Rayonier Inc. reports third-quarter 2025 net income of $43.2 million on revenues of $177.5 million, compared with $28.8 million on $124.1 million in the prior year period. Pro forma net income is $50.2 million and Adjusted EBITDA is $114.3 million, which is double the prior year level. The company also reports operating income of $41.7 million versus $18.8 million a year earlier.

Results reflect stronger performance in Real Estate and Southern Timber offset by lower earnings in Pacific Northwest Timber. Real Estate Adjusted EBITDA increases to $73.8 million from $19.9 million as acres sold rise and several large transactions close. Southern Timber Adjusted EBITDA increases 13% to $42.7 million as harvest volumes rise 24% to 1.94 million tons. Average pine sawtimber stumpage realizations declined to $26.73 per ton from $27.46 per ton, a 3% decrease, while average pine pulpwood stumpage realizations fell to $13.77 per ton from $17.21 per ton, a 20% decrease. Weighted-average net stumpage realizations decreased 5% to $19.81 per ton.

Pacific Northwest Timber Adjusted EBITDA declines 26% to $6.4 million as harvest volumes fall 34%, partially offset by lower costs and modestly improved pricing. The company reports year-to-date cash provided by operating activities of $204.9 million and cash available for distribution of $153.5 million, up $76 million year over year on higher earnings, lower cash interest, and reduced capital spending. Quarter-end cash stands at $919.6 million.

The company repurchased 1,226,384 shares for $30.1 million at an average price of $24.55 during the quarter. Management indicates full-year Adjusted EBITDA and pro forma earnings per share will be at or above the high end of prior guidance. Fourth-quarter guidance calls for net income attributable to Rayonier of $13 million to $17 million, EPS of $0.08 to $0.11, pro forma EPS of $0.11 to $0.14, and Adjusted EBITDA of $50 million to $60 million.

Rayonier announced on October 14 a merger of equals with PotlatchDeltic, and the transaction is expected to close in late first or early second quarter 2026.