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RAYONIER INC

CIK:0000052827|SEC Filings

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
SALES (NOTE 5)	$ 396,479	$ 106,538	$ 673,266	$ 189,459
Costs and Expenses
Cost of sales	(320,814)	(74,906)	(551,150)	(139,858)
Selling and general expenses	(30,738)	(16,922)	(52,413)	(33,613)
Other operating expense, net (Note 20)	(10,312)	(165)	(80,741)	(1,384)
Costs and expenses	(361,864)	(91,993)	(684,304)	(174,855)
OPERATING INCOME (LOSS)	34,615	14,545	(11,038)	14,604
Interest expense, net	(16,910)	(6,542)	(31,211)	(12,936)
Interest income	4,845	2,327	12,001	5,203
Other miscellaneous (expense) income, net	(478)	(561)	376	(2,404)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	22,072	9,769	(29,872)	4,467
Income tax (expense) benefit (Note 22)	(2,829)	0	36,601	(291)
INCOME FROM CONTINUING OPERATIONS	19,243	9,769	6,729	4,176
DISCONTINUED OPERATIONS, NET (NOTE 3)
(Loss) income from operations of discontinued operations, net of tax	0	(625)	0	1,883
Gain on sale of discontinued operations	0	404,463	0	404,463
INCOME FROM DISCONTINUED OPERATIONS	0	403,838	0	406,346
NET INCOME	19,243	413,607	6,729	410,522
Less: Net income attributable to noncontrolling interests in the Operating Partnership	(106)	(5,476)	(24)	(5,430)
Less: Net loss attributable to noncontrolling interests in consolidated affiliates	0	577	0	192
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	19,137	408,708	6,705	405,284
OTHER COMPREHENSIVE INCOME (LOSS), RELATING TO CONTINUING OPERATIONS
Pension and postretirement benefit plans, net of income tax effect of $0, $0, $0 and $0	(2)	(2)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0		16,842
Total other comprehensive (loss) income	10,232	47,308	12,487	43,893
COMPREHENSIVE INCOME	29,475	460,915	19,216	454,415
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(163)	(6,071)	(96)	(5,973)
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	0	(1,707)	0	(2,605)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 29,312	$ 453,137	$ 19,120	$ 445,837
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations (in dollars per share)	$ 0.06	$ 0.06	$ 0.02	$ 0.03
Discontinued Operations (in dollars per share)	0	2.57	0	2.59
Net (Loss) Income (in dollars per share)	0.06	2.63	0.02	2.62
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations (in dollars per share)	0.06	0.06	0.02	0.03
Discontinued Operations (in dollars per share)	0	2.56	0	2.57
Net (Loss) Income (in dollars per share)	$ 0.06	$ 2.63	$ 0.02	$ 2.60
Continuing Operations
OTHER COMPREHENSIVE INCOME (LOSS), RELATING TO CONTINUING OPERATIONS
Cash flow hedges, net of income tax effect	$ 10,234	$ (5,968)	$ 12,490	$ (14,727)
Pension and postretirement benefit plans, net of income tax effect of $0, $0, $0 and $0	(2)	(2)	(3)	(3)
Discontinued Operations
OTHER COMPREHENSIVE INCOME (LOSS), RELATING TO CONTINUING OPERATIONS
Cash flow hedges, net of income tax effect	0	7,368	0	9,080
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0	0	16,842	0	20,475
Deconsolidation of discontinued operations, net of income tax effect of $0, $0, $0 and $0	$ 0	$ 29,068	$ 0	$ 29,068

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

OPERATING ACTIVITIES

Net income

$ 6,729

$ 410,522

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation, depletion and amortization from continuing operations

126,656

46,930

Depreciation, depletion and amortization from discontinued operations

9,081

Non-cash cost of land and improved development

18,033

9,302

Stock-based incentive compensation expense

21,266

5,909

Deferred income taxes

(37,112)

(2,571)

Timber write-offs resulting from casualty events

2,284

Interest received under swaps with other-than-insignificant financing element

(10,361)

Gain on sale of discontinued operations

(404,463)

Other

36,284

9,020

Changes in operating assets and liabilities:

Receivables

(12,204)

4,890

Inventories

(1,234)

233

Accounts payable

9,827

(1,903)

All other operating activities

(14,999)

1,737

CASH PROVIDED BY OPERATING ACTIVITIES

145,169

88,687

INVESTING ACTIVITIES

Real estate development investments

(9,572)

(8,176)

Net cash consideration for merger with PotlatchDeltic

(24,769)

Interest received under swaps with other-than-insignificant financing element

10,361

Net proceeds on sale of discontinued operations

^[1]

687,579

Net proceeds on sale of property, plant and equipment

4,146

Other

(2,526)

4,241

CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES

(69,258)

658,265

FINANCING ACTIVITIES

Repayment of debt

(227,500)

Dividends paid on common shares

^[2]

(159,086)

(153,267)

