Rayonier Inc. reported Q2 2025 net income of $408.7 million, or $2.63 per share, on revenues of $106.5 million. This compares to net of $1.9 million, or $0.01 per share, on revenues of $99.6 million in the prior year quarter.
Q2 2025 operating income was $14.5 million versus $4.5 million in the prior year period, while Q2 pro forma operating income was $14.5 million versus $4.7 million in the prior year period.
Q2 2025 Adjusted EBITDA was $44.9 million versus $33.3 million in the prior year period.
Year-to-date cash provided by operating activities was $88.7 million versus $107.6 million in the prior year period. Year-to-date cash available for distribution (CAD) was $46.7 million, which increased $8.3 million versus the prior year period due to lower cash interest paid (net) ($7.9 million) and lower capital expenditures ($6.4 million), partially offset by lower Adjusted EBITDA ($6.0 million).
“During the Q2, we generated total Adjusted EBITDA of $44.9 million –representing a 35% increase compared to the prior year period – as stronger results in our Real Estate and Pacific Northwest Timber segments were partially offset by lower results in our Southern Timber segment,” said Mark McHugh, President and CEO.
“Q2 Adjusted EBITDA in our Real Estate segment improved $14.1 million versus the prior year period, exceeding our expectations entering the quarter due to the accelerated timing of certain transactions. In our Timber segments, Adjusted EBITDA declined 11% versus the prior year quarter, as timber markets continued to be constrained by challenging end-market demand as well as elevated salvage volume resulting from Hurricane Helene in 2024.”
“Overall, we still anticipate total full-year Adjusted EBITDA results in line with our prior guidance, as further detailed later in this release.”
"The Q2 also marked a significant milestone in our asset disposition and capital structure realignment plan, as we closed on the sale of our New Zealand joint venture interest in June – bringing total disposition activity to $1.45 billion since the plan was announced in November 2023. With the New Zealand transaction now complete, our financial flexibility has been significantly enhanced, and we are well-positioned to execute on strategies to create shareholder value moving forward, including additional share repurchases.”
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States.
