Here are 1-3 brief analogies for Weyerhaeuser (WY):

• It's like the ExxonMobil of forests: they own vast timberlands (their 'oil fields'), harvest the trees, and process them into essential wood products for construction.
• Think of them as similar to Nucor (a major steel producer), but for wood instead of steel – they grow and harvest trees from their own vast timberlands to produce lumber and other wood products.
• Imagine them as a giant, long-term agricultural company like ADM, but instead of crops, they grow and harvest trees from their vast forests to supply the lumber and wood products industry.

• Timber: Raw logs and pulpwood harvested from sustainably managed forests, sold for processing into various wood and paper products.
• Lumber: Dimension lumber and boards manufactured from logs, primarily used for structural framing in residential and commercial construction.
• Engineered Wood Products (EWP): High-performance wood products like I-joists and laminated veneer lumber (LVL), designed for structural framing applications.
• Panels: Plywood and other wood panels used in construction, industrial, and furniture applications.

Weyerhaeuser (WY) primarily sells its products to other companies (B2B).

Its major customers generally include building material distributors, large home improvement retailers, and industrial manufacturers that use wood products, as well as pulp and paper companies that buy logs or cellulose fibers. While Weyerhaeuser typically does not disclose specific major direct customers in its public filings, based on industry structure and supply chains, the following public companies are highly likely to be significant customers, either directly or indirectly through large-volume purchasing:

• Builders FirstSource, Inc. (Symbol: BLDR) - A leading supplier of building materials, components, and services to professional builders and contractors.
• BlueLinx Holdings Inc. (Symbol: BXC) - A wholesale distributor of building products in the U.S., serving dealers, manufacturers, and retailers.
• The Home Depot, Inc. (Symbol: HD) - The world's largest home improvement retailer, which purchases vast quantities of lumber and wood products for resale.
• Lowe's Companies, Inc. (Symbol: LOW) - A major home improvement retailer, also a significant purchaser of wood products for resale.

• Caterpillar Inc. (CAT)
• Deere & Company (DE)
• Union Pacific Corporation (UNP)
• CSX Corporation (CSX)

Devin W. Stockfish, President and CEO

Devin W. Stockfish has served as president and chief executive officer of Weyerhaeuser Company since January 2019 and is also a member of the company's board of directors. Before becoming CEO, he held several leadership positions at Weyerhaeuser, including senior vice president of Timberlands, vice president of Western Timberlands, and senior vice president, general counsel, and corporate secretary. Prior to joining Weyerhaeuser in 2013, Stockfish was vice president and associate general counsel at Univar Inc., an attorney in the law department at Starbucks Corporation, and practiced corporate law at K&L Gates LLP. He began his career as an engineer with The Boeing Company. He serves on the board of directors for Xcel Energy and is the chair of the board of directors for the National Alliance of Forest Owners.

David M. Wold, Senior Vice President and Chief Financial Officer

David M. “Davie” Wold has been Senior Vice President and Chief Financial Officer of Weyerhaeuser Company since May 13, 2022. He joined Weyerhaeuser in November 2013 and has held various accounting and finance leadership roles, including Vice President and Chief Accounting Officer, and Corporate Controller. Before his tenure at Weyerhaeuser, Wold served as Vice President, Finance, for Verdiem Corporation, a privately held technology company, from September 2011 to November 2013. He also spent nine years with the accounting firm KPMG.

Denise M. Merle, Senior Vice President and Chief Administration Officer

Denise M. Merle has served as Senior Vice President and Chief Administration Officer since February 2018. In this role, she oversees Human Resources, Information Technology, Communications, Government Affairs, Environmental Affairs, and Safety.

Travis A. Keatley, Senior Vice President, Timberlands

Travis A. Keatley has been Senior Vice President, Timberlands, since September 13, 2021. He joined Weyerhaeuser in 2000 and has held a variety of operational and leadership positions, including Vice President, Western Timberlands, and Vice President, Southern Timberlands.

Paul Hossain, Senior Vice President and Chief Development Officer

Paul Hossain has been Senior Vice President and Chief Development Officer of Weyerhaeuser Company since 2025. Prior to this role, he served as Vice President of Natural Resources and Climate Solutions. Before the merger with Weyerhaeuser, Hossain held several senior leadership roles with Plum Creek, including Vice President of Renewable Energy and Supply Chain and General Manager of Energy and Natural Resources.

The key risks to Weyerhaeuser's business are primarily driven by market volatility, its specific corporate structure, and the nature of its core assets.

1. Volatility in Market Conditions, Housing Demand, and Lumber/Timber Prices: Weyerhaeuser's financial performance, including its revenue and profitability, is highly susceptible to fluctuations in market conditions, particularly housing construction activity, demand for wood products, and the prices of timber, lumber, and oriented strand board (OSB). Economic downturns and supply chain disruptions can significantly impact the company's sales and earnings.
2. Risks Associated with its REIT Structure and Regulatory Compliance: As a timberlands Real Estate Investment Trust (REIT), Weyerhaeuser is subject to specific regulations and limitations. The failure to maintain its REIT qualification or changes in the regulatory environment governing REITs, especially concerning the use and growth of Taxable REIT Subsidiaries (TRSs) for non-REIT qualifying activities like manufacturing wood products, could adversely affect its operations and financial status.
3. Real Estate Investment Risks Inherent in Concentrated Timberland Holdings: Owning and managing approximately 11 million acres of timberlands subjects Weyerhaeuser to risks inherent in concentrated real estate investments. A downturn in the broader real estate industry or specifically in the timber and forest products industries could diminish the value of its properties, thereby negatively impacting its results of operations and cash flows.

