AFFO covered dividends by only 0.53x in 2026Q2, down from 0.72x a year earlier, and operating cash flow swung from -$114M to $399M, highlighting working capital volatility and thin distributable cash buffers.
Weyerhaeuser Company (WY) cash flow statement — 30-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 547M | 562M | 1.01B | 1.43B | 2.83B | 3.16B | 1.53B | 966M | 1.11B | 1.2B | 735M | 1.06B | 1.09B | 1B | 581M | 291M | 744M | -162M | -1.33B | 633M | 1.61B | 1.75B | 2.2B | 1.81B | 1.51B | 1.12B | 1.43B | 1.5B | 1.12B | 1.04B | 1.3B |
| Operating CF Growth % | -187.51% | -44.25% | -29.66% | -49.4% | -10.35% | 106.61% | 58.28% | -13.13% | -7.41% | 63.4% | -30.92% | -2.21% | 8.37% | 72.81% | 99.66% | -60.89% | 559.26% | 87.86% | -310.74% | -60.66% | -7.95% | -20.55% | 21.28% | 20.13% | 35.06% | -21.76% | -4.8% | 33.78% | 7.37% | -19.49% | -16.58% |
| Operating CF / Revenue % | 7.93% | 8.14% | 14.15% | 18.67% | 27.81% | 30.97% | 20.3% | 14.74% | 14.87% | 16.69% | 11.55% | 20.28% | 19.82% | 13.84% | 9.7% | 4.68% | 12.5% | -2.93% | -16.47% | 3.88% | 8.62% | 9.28% | 10.03% | 9.42% | 8.15% | 7.69% | 8.94% | 11.74% | 9.98% | 9.32% | 11.68% |
| Net Income | 472M | 324M | 396M | 839M | 1.88B | 2.61B | 797M | -76M | 748M | 582M | 238M | 506M | 1.83B | 563M | 384M | 331M | 1.28B | -568M | -1.24B | 790M | 453M | 733M | 1.28B | 277M | 241M | 354M | 840M | 616M | 294M | 342M | 463M |
| Depreciation & Amortization | 510M | 509M | 502M | 500M | 480M | 477M | 472M | 510M | 486M | 521M | 565M | 479M | 500M | 472M | 456M | 480M | 503M | 538M | 659M | 974M | 1.28B | 1.34B | 1.32B | 1.32B | 1.23B | 876M | 859M | 640M | 616M | 628M | 617M |
| Stock-Based Compensation | 43M | 43M | 43M | 36M | 33M | 30M | 30M | 30M | 42M | 40M | 60M | 31M | 40M | 42M | 37M | 25M | 24M | 26M | 47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -225M | -216M | 122M | 8M | 581M | -22M | 408M | 605M | -9M | 44M | -98M | 69M | -1.3B | 263M | -176M | -237M | -298M | 149M | 165M | -432M | 762M | 506M | -202M | -126M | -20M | -58M | -184M | -45M | -52M | 47M | -14M |
| Working Capital Changes | -228M | 16M | -15M | 54M | -112M | 53M | -122M | 66M | -227M | -30M | 129M | -10M | -160M | -307M | -229M | -282M | 434M | -373M | 77M | -462M | -715M | -400M | -271M | 319M | -20M | -112M | -279M | 105M | 104M | -54M | 41M |
| Cash from Investing | -193M | -475M | -636M | -508M | -759M | -325M | 185M | 187M | -440M | 367M | 2.56B | -487M | 361M | -1.83B | -192M | 122M | 143M | 263M | 5.46B | 826M | -899M | 451M | -401M | -353M | -6.88B | -882M | -1.46B | -206M | -817M | -473M | -1.16B |
| Acquisitions (Net) | 0 | 0 | -251M | -67M | -295M | 0 | 101M | 0 | 0 | 511M | 2.93B | 0 | 707M | -1.56B | 80M | 362M | 213M | 0 | 0 | 1.42B | -45M | 1.15B | -17M | -8M | -6.12B | -392M | -774M | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | -469M | 0 | -664M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -745M | 0 | -2M | 0 | -362M | -437M | -110M | 0 | 0 | 0 | 0 | 0 | -4M |
| Sale of Investments | 192M | 466M | 0 | 664M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22M | 13M | 0 | 195M | 146M | 553M | 175M | 0 | 158M | 0 | 1M | 35M | 0 | 0 | 247M | 66M | 55M | 106M |
