Q2.2026
Filed Jul 30, 2026Weyerhaeuser reported preliminary, unaudited Q2.2026 net sales of $1,867 million and net earnings of $162 million.
Q2 net sales, gross margin and Adjusted EBITDA were below Q2.2025, while GAAP net earnings rose from Q1.2026 and Q2.2025 and included a $71 million gain on sale of timberlands.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net salesGAAP | $1,867 million | – | – |
| Costs of salesGAAP | $1,556 million | – | – |
| Gross marginGAAP | $311 million | – | – |
| Selling expensesGAAP | $24 million | – | – |
| General and administrative expensesGAAP | $115 million | – | – |
| Gain on sale of timberlandsGAAP | $71 million | – | – |
| Other operating (income) costs, netGAAP | $20 million | – | – |
| Operating incomeGAAP | $223 million | – | – |
| Earnings before income taxesGAAP | $147 million | – | – |
| Income taxesGAAP | $15 million | – | – |
| Net earningsGAAP | $162 million | – | – |
| Earnings per share, basic and dilutedGAAP | $0.23 | – | – |
| Dividends paid per common shareother | $0.21 | – | – |
| Weighted average shares outstanding, basicother | 721,421 thousand | – | – |
| Weighted average shares outstanding, dilutedother | 721,901 thousand | – | – |
| Adjusted EBITDAnon-GAAP | $310 million | – | – |
| Net earnings before special itemsnon-GAAP | $91 million | – | – |
| Net earnings per diluted share before special itemsnon-GAAP | $0.13 | – | – |
| Net cash from operationsGAAP | $399 million | – | – |
| Capital expenditures for property and equipmentGAAP | $ (131 ) million | – | – |
| Capital expenditures for timberlands reforestationGAAP | $ (8 ) million | – | – |
| Net cash from investing activitiesGAAP | $ (7 ) million | – | – |
| Net cash from financing activitiesGAAP | $ (164 ) million | – | – |
| Timberlands operating income and Net contribution to earningsGAAP | $130 million | – | – |
| Timberlands Adjusted EBITDAnon-GAAP | $123 million | – | – |
| Strategic Land Solutions operating income and Net contribution to earningsGAAP | $94 million | – | – |
| Strategic Land Solutions Adjusted EBITDAnon-GAAP | $129 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| TimberlandsSales to unaffiliated customers were $367 million, intersegment sales were $151 million, and gain on sale of timberlands was $71 million. | $518 million total net sales | – | – |
| Strategic Land SolutionsReal Estate net sales were $91 million. | $140 million net sales | – | – |
Capital returns
- Cash dividends on common shares were $ (152 ) million in Q2.2026.
- Repurchases of common shares were $ (10 ) million in Q2.2026.
- Dividends paid per common share were $0.21 in Q2.2026.
What drove it
- Q2.2026 Timberlands third-party delivered-log net sales were $325 million, compared with $331 million in Q2.2025 and $306 million in Q1.2026.
- Western delivered-log realization was $115.27 per ton in Q2.2026, compared with $117.69 per ton in Q2.2025 and $106.76 per ton in Q1.2026.
- Strategic Land Solutions net sales were $140 million in Q2.2026, compared with $154 million in Q2.2025 and $207 million in Q1.2026.
- The Q2.2026 gain on sale of timberlands was $71 million.
Concerns
- Total company gross margin was $311 million in Q2.2026, compared with $325 million in Q2.2025 and $318 million in Q1.2026.
- Adjusted EBITDA was $310 million in Q2.2026, compared with $336 million in Q2.2025.
- Timberlands Adjusted EBITDA was $123 million in Q2.2026, compared with $152 million in Q2.2025.
- Strategic Land Solutions operating income was $94 million in Q2.2026, compared with $169 million in Q1.2026.
What to watch
- Future Timberlands delivered-log realizations and third-party sales volumes by region.
- The level of timberland-sale gains and Strategic Land Solutions real estate net sales.
- Capital expenditures for property and equipment, including capital expenditures related to the Monticello engineered wood products facility of $30 million in Q2.2026.
- Cash flow, commercial-paper activity, long-term debt payments, dividends and common-share repurchases.
Balance sheet and cash flow
- Cash and cash equivalents were $527 million at Jun 30, 2026.
- Current maturities of long-term debt were $122 million at Jun 30, 2026.
- Long-term debt, net was $5,303 million at Jun 30, 2026.
- Total assets were $16,513 million and total equity was $9,456 million at Jun 30, 2026.
- Net cash from operations was $399 million in Q2.2026.
- Proceeds from sale of timberlands were $114 million in Q2.2026.
- Net proceeds from issuance of commercial paper were $331 million in Q2.2026.
- Payments on long-term debt were $ (250 ) million and payments on commercial paper were $ (81 ) million in Q2.2026.
Analysis
Weyerhaeuser reported Q2.2026 net sales of $1,867 million, compared with $1,884 million in Q2.2025 and $1,727 million in Q1.2026. Gross margin was $311 million, compared with $325 million in Q2.2025 and $318 million in Q1.2026. GAAP operating income was $223 million, above $178 million in Q2.2025 but below $247 million in Q1.2026.
GAAP net earnings were $162 million, compared with $87 million in Q2.2025 and $156 million in Q1.2026, while basic and diluted earnings per share were $0.23. The quarter included a $71 million gain on sale of timberlands. Net earnings before special items were $91 million and net earnings per diluted share before special items were $0.13. Adjusted EBITDA was $310 million, compared with $336 million in Q2.2025 and $308 million in Q1.2026.
Timberlands recorded $518 million of total net sales and $130 million of operating income and Net contribution to earnings. Its Adjusted EBITDA was $123 million, compared with $152 million in Q2.2025. Strategic Land Solutions recorded $140 million of net sales, $94 million of operating income and Net contribution to earnings, and $129 million of Adjusted EBITDA. Its Real Estate net sales were $91 million.
Cash generation improved from Q1.2026, with net cash from operations of $399 million, compared with $52 million in Q1.2026. The company reported $527 million of cash and cash equivalents, $122 million of current maturities of long-term debt, and $5,303 million of long-term debt, net at Jun 30, 2026. Q2 financing activity included $ (152 ) million of cash dividends, $ (10 ) million of common-share repurchases, $331 million of commercial-paper issuance, $ (250 ) million of long-term debt payments, and $ (81 ) million of commercial-paper payments.
No forward guidance or CFO commentary was included in the provided filing text, so the release does not provide a reported outlook against which to assess the next period. The reported Q2 figures place attention on the sustainability of Timberlands realizations, Strategic Land Solutions sales, special-item contributions, capital expenditures and operating cash flow.
Not in the filing
stated, not guessed- Forward guidance for revenue, gross margin, operating expenses, tax rate and other metrics was not provided in the filing text.
- Previous-period outlook was not provided.
- CFO commentary was not provided in the filing text.
- Free cash flow was not reported as a line item.
- A total debt line was not reported as a line item.
- The supplied filing text is truncated during the Strategic Land Solutions segment statistics and does not include the remaining analyst-package pages, including potential Wood Products segment results and additional company disclosures.
- Percentage year-over-year and quarter-over-quarter changes were not reported for the listed metrics.
- Management quotes from named executives were not provided in the filing text.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.