Revenue has contracted to -10.1% YoY and gross margin turned negative at -9.1% in 2025Q4, with operating margin at -18.8% and a net loss of -$761.9M, suggesting fixed costs are overwhelming thin gross profit.
West Fraser Timber Co. Ltd. (WFG) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.88B | 5.55B | 6.17B | 6.45B | 9.7B | 10.52B | 5.56B | 5.01B | 4.49B | 4.08B | 3.31B | 4.1B | 3.32B | 3.26B | 3.02B | 2.71B | 2.89B | 2.49B | 2.62B | 3.35B | 2.85B | 3.08B | 2B | 1.16B | 1.04B | 981.36M | 1B | 1.52B | 1.21B | 1.31B | 1.2B |
| Revenue Growth % | -14.66% | -10.06% | -4.34% | -33.47% | -7.77% | 89.03% | 11.06% | 11.54% | 10.02% | 23.32% | -19.25% | 23.43% | 1.81% | 8.19% | 11.47% | -6.24% | 15.68% | -4.8% | -21.75% | 17.34% | -7.35% | 54.26% | 71.66% | 12.17% | 5.65% | -2.21% | -34.06% | 25.66% | -7.32% | 9.06% | 9.53% |
| Cost of Goods Sold | 4.37B | 5.59B | 4.33B | 4.68B | 5.14B | 4.64B | 2.69B | 2.8B | 2.66B | 2.48B | 2.21B | 2.07B | 2.19B | 2.12B | 2.03B | 1.88B | 2.25B | 2.32B | 1.94B | 2.56B | 2.44B | 2.6B | 1.55B | 993.04M | 790.04M | 742.03M | 1.1B | 1.17B | 999.03M | 1.03B | 921.48M |
| COGS % of Revenue | - | 100.59% | 70.18% | 72.59% | 53% | 44.16% | 48.4% | 55.8% | 59.12% | 60.85% | 66.76% | 50.51% | 65.82% | 65.05% | 67.33% | 69.39% | 77.89% | 92.94% | 74.12% | 76.34% | 85.39% | 84.3% | 77.57% | 85.39% | 76.2% | 75.61% | 109.18% | 76.67% | 82.49% | 79.18% | 76.92% |
| Gross Profit | 534.01M | -32.53M | 1.84B | 1.77B | 4.56B | 5.87B | 1.89B | 937.78M | 1.84B | 1.6B | 1.1B | 883.48M | 1.14B | 1.21B | 985.09M | 828.11M | 637.9M | 176.2M | 678.06M | 792.32M | 416.97M | 483.48M | 447.89M | 169.96M | 246.76M | 239.33M | 444.42M | 355.1M | 212M | 271.98M | 276.56M |
| Gross Margin % | 10.95% | -0.59% | 29.82% | 27.41% | 47% | 55.84% | 34.05% | 18.72% | 40.88% | 39.15% | 33.24% | 21.55% | 34.18% | 37.21% | 32.67% | 30.61% | 22.11% | 7.06% | 25.88% | 23.66% | 14.61% | 15.7% | 22.43% | 14.61% | 23.8% | 24.39% | 44.28% | 23.33% | 17.51% | 20.82% | 23.08% |
| Gross Profit Growth % | - | -101.77% | 4.07% | -61.2% | -22.37% | 209.98% | 102.04% | -48.93% | 14.88% | 45.26% | 24.55% | -22.19% | -6.48% | 23.24% | 18.96% | 29.82% | 262.03% | -74.01% | -14.42% | 90.02% | -13.76% | 7.95% | 163.52% | -31.12% | 3.11% | -46.15% | 25.16% | 67.5% | -22.05% | -1.66% | 3.94% |
| Operating Expenses | 1.07B | 450.39M | 1.83B | 2.05B | 2B | 1.93B | 1.03B | 222.92M | 1.05B | 906.56M | 741.76M | 704.05M | 785.62M | 816.14M | 857.43M | 771.5M | 381.24M | 356.22M | 803.94M | 956.35M | 80.21M | 318.61M | 208.67M | 163.01M | 114.08M | 121.72M | 258.48M | 139.95M | 147.07M | 151.15M | 133.54M |
| OpEx % of Revenue | - | 8.11% | 29.71% | 31.81% | 20.62% | 18.33% | 18.58% | 4.45% | 23.36% | 22.2% | 22.4% | 17.17% | 23.65% | 25.01% | 28.43% | 28.52% | 13.21% | 14.28% | 30.69% | 28.56% | 2.81% | 10.35% | 10.45% | 14.02% | 11% | 12.4% | 25.76% | 9.2% | 12.14% | 11.57% | 11.15% |
