Rayonier Advanced Materials (RYAM) Q3 FY2026 earnings: revenue $383 million, up 8.4% on the year

Rayonier Advanced Materials Inc. (RYAM) reported revenue of $383 million for Q3 FY2026, the quarter ended 26 September 2026, up 8.4% on the same quarter a year earlier. Net income was -$230 million, and diluted earnings per share $-3.40. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$383 million

+8.4% on the year · +1.7% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-51.3%

2.8% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$230 million

Q4 FY2024Q3 FY2026

Diluted EPS

-$3.40

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new.

Loss excluding impairments narrowed: Excluding $221 million of non-cash impairments, loss from continuing operations was $8 million, which the company described as a 60% sequential improvement.
Consolidated Adjusted EBITDA rose: Consolidated Adjusted EBITDA was $52 million, compared with $40 million in the second quarter and $42 million a year earlier, after $2 million of tariff-related costs.
HPC income and Adjusted EBITDA rose: HPC operating income was $43 million, up from $29 million in the second quarter. HPC income from continuing operations was $44 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	383	376	353	+1.7%	+8.4%
Cost of revenue	n/a	353	319
Gross profit	14.9	22.9	34.1	-35.1%	-56.3%
Gross margin	3.9%	6.1%	9.7%
Selling, general and administrative	20.2	17.2	23.7	+17.0%	-14.8%
Operating income	-196	-6.3	9.7
Operating margin	-51.3%	-1.7%	2.8%
Interest expense	24.7	24.7	24.8	+0.1%	-0.1%
Pre-tax income	-225	-30.1	-14.4
Income tax	2.0	2.2	-10.4	-12.0%
Net income	-230	-32.8	-4.5
Net margin	-60.1%	-8.7%	-1.3%
Diluted EPS	-$3.40	-$0.49	-$0.07

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	28.7	5.0	-17.8	+473.3%
Capital expenditure	18.7	25.4	23.7	-26.2%	-21.0%
Free cash flow	10.0	-20.3	-41.5
Free cash flow margin	2.6%	-5.4%	-11.8%
Cash from investing	-18.7	-25.4	-22.2
Cash from financing	-5.8	9.8	46.5
Depreciation and amortisation	33.2	32.0	33.1	+3.8%	+0.2%
Share-based compensation	1.0	1.0	2.0	0.0%	-50.0%
Diluted shares, weighted	68m	68m	67m	+0.2%	+1.0%
Shares outstanding at period end	68m	68m	67m	+0.0%	+1.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	-34.6	195	338
Redeemable equity	13.7	12.2	13.2	+12.5%	+3.7%
Debt	771	775	794	-0.4%	-2.8%
Operating lease liabilities	n/a	n/a	20.3
Other liabilities	657	638	631	+3.0%	+4.2%
Total liabilities and equity	1,407	1,620	1,796	-13.1%	-21.6%
Fixed assets	772	944	1,026	-18.2%	-24.7%
Intangible assets	0.0	3.6	5.1
Cash and equivalents	61.1	57.0	77.0	+7.2%	-20.6%
Receivables	216	180	183	+20.0%	+18.0%
Inventory	180	196	254	-8.1%	-29.1%
Other assets	178	239	251	-25.4%	-29.1%
Total assets	1,407	1,620	1,796	-13.1%	-21.6%

Questions

What was Rayonier Advanced Materials' revenue in Q3 FY2026?

Rayonier Advanced Materials (RYAM) reported revenue of $383 million for Q3 FY2026, the quarter ended 26 September 2026, up 8.4% on the same quarter a year earlier.

How much did Rayonier Advanced Materials earn in Q3 FY2026?

Net loss for Q3 FY2026 was $230 million, and the diluted loss per share $3.40.

When did Rayonier Advanced Materials report Q3 FY2026 results?

Rayonier Advanced Materials filed its 10-Q for the quarter ended 26 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 †	Q1 FY2022	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	374	352	399	466	500	467	385	369	422	388	419	401	423	353	340	353	418	319	376	383
Cost of revenue	361	346	373	420	456	429	371	360	395	351	371	358	386	329	316	319	381	327	353	n/a
Gross profit	12.7	5.9	26.7	46.5	43.9	37.4	14.6	8.7	27.4	36.8	48.3	43.6	36.9	24.1	23.6	34.1	37.0	-7.6	22.9	14.9
Gross margin	3%	2%	7%	10%	9%	8%	4%	2%	6%	9%	12%	11%	9%	7%	7%	10%	9%	-2%	6%	4%
SG&A	24.2	20.1	28.0	19.9	23.4	19.5	18.0	21.2	17.1	21.1	21.8	22.7	26.7	23.3	18.0	23.7	19.1	19.2	17.2	20.2
Operating income	-14.2	-15.8	-2.9	28.5	16.3	16.6	-6.5	-14.4	-61.0	17.1	28.2	-16.8	11.0	-15.1	-1.3	9.7	10.8	-65.3	-6.3	-196
Operating margin	-4%	-4%	-1%	6%	3%	4%	-2%	-4%	-14%	4%	7%	-4%	3%	-4%	-0%	3%	3%	-20%	-2%	-51%
Interest expense	17.4	16.2	16.7	16.4	16.9	15.5	15.4	21.0	21.9	20.9	21.3	20.5	23.1	23.6	23.7	24.8	25.9	23.1	24.7	24.7
Pre-tax income	-33.9	-22.6	-20.2	17.2	1.8	-0.3	-18.2	-31.7	-82.3	-1.6	7.8	-36.7	-18.7	-37.2	-26.2	-14.4	-17.3	-88.3	-30.1	-225
Tax rate	n/a	n/a	n/a	-11%	-130%	n/a	n/a	n/a	n/a	n/a	-11%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	-24.0	-24.9	-23.3	29.6	3.6	1.6	-16.8	-25.1	-61.6	-1.6	11.4	-32.6	-16.0	-32.0	-363	-4.5	-21.1	-81.6	-32.8	-230
Net margin	-6%	-7%	-6%	6%	1%	0%	-4%	-7%	-15%	-0%	3%	-8%	-4%	-9%	-107%	-1%	-5%	-26%	-9%	-60%
Diluted EPS	-$0.38	-$0.39	-$0.36	$0.45	$0.07	$0.02	-$0.26	-$0.39	-$0.94	-$0.02	$0.17	-$0.49	-$0.25	-$0.49	-$5.44	-$0.07	-$0.32	-$1.22	-$0.49	-$3.40
Operating cash flow	26.3	-23.5	-12.8	43.7	61.4	51.4	n/a	n/a	n/a	11.3	87.6	49.8	54.9	39.6	-30.2	-17.8	32.3	31.9	5.0	28.7
Capital expenditure	n/a	45.2	41.5	27.5	24.1	21.2	33.0	41.0	32.5	32.6	25.5	21.6	28.3	37.5	37.5	23.7	16.9	22.0	25.4	18.7
Free cash flow	n/a	-68.7	-54.3	16.2	37.3	30.2	n/a	n/a	n/a	-21.3	62.1	28.2	26.6	2.1	-67.6	-41.5	15.3	9.9	-20.3	10.0
Dividends paid	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	64m	64m	64m	64m	64m	65m	65m	65m	65m	66m	66m	66m	66m	67m	67m	67m	67m	67m	68m	68m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 26 September 2026, filed 4 November 2026: the filing.