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Rayonier (RYN) investor relations material
Rayonier Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Announced a merger of equals with PotlatchDeltic, expected to deliver $40 million in run rate synergies and close in late Q1 or early Q2 2026, pending regulatory and shareholder approvals.
Q3 2025 net income was $43.2 million ($0.28/share), with pro forma net income of $50.2 million ($0.32/share), and Adjusted EBITDA of $114.3 million, nearly double the prior year.
Revenues rose to $177.5 million from $124.1 million year-over-year, driven by strong Real Estate and Southern Timber segment performance.
Completed sale of 77% interest in New Zealand operations for $710 million, recognizing a $404.5 million gain; results now classified as discontinued operations.
Declared a special dividend/distribution of $1.40 per share/unit, payable December 12, 2025, due to taxable gains from the New Zealand JV sale.
Financial highlights
Q3 2025 sales were $177.5 million; operating income was $41.7 million; Adjusted EBITDA was $114.3 million.
Pro forma net income for Q3 2025 was $50.2 million; reported net income was $43.2 million.
Cash available for distribution (CAD) for the first nine months was $153.5 million, up from $77.1 million year-over-year.
Net debt to enterprise value at quarter end was 3%; quarter-end cash balance was $919.6 million.
Repurchased 1.2 million shares for $30 million in Q3; $232 million remains authorized for repurchases.
Outlook and guidance
Full-year Adjusted EBITDA and pro forma EPS expected at or above the high end of prior guidance ($215–$235 million EBITDA, $0.34–$0.41 EPS).
Q4 guidance: net income of $13–$17 million, EPS of $0.08–$0.11, Adjusted EBITDA of $50–$60 million.
Real Estate segment expected to exceed high end of guidance; Southern Timber and Pacific Northwest Timber segments expected to be at or below prior guidance due to market softness.
Forward-looking statements highlight expectations for continued operational improvements and integration of the PotlatchDeltic merger.
2025 capital expenditures expected between $50 million–$54 million; real estate development investments between $22 million–$26 million.
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