Rayonier Inc (RYN) · Nov 4, 2026 · Earnings

Rayonier earnings beat as PotlatchDeltic lifts EBITDA, buyback expands

Beat — Pro forma EPS $0.13 vs ~$0.10 consensus

Rayonier’s Q3 earnings beat consensus as the PotlatchDeltic merger boosted EBITDA and timber volumes, while a new $300 million buyback expands capital returns.

Rayonier is now operating as a much larger timber-and-wood-products platform after completing its merger with PotlatchDeltic on January 30, 2026, while using real estate sales and capital allocation to support returns. Against published expectations of roughly $0.10 EPS and $407 million of revenue, the quarter delivered a modest beat: pro forma EPS was $0.13 and pro forma sales were $420.6 million.

The merger is beginning to show up in operating cash generation. Adjusted EBITDA rose to $144.6 million from $114.3 million a year earlier, with the acquired timberlands driving much higher Northwest Timber and Wood Products contributions. The improvement is real, but the comparison is not entirely clean because PotlatchDeltic was only included for part of the prior-year period.

MetricQ3 2026Q3 2025Consensus
Pro forma sales (Financial Highlights)$420.6M$177.5M~$407.0M
Pro forma net income (Financial Highlights)$40.0M$50.2M
Pro forma diluted EPS (Financial Highlights)$0.13$0.32~$0.10
Adjusted EBITDA (Segment results)$144.6M$114.3M
Cash available for distribution, YTD (Liquidity Measures)$287.4M$153.5M

The headline beat masks a weaker underlying earnings comparison. Pro forma net income fell from $50.2 million to $40.0 million year over year, even as EBITDA increased, because the combined company carries higher interest expense, integration costs and a much larger share count. Southern Timber operating income also declined as lower prices and higher costs offset volume growth, so this is better read as successful integration progress than broad-based margin expansion.

Real estate outperformed its near-term hurdle, but the quarter’s largest profit item was non-recurring. Real Estate Adjusted EBITDA was $48.5 million and exceeded the high end of prior quarterly guidance, while the $90.6 million after-tax gain from a large timberland disposition drove much of reported GAAP earnings. Excluding that sale, real estate sales were lower year over year, although pro forma operating income improved.

Capital allocation became more aggressive, but liquidity is lower after the merger and buybacks. Rayonier repurchased $59.8 million of stock during the quarter and authorized another $300 million, while cash declined to $361.4 million from $842.9 million at year-end and debt increased materially with the combination. The new authorization is a meaningful signal of confidence in capital returns, but it competes with integration spending, debt service and investment in the enlarged operating base.

Bottom line: Rayonier beat a modest Q3 bar as PotlatchDeltic added volume and EBITDA, and real estate execution was better than expected. The story is improving operationally, but the underlying profit base remains pressured by integration costs, higher financing costs and weaker Southern Timber pricing.

What to watch next

Q3 earnings call, November 5

Original filing on SEC EDGAR

Rayonier earnings beat as PotlatchDeltic lifts EBITDA, buyback expands | RYN Stock News
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