Sunday 1 November 2026 Export RYN’s income statement to Excel — free account

Rayonier Inc.

Rayonier Inc.’s revenue for fiscal 2025 (year ended December 2025) was $484.5 million, down 51.0% from fiscal 2024.

Revenue: +272.2%
EPS: −97.7%
Free cash flow: −88.7%
Total debt: +77.6%

Quarter to June 2026, against a year earlier

19.38 0.24 +1.25%

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Market cap: $5.7B
P/E: 42.2×
Fwd P/E: 72.7×
Dividend yield: 5.43%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Rayonier Inc. (RYN) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Southern Timber	228	47.12%
Real Estate	171	35.33%
Pacific Northwest Timber	84	17.25%
Gross margin		32.46%
Operating margin		17.20%
Pre-tax margin		15.40%

Revenue by product or service $m

Line	FY2019	FY2018
Sawtimber	439 61.76%	500 61.26%
Pulpwood	143 20.12%	137 16.78%
Total Real Estate Sales	75 10.52%	139 16.98%
Total Non-Timber Sales	49 6.85%	37 4.56%
Hardwood	5 0.74%	3 0.42%
Also reported: a second breakdown of the same revenue
Total Timber Sales	588 82.62%	640 78.46%
Rural	48 6.70%	46 5.67%
Other Non-Timber/Carbon Revenue	29 4.04%	19 2.35%
Unimproved Development	19 2.74%	9 1.06%
License Revenue, Primarily From Hunting	19 2.72%	17 2.13%
Improved Development	6 0.83%	8 1.02%
Timberland & Non-Strategic	1 0.19%	75 9.22%
Agency Fee Income	1 0.10%	1 0.08%
Deferred Revenue/Other	1 0.08%	0 0.01%
Revenue	712	816

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Southern Timber	228 47.27%	252 25.51%	265 33.69%	264 29.10%	204 18.44%	192 22.34%	194 27.28%	170 20.83%	145 17.63%	151 18.53%	158 27.75%	142 23.50%	124 18.77%	109 28.79%	—	—	—
Real Estate	171 35.43%	627 63.54%	389 49.37%	137 15.06%	189 17.03%	229 26.64%	75 10.52%	139 16.98%	207 25.30%	301 36.92%	86 15.21%	77 12.81%	149 22.58%	57 15.06%	71 5.00%	96 7.30%	101 8.64%
Pacific Northwest Timber	84 17.30%	108 10.95%	133 16.94%	162 17.87%	143 12.90%	121 14.07%	85 12.00%	110 13.46%	92 11.21%	78 9.54%	80 14.10%	102 16.94%	110 16.75%	110 29.05%	—	—	—
New Zealand Timber	—	—	—	274 30.19%	281 25.37%	202 23.56%	242 33.99%	249 30.51%	223 27.25%	176 21.58%	163 28.62%	182 30.23%	148 22.39%	11 2.91%	—	—	—
Trading	—	—	—	71 7.77%	95 8.57%	89 10.34%	115 16.20%	149 18.22%	153 18.62%	110 13.44%	81 14.32%	104 17.18%	132 19.96%	94 24.83%	122 8.59%	102 7.76%	38 3.25%
Elim.	—	—	—	0 (0.04%)	(4) (0.33%)	(4) (0.43%)	0 (0.02%)	0 (0.01%)	—	—	—	—	—	—	—	—	—
Timber Funds	—	—	—	—	196 17.69%	26 3.04%	0 0.00%	0 0.00%	—	—	—	—	—	—	—	—	—
Timber Funds, Portion Attributable To Noncontrolling Interests	—	—	—	—	159 14.35%	23 2.64%	—	—	—	—	—	—	—	—	—	—	—
Intersegment Eliminations	—	—	—	—	—	—	—	—	—	—	—	—	—	(2) (0.53%)	(7) (0.49%)	(9) (0.68%)	(19) (1.63%)
Performance Fibers	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,020 71.78%	881 66.98%	839 71.80%
Forest Resources	—	—	—	—	—	—	—	—	—	—	—	—	—	—	215 15.13%	177 13.46%	159 13.61%
All Other Segments And Unallocated Amount To	—	—	—	—	—	—	—	—	—	—	—	—	—	—	115 8.09%	93 7.07%	19 1.63%
Wood Products	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	68 5.17%	51 4.36%
Eliminations	—	—	—	—	(155) (14.02%)	(19) (2.22%)	—	—	—	—	—	(4) (0.65%)	—	—	(115) (8.10%)	(93) (7.05%)	(19) (1.66%)
Revenue	483	986	787	908	1,108	859	712	816	820	816	569	604	660	379	1,421	1,315	1,169

