RAYONIER INCRYN
RAYONIER INC Revenue Disclosure
REVENUE
CONTRACT BALANCES
The timing of revenue recognition, invoicing and cash collections results in trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables are recorded when we have an unconditional right to consideration for completed performance under a contract. Contract liabilities relate to payments received in advance of performance under a contract and are recognized as revenue as, or when, we perform under a contract.
The following table summarizes revenue recognized during the years ended December 31, 2025 and 2024 that was included in the contract liability balance at the beginning of each year:
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Revenue recognized from contract liability balance at the beginning of the year | $19,523 | $26,534 | |||||||||
The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2025, 2024 and 2023:
| Year Ended | Southern Timber | Pacific Northwest Timber | Real Estate | Total | |||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||
| Pulpwood | $80,694 | $5,070 | — | $85,764 | |||||||||||||||||||
| Sawtimber | 94,949 | 71,219 | — | 166,168 | |||||||||||||||||||
| Hardwood | 6,183 | — | — | 6,183 | |||||||||||||||||||
| Total Timber Sales | 181,826 | 76,289 | — | 258,115 | |||||||||||||||||||
| Trading (a) | — | 1,805 | — | 1,805 | |||||||||||||||||||
| License Revenue, primarily from Hunting | 21,189 | 782 | — | 21,971 | |||||||||||||||||||
| Land Based Solutions (b) | 11,230 | 106 | — | 11,336 | |||||||||||||||||||
| Other Non-Timber Revenue | 14,064 | 4,582 | — | 18,646 | |||||||||||||||||||
| Total Non-Timber Sales | 46,483 | 7,275 | — | 53,758 | |||||||||||||||||||
| Improved Development | — | — | 47,160 | 47,160 | |||||||||||||||||||
| Unimproved Development | — | — | 5,080 | 5,080 | |||||||||||||||||||
| Rural | — | — | 48,581 | 48,581 | |||||||||||||||||||
| Timberland & Non-Strategic | — | — | 53,500 | 53,500 | |||||||||||||||||||
| Deferred Revenue/Other (c) | — | — | 16,841 | 16,841 | |||||||||||||||||||
| Total Real Estate Sales | — | — | 171,162 | 171,162 | |||||||||||||||||||
| Revenue from Contracts with Customers | 228,309 | 83,564 | 171,162 | 483,035 | |||||||||||||||||||
| Lease Revenue | — | — | 1,450 | 1,450 | |||||||||||||||||||
| Total Revenue | $228,309 | $83,564 | $172,612 | $484,485 | |||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||
| Pulpwood | $94,820 | $5,473 | — | $100,293 | |||||||||||||||||||
| Sawtimber | 99,636 | 89,726 | — | 189,362 | |||||||||||||||||||
| Hardwood | 4,967 | — | — | 4,967 | |||||||||||||||||||
| Total Timber Sales | 199,423 | 95,199 | — | 294,622 | |||||||||||||||||||
| Trading (a) | 1,223 | 7,233 | — | 8,456 | |||||||||||||||||||
| License Revenue, primarily from Hunting | 21,164 | 942 | — | 22,106 | |||||||||||||||||||
| Land Based Solutions (b) | 14,518 | 50 | — | 14,568 | |||||||||||||||||||
| Other Non-Timber Revenue | 15,314 | 4,595 | — | 19,909 | |||||||||||||||||||
| Total Non-Timber Sales | 52,219 | 12,820 | — | 65,039 | |||||||||||||||||||
| Improved Development | — | — | 30,754 | 30,754 | |||||||||||||||||||
| Unimproved Development | — | — | 12,400 | 12,400 | |||||||||||||||||||
| Rural | — | — | 72,913 | 72,913 | |||||||||||||||||||
| Timberland & Non-Strategic | — | — | 610 | 610 | |||||||||||||||||||
| Conservation Easements | — | — | 1,101 | 1,101 | |||||||||||||||||||
| Deferred Revenue/Other (c) | — | — | 14,001 | 14,001 | |||||||||||||||||||
| Large Dispositions | — | — | 495,000 | 495,000 | |||||||||||||||||||
| Total Real Estate Sales | — | — | 626,779 | 626,779 | |||||||||||||||||||
| Revenue from Contracts with Customers | 251,642 | 108,019 | 626,779 | 986,440 | |||||||||||||||||||
| Lease Revenue | — | — | 1,489 | 1,489 | |||||||||||||||||||
| Total Revenue | $251,642 | $108,019 | $628,268 | $987,929 | |||||||||||||||||||
| Year Ended | Southern Timber | Pacific Northwest Timber | Real Estate | Total | |||||||||||||||||||
| December 31, 2023 | |||||||||||||||||||||||
| Pulpwood | $99,035 | $8,410 | — | $107,445 | |||||||||||||||||||
