MARKETS / NYSE / RYN

NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Rayonier Inc. RYN

18 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$483.0M

▼ 51.0% YoY

Net income

$474.4M

▲ 32.1% YoY

Free cash flow

$234.2M

▼ 0.7% YoY

In brief

What this company does

The company generates recurring income and cash flow primarily from the harvest and sale of timber. As of December 31, 2025, it owned or leased under long-term agreements approximately 2.0 million acres of timberlands located in the U.S. South and U.S. Pacific Northwest. Its revenues, operating income and cash flows are primarily derived from three core segments: Southern Timber, Pacific Northwest Timber, and Real Estate. Key consumers of its Southern timber include pulp, paper, wood products and biomass facilities. Its product mix in the Pacific Northwest is heavily weighted to sawtimber, which is sold to domestic wood products facilities as well as exported primarily to Pacific Rim markets. All of its land sales are reported within the Real Estate segment in six categories. Founded in 1926 as the Rainier Pulp & Paper Company, the company's key milestones include the 2014 tax-free spin-off of its Performance Fibers manufacturing business and the 2020 acquisition of Pope Resources, a Delaware Limited Partnership.

Written from the business description in RAYONIER INC's annual report to the U.S. Securities and Exchange Commission, filed 23 February 2026. Every sentence was checked against that document before publication.

Growth

USD 483.0M

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 0.5 · Net income 0.5

Compound annual growth

Revenue

−19.0%

−10.9%

−1.6%

−6.5%

Net income

+64.2%

+66.5%

+26.2%

+5.3%

EPS, diluted

+60.7%

+62.2%

+23.4%

+3.6%

Dividend / share

+30.3%

+18.2%

+9.6%

+4.1%

Returned to shareholders

+21.2%

+15.0%

+2.7%

+4.0%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at −10.9% a year over five years — but profit grew faster: net income at +66.5%, earnings per share at +62.2%.

The share count rose from 0.14B to 0.16B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

99 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 17.3% · Net 99.5%

ROE

FY2025 · ROE 23.8%

Gross margin32.3%

Operating margin17.3%

Net margin99.5%

Return on assets14.0%

EBITDA—

Each USD of equity produced 24 cents of profit this year.

Cash & shareholders

USD 295.0M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 234.2

Net buybacks $M Dividends $M

FY2025 · Dividends 292.1 · Net buybacks 2.9

Dividends paidUSD 292.1M

Net buybacksUSD 2.9M

Share of profit62.2%

Consecutive raises—

USD 292.1M in dividends and USD 2.9M in buybacks — 62% of the year's profit went back to shareholders.

Total assetsUSD 3.4B

EquityUSD 2.2B

CashUSD 842.9M

Gross debtUSD 1.0B

Net debtUSD 202.4M

Current ratio3.26×

Net debt stands at 9% of equity.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	0.5	1.0	0.8	0.9	1.1	0.9	0.7	0.8	0.8	0.8	0.6	0.6	0.7	0.4	1.4	1.3	1.2	1.3
Operating income $B	0.1	0.4	0.2	0.2	0.3	0.1	0.1	0.2	0.2	0.3	0.1	0.1	0.1	0.0	0.4	0.3	0.4	0.2
EBITDA $B	·	·	0.4	0.3	0.5	0.3	0.2	0.3	0.4	0.4	0.2	0.2	0.2	0.1	0.5	0.4	0.6	0.4
Income tax $B	0.0	−0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	−0.0	−0.0	−0.0	−0.0	0.0	0.0	0.0	0.0
Net income $B	0.5	0.4	0.2	0.1	0.2	0.0	0.1	0.1	0.1	0.2	0.0	0.1	0.4	0.3	0.3	0.2	0.3	0.1
Free cash flow $B	0.2	0.2	0.3	−0.3	0.1	0.1	0.2	0.2	0.2	0.1	0.1	0.3	0.5	0.3	0.3	0.4	0.2	0.2
EPS, diluted $	3.03	2.39	1.17	0.73	1.08	0.27	0.46	0.79	1.16	1.73	0.37	0.76	2.86	2.17	2.20	1.79	2.60	1.87
Dividend / sh $	2.49	2.94	1.34	1.12	1.08	1.08	1.08	1.06	1.00	1.00	1.00	2.03	1.86	1.68	1.52	1.36	1.33	·
Payout %	62	56	98	155	101	395	239	134	85	58	271	259	64	74	67	75	51	106
ROE %	23.8	19.8	9.3	5.9	9.4	2.5	3.9	6.5	9.9	15.7	3.3	6.3	24.0	20.2	21.4	18.1	30.0	15.8
Shares out B	0.16	0.15	0.15	0.15	0.15	0.14	0.13	0.13	0.13	0.12	0.12	0.13	0.13	0.12	0.12	0.12	0.08	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 69 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 8 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityReal Estate Investment Trusts

Listed onNYSE

Incorporated inNorth Carolina

Fiscal year endsDecember 31

Data on record since2008