| Selling, General & Admin | 1.13B | 1.04B | 1.11B | 1.23B | 1.33B | 1.2B | 758.34M | 711.95M | 712.17M | 701.39M | 595.19M | 545.51M | 639.18M | 634.88M | 656.39M | 550.73M | 140.38M | 102.95M | 528.27M | 603.88M | 96.66M | 98.72M | 80.68M | 53.29M | 43.94M | 44.28M | 161.34M | 46.81M | 51.67M | 54.86M | 48.45M |
| SG&A % of Revenue | - | 18.65% | 17.99% | 19% | 13.74% | 11.39% | 13.63% | 14.21% | 15.85% | 17.18% | 17.98% | 13.31% | 19.24% | 19.46% | 21.77% | 20.36% | 4.87% | 4.13% | 20.16% | 18.04% | 3.39% | 3.21% | 4.04% | 4.58% | 4.24% | 4.51% | 16.08% | 3.08% | 4.27% | 4.2% | 4.04% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -585.1M | 723M | 827M | 667M | 730M | 275.26M | -489.03M | 337M | 205.17M | 146.57M | 158.54M | 146.44M | 181.26M | 201.04M | 220.76M | 240.86M | 253.27M | 275.68M | 352.46M | -16.45M | 219.89M | 127.99M | 109.72M | 70.14M | 77.44M | 97.14M | 93.14M | 95.41M | 96.3M | 85.08M |
| Operating Income | -541.2M | -482.92M | 7M | -284M | 2.56B | 3.94B | 1.06B | 42.12M | 787.06M | 691.85M | 358.6M | 249M | 349.74M | 350.35M | 115.63M | 56.61M | 276.11M | -188.65M | -125.88M | -164.02M | 336.73M | 164.87M | 239.21M | 6.95M | 132.67M | 117.61M | 162.15M | 215.14M | 64.92M | 120.82M | 143.02M |
| Operating Margin % | -11.1% | -8.7% | 0.11% | -4.4% | 26.38% | 37.51% | 19% | 0.84% | 17.52% | 16.95% | 10.83% | 6.07% | 10.53% | 10.74% | 3.83% | 2.09% | 9.57% | -7.56% | -4.8% | -4.9% | 11.8% | 5.35% | 11.98% | 0.6% | 12.8% | 11.98% | 16.16% | 14.14% | 5.36% | 9.25% | 11.94% |
| Operating Income Growth % | - | -6998.88% | 102.46% | -111.1% | -35.13% | 273.09% | 2410.53% | -94.65% | 13.76% | 92.93% | 44.02% | -28.8% | -0.17% | 202.98% | 104.26% | -79.5% | 246.36% | -49.86% | 23.25% | -148.71% | 104.24% | -31.08% | 3339.83% | -94.76% | 12.81% | -27.47% | -24.63% | 231.37% | -46.27% | -15.52% | -2.22% |
| EBITDA | -4.73M | 61.08M | 557M | 256M | 3.15B | 4.53B | 1.26B | 240.39M | 975.75M | 858.85M | 548.58M | 440M | 513.19M | 510.35M | 268.42M | 220.86M | 461.08M | 76.76M | 126.05M | 103.78M | 552.81M | 384.77M | 367.21M | 116.68M | 218.7M | 204.5M | 250.61M | 308.29M | 160.33M | 217.12M | 228.11M |
| EBITDA Margin % | -0.1% | 1.1% | 9.02% | 3.97% | 32.45% | 43.06% | 22.65% | 4.8% | 21.72% | 21.04% | 16.57% | 10.73% | 15.45% | 15.64% | 8.9% | 8.16% | 15.98% | 3.08% | 4.81% | 3.1% | 19.37% | 12.49% | 18.39% | 10.03% | 21.09% | 20.84% | 24.97% | 20.26% | 13.24% | 16.62% | 19.04% |
| EBITDA Growth % | -101.54% | -89.03% | 117.58% | -91.87% | -30.49% | 259.34% | 424.3% | -75.36% | 13.61% | 56.56% | 24.68% | -14.26% | 0.56% | 90.13% | 21.53% | -52.1% | 500.68% | -39.1% | 21.46% | -81.23% | 43.68% | 4.78% | 214.72% | -46.65% | 6.95% | -18.4% | -18.71% | 92.28% | -26.16% | -4.82% | 4.02% |
