WEST FRASER TIMBER (WFG) Company Report

Analyst Coverage

Research analysts who have asked questions during WEST FRASER TIMBER earnings calls.

Hamir Patel

CIBC Capital Markets

13 questions for WFG

Also covers: MEOH, MERC, NTR +1 more

Ketan Mamtora

BMO Capital Markets

13 questions for WFG

Also covers: ALH, AZEK, BCC +8 more

Sean Steuart

TD Securities

13 questions for WFG

Also covers: AQN, BEP, BEPC +3 more

Ben Isaacson

Scotiabank

12 questions for WFG

Also covers: ALB, LAAC, LAR +4 more

Matthew McKellar

RBC Capital Markets

7 questions for WFG

Also covers: CLW, IP, JHX +8 more

Matt McKellar

RBC Capital Markets

3 questions for WFG

Also covers: CLW, IP, PCH +2 more

Matthew McCallor

RBC Capital Markets

2 questions for WFG

Latest news

Recent press releases and 8-K filings for WFG.

West Fraser Reports Q4 and Full Year 2025 Financial Results Amidst Challenging Markets

WFG

Earnings

New Projects/Investments

Demand Weakening

West Fraser reported adjusted EBITDA of -$79 million in Q4 2025, an improvement from -$144 million in Q3 2025, and $56 million for the full year 2025, significantly down from $673 million in 2024.
The sequential Q4 improvement was primarily driven by reduced SPF log costs, lower southern yellow pine manufacturing costs, and lower OSB labor costs, along with the absence of a $67 million out-of-period duty expense from Q3, though partially offset by lower lumber and North American OSB prices.
The company recorded substantial non-cash restructuring and impairment charges totaling $473 million in the lumber segment and $239 million in the North America EWP segment in Q4 2025, related to goodwill impairment and mill closures/curtailments.
West Fraser maintained over $1.2 billion in available liquidity at year-end 2025 , despite a shift to net debt of $131 million from a net cash position of $212 million in the prior quarter, attributed to seasonal working capital build, capital expenditures, and shareholder returns.
Operationally, the company continued its portfolio optimization by ramping up the Allendale OSB mill and commissioning the new Henderson lumber mill, while also announcing the indefinite curtailment of the High Level OSB mill and reducing over 1.1 billion board feet of lumber capacity since 2022.

Feb 12, 2026, 3:00 PM

Transcript

West Fraser Timber Reports Q4 2025 Adjusted EBITDA of -$79 Million Amidst Market Softness and Strategic Restructuring

WFG

Earnings

Demand Weakening

New Projects/Investments

West Fraser Timber reported adjusted EBITDA of -$79 million for Q4 2025, an improvement from -$144 million in Q3 2025, and $56 million for the full year 2025, a significant decrease from $673 million in 2024.
The company recorded substantial non-cash restructuring and impairment charges in Q4 2025, totaling $473 million in the lumber segment and $239 million in the North America EWP segment, related to goodwill impairment and mill closures/curtailments.
Despite challenging markets, West Fraser maintained a strong financial position with over $1.2 billion in available liquidity at year-end 2025, though it shifted to a net debt position of $131 million from a net cash position of $212 million in the prior quarter due to working capital build, capital expenditures, and shareholder returns.
Operationally, the company completed the ramp-up of its Allendale OSB mill and commissioned the new Henderson lumber mill, while also continuing portfolio optimization by removing over 1.1 billion board feet of lumber capacity since 2022 and indefinitely curtailing its High Level OSB mill.
Management expressed a cautious outlook on demand, particularly for OSB, but remains optimistic about longer-term prospects, focusing on operational excellence and maintaining financial flexibility for potential growth opportunities.

Feb 12, 2026, 3:00 PM

Transcript

West Fraser Reports Q4 and Full-Year 2025 Financial Results, Details Operational Adjustments

WFG

Earnings

New Projects/Investments

Demand Weakening

West Fraser reported a Q4 2025 adjusted EBITDA of -$79 million, an improvement from the prior quarter, and a full-year 2025 adjusted EBITDA of $56 million.
The company recorded significant non-cash restructuring and impairment charges in Q4 2025, totaling $473 million in the lumber segment and $239 million in the North America EWP segment, related to goodwill impairment, sawmill closures, and an OSB mill curtailment.
At year-end 2025, West Fraser maintained over $1.2 billion in available liquidity , with $131 million in net debt , and deployed $32 million towards share buybacks and dividends in Q4.
Operationally, the company completed the ramp-up of its Allendale OSB mill and commissioned the new Henderson lumber mill, while also reducing over 1.1 billion board feet of lumber operating capacity since 2022.
Management emphasized a continued focus on portfolio optimization, cost reduction, and operational excellence, indicating a readiness to pursue M&A for quality assets that strengthen the company and offer a clear path to deleveraging.

Feb 12, 2026, 3:00 PM

Transcript

West Fraser Announces Fourth Quarter and Full Year 2025 Results

WFG

Earnings

Demand Weakening

Guidance Update

West Fraser reported a net loss of $(751) million (or $(9.63) per diluted share) on $1.165 billion in sales for Q4 2025, which included $712 million in restructuring and impairment charges. For the full year 2025, the company posted a net loss of $(937) million (or $(12.08) per diluted share) on $5.462 billion in sales.
Adjusted EBITDA was $(79) million for Q4 2025 and $56 million for the full year 2025, a decrease from $673 million in 2024.
The company repurchased 108,079 shares for $7 million in Q4 2025 and a total of 1,639,207 shares for $124 million in 2025. A dividend of $0.32 per share was declared, payable April 2, 2026.
Management noted a challenging period due to elevated softwood lumber duties, oversupply, and tempered demand from housing affordability constraints. The company reiterated 2026 lumber shipment targets of 2.4 to 2.7 billion board feet and North American OSB target shipments of 5.9 to 6.3 billion square feet.

