Q2 2026 Revenue up 272% year over year to $396M · 5¢ of every $1 of revenue kept as net profit · operating margin 8.7%
Rayonier made $396M in Q2 2026 (+272% Y/Y): Total Wood Products Sales $196M, Lumber $158M, Stumpage Pay-as-Cut $23.9M. Operating margin 8.7%, net earnings $19.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 7, 2026.
Revenue$396M
Year over year+272%
Operating margin8.7%
Net earnings$19.1M
Operating cash flow$111M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $396.5M in Q2 2026, up 272% year over year and up 43% from the previous quarter. Total Delivered was the largest line at 26% of revenue. Total Delivered added $56.7M year over year (up 125%), 20% of the total change.
Operating profit was $34.6M, a 8.7% margin (down 4.9 points year over year). Of the extra revenue versus Q2 2025, 7% reached operating profit, below the 14% margin then. Total costs grew 293% against revenue growth of 272%. The fastest-growing cost line was Cost of revenue (+328%). Net earnings were $19.1M, down 95% year over year. The effective tax rate was 12.8%.
Operating cash flow was $110.6M (up 81% year over year), 575% of net earnings. Non-cash charges added back $5.9M of share-based compensation. Working capital and other items added $85.5M. Capital expenditures of $27.4M left free cash flow of $83.2M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
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
Q4 2025
10-K
Feb 23, 2026
$117M
-82%
23.0%
$25.9M
$51.8M
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
Q4 2024
10-K
Feb 21, 2025
$726M
+55%
47.7%
$327M
$87.8M
Charts
Latest (Q2 2026): Y/Y +272%, Q/Q +43%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q1 2026): Net income −$12.5M, Operating cash flow $34.6M.+15.9% since FY2020: more shares outstanding (issuance, stock pay).Cash $843M, short-term investments —, long-term debt — at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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 against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +272% against the peers' median +14%. Operating margin: 8.7% against the peers' median 15.9%.