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Rayonier reported $123.7 million in Adjusted EBITDA and $396.5 million in revenue for the second quarter of 2026, with contributions from all four operating segments. Lumber realizations strengthened during the quarter, while timber results varied by region and real-estate earnings exceeded the high end of the company’s prior quarterly guidance. The year-over-year comparison needs care: Rayonier completed its merger with PotlatchDeltic on January 30, 2026, so Q2 2026 includes three months of the combined business, unlike Q2 2025.
How did Rayonier perform in Q2 2026?
In its August 5, 2026 earnings release, Rayonier reported net income attributable to the company of $19.1 million, revenue of $396.5 million and Adjusted EBITDA of $123.7 million. Adjusted EBITDA is a non-GAAP measure; the company presents its reconciliation in its earnings materials and filings.
The figures describe a larger, changed business perimeter than a year earlier. Rayonier completed its merger with PotlatchDeltic on January 30, 2026, and the second quarter therefore includes a full three months of the legacy PotlatchDeltic operations. Q2 2025 was Rayonier standalone. Revenue, harvest volumes and EBITDA comparisons across those quarters are affected by the merger’s added scale and different geographic and product mix, not just changes in underlying performance.
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Which segments contributed most to Adjusted EBITDA?
Rayonier reported positive Adjusted EBITDA from each of its four operating segments. The amounts below are company-reported for Q2 2026; segment contributions do not add up to consolidated Adjusted EBITDA because corporate items, eliminations and other adjustments affect the consolidated total.
| Segment | Q2 2026 Adjusted EBITDA | Volume | Key price or mix detail |
|---|---|---|---|
| Southern Timber | $52.6 million | 3.35 million tons harvested | Average delivered pine sawtimber price was $44.46 per ton; pulpwood was $30.20 per ton. |
| Real Estate | $38.3 million | Not stated in the Q2 release | Above the high end of prior quarterly guidance. |
| Wood Products | $25.0 million | 314 million board feet shipped | Average lumber realization was $505 per thousand board feet. |
| Northwest Timber | $26.3 million | 578,000 tons harvested | Average delivered sawtimber price was $119.66 per ton. |
Why did lumber results improve?
Rayonier’s Wood Products segment recorded $196.2 million in sales: $158.6 million from lumber and $37.5 million from plywood, residual and other sales. Shipments were 314 million board feet, with an average lumber realization of $505 per thousand board feet. The company said realizations strengthened through the quarter and reached their highest level in nearly four years.
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CEO Mark McHugh said in the August 5, 2026 release: “In our Wood Products segment, Adjusted EBITDA totaled $25.0 million, as lumber price realizations strengthened throughout the quarter and reached their highest level in nearly four years. Additionally, we delivered shipment volumes in line with our targets amid a challenging transportation environment.” Rayonier cited import duties, mill curtailments and trucking shortages as factors constricting supply while prices strengthened.
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Management’s contemporaneous outlook—not a report of completed Q3 results—called for Q3 shipments of 320–330 million board feet. Rayonier also said its average lumber realization through July month-end was modestly above the Q2 average.
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Why did timber performance differ between the South and Northwest?
Southern Timber: lower delivered prices and geographic mix
Southern Timber generated $107.6 million in sales and harvested 3.35 million tons. Its average delivered pine sawtimber price was $44.46 per ton, compared with $47.87 in Q2 2025; pulpwood averaged $30.20 per ton, versus $37.35 a year earlier. Rayonier attributed lower average prices partly to geographic-mix changes following the expanded footprint, with generally weaker pulpwood market conditions also contributing. The company reported $52.6 million in segment Adjusted EBITDA.
Northwest Timber: Idaho mix lifted the average
Northwest Timber recorded $66.0 million in sales and harvested 578,000 tons. Average delivered sawtimber price was $119.66 per ton, up from $96.17 in the prior-year quarter. Rayonier said the increase primarily reflected the addition of Idaho sawtimber, most of which is indexed to lumber prices; that effect more than offset modestly lower Pacific Northwest prices. The segment produced $26.3 million in Adjusted EBITDA.
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These regional results do not tell a single, uniform timber-price story. The Southern averages declined, while the Northwest average rose largely because the expanded business included a different mix of timberland and indexed sawlogs.
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What did Real Estate contribute?
Real Estate reported $38.3 million in Q2 Adjusted EBITDA, above the high end of Rayonier’s prior quarterly guidance. The company cited execution and continued momentum across its real-estate categories. Land-sale timing can make quarterly contributions variable, and the company said its guidance depended on its current transaction pipeline, including rural and improved-development land sales.
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What was Rayonier’s 2026 outlook?
These are management expectations as of the August 5, 2026 release, not realized full-year results. Rayonier’s harvest guidance and Wood Products shipment expectation have different scopes: timber figures cover full-year harvest, while the lumber estimate accounts for 11 months of Wood Products contribution.
| Business or measure | 2026 guidance | Scope and qualification |
|---|---|---|
| Southern Timber harvest | 12.2–12.5 million tons | Full-year 2026 expectation. |
| Northwest Timber harvest | 2.0–2.2 million tons | Full-year 2026 expectation. |
| Wood Products shipments | Roughly 1.1 billion board feet | Expected during 11 months of Wood Products contribution. |
| Real Estate Adjusted EBITDA | $180–$200 million | Full-year 2026 company guidance; depends on the transaction pipeline. |
For Q3, management expected Southern regional sawtimber and pulpwood prices to remain relatively stable compared with Q2. It expected Northwest sawtimber prices to be modestly above Q2, mainly because higher indexed Idaho sawlog prices would apply to a portion of volume. Both are forward-looking expectations; the company’s SEC filing discusses risks and uncertainties that can cause actual outcomes to differ.
What the quarter does—and does not—show
Q2 2026 showed stronger lumber realizations during the quarter, meaningful earnings contributions from all four segments and contrasting timber-price averages across the South and Northwest. But because the merger changed Rayonier’s operating footprint, headline year-over-year increases in revenue, harvest volume or EBITDA cannot be read as like-for-like growth without accounting for the expanded business and its mix. The earnings release does not establish share-price performance, valuation or whether RYN is a buy or sell.
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