Revenue stagnated around $1.8B, but FFO per share jumped 36.3% year-over-year to $0.40 in 2026Q2, with NOI margin recovering to 16.7% from a 2.1% trough in 2025Q4, indicating operational leverage but persistent volatility.
Weyerhaeuser Company (WY) 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 |
|---|
| Revenue | 6.9B | 6.91B | 7.12B | 7.67B | 10.18B | 10.2B | 7.53B | 6.55B | 7.48B | 7.2B | 6.37B | 5.25B | 5.49B | 7.25B | 5.99B | 6.22B | 5.95B | 5.53B | 8.1B | 16.31B | 18.67B | 18.84B | 21.93B | 19.25B | 18.52B | 14.54B | 15.98B | 12.78B | 11.24B | 11.21B | 11.11B |
| Revenue Growth % | -1.92% | -3.07% | -7.17% | -24.65% | -0.17% | 35.44% | 14.92% | -12.33% | 3.89% | 13.06% | 21.33% | -4.43% | -24.33% | 21.12% | -3.65% | 4.4% | 7.71% | -31.75% | -50.33% | -12.66% | -0.92% | -14.07% | 13.93% | 3.93% | 27.34% | -8.98% | 25.04% | 13.68% | 0.29% | 0.86% | -5.72% |
| Property Operating Expenses | 5.99B | 6.39B | 5.81B | 5.99B | 6.56B | 6.1B | 5.45B | 5.41B | 5.59B | 5.3B | 4.98B | 4.15B | 4.18B | 5.72B | 4.99B | 5.12B | 4.83B | 5.13B | 6.99B | 13.13B | 14.52B | 15.31B | 16.38B | 15B | 14.54B | 11.43B | 12.09B | 9.79B | 8.93B | 8.78B | 8.34B |
| Net Operating Income (NOI) | 914M | 516M | 1.31B | 1.68B | 3.62B | 4.1B | 2.08B | 1.14B | 1.88B | 1.9B | 1.39B | 1.09B | 1.31B | 1.54B | 996M | 1.1B | 1.12B | 401M | 1.11B | 3.18B | 4.15B | 3.54B | 5.55B | 4.25B | 3.98B | 3.11B | 3.89B | 2.99B | 2.31B | 2.44B | 2.78B |
| NOI Margin % | 13.24% | 7.47% | 18.43% | 21.92% | 35.55% | 40.17% | 27.68% | 17.42% | 25.2% | 26.38% | 21.76% | 20.83% | 23.79% | 21.2% | 16.63% | 17.63% | 18.86% | 7.25% | 13.72% | 19.51% | 22.23% | 18.77% | 25.32% | 22.06% | 21.51% | 21.41% | 24.36% | 23.4% | 20.55% | 21.72% | 25% |
| Operating Expenses | 336M | 51M | 628M | 496M | 540M | 455M | 375M | 491M | 490M | 767M | 563M | 449M | 319M | 904M | 378M | 502M | 669M | 848M | 3.71B | 2.77B | 2.34B | 1.75B | 2.96B | 3.06B | 2.92B | 2.22B | 2.21B | 1.72B | 1.55B | 1.58B | 1.71B |
| G&A Expenses | 547M | 545M | 568M | 518M | 491M | 491M | 430M | 432M | 406M | 397M | 427M | 351M | 403M | 529M | 498M | 601M | 650M | 709M | 931M | 1.47B | 1.65B | 1.48B | 1.63B | 1.56B | 1.44B | 1.13B | 1.14B | 884M | 736M | 743M | 929M |
| EBITDA | 1.09B | 974M | 1.19B | 1.69B | 3.56B | 4.12B | 2.18B | 1.16B | 1.88B | 1.65B | 1.39B | 1.12B | 1.49B | 1.11B | 1.07B | 1.07B | 957M | 91M | -1.94B | 1.38B | 3.1B | 3.12B | 3.91B | 2.5B | 2.29B | 1.77B | 2.54B | 1.91B | 1.38B | 1.49B | 1.69B |
| EBITDA Margin % | 15.77% | 14.11% | 16.66% | 21.97% | 34.96% | 40.39% | 28.97% | 17.71% | 25.15% | 22.96% | 21.79% | 21.41% | 27.09% | 15.25% | 17.93% | 17.28% | 16.07% | 1.65% | -23.98% | 8.46% | 16.59% | 16.57% | 17.84% | 13.01% | 12.35% | 12.18% | 15.87% | 14.97% | 12.27% | 13.26% | 15.18% |
| 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 |
