Rayonier (RYN) financial statements
Rayonier reported revenue of $484M in fiscal 2025, down 5.6% a year over 9 years.
Net income was $474M and the operating margin 17.2%, against 31.3% in 2016.
The diluted share count rose 29% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Rayonier's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $816M | $820M | $816M | $712M | $859M | $1.1B | $909M | $788M | $988M | $484M |
| Cost of revenue | $526M | $568M | $605M | $558M | $712M | $796M | $688M | $529M | $548M | $327M |
| Gross profit | $289M | $251M | $211M | $153M | $147M | $313M | $221M | $259M | $440M | $157M |
| Selling, general and admin | $43M | $40M | $42M | $42M | $51M | $58M | $65M | $75M | $74M | $67M |
| Operating income | $256M | $215M | $170M | $107M | $74M | $270M | $166M | $185M | $364M | $83M |
| Interest expense | $32M | $34M | $32M | $32M | $39M | $45M | $36M | $48M | $34M | $26M |
| Pre-tax income | $223M | $183M | $143M | $81M | $37M | $225M | $132M | $160M | $340M | $75M |
| Income tax | $5M | $22M | $25M | $13M | $7M | $15M | $9M | $293,000 | -$1M | $527,000 |
| Net income | $212M | $149M | $102M | $59M | $37M | $153M | $107M | $173M | $359M | $474M |
| EPS (diluted) | $1.73 | $1.16 | $0.79 | $0.46 | $0.27 | $1.08 | $0.73 | $1.17 | $2.39 | $3.03 |
| Diluted shares | 123M | 128M | 130M | 130M | 137M | 145M | 150M | 151M | 152M | 159M |
| Gross margin | 35.5% | 30.7% | 25.8% | 21.5% | 17.1% | 28.3% | 24.3% | 32.9% | 44.6% | 32.5% |
| Operating margin | 31.3% | 26.3% | 20.8% | 15.0% | 8.7% | 24.3% | 18.2% | 23.4% | 36.9% | 17.2% |
| Net margin | 26.0% | 18.2% | 12.5% | 8.3% | 4.3% | 13.7% | 11.8% | 22.0% | 36.4% | 97.9% |
Balance sheet
Fiscal years, from Rayonier's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $86M | $113M | $148M | $69M | $85M | $362M | $114M | $208M | $303M | $843M |
| Receivables | $21M | $28M | $26M | $27M | $49M | $30M | $28M | $29M | $8M | $9M |
| Inventory | $21M | $24M | $16M | $15M | $11M | $29M | $24M | $31M | $31M | $7M |
| Total current assets | $165M | $184M | $208M | $126M | $171M | $451M | $202M | $317M | $437M | $884M |
| Property, plant and equipment | $14M | $23M | $23M | $22M | $30M | $30M | $27M | $27M | $17M | $19M |
| Goodwill | $9M | $9M | $8M | $9M | $9M | $8M | $8M | $8M | $7M | — |
| Total assets | $2.7B | $2.9B | $2.8B | $2.9B | $3.7B | $3.6B | $3.8B | $3.6B | $3.5B | $3.4B |
| Total current liabilities | $92M | $69M | $64M | $151M | $91M | $232M | $95M | $140M | $389M | $271M |
| Long-term debt | $1.0B | $1.0B | $973M | $973M | $1.4B | $1.2B | $1.5B | $1.4B | $1.0B | $845M |
| Total liabilities | $1.2B | $1.2B | $1.1B | $1.3B | $1.9B | $1.8B | $1.9B | $1.8B | $1.7B | $1.2B |
| Shareholders' equity | $1.4B | $1.6B | $1.6B | $1.4B | $1.5B | $1.8B | $1.9B | $1.9B | $1.8B | $2.2B |
| Net debt | $976M | $913M | $824M | $986M | $1.3B | $1.0B | $1.4B | $1.2B | $741M | $202M |
Cash flow
Fiscal years, from Rayonier's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $204M | $256M | $310M | $214M | $204M | $325M | $269M | $298M | $262M | $257M |
| Capital spending | $59M | $65M | $62M | $64M | $66M | $76M | $75M | $96M | $103M | — |
| Free cash flow | $145M | $191M | $248M | $150M | $138M | $249M | $194M | $203M | $159M | — |
| Stock-based compensation | $5M | $5M | $6M | $7M | $8M | $9M | $12M | $14M | $14M | $11M |
| Dividends paid | $123M | $127M | $137M | $141M | $146M | $154M | $166M | $170M | $201M | $292M |
| Share buybacks (net) | -$690,000 | -$176,000 | -$3M | -$4M | -$2M | -$2M | -$4M | -$4M | -$4M | -$3M |
| Net borrowing | $238M | -$37M | -$53M | $82M | $168M | $26M | $125M | -$150M | -$250M | $0 |
| Free cash flow margin | 17.8% | 23.3% | 30.4% | 21.1% | 16.0% | 22.5% | 21.4% | 25.7% | 16.1% | — |
| Dividends per share | $1.00 | $0.99 | $1.05 | $1.09 | $1.07 | $1.06 | $1.10 | $1.13 | $1.32 | $1.84 |
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What was Rayonier's revenue in 2025?
$484M in fiscal 2025, from its 10-K filing.
From Rayonier's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.