EX-99.2


Weyerhaeuser Company	Exhibit 99.2

Q1.2026 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Operations


	Q4			Q1
in millions	Dec 31, 2025			Mar 31, 2026			Mar 31, 2025
Net sales	$	1,541		$	1,727		$	1,763
Costs of sales		1,380			1,409			1,428
Gross margin		161			318			335
Selling expenses		23			23			23
General and administrative expenses		113			119			119
Gain on sale of timberlands		(266	)		(58	)		—
Other operating costs (income), net		40			(13	)		14
Operating income		251			247			179
Non-operating pension and other post-employment benefit costs		(163	)		(14	)		(19	)
Interest income and other		5			4			5
Interest expense, net of capitalized interest		(70	)		(66	)		(66	)
Earnings before income taxes		23			171			99
Income taxes		51			(15	)		(16	)
Net earnings	$	74		$	156		$	83

Per Share Information


	Q4		Q1
	Dec 31, 2025		Mar 31, 2026		Mar 31, 2025
Earnings per share, basic and diluted	$	0.10	$	0.22	$	0.11
Dividends paid per common share	$	0.21	$	0.21	$	0.21
Weighted average shares outstanding (in thousands):
Basic		721,295		721,290		726,143
Diluted		721,833		721,671		726,566
Common shares outstanding at end of period (in thousands)		720,531		721,043		725,671

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)


	Q4			Q1
in millions	Dec 31, 2025			Mar 31, 2026			Mar 31, 2025
Net earnings	$	74		$	156		$	83
Non-operating pension and other post-employment benefit costs		163			14			19
Interest income and other		(5	)		(4	)		(5	)
Interest expense, net of capitalized interest		70			66			66
Income taxes		(51	)		15			16
Operating income		251			247			179
Depreciation, depletion and amortization		129			124			125
Basis of acres sold		8			23			24
Special items included in operating income		(248	)		(86	)		—
Adjusted EBITDA(1)	$	140		$	308		$	328

(1) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of Strategic Land Solutions acres sold and special items. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

Page 1 of 8


Weyerhaeuser Company	Total Company Statistics

Q1.2026 Analyst Package

Preliminary results (unaudited)

Special Items Included in Net Earnings (Income Tax Affected)


	Q4			Q1
in millions	Dec 31, 2025			Mar 31, 2026			Mar 31, 2025
Net earnings	$	74		$	156		$	83
Environmental remediation charge		14			—			—
Gain on sale of timberlands		(266	)		(58	)		—
Pension settlement charge		111			—			—
Product remediation insurance recovery		—			(21	)		—
Net (loss) earnings before special items(1)	$	(67	)	$	77		$	83


	Q4			Q1
	Dec 31, 2025			Mar 31, 2026			Mar 31, 2025
Net earnings per diluted share	$	0.10		$	0.22		$	0.11
Environmental remediation charge		0.02			—			—
Gain on sale of timberlands		(0.36	)		(0.08	)		—
Pension settlement charge		0.15			—			—
Product remediation insurance recovery		—			(0.03	)		—
Net (loss) earnings per diluted share before special items(1)	$	(0.09	)	$	0.11		$	0.11

(1) Net (loss) earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company’s earnings performance. Net (loss) earnings before special items should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

Selected Total Company Items


	Q4		Q1
in millions	Dec 31, 2025		Mar 31, 2026		Mar 31, 2025
Pension and post-employment costs:
Pension and post-employment service costs	$	5	$	4	$	4
Non-operating pension and other post-employment benefit costs		163		14		19
Total company pension and post-employment costs	$	168	$	18	$	23

Page 2 of 8

     Weyerhaeuser Company

    

Q1.2026 Analyst Package

Preliminary results (unaudited)

Condensed Consolidated Balance Sheet


in millions	Dec 31, 2025		Mar 31, 2026		Mar 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	464	$	299	$	560
Receivables, net		303		396		382
Receivables for taxes		10		8		13
Inventories		593		659		675
Assets held for sale		128		—		—
Prepaid expenses and other current assets		154		141		141
Total current assets		1,652		1,503		1,771
Property and equipment, net		2,420		2,376		2,333
Construction in progress		337		397		291
Timber and timberlands at cost, less depletion		11,533		11,475		11,506
Minerals and mineral rights, less depletion		177		176		187
Deferred tax assets		97		91		23
Other assets		397		383		409
Total assets	$	16,613	$	16,401	$	16,520

