Weyerhaeuser Company is one of the largest private owners of timberlands in North America, managing approximately 10.5 million acres in the U.S. and an additional 14 million acres under long-term licenses in Canada. The company operates primarily through three business segments: Timberlands, Real Estate, Energy and Natural Resources (Real Estate & ENR), and Wood Products . Weyerhaeuser is a major manufacturer of wood products, including structural lumber, oriented strand board, and engineered wood products . Overall, Weyerhaeuser's operations are deeply integrated with a focus on sustainability, and the company is structured as a real estate investment trust (REIT) to optimize tax efficiency .
- Wood Products - Manufactures wood products, including structural lumber, oriented strand board, and engineered wood products.
- Timberlands - Involves growing and harvesting timber, with products including logs, timber, and recreational leases.
- Real Estate, Energy and Natural Resources (Real Estate & ENR) - Focuses on selling timberland tracts for various purposes and granting rights for energy and natural resource extraction, including generating and selling forest carbon credits.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brian K. Chaney Executive | Senior Vice President, Wood Products | None | Brian K. Chaney has been with WY since 1991, currently leading the Wood Products division, focusing on strategy and innovation. | |
David M. Wold Executive | Senior Vice President and Chief Financial Officer | None | David M. Wold joined WY in 2013 and became CFO in May 2022, previously serving as Corporate Controller and Chief Accounting Officer. | |
Denise M. Merle Executive | Senior Vice President and Chief Administration Officer | None | Denise M. Merle has held various roles at WY, currently overseeing HR, IT, and investor relations since 2018. | |
Devin W. Stockfish Executive | President and Chief Executive Officer | Chair of the Board of Directors for the National Alliance of Forest Owners | Devin W. Stockfish has been the CEO since January 2019, with extensive experience in capital-intensive industries, mergers and acquisitions, and strategic planning. | View Report → |
Kristy T. Harlan Executive | Senior Vice President, General Counsel, and Corporate Secretary | None | Kristy T. Harlan joined WY in 2017, overseeing global legal, compliance, and risk management functions. | |
Paul A. Hossain Executive | Senior Vice President and Chief Development Officer | Board Member of the U.S. Endowment for Forestry and Communities | Paul A. Hossain joined WY in 2016, focusing on natural resources and climate solutions, and became Chief Development Officer in 2025. | |
Travis A. Keatley Executive | Senior Vice President, Timberlands | None | Travis A. Keatley has been with WY since 1997, leading Timberlands operations since 2021. | |
Al Monaco Board | Director | Director at Canadian National Railway Company | Al Monaco joined the board in 2020, with extensive experience in energy infrastructure and strategic planning. | |
Deidra C. Merriwether Board | Director | CFO at W.W. Grainger, Board Member at Ann and Robert Lurie Children’s Hospital | Deidra C. Merriwether joined the board in 2020, bringing extensive management experience in sales and finance. | |
James C. O’Rourke Board | Director | Director at The Toro Company, Director at Rio Tinto Ltd | James C. O’Rourke joined the board in 2023, with leadership experience in global mining and sustainability. | |
Kim Williams Board | Director | Director at E.W. Scripps Company, Lead Independent Director at Xcel Energy Inc. | Kim Williams has been a director since 2006, with significant experience in investment management and corporate governance. | |
Lawrence A. Selzer Board | Director | Chairman of the Board of Directors of the American Bird Conservancy, Leading Harvest | Lawrence A. Selzer has been a director since 2016, with expertise in conservation and real estate management. | |
Mark A. Emmert Board | Director | Director at Expeditors International, Life Member of the Council on Foreign Relations | Mark A. Emmert has been a director since 2008, with a background in governance and public policy. | |
Nicole W. Piasecki Board | Director | Board Member at BAE Systems PLC, BWX Technologies | Nicole W. Piasecki has been a director since 2003, with roles in governance and corporate responsibility. | |
Rick R. Holley Board | Chairman of the Board | Member of the Federal Reserve Bank of San Francisco’s Economic Advisory Council | Rick R. Holley joined WY in 2016 after the merger with Plum Creek, serving as Chairman since then. | |
Sara Grootwassink Lewis Board | Director | Board Member at Healthpeak Properties, Freeport-McMoRan, Everside Health Group | Sara Grootwassink Lewis has been a director since 2016, with expertise in audit and governance, chairing the Audit Committee. |
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Given the challenges in the lumber market and your expectations for 2025, what specific operational improvements or cost reductions are you implementing to ensure that your lumber business returns to profitability above your cost of capital, and can you quantify the expected impact of these initiatives?
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You've mentioned significant opportunities in exporting logs from the U.S. South to markets like India, Vietnam, Turkey, and Pakistan. Can you provide more details on the scale of these opportunities, the investments required to build out export facilities, and how you plan to mitigate risks associated with entering these new markets?