| D&A (Non-Cash Add-back) | 536.47M | 544M | 550M | 540M | 589M | 584M | 203M | 198.27M | 188.69M | 167M | 189.97M | 191M | 163.45M | 160M | 152.79M | 164.25M | 184.97M | 265.41M | 251.93M | 267.8M | 216.09M | 219.89M | 127.99M | 109.72M | 86.03M | 86.89M | 88.46M | 93.14M | 95.41M | 96.3M | 85.08M |
| EBIT | -1.23B | -1.17B | 64M | -204M | 2.62B | 3.95B | 822M | -133.97M | 812.02M | 692.64M | 458M | 243M | 388.08M | 359M | 127.29M | 64.64M | 282.65M | -188.65M | -151.44M | -164.02M | 336.76M | 164.87M | 239.21M | 6.95M | 132.67M | 117.46M | 162.15M | 215.14M | 64.92M | 120.89M | 143.02M |
| Net Interest Income | -47.95M | 5.08M | 34M | 51M | 2.88M | -36.67M | -20.41M | -30.85M | -19.77M | -24M | -24M | -24M | -24M | -17.88M | -19.08M | -20.86M | -26.6M | -28.92M | -26.15M | 0 | 12.43M | -44.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 11.81M | 24.4M | 59.98M | 75.36M | 25.93M | 10.9M | 13.34M | 3.08M | 5.13M | 0 | 0 | 0 | 0 | 941.18K | 1M | 0 | 0 | 0 | 0 | 0 | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 59.75M | 19.32M | 26M | 24.44M | 23.05M | 47.58M | 33.75M | 33.93M | 24.89M | 24M | 24M | 24M | 24M | 18.82M | 20.09M | 20.86M | 26.6M | 28.92M | 26.15M | 0 | 37.57M | 44.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -754.48M | -707.61M | 31M | 56M | 34M | -47M | -52.17M | -267.09M | -206.34M | -19.09M | -28.27M | -93M | -26.7M | -49.37M | -12.17M | -12.73M | -19.41M | -184.14M | -55.22M | 18.19M | 111.35M | -34.48M | 7.62M | 20.99M | -15M | -27.41M | -20.79M | -39.36M | -47.18M | -39.55M | -42.1M |
| Pretax Income | -1.3B | -1.19B | 38M | -228M | 2.59B | 3.9B | 1.01B | -224.97M | 787.06M | 672.76M | 330.33M | 156M | 323.04M | 300.98M | 103.46M | 43.98M | 256.71M | -372.79M | -181.1M | -145.83M | 448.08M | 130.39M | 246.83M | 27.95M | 117.67M | 90.05M | 141.36M | 175.79M | 17.74M | 81.34M | 100.92M |
| Pretax Margin % | -26.57% | -21.44% | 0.62% | -3.53% | 26.73% | 37.06% | 18.07% | -4.49% | 17.52% | 16.48% | 9.98% | 3.8% | 9.73% | 9.22% | 3.43% | 1.63% | 8.9% | -14.95% | -6.91% | -4.36% | 15.7% | 4.23% | 12.36% | 2.4% | 11.35% | 9.18% | 14.09% | 11.55% | 1.47% | 6.23% | 8.42% |
| Income Tax | -260.12M | -237.9M | 43M | -61M | 618M | 951M | 257.03M | -52.82M | 192.36M | 198.81M | 87.79M | 52M | 99.93M | -30.05M | 28.15M | 18.06M | 73.9M | -31.72M | -68.45M | -111.18M | 106.26M | 38.76M | 70.5M | -5.3M | 35.7M | 21.68M | 48.38M | 74.02M | 14.1M | 32.77M | 33.57M |
| Effective Tax Rate % | 20.08% | 19.98% | 113.16% | 26.75% | 23.83% | 24.4% | 25.57% | 23.48% | 24.44% | 29.55% | 26.58% | 33.33% | 30.93% | -9.99% | 27.2% | 41.07% | 28.79% | 8.51% | 37.79% | 76.24% | 23.71% | 29.72% | 28.56% | -18.98% | 30.34% | 24.08% | 34.23% | 42.11% | 79.49% | 40.29% | 33.26% |
| Net Income | -1.03B | -952.63M | -5M | -167M | 1.98B | 2.95B | 777.75M | -114.83M | 594.7M | 473.96M | 242.54M | 74.94M | 223.11M | 327.77M | 77.4M | 71.2M | 186.37M | -325.47M | -112.65M | -34.65M | 341.45M | 92.69M | 176.33M | 33.25M | 87.38M | 79.45M | 87.67M | 101.77M | 3.64M | 48.57M | 67.35M |
