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Rayonier (RYN) FY2025 results: revenue $484 million, down 51.0% on the year

Rayonier Inc. (RYN) reported revenue of $484 million for fiscal 2025, the year ended 31 December 2025, down 51.0% on the year before. Net income was $474 million, up 32.1%, and diluted earnings per share $3.03. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2026.

Revenue
$484 million
-51.0% on the year
FY2018FY2025
Operating margin
17.2%
36.9% a year earlier
FY2018FY2025
Net income
$474 million
+32.1% on the year
FY2018FY2025
Diluted EPS
$3.03
+26.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 5 new.

  • Full-year Adjusted EBITDA rose 8%: Full-year Adjusted EBITDA reached $248.0 million, compared with $230.2 million a year earlier, and full-year pro forma net income was $89.2 million ($0.57 per share).
  • Fourth quarter Adjusted EBITDA declined 35%: Fourth quarter Adjusted EBITDA was $61.7 million, against $95.1 million, because the prior year quarter had heavy Real Estate closing activity.
  • Real Estate delivered largest full-year contribution: Real Estate Adjusted EBITDA was $127.1 million for the full year, supported by rural HBU markets and growth in real estate development.
  • Southern harvest volumes rose 10%: Net stumpage realizations fell 9% to $17.57 per ton on lower pulpwood pricing, partly offset by a higher sawtimber mix; Southern Timber Adjusted EBITDA was $32.0 million.
  • Sawtimber realizations edged up: Pine pulpwood realizations fell 27% to $11.70 per ton on more market supply from dry weather, while sawtimber realizations rose as hurricane salvage supply normalized.
Read the Q4 FY2025 earnings call summary

From this 10-K

Rayonier is a timberland real estate investment trust that invests in timberlands in softwood timber growing regions of the United States and manages them for timber harvests and land sales. As of December 31, 2025 it owned or leased under long-term agreements approximately 2.0 million acres of timberlands, 1.69 million acres in the U.S. South and 307,000 acres in the U.S. Pacific Northwest. It reports three core segments, Southern Timber, Pacific Northwest Timber and Real Estate. It is a North Carolina corporation with executive offices in Wildlight, Florida, and its shares trade on the NYSE.

Rayonier Inc., the 10-K for 2025

Rayonier is a timberland real estate investment trust that invests in timberlands in softwood timber growing regions of the United States and manages them for timber harvests and land sales. As of December 31, 2025 it owned or leased under long-term agreements approximately 2.0 million acres of timberlands, 1.69 million acres in the U.S. South and 307,000 acres in the U.S. Pacific Northwest. It reports three core segments, Southern Timber, Pacific Northwest Timber and Real Estate. It is a North Carolina corporation with executive offices in Wildlight, Florida, and its shares trade on the NYSE.

History and the merger

The company was founded in 1926 as the Rainier Pulp & Paper Company. It spun off its Performance Fibers manufacturing business tax-free in 2014, acquired Pope Resources in 2020, and in June 2025 sold its 77% interest in its New Zealand joint venture. On January 30, 2026, it completed a merger of equals with PotlatchDeltic Corporation, issuing approximately 140.9 million Rayonier common shares, and the company states that the merger adds wood products manufacturing to its business. The figures below describe Rayonier as of December 31, 2025, before the merger.

The timberlands

Its Southern timberlands sit close to pulp, paper and wood products mills and export operations that buy both pulpwood and sawtimber, while its Pacific Northwest timberlands sell to domestic sawmills and have access to nearby ports for exports to Pacific Rim markets. It estimates the sustainable yield of its Southern timberlands, pine and hardwood together, at approximately 6.4 to 6.7 million tons a year. It estimates the sustainable yield of its Pacific Northwest timberlands at approximately 115 to 135 MMBF a year. At September 30, 2025 it estimated the merchantable timber inventory of its Southern timberlands at 67 million tons. Its competitors in the South include Weyerhaeuser Company and timberland investment managers such as Resource Management Service and Forest Investment Associates.

Land sales and other uses

Its Real Estate segment sells land in six categories: improved development, unimproved development, rural, timberland and non-strategic, large dispositions and conservation easements. Its current development projects are one north of Jacksonville, Florida and another south of Savannah, Georgia, and the segment also includes residential and commercial leases, mainly in Port Gamble, Washington. It has solar and carbon capture and storage leases in place on some of its land.

People

As of December 31, 2025 it had 285 employees, and at the time of the filing it was assessing how the PotlatchDeltic merger would change its workforce.

From Rayonier's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 23 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue484988788-51.0%
Cost of revenue327548529-40.2%
Gross profit157440259-64.3%
Gross margin32.5%44.6%32.9%
Selling, general and administrative66.774.474.8-10.4%
Operating income83.3364185-77.1%
Operating margin17.2%36.9%23.4%
Interest expense26.433.848.3-21.9%
Pre-tax income74.6340160-78.1%
Income tax0.5-1.00.3
Effective tax rate0.7%-0.3%0.2%
Net income474359173+32.1%
Net margin97.9%36.4%22.0%
Diluted EPS$3.03$2.39$1.17+26.8%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow257262298-1.9%
Capital expenditure22.425.823.1-13.1%
Free cash flow234236275-0.7%
Free cash flow margin48.3%23.9%34.9%
Cash from investing615354124+73.7%
Cash from financing-373-479-329
Depreciation and amortisationn/a114137
Share-based compensation11.014.214.0-22.7%
Buybacks2.94.24.2-30.7%
Dividends paid292201170+45.6%
Dividend per share$2.49$2.94$1.34-15.3%
Diluted shares, weighted159m152m151m+4.3%
Shares outstanding at period end161m149m148m+8.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,2101,7691,861+24.9%
Non-controlling interest0.011.217.1
Redeemable equity40.551.881.7-22.0%
Debt1,0501,0501,3660.0%
Operating lease liabilities13.716.319.6-15.9%
Finance lease liabilities0.0n/an/a
Other liabilities90.8576303-84.2%
Total liabilities and equity3,4053,4743,648-2.0%
Fixed assets18.517.425.8+6.3%
Goodwilln/a7.07.8
Cash and equivalents843303180+178.1%
Receivables9.18.013.1+13.7%
Inventory6.830.929.2-77.9%
Other assets2,5273,1083,392-18.7%
Total assets3,4053,4743,648-2.0%

10-K for the year ended 31 December 2025, filed 23 February 2026: the filing.