EX-99.2


Weyerhaeuser Company	Exhibit 99.2

Q1.2025 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Operations


	Q4			Q1
in millions	Dec 31, 2024			March 31, 2025			March 31, 2024
Net sales	$	1,708		$	1,763		$	1,796
Costs of sales		1,404			1,428			1,441
Gross margin		304			335			355
Selling expenses		22			23			22
General and administrative expenses		122			119			120
Other operating costs, net		19			14			17
Operating income		141			179			196
Non-operating pension and other post-employment benefit costs		(11	)		(19	)		(11	)
Interest income and other		10			5			16
Interest expense, net of capitalized interest		(66	)		(66	)		(67	)
Earnings before income taxes		74			99			134
Income taxes		7			(16	)		(20	)
Net earnings	$	81		$	83		$	114

Per Share Information


	Q4		Q1
	Dec 31, 2024		March 31, 2025		March 31, 2024
Earnings per share, basic and diluted	$	0.11	$	0.11	$	0.16
Dividends paid per common share	$	0.20	$	0.21	$	0.34
Weighted average shares outstanding (in thousands):
Basic		726,927		726,143		730,043
Diluted		727,776		726,566		730,558
Common shares outstanding at end of period (in thousands)		725,845		725,671		729,141

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


	Q4			Q1
in millions	Dec 31, 2024			March 31, 2025			March 31, 2024
Net earnings	$	81		$	83		$	114
Non-operating pension and other post-employment benefit costs		11			19			11
Interest income and other		(10	)		(5	)		(16	)
Interest expense, net of capitalized interest		66			66			67
Income taxes		(7	)		16			20
Operating income		141			179			196
Depreciation, depletion and amortization		126			125			125
Basis of real estate sold		27			24			31
Adjusted EBITDA(1)	$	294		$	328		$	352

(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 real estate 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.

Selected Total Company Items


	Q4		Q1
in millions	Dec 31, 2024		March 31, 2025		March 31, 2024
Pension and post-employment costs:
Pension and post-employment service costs	$	6	$	4	$	5
Non-operating pension and other post-employment benefit costs		11		19		11
Total company pension and post-employment costs	$	17	$	23	$	16

Page 1 of 7

     Weyerhaeuser Company

    

Q1.2025 Analyst Package

Preliminary results (unaudited)

Condensed Consolidated Balance Sheet


in millions	December 31, 2024		March 31, 2025		March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	684	$	560	$	871
Receivables, net		306		382		405
Receivables for taxes		9		13		13
Inventories		607		675		630
Prepaid expenses and other current assets		142		141		192
Total current assets		1,748		1,771		2,111
Property and equipment, net		2,329		2,333		2,283
Construction in progress		287		291		243
Timber and timberlands at cost, less depletion		11,551		11,506		11,481
Minerals and mineral rights, less depletion		189		187		198
Deferred tax assets		24		23		14
Other assets		408		409		426
Total assets	$	16,536	$	16,520	$	16,756

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	210	$	150	$	210
Accounts payable		255		288		310
Accrued liabilities		512		430		424
Total current liabilities		977		868		944
Long-term debt, net		4,866		5,017		4,861
Deferred tax liabilities		26		32		84
Deferred pension and other post-employment benefits		596		602		460
Other liabilities		350		356		353
Total liabilities		6,815		6,875		6,702
Total equity		9,721		9,645		10,054
Total liabilities and equity	$	16,536	$	16,520	$	16,756

Page 2 of 7

     Weyerhaeuser Company

    

