Rayonier (RYN) Q2 2026 earnings summary

Executive summary

• Completed merger with PotlatchDeltic on January 30, 2026, expanding timberland and wood products operations and driving significant sales and profitability growth across all segments.

• Sale of the New Zealand joint venture in June 2025 resulted in a $404.4 million gain, with proceeds used to strengthen the balance sheet and discontinued operations now excluded from ongoing results.

• Four reportable segments: Southern Timber, Northwest Timber, Wood Products, and Real Estate, with Wood Products newly added post-merger.

• Achieved significant progress on portfolio optimization and remain on track for synergy targets.

• Significant merger-related costs of $80.8 million YTD, primarily in corporate and other expenses.

Financial highlights

• Q2 2026 sales were $396.5 million, up from $106.5 million in Q2 2025; six-month sales reached $673.3 million, up from $189.5 million year-over-year.

• Net income attributable to shareholders was $19.1 million ($0.06/share) in Q2 2026, compared to $408.7 million in Q2 2025 (which included a large gain on discontinued operations).

• Adjusted EBITDA for Q2 2026 was $123.7 million, up from $44.9 million year-over-year; six-month Adjusted EBITDA was $217.8 million.

• Cash available for distribution (CAD) for the first half of 2026 was $177.1 million, up from $46.7 million in the prior year period.

• Q2 2026 operating income was $34.6 million, up from $14.5 million in Q2 2025; pro forma operating income was $47.2 million.

Outlook and guidance

• Southern Timber: Full-year harvest volumes expected at 12.2–12.5 million tons; Q3 harvest 3.1–3.3 million tons; prices expected stable but lower than prior year due to geographic mix.

• Northwest Timber: Full-year harvest volumes of 2.0–2.2 million tons; Q3 harvest ~600,000 tons; sawtimber prices to rise modestly.

• Wood Products: Full-year lumber shipments expected at ~1.1 billion board feet; Q3 shipments 320–330 million board feet; lumber prices improving.

• Real Estate: Q3 Adjusted EBITDA expected at $25–$35 million; full-year at $180–$200 million; strong pipeline of rural and improved development land sales expected to continue.

• Management expects continued benefits from the PotlatchDeltic merger, with ongoing integration costs but improved operational scale.