Key Highlights

  • Rayonier (NYSE:RYN) reported third-quarter 2026 Net Income attributable to the company of USD 123.3 million, or USD 0.41 per diluted share, on sales of USD 565.6 million, against USD 0.28 on USD 177.5 million a year earlier.
  • Pro forma net income was USD 40.0 million, or USD 0.13 per diluted share, versus USD 50.2 million, or USD 0.32, after excluding a Large Disposition gain and Merger costs.
  • Adjusted EBITDA rose to USD 144.6 million from USD 114.3 million, with the combined company including PotlatchDeltic operations for the entire quarter.
  • The company repurchased USD 59.8 million of shares at an average USD 21.00 and the board approved a new incremental USD 300 million repurchase authorization on November 3, 2026.

A USD 90.6 Million Disposition Gain Inflates Headline EPS

Rayonier (NYSE:RYN) reported results on November 4, 2026. The gap between USD 0.41 and USD 0.13 comes mainly from USD 90.6 million of after-tax income on a Large Disposition in Washington, a USD 145 million sale of about 36,000 acres. Rayonier also closed a USD 146 million Acquisition of about 57,000 acres in Texas and Alabama. Merger-related costs reduced Earnings by USD 6.9 million after tax. Prior-year pro forma earnings of USD 0.32 compare a standalone Rayonier with a combined company, so per-share comparisons carry a base effect. Pro forma sales were USD 420.6 million against USD 177.5 million.

Timber, Lumber and Real Estate Segments Pull in Different Directions

Rayonier owns and manages timberlands and sells timber, lumber and real estate. Southern Timber Adjusted EBITDA rose 23% to USD 52.4 million on harvest Volume of 3.02 million tons, including 1.4 million tons from the PotlatchDeltic lands, though pine sawtimber prices eased to USD 45.31 per ton. Northwest Timber Adjusted EBITDA reached USD 32.3 million, about five times the prior year. The new Wood Products segment earned USD 27.0 million of Adjusted EBITDA, with lumber realizations of USD 528 per thousand board feet, the highest since the third quarter of 2022. Real Estate Adjusted EBITDA fell to USD 48.5 million from USD 73.8 million as pro forma acres sold dropped to 7,127 from 23,348, partly offset by a higher average price of USD 8,012 per acre.

Fourth-Quarter Outlook and Balance Sheet After the Merger

Debt outstanding was USD 1.86 billion and cash was USD 361.4 million on September 30, 2026. Interest expense rose to USD 16.7 million with Debt assumed in the merger. Year-to-date cash available for distribution was USD 287.4 million, up USD 133.9 million. For the fourth quarter, Rayonier (NYSE:RYN) guides to Real Estate Adjusted EBITDA of USD 60 million to USD 70 million, Southern Timber harvest of 3.0 to 3.2 million tons, and lumber shipments of 295 to 305 million board feet at lower realizations than the third quarter. It also expects lower Idaho sawlog prices. The conference call is scheduled for November 5, 2026. The release does not give a share price reaction, so none is stated.

Where Things Stand

Mostly a one-time gain. About USD 0.30 per share of the USD 0.41 came from the Washington Large Disposition (calculated from the reconciliation), and merger costs took back USD 0.02. On the pro forma basis, Rayonier (NYSE:RYN) earned USD 0.13 against USD 0.32, while Adjusted EBITDA still grew to USD 144.6 million on the larger asset base. Lumber realizations and Real Estate timing are the swing factors. Next markers are the November 5 call, fourth-quarter lumber pricing, the Real Estate EBITDA range and the pace of Buybacks under the new USD 300 million authorization.