Weyerhaeuser Company is one of the world's largest private owners of timberlands, owning or controlling more than 10 million acres of timberlands in the U.S. and managing long-term licenses covering more than 14 million acres in Canada. The company manages these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. The health of the U.S. housing market strongly affects the performance of all business segments, with the Wood Products segment primarily selling into the new residential building and repair and remodel markets, and demand for sawlogs within the Timberlands segment directly affected by domestic production of wood-based building products as well as export markets. Seasonal weather patterns impact the level of construction activity in the U.S., generally characterized by a reduction in activity during the winter months, which in turn affects the demand for logs and wood products. The Real Estate & ENR 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 the evolution of emerging renewable energy and carbon-related markets.

Weyerhaeuser operates in highly competitive domestic and foreign markets, with numerous companies selling similar products, and many of its products face competition from substitutes for wood products. The company competes primarily through product quality, service levels and price. The Timberlands segment's competitive strategy is to capture maximum timber value from every acre owned or managed. The Real Estate & ENR segment aims to deliver premiums to timberland value by identifying and monetizing higher and better use lands and capturing the full value of surface and subsurface assets, including through its Climate Solutions business. The Wood Products segment manufactures high-quality structural lumber, oriented strand board and engineered wood products, as well as delivers complementary building products for residential, multi-family, industrial and light commercial applications at competitive costs.

Weyerhaeuser generates revenue through three business segments: Timberlands, Real Estate, Energy and Natural Resources (Real Estate & ENR), and Wood Products. The Timberlands segment realizes value through growing and harvesting trees, selling properties when incremental value can be created, and through lease and royalty agreements for surface and subsurface rights, including through its Climate Solutions business. The Real Estate & ENR segment monetizes higher and better use lands and captures the full value of surface and subsurface assets. The Wood Products segment manufactures and distributes structural lumber, oriented strand board, engineered wood products and other specialty products, primarily supplied to the residential, multi-family, repair and remodel, industrial and light commercial markets. The company qualifies as a Real Estate Investment Trust (REIT) under the Internal Revenue Code of 1986, and REIT income can be distributed to shareholders without first paying corporate level tax, substantially eliminating the double taxation of income. Weyerhaeuser expects to derive most of its REIT income from its timberlands, including gains from the sales of standing timber and rent from recreational leases, and is required to pay federal corporate income taxes on earnings of its Taxable REIT Subsidiaries (TRSs), which include its Wood Products segment and a portion of its Timberlands and Real Estate, Energy and Natural Resources segments.

The Timberlands segment owns or controls more than 10 million acres of timberlands in the U.S. and manages long-term licenses covering more than 14 million acres in Canada. The company harvests, on average, only 2 percent of its forests each year, and 100 percent of its timberlands are reforested after harvesting, planting more than 100 million tree seedlings per year, about 190 trees per minute throughout the year. The Timberlands segment captures maximum timber value from every acre owned or managed, and also generates revenue from recreational leases and other lease and royalty agreements. The Real Estate, Energy and Natural Resources (Real Estate & ENR) segment delivers premiums to timberland value by identifying and monetizing higher and better use lands and capturing the full value of surface and subsurface assets, including through its Climate Solutions business. Beginning in the first quarter of 2026, this segment will be renamed Strategic Land Solutions and will include the following businesses: Real Estate, Natural Resources and Climate Solutions.

The Wood Products segment is one of the largest manufacturers of wood products in North America, operating 33 manufacturing facilities in the United States and Canada. It manufactures and distributes high-quality wood products, including structural lumber, oriented strand board, engineered wood products and other specialty products, primarily supplied to the residential, multi-family, repair and remodel, industrial and light commercial markets. The segment manufactures high-quality structural lumber, oriented strand board and engineered wood products, as well as delivers complementary building products for residential, multi-family, industrial and light commercial applications at competitive costs. The company is committed to driving innovation and operational excellence across all facets of the company, leveraging cutting-edge technologies and fostering a culture of continuous improvement to improve reliability and safety, enhance operational efficiency, mitigate disruption from external challenges and seize new market opportunities.