| D&A / Revenue % | 7.39% | 7.37% | 7.05% | 6.52% | 4.71% | 4.68% | 6.27% | 7.78% | 6.5% | 7.24% | 8.88% | 9.13% | 9.11% | 6.51% | 7.61% | 7.72% | 8.45% | 9.73% | 8.14% | 5.97% | 6.87% | 7.09% | 6.03% | 6.85% | 6.61% | 6.02% | 5.38% | 5.01% | 5.48% | 5.6% | 5.55% |
| Operating Income | 578M | 465M | 685M | 1.19B | 3.08B | 3.64B | 1.71B | 651M | 1.39B | 1.13B | 822M | 644M | 987M | 634M | 618M | 594M | 454M | -447M | -2.6B | 406M | 1.81B | 1.79B | 2.59B | 1.19B | 1.06B | 896M | 1.68B | 1.27B | 763M | 858M | 1.07B |
| Operating Margin % | 8.38% | 6.73% | 9.62% | 15.45% | 30.24% | 35.71% | 22.7% | 9.93% | 18.65% | 15.72% | 12.91% | 12.28% | 17.98% | 8.74% | 10.32% | 9.56% | 7.63% | -8.09% | -32.11% | 2.49% | 9.72% | 9.48% | 11.81% | 6.17% | 5.74% | 6.16% | 10.49% | 9.96% | 6.79% | 7.65% | 9.63% |
| Interest Expense | 4M | 273M | 269M | 280M | 270M | 313M | 443M | 378M | 375M | 393M | 431M | 341M | 338M | 369M | 344M | 384M | 452M | 462M | 446M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.95x | 2.59x | 4.35x | 9.54x | 11.59x | 3.22x | 0.44x | 3.15x | 2.82x | 2.17x | 2.04x | 3.03x | 1.87x | 1.94x | 1.67x | 1.18x | -0.82x | -5.30x | - | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -71M | -68M | -11M | -31M | 505M | 14M | 285M | 486M | 212M | 22M | -113M | -50M | -38M | -55M | -48M | -47M | -80M | -67M | -238M | -161M | -93M | 208M | -39M | -103M | -167M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 380M | 260M | 427M | 937M | 2.31B | 3.32B | 982M | -213M | 807M | 716M | 504M | 503M | 1.01B | 434M | 439M | 257M | 96M | -842M | -2.71B | 59M | 826M | 906M | 1.95B | 436M | 371M | 516M | 1.32B | 970M | 463M | 539M | 720M |
| Pretax Margin % | 5.51% | 3.77% | 5.99% | 12.21% | 22.63% | 32.51% | 13.04% | -3.25% | 10.79% | 9.95% | 7.92% | 9.59% | 18.46% | 5.98% | 7.33% | 4.13% | 1.61% | -15.23% | -33.42% | 0.36% | 4.42% | 4.81% | 8.87% | 2.27% | 2% | 3.55% | 8.28% | 7.59% | 4.12% | 4.81% | 6.48% |
| Income Tax | -92M | -64M | 31M | 98M | 425M | 709M | 185M | -137M | 59M | 134M | 89M | -3M | 185M | -129M | 55M | -62M | -1.19B | -274M | -888M | 8M | 471M | 324M | 662M | 148M | 130M | 162M | 483M | 354M | 169M | 197M | 257M |
| Effective Tax Rate % | -24.21% | -24.62% | 7.26% | 10.46% | 18.44% | 21.38% | 18.84% | 64.32% | 7.31% | 18.72% | 17.66% | -0.6% | 18.26% | -29.72% | 12.53% | -24.12% | -1236.46% | 32.54% | 32.8% | 13.56% | 57.02% | 35.76% | 34.04% | 33.94% | 35.04% | 31.4% | 36.51% | 36.49% | 36.5% | 36.55% | 35.69% |
| Net Income | 472M | 324M | 396M | 839M | 1.88B | 2.61B | 797M | -76M | 748M | 582M | 1.03B | 506M | 1.83B | 563M | 385M | 331M | 1.28B | -545M | -1.18B | 790M | 453M | 733M | 1.28B | 277M | 241M | 354M | 840M | 527M | 294M | 342M | 463M |
| Net Margin % | 6.84% | 4.69% | 5.56% | 10.93% | 18.46% | 25.56% | 10.58% | -1.16% | 10.01% | 8.09% | 16.14% | 9.65% | 33.27% | 7.76% | 6.43% | 5.32% | 21.51% | -9.86% | -14.52% | 4.84% | 2.43% | 3.89% | 5.85% | 1.44% | 1.3% | 2.43% | 5.26% | 4.12% | 2.62% | 3.05% | 4.17% |