Q1.2025 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Cash Flows


	Q4			Q1
in millions	December 31, 2024			March 31, 2025			March 31, 2024
Cash flows from operations:
Net earnings	$	81		$	83		$	114
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization		126			125			125
Basis of real estate sold		27			24			31
Deferred income taxes, net		(31	)		4			—
Pension and other post-employment benefits		17			23			16
Share-based compensation expense		11			11			10
Other		(4	)		—			1
Change in:
Receivables, net		66			(76	)		(53	)
Receivables and payables for taxes		2			(22	)		(3	)
Inventories		(24	)		(68	)		(68	)
Prepaid expenses and other current assets		(1	)		5			17
Accounts payable and accrued liabilities		(22	)		(25	)		(51	)
Pension and post-employment benefit contributions and payments		(6	)		(3	)		(4	)
Other		(24	)		(11	)		(11	)
Net cash from operations	$	218		$	70		$	124
Cash flows from investing activities:
Capital expenditures for property and equipment(1)	$	(136	)	$	(71	)	$	(57	)
Capital expenditures for timberlands reforestation		(13	)		(22	)		(22	)
Acquisitions of timberlands		(116	)		(4	)		—
Other		10			—			2
Net cash from investing activities	$	(255	)	$	(97	)	$	(77	)
Cash flows from financing activities:
Cash dividends on common shares	$	(145	)	$	(152	)	$	(248	)
Net proceeds from issuance of long-term debt		—			299			—
Payments on long-term debt		—			(210	)		—
Repurchases of common shares		(28	)		(25	)		(50	)
Other		(5	)		(9	)		(10	)
Net cash from financing activities	$	(178	)	$	(97	)	$	(308	)

Net change in cash, cash equivalents and restricted cash	$	(215	)	$	(124	)	$	(261	)
Cash, cash equivalents and restricted cash at beginning of period		899			684			1,164
Cash, cash equivalents and restricted cash at end of period	$	684		$	560		$	903

Cash paid during the period for:
Interest, net of amounts capitalized	$	70		$	58		$	57
Income taxes, net of refunds	$	9		$	34		$	23

(1) First quarter 2025 includes $16 million in capital expenditures related to the construction of our Monticello engineered wood products facility, which are excluded for purposes of calculating Adjusted Funds Available for Distribution.

Page 3 of 7


Weyerhaeuser Company	Timberlands Segment

Q1.2025 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations


in millions	Q4.2024			Q1.2025			Q1.2024
Sales to unaffiliated customers	$	359		$	382		$	387
Intersegment sales		138			152			134
Total net sales		497			534			521
Costs of sales		411			409			415
Gross margin		86			125			106
General and administrative expenses		26			24			25
Other operating (income) costs, net		(2	)		(1	)		1
Operating income and Net contribution to earnings	$	62		$	102		$	80

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


in millions	Q4.2024		Q1.2025		Q1.2024
Operating income	$	62	$	102	$	80
Depreciation, depletion and amortization		64		65		64
Adjusted EBITDA(1)	$	126	$	167	$	144

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

Selected Segment Items


in millions	Q4.2024			Q1.2025			Q1.2024
Total (increase) decrease in working capital(2)	$	(12	)	$	(16	)	$	8
Cash spent for capital expenditures(3)	$	(31	)	$	(26	)	$	(31	)

(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.

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

Segment Statistics(4)


		Q4.2024		Q1.2025		Q1.2024
Third Party	Delivered logs:
Net Sales	West	$	154	$	169	$	176
(millions)	South		150		152		151
	North		13		14		13
	Total delivered logs		317		335		340
	Stumpage and pay-as-cut timber		13		10		11
	Recreational and other lease revenue		20		19		19
	Other revenue		9		18		17
	Total	$	359	$	382	$	387
Delivered Logs	West	$	110.32	$	118.52	$	121.06
Third Party Sales	South	$	37.26	$	37.10	$	36.93
Realizations (per ton)	North	$	69.22	$	71.43	$	73.58
Delivered Logs	West		1,402		1,428		1,452
Third Party Sales	South		4,012		4,106		4,089
Volumes (tons, thousands)	North		184		192		175
Fee Harvest Volumes	West		2,149		2,229		2,214
(tons, thousands)	South		6,161		6,133		5,990
	North		264		272		239

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

Page 4 of 7


Weyerhaeuser Company	Real Estate, Energy & Natural Resources Segment

Q1.2025 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations


in millions	Q4.2024		Q1.2025			Q1.2024
Net sales	$	86	$	94		$	107
Costs of sales		34		32			41
Gross margin		52		62			66
General and administrative expenses		6		7			6
Other operating income, net		—		(1	)		—
Operating income and Net contribution to earnings	$	46	$	56		$	60

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


in millions	Q4.2024		Q1.2025		Q1.2024
Operating income	$	46	$	56	$	60
Depreciation, depletion and amortization		3		2		3
Basis of real estate sold		27		24		31
Adjusted EBITDA(1)	$	76	$	82	$	94