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	522	$	372	$	150
Accounts payable		278		284		288
Accrued liabilities		478		404		430
Total current liabilities		1,278		1,060		868
Long-term debt, net		5,050		5,052		5,017
Deferred tax liabilities		18		15		32
Deferred pension and other post-employment benefits		485		484		602
Other liabilities		356		351		356
Total liabilities		7,187		6,962		6,875
Total equity		9,426		9,439		9,645
Total liabilities and equity	$	16,613	$	16,401	$	16,520

Page 3 of 8

     Weyerhaeuser Company

    

Q1.2026 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Cash Flows


	Q4			Q1
in millions	Dec 31, 2025			Mar 31, 2026			Mar 31, 2025
Cash flows from operations:
Net earnings	$	74		$	156		$	83
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization		129			124			125
Basis of acres sold		8			23			24
Deferred income taxes, net		(53	)		1			4
Pension and other post-employment benefits		168			18			23
Share-based compensation expense		11			13			11
Gain on sale of timberlands		(266	)		(58	)		—
Other		4			1			—
Change in:
Receivables, net		51			(94	)		(76	)
Receivables and payables for taxes		(8	)		1			(22	)
Inventories		(4	)		(68	)		(68	)
Prepaid expenses and other current assets		2			2			5
Accounts payable and accrued liabilities		(30	)		(66	)		(25	)
Pension and post-employment benefit contributions and payments		(206	)		(5	)		(3	)
Other		6			4			(11	)
Net cash from operations	$	(114	)	$	52		$	70
Cash flows from investing activities:
Capital expenditures for property and equipment(1)	$	(135	)	$	(89	)	$	(71	)
Capital expenditures for timberlands reforestation		(14	)		(23	)		(22	)
Proceeds from sale of timberlands		405			192			—
Other		(2	)		1			(4	)
Net cash from investing activities	$	254		$	81		$	(97	)
Cash flows from financing activities:
Cash dividends on common shares	$	(152	)	$	(151	)	$	(152	)
Net proceeds from issuance of long-term debt		101			—			299
Payments on long-term debt		—			(150	)		(210	)
Repurchases of common shares		(10	)		(10	)		(25	)
Other		1			(4	)		(9	)
Net cash from financing activities	$	(60	)	$	(315	)	$	(97	)

Net change in cash, cash equivalents and restricted cash	$	80		$	(182	)	$	(124	)
Cash, cash equivalents and restricted cash at beginning of period		401			481			684
Cash, cash equivalents and restricted cash at end of period	$	481		$	299		$	560

Cash paid during the period for:
Interest, net of amounts capitalized	$	71		$	60		$	58
Income taxes, net of refunds	$	6		$	13		$	34

(1) Includes $16 million, $39 million and $30 million in capital expenditures related to the construction of our Monticello engineered wood products facility in first quarter 2025, fourth quarter 2025 and first quarter 2026, respectively. These amounts are excluded for purposes of calculating Adjusted Funds Available for Distribution.

Page 4 of 8


Weyerhaeuser Company	Timberlands Segment

Q1.2026 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations


in millions	Q4.2025			Q1.2026			Q1.2025
Sales to unaffiliated customers	$	353		$	356		$	382
Intersegment sales		134			136			152
Total net sales		487			492			534
Costs of sales		410			409			409
Gross margin		77			83			125
General and administrative expenses		24			25			24
Gain on sale of timberlands		(266	)		(58	)		—
Other operating costs (income), net		3			1			(1	)
Operating income and Net contribution to earnings	$	316		$	115		$	102

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)


in millions	Q4.2025			Q1.2026			Q1.2025
Operating income	$	316		$	115		$	102
Depreciation, depletion and amortization		64			63			65
Special items		(266	)		(58	)		—
Adjusted EBITDA(1)	$	114		$	120		$	167

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Segment Special Items Included In Net Contribution to Earnings (Pretax)


in millions	Q4.2025			Q1.2026			Q1.2025
Gain on sale of timberlands	$	(266	)	$	(58	)	$	—

Selected Segment Items


in millions	Q4.2025			Q1.2026			Q1.2025
Total increase in working capital(2)	$	(23	)	$	(18	)	$	(16	)
Cash spent for capital expenditures(3)	$	(38	)	$	(43	)	$	(26	)

(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Strategic Land Solutions segments combined.