| Net Margin % | -21.22% | -17.15% | -0.08% | -2.59% | 20.36% | 28.02% | 13.98% | -2.29% | 13.24% | 11.61% | 7.33% | 1.83% | 6.72% | 10.05% | 2.57% | 2.63% | 6.46% | -13.05% | -4.3% | -1.03% | 11.97% | 3.01% | 8.83% | 2.86% | 8.43% | 8.1% | 8.74% | 6.69% | 0.3% | 3.72% | 5.62% |
| Net Income Growth % | -320.44% | -18952.51% | 97.01% | -108.46% | -32.98% | 278.91% | 777.3% | -119.31% | 25.48% | 95.41% | 223.63% | -66.41% | -31.93% | 323.48% | 8.7% | -61.79% | 157.26% | -188.91% | -225.12% | -110.15% | 268.38% | -47.43% | 430.27% | -61.94% | 9.97% | -9.37% | -13.86% | 2696.38% | -92.51% | -27.89% | -4.11% |
| Net Income (Continuing) | -1.04B | -952.63M | -5M | -167M | 1.98B | 2.95B | 748.18M | -114.83M | 810M | 473.96M | 242.54M | 104M | 223.11M | 327.77M | 77.4M | 26.75M | 181.77M | -341.07M | -112.65M | -34.65M | 341.45M | 108.9M | 176.33M | 33.25M | 81.97M | 68.47M | 81.26M | 101.77M | 3.64M | 48.57M | 67.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45.05M | 4.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.31M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -13.22 | -12.06 | -0.07 | -2.01 | 20.86 | 27.03 | 8.87 | -2.41 | 10.63 | 7.63 | 2.90 | 0.64 | 3.24 | 4.24 | 0.90 | 0.73 | 2.43 | -3.80 | -1.32 | -0.40 | 3.96 | 1.07 | 2.23 | 0.45 | 1.18 | 1.16 | 1.38 | 1.64 | 0.02 | 0.80 | 1.13 |
| EPS Growth % | -322.04% | -16197.3% | 96.32% | -109.64% | -22.83% | 204.74% | 468.05% | -122.67% | 39.32% | 163.1% | 353.13% | -80.25% | -23.58% | 371.11% | 23.29% | -69.96% | 163.95% | -187.88% | -230% | -110.1% | 270.09% | -52.02% | 395.56% | -61.86% | 1.72% | -15.94% | -15.85% | 10023.46% | -97.97% | -29.2% | -12.4% |
| EPS (Basic) | - | -12.06 | -0.07 | -2.01 | 21.06 | 27.03 | 8.87 | -2.18 | 10.88 | 7.63 | 3.02 | 1.25 | 3.06 | 4.07 | 1.02 | 0.83 | 2.17 | -3.80 | -1.32 | -0.40 | 3.99 | 1.08 | 2.39 | 0.45 | 1.19 | 1.16 | 1.41 | 1.68 | 0.02 | 0.81 | 1.15 |
| Diluted Shares Outstanding | 78.3M | 78.98M | 81.12M | 83.2M | 94.17M | 109.56M | 68.67M | 69.17M | 75.1M | 78.95M | 81.1M | 84.4M | 86.17M | 87.34M | 86.83M | 86.82M | 86.5M | 85.62M | 85.61M | 86.16M | 86.25M | 86.47M | 79.09M | 74.2M | 74.17M | 60.9M | 60.67M | 61.81M | 52.8M | 58.26M | 57.75M |
| Basic Shares Outstanding | 78.3M | 78.98M | 80.86M | 83.2M | 93.76M | 109.02M | 68.67M | 68.88M | 74.45M | 78.1M | 80.24M | 83.1M | 84.74M | 85.71M | 85.71M | 85.71M | 85.65M | 85.62M | 85.61M | 85.58M | 85.5M | 85.44M | 73.73M | 73.63M | 73.51M | 60.71M | 60.67M | 60.16M | 52.8M | 58.01M | 56.84M |
| Dividend Payout Ratio | - | - | - | - | 5.01% | 2.54% | 5.27% | - | 4.57% | 4.7% | 6.75% | 22.12% | 9.27% | 6.88% | 31.17% | 33.01% | 4.13% | - | - | - | 6.02% | 22.24% | 9.74% | 47.86% | 13.62% | 13.44% | 12.92% | 11.4% | 325% | 24.46% | 16.79% |
Quick answers to the most common questions about buying WFG stock.
