v3.26.1
SEGMENT AND GEOGRAPHICAL INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHICAL INFORMATION SEGMENT AND GEOGRAPHICAL INFORMATION
As of June 30, 2026, Rayonier operated in four reportable segments: Southern Timber, Northwest Timber, Wood Products and Real Estate.
On January 30, 2026, we completed the merger with PotlatchDeltic Corporation, which added the Wood Products segment and expanded the geographic scope of our Pacific Northwest Timber segment, renamed Northwest Timber to reflect the addition of Idaho timberland assets. The Wood Products segment manufactures and sells lumber, plywood, and residual products at seven mills located in Arkansas, Idaho, Michigan and Minnesota. The segment’s products are largely commodity products, which are sold through our sales team to end users, retailers or wholesalers for nationwide distribution primarily for use in homebuilding, repair and remodeling, industrial products and other construction activity. Our Southern Timber and Northwest Timber segments supply a portion of the Wood Products segment’s wood fiber needs, which typically represents a sizable portion of the Southern Timber and Northwest Timber segments’ total revenues. Intersegment sales are based on estimated fair market value and are eliminated in consolidation.
The operations of our former New Zealand Timber segment are classified as discontinued operations in the prior-year comparative periods. See Note 3 — Discontinued Operations for additional information.
The chief operating decision maker (“CODM”), the Chief Executive Officer, evaluates segment operating performance based on Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”) to make decisions about allocating resources and assessing performance. Total assets by segment are not disclosed as they are not used by the CODM for resource allocation or performance assessment.
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense, costs related to the merger with PotlatchDeltic, timber write-offs resulting from casualty events, an inventory purchase price adjustment in cost of sales, income (loss) from operations of discontinued operations, gain on sale of discontinued operations, restructuring charges and Large Dispositions.
We believe that Operating income (loss), as defined by U.S. GAAP, is the most appropriate earnings measurement for reconciling Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to Operating loss as determined in accordance with U.S. GAAP. Operating income (loss) as presented in the Consolidated Statements of Income and Comprehensive Income (Loss) includes the results of both reportable segments and corporate activities. Segment Operating income represents the operating results of the company’s reportable segments only and does not include corporate-level amounts. As a result, segment Operating income may differ from the total Operating income (loss) reported in the consolidated financial statements.
The following tables summarize the segment information for the three and six months ended June 30, 2026 and 2025:
Three Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateTotal
June 30, 2026
Sales from external customers$96,921 $49,734 $196,160 $53,664 $396,479 
Intersegment revenue (a)10,671 16,254 — — 26,925 
Total sales$107,592 $65,988 $196,160 $53,664 $423,404 
   Costs and Expenses
Freight, logging and hauling(42,433)(30,465)(27,109)— (100,007)
Fiber costs— — (80,346)— (80,346)
Manufacturing costs— — (63,859)— (63,859)
Finished goods inventory change— — 3,374 — 3,374 
Depreciation, depletion and amortization(42,173)(13,750)(9,900)(3,949)(69,772)
Non-cash cost of land and improved development— — — (6,048)(6,048)
Other costs and expenses (b)(14,872)(9,178)(3,172)(15,414)(42,636)
Reportable segment operating income$8,114 $12,595 $15,148 $28,253 $64,110 
Add: Depreciation, depletion and amortization42,173 13,750 9,900 3,949 69,772 
Add: Non-cash cost of land and improved development— — — 6,048 6,048 
Add: Timber write-offs resulting from casualty events (c)2,284 — — — 2,284 
Reportable segment adjusted EBITDA$52,571 $26,345 $25,048 $38,250 $142,214 
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (d)($17,688)
Intersegment eliminations (e)(812)
Interest, net and miscellaneous expense(12,065)
Depreciation, depletion and amortization(70,416)
Non-cash cost of land and improved development(6,048)
Non-operating expense(478)
Costs related to the merger with PotlatchDeltic (f)(10,351)
Timber write-offs resulting from casualty events (c)(2,284)
Income from Continuing Operations Before Income Taxes$22,072 
Income tax expense(2,829)
Net Income$19,243 
(a)Intersegment revenue reflects logs sold from the Timber segments to Wood Products.
(b)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
(c)Timber write-offs resulting from casualty events includes the write-off of merchantable and pre-merchantable timber volume damaged by casualty events that cannot be salvaged. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Cost of Sales.”
(d)All other EBITDA includes corporate and other expenses.
(e)Intersegment eliminations reflects the elimination of profit on log sales from the Timber segments to Wood Products that remain in inventory at the end of the period.
(f)Costs related to the merger with PotlatchDeltic include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026. Costs related to the merger with PotlatchDeltic are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.”
Three Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateTotal
June 30, 2025
Sales$53,324 $23,782 — $29,432 $106,538 
   Costs and Expenses
Freight, logging and hauling(13,202)(9,841)— — (23,043)
Depreciation, depletion and amortization(15,788)(5,351)— (1,882)(23,021)
Non-cash cost of land and improved development— — — (6,902)(6,902)
Other costs and expenses (a)(11,739)(7,096)— (10,869)(29,704)
Reportable segment operating income$12,595 $1,494 — $9,779 $23,868 
Add: Depreciation, depletion and amortization15,788 5,351 — 1,882 23,021 
Add: Non-cash cost of land and improved development— — — 6,902 6,902 
Reportable segment adjusted EBITDA$28,383 $6,845 — $18,563 $53,791 
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (b)($8,907)
Interest, net and miscellaneous expense(4,215)
Depreciation, depletion and amortization(23,437)
Non-cash cost of land and improved development(6,902)
Non-operating expense(561)
Income from Continuing Operations$9,769 
Loss from operations of discontinued operations, net of tax(625)
Gain on sale of discontinued operations404,463 
Net Income (c)$413,607 
(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
(b)All other EBITDA includes corporate and other expenses.