| Other Investing | 330M | 2M | 31M | -208M | -169M | -176M | 509M | 571M | -13M | 275M | -357M | -451M | 49M | -29M | -29M | -28M | -50M | 356M | 6.26B | 116M | 22M | 41M | 570M | 470M | 238M | 170M | 162M | 113M | 226M | 148M | 71M |
| Cash from Financing | -419M | -290M | -852M | -1.34B | -2.49B | -1.33B | -1.36B | -1.35B | -1.16B | -1.42B | -3.63B | -1.15B | -704M | 762M | -444M | -927M | -1.29B | -526M | -1.94B | -1.59B | -1.57B | -2.29B | -804M | -1.38B | 5.29B | -155M | -1.49B | 313M | -392M | -521M | -147M |
| Dividends Paid | -605M | -606M | -684M | -1.22B | -1.62B | -884M | -381M | -1.01B | -995M | -941M | -954M | -663M | -607M | -481M | -334M | -323M | -608M | -127M | -507M | -531M | -538M | -466M | -372M | -355M | -353M | -351M | -363M | -321M | -319M | -317M | 0 |
| Common Dividends | -605M | -606M | -684M | -1.22B | -1.62B | -884M | -381M | -1.01B | -995M | -941M | -932M | -619M | -563M | -458M | -334M | -323M | -608M | -127M | -507M | -531M | -538M | -466M | -372M | -355M | -353M | -351M | -363M | -321M | -319M | -317M | -317M |
| Debt Issuance (Net) | 1000K | 1000K | 0 | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 0 | 0 | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K |
| Share Repurchases | -55M | -160M | -154M | -131M | -543M | -100M | 0 | -60M | -366M | 0 | -2B | -518M | -203M | 0 | 0 | -37M | 0 | -2M | 0 | -473M | -672M | -11M | 0 | 0 | 0 | 0 | -808M | 0 | -42M | -22M | -45M |
| Other Financing | -7M | -11M | -14M | -9M | -9M | 29M | -20M | -5M | 45M | -1M | 52M | 25M | -781M | 31M | -3M | -24M | -1M | -4M | -17M | 47M | 21M | -7M | 301M | -10M | -36M | -71M | -23M | -13M | -14M | 23M | -1M |
| Net Change in Cash | -65M | -220M | -480M | -417M | -418M | 1.5B | 356M | -195M | -490M | 148M | -336M | -568M | 745M | -63M | -55M | -514M | -402M | -425M | 2.18B | -129M | -861M | -93M | 995M | 80M | -82M | 81M | -1.52B | 1.61B | -109M | 13M | -63M |
| Exchange Rate Effect | 0 | -17M | 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 | -22M | -38M | -50M |
| Cash at Beginning | 299M | 684M | 1.16B | 1.58B | 2B | 495M | 139M | 334M | 824M | 676M | 1.01B | 1.58B | 835M | 898M | 953M | 1.47B | 1.87B | 2.29B | 114M | 243M | 1.1B | 1.2B | 202M | 122M | 204M | 123M | 1.64B | 35M | 122M | 71M | 84M |
| Cash at End | 527M | 464M | 684M | 1.16B | 1.58B | 2B | 495M | 139M | 334M | 824M | 676M | 1.01B | 1.58B | 835M | 898M | 953M | 1.47B | 1.87B | 2.29B | 114M | 243M | 1.1B | 1.2B | 202M | 122M | 204M | 123M | 1.64B | 13M | 84M | 21M |
| Free Cash Flow | -442M | 88M | 341M | 753M | 2.07B | 2.57B | 823M | 582M | 685M | 782M | 215M | 585M | 734M | 743M | 325M | 50M | 458M | -401M | -1.94B | -247M | 735M | 855M | 1.61B | 1.08B | 491M | 458M | 581M | 935M | 13M | 376M | -29M |
| FCF Growth % | -264.31% | -74.19% | -54.71% | -63.61% | -19.46% | 212.15% | 41.41% | -15.04% | -12.4% | 263.72% | -63.25% | -20.3% | -1.21% | 128.62% | 550% | -89.08% | 214.21% | 79.35% | -686.23% | -133.61% | -14.04% | -46.83% | 49.3% | 119.35% | 7.21% | -21.17% | -37.86% | 7092.31% | -96.54% | 1396.55% | -106% |
| FCF / Revenue % | -6.4% | 1.27% | 4.79% | 9.81% | 20.32% | 25.18% | 10.93% | 8.88% | 9.16% | 10.87% | 3.38% | 11.15% | 13.37% | 10.24% | 5.43% | 0.8% | 7.69% | -7.25% | -23.98% | -1.51% | 3.94% | 4.54% | 7.33% | 5.6% | 2.65% | 3.15% | 3.64% | 7.32% | 0.12% | 3.35% | -0.26% |
Quick answers to the most common questions about buying WY stock.
