Rayonier Inc. Q3 2026 Earnings Recap

Rayonier’s shares rose 8.6% after earnings, as adjusted EBITDA of $145 million benefited from PotlatchDeltic contributions and stronger timber and wood-products performance. The headline GAAP profit was substantially boosted by a $91 million gain tied to a land exchange; excluding pro forma items, net income was $40 million, or $0.13 per share.

Key Takeaways

• Adjusted EBITDA was $145 million, well above the prior-year period, primarily reflecting PotlatchDeltic operations and solid performance across segments.
• Southern Timber adjusted EBITDA rose 23% year over year to $52 million as harvest volumes increased 56%; delivered sawlog and pulpwood prices were down 5% and 15%, respectively, versus standalone Rayonier in the prior-year quarter.
• Northwest Timber adjusted EBITDA was $32 million, versus $6 million a year earlier, with harvest volumes more than doubling and delivered sawlog prices up 29%.
• Wood Products generated $27 million of adjusted EBITDA, its strongest quarterly result since PotlatchDeltic’s third quarter of 2022; lumber prices have since declined from their July peak amid softer demand and macroeconomic uncertainty.
• Real Estate adjusted EBITDA was $49 million, above the company’s prior guidance range of $25 million–$35 million, partly due to accelerated closings. Excluding the Washington disposition, quarterly sales were $63 million on roughly 7,000 acres.