Weyerhaeuser (WY) operates primarily in three business segments: Timberlands, Wood Products, and Real Estate, Energy & Natural Resources. Below are the estimated addressable market sizes for their main products and services:

• Timberlands (as an investable asset class):
  • Global: Approximately $250 billion.
  • U.S.: Approximately $210 billion.
• Lumber (Softwood):
  • Global: The global lumber market size was valued at approximately USD 58.96 billion in 2025 and is projected to reach USD 90.76 billion by 2034. The global softwood lumber market was estimated at USD 684.5 billion in 2024 and is projected to increase to USD 876.2 billion by 2035.
  • U.S.: The U.S. sawmill & wood market size, which includes lumber, was USD 51.2 billion in 2024 and is projected to reach USD 59.7 billion by 2032.
• Oriented Strand Board (OSB):
  • Global: The global oriented strand board market size was valued at USD 23.50 billion in 2022 and is projected to reach USD 45.27 billion by 2030. Another estimate indicates the global OSB market was valued at US$24.6 billion in 2024 and is projected to reach US$50.6 billion by 2030.
  • North America: North America held a significant share, accounting for 70.2% of the global market revenue in 2022. The U.S. market was valued at $7.5 billion in 2024.
• Plywood:
  • Global: The global plywood market size was valued at $55.7 billion in 2022 and is projected to reach $100.2 billion by 2032. Other sources estimate the global market at USD 50.2 billion in 2024, reaching USD 74.5 billion by 2033, or USD 120,368.18 million in 2024, projected to reach USD 230,925.59 million by 2035.
  • U.S.: The U.S. plywood market size reached USD 23.5 billion in 2024 and is expected to reach USD 30.8 billion by 2033.
• Engineered Wood Products (broader category including I-joists):
  • Global: The global engineered wood market size was valued at $254.2 billion in 2023 and is projected to reach $427.3 billion by 2033.
• Real Estate, Energy & Natural Resources (specific product market sizing): null

Weyerhaeuser (NYSE: WY) is expected to drive future revenue growth over the next two to three years through several key initiatives and anticipated market improvements:

1. Growth in Natural Climate Solutions (NCS): Weyerhaeuser is actively expanding its Natural Climate Solutions business, aiming to generate $100 million in Adjusted EBITDA from these projects by the end of 2025. The company plans to unveil multi-year growth targets for this segment at its upcoming Investor Day in December 2025, signaling a significant focus on this area for future revenue contribution.
2. Anticipated Recovery in Housing Market and Wood Products Demand: Despite facing challenging market conditions in its Wood Products segment recently, Weyerhaeuser management has expressed optimism about improvements in the housing market by spring 2026. A rebound in housing starts and repair and remodel activity is expected to drive increased demand for lumber and other wood products, benefiting Weyerhaeuser's sales volumes and pricing.
3. Expansion of Engineered Wood Products (EWP) Capacity: The company is investing significantly in expanding its Engineered Wood Products portfolio, including the construction of a new EWP facility in Moncure, Arkansas. This project represents an approximate $500 million investment through 2027, indicating a strategic move to grow revenue through enhanced production capabilities and market share in higher-value wood products.
4. Strategic Timberlands Portfolio Optimization: Weyerhaeuser is continuously optimizing its timberlands portfolio through strategic acquisitions and divestitures of non-core assets. Recent high-quality acquisitions, such as those in North Carolina, Virginia, and Washington, are expected to deliver immediate and sustained portfolio-leading cash flows, enhancing the overall value and revenue-generating potential of its timberland holdings.

Share Repurchases

• Weyerhaeuser authorized a new $1 billion share repurchase program in May 2025, replacing a previously completed $1 billion program initiated in September 2021.
• In Q2 2025, the company repurchased approximately $74 million in shares to finalize its prior authorization.
• Since early 2021, Weyerhaeuser has returned over $5.7 billion to shareholders through a combination of dividends and share repurchases, with $1 billion specifically allocated to share repurchases.

Outbound Investments

• In Q3 2025, Weyerhaeuser completed two timberland acquisitions totaling $459 million, which included 117,000 acres in North Carolina and Virginia for $364 million, and approximately 10,000 acres in Washington for $95 million.
• In July 2024, Weyerhaeuser acquired 84,300 acres of high-quality timberlands in Alabama for $244 million, contributing to its multi-year target of $1 billion in disciplined timberland investments by the end of 2025.
• The company also advanced three divestiture packages of non-core timberlands, expected to generate $410 million in cash proceeds by year-end 2025, with total divestiture proceeds anticipated to exceed the cash outlay for recent acquisitions.

Capital Expenditures

• Capital expenditures in Q3 2025 amounted to $125 million, with $32 million specifically directed towards the construction of its Engineered Wood Products (EWP) facility in Monticello, Arkansas.
• The total investment for the Monticello EWP facility is projected to be approximately $500 million through 2027, with about $130 million expected to be incurred in 2025.
• This EWP facility represents a strategic investment aimed at expanding Weyerhaeuser's offerings in the U.S. South, focusing on innovative TimberStrand® products.