
Weyerhaeuser Company	Exhibit 99.2

Q4.2025 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Operations


	Q1			Q2			Q3			Q4						Year-to-Date
in millions	Mar 31, 2025			Jun 30, 2025			Sept 30, 2025			Dec 31, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024
Net sales	$	1,763		$	1,884		$	1,717		$	1,541		$	1,708		$	6,905		$	7,124
Costs of sales		1,428			1,559			1,513			1,380			1,404			5,880			5,811
Gross margin		335			325			204			161			304			1,025			1,313
Selling expenses		23			23			23			23			22			92			88
General and administrative expenses		119			114			107			113			122			453			480
Gain on sale of timberlands		—			—			—			(266	)		—			(266	)		—
Other operating costs (income), net		14			10			(49	)		40			19			15			60
Operating income		179			178			123			251			141			731			685
Non-operating pension and other post-employment benefit costs		(19	)		(19	)		(19	)		(163	)		(11	)		(220	)		(42	)
Interest income and other		5			6			6			5			10			22			53
Interest expense, net of capitalized interest		(66	)		(66	)		(71	)		(70	)		(66	)		(273	)		(269	)
Earnings before income taxes		99			99			39			23			74			260			427
Income taxes		(16	)		(12	)		41			51			7			64			(31	)
Net earnings	$	83		$	87		$	80		$	74		$	81		$	324		$	396

Per Share Information


	Q1		Q2		Q3		Q4				Year-to-Date
	Mar 31, 2025		Jun 30, 2025		Sept 30, 2025		Dec 31, 2025		Dec 31, 2024		Dec 31, 2025		Dec 31, 2024
Earnings per share, basic and diluted	$	0.11	$	0.12	$	0.11	$	0.10	$	0.11	$	0.45	$	0.54
Dividends paid per common share	$	0.21	$	0.21	$	0.21	$	0.21	$	0.20	$	0.84	$	0.94
Weighted average shares outstanding (in thousands):
Basic		726,143		723,682		721,598		721,295		726,927		723,162		728,398
Diluted		726,566		723,927		722,012		721,833		727,776		723,567		728,957
Common shares outstanding at end of period (in thousands)		725,671		721,835		720,861		720,531		725,845		720,531		725,845

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


	Q1			Q2			Q3			Q4						Year-to-Date
in millions	Mar 31, 2025			Jun 30, 2025			Sept 30, 2025			Dec 31, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024
Net earnings	$	83		$	87		$	80		$	74		$	81		$	324		$	396
Non-operating pension and other post-employment benefit costs		19			19			19			163			11			220			42
Interest income and other		(5	)		(6	)		(6	)		(5	)		(10	)		(22	)		(53	)
Interest expense, net of capitalized interest		66			66			71			70			66			273			269
Income taxes		16			12			(41	)		(51	)		(7	)		(64	)		31
Operating income		179			178			123			251			141			731			685
Depreciation, depletion and amortization		125			125			130			129			126			509			502
Basis of real estate sold		24			33			19			8			27			84			120
Special items included in operating income		—			—			(55	)		(248	)		—			(303	)		(15	)
Adjusted EBITDA(1)	$	328		$	336		$	217		$	140		$	294		$	1,021		$	1,292

(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

Q4.2025 Analyst Package

Preliminary results (unaudited)

Special Items Included in Net Earnings (Income Tax Affected)


	Q1		Q2		Q3			Q4					Year-to-Date
in millions	Mar 31, 2025		Jun 30, 2025		Sept 30, 2025			Dec 31, 2025			Dec 31, 2024		Dec 31, 2025			Dec 31, 2024
Net earnings	$	83	$	87	$	80		$	74		$	81	$	324		$	396
Environmental remediation charge		—		—		—			14			—		14			—
Gain on lumber mill sale		—		—		(21	)		—			—		(21	)		—
Gain on sale of timberlands		—		—		—			(266	)		—		(266	)		—
Insurance recovery		—		—		(19	)		—			—		(19	)		—
Pension settlement charge		—		—		—			111			—		111			—
Product remediation recovery		—		—		—			—			—		—			(19	)
Restructuring, impairments and other charges		—		—		—			—			—		—			7
Net earnings (loss) before special items(1)	$	83	$	87	$	40		$	(67	)	$	81	$	143		$	384


