EarningsQ2 2026 Earnings Report

West Fraser Timber Co (WFGN) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:WFGN Q2 2026 EPS Results

Actual EPS-$14.11

Consensus EPS-$12.70

Beat/MissMissed by -$1.41

One Year Ago EPS-$6.88

MX:WFGN Q2 2026 Revenue Results

Actual Revenue$25.22B

Expected Revenue$26.31B

Beat/MissMissed by -$1.09B

YoY Revenue Growth-6.42%

Earnings Announcement Details

QuarterQ2 2026

Date07/29/2026

TimeAfter Close

Conference CallWednesday, July 29, 2026

MX:WFGN Upcoming Earnings

West Fraser Timber Co's next earnings date is estimated for October 28, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:WFGN Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 29, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a constructive operational and financial picture: consolidated sales increased sequentially and adjusted EBITDA swung positive with all three reportable segments profitable. Management emphasized successful ramp-ups (notably Henderson), Canadian production recovery, strong cash generation ($192M) and a fortified balance sheet (~$1B liquidity, net debt-to-capital ~5%). Key challenges include trade tariff uncertainty (notably potential 50% tariffs on some products), resin/wax and freight inflation (~$13M quarter-over-quarter resin/wax headwind), transportation constraints, NRV/inventory impacts and demand uncertainty from elevated mortgage rates. On balance, positives (profitability recovery, operational improvements, liquidity and cost reductions) materially outweigh the headwinds, though trade and input-cost risks warrant monitoring.

Company Guidance

On guidance, management kept shipment guidance unchanged and reiterated 2026 capital spending of $300–$350 million, expects duty rates to fall when the AR7 review takes effect later this year, and anticipates further production gains and lower unit costs as Henderson (Q2 production >2x Q1) continues to ramp and Bemidji ramps early next year; they quantified current performance—Q2 sales ≈ $1.4 billion, adjusted EBITDA $59 million (~4% margin) with segment EBITDA of Lumber $41M, North America EWP $13M, Europe $13M and Other −$8M, including a $13M favorable duty adjustment in Q2 (Q1 had a $114M non‑cash adjustment); key operating and balance‑sheet metrics: cash from operations $192M, $148M repayment of operating borrowings, net debt down $140M, $55M drawn on a $1B revolver, liquidity ≈ $1B and net debt‑to‑capital ~5%; sensitivities: a $10 change in crude oil ≈ $15M annual impact on resin/wax and Q2 resin/wax costs rose ≈ $13M vs Q1; no share repurchases in Q2 as they preserve financial flexibility.

Consolidated Revenue and EBITDA Improvement

Q2 sales approximately $1.4 billion (up from ~$1.3 billion in Q1) with adjusted EBITDA of $59 million in Q2 versus reported adjusted EBITDA of negative $66 million in Q1 (Q1 included a $114 million noncash duty adjustment). Adjusted EBITDA margin ~4% in Q2.

Segment Profitability — All Segments Positive

All three core operating segments produced positive adjusted EBITDA in Q2: Lumber $41M (vs reported -$84M in Q1), North America EWP $13M (vs $11M in Q1), Europe $13M (vs $10M in Q1).

Strong Cash Generation and Balance Sheet Strength

Generated $192 million of cash from operations in Q2, repaid $148 million of operating borrowings, reduced net debt by $140 million, exited quarter with ~$1 billion of liquidity and only $55 million drawn on $1 billion revolver; net debt-to-capital ~5%.

Operational Ramp-ups and Productivity Gains

Henderson mill production more than doubled in Q2 vs Q1 and regularly exceeds the old mill's levels; produced approximately the same Southern Yellow Pine volume year-to-date despite operating fewer mills, reflecting productivity gains and high-grading of U.S. lumber portfolio.

Canadian Production Recovery

Canadian SPF production increased 13% quarter-over-quarter and SPF shipments up 18% from Q1 (restart of Blue Ridge mid-March cited). Southern Yellow Pine (SYP) shipments up 5% despite U.S. South transportation constraints.

Unit Cost Improvement

Unit costs across the U.S. lumber portfolio were approximately 4% lower in the first half of 2026 versus the first half of 2025, aided by lower production-related costs and Henderson start-up progress.

Europe Performance

Europe generated $13M adjusted EBITDA in Q2 (up from $10M in Q1) and delivered the strongest first-half results since 2023, with pricing and volume growth and effective pass-through/mitigation of energy and freight costs.

Strategic Portfolio Actions Completed

Safe wind down of the high-level Alberta OSB mill completed on time and under budget, aligning production footprint with demand and improving operational efficiency; continued focus on reliability improvements at Allendale and other mills.

Capital Allocation Discipline Maintained

No change to full-year shipment guidance or capital expenditure range of $300M–$350M; management prioritized balance sheet strength and optionality over share repurchases in Q2.

MX:WFGN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 28, 2026	2026 (Q3)	-10.71 / -	-47.591	―
Jul 29, 2026	2026 (Q2)	-12.70 / -14.11	-6.876	-105.26% (-7.24)
Apr 29, 2026	2026 (Q1)	-23.98 / -43.43	8.324	-621.74% (-51.75)
Feb 11, 2026	2025 (Q4)	-42.92 / -174.26	-14.711	-1084.50% (-159.55)
Oct 22, 2025	2025 (Q3)	-27.60 / -47.59	-18.638	-155.34% (-28.95)
Jul 23, 2025	2025 (Q2)	1.66 / -6.88	21.714	-131.67% (-28.59)
Apr 22, 2025	2025 (Q1)	7.82 / 8.32	7.6	9.52% (+0.72)
Feb 12, 2025	2024 (Q4)	5.50 / -14.71	-33.838	56.52% (+19.13)
Oct 23, 2024	2024 (Q3)	-9.90 / -18.64	32.752	-156.91% (-51.39)
Jul 24, 2024	2024 (Q2)	20.68 / 21.71	-28.41	176.43% (+50.12)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed