November 2025
Table of Contents
($ in millions, except per share data) | |||
Profitability | Q3 2025 Q2 2025 Q3 2024 | ||
Sales | $177.5 | $106.5 | $124.1 |
Operating Income | 41.7 | 14.5 | 18.8 |
Pro Forma Operating Income(1) | 48.8 | 14.5 | 19.5 |
Net Income Attributable to Rayonier Inc. | 43.2 | 408.7 | 28.8 |
Pro Forma Net Income(1) | 50.2 | 9.6 | 11.1 |
Adjusted EBITDA(1) | 114.3 | 44.9 | 57.2 |
Diluted Earnings Per Share: Net Income Attributable to Rayonier Inc. | 0.28 | 2.63 | 0.19 |
Pro Forma Net Income(1) | 0.32 | 0.06 | 0.07 |
Average Diluted Shares (millions) | 156.4 | 157.7 | 151.3 |
Total Shares Outstanding (millions) | 153.9 | 154.8 | 149.0 |
Total Redeemable Operating Partnership Units Outstanding (millions) | 1.7 | 2.1 | 2.0 |
Nine Months Ended September 30, | |||
Capital Resources & Liquidity | 2025 | 2024 | |
Cash provided by Operating Activities | $204.9 | $173.8 | |
Cash provided by (used for) Investing Activities | 642.9 | (74.8) | |
Cash used for Financing Activities | (272.0) | (229.9) | |
Cash Available for Distribution (CAD)(1) | 153.5 | 77.1 | |
9/30/2025 | 12/31/2024 | ||
Debt(2) | $1,050.0 | $1,050.0 | |
Cash(3) | 919.6 | 303.1 | |
Net Debt | 130.4 | 746.9 | |
Net Debt / Enterprise Value(4) | 3% | 16% | |
* All periods presented exclude results from the Company's 77% New Zealand joint venture interest, which was sold on June 30, 2025 and is reflected as Discontinued Operations in the Consolidated Financial Statements. See Section 3 - Discontinued Operations for additional information.
Non-GAAP measures (see Section 2 - Supplemental Information for definitions and reconciliations).
Debt as of September 30, 2025 and December 31, 2024 reflects principal on long-term debt and current maturities of long-term debt, gross of deferred financing costs and unamortized discounts.
Excludes $19.4 million of restricted cash held by LKE intermediaries as of December 31, 2024.
Enterprise Value based on market capitalization (including Rayonier, L.P. "OP" units) plus net debt at September 30, 2025 and December 31, 2024, respectively.
Operating Income ($ in millions) |
Southern
Pacific Northwest
Corporate
Timber | Timber | Real Estate | and Other | Total | |
Q3-24 Operating Income | $19.8 | $0.8 | $8.6 | ($10.4) | $18.8 |
Pro forma adjustments(1) | - | - | - | 0.7 | 0.7 |
Pro forma Operating Income(1) | $19.8 | $0.8 | $8.6 | ($9.8) | $19.5 |
Volume | 3.7 | (1.4) | 101.6 | - | 103.9 |
Price(2) | (1.8) | 0.1 | (119.0) | - | (120.7) |
Cost | 0.4 | 1.6 | (6.3) | 0.8 | (3.5) |
Non-timber income(3) | (1.5) | 0.1 | - | - | (1.4) |
Depreciation, depletion & amortization | 1.9 | 0.6 | 1.0 | - | 3.5 |
Non-cash cost of land and improved development | - | - | 41.2 | - | 41.2 |
Other(4) | - | - | (0.7) | - | (0.7) |
Q3-25 Operating Income | $22.5 | $1.8 | $26.4 | ($9.0) | $41.7 |
Pro forma adjustments(1) | - | - | 7.0 | - | 7.0 |
Pro forma Operating Income(1) | $22.5 | $1.8 | $33.5 | ($9.0) | $48.8 |
Adjusted EBITDA(1) ($ in millions) |
Southern
Pacific Northwest
Corporate
Timber | Timber | Real Estate | and Other | Total | |
Q3-24 Adjusted EBITDA | $37.9 | $8.7 | $19.9 | ($9.3) | $57.2 |
Volume | 7.7 | (4.1) | 173.7 | - | 177.3 |
Price(2) | (1.8) | 0.1 | (119.0) | - | (120.7) |
Cost | 0.4 | 1.6 | (6.3) | 0.8 | (3.5) |
Non-timber income(3) | (1.5) | 0.1 | - | - | (1.4) |
Other(4) | - | - | 5.5 | - | 5.5 |
Q3-25 Adjusted EBITDA | $42.7 | $6.4 | $73.8 | ($8.6) | $114.3 |
* All periods presented exclude results from the Company's 77% New Zealand joint venture interest, which was sold on June 30, 2025 and is reflected as Discontinued Operations in the Consolidated Financial Statements. See Section 3 - Discontinued Operations for additional information. Further, prior periods have been retrospectively adjusted for financial impacts of log trading activities in the U.S. South and U.S. Pacific Northwest due to the elimination of the Trading segment.