Weyerhaeuser has a near-term science-based GHG emissions reduction target that has been approved by the Science Based Targets initiative at the most ambitious level, in alignment with the Paris Agreement goal of limiting global warming to 1.5 degree Celsius. The target includes a commitment to reduce scope 1 and 2 emissions by 42 percent overall, and scope 3 emissions by 25 percent per ton of production, both by 2030, measured against a 2020 baseline. The company is also a member of The Climate Pledge, a commitment to achieve net-zero carbon emissions across its value chain by 2040. Weyerhaeuser is a member of the U.S. Department of Energy's Better Plants Program, which includes a goal to improve purchased energy efficiency at its manufacturing facilities by 10 percent between 2020 and 2030. On average, the company meets more than two-thirds of the energy needs in its manufacturing facilities by using by-products such as bark, sawdust, chips and shavings as fuel. In 2024, scope 1 carbon emissions were 0.4 million metric tons of carbon dioxide equivalent (mtCO2e), scope 2 emissions were 0.4 million mtCO2e, and scope 3 emissions totaled 9.0 million mtCO2e. In 2024, direct carbon removals totaled 10 million mtCO2e, indirect carbon removals across the value chain were 27 million mtCO2e, and forests contained between 2.3 billion and 3.6 billion mtCO2e, with approximately 1.0 billion mtCO2e stored in trees and roots and an additional 1.3 billion to 2.6 billion mtCO2e stored in soil and other biomass.

For the fiscal year ended December 31, 2025, Weyerhaeuser reported total revenues of $7.640 billion ¹, compared to $7.649 billion ² in the prior year. Net earnings were $1.016 billion ³, compared to $839 million ⁴ in 2024. Diluted earnings per share were $1.40 ⁵, compared to $1.15 ⁶ in the prior year. Net cash from operations was $1.486 billion ⁷, and adjusted EBITDA was $2.088 billion ⁸.

Weyerhaeuser's Climate Solutions business represents a key growth vector, focusing on opportunities to realize value through lease and royalty agreements for surface and subsurface rights. The company is also focused on emerging renewable energy and carbon-related markets, which affect the Real Estate & ENR segment. The company supports renewable energy solutions such as wind and solar power through its timberlands and supplies other mills, companies and utilities with woody biomass used to produce renewable, low-carbon energy. The company's near-term science-based GHG emissions reduction target, approved by the Science Based Targets initiative, includes a commitment to reduce scope 1 and 2 emissions by 42 percent overall, and scope 3 emissions by 25 percent per ton of production, both by 2030, measured against a 2020 baseline ⁹. The company is also a member of The Climate Pledge, a commitment to achieve net-zero carbon emissions across its value chain by 2040 ¹⁰.

The company's Wood Products segment focuses on manufacturing high-quality structural lumber, oriented strand board and engineered wood products, as well as delivering complementary building products for residential, multi-family, industrial and light commercial applications at competitive costs. The company is committed to driving innovation and operational excellence across all facets of the company, leveraging cutting-edge technologies and fostering a culture of continuous improvement to improve reliability and safety, enhance operational efficiency, mitigate disruption from external challenges and seize new market opportunities. The company's innovation and operational excellence initiatives are aimed at optimizing resource utilization, reducing costs and delivering superior value to customers.

Weyerhaeuser is a member of the U.S. Department of Energy's Better Plants Program, which includes a goal to improve purchased energy efficiency at its manufacturing facilities by 10 percent between 2020 and 2030 ¹¹. This partnership requires the company to adopt a companywide goal to improve energy efficiency, annually report progress to the DOE and develop an energy management plan. The company has a comprehensive wood products energy strategy implemented by developing short-term action plans and evaluation tools at all sites, and fully integrates GHG and energy metrics into capital planning processes and conducts energy audits at manufacturing sites. On average, the company meets more than two-thirds of the energy needs in its manufacturing facilities by using by-products such as bark, sawdust, chips and shavings as fuel, which allows it to reduce reliance on nonrenewable fossil fuels and purchased electricity.

The company's operational outlook includes a focus on sustainable forestry practices, with the company harvesting, on average, only 2 percent of its forests each year, and 100 percent of its timberlands are reforested after harvesting, planting more than 100 million tree seedlings per year, about 190 trees per minute throughout the year ¹². The company manages its timberlands on a sustainable basis in compliance with internationally recognized forestry standards. The company also focuses on energy and resource efficiency, reducing greenhouse gas emissions, conserving natural resources and offering sustainable products that meet customers' needs.

