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What Changed
Risk factors · Feb 14, 2025 → Feb 13, 2026
91 added · 113 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
Operating Income Operating income increased $46 million — 7 percent — primarily due to: a $266 million increase in gain on sale of timberlands (refer to: Note 4: Timberland Acquisitions and Divestitures ); a $43 million increase in insurance recoveries; a $29 million gain on the sale of our Princeton lumber mill in third quarter 2025; a $27 million decrease in general and administrative expenses and a $10 million decrease in noncash impairment charges.
These changes were partially offset by a $10 million noncash impairment charge related to the indefinite curtailment of our New Bern lumber mill recorded in third quarter 2024 and a $29 million gain related to the sale of our Princeton lumber mill recorded in third quarter 2025 (refer to the breakout of these items in Note 17: Other Operating Costs, Net ).
COMPARING 2025 WITH 2024 Net cash from investing activities increased by $161 million, primarily due to a $405 million increase in proceeds from the sale of timberlands and a $61 million increase in proceeds from the sale of our Princeton lumber mill, partially offset by a $218 million increase in cash spent on the acquisition of timberlands and a $59 million increase in capital expenditures for property and equipment.
WEYERHAEUSER COMPANY > 2025 ANNUAL REPORT AND FORM 10-K 54 Table of Contents LINE OF CREDIT In June 2025, we amended and restated our senior unsecured revolving credit facility to extend the expiration date to June 2030, while increasing borrowing capacity from $1.5 billion to $1.75 billion.
In general, Western log markets are highly tensioned by available supply, while Southern log markets have WEYERHAEUSER COMPANY > 2025 ANNUAL REPORT AND FORM 10-K 44 Table of Contents more available supply.
The Framing Lumber Composite began the fourth quarter on a slight upward trajectory supported by improving Western SPF pricing and broader concerns around the Section 232 tariff, which took effect in October.
Trade and tariff policies are generally separate from the annual establishment and collection of anti-dumping and countervailing duties (AD/CVD) placed on certain products and countries, such as for Canadian softwood lumber.
When combined with the volume impact associated with the sale of the company’s sawmill in Princeton, British Columbia – which was sold in late third quarter 2025 – Weyerhaeuser’s lumber production volumes decreased by 14 percent in fourth quarter 2025 compared to the prior quarter.
In Japan, total housing starts decreased 7.4 percent year-to-date through December compared to the same period in 2024, while the key Post and Beam segment saw a 4.0 percent decrease, in part due to more stringent building permit requirements which went into effect on April 1, 2025.
These changes were partially offset by: a $288 million decrease in consolidated gross margin (see discussion of components above); a $25 million decrease in product remediation recoveries received and an $18 million noncash environmental remediation charge recorded in fourth quarter 2025.
COMPARING 2025 WITH 2024 Net Sales Net sales decreased $264 million — 5 percent — primarily due to: a $217 million decrease in oriented strand board sales attributable to a 25 percent decrease in sales realizations, partially offset by a 4 percent increase in sales volumes; a $59 million decrease in engineered solid section sales attributable to a 7 percent decrease in sales realizations and a 1 percent decrease in sales volumes; a $50 million decrease in complementary building products sales attributable to a decrease in sales volumes across most products; a $47 million decrease in engineered I-joist sales attributable to a 7 percent decrease in sales realizations and a 5 percent decrease in sales volumes; a $24 million decrease in medium density fiberboard sales attributable to a 14 percent decrease in sales volumes and a 1 percent decrease in sales realizations and a $3 million decrease in softwood plywood sales attributable to a 7 percent decrease in sales realizations, partially offset by a 5 percent increase in sales volumes.
Interest expense increased by $4 million compared to 2024 primarily due to $3 million of debt extinguishment costs incurred in conjunction with the partial redemption of our $750 million 4.75 percent senior unsecured notes due in May 2026, as well as a series of debt issuances and retirements in 2025 that increased our outstanding debt, partially offset by a decrease in our weighted average interest rate.
No longer disclosed
COMPARING 2024 WITH 2023 Net cash from investing activities decreased by $128 million, primarily due to: a $166 million decrease in proceeds from the sale of timberlands and an $18 million increase in cash spent on the acquisition of timberlands.
WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 53 Table of Contents LINE OF CREDIT We had no outstanding borrowings on our $1.5 billion five-year senior unsecured revolving credit facility as of December 31, 2024 or December 31, 2023.
WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 54 Table of Contents Significant Contractual Obligations as of December 31, 2024 Significant contractual obligations as of December 31, 2024 include our long-term debt obligations and lease obligations.
WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 70 Table of Contents We recognize deferred tax assets and liabilities to reflect: • future tax consequences due to differences between the carrying amounts for financial reporting purposes and the tax bases of certain items and • net operating loss and tax credit carryforwards.
In fourth quarter 2024, the Random Lengths Framing Lumber Composite price averaged $429/MBF and the OSB Composite averaged WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 44 Table of Contents $401/MSF.
WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 51 Table of Contents Our provision for income taxes the last two years was: $31 million in 2024 and $98 million in 2023.
WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 55 Table of Contents Our discount rates are important in determining the cost of our plans.
WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 71 Table of Contents Expected long-term rate of return on plan assets.
An impairment occurs when the carrying value of a long-lived asset is greater than the amount that could be recovered from the estimated undiscounted future cash flows of the asset and greater than fair market value (the amount we could receive if we were to sell the asset).
Sales of newly built, single-family homes averaged a seasonally adjusted annual rate of 662 thousand units for fourth quarter 2024, a decrease of 6.5 percent from third quarter 2024, primarily driven by a seasonal reduction in buying activity.
COMPARING 2024 WITH 2023 Net Sales Net sales decreased $436 million — 8 percent — primarily due to: a $217 million decrease in structural lumber sales attributable to a 7 percent decrease in sales realizations, as well as a 3 percent decrease in sales volumes; an $89 million decrease in complementary building products sales attributable to decreased sales volumes across most products; a $75 million decrease in engineered solid section sales attributable to a 10 percent decrease in sales realizations; a $57 million decrease in engineered I-joists sales attributable to a 10 percent decrease in sales realizations, as well as a 3 percent decrease in sales volumes; a $29 million decrease in other products produced primarily attributable to decreased sales realizations for wood chips and an $8 million decrease in softwood plywood sales attributable to a 5 percent decrease in sales realizations.
In Japan, total housing starts decreased 3.4 percent year to date through November compared to the same period in 2023, while the key Post and Beam segment saw a 2.6 percent decrease.