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

Segment Statistics


		Q4.2024			Q1.2025			Q1.2024
Net Sales	Real Estate	$	60		$	69		$	83
(millions)	Energy and Natural Resources		26			25			24
	Total	$	86		$	94		$	107
Acres Sold	Real Estate		20,028			16,654			19,774
Price per Acre	Real Estate	$	2,806		$	3,812		$	3,629
Basis as a Percent of Real Estate Net Sales	Real Estate		45	%		35	%		37	%

Page 5 of 7


Weyerhaeuser Company	Wood Products Segment

Q1.2025 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations


in millions	Q4.2024		Q1.2025		Q1.2024
Net sales	$	1,263	$	1,287	$	1,302
Costs of sales		1,092		1,114		1,107
Gross margin		171		173		195
Selling expenses		21		22		21
General and administrative expenses		37		39		40
Other operating costs, net		7		6		6
Operating income and Net contribution to earnings	$	106	$	106	$	128

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


in millions	Q4.2024		Q1.2025		Q1.2024
Operating income	$	106	$	106	$	128
Depreciation, depletion and amortization		55		55		56
Adjusted EBITDA(1)	$	161	$	161	$	184

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

Selected Segment Items


in millions	Q4.2024			Q1.2025			Q1.2024
Total decrease (increase) in working capital(2)	$	26		$	(157	)	$	(174	)
Cash spent for capital expenditures(3)	$	(117	)	$	(67	)	$	(42	)

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

(3) First quarter 2025 includes $16 million in capital expenditures related to the construction of our Monticello engineered wood products facility, which are excluded for purposes of calculating Adjusted Funds Available for Distribution.

Segment Statistics(4)


in millions, except for third party sales realizations		Q4.2024		Q1.2025		Q1.2024
Structural Lumber	Third party net sales	$	492	$	527	$	464
(volumes presented	Third party sales realizations	$	442	$	463	$	429
in board feet)	Third party sales volumes		1,114		1,138		1,080
	Production volumes		1,110		1,163		1,085
Oriented Strand	Third party net sales	$	230	$	228	$	255
Board	Third party sales realizations	$	321	$	317	$	359
(volumes presented	Third party sales volumes		717		719		710
in square feet 3/8")	Production volumes		758		743		735
Engineered Solid	Third party net sales	$	165	$	161	$	177
Section	Third party sales realizations	$	2,996	$	3,026	$	3,212
(volumes presented	Third party sales volumes		5.5		5.3		5.4
in cubic feet)	Production volumes		5.5		5.7		5.7
Engineered	Third party net sales	$	89	$	88	$	99
I-joists	Third party sales realizations	$	2,508	$	2,519	$	2,648
(volumes presented	Third party sales volumes		35		35		37
in lineal feet)	Production volumes		32		35		43
Softwood Plywood	Third party net sales	$	37	$	40	$	41
(volumes presented	Third party sales realizations	$	450	$	459	$	508
in square feet 3/8")	Third party sales volumes		83		88		81
	Production volumes		79		80		72
Medium Density	Third party net sales	$	36	$	32	$	39
Fiberboard	Third party sales realizations	$	1,163	$	1,163	$	1,183
(volumes presented	Third party sales volumes		31		27		33
in square feet 3/4")	Production volumes		33		22		34

(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 6 of 7


Weyerhaeuser Company	Unallocated Items

Q1.2025 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	Q4.2024			Q1.2025			Q1.2024
Unallocated corporate function and variable compensation expense	$	(47	)	$	(42	)	$	(38	)
Liability classified share-based compensation		2			(1	)		(1	)
Foreign exchange gain (loss)		1			—			(1	)
Elimination of intersegment profit in inventory and LIFO		(1	)		(18	)		(6	)
Other, net		(28	)		(24	)		(26	)
Operating loss		(73	)		(85	)		(72	)
Non-operating pension and other post-employment benefit costs		(11	)		(19	)		(11	)
Interest income and other		10			5			16
Net charge to earnings	$	(74	)	$	(99	)	$	(67	)

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


in millions	Q4.2024			Q1.2025			Q1.2024
Operating loss	$	(73	)	$	(85	)	$	(72	)
Depreciation, depletion and amortization		4			3			2
Adjusted EBITDA(1)	$	(69	)	$	(82	)	$	(70	)

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

Unallocated Selected Items


in millions	Q4.2024			Q1.2025		Q1.2024
Cash spent for capital expenditures	$	(1	)	$	—	$	(6	)

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