For fiscal year 2025, West Fraser Timber Co. Ltd. (WFG) reported total revenue of $5.55B. This represents a 363.5% increase compared to $1.20B in 1996.
West Fraser Timber Co. Ltd. (WFG) reported a net loss of $952.6M for the fiscal year ending 2025.
West Fraser Timber Co. Ltd. (WFG) reported an operating income of $-482.9M, resulting in an operating profit margin of -8.7%. This margin reflects the operational efficiency of the business before interest and taxes.
West Fraser Timber Co. Ltd. (WFG) generated $-32.5M in gross profit for the year, representing a gross profit margin of -0.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent Cyclical Margin Compression
Top Line Turns Negative Amid Volume Weakness
Based on WFG's reported quarterly figures, revenue growth has slid to -10.1% YoY in 2025Q3 after positive growth earlier, suggesting the top line is now contracting rather than merely slowing across the lumber and OSB franchise.
The shift from modest positive growth in 2024Q2 to repeated double-digit declines through 2025 suggests demand or deliberate capacity rationalization is weighing on volumes. The partial rebound to +3.7% in 2026Q3 is too isolated to confirm a durable turn and warrants further investigation before being treated as a trend reversal. Investors should monitor whether pricing recovery in OSB can offset softer lumber volumes.
Gross Margin Collapses Below Production Cost
As reported in quarterly financial statements, WFG's gross margin fell to -9.5% in 2025Q3 and -9.1% in 2025Q4, indicating benchmark prices recently failed to cover direct production costs at a meaningful share of operations.
Negative gross margins imply that the spread between delivered log costs and finished product prices has inverted, a pattern consistent with a deep cyclical trough. The recovery to 27.0% gross margin in 2026Q3 appears sharply volatile and may reflect pricing swings rather than structural repair. Given the company's reliance on variable cost inputs, margin direction is highly sensitive to lumber and OSB price moves.
Fixed Costs Overwhelm Thin Gross Profit
Based on WFG's reported figures, SG&A of $387.4M in 2025Q4 exceeded gross profit's negative contribution, leaving operating losses of -$222.2M and an operating margin of -18.8%, showing little fixed-cost absorption.
Operating losses widened as SG&A held near $270M to $390M per quarter while gross profit turned negative, indicating negative operating leverage in the downturn. The fact that overhead remained broadly stable while revenue fell suggests cost rigidity rather than active expense flexing. This may warrant scrutiny of whether the current SG&A base is sustainable through a prolonged trough.
Net Losses Amplified Beyond Operating Results
According to reported filings, WFG's 2025Q4 net loss of -$761.9M dwarfed its operating loss of -$222.2M, a gap that may reflect non-operating charges such as impairments that warrant further investigation.
The divergence between operating and net results implies that a large share of the reported loss sits outside core operations, plausibly including asset impairments tied to mill closures. Such non-cash items can distort the apparent earning power of the continuing asset base. Investors should review the filing detail to size these charges before drawing conclusions about underlying profitability.
Bear Case Centers on Unsustainable Mill Footprint
Based on WFG's reported quarterly results, the sequence of consecutive net losses and negative gross margins suggests bears may argue that current capacity cannot earn its cost of capital without a sustained pricing recovery.
A short-seller challenge would emphasize that the 2026Q3 rebound to 27.0% gross margin follows several quarters of negative gross profit and may not persist, leaving the earnings base highly exposed to commodity volatility. The continued closure of high-cost British Columbia capacity implies that some previously core assets were uneconomic, raising questions about the quality of remaining assets. This line of argument suggests the market could be underpricing the risk of further impairments and dilution of returns.