Rayonier Advanced Materials (RYAM) Q3 2026 earnings summary

Executive summary

• Q3 Adjusted EBITDA rose 30% sequentially to $52M, led by High Purity Cellulose; net loss attributable to common shareholders was $230M, or $3.40 per diluted share.

• Q3 loss from continuing operations was $229M, including $221M of non-cash impairments; excluding those impairments, the loss was $8M.

• Temiscaming paperboard and high-yield pulp production was economically idled October 3 after U.S. tariffs; the strategic review targets a Q1 2027 conclusion.

• Q3 results were preliminary and subject to adjustment before filing the Form 10-Q.

Financial highlights

• Q3 net sales were $383M, versus $376M in Q2 2026 and $353M in Q3 2025; gross margin was $15M.

• Operating loss was $196M, versus a $7M loss in Q2 2026 and $9M operating income in Q3 2025; results included impairments and a $3M insurance recovery related to the 2024 Jesup plant fire.

• Nine-month net sales were $1,078M and net loss attributable to common shareholders was $344M.

• Nine-month operating cash flow was $66M and Adjusted Free Cash Flow was $2M, versus negative $103M in 2025.

Outlook and guidance

• Priorities include growing Cellulose Specialties volumes, shifting production toward Cellulose Specialties, capturing product value, and improving operations.

• Targeting positive full-year 2026 free cash flow, subject to tariff-related cash impacts and Temiscaming carrying costs; priorities include disciplined working capital, capital spending and cost control.

• Strategic review discussions with interested parties continue; tariff uncertainty has slowed the process, with a conclusion targeted in Q1 2027.

• 2026 modeling assumptions: capital expenditures $80M, cash interest expense $85M, environmental expenditure $5M, cash taxes $0–$2M and stock compensation $4–$5M.