Non-GAAP measures and pro forma items (see Section 2 - Supplemental Information for definitions and reconciliations).
For Timber segments, price reflects net stumpage realizations (i.e., net of cut and haul and shipping costs). For Real Estate, price is presented net of cash closing costs.
For the Southern Timber segment, includes income from carbon capture and storage ("CCS") and solar energy contracts.
The operating income variance for Real Estate includes a $7.0 million asset impairment charge in the current year. Real Estate also includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales in addition to Conservation Easement sales and residential and commercial lease revenue.
Variance Analysis - Q3 2024 YTD to Q3 2025 YTD*
Operating Income (Loss) ($ in millions)
Southern
Pacific Northwest
Corporate
Timber | Timber | Real Estate | and Other | Total | ||
Q3-24 YTD Operating Income (Loss) | $59.9 | ($5.0) | $9.0 | ($31.9) | $32.0 | |
Pro forma adjustments(1) | - | - | - | 0.8 | 0.8 | |
Pro forma Operating Income (Loss)(1) | $59.9 | ($5.0) | $9.0 | ($31.1) | $32.9 | |
Volume | (1.5) | (1.6) | 90.6 | - | 87.5 | |
Price(2) | (14.5) | 1.7 | (81.2) | - | (94.0) | |
Cost | 0.3 | 5.0 | (5.9) | 4.4 | 3.8 | |
Non-timber income(3) | (1.4) | 0.1 | - | - | (1.3) | |
Depreciation, depletion & amortization | 2.5 | 3.3 | 3.3 | 0.1 | 9.2 | |
Non-cash cost of land and improved development | - | - | 22.5 | - | 22.5 | |
Other(4) | - | - | (3.1) | (1.1) | (4.2) | |
Q3-25 YTD Operating Income | $45.3 | $3.5 | $35.2 | ($27.7) | $56.3 | |
Pro forma adjustments(1) | - | - | 7.0 | 1.1 | 8.2 | |
Pro forma Operating Income(1) | $45.3 | $3.5 | $42.3 | ($26.6) | $64.5 |
Adjusted EBITDA(1) ($ in millions) |
Southern
Pacific Northwest
Corporate
Timber | Timber | Real Estate | and Other | Total | |
Q3-24 YTD Adjusted EBITDA | $116.6 | $19.3 | $29.0 | ($29.8) | $135.2 |
Volume | (2.9) | (7.0) | 150.2 | - | 140.3 |
Price(2) | (14.5) | 1.7 | (81.2) | - | (94.0) |
Cost | 0.3 | 5.0 | (5.9) | 4.4 | 3.8 |
Non-timber income(3) | (1.4) | 0.1 | - | - | (1.3) |
Other(4) | - | - | 2.3 | - | 2.3 |
Q3-25 YTD Adjusted EBITDA | $98.1 | $19.1 | $94.4 | ($25.4) | $186.2 |
* All periods presented exclude results from the Company's 77% New Zealand joint venture interest, which was sold on June 30, 2025 and is reflected as Discontinued Operations in the Consolidated Financial Statements. See Section 3 - Discontinued Operations for additional information. Further, prior periods have been retrospectively adjusted for financial impacts of log trading activities in the U.S. South and U.S. Pacific Northwest due to the elimination of the Trading segment.
Non-GAAP measures and pro forma items (see Section 2 - Supplemental Information for definitions and reconciliations).
For Timber segments, price reflects net stumpage realizations (i.e. net of cut and haul and shipping costs). For Real Estate, price is presented net of cash closing costs.
For the Southern Timber segment, includes income from carbon capture and storage ("CCS") and solar energy contracts.