Distributions to noncontrolling interests in the Operating Partnership

^[3]

(873)

(2,031)

Equity issuance costs

(866)

Repurchase of common shares to pay withholding taxes on vested incentive stock awards

(3,234)

(2,678)

Repurchase of common shares made under repurchase program

(103,460)

(37,551)

Payments made under finance leases

(2,066)

Distributions to noncontrolling interests in consolidated affiliates

(3,082)

CASH USED FOR FINANCING ACTIVITIES

(497,085)

(198,609)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

1,390

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

(421,174)

549,733

Balance from continuing operations, beginning of year

843,439

323,107

Balance from discontinued operations, beginning of year

20,093

Total Balance, beginning of year

843,439

343,200

Balance from continuing operations, end of period

422,265

892,933

Balance from discontinued operations, end of period

Total Balance, end of period

422,265

892,933

Cash paid during the period:

Interest

^[4]

9,394

9,296

Income taxes

^[5]

530

4,038

Non-cash investing and financing activity:

Capital assets purchased on account

5,864

7,430

Equity consideration for the merger with PotlatchDeltic

3,228,420

Issuance of common shares from special dividend

200,454

Issuance of Redeemable Operating Partnership Units from special distribution

2,681

Continuing Operations

INVESTING ACTIVITIES

Capital expenditures

(42,789)

(22,427)

Discontinued Operations

INVESTING ACTIVITIES

Capital expenditures

$ 0

$ (7,098)

[1]	The six months ended June 30, 2025 includes proceeds from the disposition of our New Zealand joint venture, net of closing adjustments, transaction costs, and $11.1 million of deconsolidated cash.
[2]	The six months ended June 30, 2025 includes an additional dividend of $1.80 per common share, consisting of a combination of cash and the Company’s common shares. The cash portion of $67.8 million was paid on January 30, 2025 to shareholders of record on December 12, 2024.
[3]	The six months ended June 30, 2025 includes an additional distribution of $1.80 per Redeemable Operating Partnership Unit, consisting of a combination of cash and the Company’s Redeemable Operating Partnership Units. The cash portion of $0.9 million was paid on January 30, 2025, to holders of record on December 12, 2024.
[4]	Interest paid includes patronage refunds received of $15.4 million and $7.9 million for the six months ended June 30, 2026 and June 30, 2025, respectively. For additional information on patronage refunds, see Note 8 — Debt in the 2025 Form 10-K. Interest paid for the six months ended June 30, 2025 includes $1.5 million from discontinued operations.
[5]	Income taxes paid for the six months ended June 30, 2025 includes $3.8 million from discontinued operations.

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 411,760	$ 842,944
Trade receivables, less allowance for doubtful accounts of $131 and $209	51,500	9,101
Other receivables	13,726	7,171
Inventory (Note 16)	125,303	6,834
Prepaid expenses	19,539	9,873
Assets held for sale (Note 25)	59,108	5,429
Other current assets	244	2,403
Total current assets	681,180	883,755
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	5,791,117	2,299,484
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 15)	188,379	126,090
PROPERTY, PLANT AND EQUIPMENT
Land	23,719	5,581
Buildings	106,258	24,493
Machinery and equipment	471,723	6,977
Construction in progress	9,994	2,386
Total property, plant and equipment, gross	611,694	39,437
Less — accumulated depreciation	(39,137)	(20,909)
Total property, plant and equipment, net	572,557	18,528
RESTRICTED CASH, NON-CURRENT (NOTE 24)	10,505	495
OPERATING LEASE RIGHT-OF-USE ASSETS (NOTE 17)	23,875	16,286
OTHER ASSETS	196,050	60,015
TOTAL ASSETS	7,463,663	3,404,653
CURRENT LIABILITIES
Accounts payable	30,852	12,775
Current maturities of long-term debt, net (Note 8)	0	199,982
Accrued taxes	14,413	5,070
Accrued payroll and benefits	47,609	15,740
Accrued interest	8,201	4,517
Deferred revenue	48,523	19,260
Other current liabilities	41,625	13,937
Total current liabilities	191,223	271,281
LONG-TERM DEBT, NET (NOTE 8)	1,855,270	845,335
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 18)	60,150	1,399
LONG-TERM DEFERRED REVENUE	13,161	9,600
LONG-TERM DEFERRED TAX LIABILITIES, NET	38,985	83
OTHER NON-CURRENT LIABILITIES	54,195	26,757
COMMITMENTS AND CONTINGENCIES (NOTE 11 and 12)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 6)	38,527	40,463
SHAREHOLDERS’ EQUITY
Common shares, 480,000,000 shares authorized, 298,607,178 and 161,425,616 shares issued and outstanding	5,150,249	1,904,376
Retained earnings	24,946	280,873
Accumulated other comprehensive income (Note 23)	36,957	24,486
TOTAL SHAREHOLDERS’ EQUITY	5,212,152	2,209,735
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 7,463,663	$ 3,404,653