REIT boardRanked among REITs, not on the main board. A REIT's earnings are dominated by depreciation on assets that typically appreciate, so net margin and return on assets understate it against an operating company.
AI-extracted from the 10-Q filed 2026-08-07 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Sales nearly quadrupled to $396.5M after the January 30, 2026 merger-of-equals with PotlatchDeltic, which added a Wood Products segment and expanded timberlands to 4.1 million acres, while $80.8M of YTD merger costs drove a six-month operating loss of $11.0M despite a $34.6M operating profit in Q2 alone.
Biggest Revenue Drivers
Wood Products$196.2M
New segment from the PotlatchDeltic merger; lumber pricing rose through the quarter as import duties, mill curtailments and trucking shortages constricted supply.
Southern Timber$107.6M+102% YoY
Harvest volumes rose 110% to 3.35 million tons, primarily from 1.5 million tons of incremental PotlatchDeltic timberland volume, partly offset by lower pine prices.
Biggest Revenue Drivers
Total revenue: $396.5M
Wood Products$196.2M
New segment from the PotlatchDeltic merger; lumber pricing rose through the quarter as import duties, mill curtailments and trucking shortages constricted supply.
Southern Timber$107.6M+102% YoY
Harvest volumes rose 110% to 3.35 million tons, primarily from 1.5 million tons of incremental PotlatchDeltic timberland volume, partly offset by lower pine prices.
Northwest Timber$66.0M+177% YoY
Harvest volumes rose 133% on incremental legacy PotlatchDeltic volume, with higher sawtimber prices from added Idaho timberlands indexed to lumber prices.
Real Estate$53.7M+82% YoY
Driven by higher acres sold (7,500 vs 3,263), including a 459-acre solar developer sale at $10,100/acre, partly offset by lower average per-acre pricing.
Intersegment Eliminations-$26.9M
Elimination of log sales from the Timber segments to the newly added Wood Products segment.
Largest Expense Items
Selling and general expenses$30.7M+82% YoY
Reflects the larger scale of the combined company following the PotlatchDeltic merger.
Other operating expense, net$10.3M
Driven by $10.4M of costs related to the PotlatchDeltic merger, including professional fees, employee-related costs and accelerated stock-based compensation.
Margins: Operating income rose to $34.6M from $14.5M as higher volumes offset cost inflation, but $10.4M of merger costs and higher depreciation/depletion pressured margins; corporate expense grew $19.4M YoY.
Watch Items from the Filing
PotlatchDeltic constituted 61% of total assets and approximately 74% and 67% of revenues for the three and six months ended June 30, 2026, respectively, with internal controls not yet fully assessed.
Six-month operating loss of $11.0 million versus $14.6 million income a year ago, driven by $80.8 million of PotlatchDeltic merger and integration costs.
A final AR7 determination on Canadian lumber duties materially below current cash deposit rates could adversely impact domestic lumber prices, wood products production, and log demand.
Subsequent to quarter-end, sold ~36,000 acres in southwest Washington for $145.0 million and acquired ~57,000 acres in Alabama/Texas for $146.0 million in a like-kind exchange.
Total debt rose to $1,859.5 million from $1,050.0 million post-merger, though all $1.4 billion of variable-rate debt is fully hedged via interest rate swaps.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About RAYONIER INC (RYN): stock profile, AI score and financials
RAYONIER INC (RYN) stock profile, AI quality score, and SEC EDGAR financial data, a Real Estate sector company. 13F Pro's AI-powered ranking engine scores RYN at 62.2/100 on a composite quality score built from its SEC filings, placing it at rank #45 of 148 stocks — the top half of the AI-ranked universe. Based on the latest XBRL financial filings (Q2 2026), RAYONIER INC reports quarterly revenue of $396.5M, net income of $19.1M, an operating margin of 8.7%. Top institutional holders of RYN by reported 13-F value include BlackRock, VANGUARD PORTFOLIO MANAGEMENT, COHEN & STEERS, based on the most recent SEC filings. RYN trades on the NYSE exchange and files with the SEC under CIK 52827. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate RYN daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for RAYONIER INC directly from SEC EDGAR.