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Regarding your renewables portfolio, you've indicated a "meaningful uptick" in forest carbon revenues and EBITDA next year. Can you provide concrete guidance on the expected financial contributions from your NCS projects, including forest carbon and solar developments, and how these will impact overall company performance?
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You've acknowledged potential lithium mining opportunities on your Southern timberlands but have provided little detail. Can you elaborate on your strategy to capitalize on these opportunities, any partnerships being considered, and the expected timeline and financial impact of such initiatives?
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With base dividends and share repurchases outpacing your funds available for distribution year-to-date, how sustainable is your current capital return strategy? Are you prioritizing shareholder returns over reinvestment in the business, and how do you plan to balance these moving forward, especially if market conditions remain challenging?
Research analysts who have asked questions during WEYERHAEUSER earnings calls.
Ketan Mamtora
BMO Capital Markets
4 questions for WY
Mark Weintraub
Seaport Research Partners
4 questions for WY
Michael Roxland
Truist Securities
4 questions for WY
George Staphos
Bank of America
3 questions for WY
Hamir Patel
CIBC Capital Markets
3 questions for WY
Matthew McKellar
RBC Capital Markets
3 questions for WY
Susan Maklari
Goldman Sachs Group Inc.
3 questions for WY
Anthony Pettinari
Citigroup Inc.
2 questions for WY
Kurt Yinger
D.A. Davidson & Co.
2 questions for WY
Brad Barton
Bank of America
1 question for WY
Buck Horne
Raymond James Financial, Inc.
1 question for WY
Hong Hang
JPMorgan Chase & Co.
1 question for WY
Hong Zhang
JPMorgan Chase & Co.
1 question for WY
Matt McKellar
RBC Capital Markets
1 question for WY
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Timberlands in Alabama (Weyerhaeuser Company) | 2024 | Acquired 84,300 acres for a total of $244 million via three transactions ($48M in Q2, $82M in Q3, and $114M in Q4). The timberlands are located in a strong inland sawlog market with 74% planted pine acreage expected to yield an average Adjusted EBITDA of approximately $150 per acre annually over 10 years. |
Timberlands in Mississippi (Weyerhaeuser Company) | 2023 | Acquired 22,000 acres for approximately $60 million on July 19, 2023. The acquisition offers synergies due to short-haul distances from local lumber mills, is highly productive with a mature timber inventory, and supports the company’s broader $1 billion investment strategy to enhance real estate and natural climate solutions. |
Timberlands in N. & S. Carolina (Weyerhaeuser Company) | 2022 | Acquired roughly 81,000 acres for approximately $265 million with high-quality, well-managed timberlands in premium coastal markets. The deal, completed in May 2022, supports operational synergies with existing timber and mill operations and is reflected in the company’s balanced accounting records. |
Recent press releases and 8-K filings for WY.
- Weyerhaeuser reaffirmed 2025 year-end targets, including $1 billion of disciplined timberlands investments (2022–2025), growing annual natural climate solutions EBITDA to $100 million, capturing $175–250 million of operational excellence improvements, returning 75–80% of adjusted FAD, and achieving 5% annual dividend and lumber production growth; progress includes $1.1 billion invested in timberlands, $84 million of natural climate solutions EBITDA in 2024, and $117 million of OpX improvements (2022–2024).
- Announced a $500 million investment to construct a new TimberStrand® engineered wood facility in Monticello, Arkansas (2025–2027), which will add 10 million cubic feet of capacity (+24% EWP) and is expected to generate over $100 million of annual adjusted EBITDA at full production by 2027.
- Reported a strong carbon footprint, with 38 million metric tons of CO₂e removed and 9.8 million metric tons stored in 2024, commitment to net-zero emissions by 2040 under a science-based target, and membership in The Climate Pledge.
- Returned $735 million of cash to shareholders in 2024, comprising $582 million of base dividends and $153 million of share repurchases, with a framework to return 75–80% of adjusted FAD annually and base dividends growing at >5% annually.
- Maintained a strong balance sheet with investment-grade ratings (Baa2/BBB), $1.75 billion revolving credit facility, ~$1.2 billion of debt reduction since 2020, and a net debt to adjusted EBITDA ratio of 0.8x as of June 30, 2025.
- On August 25, 2025, Weyerhaeuser Company will partially redeem $500 million of its 4.75% senior unsecured notes due 2026 at a redemption price equal to the greater of 100% of principal or the present value of remaining payments discounted at the Treasury Rate plus 20 bps, plus accrued interest.
- Interest on the redeemed notes will cease to accrue after the redemption date, provided funds sufficient to pay the redemption price have been deposited with the paying agent.
- Of the original $750 million outstanding aggregate principal amount, $250 million of the notes will remain outstanding following this redemption.
- On June 30, 2025, Weyerhaeuser entered into a $1.75 billion five-year senior unsecured Amended and Restated Revolving Credit Facility, replacing its prior $1.5 billion facility and maturing June 30, 2030.
- Borrowings may be used for general corporate purposes, including working capital, refinancing existing debt, acquisitions, stock repurchases and capital expenditures.