(3) Does not include cash spent for the acquisition of timberlands.

Segment Statistics(4)


		Q4.2025		Q1.2026		Q1.2025
Third Party	Delivered logs:
Net Sales	West	$	138	$	144	$	169
(millions)	South		153		148		152
	North		15		14		14
	Total delivered logs		306		306		335
	Stumpage and pay-as-cut timber		15		10		10
	Recreational and other lease revenue		20		20		19
	Other revenue		12		20		18
	Total	$	353	$	356	$	382
Delivered Logs	West	$	108.64	$	106.76	$	118.52
Third Party Sales	South	$	37.29	$	37.26	$	37.10
Realizations (per ton)	North	$	73.28	$	70.65	$	71.43
Delivered Logs	West		1,276		1,347		1,428
Third Party Sales	South		4,089		3,968		4,106
Volumes (tons, thousands)	North		204		205		192
Fee Harvest Volumes	West		2,143		2,178		2,229
(tons, thousands)	South		6,048		5,915		6,133
	North		267		278		272

(4) Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.

Page 5 of 8


Weyerhaeuser Company	Strategic Land Solutions Segment

Q1.2026 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations


in millions	Q4.2025			Q1.2026		Q1.2025
Net sales	$	103		$	207	$	94
Costs of sales		13			32		32
Gross margin		90			175		62
General and administrative expenses		7			6		7
Other operating income, net		(1	)		—		(1	)
Operating income and Net contribution to earnings	$	84		$	169	$	56

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)


in millions	Q4.2025		Q1.2026		Q1.2025
Operating income	$	84	$	169	$	56
Depreciation, depletion and amortization		3		1		2
Basis of acres sold		8		23		24
Adjusted EBITDA(1)	$	95	$	193	$	82

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Segment Statistics(2)


		Q4.2025			Q1.2026			Q1.2025
Net Sales	Real Estate	$	35		$	69		$	62
(millions)	Natural Resources		23			27			19
	Climate Solutions		45			111			13
	Total	$	103		$	207		$	94
Acres Sold	Real Estate		4,135			17,141			16,408
Price per Acre	Real Estate	$	8,561		$	4,015		$	3,764
Basis as a Percent of Strategic Land Solutions Net Sales	Strategic Land Solutions		8	%		11	%		26	%

(2) Effective first quarter 2026, the segment previously called Real Estate, Energy & Natural Resources has been renamed Strategic Land Solutions. Reportable business lines included within the segment have been updated from Real Estate and Energy & Natural Resources to Real Estate, Natural Resources and Climate Solutions. Segment statistics for first quarter and fourth quarter 2025 have been adjusted to present comparative data, with all changes attributable to the disaggregation of the Climate Solutions business.

Page 6 of 8


Weyerhaeuser Company	Wood Products Segment

Q1.2026 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations


in millions	Q4.2025			Q1.2026			Q1.2025
Net sales	$	1,085		$	1,164		$	1,287
Costs of sales		1,099			1,087			1,114
Gross margin		(14	)		77			173
Selling expenses		21			22			22
General and administrative expenses		38			39			39
Other operating costs (income), net		5			(26	)		6
Operating (loss) income and Net (charge) contribution to earnings	$	(78	)	$	42		$	106

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)


in millions	Q4.2025			Q1.2026			Q1.2025
Operating (loss) income	$	(78	)	$	42		$	106
Depreciation, depletion and amortization		58			57			55
Special items		—			(28	)		—
Adjusted EBITDA(1)	$	(20	)	$	71		$	161

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Segment Special Items Included in Net Contribution to Earnings (Pretax)


in millions	Q4.2025		Q1.2026			Q1.2025
Product remediation insurance recovery	$	—	$	(28	)	$	—

Selected Segment Items


in millions	Q4.2025			Q1.2026			Q1.2025
Total decrease (increase) in working capital(2)	$	66		$	(203	)	$	(157	)
Cash spent for capital expenditures(3)	$	(110	)	$	(69	)	$	(67	)

(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.

