Rayonier (RYN) Q4 2025 earnings summary

Executive summary

• Completed transformative merger with PotlatchDeltic ahead of schedule, forming a premier land resources company with over 4 million acres and a diversified timberland, real estate, and wood products platform.

• Integration efforts are underway, focusing on operational efficiencies, best practices, and long-term value creation through synergies and disciplined capital allocation.

• Delivered full-year 2025 Adjusted EBITDA of $248.0M, up 8% year-over-year and above guidance, driven by record real estate segment performance.

• Returned over $235M to shareholders since November 2023 via special dividends and share repurchases.

• Announced plans to unveil a new company name and ticker symbol in Q1 2026.

Financial highlights

• Q4 2025 sales were $117.5M, operating income $27.0M, net income $25.9M ($0.16/share); pro forma net income was $32.1M ($0.20/share), including $6.3M in merger costs.

• Q4 Adjusted EBITDA was $61.7M, down from $95.1M year-over-year due to timing of real estate closings.

• Full-year cash available for distribution (CAD) rose to $198.6M from $141.0M, driven by higher Adjusted EBITDA, lower interest expense, and lower capex.

• Paid special dividends of $1.40 and $1.80 per share/unit and repurchased 110,000 shares for $2.9M in Q4; $229.5M remains on repurchase authorization.

• Ended Q4 with $843M cash, $1.1B debt, net debt to enterprise value at 6%, and net debt less than 1x 2025 Adjusted EBITDA.

Outlook and guidance

• 2026 guidance reflects pro rata PotlatchDeltic contribution from Jan 31; Southern Timber harvest volumes expected at 12.1–12.6M tons, Northwest Timber at 2–2.3M tons.

• Southern Timber average pine sawtimber realizations expected lower than prior year due to geographic mix; Northwest Timber log pricing expected higher on improved demand.

• Wood Products segment expects 1.1B board feet shipments in 2026, with slightly positive Q1 EBITDA contribution.

• Real estate segment Q1 2026 Adjusted EBITDA expected at $30–$35M; full-year guidance at $180–$200M.

• Targeting $40M run-rate synergies by end of year two, with $20M expected in year one.