| Sawtimber | 123,312 | 109,446 | — | 232,758 | |||||||||||||||||||
| Hardwood | 4,279 | — | — | 4,279 | |||||||||||||||||||
| Total Timber Sales | 226,626 | 117,856 | — | 344,482 | |||||||||||||||||||
| Trading (a) | 1,006 | 9,131 | — | 10,137 | |||||||||||||||||||
| License Revenue, primarily from Hunting | 23,130 | 1,344 | — | 24,474 | |||||||||||||||||||
| Land Based Solutions (b) | 3,989 | 1,355 | — | 5,344 | |||||||||||||||||||
| Other Non-Timber Revenue | 10,383 | 3,590 | — | 13,973 | |||||||||||||||||||
| Total Non-Timber Sales | 38,508 | 15,420 | — | 53,928 | |||||||||||||||||||
| Improved Development | — | — | 30,707 | 30,707 | |||||||||||||||||||
| Unimproved Development | — | — | 114 | 114 | |||||||||||||||||||
| Rural | — | — | 99,665 | 99,665 | |||||||||||||||||||
| Timberland & Non-Strategic | — | — | 3,347 | 3,347 | |||||||||||||||||||
| Deferred Revenue/Other (c) | — | — | 12,516 | 12,516 | |||||||||||||||||||
| Large Dispositions | — | — | 242,200 | 242,200 | |||||||||||||||||||
| Total Real Estate Sales | — | — | 388,549 | 388,549 | |||||||||||||||||||
| Revenue from Contracts with Customers | 265,134 | 133,276 | 388,549 | 786,959 | |||||||||||||||||||
| Lease Revenue | — | — | 1,414 | 1,414 | |||||||||||||||||||
| Total Revenue | $265,134 | $133,276 | $389,963 | $788,373 | |||||||||||||||||||
(a) Consists of log trading sales which are now included in the Southern Timber and Pacific Northwest Timber segments. See Note 3 — Segment and Geographical Information for further discussion of our reportable segments.
(b) Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts and conservation easements for habitat protection.
(c) Includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales.
The following table presents our timber sales disaggregated by contract type for the years ended December 31, 2025, 2024 and 2023:
| Year Ended | Southern Timber | Pacific Northwest Timber | Total | ||||||||||||||
| December 31, 2025 | |||||||||||||||||
| Stumpage Pay-as-Cut | $82,480 | — | $82,480 | ||||||||||||||
| Stumpage Lump Sum | 794 | 3,233 | 4,027 | ||||||||||||||
| Total Stumpage | 83,274 | 3,233 | 86,507 | ||||||||||||||
| Delivered Wood (Domestic) | 98,552 | 73,013 | 171,565 | ||||||||||||||
| Delivered Wood (Export) | — | 43 | 43 | ||||||||||||||
| Total Delivered | 98,552 | 73,056 | 171,608 | ||||||||||||||
| Total Timber Sales | $181,826 | $76,289 | $258,115 | ||||||||||||||
| December 31, 2024 | |||||||||||||||||
| Stumpage Pay-as-Cut | $97,369 | $8 | $97,377 | ||||||||||||||
Stumpage Lump Sum | 827 | 8,228 | 9,055 | ||||||||||||||
| Total Stumpage | 98,196 | 8,236 | 106,432 | ||||||||||||||
Delivered Wood (Domestic) | 96,492 | 83,041 | 179,533 | ||||||||||||||
Delivered Wood (Export) | 4,735 | 3,922 | 8,657 | ||||||||||||||
| Total Delivered | 101,227 | 86,963 | 188,190 | ||||||||||||||
Total Timber Sales | $199,423 | $95,199 | $294,622 | ||||||||||||||
| December 31, 2023 | |||||||||||||||||
| Stumpage Pay-as-Cut | $109,583 | — | $109,583 | ||||||||||||||
Stumpage Lump Sum | 387 | 2,654 | 3,041 | ||||||||||||||
| Total Stumpage | 109,970 | 2,654 | 112,624 | ||||||||||||||
Delivered Wood (Domestic) | 108,354 | 102,533 | 210,887 | ||||||||||||||
Delivered Wood (Export) | 8,302 | 12,669 | 20,971 | ||||||||||||||
| Total Delivered | 116,656 | 115,202 | 231,858 | ||||||||||||||
Total Timber Sales | $226,626 | $117,856 | $344,482 | ||||||||||||||
SIGNIFICANT CUSTOMERS
For the year ended December 31, 2025, we closed on a 21,601-acre transaction to a conservation-oriented buyer for $53.5 million, representing approximately 11% of consolidated sales. For the year ended December 31, 2024, we closed on four Large Disposition transactions for a total of $495.0 million, representing approximately 50% of consolidated sales. Individually, each large disposition represents 10% or more of consolidated sales. For the year ended December 31, 2023, we closed on a 55,000-acre Large Disposition to Manulife Investment Management on behalf of clients for $242.2 million, representing approximately 31% of consolidated sales.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.