| Net Income Growth % | 69.18% | -18.18% | -52.8% | -55.37% | -27.89% | 227.1% | 1148.68% | -110.16% | 28.52% | -43.33% | 102.96% | -72.29% | 224.33% | 46.23% | 16.31% | -74.16% | 335.05% | 53.66% | -248.86% | 74.39% | -38.2% | -42.87% | 363.18% | 14.94% | -31.92% | -57.86% | 59.39% | 79.25% | -14.04% | -26.13% | -42.05% |
| Funds From Operations (FFO) | 982M | 833M | 898M | 1.34B | 2.36B | 3.08B | 1.27B | 434M | 1.23B | 1.1B | 1.59B | 985M | 2.33B | 1.03B | 841M | 811M | 1.78B | -7M | -517M | 1.76B | 1.74B | 2.07B | 2.6B | 1.59B | 1.47B | 1.23B | 1.7B | 1.17B | 910M | 970M | 1.08B |
| FFO Margin % | 14.23% | 12.06% | 12.61% | 17.45% | 23.17% | 30.23% | 16.85% | 6.62% | 16.51% | 15.33% | 25.01% | 18.78% | 42.38% | 14.27% | 14.04% | 13.05% | 29.96% | -0.13% | -6.38% | 10.82% | 9.3% | 10.98% | 11.88% | 8.29% | 7.92% | 8.46% | 10.63% | 9.13% | 8.09% | 8.65% | 9.72% |
| FFO Growth % | 106.26% | -7.24% | -32.93% | -43.26% | -23.48% | 143.03% | 192.4% | -64.83% | 11.88% | -30.72% | 61.62% | -57.65% | 124.73% | 23.07% | 3.7% | -54.54% | 25585.71% | 98.65% | -129.31% | 1.61% | -16.14% | -20.54% | 63.32% | 8.8% | 19.19% | -27.6% | 45.59% | 28.24% | -6.19% | -10.19% | -23.94% |
| FFO per Share | 1.36 | 1.15 | 1.23 | 1.83 | 3.18 | 4.11 | 1.70 | 0.58 | 1.63 | 1.46 | 2.20 | 1.90 | 4.15 | 1.81 | 1.55 | 1.50 | 3.35 | -0.01 | -0.98 | 3.22 | 2.82 | 3.37 | 4.41 | 2.88 | 2.65 | 2.24 | 3.01 | 2.26 | 1.82 | 1.94 | 2.17 |
| FFO Payout Ratio % | 61.61% | 72.75% | 76.17% | 90.81% | 68.52% | 28.66% | 30.02% | 233.41% | 80.63% | 85.31% | 58.54% | 62.84% | 24.2% | 44.25% | 39.71% | 39.83% | 34.08% | -1814.29% | -98.07% | 30.1% | 30.99% | 22.51% | 14.28% | 22.26% | 24.08% | 28.54% | 21.37% | 27.51% | 35.05% | 32.68% | 29.35% |
| EPS (Diluted) | 0.65 | 0.45 | 0.54 | 1.15 | 2.53 | 3.47 | 1.07 | -0.10 | 0.99 | 0.77 | 1.39 | 0.89 | 3.18 | 0.95 | 0.71 | 0.61 | 2.40 | -1.03 | -2.23 | 1.44 | 0.74 | 1.19 | 2.17 | 0.50 | 0.44 | 0.64 | 1.49 | 1.02 | 0.59 | 0.68 | 0.93 |
| EPS Growth % | 74.37% | -16.67% | -53.04% | -54.55% | -27.09% | 224.3% | 1170% | -110.1% | 28.57% | -44.6% | 56.18% | -72.01% | 234.74% | 33.8% | 16.39% | -74.58% | 333.01% | 53.81% | -254.86% | 94.59% | -37.82% | -45.16% | 334% | 13.64% | -31.25% | -57.05% | 46.08% | 72.88% | -13.24% | -26.88% | -40.76% |
| EPS (Basic) | - | 0.45 | 0.54 | 1.15 | 2.53 | 3.48 | 1.07 | -0.10 | 0.99 | 0.77 | 1.40 | 0.89 | 3.20 | 0.95 | 0.71 | 0.62 | 2.41 | -1.03 | -2.23 | 1.44 | 0.74 | 1.20 | 2.18 | 0.50 | 0.44 | 0.64 | 1.49 | 1.02 | 0.59 | 0.69 | 0.94 |
| Diluted Shares Outstanding | 721.9M | 721.83M | 728.96M | 732.22M | 742.95M | 750.98M | 747.9M | 745.9M | 756.83M | 756.67M | 722.4M | 519.62M | 560.9M | 571.24M | 542.31M | 539.88M | 533.12M | 528.36M | 528.14M | 548.26M | 615.49M | 614.93M | 590.7M | 554M | 552.75M | 549.69M | 564.52M | 516.67M | 500M | 500M | 496.78M |
Quick answers to the most common questions about buying WY stock.
