECONOMIC AND MARKET CONDITIONS AFFECTING OUR OPERATIONS Our market conditions and the strength of the broader U.S. economy are, and will continue to be, influenced by the trajectory of activity in the U.S. housing and repair and remodel segments, inflation trends, employment growth and interest rates. The demand for sawlogs within our Timberlands segment is directly affected by domestic production of wood-based building products. The strength of the U.S. housing market, particularly new residential construction, strongly affects demand in our Wood Products segment, as does repair and remodeling activity. Seasonal weather patterns impact the level of construction activity in the U.S., which in turn affects demand for our logs and wood products. Our Timberlands segment, particularly the Western region, is also affected by export demand and trade policy. Japanese housing starts are a key driver of export log demand in Japan. The demand for pulpwood from our Timberlands segment is directly affected by the production of pulp, paper and oriented strand board (OSB), as well as the demand for biofuels, such as wood-burning pellets made from pulpwood. Our Timberlands segment is also influenced by the availability of harvestable timber. In general, Western log markets are highly tensioned by available supply, while Southern log markets have more available supply. However, additional mill capacity being added in the U.S. South has led to tightening of markets in certain geographies. Our Strategic Land Solutions segment is affected by a variety of factors, including the general state of the economy, local real estate market conditions, the level of construction activity in the U.S. and development of opportunities in our Climate Solutions business. Geopolitical events and ongoing U.S. trade policy changes have resulted in macroeconomic uncertainty and increased cautiousness by consumers. The conflict in the Middle East has had a continued impact on energy and fuel prices, which has negatively affected businesses and households. Trade and tariff policies, along with potential countermeasures by other countries, affect supply and demand trends, import and export dynamics, and pricing for our products. Housing market conditions have remained mixed, with lower home sales and relatively steady building activity. Elevated mortgage interest rates, reduced affordability and weaker consumer confidence remain key factors influencing housing demand. Existing home inventory remains constrained in many markets due to the continued lock-in effect among homeowners with below-market mortgage rates. Inventories of unsold new homes have declined after reaching a cyclical peak in 2025. On a seasonally adjusted annual basis, as reported by the U.S. Census Bureau, housing starts for second quarter 2026 averaged 1.3 million units, a 5.0 percent decrease from first quarter 2026. Single-family starts averaged 902 thousand units in second quarter 2026, a 4.5 percent decrease from first quarter 2026. Multi-family starts averaged 445 thousand units in second quarter 2026, a 6.0 percent decrease from first quarter 2026. Single-family construction is a primary driver of our business compared to multi-family construction due to the amount of wood products used per unit. Sales of newly built single-family homes averaged a seasonally adjusted annual rate of 631 thousand units for second quarter 2026, a 1.4 percent increase from first quarter 2026, as builders continue to provide incentives to help offset affordability constraints and elevated buyer financing costs. Notwithstanding current macroeconomic uncertainty and potential impacts on housing demand, we continue to expect favorable long-term fundamentals for the U.S. housing construction market, supported by strong demographic trends, a prolonged period of underbuilding, and the need for additional housing supply. Repair and remodeling expenditures increased 1.1 percent from first quarter 2026 to second quarter 2026, acc [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/106535/000119312526051422/wy-20251231.htm Complete FY 2025 MD&A: /company/WY/mda/fy2025/ Extracted from a later financial-section MD&A body after the formal Item 7 span was a short reference. Confidence: high Filing date: 2026-02-13 Report date: 2025-12-31 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) WHAT YOU WILL FIND IN THIS MD&A Our MD&A includes the following major sections: [[GREPCENT_TABLE]] [["\uf0b7","economic and market conditions affecting our operations;"],["\uf0b7","financial performance summary;"],["\uf0b7","results of operations;"],["\uf0b7","liquidity and capital resources;"],["\uf0b7","environmental matters, legal proceedings and other contingencies;"],["\uf0b7","accounting matters and"],["\uf0b7","performance and liquidity measures."]] [[/GREPCENT_TABLE]] For Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) related to the year ended December 31, 2023, refer to this same section in our 2024 annual report on Form 10-K as filed with the Securities and Exchange Commission on February 14, 2025. ECONOMIC AND MARKET CONDITIONS AFFECTING OUR OPERATIONS Our market conditions and the strength of the broader U.S. economy are, and will continue to be, influenced by the trajectory of activity in the U.S. housing and repair and remodel segments, inflation trends and interest rates. The demand for sawlogs within our Timberlands segment is directly affected by domestic production of wood-based building products. The strength of the U.S. housing market, particularly new residential construction, strongly affects demand in our Wood Products segment, as does repair and remodeling activity. Seasonal weather patterns impact the level of construction