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Real Estate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Southern Timber	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pacific Northwest Timber	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New Zealand Timber	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Trading	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Timber Funds	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Timber Funds, Portion Attributable To Noncontrolling Interests	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and Other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Performance Fibers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Forest Resources	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Segment Reconciling Items	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Wood Products	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Unallocated Amount to Segment [Member] (Deprecated 2013-01-31)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2010
Delivered Wood (Domestic)	484 100.30%	988 100.15%	788 100.18%	577 63.54%	733 66.13%	568 66.16%	354 49.81%	390 47.83%	419 51.17%	528 64.75%	325 57.06%	693 52.69%
New Zealand	—	—	—	332 36.60%	377 33.98%	291 33.91%	357 50.19%	426 52.17%	400 48.83%	288 35.25%	244 42.94%	17 1.29%
China	—	—	—	—	—	—	—	—	—	—	—	213 16.19%
Euro Member Countries, Euro	—	—	—	—	—	—	—	—	—	—	—	152 11.56%
Japan	—	—	—	—	—	—	—	—	—	—	—	129 9.81%
Segment, Geographical, Groups of Countries, Group Two [Member] (Deprecated 2013-01-31)	—	—	—	—	—	—	—	—	—	—	—	49 3.73%
Segment, Geographical, Groups of Countries, Group One [Member] (Deprecated 2013-01-31)	—	—	—	—	—	—	—	—	—	—	—	35 2.66%
All other countries	—	—	—	—	—	—	—	—	—	—	—	17 1.29%
California	—	—	—	—	—	—	—	—	—	—	—	10 0.76%
Revenue	483	986	787	908	1,108	859	712	816	820	816	569	1,315

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2010
Delivered Wood (Domestic)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New Zealand	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
All other countries	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Northwest Timber average delivered prices for sawtimber	Q2 FY2026	$119.66	$96.17	+24.43%
Northwest Timber average delivered pulpwood prices	Q2 FY2026	$38.78	$31.52	+23.03%
Northwest Timber harvest volumes	Q2 FY2026	578.0K	248.0K	+133.06%
Real Estate acres sold	Q2 FY2026	7.5K	3.3K	+129.85%
Real Estate weighted-average price	Q2 FY2026	$6,290.00	$8,340.00	−24.58%
Rural acres sold	Q2 FY2026	7.5K	2.9K	+155.98%
Rural average price per acre	Q2 FY2026	$5,439.00	$5,376.00	+1.17%
Southern Timber average pine pulpwood stumpage realization	Q4 FY2025	$11.70	$16.08	−27.24%
Southern Timber average pine sawtimber stumpage realization	Q4 FY2025	$25.13	$24.74	+1.58%
Southern Timber harvest volume	Q2 FY2026	3.4M	1.6M	+109.38%
Southern Timber weighted-average stumpage realization	Q2 FY2026	$15.37	$19.18	−19.86%
Timberland acres owned or leased	Q3 FY2025	2.0M	2.7M	−25.93%
Timberland & Non-Strategic acres sold	Q3 FY2025	21.6K	—	—
Timberland & Non-Strategic average price per acre	Q3 FY2025	$2,477.00	—	—
U.S. Pacific Northwest timberland acres owned or leased	Q3 FY2025	307.0K	417.0K	−26.38%
U.S. South timberland acres owned or leased	Q3 FY2025	1.7M	1.8M	−6.52%

	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Northwest Timber average delivered prices for sawtimber	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Northwest Timber average delivered pulpwood prices	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Northwest Timber harvest volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Real Estate acres sold	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Real Estate weighted-average price	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rural acres sold	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rural average price per acre	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Southern Timber average pine pulpwood stumpage realization	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Southern Timber average pine sawtimber stumpage realization	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Southern Timber harvest volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Southern Timber weighted-average stumpage realization	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Timberland acres owned or leased	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Timberland & Non-Strategic acres sold	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Timberland & Non-Strategic average price per acre	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. Pacific Northwest timberland acres owned or leased	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. South timberland acres owned or leased	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.

Rayonier Inc. (RYN) revenue by segment, product and region

Where the money comes from and where it goes

Revenue by product or service $m

Revenue by segment $m

Operating income by segment $m, and margin

Revenue by region $m

Operating income by segment $m, and margin

Operating figures as reported in each quarter’s results release or filing

Stockrow Weekly