The operating income variance for Real Estate includes a $7.0 million asset impairment charge in the current year. Real Estate also includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales in addition to Conservation Easement sales and residential and commercial lease revenue. The Corporate and Other operating income variance includes $1.1 million of restructuring charges.
Nine Months Ended September 30,
($ in millions, except per share data)
2025
2024
Cash Provided by Operating Activities | $204.9 | $173.8 |
Cash provided by operating activities from discontinued operations | (8.9) | (38.9) |
Working capital and other balance sheet changes | (7.5) | (17.5) |
Capital expenditures(1) | (35.0) | (40.3) |
Cash Available for Distribution(2) | $153.5 | $77.1 |
Net Income | $454.2 | $35.8 |
Income from operations of discontinued operations, net of tax(2) | (1.9) | (21.9) |
Gain on sale of discontinued operations(2) | (404.4) | - |
Interest, net and miscellaneous expense | 4.7 | 22.4 |
Income tax expense (benefit)(3) | 0.3 | (1.0) |
Depreciation, depletion and amortization | 81.7 | 86.1 |
Non-cash cost of land and improved development | 40.0 | 16.2 |
Non-operating expense (income)(4) | 3.4 | (3.3) |
Asset impairment charge(2) | 7.0 | - |
Restructuring charges(2) | 1.1 | - |
Costs related to disposition initiatives(2) | - | 0.8 |
Adjusted EBITDA(2) | $186.2 | $135.2 |
Cash interest received (paid), net(5) | 2.6 | (17.5) |
Cash taxes paid | (0.3) | (0.3) |
Capital expenditures(1) | (35.0) | (40.3) |
Cash Available for Distribution(2) | $153.5 | $77.1 |
Cash Available for Distribution(2) | 153.5 | 77.1 |
Real estate development investments | (11.9) | (19.1) |
Cash Available for Distribution after real estate development investments | $141.6 | $58.1 |
Shares and units outstanding at period end | 155,613,491 | 151,009,858 |
CAD per Share or Unit | $0.99 | $0.51 |
Ordinary dividends per Share or Unit(6) | $0.82 | $0.86 |
* All periods presented exclude results from the Company's 77% New Zealand joint venture interest, which was sold on June 30, 2025 and is reflected as Discontinued Operations in the Consolidated Financial Statements. See Section 3 - Discontinued Operations for additional information.
Capital expenditures exclude timberland acquisitions of $3.6 million during the nine months ended September 30, 2024.
Non-GAAP measures and pro forma items (see Section 2 - Supplemental Information for definitions and reconciliations).
The nine months ended September 30, 2024 includes a $1.2 million income tax benefit related to the pension settlement.
The nine months ended September 30, 2025 includes $1.7 million of net costs associated with legal settlements. The nine months ended September 30, 2024 includes $9.6 million of net recoveries associated with legal settlements, which is partially offset by $6.0 million of pension settlement charges.
Cash interest received (paid), net includes patronage refunds received of $7.9 million and $8.3 million during the nine months ended September 30, 2025 and September 30, 2024, respectively. In addition, cash interest received (paid), net includes cash interest received of $15.0 million and $4.8 million during the nine months ended September 30, 2025 and September 30, 2024, respectively.
The nine months ended September 30, 2025 excludes an additional dividend of $1.80 per share or unit, consisting of a combination of cash and the Company's common shares. The additional dividend was paid on January 30, 2025 to holders of record on December 12, 2024. The nine months ended September 30, 2024 excludes an additional cash dividend of $0.20 per share or unit. The additional dividend was paid on January 12, 2024, to holders of record on December 29, 2023.