activity in the U.S., which in turn affects demand for our logs and wood products. Our Timberlands segment, particularly the Western region, is also affected by export demand and trade policy. Japanese housing starts are a key driver of export log demand in Japan. The demand for pulpwood from our Timberlands segment is directly affected by the production of pulp, paper and oriented strand board (OSB), as well as the demand for biofuels, such as wood-burning pellets made from pulpwood. Our Timberlands segment is also influenced by the availability of harvestable timber. In general, Western log markets are highly tensioned by available supply, while Southern log markets have WEYERHAEUSER COMPANY 2025 ANNUAL REPORT AND FORM 10-K 44 Table of Contents more available supply. However, additional mill capacity being added in the U.S. South has led to tightening of markets in certain geographies. Our Real Estate, Energy and Natural Resources segment is affected by a variety of factors, including the general state of the economy, local real estate market conditions, the level of construction activity in the U.S. and evolution of emerging renewable energy and carbon-related markets. Ongoing U.S. trade policy changes have resulted in macroeconomic uncertainty and increased cautiousness by consumers. These policies, along with potential countermeasures by other countries, have the potential to affect supply and demand trends, import and export dynamics, and pricing for our products. Trade and tariff policies are generally separate from the annual establishment and collection of anti-dumping and countervailing duties (AD/CVD) placed on certain products and countries, such as for Canadian softwood lumber. The discussion below includes a number of publicly available data points, many of which are obtained from U.S. federal government institutions. Due to the federal government shutdown that ended in November, availability of these data points is limited to October or November 2025. All other data points are updated through fourth quarter 2025. Home sales and building activity continue to moderate in response to elevated mortgage interest rates, reduced affordability and lower consumer confidence. While overall housing inventory remains historically low across many markets, there has been some increase in unsold new and existing single-family units. On a seasonally adjusted annual basis, as reported by the U.S. Census Bureau, housing starts for October 2025 averaged 1.2 million units, a 7.0 percent decrease from third quarter 2025. Single-family starts averaged 874 thousand units in October 2025, a 1.0 percent decrease from third quarter 2025. Multi-family starts averaged 372 thousand units in October 2025, an 18.4 percent decrease from third quarter 2025. Single-family construction is the primary driver for our business as compared to multi-family due to the amount of wood products used. Sales of newly built single-family homes averaged a seasonally adjusted annual rate of 737 thousand units for October 2025, a 5.9 percent increase from third quarter 2025, driven by builder incentives and moderate relief in mortgage rates. Notwithstanding current macroeconomic uncertainty and potential impacts to housing demand, we expect a favorable U.S. housing construction market over the medium to long-term, supported by strong demographics in the key home buying age cohorts and a decade of under building. Repair and remodeling expenditures decreased 0.6 percent from third quarter 2025 to the end of November 2025, according to the Census Bureau Advance Retail Spending report. While there continues to be steady demand due to growing home equity and the lock-in effect of lower mortgage rates compared to current rates, many homeowners have been more cautious in discretionary spending on large projects. Recent softness has been reflected in both the do-it-yourself (DIY) and professionally built segments, largely driven by subdued consumer confidence, elevated interest rates and concerns around the trajectory of the economy. Slower sales of existing homes have also contributed to muted activity as there is often an increase in upgrades and repairs before and after the sale of a home. Over the longer term, we expect this sector to return to historical growth trends driven by recent deferrals in repair and remodel spending, higher levels of home equity and an aging U.S. housing stock, with a median age of 46 years. In U.S. wood product markets, soft end use demand and steady supply have led to continued price weakness in commodity products. In fourth quarter 2025, the Random Lengths Framing Lumber Composite price averaged $378/MBF and the OSB Composite averaged $234/MSF, both near multi-decade lows on an inflation-adjusted basis. Over the course of fourth quarter 2025, composite prices for lumber increased from $367/MBF to $385/MBF and composite prices for OSB decreased from $237/MSF to $230/MSF. The Framing Lumber Composite began the fourth quarter on a slight upward trajectory supported by improving Western SPF pricing and broader concerns around the Section 232 tariff, which took effect in October. As the quarter progressed, ample product supply and seasonally softer demand led to lower composite pricing through early December. By quarter end, product supply decreased and demand improved as buyers replenished lean inventories. This drove price gains across North American lumber markets, with a notable increase in Southern Yellow Pine. For OSB, soft product pricing in fourth quarter 2025 was largely driven by lower demand in response to the seasonal reduction in new home construction activity. In September 2025, Weyerhaeuser elected to moderate production across its lumber mill