	Q1		Q2		Q3			Q4					Year-to-Date
	Mar 31, 2025		Jun 30, 2025		Sept 30, 2025			Dec 31, 2025			Dec 31, 2024		Dec 31, 2025			Dec 31, 2024
Net earnings per diluted share	$	0.11	$	0.12	$	0.11		$	0.10		$	0.11	$	0.45		$	0.54
Environmental remediation charge		—		—		—			0.02			—		0.02			—
Gain on lumber mill sale		—		—		(0.03	)		—			—		(0.03	)		—
Gain on sale of timberlands		—		—		—			(0.36	)		—		(0.36	)		—
Insurance recovery		—		—		(0.02	)		—			—		(0.03	)		—
Pension settlement charge		—		—		—			0.15			—		0.15			—
Product remediation recovery		—		—		—			—			—		—			(0.02	)
Restructuring, impairments and other charges		—		—		—			—			—		—			0.01
Net earnings (loss) per diluted share before special items(1)	$	0.11	$	0.12	$	0.06		$	(0.09	)	$	0.11	$	0.20		$	0.53

(1) 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	Mar 31, 2025		Jun 30, 2025		Sept 30, 2025		Dec 31, 2025		Dec 31, 2024		Dec 31, 2025		Dec 31, 2024
Pension and post-employment costs:
Pension and post-employment service costs	$	4	$	5	$	5	$	5	$	6	$	19	$	21
Non-operating pension and other post-employment benefit costs		19		19		19		163		11		220		42
Total company pension and post-employment costs	$	23	$	24	$	24	$	168	$	17	$	239	$	63

Page 2 of 8

     Weyerhaeuser Company

    

Q4.2025 Analyst Package

Preliminary results (unaudited)

Condensed Consolidated Balance Sheet


in millions	March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	560	$	592	$	401	$	464	$	684
Receivables, net		382		369		353		303		306
Receivables for taxes		13		9		8		10		9
Inventories		675		610		588		593		607
Assets held for sale		—		—		141		128		—
Prepaid expenses and other current assets		141		178		121		154		142
Total current assets		1,771		1,758		1,612		1,652		1,748
Property and equipment, net		2,333		2,321		2,332		2,420		2,329
Construction in progress		291		316		360		337		287
Timber and timberlands at cost, less depletion		11,506		11,452		11,709		11,533		11,551
Minerals and mineral rights, less depletion		187		184		180		177		189
Deferred tax assets		23		23		62		97		24
Other assets		409		424		413		397		408
Total assets	$	16,520	$	16,478	$	16,668	$	16,613	$	16,536

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	150	$	900	$	522	$	522	$	210
Accounts payable		288		283		280		278		255
Accrued liabilities		430		511		512		478		512
Total current liabilities		868		1,694		1,314		1,278		977
Long-term debt, net		5,017		4,268		4,948		5,050		4,866
Deferred tax liabilities		32		37		14		18		26
Deferred pension and other post-employment benefits		602		609		613		485		596
Other liabilities		356		346		341		356		350
Total liabilities		6,875		6,954		7,230		7,187		6,815
Total equity		9,645		9,524		9,438		9,426		9,721
Total liabilities and equity	$	16,520	$	16,478	$	16,668	$	16,613	$	16,536

Page 3 of 8

     Weyerhaeuser Company

    

Q4.2025 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Cash Flows


	Q1			Q2			Q3			Q4						Year-to-Date
in millions	Mar 31, 2025			Jun 30, 2025			Sept 30, 2025			Dec 31, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024
Cash flows from operations:
Net earnings	$	83		$	87		$	80		$	74		$	81		$	324		$	396
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization		125			125			130			129			126			509			502
Basis of real estate sold		24			33			19			8			27			84			120
Deferred income taxes, net		4			—			(65	)		(53	)		(31	)		(114	)		(40	)
Pension and other post-employment benefits		23			24			24			168			17			239			63
Share-based compensation expense		11			12			9			11			11			43			43
Gain on lumber mill sale		—			—			(29	)		—			—			(29	)		—
Gain on sale of timberlands		—			—			—			(266	)		—			(266	)		—
Other		—			—			3			4			(4	)		7			2
Change in:
Receivables, net		(76	)		10			29			51			66			14			45
Receivables and payables for taxes		(22	)		6			4			(8	)		2			(20	)		(1	)
Inventories		(68	)		55			17			(4	)		(24	)		—			(55	)
Prepaid expenses and other current assets		5			12			(8	)		2			(1	)		11			19
Accounts payable and accrued liabilities		(25	)		64			2			(30	)		(22	)		11			(23	)
Pension and post-employment benefit contributions and payments		(3	)		(3	)		(7	)		(206	)		(6	)		(219	)		(18	)
Other		(11	)		(29	)		2			6			(24	)		(32	)		(45	)
Net cash from operations	$	70		$	396		$	210		$	(114	)	$	218		$	562		$	1,008
Cash flows from investing activities:
Capital expenditures for property and equipment(1)	$	(71	)	$	(99	)	$	(118	)	$	(135	)	$	(136	)	$	(423	)	$	(364	)
Capital expenditures for timberlands reforestation		(22	)		(8	)		(7	)		(14	)		(13	)		(51	)		(52	)
Acquisitions of timberlands		(4	)		(1	)		(461	)		(3	)		(116	)		(469	)		(251	)
Proceeds from lumber mill sale		—			—			61			—			—			61			—
Proceeds from sale of timberlands		—			—			—			405			—			405			—
Other		—			(3	)		4			1			10			2			31
Net cash from investing activities	$	(97	)	$	(111	)	$	(521	)	$	254		$	(255	)	$	(475	)	$	(636	)
Cash flows from financing activities:
Cash dividends on common shares	$	(152	)	$	(152	)	$	(150	)	$	(152	)	$	(145	)	$	(606	)	$	(684	)
Net proceeds from issuance of long-term debt		299			—			799			101			—			1,199			—
Payments on long-term debt		(210	)		—			(502	)		—			—			(712	)		—
Repurchases of common shares		(25	)		(100	)		(25	)		(10	)		(28	)		(160	)		(154	)
Other		(9	)		(1	)		(2	)		1			(5	)		(11	)		(14	)
Net cash from financing activities	$	(97	)	$	(253	)	$	120		$	(60	)	$	(178	)	$	(290	)	$	(852	)

