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 portfolio.

• Integration efforts are underway, focusing on synergies, operational efficiencies, and disciplined capital allocation.

• Full-year 2025 Adjusted EBITDA was $248 million, up 8% year-over-year and above guidance, driven by record Real Estate segment results.

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

• Announced a new name and ticker symbol to be revealed later in Q1 2026.

Financial highlights

• Q4 2025 sales were $117.5 million, operating income $27 million, and net income $25.9 million ($0.16/share); pro forma net income was $32.1 million ($0.20/share).

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

• Full-year Adjusted EBITDA reached $248 million, with real estate contributing $127.1 million.

• Cash available for distribution (CAD) was $198.6 million in 2025, up from $141 million in 2024.

• Paid special dividends of $1.40 and $1.80 per share and repurchased 110,000 shares for $2.9 million in Q4.

Outlook and guidance

• 2026 guidance reflects pro rata PotlatchDeltic contribution from Jan 31; limited segment guidance provided due to ongoing integration.

• Southern Timber: 2026 harvest volumes expected at 12.1–12.6 million tons, with modestly higher pine stumpage realizations.

• Pacific Northwest Timber: 2026 harvest volumes of 2–2.3 million tons; average log pricing expected to be higher than prior year.

• Wood Products: 1.1 billion board feet of lumber shipments expected for 11 months in 2026, with slightly positive Q1 EBITDA.

• Real Estate: Q1 2026 Adjusted EBITDA of $30–$35 million; full-year $180–$200 million.

• Run rate synergies of $40 million targeted by end of year two, with $20 million expected in year one.