Feb 11, 2026, 10:02 PM

6-K

West Fraser Announces Q4 and Full Year 2025 Results

WFG

Earnings

Guidance Update

Share Buyback

West Fraser reported Q4 2025 sales of $1.165 billion and a net loss of $(751) million, or $(9.63) per diluted share, which included $712 million in restructuring and impairment charges. For the full year 2025, sales were $5.462 billion and the net loss was $(937) million, or $(12.08) per diluted share.
Adjusted EBITDA for Q4 2025 was $(79) million, improving from $(144) million in Q3 2025, while full year 2025 Adjusted EBITDA was $56 million, a significant decrease from $673 million in 2024.
The company repurchased 1,639,207 shares for $124 million in 2025 and declared a $0.32 per share dividend payable in Q1 2026. New U.S. tariffs, including a 10% tariff effective October 14, 2025, continue to impact the business.
For 2026, West Fraser expects capital expenditures between $300 million and $350 million and reiterated shipment targets for SPF/SYP lumber (2.4 to 2.7 billion board feet), North American OSB (5.9 to 6.3 billion square feet), and Europe EWP OSB (1.0 to 1.25 billion square feet).

Feb 11, 2026, 10:01 PM

Press Release

West Fraser Announces Goodwill Impairment and 2026 Operational Outlook

WFG

Profit Warning

Guidance Update

Demand Weakening

West Fraser Timber Co. Ltd. expects to record an approximately $409 million non-cash impairment of goodwill in Q4 2025, primarily due to persistently challenging economic conditions and a protracted downcycle affecting its U.S. lumber operations.
The company provided its 2026 operational guidance, targeting SPF shipments of 2.4 to 2.7 billion board feet and SYP shipments of 2.4 to 2.7 billion board feet.
For 2026, North American OSB shipments are targeted at 5.9 to 6.3 billion square feet, and European and U.K. OSB shipments are targeted at 1.0 to 1.25 billion square feet.
Capital expenditures for 2026 are expected to be between $300 and $350 million.

Jan 8, 2026, 10:15 PM

6-K

West Fraser Announces Q4 2025 Goodwill Impairment and 2026 Operational Guidance

WFG

Profit Warning

Guidance Update

Demand Weakening

West Fraser will record an approximately $409 million non-cash impairment of its Lumber segment goodwill in Q4 2025, citing persistently challenging economic conditions and recalibrated assumptions.
For 2026, the company targets SPF shipments of 2.4 to 2.7 billion board feet and SYP shipments of 2.4 to 2.7 billion board feet.
N.A. OSB shipments are targeted at 5.9 to 6.3 billion square feet, and European and U.K. OSB shipments at 1.0 to 1.25 billion square feet for 2026.
Capital expenditures for 2026 are expected to be between $300 to $350 million.

Jan 8, 2026, 10:01 PM

Press Release

West Fraser to Indefinitely Curtail OSB Mill and Record Impairment Loss

WFG

Demand Weakening

Profit Warning

Layoffs

West Fraser announced the indefinite curtailment of its High Level, Alberta oriented strand board (OSB) mill in the spring of 2026 due to a significant weakening of OSB demand, which is expected to reduce the company's capacity by 860 million square feet (3/8-inch).
The company also confirmed the indefinite idling of one production line at its Cordele, Georgia OSB facility since late 2023, representing 440 million square feet (3/8-inch) of capacity.
West Fraser anticipates recording an approximately $200 million asset impairment loss in the fourth quarter of 2025 in connection with the High Level OSB mill curtailment.
Approximately 190 employees at the High Level mill will be affected, with the company planning to mitigate the impact by offering work opportunities at other operations.

Dec 4, 2025, 10:16 PM

6-K

West Fraser to Reduce OSB Capacity and Record Impairment Loss

WFG

Demand Weakening

Guidance Update

Layoffs

West Fraser announced it will indefinitely curtail its High Level, Alberta oriented strand board (OSB) mill in spring 2026 and continue the indefinite idling of one production line at its Cordele, Georgia OSB facility.
This decision stems from a significant weakening of OSB demand.
The combined actions are expected to reduce West Fraser's OSB capacity by 1.3 billion square feet (860 million from High Level and 440 million from Cordele).
The company anticipates recording an approximately $200 million asset impairment loss in the fourth quarter of 2025 in connection with the High Level OSB mill curtailment.
Approximately 190 employees at the High Level mill will be affected, with West Fraser aiming to mitigate the impact by offering work opportunities at other company operations.

Dec 4, 2025, 10:01 PM

Press Release

West Fraser announces permanent mill closures and capacity reduction

WFG

Demand Weakening

Layoffs

Guidance Update

West Fraser Timber Co. Ltd. will permanently close its Augusta, Georgia, and 100 Mile House, British Columbia lumber mills by the end of 2025 due to timber supply challenges and soft lumber markets.
These closures will reduce the company's lumber capacity by a combined 300 million board feet (160 million from 100 Mile House and 140 million from Augusta) and impact approximately 295 employees.
The company also confirmed that the 2024 indefinite curtailment of its Huttig, Arkansas, and Lake Butler, Florida lumber mills is now permanent, with plans to dismantle and sell these sites.
West Fraser expects to record restructuring and impairment charges in the fourth quarter of 2025 related to these announcements.