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Rayonier, L.P. earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026
Q3 2026 Revenue up 219% year over year to $566M · 22¢ of every $1 of revenue kept as net profit · operating margin 26.0%
Rayonier, L.P. made $566M in Q3 2026 (+219% Y/Y): Total Real Estate Sales $208M, Lumber $173M, Sawtimber $92.4M. Operating margin 26.0%, net earnings $123M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
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What changed this quarter
Revenue was $565.6M in Q3 2026, up 219% year over year and up 43% from the previous quarter. Lumber was the largest line at 31% of revenue. Total Timber Sales added $58.6M year over year (up 83%), 15% of the total change. Total Stumpage declined 29%.
Operating profit was $146.9M, a 26.0% margin (up 2.5 points year over year). Of the extra revenue versus Q3 2025, 27% reached operating profit, above the 23% margin then. Total costs grew 208% against revenue growth of 219%. The fastest-growing cost line was Cost of revenue (+223%). Net earnings were $123.3M, up 185% year over year. The effective tax rate was 5.9%.
Operating cash flow was $107.0M (down 8% year over year), 86% of net earnings. Non-cash charges added back $3.9M of share-based compensation. Working capital and other items used $20.8M. Capital expenditures of $7.2M left free cash flow of $99.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $566M | +219% | 26.0% | $123M | $107M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $396M | +272% | 8.7% | $19.1M | $111M |
| Q1 2026 | 10-Q | May 8, 2026 | $277M | +234% | -16.5% | −$12.5M | $34.6M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $178M | +43% | 23.5% | $43.2M | $116M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $107M | +7% | 13.7% | $409M | $61.0M |
| Q1 2025 | 10-Q | May 2, 2025 | $82.9M | -27% | 0.1% | −$3.1M | $27.7M |
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About Rayonier, L.P.
We are a leading timberland real estate investment trust (“REIT”) with assets located in some of the most productive softwood timber growing regions in the United States. We invest in timberlands and actively manage them to provide current income and attractive long-term returns to our shareholders. We operate through an umbrella partnership real estate investment trust (“UPREIT”) structure, where our Operating Partnership and its subsidiaries own our assets. Rayonier is the sole general partner of the Operating Partnership.
In its own words, from its 10-K, filed Feb 23, 2026.
Rayonier, L.P. against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +219% against the peers' median +14%. Operating margin: 26.0% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Rayonier, L.P. | Q3 2026 | $566M | +219% | 26.0% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: Rayonier, L.P. 10-Q on SEC EDGAR · CIK 1806931 · Real Estate Investment Trusts