Net change in cash, cash equivalents and restricted cash	$	(124	)	$	32		$	(191	)	$	80		$	(215	)	$	(203	)	$	(480	)
Cash, cash equivalents and restricted cash at beginning of period		684			560			592			401			899			684			1,164
Cash, cash equivalents and restricted cash at end of period	$	560		$	592		$	401		$	481		$	684		$	481		$	684

Cash paid during the period for:
Interest, net of amounts capitalized	$	58		$	74		$	69		$	71		$	70		$	272		$	259
Income taxes, net of refunds	$	34		$	6		$	21		$	6		$	9		$	67		$	60

(1) Includes $16 million, $22 million, $32 million, $39 million and $109 million in capital expenditures related to the construction of our Monticello engineered wood products facility in first quarter 2025, second quarter 2025, third quarter 2025, fourth quarter 2025 and full year 2025, respectively. These amounts are excluded for purposes of calculating Adjusted Funds Available for Distribution.

Page 4 of 8


Weyerhaeuser Company	Timberlands Segment

Q4.2025 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations


in millions	Q1.2025			Q2.2025		Q3.2025		Q4.2025			Q4.2024			YTD.2025			YTD.2024
Sales to unaffiliated customers	$	382		$	373	$	386	$	353		$	359		$	1,494		$	1,512
Intersegment sales		152			156		150		134			138			592			554
Total net sales		534			529		536		487			497			2,086			2,066
Costs of sales		409			416		429		410			411			1,664			1,686
Gross margin		125			113		107		77			86			422			380
Selling expenses		—			1		—		—			—			1			1
General and administrative expenses		24			24		25		24			26			97			100
Gain on sale of timberlands		—			—		—		(266	)		—			(266	)		—
Other operating (income) costs, net		(1	)		—		2		3			(2	)		4			—
Operating income		102			88		80		316			62			586			279
Interest income and other		—			—		—		—			—			—			1
Net contribution to earnings	$	102		$	88	$	80	$	316		$	62		$	586		$	280

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


in millions	Q1.2025		Q2.2025		Q3.2025		Q4.2025			Q4.2024		YTD.2025			YTD.2024
Operating income	$	102	$	88	$	80	$	316		$	62	$	586		$	279
Depreciation, depletion and amortization		65		64		68		64			64		261			260
Special items		—		—		—		(266	)		—		(266	)		—
Adjusted EBITDA(1)	$	167	$	152	$	148	$	114		$	126	$	581		$	539

(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	Q1.2025		Q2.2025		Q3.2025		Q4.2025			Q4.2024		YTD.2025			YTD.2024
Gain on sale of timberlands	$	—	$	—	$	—	$	(266	)	$	—	$	(266	)	$	—

Selected Segment Items


in millions	Q1.2025			Q2.2025			Q3.2025			Q4.2025			Q4.2024			YTD.2025			YTD.2024
Total (increase) decrease in working capital(2)	$	(16	)	$	51		$	(22	)	$	(23	)	$	(12	)	$	(10	)	$	28
Cash spent for capital expenditures(3)	$	(26	)	$	(19	)	$	(37	)	$	(38	)	$	(31	)	$	(120	)	$	(105	)

(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)

WEYERHAEUSER CO 8-K