Rayonier reported $396.5 million in Q2 2026 revenue, $123.7 million in Adjusted EBITDA and $19.1 million in net income attributable to the company. Lumber realizations strengthened during the quarter, while timber and real estate made substantial contributions. The year-over-year comparison needs care: Rayonier completed its merger with PotlatchDeltic on January 30, 2026, so Q2 2026 includes a full quarter of the expanded business, unlike Q2 2025.
How to read Rayonier’s Q2 results
The figures below come from Rayonier’s August 5, 2026 earnings release. Adjusted EBITDA is a non-GAAP measure; it is useful for comparing operating contributions, but it is not net income or cash flow. See the company’s Q2 2026 Form 10-Q for its formal financial presentation and reconciliation.
Merger timing changes the comparison’s business perimeter. Rayonier completed its merger with PotlatchDeltic on January 30, 2026, and Q2 2026 therefore includes the legacy PotlatchDeltic operations for all three months. Q2 2025 was Rayonier standalone. Raw year-over-year changes in revenue, harvest volume and EBITDA consequently reflect both the expanded scale and changes in business and geographic mix—not just underlying growth or market pricing.
Rayonier also reported $10.2 million in after-tax merger costs and $2.3 million of timber write-offs associated with a casualty event in Q2. The prior-year quarter’s net income included material nonrecurring impacts, so headline net-income comparisons alone do not show ordinary operating performance.
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Which segments contributed most?
The four operating segments generated the following reported Adjusted EBITDA and activity. Segment contributions do not add up to consolidated Adjusted EBITDA because corporate items, eliminations and other adjustments affect the consolidated figure.
| Segment | Q2 2026 Adjusted EBITDA | Q2 activity |
|---|---|---|
| Southern Timber | $52.6 million | 3.35 million tons harvested |
| Real Estate | $38.3 million | Land-sale activity across rural and improved-development categories |
| Northwest Timber | $26.3 million | 578,000 tons harvested |
| Wood Products | $25.0 million | 314 million board feet shipped |
These are company-reported segment results for Q2 2026, not independent industry measures. They show contributions within Rayonier’s expanded business and should not be read as a like-for-like year-over-year ranking.
Wood Products: lumber realizations improved during the quarter
Wood Products reported $196.2 million in sales: $158.6 million from lumber and $37.5 million from plywood, residual and other sales. The segment shipped 314 million board feet, and its average lumber realization was $505 per thousand board feet. Adjusted EBITDA was $25.0 million.
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Rayonier said lumber realizations strengthened through Q2 and reached their highest level in nearly four years. CEO Mark McHugh said in the August 5, 2026 earnings 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.”
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The company cited import duties, mill curtailments and trucking shortages as factors constricting supply as prices strengthened. Those are Rayonier’s explanations for conditions described in its release, not a separate measure of the lumber market.
What management expected next
For Q3, Rayonier expected Wood Products shipments of 320–330 million board feet. It also said its average quarter-to-date lumber realization at July month-end was modestly above Q2’s average. These were management’s contemporaneous outlook and update, not final Q3 results. For 2026, the company expected roughly 1.1 billion board feet of lumber shipments during 11 months of Wood Products contribution.
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Southern Timber: lower delivered prices amid a broader footprint
Southern Timber recorded $107.6 million in sales, harvested 3.35 million tons and generated $52.6 million in Adjusted EBITDA. Its average delivered pine sawtimber price was $44.46 per ton, compared with $47.87 in the prior-year quarter; pulpwood averaged $30.20 per ton, versus $37.35.
Rayonier attributed the lower average prices in part to geographic-mix changes following the expanded footprint. It also cited generally weaker pulpwood market conditions. The figures therefore combine market conditions with the mix of timberlands and sales in the segment; they should not be treated as a uniform price trend across every region.
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Southern Timber outlook
Management’s full-year 2026 harvest guidance was 12.2–12.5 million tons. Rayonier expected regional sawtimber and pulpwood prices to remain relatively stable in Q3 compared with Q2. Both are forward-looking company expectations as of the August 5 release, not realized results.
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Northwest Timber: higher average price reflects Idaho mix
Northwest Timber reported $66.0 million in sales, harvested 578,000 tons and generated $26.3 million in Adjusted EBITDA. Its average delivered sawtimber price was $119.66 per ton, up from $96.17 in the prior-year quarter.
Rayonier attributed the increase primarily to the addition of Idaho sawtimber, most of which is indexed to lumber prices. That mix effect more than offset modestly lower prices in the Pacific Northwest. The year-over-year increase is therefore not evidence that prices rose uniformly across the segment’s markets.
Northwest Timber outlook
Rayonier’s 2026 harvest guidance was 2.0–2.2 million tons. Management expected Q3 sawtimber prices to be modestly above Q2, mainly because of higher indexed Idaho sawlog prices on a portion of volume.
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Real Estate: strong quarter, variable timing
Real Estate generated $38.3 million in Q2 Adjusted EBITDA, above the high end of the company’s prior quarterly guidance. Rayonier pointed to execution and continued momentum across real-estate categories, including a pipeline of rural and improved-development land sales.
The company retained full-year 2026 Real Estate Adjusted EBITDA guidance of $180 million to $200 million. Land-sale timing can make quarterly contributions uneven, and this outlook depends on the company’s current transaction pipeline; it is guidance, not a guaranteed result.
What the results do—and do not—say about RYN
The quarter shows a mix of operating drivers: improved lumber realizations, different timber-price patterns by geography and mix, and a sizable real-estate contribution. The merger makes simple year-over-year comparisons less informative, while management’s Q3 and full-year figures remain forward-looking guidance. These operating results alone do not establish whether RYN shares are attractively valued or whether the stock is a buy or sell.
For the company’s reported results and outlook, see Rayonier’s Q2 2026 earnings release and its Form 10-Q.
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