10-Q · May 8, 2026
Rayonier Inc. (RYN) reported financial results for Q1 2026 with revenues of $276.8 million and diluted EPS of $0.07, indicating a revenue surprise of 0.89% above consensus estimates. However, a net loss of $12.4 million…
Earnings analysis · 10-Q
RYN earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Rayonier reported Q2 2026 revenue of $396.5 million and diluted EPS of $0.10, with revenue up approximately 43% sequentially and approximately 271% year over year, while EPS improved from $(0.05) in Q1 but fell sharply…
Read full summary
Rayonier reported Q2 2026 revenue of $396.5 million and diluted EPS of $0.10, with revenue up approximately 43% sequentially and approximately 271% year over year, while EPS improved from $(0.05) in Q1 but fell sharply from $2.63 a year earlier. The post-merger PotlatchDeltic operations now represent 61% of assets and approximately 74% of quarterly revenue, making integration and control execution the principal risk. Interest-rate exposure is mitigated by swaps covering the full $1.4 billion of variable-rate debt, but the filing extract does not provide sufficient current-quarter margin or cash-flow data to support a more bullish assessment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.1
What stood out
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Revenue surged sequentially and year over year
Revenue increased to $396.5 million from $277 million in Q1 2026, a sequential increase of approximately 43%. It also rose from $107 million in Q2 2025, an increase of approximately 271%, with PotlatchDeltic contributing approximately 74% of three-month revenue.
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EPS returned to positive territory
Reported diluted EPS was $0.10 versus $(0.05) in Q1 2026, a $0.15 improvement and a return to positive earnings. EPS was nevertheless below the $2.63 reported in Q2 2025.
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Variable-rate debt fully hedged
The company reported $1.4 billion of variable-rate debt outstanding as of June 30, 2026, fully hedged by interest-rate swaps with an aggregate notional amount of $1.4 billion. Management states that a hypothetical 100-basis-point rate move would have no effect on interest payments or interest expense over 12 months.
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Effective borrowing cost remains moderate
Management estimated the weighted-average effective interest rate on combined fixed- and variable-rate debt at approximately 2.3%, including the effect of interest-rate swaps and estimated patronage refunds.
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Share repurchases continued
The company repurchased 3,455,482 shares under its $300 million repurchase program during Q2 2026. As of June 30, $126.0 million remained available, representing approximately 5,920,692 shares at the period-end closing price of $21.28.
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Disclosure controls assessed effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, supporting the reliability of the reported financial information during the post-merger integration period.
What to watch
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Material post-merger integration risk
PotlatchDeltic integration creates a substantial control and execution risk: as of June 30, 2026, the acquired operations represented 61% of total assets and approximately 74% and 67% of revenue for the three- and six-month periods, respectively. Management is still assessing the acquired internal-control environment and may exclude it from the 2026 Form 10-K assessment.
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Debt and fixed-rate valuation exposure
The company remains exposed to interest-rate risk on $1.4 billion of variable-rate debt and $450.0 million of fixed-rate debt. Although the variable-rate exposure was fully hedged, a hypothetical 100-basis-point move would change the fair value of fixed-rate debt by approximately $18 million to $19 million.
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Repurchases compete with liquidity needs
The filing shows continued capital allocation through repurchases while $126.0 million remained authorized under the $300 million program as of June 30, 2026. Repurchases can reduce liquidity available for merger integration, debt reduction, or operations, particularly given the company's $1.4 billion of variable-rate borrowings.
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Profitability remains below prior-year level
Earnings quality weakened year over year despite strong revenue growth: diluted EPS declined from $2.63 in Q2 2025 to $0.10 in Q2 2026. The supplied filing extract does not provide current-quarter gross margin, operating margin, or cash-flow figures, limiting assessment of underlying profitability and cash generation.
Management's outlook
No quantitative revenue or EPS guidance was provided in the supplied 10-Q text. Management's outlook was not included; the filing does disclose that $1.4 billion of variable-rate debt was fully hedged as of June 30, 2026.
Earlier filings 4
10-K · February 23, 2026
Rayonier reports a timberland-centric REIT business with approximately 2.0 million acres (1.69M in the U.S. South and 307K in the Pacific Northwest) and a differentiated real estate/HBU platform. 2025 results were…
10-Q · November 7, 2025
Rayonier delivered a strong quarter: sales rose to $177,531 (thousands) in Q3 2025 (up $53,428 vs Q3 2024) with operating income of $41,710 (thousands), driving diluted continuing-operations EPS of $0.28. Real Estate…
10-Q · August 8, 2025
Rayonier reported Q2 sales of $106,538,000 (up from $99,639,000 a year ago) and operating income of $14,545,000 (up from $4,547,000). Reported diluted net income per share was $2.63 for the quarter, driven by a one-time…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.