WEYERHAEUSER CO
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
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Sep 30, 2025 · Filed Oct 31, 2025
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BUSINESS SEGMENTS
NOTE 2: BUSINESS SEGMENTS
We are principally engaged in growing and harvesting timber; maximizing the value of our acreage through the sale of higher and better use (HBU) properties; monetizing the value of surface and subsurface assets through leases and royalties; and manufacturing, distributing and selling products made from trees. Our business segments are organized based primarily on products and services which include:
Timberlands – Logs, timber, recreational leases and other products;
Real Estate, Energy and Natural Resources (Real Estate & ENR) – Real Estate (sales of timberlands) and ENR (rights to explore for and extract hard minerals, construction materials, natural gas production and wind and solar) and
Wood Products – Structural lumber, oriented strand board, engineered wood products and building materials distribution.
A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows:
| DOLLAR AMOUNTS IN MILLIONS | TIMBERLANDS | REAL ESTATE & ENR | WOOD PRODUCTS | UNALLOCATED ITEMS AND INTERSEGMENT ELIMINATIONS | CONSOLIDATED |
|---|---|---|---|---|---|
| Net sales to unaffiliated customers | $386 | $103 | $1,228 | $— | $1,717 |
| Intersegment sales | 150 | — | — | (150) | — |
| Total | 536 | 103 | 1,228 | (150) | 1,717 |
| Costs of sales | 429 | 28 | 1,218 | (162) | 1,513 |
| Gross margin | 107 | 75 | 10 | 12 | 204 |
| Selling expenses | — | — | 23 | — | 23 |
| General and administrative expenses | 25 | 7 | 39 | 36 | 107 |
| Other segment items(1) | 2 | (1) | (33) | (4) | (36) |
| Net contribution (charge) to earnings | $80 | $69 | $(19) | $(20) | $110 |
| Net sales to unaffiliated customers | $357 | $89 | $1,235 | $— | $1,681 |
| Intersegment sales | 136 | — | — | (136) | — |
| Total | 493 | 89 | 1,235 | (136) | 1,681 |
| Costs of sales | 410 | 31 | 1,132 | (142) | 1,431 |
| Gross margin | 83 | 58 | 103 | 6 | 250 |
| Selling expenses | 1 | — | 21 | — | 22 |
| General and administrative expenses | 24 | 6 | 41 | 51 | 122 |
| Other segment items(1) | 1 | 1 | 14 | 8 | 24 |
| Net contribution (charge) to earnings | $57 | $51 | $27 | $(53) | $82 |
| Net sales to unaffiliated customers | $1,141 | $351 | $3,872 | $— | $5,364 |
| Intersegment sales | 458 | — | — | (458) | — |
| Total | 1,599 | 351 | 3,872 | (458) | 5,364 |
| Costs of sales | 1,254 | 104 | 3,575 | (433) | 4,500 |
| Gross margin | 345 | 247 | 297 | (25) | 864 |
| Selling expenses | 1 | — | 67 | 1 | 69 |
| General and administrative expenses | 73 | 20 | 118 | 129 | 340 |
| Other segment items(1) | 1 | (4) | (21) | 39 | 15 |
| Net contribution (charge) to earnings | $270 | $231 | $133 | $(194) | $440 |
| Net sales to unaffiliated customers | $1,153 | $305 | $3,958 | $— | $5,416 |
| Intersegment sales | 416 | — | — | (416) | — |
| Total | 1,569 | 305 | 3,958 | (416) | 5,416 |
| Costs of sales | 1,275 | 118 | 3,424 | (410) | 4,407 |
| Gross margin | 294 | 187 | 534 | (6) | 1,009 |
| Selling expenses | 1 | — | 64 | 1 | 66 |
| General and administrative expenses | 74 | 20 | 118 | 146 | 358 |
| Other segment items(1) | 1 | (3) | 1 | 30 | 29 |
| Net contribution (charge) to earnings | $218 | $170 | $351 | $(183) | $556 |
(1)
Other segment items for each reportable segment includes recurring and non-recurring income and expense items. For our Wood Products segment, this includes an impairment charge related to the indefinite curtailment of our New Bern lumber mill for the quarter and year-to-date period ended September 30, 2024, product remediation recoveries for the year-to-date period ended September 30, 2024, and a gain on the sale of our Princeton lumber mill for the quarter and year-to-date period ended September 30, 2025. For Unallocated Items, this includes non-operating pension and other post-employment benefit costs, interest income and other and insurance recoveries for all periods presented. Refer to Note 13: Other Operating (Income) Costs, Net for additional information.
Reconciliation of Net Contribution to Earnings to Net Earnings
| QUARTER ENDED | YEAR-TO-DATE ENDED | |||
|---|---|---|---|---|
| DOLLAR AMOUNTS IN MILLIONS | SEPTEMBER 2025 | SEPTEMBER 2024 | SEPTEMBER 2025 | SEPTEMBER 2024 |
| Net contribution to earnings | $110 | $82 | $440 | $556 |
| Interest expense, net of capitalized interest | (71) | (69) | (203) | (203) |
| Earnings before income taxes | 39 | 13 | 237 | 353 |
| Income taxes | 41 | 15 | 13 | (38) |
| Net earnings | $80 | $28 | $250 | $315 |
Additional Financial Information
| DOLLAR AMOUNTS IN MILLIONS | TIMBERLANDS | REAL ESTATE & ENR | WOOD PRODUCTS | UNALLOCATED ITEMS AND INTERSEGMENT ELIMINATIONS | CONSOLIDATED |
|---|---|---|---|---|---|
| Depreciation, depletion and amortization | $68 | $3 | $56 | $3 | $130 |
| Capital expenditures | $37 | $— | $88 | $— | $125 |
| Depreciation, depletion and amortization | $65 | $3 | $54 | $3 | $125 |
| Capital expenditures | $22 | $— | $72 | $3 | $97 |
| Depreciation, depletion and amortization | $197 | $9 | $166 | $8 | $380 |
| Capital expenditures | $82 | $— | $243 | $— | $325 |
| Depreciation, depletion and amortization | $196 | $10 | $164 | $6 | $376 |
| Capital expenditures | $74 | $— | $177 | $16 | $267 |
Total Assets
| DOLLAR AMOUNTS IN MILLIONS | SEPTEMBER 30,2025 | DECEMBER 31,2024 |
|---|---|---|
| Timberlands and Real Estate & ENR(1) | $12,857 | $12,545 |
| Wood Products | 3,200 | 3,116 |
| Unallocated items | 611 | 875 |
| Consolidated | $16,668 | $16,536 |
(1)
Assets attributable to the Real Estate & ENR segment are combined with total assets for the Timberlands segment as we do not produce separate balance sheets internally.
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