Filing Flows › Rayonier (RYN) › Q3 2025
Rayonier (RYN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Rayonier (RYN) reported revenue of $178M for the third quarter 2025 (Q3 2025), +43% from a year earlier and +67% from the quarter before. Operating margin was 23.5%, net earnings $43.2M (24.3% of revenue).
Rayonier, Q3 2025: revenue $178M (+43% year over year), operating margin 23.5%, net earnings $43.2M, operating cash flow $116M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $178M | +67% | +43% |
| Operating profit | $41.7M | +187% | +121% |
| Net earnings | $43.2M | -89% | +50% |
| Operating cash flow | $116M | +91% | +76% |
| Free cash flow | $99.9M | +76% | +137% |
What changed
Revenue was $177.5M in Q3 2025, up 43% year over year and up 67% from the previous quarter. Total Delivered was the largest line at 24% of revenue. Improved Development added $8.6M year over year (up 72%), 16% of the total change. Rural declined 47%.
Operating profit was $41.7M, a 23.5% margin (up 8.3 points year over year). Of the extra revenue versus a year earlier, 43% reached operating profit, above the 15% margin then. Total costs grew 29% against revenue growth of 43%. The fastest-growing cost line was Cost of revenue (+38%). Net earnings were $43.2M, up 50% year over year. The effective tax rate was 0.0%.
Operating cash flow was $116.2M (up 76% year over year), 266% of net earnings. Non-cash charges added back $34.8M of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items added $35.1M. Capital expenditures of $16.3M left free cash flow of $99.9M.
Questions
What was Rayonier's revenue in the third quarter 2025?
Rayonier (RYN) reported revenue of $178M for the third quarter 2025 (Q3 2025), +43% from a year earlier and +67% from the quarter before.
Was Rayonier profitable in the third quarter 2025?
Operating profit was $41.7M (23.5% of revenue) and net earnings $43.2M.
Source: Rayonier 10-Q on SEC EDGAR.