(3) Includes $16 million, $39 million and $30 million in capital expenditures related to the construction of our Monticello engineered wood products facility in first quarter 2025, fourth quarter 2025 and first quarter 2026, respectively. These amounts are excluded for purposes of calculating Adjusted Funds Available for Distribution.

Segment Statistics(4)


in millions, except for third party sales realizations		Q4.2025		Q1.2026		Q1.2025
Structural Lumber	Third party net sales	$	420	$	478	$	527
(volumes presented	Third party sales realizations	$	393	$	443	$	463
in board feet)	Third party sales volumes		1,066		1,081		1,138
	Production volumes		1,009		1,100		1,163
Oriented Strand	Third party net sales	$	162	$	167	$	228
Board	Third party sales realizations	$	218	$	236	$	317
(volumes presented	Third party sales volumes		739		707		719
in square feet 3/8")	Production volumes		758		742		743
Engineered Solid	Third party net sales	$	157	$	155	$	161
Section	Third party sales realizations	$	2,928	$	2,790	$	3,026
(volumes presented	Third party sales volumes		5.4		5.6		5.3
in cubic feet)	Production volumes		5.2		5.7		5.7
Engineered	Third party net sales	$	75	$	72	$	88
I-joists	Third party sales realizations	$	2,384	$	2,307	$	2,519
(volumes presented	Third party sales volumes		31		31		35
in lineal feet)	Production volumes		32		35		35
Softwood Plywood	Third party net sales	$	36	$	38	$	40
(volumes presented	Third party sales realizations	$	404	$	442	$	459
in square feet 3/8")	Third party sales volumes		89		86		88
	Production volumes		78		77		80
Medium Density	Third party net sales	$	28	$	31	$	32
Fiberboard	Third party sales realizations	$	1,168	$	1,172	$	1,163
(volumes presented	Third party sales volumes		25		26		27
in square feet 3/4")	Production volumes		24		28		22

(4) Third party net sales, third party sales realizations and third party sales volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

Page 7 of 8


Weyerhaeuser Company	Unallocated Items

Q1.2026 Analyst Package

Preliminary results (unaudited)

Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses and interest income and other.

Net Charge to Earnings


in millions	Q4.2025			Q1.2026			Q1.2025
Unallocated corporate function and variable compensation expense	$	(46	)	$	(44	)	$	(42	)
Liability classified share-based compensation		—			—			(1	)
Foreign exchange (loss) gain		(1	)		(1	)		—
Elimination of intersegment profit in inventory and LIFO		18			(11	)		(18	)
Other, net		(42	)		(23	)		(24	)
Operating loss		(71	)		(79	)		(85	)
Non-operating pension and other post-employment benefit costs		(163	)		(14	)		(19	)
Interest income and other		5			4			5
Net charge to earnings	$	(229	)	$	(89	)	$	(99	)

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)


in millions	Q4.2025			Q1.2026			Q1.2025
Operating loss	$	(71	)	$	(79	)	$	(85	)
Depreciation, depletion and amortization		4			3			3
Special items		18			—			—
Adjusted EBITDA(1)	$	(49	)	$	(76	)	$	(82	)

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Unallocated Special Items Included in Operating Loss and Net Charge to Earnings (Pretax)


in millions	Q4.2025		Q1.2026		Q1.2025
Environmental remediation charge	$	18	$	—	$	—
Special items included in operating loss		18		—		—
Pension settlement charge		145		—		—
Special items included in net charge to earnings	$	163	$	—	$	—

Unallocated Selected Items


in millions	Q4.2025			Q1.2026		Q1.2025
Cash spent for capital expenditures	$	(1	)	$	—	$	—

Page 8 of 8