Filing Flows › Rayonier (RYN) › Q4 2025
Rayonier (RYN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
Rayonier (RYN) reported revenue of $117M for the fourth quarter 2025 (Q4 2025), -82% from a year earlier and -34% from the quarter before. Operating margin was 23.0%, net earnings $25.9M (22.1% of revenue).
Rayonier, Q4 2025: revenue $117M (-82% year over year), operating margin 23.0%, net earnings $25.9M, operating cash flow $51.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $117M | -34% | -82% |
| Operating profit | $27.0M | -35% | -92% |
| Net earnings | $25.9M | -40% | -92% |
| Operating cash flow | $51.8M | -55% | -41% |
| Free cash flow | $41.2M | -59% | -33% |
What changed
Revenue was $117.5M in Q4 2025, down 82% year over year and down 34% from the previous quarter. Pulpwood was the largest line at 17% of revenue.
Operating profit was $27.0M, a 23.0% margin (down 28.1 points year over year). Total costs fell 72% while revenue fell 82%. The fastest-growing cost line was Other operating costs (+527%). Net earnings were $25.9M, down 92% year over year. The effective tax rate was 0.9%.
Operating cash flow was $51.8M (down 41% year over year), 198% of net earnings. Non-cash charges added back $2.5M of share-based compensation. Working capital and other items added $23.1M. Capital expenditures of $10.6M left free cash flow of $41.2M.
Questions
What was Rayonier's revenue in the fourth quarter 2025?
Rayonier (RYN) reported revenue of $117M for the fourth quarter 2025 (Q4 2025), -82% from a year earlier and -34% from the quarter before.
Was Rayonier profitable in the fourth quarter 2025?
Operating profit was $27.0M (23.0% of revenue) and net earnings $25.9M.
Source: Rayonier 10-K on SEC EDGAR.