For fiscal year 2025, Weyerhaeuser Company (WY) reported total revenue of $6.91B. This represents a 37.9% decline compared to $11.11B in 1996.
Weyerhaeuser Company (WY) is profitable, generating $324.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.7%.
Weyerhaeuser Company (WY) reported an operating income of $465.0M, resulting in an operating profit margin of 6.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Weyerhaeuser Company (WY) generated $516.0M in gross profit for the year, representing a gross profit margin of 7.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Timber price volatility exposure
Metrics are mathematically derived from official filings.
Revenue Stagnation Amidst FFO Recovery
Revenue has remained flat around $1.8B over the past year, yet FFO per share jumped 36.3% year-over-year in 2026Q2, according to reported quarterly data, suggesting margin expansion rather than top-line growth.
Revenue growth has been consistently negative, ranging from -0.9% to -16.9% over the last ten quarters, indicating a lack of organic expansion or acquisition-driven growth. However, FFO growth turned sharply positive in 2026Q1 and Q2, reaching 34.6% and 36.3% respectively, which implies that earnings improvements are stemming from cost controls or operational efficiencies rather than increased timber sales. Investors should monitor whether this divergence is sustainable, as it may reflect one-time gains or favorable timber pricing.
NOI Margin Volatility Signals Operational Leverage
NOI margin swung from 20.8% in 2024Q2 to 2.1% in 2025Q4, as per financial statements, highlighting significant earnings volatility tied to timber market conditions and cost structures.
The NOI margin has been highly erratic, with a dramatic collapse to 2.1% in 2025Q4 followed by a recovery to 16.7% in 2026Q2. This volatility suggests that Weyerhaeuser's property-level profitability is highly sensitive to timber prices and harvest timing, as well as potential one-time charges. The average margin over the period is around 15%, but the swings indicate that the company's earnings quality is less stable than a typical net-lease REIT, warranting a closer look at cost management and hedging strategies.
FFO Growth Outpaces AFFO Consistency
FFO per share reached $0.40 in 2026Q2, up from $0.29 a year earlier, but AFFO was only $150M versus $211M in 2025Q2, per reported figures, suggesting a widening gap between FFO and cash earnings.
The divergence between FFO and AFFO is notable: in 2026Q2, FFO was $289M while AFFO was $150M, a gap of $139M, whereas in 2025Q2 the gap was only $1M. This suggests that a significant portion of FFO is non-cash or subject to adjustments, possibly due to changes in working capital or non-recurring items. Investors should assess whether this gap indicates deteriorating cash flow quality or is a timing issue, as it may affect dividend sustainability.
Depreciation Distortions Mask True Earnings
Net income of $162M in 2026Q2 is far below FFO of $289M, as reported in SEC filings, highlighting the substantial non-cash depreciation charges typical of timber REITs.
The gap between net income and FFO is consistently large, with net income averaging about 40% of FFO over the past year. This reflects significant depreciation and depletion expenses on timberlands, which are non-cash but reduce GAAP earnings. For a timber REIT, economic depreciation may be lower than accounting depreciation if timber growth exceeds harvest rates, but the recurring nature of these charges suggests that investors should focus on FFO and AFFO as more accurate measures of distributable cash flow.
Same-Store Metrics Imply Organic Pressure
With revenue declining in most quarters and NOI margins fluctuating, same-store NOI appears to be under pressure, as per quarterly data, indicating weak organic growth in timber operations.
Although same-store NOI is not explicitly disclosed, the revenue trends and NOI margin volatility suggest that organic performance is challenged. Revenue has declined year-over-year in eight of the last ten quarters, and NOI margins have not consistently improved, implying that the company is facing headwinds from lower timber prices or higher operating costs. This may indicate that Weyerhaeuser is relying on non-core activities or asset sales to support earnings, which warrants further investigation into the sustainability of its distribution.
Earnings Quality Questioned by AFFO Gap
The widening gap between FFO and AFFO, with AFFO at $150M versus FFO of $289M in 2026Q2, as per financial statements, raises concerns about the quality of reported earnings.
The substantial difference between FFO and AFFO suggests that a large portion of FFO may not be available for distribution, possibly due to high capital expenditures or non-cash adjustments. In 2025Q3, AFFO was negative at -$251M, indicating significant cash outflows that quarter. This pattern may indicate that the company is spending heavily on maintenance capex or land restoration, which could pressure future dividends. Investors should scrutinize the components of the FFO-to-AFFO reconciliation to determine if this is a temporary phenomenon or a structural issue.