set in response to the softer demand environment, and maintained a lower operating posture through year end 2025. When combined with the volume impact associated with the sale of the company’s sawmill in Princeton, British Columbia – which was sold in late third quarter 2025 – Weyerhaeuser’s lumber production volumes decreased by 14 percent in fourth quarter 2025 compared to the prior quarter. The company expects to return to a more normalized operating posture in first quarter 2026. In Western log markets, Douglas-fir sawlog prices decreased 5.6 percent in fourth quarter 2025 compared with third quarter 2025, as reported by Fastmarkets RISI Log Lines based on Weyerhaeuser’s sales mix. Log prices in the domestic market faced downward pressure as supply remained ample, and mills continued to carry elevated log inventories and navigate a challenging lumber market. In the South, delivered sawlog prices decreased 2.3 percent in fourth quarter 2025 compared to third quarter 2025 and declined 2.3 percent from fourth quarter 2024, as reported by TimberMart-South. Delivered pine pulpwood prices decreased 2.1 percent in fourth quarter 2025 compared to third quarter 2025 and declined 4.7 percent from fourth quarter 2024 as reported by TimberMart-South. In general, Southern log supply remains ample and wood product and fiber mills continue to align production with end-market demand. Pulpwood prices have been more challenged in several localized regions following recent mill closures. Currency exchange rates, available supply from other countries and trade policy affect our export businesses. In Japan, total housing starts decreased 7.4 percent year-to-date through December compared to the same period in 2024, while the key Post and Beam segment saw a 4.0 percent decrease, in part due to more stringent building permit requirements which went into effect on April 1, 2025. The slowing demand has been partially offset by a decrease in lumber imports to Japan from Europe and reduced inventories of European lumber in the Japanese market. In China, during fourth quarter 2025 regulators lifted the March 4, 2025 suspension of log imports from the U.S. As a result, Weyerhaeuser is in the early stages of re-establishing its log export program to strategic customers in China. Interest rates affect our business primarily through their impact on mortgage rates and housing affordability, their general impact on the economy and their influence on our capital management activities. Actions by the U.S. Federal Reserve, the overall condition of the economy and fluctuations in financial markets are all factors that influence long-term interest rates. 30-year mortgage rates, which are generally correlated with long-term interest rates, decreased from 6.3 percent in third quarter 2025 to 6.2 percent in fourth quarter 2025, according to economic data from Freddie Mac. Many builders have been able to offset higher mortgage rates through discounts, mortgage rate buydowns and modifying product offerings such as home sizes and finishes. Higher rates have also locked in many existing homeowners from selling, thereby reducing inventories of existing homes for sale which has led to incremental demand for available new homes. WEYERHAEUSER COMPANY 2025 ANNUAL REPORT AND FORM 10-K 45 Table of Contents Increased inflation affects the cost of our operations across each of our business segments, including costs for raw materials, transportation, energy and labor. The Consumer Price Index increased at an annual rate of 2.7 percent as of December 2025 compared to 3.0 percent as of September 2025. This rate is markedly down from prior periods of elevated inflation. While we can offset some of our costs that are affected by inflation through our sales activities, operational excellence initiatives and procurement practices, not all costs associated with inflation can be fully mitigated or passed on to the customer. The condition of the labor market affects all of our businesses as it relates to our ability to attract and retain employees and contractors. The unemployment rate remained level at 4.4 percent in third quarter 2025 and fourth quarter 2025. Governments and businesses across the globe have publicly expressed that climate change is a compelling issue requiring considerable responsive action; many have made significant commitments toward decarbonizing activities and operations and reducing greenhouse gas emissions. Achieving these commitments will require significant efforts, including modifying operations, investing in low-carbon technologies or purchasing credits to reduce environmental impacts. Although political and broader sentiment for climate change mitigation act [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/WY/mda/fy2025/ All MD&A years: /company/WY/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/WY/mda/fy2024/): filed 2025-02-14; accession 0000950170-25-021254 (https://www.sec.gov/Archives/edgar/data/106535/000095017025021254/wy-20241231.htm) - [FY 2023 MD&A](/company/WY/mda/fy2023/): filed 2024-02-16; accession 0000950170-24-016434 (https://www.sec.gov/Archives/edgar/data/106535/000095017024016434/wy-20231231.htm) - [FY 2022 MD&A](/company/WY/mda/fy2022/): filed 2023-02-17; accession 0000950170-23-003217 (https://www.sec.gov/Archives/edgar/data/106535/000095017023003217/wy-20221231.htm) - [FY 2021 MD&A](/company/WY/mda/fy2021/): filed 2022-02-18; accession 0001564590-22-005707 (https://www.sec.gov/Archives/edgar/data/106535/000156459022005707/wy-10k_20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/WY.md · JSON record: /company/WY.json · verified financials: /company/WY/financials.json / /company/WY/financials.csv · machine TOC for the whole site: /llms.txt