Weyerhaeuser Company (WY) generated $562.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Weyerhaeuser Company (WY) generated $88.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Weyerhaeuser Company (WY) spent $474.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Weyerhaeuser Company (WY) returned $606.0M to shareholders via cash dividends and spent $160.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Timber price volatility exposure
Metrics are mathematically derived from official filings.
AFFO Coverage Remains Thin
According to reported quarterly data, Weyerhaeuser's AFFO covered dividends by only 0.53x in 2026Q2, down from 0.72x a year earlier, indicating a shrinking buffer for distribution sustainability.
The dividend payout ratio based on AFFO has deteriorated from 0.72x in 2025Q2 to 0.53x in 2026Q2, implying that AFFO is barely covering the dividend. This suggests that the company may be relying on external sources or drawing down cash reserves to fund distributions, which warrants close monitoring. The trend is concerning because AFFO is the true cash earnings metric for REITs, and a sustained payout above 100% would be unsustainable.
Capex Volatility Distorts Cash Flow
Capital expenditures swung from -$461M in 2025Q3 to -$3M in 2025Q4, as per financial statements, causing FCF to fluctuate wildly and highlighting the lumpy nature of timberland investment.
The extreme quarter-to-quarter variation in capex, with a massive $461M outflow in 2025Q3 followed by minimal spending, suggests that Weyerhaeuser's capital allocation is opportunistic and tied to timberland acquisitions or large development projects. This volatility makes FCF an unreliable indicator of underlying cash generation. Investors should focus on AFFO, which smooths out these swings by adjusting for maintenance capex, but even AFFO turned negative in 2025Q3, indicating that the company's cash earnings are highly sensitive to timber market conditions.
Depreciation Gap Widens
Net income of $162M in 2026Q2 is far below FFO of $289M, as reported in SEC filings, with the gap widening from $106M in 2025Q2 to $127M, underscoring significant non-cash depreciation charges.
The FFO to net income ratio has been consistently above 1, reaching 2.46x in 2026Q2, which indicates that depreciation and other non-cash items are heavily distorting GAAP earnings. This is typical for timber REITs, but the widening gap suggests that the company's asset base is aging or that impairments are being recognized. The divergence between net income and FFO highlights the importance of using FFO/AFFO for valuation, as GAAP earnings understate the company's cash-generating ability.
Working Capital Swings Signal Timing
Operating cash flow swung from -$114M in 2025Q4 to $399M in 2026Q2, as per reported figures, indicating significant working capital volatility likely tied to timber sales timing and receivables.
The large fluctuations in OCF, which are not mirrored in net income, suggest that working capital items such as accounts receivable and inventory are causing timing differences. This could be due to seasonal timber harvests or changes in customer payment patterns. While this is not necessarily a red flag, it implies that quarterly cash flow figures should be viewed with caution, and investors should look at annual trends to assess the company's true cash generation.
What the Cash Flow Statement Hides
The gap between FFO and AFFO, with AFFO at $150M versus FFO of $289M in 2026Q2, as per financial statements, suggests that significant recurring capex is being capitalized, potentially understating true maintenance costs.
The difference between FFO and AFFO represents recurring capital expenditures such as timberland maintenance, road building, and reforestation. In 2026Q2, this gap was $139M, which is substantial relative to AFFO. This implies that the company's true distributable cash flow is lower than FFO suggests, and the dividend coverage is even thinner than it appears. Investors should scrutinize the components of this gap to ensure that the company is not deferring necessary maintenance to boost AFFO.