Rayonier Inc. completed its PotlatchDeltic merger on January 30, 2026, adding Wood Products and expanding timberlands to 4,098 thousand acres. Nine-month sales reached $1,238.8 million and net income attributable to Rayonier Inc. was $130.0 million.
RYN · Rayonier Inc
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Rayonier Inc reported Q3 earnings of $123 million, or 41 cents per share, and more than $20 million of run-rate merger synergies, while its board approved a $300 million increase to the share-repurchase authorization.
Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q3 FY26 earnings call · Nov 5, 2026TL;DR. Adjusted EBITDA was $144.6 million, cash available for distribution increased, Northwest Timber and Wood Products delivered stronger results, merger synergies exceeded $20 million, and the board authorized another $300 million of buybacks. Pro forma net income declined; fourth-quarter lumber and Northwest Timber sawtimber prices are expected to soften; and Southern Timber pricing, Real Estate sales and corporate expenses were negative factors in the third quarter.
- + Third-quarter Adjusted EBITDA was $144.6 million, reflecting solid performance across the business.
- + Northwest Timber Adjusted EBITDA was roughly five times higher year over year.
- + Wood Products generated $27.0 million of Adjusted EBITDA on strong lumber realizations and shipment volumes.
- + Year-to-date cash available for distribution increased $133.9 million to $287.4 million.
- + The board approved a new incremental $300 million share-repurchase program.
- + Merger synergies exceeded $20 million of run-rate savings, with the company on track for its $40 million target.
- − Pro forma net income declined to $40.0 million, or $0.13 per diluted share, from $50.2 million, or $0.32 per diluted share.
- − Fourth-quarter lumber realizations are expected to be below third-quarter levels because of softer market conditions and seasonal demand.
- − Northwest Timber sawtimber prices are expected to decline in the fourth quarter because of lower Idaho sawlog prices.
- − Southern Timber faced lower prices, higher costs and higher depletion expense, partially offset by higher non-timber income and volumes.
- − Pro forma Real Estate sales decreased $27.8 million because fewer acres were sold, despite higher average prices.
- − Third-quarter corporate and other operating expenses increased $12.9 million year over year.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
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Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
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Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA (Corporate and Other) non-GAAP | -$17.7M | Three Months Ended June 30, 2026 filing | — |
| Lumber Price Realization | $505 | Three Months Ended June 30, 2026 filing | — |
| Northwest Timber Period-End Acres | 930K | Three Months Ended June 30, 2026 filing | — |
| Northwest Timber reportable segment adjusted EBITDA non-GAAP | $6.85M | Three Months Ended June 30, 2025 filing | — |
| Northwest Timber Total Volume | 578K | Three Months Ended June 30, 2026 filing | — |
| Real Estate Improved Development Acres Sold | 10.6 | Three Months Ended June 30, 2026 filing | — |
| Real Estate reportable segment adjusted EBITDA non-GAAP | $18.56M | Three Months Ended June 30, 2025 filing | — |
| Real Estate Total Acres Sold | 7,500 | Three Months Ended June 30, 2026 filing | — |
| Reportable segment adjusted EBITDA non-GAAP | $142.21M | Three Months Ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Reportable segment operating income $64.11M
+$69.77M Depreciation, depletion and amortization
+$6.05M Non-cash cost of land and improved development
+$2.28M Timber write-offs resulting from casualty events
= Reportable segment adjusted EBITDA $142.21M
|
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| Southern Timber Delivered Pine Pulpwood Volume | 762K | Three Months Ended June 30, 2026 filing | — |
| Southern Timber Delivered Pine Sawtimber Volume | 945K | Three Months Ended June 30, 2026 filing | — |
| Southern Timber Period-End Acres | 3.15M | Three Months Ended June 30, 2026 filing | — |
| Southern Timber reportable segment adjusted EBITDA non-GAAP | $28.38M | Three Months Ended June 30, 2025 filing | — |
| Southern Timber Stumpage Pine Volume | 1.53M | Three Months Ended June 30, 2026 filing | — |
| Southern Timber Total Volume | 3.35M | Three Months Ended June 30, 2026 filing | — |
| Total reportable segment adjusted EBITDA non-GAAP | $53.79M | Three Months Ended June 30, 2025 filing | — |
| Adjusted EBITDA non-GAAP | $123.7M | Second quarter 2026 | — |
GAAP → non-GAAP reconciliationGAAP Pro forma operating income 47.2M
+70.4M Depreciation, depletion and amortization
+6M Non-cash cost of land and improved development
= Adjusted EBITDA 123.7M
|
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| Average delivered pine pulpwood price - Southern Timber | $30.2 | Second quarter 2026 | — |
| Average delivered pine sawtimber price - Southern Timber | $44.46 | Second quarter 2026 | — |
| Average delivered pulpwood price - Northwest Timber | $38.78 | Second quarter 2026 | — |
| Average delivered sawtimber price - Northwest Timber | $119.66 | Second quarter 2026 | — |
| Cash available for distribution (CAD) non-GAAP | $177.1M | Year-to-date 2026 | — |
| Lumber shipments - Wood Products | 314M | Second quarter 2026 | — |
| Northwest Timber Adjusted EBITDA non-GAAP | $26.3M | Second quarter 2026 | — |
| Northwest Timber harvest volumes | 578,000 | Second quarter 2026 | — |
| Pro forma net income non-GAAP | $31.5M | Second quarter 2026 | — |
| Pro forma operating income non-GAAP | $47.2M | Second quarter 2026 | — |
GAAP → non-GAAP reconciliationGAAP Operating income 34.6M
+10.4M Costs related to the merger with PotlatchDeltic
+2.3M Timber write-offs resulting from casualty events
= Pro forma operating income 47.2M
|
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| Real Estate Adjusted EBITDA non-GAAP | $38.3M | Second quarter 2026 | — |
| Real Estate Rural Acres Sold | 7,490 | Second quarter 2026 | — |
| Share repurchases | $72.4M | Second quarter 2026 | — |
| Southern Timber Adjusted EBITDA non-GAAP | $52.6M | Second quarter 2026 | — |
| Southern Timber harvest volumes | 3.35M | Second quarter 2026 | — |
| Weighted-average stumpage price - Southern Timber | $15.37 | Second quarter 2026 | — |
| Wood Products Adjusted EBITDA non-GAAP | $25M | Second quarter 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
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|---|---|---|---|---|---|
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RYN
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$6.47B | -0.7% | -51.0% | — | 4.8% |
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Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Nov 6, 2026
- This year
- 25
Rayonier Inc. completed its PotlatchDeltic merger on January 30, 2026, adding Wood Products and expanding timberlands to 4,098 thousand acres. Nine-month sales reached $1,238.8 million and net income attributable to Rayonier Inc. was $130.0 million.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| RYN | -0.2% | +13.2% | +4.8% | +10.9% | -0.7% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -2.8% | +14.4% | +4.3% | +11.1% | -11.3% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.