- Loans bear interest at a floating rate (Term SOFR, Daily Simple SOFR or Base Rate) plus a spread that varies with Weyerhaeuser’s long-term credit rating.
- Key covenants require maintaining minimum total adjusted shareholders’ equity of $3.0 billion and a funded debt ratio of 65% or less, along with other customary investment-grade restrictions.
- 2025 year-end targets include $1 billion of timberlands investments, $100 million annual EBITDA in Natural Climate Solutions, $175–250 million in operational excellence gains, and returning 75–80% of Adjusted FAD to shareholders with 5% annual dividend growth.
- Through Q1 2025, the company has invested over $1.1 billion in timberlands, generated $84 million of adjusted EBITDA in climate solutions, captured $117 million of operational improvements, and returned $735 million of cash to shareholders in 2024 ($582 million dividends; $153 million share repurchases).
- Timberlands segment is #1 in adjusted EBITDA margin across all regions, managing 10.4 million acres in the U.S. and 14 million acres licensed in Canada, with additional North Carolina/Virginia acquisitions expected to close in Q3 2025.
- Wood Products operates 34 lumber, 6 OSB, and 6 engineered wood mills, holding the #1 adjusted EBITDA margin in manufacturing; it is building a new 10 million cu ft TimberStrand® facility in Arkansas (2025–27, ~$500 million) targeting >$100 million EBITDA at full run-rate.
- Strong ESG performance: 100% of timberlands certified, 38 million mtCO₂e removed in 2024, forests store 9.8 million mtCO₂e, net-negative carbon profile, science-based emissions targets, and net-zero commitment by 2040.
- Timberland Acquisition: The company announced an off-market acquisition of approximately 115,000 acres in North Carolina and Virginia for about $375 million, expected to upgrade portfolio quality and deliver strong cash flow yields.
- Capital Returns: Weyerhaeuser has returned roughly $5.7 billion through dividends and share repurchases, concluding a $1 billion share repurchase program and initiating a new $1 billion authorization.
- New Facility Investment: The firm unveiled plans for a new Timber Strand facility in Monticello, Arkansas, with a $500 million investment, anticipated to produce approximately $100 million of EBITDA when fully operational.
- Market Dynamics: Executives discussed impending tariff increases on Canadian lumber—from 14% to 34%—and noted mixed trends in single-family housing demand affecting lumber and OSB pricing.
- Weyerhaeuser highlights its integrated portfolio, emphasizing timberlands, real estate, energy & natural resources, and wood products with a strong focus on sustainable forestry and natural climate solutions.
- The presentation outlines multi-year targets including $1B in timberlands investments through 2025 and growing natural climate solutions EBITDA to $100M by year-end 2025.
- The company emphasizes disciplined capital allocation, aiming to return 75-80% of adjusted funds available for distribution to shareholders via dividends and share repurchases while investing in key growth initiatives.
- Dividend Declared: Quarterly base cash dividend of $0.21 per share will be paid on June 13, 2025 to shareholders as of May 30, 2025.
- Share Repurchase Update: The company completed its previous $1 billion share repurchase program with $74 million repurchased in Q2 2025 and has now authorized a new program of up to $1 billion to drive long-term shareholder value.
- Financial Performance: GAAP earnings of $83 million (or $0.11 per diluted share), $1.8 billion in net sales, and consolidated Adjusted EBITDA of $328 million .
- Segment Highlights: Timberlands generated $102 million in earnings and $167 million in adjusted EBITDA; Real Estate/ENR contributed $56 million in earnings and $82 million in adjusted EBITDA; Wood Products reported $106 million in earnings and $161 million in adjusted EBITDA .
- Strong Balance Sheet: End-of-quarter cash of $560 million with total debt of $5,167 million and $25 million repurchased during Q1 2025 .
- Capital Returns: Quarterly dividend increased by 5% to $0.21 per share with cumulative share repurchases nearing $925 million under the authorized program .
- Future Outlook & Projects: Continued progress on the CCS project with Occidental (targeting first injection in 2029) amid cautious views on housing activity and repair & remodel trends .
- Net earnings of $83 million and diluted EPS of $0.11 on $1.8 billion in net sales were reported for Q1 2025.
- The company achieved Adjusted EBITDA of $328 million, reflecting a 12% increase compared with Q4 2024.
- A 5% increase in the quarterly base dividend was announced, marking the fourth consecutive year of dividend growth.
- Media inquiries can be directed to Nancy Thompson at (919) 861-0342.
- Growth strategy: Committed to disciplined investments of $1 billion in timberlands from 2022 to 2025 and targeting Natural Climate Solutions EBITDA of $100 million by 2025.
- Capital allocation focus: Emphasizes returning 75-80% of adjusted funds available for distribution via dividends and share repurchases.
- Sustainability commitment: Highlights robust ESG initiatives including sustainable forestry practices and a net-zero emissions target by 2040.