Research · Sep 3, 2026
[WY] Weyerhaeuser Thesis 2026: Climate Solutions Revenue Diversifies From Wood Products Trough
Weyerhaeuser Company FY25 revenue $6.91B (-3%); op income $465M (-32%); NI $324M (-18%); EPS $0.45. Timberlands Q4 contributed $50M earnings ex-special items / adj EBITDA $114M (down $34M from Q3). Real Estate, Energy + Natural Resources (Strategic Land Solutions) Q4 $84M earnings / adj EBITDA $95M; FY adj EBITDA $411M ($61M above initial outlook). Climate Solutions FY adj EBITDA $119M (+42% from 2024); exceeded $100M target; new $250M target by 2030 (multi-year compounding). Wood Products Q4 loss $78M / adj EBITDA loss $20M (Lumber -$57M; OSB -$10M; EWP +$49M down $7M from Q3; Distribution -$2M from Q3). Completed timberlands divestitures + entered VA acres divestiture. FY26 outlook: Strategic Land Solutions adj EBITDA ~$425M; Q1 SLS earnings ~$75M higher / adj EBITDA ~$90M higher than Q4; Wood Products Q1 slightly higher earnings ex-realizations change; capex ~$400-$450M typical + ~$300M Arkansas EWP facility; interest $255M; effective tax 8-12%; pension expense ~$60M.