WYMEDIUM SIGNALFINANCIAL10-K

Weyerhaeuser experienced a significant deterioration in operating cash flow and profitability despite maintaining operational scale across its timberland and manufacturing operations.

The 44% decline in operating cash flow combined with reduced gross profit and net income suggests weakening demand or pricing pressure in forest products markets. The company also reduced its share count through repurchases while simultaneously seeing current liabilities increase by 31%, indicating potential working capital pressures.

Comparing 2026-02-13 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

WY's financial performance declined across key metrics, with operating cash flow falling 44% to $562M and gross profit dropping 22% to $1.0B, while net income decreased 18% to $324M. The company's cash position weakened by 32% to $464M as current liabilities surged 31% to $1.3B, suggesting potential liquidity pressures. The overall picture indicates cyclical headwinds in forest products markets, though the company maintained cost discipline with SG&A expenses declining 11% and modest R&D reduction.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-44.2%
$1.0B→$562.0M

Operating cash flow fell 44.2% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
-32.2%
$684.0M→$464.0M

Cash declined 32.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Liabilities
Balance Sheet
+30.8%
$977.0M→$1.3B

Current liabilities surged 30.8% — significant near-term obligations; verify ability to meet short-term debt.

R&D Expense
P&L
-28.6%
$7.0M→$5.0M

R&D spending cut 28.6% — could signal cost discipline or concerning reduction in innovation investment.

Gross Profit
P&L
-21.9%
$1.3B→$1.0B

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Net Income
P&L
-18.2%
$396.0M→$324.0M

Net income declined 18.2% — review whether driven by operations, interest costs, or non-recurring items.

SG&A Expense
P&L
-11.2%
$677.0M→$601.0M

SG&A reduced 11.2% — improved cost efficiency or headcount reduction improving operating margins.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-14
ADDED
As of February 3, 2026, 720,665 thousand shares of the registrant s common stock ($1.25 par value) were outstanding.
We own or control more than 10 million acres of timberlands in the U.S.
and manage long-term licenses covering more than 14 million acres in Canada.
We operate 33 manufacturing facilities in the United States and Canada.
Our sustainably managed forests and our wood products play a critical role in mitigating climate change, and we remove substantially more carbon than we emit each year.
Beginning in the first quarter of 2026, the Real Estate, Energy and Natural Resources (Real Estate ENR) segment will be renamed Strategic Land Solutions.
The segment will include the following businesses: Real Estate, Natural Resources and Climate Solutions.
GREENHOUSE GAS INVENTORY We remove substantially more carbon from the atmosphere than we emit each year.
In 2024, our direct carbon removals totaled 10 million mtCO 2 e (the increase in above-ground carbon in our U.S.
Also in 2024, the indirect carbon removals across our value chain were 27 million mtCO 2 e (primarily carbon stored in our own long-lived wood products and products our customers make from our logs).
REMOVED
As of February 4, 2025, 725,578 thousand shares of the registrant s common stock ($1.25 par value) were outstanding.
We own or control 10.4 million acres of timberlands in the U.S.
and manage long-term licenses covering 14.1 million acres in Canada.
We operate 34 manufacturing facilities in the United States and Canada.
Our sustainably managed forests and our wood products play a critical role in mitigating climate change, and our carbon record shows that our net impact is significantly carbon negative.
We have been managing our forests sustainably for a very long time.
We harvest, on average, only two percent of our forests each year, and 100 percent of our timberlands are reforested after harvesting.
In 2023, our direct carbon removals totaled 9 million mtCO 2 e (the increase in above-ground carbon in our U.S.
Also in 2023, the indirect carbon removals across our value chain were 29 million mtCO 2 e (primarily carbon stored in our own long-lived wood products and products that our customers make from our logs).
We have a comprehensive wood products energy strategy that we have begun implementing by developing short-term action plans, evaluation tools and energy champions at all sites.
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