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Rayonier’s timberland results are driven by how much timber it harvests, the prices and product mix it realizes, and whether it sells land—alongside the costs of operating its forests and wood-products businesses. Lumber prices feed directly into its Wood Products results and influence some Northwest sawlog prices. Its second-quarter 2026 results also include a larger footprint after the PotlatchDeltic merger, so year-over-year changes do not by themselves show how the legacy business performed.
How the main business drivers fit together
Rayonier combines recurring timber harvests with land sales and a Wood Products business that sells lumber. These activities respond to different measures: timber operations are assessed by harvest tons and delivered log prices; real estate by acres sold, category, and price per acre; and Wood Products by lumber shipments and realization. Lumber-market conditions can also flow back into log prices in part of the Northwest.
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Those revenue measures do not alone determine operating income. In the South, Rayonier cited lower prices, higher costs, higher depletion expense, and a casualty-related timber write-off among the factors weighing on second-quarter 2026 operating income. Higher harvest volume and non-timber income partly offset those pressures. Operating income and the company’s non-GAAP Adjusted EBITDA are different measures and should not be treated as interchangeable.
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Rayonier reported 3.35 million tons of Southern Timber harvest volume and 578,000 tons of Northwest Timber volume in Q2 2026. The quarter included approximately 1.5 million Southern tons and 364,000 Northwest tons from legacy PotlatchDeltic timberlands, according to the company’s August 5, 2026 results release.
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The merger closed on January 30, 2026. Q2 2026 therefore includes a full quarter of PotlatchDeltic operations, while Q2 2025 reflects standalone Rayonier. The higher scale in the reported quarter cannot be read as an organic year-over-year increase without adjusting for the changed timberland footprint.
More tons do not necessarily mean better economics per ton or more operating income. Harvest volume measures physical output; the price received, timber mix, costs, depletion, and unusual events affect the financial result. A useful comparison needs to account for both the amount harvested and the land base and product mix behind it.
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How log prices and regional mix affect timber results
Rayonier’s reported delivered prices vary by region and product. In the South, Q2 2026 delivered pine prices were lower than in Q2 2025. Northwest sawtimber moved in the opposite direction, but Rayonier attributed that increase primarily to the addition of Idaho sawtimber, much of it indexed to lumber prices, rather than to a broad rise in Pacific Northwest prices.
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| Delivered timber measure | Q2 2026 | Q2 2025 | How to read the comparison |
|---|---|---|---|
| Southern pine sawtimber price per ton | $44.46 | $47.87 | Rayonier cited geographic mix and softer conditions as important factors in the decline. |
| Southern pine pulpwood price per ton | $30.20 | $37.35 | The decline occurred alongside higher Southern harvest volume; volume alone does not explain revenue or income. |
| Northwest sawtimber price per ton | $119.66 | $96.17 | The 2026 average primarily reflects the addition of Idaho sawtimber, which changed the regional mix. |
All prices in the table are Rayonier-reported delivered prices for the stated quarter, not a pure measure of stumpage value or of market-price change on an unchanged land base. The company’s Q1 2026 investor presentation says about 75% of sawlogs in its Idaho-centered Northwest presence are indexed to lumber prices. That linkage helps explain why the Northwest average can respond to lumber conditions, while the company’s Pacific Northwest prices and other regions may follow different dynamics.
How land sales affect results
Land sales can make real-estate results lumpy from quarter to quarter. Total dollars depend on both the acreage sold and the type, location, and value of each parcel; one weighted-average price per acre can conceal substantial differences among categories.
In Q2 2026, Rayonier reported $53.7 million in Real Estate sales from 7,500 acres at a weighted-average $6,290 per acre. The prior-year quarter’s weighted-average was $8,340 per acre. The change in average does not establish that comparable land became less valuable: the parcels and categories sold can differ between periods.
- Rural: $40.7 million from 7,490 acres, averaging $5,439 per acre. This category included a 459-acre sale to a solar developer at $10,100 per acre.
- Improved development: $6.4 million across named projects and a commercial parcel; the release does not give a single comparable per-acre benchmark for these sales.
Rayonier’s Q1 2026 investor presentation describes a portfolio of roughly 4.1 million acres as of December 31, 2025. The scale of that portfolio provides room for both ongoing timber production and selective land transactions, but the timing and mix of sales can vary. A land-sale quarter should therefore be evaluated using acres, transaction category, and per-acre values together, not total proceeds alone.
Where lumber prices enter the picture
Directly through Wood Products
Rayonier’s Wood Products segment reported $196.2 million in sales in Q2 2026, including $158.6 million in lumber sales. It shipped 314 million board feet of lumber at an average realization of $505 per thousand board feet. The company attributed lumber-price strengthening during the quarter to import duties, mill curtailments, and trucking shortages. Those are management’s explanations for the period, not a guarantee that the same conditions will persist.
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Rayonier’s Q1 investor presentation frames lumber demand in the context of housing and repair-and-remodel markets. Those links help explain why broader building activity can matter to lumber demand, but they do not provide a precise forecast for Rayonier’s future prices or results.
Indirectly through some Northwest sawlogs
Where log prices are indexed to lumber, a change in lumber markets can feed into sawlog realizations. That channel is material in Rayonier’s Idaho-centered Northwest operations, but it does not mean every log the company sells is priced from lumber indexes or that lumber and timber prices move one-for-one.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to interpret Rayonier’s 2026 outlook
In its August 5, 2026 results release, Rayonier gave the following full-year expectations. These are management guidance, not realized results:
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minute- Southern Timber harvest: 12.2–12.5 million tons.
- Northwest Timber harvest: 2.0–2.2 million tons.
- Real Estate Adjusted EBITDA: $180–$200 million for the year.
- Wood Products lumber shipments: roughly 1.1 billion board feet for the 11 months Wood Products contributes in 2026.
Guidance can change with demand and supply, housing activity, timber prices and values, weather or casualty events, trucking and logging availability, development timelines, regulation, tariffs, and the realization of merger benefits. The 11-month shipment period matters when comparing the lumber outlook with a full-year contribution from a business.
What to compare when tracking the business
For a more meaningful comparison across quarters or against another timberland owner, look beyond a headline revenue or volume figure. Check:
Quick Recap
- Harvest tons by region, species or product, and the acreage included—especially when acquisitions change the footprint.
- Delivered log prices by region and product, while distinguishing them from stumpage prices and accounting for geographic mix.
- The share of sawlogs linked to lumber prices, rather than assuming all timber prices track lumber.
- Land-sale acres, transaction categories, and weighted-average prices per acre.
- Lumber shipments and realization alongside the market and operating conditions the company identifies.
- Costs, depletion, casualty events, non-timber income, and whether a cited result is GAAP operating income or company-defined Adjusted EBITDA.
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