Rayonier Inc. reported fourth‑quarter 2025 results on February 11, 2026, delivering net income attributable to the company of $25.9 million, or $0.16 per share, on revenue of $117.5 million. Adjusted EBITDA for the quarter was $61.7 million, down from $95.1 million a year earlier. The company’s earnings beat analyst expectations, with EPS of $0.16 versus a consensus of $0.12 and revenue of $117.5 million versus estimates of $108.2 million.
The beat was driven by disciplined cost management and a favorable mix of business segments. While timber revenue fell sharply, the Real Estate segment posted a record contribution, generating $127.1 million of the company’s $248.0 million full‑year adjusted EBITDA. The Real Estate performance offset the decline in timber sales and helped keep margins above the prior‑year level.
Compared with the third quarter of 2025, revenue fell from $177.5 million to $117.5 million, a 34% sequential decline, and net income dropped from $43.2 million to $25.9 million. Year‑over‑year, revenue fell from $650.5 million to $117.5 million, an 82% drop, while net income fell from $327.1 million to $25.9 million, reflecting the impact of the merger integration and the lower timber market.
Segment‑level data show that revenue from Southern Timber and Pacific Northwest Timber declined, driven by lower harvest volumes and weaker stumpage realizations. In contrast, the Real Estate segment grew, supported by higher land values and increased development activity in rural high‑benefit‑use markets. The company also incurred $6.3 million in one‑time merger costs related to the PotlatchDeltic transaction, which was completed on January 30, 2026.
Mark McHugh, President and CEO, said, “Our full‑year 2025 performance highlights the resilience of our diversified portfolio as well as our nimble execution as timber market headwinds persisted throughout the year. We generated Adjusted EBITDA of $248.0 million, representing an 8% increase over 2024 and exceeding the high end of our prior guidance range. This outperformance was primarily driven by the record contribution from our Real Estate segment, which delivered full‑year Adjusted EBITDA of $127.1 million amid continued strength in our rural HBU markets and further growth in our real‑estate development business.”
Investors responded positively to the earnings beat and the strong Real Estate performance, and the company’s guidance for the remainder of 2025 remains unchanged, underscoring confidence in the combined entity’s scale and diversified portfolio.
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