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Rayonier cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow$30.0M in Q1 2026 · $241M over twelve months

Operating cash flow$34.6M
Capital spending−$4.5M
Free cash flow+$30.0M
Cash conversion cycle24 days

Analysis

In Q1 2026, Rayonier generated $34.6M of operating cash flow and spent $4.5M on capital projects, leaving free cash flow of $30.0M. That is $6.4M more than in Q1 2025 ($23.6M).

Over the twelve months to Mar 31, 2026, operating cash flow was $264M; the largest uses were dividends ($263M), other financing ($104M), net borrowing (+) / repaid (−) ($27.5M); besides operations, cash came from other investing ($606M); the cash balance rose by $449M.

Operating cash flow was $34.6M against net income of −$12.5M. The largest differences: deferred taxes −$39.5M, stock-based pay +$15.4M, other operating capital −$12.6M.

Its cash conversion cycle was 24 days (receivables 8 + inventory 23 − payables 8).

Free cash flow

Rayonier: free cash flow by quarterRayonier: free cash flow by quarter$37.3MQ2 2024$42.2MQ3 2024$61.2MQ4 2024$23.6MQ1 2025$56.9MQ2 2025$99.9MQ3 2025$41.2MQ4 2025$30.0MQ1 2026
Operating cash flow less capital spending.
Rayonier: operating cash flow against capital spendingRayonier: operating cash flow against capital spendingOperating cash flowCapital spending$55.3M$18.1MQ2 2024$66.2M$24.0MQ3 2024$87.8M$26.6MQ4 2024$27.7M$4.1MQ1 2025$61.0M$4.1MQ2 2025$116M$16.3MQ3 2025$51.8M$10.6MQ4 2025$34.6M$4.5MQ1 2026
Latest (Q1 2026): Operating cash flow $34.6M, Capital spending $4.5M.

Capital allocation, year by year

Rayonier: where the cash came from (up) and went (down), by fiscal yearRayonier: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $325MFY2021: Net borrowing $26.4MFY2021: Shares issued $237MFY2021: Capital spending −$255MFY2021: Buybacks −$1.6MFY2021: Dividends −$154M$588MFY2021FY2022: Operating cash flow $269MFY2022: Net borrowing $125MFY2022: Shares issued $64.2MFY2022: Capital spending −$514MFY2022: Buybacks −$4.2MFY2022: Dividends −$166M$458MFY2022FY2023: Operating cash flow $298MFY2023: Net borrowing −$150MFY2023: Shares issued −$6KFY2023: Asset sales $37KFY2023: Capital spending −$81.4MFY2023: Buybacks −$4.2MFY2023: Dividends −$170M$298MFY2023FY2024: Operating cash flow $262MFY2024: Net borrowing −$250MFY2024: Asset sales $13KFY2024: Capital spending −$84.8MFY2024: Buybacks −$4.2MFY2024: Dividends −$201M$262MFY2024FY2025: Operating cash flow $257MFY2025: Asset sales $693MFY2025: Capital spending −$22.4MFY2025: Buybacks −$2.9MFY2025: Dividends −$292M$949MFY2025
Over these 5 years operating cash flow totalled $1.4B; the largest uses were dividends ($982M) and capital spending ($958M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$682M
Debt$2.1B
Net debt$1.4B
Due within a year$200M

Rayonier funds itself: free cash flow was $241M over the last twelve months, and $682M of cash and investments stands against $2.1B of debt ($200M due within a year, 3.4× covered by cash).

Rayonier: debt maturities by year (FY2025)Rayonier: debt maturities by year (FY2025)$200MYear 1$200MYear 3$200MYear 4$450MAfter year 5
Principal due in each year as disclosed in the annual report, against $682M of cash and investments now.

Where the cash came from and went

Rayonier: sources (+) and uses (−) of cash, Q1 2026Rayonier: sources (+) and uses (−) of cash, Q1 2026Cash drawn (+) / kept (−)$161MDividends−$81.1MOperating cash flow$34.6MOther financing−$32.4MNet borrowing (+) / repaid (−)−$28.3MAcquisitions−$24.8MOther investing−$23.7MCapital spending−$4.5MBuybacks−$1.0M
Rayonier: sources (+) and uses (−) of cash, TTM to Q1 2026Rayonier: sources (+) and uses (−) of cash, TTM to Q1 2026Other investing$606MCash drawn (+) / kept (−)−$449MOperating cash flow$264MDividends−$263MOther financing−$104MNet borrowing (+) / repaid (−)−$27.5MCapital spending−$22.9MBuybacks−$3.9MExchange rates$1.4MPartners−$1.2M

From profit to cash

Rayonier: net income to operating cash flow, Q1 2026Rayonier: net income to operating cash flow, Q1 2026Net income−$12.5MStock-based pay$15.4MDeferred taxes−$39.5MReceivables−$3.2MInventory$8.3MPayables$8.9MOther operating capital−$12.6MOperating cash flow$34.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 2026823824
Q4 2025916187
Q3 20256191115
Q2 20259411634
Q1 202510442035
Q4 20243874
Q3 202425232919
Q2 202430413735

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 2026$34.6M−$4.5M−$24.8M−$1.0M−$81.1M−$28.3M$161M$30.0M
Q4 2025$51.8M−$10.6M—−$213K−$96.7M—$76.8M$41.2M
Q3 2025$116M−$16.3M—−$7K−$42.1M—−$27.3M$99.9M
Q2 2025$61.0M−$4.1M—−$2.6M−$42.8M—−$660M$56.9M
Q1 2025$27.7M−$4.1M—−$38K−$110M—$110M$23.6M
Q4 2024$87.8M−$26.6M—−$12K−$42.5M−$190M−$266M$61.2M
Q3 2024$66.2M−$24.0M—−$4K−$42.6M—$65.3M$42.2M
Q2 2024$55.3M−$18.1M—−$4.1M−$43.2M—$18.0M$37.3M

Rayonier: income statement and cash flow

Rayonier, Q2 2026: revenue $396M (+272% year over year), operating margin 8.7%. The chart follows the revenue to costs, profit and cash.

Rayonier: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.