(c)As no income tax expense was recognized for the three months ended June 30, 2025, net income is equal to income before taxes.
Six Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateTotal
June 30, 2026
Sales from external customers$177,973 $77,202 $304,644 $113,447 $673,266 
Intersegment revenue (a) 18,312 20,853 — — 39,165 
Total sales$196,285 $98,055 $304,644 $113,447 $712,431 
   Costs and Expenses
Freight, logging and hauling(72,764)(46,593)(40,285)— (159,642)
Fiber costs— — (129,650)— (129,650)
Manufacturing costs— — (104,700)— (104,700)
Finished goods inventory change— — 5,746 — 5,746 
Depreciation, depletion and amortization(75,286)(22,781)(16,566)(10,813)(125,446)
Non-cash cost of land and improved development— — — (18,033)(18,033)
Other costs and expenses (b)(27,727)(16,535)(5,064)(28,976)(78,302)
Reportable segment operating income$20,508 $12,146 $14,125 $55,625 $102,404 
Add: Depreciation, depletion and amortization75,286 22,781 16,566 10,813 125,446 
Add: Non-cash cost of land and improved development— — — 18,033 18,033 
Add: Timber write-offs resulting from casualty events (c)2,284 — — — 2,284 
Add: Inventory purchase price adjustment in cost of sales (d)— — 1,153 — 1,153 
Reportable segment adjusted EBITDA$98,078 $34,927 $31,844 $84,471 $249,320 
Reconciliation of reportable segment results to consolidated loss before taxes
All other EBITDA (e)($29,459)
Intersegment eliminations (f) (2,019)
Interest, net and miscellaneous expense(19,210)
Depreciation, depletion and amortization(126,656)
Non-cash cost of land and improved development(18,033)
Non-operating income376 
Costs related to the merger with PotlatchDeltic (g)(80,754)
Timber write-offs resulting from casualty events (c)(2,284)
Inventory purchase price adjustment in cost of sales (d) (1,153)
Loss from Continuing Operations Before Income Taxes($29,872)
Income tax benefit (h)36,601 
Net Income$6,729 
(a)Intersegment revenue reflects logs sold from the Timber segments to Wood Products.
(b)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
(c)Timber write-offs resulting from casualty events includes the write-off of merchantable and pre-merchantable timber volume damaged by casualty events that cannot be salvaged. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Cost of Sales.”
(d)Inventory purchase price adjustment in cost of sales reflects a non-cash, one-time charge reflecting the excess of fair value over PotlatchDeltic’s historical cost on acquired finished goods inventory sold post-closing. The inventory purchase price adjustment is recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Cost of sales.”
(e)All other EBITDA includes corporate and other expenses.
(f)Intersegment eliminations reflects the elimination of profit on log sales from the Timber segments to Wood Products that remain in inventory at the end of the period.
(g)Costs related to the merger with PotlatchDeltic include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026. Costs related to the merger with PotlatchDeltic are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.”
(h)Includes a $40.3 million tax benefit from the release of a valuation allowance. See Note 22 — Income Taxes for additional information.
Six Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateTotal
June 30, 2025
Sales$104,268 $45,592 — $39,599 $189,459 
   Costs and Expenses
Freight, logging and hauling(25,723)(19,199)— — (44,922)
Depreciation, depletion and amortization(32,688)(10,957)— (2,445)(46,090)
Non-cash cost of land and improved development— — — (9,302)(9,302)
Other costs and expenses (a)(23,112)(13,649)— (19,023)(55,784)
Reportable segment operating income$22,745 $1,787 — $8,829 $33,361 
Add: Depreciation, depletion and amortization32,688 10,957 — 2,445 46,090 
Add: Non-cash cost of land and improved development— — — 9,302 9,302 
Reportable segment adjusted EBITDA$55,433 $12,744 — $20,576 $88,753 
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (b)($16,807)
Interest, net and miscellaneous expense(7,733)
Depreciation, depletion and amortization(46,930)
Non-cash cost of land and improved development(9,302)
Non-operating expense (c)(2,404)
Restructuring charges (d)(1,110)
Income from Continuing Operations Before Income Taxes$4,467 
Income tax expense(291)
Income from Continuing Operations$4,176 
Income from operations of discontinued operations, net of tax1,883 
Gain on sale of discontinued operations404,463 
Net Income$410,522 
(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
(b)All other EBITDA includes corporate and other expenses.
(c)Non-operating expense includes $1.7 million of net costs associated with legal settlements. Net costs associated with legal settlements are recorded within the Consolidated Statements of Income (Loss) under the caption “Other miscellaneous (expense) income, net.”
(d)Restructuring charges include severance costs related to workforce optimization initiatives. Restructuring charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.”
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Capital Expenditures (a)
Southern Timber$11,510 $8,103 $25,485 $17,718 
Northwest Timber 6,924 2,264 10,934 4,630 
Wood Products3,634 — 6,068 — 
Real Estate28 36 41 79 
Corporate and other261 — 261 — 
Total Capital Expenditures$22,357 $10,403 $42,789 $22,427 
Real Estate Development Investments (b)$5,031 $4,089 $9,572 $8,176 
Total Gross Capital Expenditures$27,388 $14,492 $52,361 $30,603 
(a)Excludes real estate development investments presented separately.
(b)Represents investments in master infrastructure or entitlements in our real estate development projects. Real Estate Development Investments are amortized as the underlying properties are sold and included in Non-Cash Cost of Land and Improved Development.