Filing Flows › Rayonier (RYN) › Q2 2025
Rayonier (RYN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Rayonier (RYN) reported revenue of $107M for the second quarter 2025 (Q2 2025), +7% from a year earlier and +28% from the quarter before. Operating margin was 13.7%, net earnings $409M (383.6% of revenue).
Rayonier, Q2 2025: revenue $107M (+7% year over year), operating margin 13.7%, net earnings $409M, operating cash flow $61.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $107M | +28% | +7% |
| Operating profit | $14.5M | 247× | +220% |
| Net earnings | $409M | — | 215× |
| Operating cash flow | $61.0M | +120% | +10% |
| Free cash flow | $56.9M | +141% | +53% |
What changed
Revenue was $106.5M in Q2 2025, up 7% year over year and up 28% from the previous quarter. Total Real Estate Sales was the largest line at 27% of revenue. Total Real Estate Sales added $14.0M year over year (up 93%), 203% of the total change. Stumpage Pay-as-Cut declined 27%.
Operating profit was $14.5M, a 13.7% margin (up 9.1 points year over year). Of the extra revenue versus a year earlier, 145% reached operating profit, above the 5% margin then. Total costs fell 3% while revenue rose 7%. Net earnings were $408.7M, up 21377% year over year. The effective tax rate was 0.0%. Non-operating items added $399.1M, 96% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $61.0M (up 10% year over year), 15% of net earnings. Non-cash charges added back $23.4M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items used $379.7M. Capital expenditures of $4.1M left free cash flow of $56.9M.
Questions
What was Rayonier's revenue in the second quarter 2025?
Rayonier (RYN) reported revenue of $107M for the second quarter 2025 (Q2 2025), +7% from a year earlier and +28% from the quarter before.
Was Rayonier profitable in the second quarter 2025?
Operating profit was $14.5M (13.7% of revenue) and net earnings $409M.
Source: Rayonier 10-Q on SEC EDGAR.