Q1 | Q2 | 2024 Q3 | Q4 FY 2024 | 2025 | ||||||
Q1 | Q2 | Q3 | Q4 | YTD | ||||||
Sales Volume (Tons in 000s)(1) Pine Pulpwood Pine Sawtimber | 1,016 922 | 926 702 | 909 583 | 853 588 | 3,704 2,796 | 839 628 | 806 722 | 912 901 | - - | 2,558 2,251 |
Total Pine Volume | 1,938 | 1,628 | 1,492 | 1,442 | 6,500 | 1,468 | 1,528 | 1,813 | - | 4,809 |
Hardwood | 69 | 46 | 79 | 115 | 309 | 113 | 70 | 131 | - | 314 |
Total Volume | 2,007 | 1,674 | 1,570 | 1,557 | 6,808 | 1,581 | 1,598 | 1,944 | - | 5,123 |
% Delivered Volume (vs. Total Volume) | 30% | 32% | 36% | 38% | 34% | 35% | 37% | 32% | - | 35% |
% Pine Sawtimber Volume (vs. Total Pine Volume) | 48% | 43% | 39% | 41% | 43% | 43% | 47% | 50% | - | 47% |
% Export Volume (vs. Total Volume)(2) | 1% | 1% | - | - | 1% | - | - | - | - | - |
Net Stumpage Pricing ($ per ton)(1)(3) | ||||||||||
Pine Pulpwood | $16.89 | $17.38 | $17.21 | $16.08 | $16.89 | $14.10 | $13.05 | $13.77 | - | $13.65 |
Pine Sawtimber | 30.62 | 29.28 | 27.46 | 24.74 | 28.41 | 25.86 | 26.75 | 26.73 | - | 26.50 |
Weighted Average Pine | $23.42 | $22.51 | $21.22 | $19.61 | $21.84 | $19.13 | $19.52 | $20.20 | - | $19.66 |
Hardwood | 13.35 | 11.34 | 12.35 | 15.39 | 13.55 | 12.34 | 11.92 | 14.43 | - | 13.10 |
Weighted Average Total | $23.07 | $22.21 | $20.77 | $19.30 | $21.46 | $18.64 | $19.18 | $19.81 | - | $19.26 |
Summary Financial Data ($ in MMs) | ||||||||||
Timber Sales | $60.9 | $49.9 | $45.4 | $43.3 | $199.4 | $41.9 | $43.8 | $52.2 | - | $137.9 |
(-) Cut & Haul | (13.4) | (11.8) | (12.5) | (13.4) | (51.0) | (12.5) | (13.2) | (13.8) | - | (39.5) |
(-) Port / Freight Costs | (1.2) | (0.8) | (0.4) | - | (2.4) | - | - | - | - | - |
Net Stumpage Sales | $46.3 | $37.3 | $32.5 | $29.9 | $146.0 | $29.4 | $30.6 | $38.4 | - | $98.4 |
Trading Sales | 0.3 | 0.5 | 0.4 | - | 1.2 | - | - | - | - | - |
Land-Based Solutions(4) | 1.7 | 2.6 | 2.8 | 7.5 | 14.5 | 2.8 | 2.8 | 2.8 | - | 8.4 |
Other Non-Timber Sales | 7.4 | 6.8 | 13.9 | 8.3 | 36.5 | 6.3 | 6.8 | 11.8 | - | 24.9 |
Total Sales | $70.3 | $59.9 | $62.4 | $59.1 | $251.6 | $50.9 | $53.3 | $66.8 | - | $171.1 |
Operating Income | $23.0 | $17.1 | $19.8 | $18.0 | $77.9 | $10.1 | $12.6 | $22.5 | - | $45.3 |
(+) DD&A | 21.8 | 16.8 | 18.1 | 16.7 | 73.4 | 16.9 | 15.8 | 20.1 | - | 52.8 |
Adjusted EBITDA(5) | $44.8 | $33.9 | $37.9 | $34.7 | $151.3 | $27.0 | $28.4 | $42.7 | - | $98.1 |
Other Data | ||||||||||
Period-End Acres (in 000s) | 1,849 | 1,846 | 1,843 | 1,750 | 1,750 | 1,748 | 1,739 | 1,715 | - | 1,715 |
* Prior periods have been retrospectively adjusted for financial impacts of log trading activities in the U.S. South due to the elimination of the Trading segment.
Excludes log trading activities.
Estimated percentage of export volume, which includes volumes sold to third-party exporters in addition to direct exports through our log export program.
Pulpwood and sawtimber product pricing for composite stumpage sales is estimated based on market data.
Consists primarily of sales from carbon capture and storage ("CCS") and solar energy contracts.
Non-GAAP measure (see Section 2 - Supplemental Information for definitions and reconciliations).
