Filing Flows › Rayonier (RYN) › Q2 2026 › vs Q2 2025
Rayonier (RYN) Q2 2026 vs Q2 2025 (year over year)
Rayonier's revenue rose $290M (+272%) from $107M in Q2 2025 to $396M in Q2 2026. The biggest changes: Total Wood Products Sales +$107M (+121%); Total Non-Timber Sales +$6.3M (+51%); Stumpage Pay-as-Cut +$4.7M (+25%). Operating margin 8.7% against 13.7% (-4.9 pts).
Rayonier, Q2 2026: revenue $396M (+272% year over year), operating margin 8.7%, net earnings $19.1M, operating cash flow $111M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 8.7% | 13.7% | -4.9 pts |
| Net margin | 4.8% | 383.6% | -378.8 pts |
| Free cash flow margin | 21.0% | 43.6% | -22.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Total Delivered | $102M | $45.2M | $56.7M | +125% |
| Sawtimber | $94.1M | $43.3M | $50.8M | +117% |
| Total Real Estate Sales | $53.3M | $29.1M | $24.2M | +83% |
| Pulpwood | $32.0M | $20.7M | $11.3M | +54% |
| Total Stumpage | $26.3M | $19.7M | $6.6M | +34% |
| License Revenue, Primarily From Hunting | $9.3M | $5.4M | $3.9M | +72% |
| Total Wood Products Sales | $196M | $88.5M | $107M | +121% |
| Stumpage Pay-as-Cut | $23.9M | $19.1M | $4.7M | +25% |
| Total Non-Timber Sales | $18.4M | $12.2M | $6.3M | +51% |
| Revenue | $396M | $107M | $290M | +272% |
| Operating profit | $34.6M | $14.5M | $20.1M | +138% |
| Costs & expenses | $362M | $92.0M | $270M | +293% |
| Pre-tax earnings | $22.1M | $414M | −$392M | -95% |
| Other expense, net | $12.5M | −$399M | $412M | — |
| Cost of revenue | $321M | $74.9M | $246M | +328% |
| SG&A | $30.7M | $16.9M | $13.8M | +82% |
| Net earnings | $19.1M | $409M | −$390M | -95% |
| Minority interests | $106K | $4.9M | −$4.8M | -98% |
| Income tax | $2.8M | $0 | $2.8M | — |
| Share-based compensation | $5.9M | $3.6M | $2.2M | +61% |
| Working capital & other | $85.6M | −$375M | $460M | — |
| Operating cash flow | $111M | $61.0M | $49.6M | +81% |
| Free cash flow (OCF − capex) | $83.2M | $46.5M | $36.7M | +79% |
| Capital expenditures | $27.4M | $14.5M | $12.9M | +89% |
Questions
How much did Rayonier's revenue grow year over year in Q2 2026?
Rayonier's revenue rose $290M (+272%) from $107M in Q2 2025 to $396M in Q2 2026.
What drove Rayonier's revenue change in Q2 2026?
Total Wood Products Sales +$107M (+121%); Total Non-Timber Sales +$6.3M (+51%); Stumpage Pay-as-Cut +$4.7M (+25%).