The filing does not provide specific figures for R&D spending, capital expenditure plans, share repurchase authorization amounts, or dividend policy beyond the general description of the company's REIT structure, which allows REIT income to be distributed to shareholders without first paying corporate level tax.

The health of the U.S. housing market strongly affects the performance of all business segments, and seasonal weather patterns impact the level of construction activity in the U.S., generally characterized by a reduction in activity during the winter months, which in turn affects the demand for logs and wood products. The Real Estate & ENR 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 the evolution of emerging renewable energy and carbon-related markets.

The company operates in highly competitive domestic and foreign markets, with numerous companies selling similar products, and many of its products face competition from substitutes for wood products. The company's ability to achieve its growth objectives is subject to various risks and uncertainties, including those related to market conditions, competition, and regulatory changes.

Management's message emphasizes the company's position as one of the world's largest private owners of timberlands, with a focus on maximizing the long-term value of timberlands owned. The company's objective is to analyze each timberland acre comprehensively to understand its highest-value use, realizing value through growing and harvesting trees, selling properties when incremental value can be created, and through lease and royalty agreements for surface and subsurface rights, including through its Climate Solutions business. The company is also focused on being one of the largest manufacturers of wood products in North America, manufacturing and distributing high-quality wood products primarily supplied to the residential, multi-family, repair and remodel, industrial and light commercial markets. The company's strategic priorities include driving innovation and operational excellence across all facets of the company, leveraging cutting-edge technologies and fostering a culture of continuous improvement to improve reliability and safety, enhance operational efficiency, mitigate disruption from external challenges and seize new market opportunities. The company also emphasizes its commitment to sustainability and citizenship, including practicing sustainable forestry, focusing on energy and resource efficiency, reducing greenhouse gas emissions, conserving natural resources and offering sustainable products. The company has a near-term science-based GHG emissions reduction target approved by the Science Based Targets initiative, including a commitment to reduce scope 1 and 2 emissions by 42 percent overall, and scope 3 emissions by 25 percent per ton of production, both by 2030, measured against a 2020 baseline ¹³, and is a member of The Climate Pledge, a commitment to achieve net-zero carbon emissions across its value chain by 2040 ¹⁴.

For the fiscal year ended December 31, 2025, total revenues were $7.640 billion ¹⁵, compared to $7.649 billion ¹⁶ in 2024. Net earnings were $1.016 billion ¹⁷, compared to $839 million ¹⁸ in the prior year. Diluted earnings per share were $1.40 ¹⁹, compared to $1.15 ²⁰ in 2024. Net cash from operations was $1.486 billion ²¹. Adjusted EBITDA was $2.088 billion ²². The company reported total assets of $16.745 billion ²³ as of December 31, 2025, and total debt of $4.939 billion ²⁴. The company's effective tax rate was 21.0% ²⁵ for 2025. The Timberlands segment reported net sales to customers of $2.089 billion ²⁶ in 2025. The Real Estate & ENR segment reported net sales to customers of $1.016 billion ²⁷ in 2025. The Wood Products segment reported net sales to customers of $4.535 billion ²⁸ in 2025.

The health of the U.S. housing market strongly affects the performance of all business segments, and a downturn in housing starts or repair and remodel activity could materially reduce demand for the company's logs and wood products. The company operates in highly competitive domestic and foreign markets, with numerous companies selling similar products, and many of its products face competition from substitutes for wood products, which could pressure pricing and margins. The company's Real Estate & ENR segment is affected by the general state of the economy, local real estate market conditions, and the evolution of emerging renewable energy and carbon-related markets, which are uncertain and may not develop as anticipated. Seasonal weather patterns impact the level of construction activity in the U.S., generally characterized by a reduction in activity during the winter months, which in turn affects the demand for logs and wood products. The company's ability to realize value from its Climate Solutions business and other lease and royalty agreements is subject to market and regulatory uncertainties, including the evolution of carbon markets. The company's REIT status requires compliance with complex tax rules, and failure to maintain qualification could result in significant tax liabilities.