Q1 | Q2 | 2024 Q3 | Q4 | FY 2024 | 2025 | ||||||
Q1 | Q2 | Q3 | Q4 | YTD | |||||||
Sales Volume (Tons in 000s)(1) | |||||||||||
Pulpwood | 53 | 49 | 42 | 39 | 183 | 41 | 38 | 33 | - | 113 | |
Domestic Sawtimber(2) | 245 | 243 | 268 | 251 | 1,007 | 219 | 210 | 177 | - | 606 | |
Export Sawtimber | 19 | - | 9 | - | 28 | 1 | - | - | - | 1 | |
Total Volume | 317 | 293 | 319 | 290 | 1,219 | 261 | 248 | 210 | - | 719 | |
% Delivered Volume (vs.Total Volume) | 88% | 91% | 78% | 91% | 87% | 91% | 96% | 94% | - | 93% | |
% Sawtimber Volume (vs. Total Volume) | 83% | 83% | 87% | 87% | 85% | 84% | 84% | 84% | - | 84% | |
% Export Volume (vs. Total Volume)(3) | 8% | 5% | 8% | 5% | 7% | 1% | 1% | 1% | - | 1% | |
Delivered Log Pricing ($ per ton)(1) | |||||||||||
Pulpwood | $29.31 | $30.20 | $30.14 | $29.99 | $29.88 | $30.05 | $31.52 | $36.12 | - | $32.39 | |
Domestic Sawtimber | 84.31 | 90.70 | 95.27 | 89.04 | 89.79 | 90.58 | 96.17 | 100.16 | - | 95.37 | |
Export Sawtimber(4) | 137.76 | - | 138.00 | - | 137.77 | 84.07 - | - | - | 84.07 | ||
Weighted Average Log Price | $78.54 | $80.35 | $88.06 | $81.13 | $81.88 | $81.13 | $86.19 | $89.91 | - | $85.50 | |
Summary Financial Data ($ in MMs) | |||||||||||
Timber Sales | $24.2 | $22.9 | $25.7 | $22.4 | $95.2 | $20.4 | $21.2 | $18.3 | - | $59.9 | |
(-) Cut & Haul | (10.8) | (10.1) | (10.1) | (10.9) | (42.0) | (9.3) | (9.8) | (8.4) | - | (27.6) | |
(-) Port / Freight Costs | (1.2) | - | (0.6) | - | (1.8) | - | - | - | - | - | |
Net Stumpage Sales | $12.2 | $12.8 | $15.0 | $11.5 | $51.4 | $11.0 | $11.3 | $9.9 | - | $32.3 | |
Trading Sales | 2.7 | - | 4.4 | 0.1 | 7.2 | 0.4 | 1.4 | - | - | 1.8 | |
Land-Based Solutions | - | - | - | - | 0.1 | - | - | - | - | 0.1 | |
Other Non-Timber Sales | 1.0 | 1.4 | 1.5 | 1.7 | 5.5 | 1.0 | 1.2 | 1.6 | - | 3.8 | |
Total Sales | $27.9 | $24.3 | $31.6 | $24.2 | $108.0 | $21.8 | $23.8 | $19.9 | - | $65.5 | |
Operating (Loss) Income | ($4.4) | ($1.5) | $0.8 | ($1.3) | ($6.3) | $0.3 | $1.5 | $1.8 | - | $3.5 | |
(+) DD&A | 9.1 | 7.4 | 7.8 | 7.4 | 31.7 | 5.6 | 5.4 | 4.6 | - | 15.6 | |
Adjusted EBITDA(5) | $4.7 | $5.9 | $8.7 | $6.1 | $25.4 | $5.9 | $6.8 | $6.4 | - | $19.1 | |
Other Data | |||||||||||
Period-End Acres (in 000s) | 418 | 417 | 417 | 308 | 308 | 308 | 307 | 307 | - | 307 | |
Northwest Sawtimber ($ per MBF)(1)(6) | $650 | $667 | $663 | $661 | $660 | $692 | $740 | $738 | - | $722 | |
* Prior periods have been retrospectively adjusted for financial impacts of log trading activities in the U.S. Pacific Northwest due to the elimination of the Trading segment.
Excludes log trading activities.
Includes volumes sold to third-party exporters.
Estimated percentage of export volume, which includes volumes sold to third-party exporters in addition to direct exports through our log export program.
Pricing is reported on a CFR basis (i.e., inclusive of export costs and freight).
Non-GAAP measure (see Section 2 - Supplemental Information for definitions and reconciliations).
Delivered Sawtimber excluding chip-n-saw.
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