Key Highlights

● Net earnings were $162 million, or $0.23 per diluted share, versus $0.12.

● Excluding special items, earnings were $91 million, or $0.13 per share.

● Adjusted EBITDA was $310 million, down from $336 million a year earlier.

● The company sold 29,000 acres of non-core Oregon timberlands for $114 million.

Weyerhaeuser Company (NYSE:WY) reported second-quarter 2026 results at the end of July 2026. Net earnings were $162 million, or $0.23 per diluted share, compared with $87 million, or $0.12, a year earlier. Excluding special items, earnings were $91 million, or $0.13 per share. Adjusted EBITDA was $310 million, down from $336 million in the second quarter of 2025. Net sales were $1,867 million against $1,884 million.

The gap between reported and underlying earnings comes from a $71 million after-tax gain on the sale of 29,000 acres of non-core Oregon timberlands for $114 million. Operating cash flow was $399 million, and capital expenditure was $139 million.

Segment drivers

Wood Products was the main mover. Adjusted EBITDA rose to $129 million from $71 million in the first quarter, helped by average lumber sales realizations up 15% and oriented strand board up 3%. Timberlands adjusted EBITDA was $123 million, compared with $152 million a year earlier, as log and haul costs increased on fuel and freight. Strategic Land Solutions generated $129 million, down from $193 million in the first quarter, which had included a $94 million conservation easement transaction.

On the earnings call, chief executive Devin Stockfish said housing remains stuck in second gear, with weak consumer confidence, affordability limits and mortgage rates in the mid-6% range. Management also cited trucking constraints that affected lumber production and an oversupplied oriented strand board market, which posted an adjusted EBITDA loss of $6 million.

Timberlands detail is mixed. The Western fee harvest rose slightly on seasonal conditions, Southern volumes were flat, and net contribution was $130 million including the gain, or $59 million before special items. Looking ahead, management expects the Western harvest to rise moderately in the third quarter, with realizations dipping slightly overall.

Guidance and dividend

For the third quarter, management expects earnings before special items and adjusted EBITDA to be slightly higher than the second quarter. Strategic Land Solutions is forecast about $45 million lower on adjusted EBITDA because of real estate timing, and full-year segment adjusted EBITDA is now expected at about $450 million, up $25 million. Wood Products is expected to be slightly lower, excluding price changes. These are management expectations, not results.

The company has a quarterly base dividend of $0.21 per share. The company reported about $530 million of cash and $5.4 billion of total debt at quarter end.

Capital allocation included repaying $372 million of debt, among it $250 million of 4.75% notes, and returning $152 million through dividends alongside roughly $10 million of repurchases. Capital expenditure included $63 million for an Arkansas engineered wood facility, with about $300 million planned for that Monticello project in 2026.

Housing Demand and Lumber Price Swings

Weyerhaeuser common stock trades on the New York Stock Exchange and has been an S&P 500 constituent since 1979, listed under Real Estate.

The principal risks are housing demand and affordability, volatility in lumber and oriented strand board prices, rising log, resin and transport costs, lumpy real estate and timberland transaction timing, and inflation. The second-quarter improvement owed much to a seasonal price rebound and a one-off land sale rather than to a recovery in housing, so later quarters depend on whether lumber prices hold.