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EARNINGS PER SHARE AND PER UNIT | 12 Months Ended
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Dec. 31, 2025
Earnings Per Share [Abstract] |
EARNINGS PER SHARE AND PER UNIT | EARNINGS PER SHARE AND PER UNIT Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests (“NCI”) in the Operating Partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units, noncontrolling interests in Operating Partnership units and contingently issuable shares and units. The following table provides details of the calculation of basic earnings per common share of the Company for the three years ended December 31:
| 2025 |  | 2024 |  | 2023
Basic earnings per common share |  |  |  |  |
Numerator: |  |  |  |  |
Net income from continuing operations | $74,067 |  |  | $340,860 |  |  | $159,314 |
Less: Net income from continuing operations attributable to NCI in the Operating Partnership | (850) |  |  | (4,510) |  |  | (2,630) |
Less: Net (income) loss from continuing operations attributable to NCI in consolidated affiliates | — |  |  | (510) |  |  | 47 |
Net income from continuing operations attributable to Rayonier Inc. | $73,217 |  |  | $335,840 |  |  | $156,731 |
Net income from discontinued operations | $406,346 |  |  | $28,123 |  |  | $19,181 |
Less: Net income from discontinued operations attributable to NCI in the Operating Partnership | (5,375) |  |  | (324) |  |  | (275) |
Less: Net loss (income) from discontinued operations attributable to NCI in consolidated affiliates | 192 |  |  | (4,492) |  |  | (2,144) |
Net income from discontinued operations attributable to Rayonier Inc. | $401,163 |  |  | $23,307 |  |  | $16,762 |
Net income | $480,413 |  |  | $368,983 |  |  | $178,495 |
Less: Net income attributable to NCI in the Operating Partnership | (6,225) |  |  | (4,834) |  |  | (2,905) |
Less: Net loss (income) attributable to NCI in consolidated affiliates | 192 |  |  | (5,002) |  |  | (2,097) |
Net income attributable to Rayonier Inc. | $474,380 |  |  | $359,147 |  |  | $173,493 |
Denominator: |  |  |  |  |
Denominator for basic earnings per common share - weighted average shares | 154,760,442 |  |  | 148,839,858 |  |  | 148,046,673 |
Basic earnings per common share attributable to Rayonier Inc.: |  |  |  |  |
Continuing operations | $0.47 |  |  | $2.26 |  |  | $1.06 |
Discontinued operations | $2.59 |  |  | $0.16 |  |  | $0.11 |
Basic earnings per common share | $3.07 |  |  | $2.41 |  |  | $1.17 |
The following table provides details of the calculation of diluted earnings per common share of the Company for the three years ended December 31:
| 2025 |  | 2024 |  | 2023
Diluted earnings per common share |  |  |  |  |
Numerator: |  |  |  |  |
Net income from continuing operations | $74,067 |  |  | $340,860 |  |  | $159,314 |
Less: Net (income) loss from continuing operations attributable to NCI in consolidated affiliates | — |  |  | (510) |  |  | 47 |
Net income from continuing operations attributable to Rayonier Inc. before net income attributable to NCI in the Operating Partnership | $74,067 |  |  | $340,350 |  |  | $159,361 |
Net income from discontinued operations | $406,346 |  |  | $28,123 |  |  | $19,181 |
Less: Net loss (income) from discontinued operations attributable to NCI in consolidated affiliates | 192 |  |  | (4,492) |  |  | (2,144) |
Net income from discontinued operations attributable to Rayonier Inc. before net income attributable to NCI in the Operating Partnership | $406,538 |  |  | $23,631 |  |  | $17,037 |
Net income | $480,413 |  |  | $368,983 |  |  | $178,495 |
Less: Net loss (income) attributable to NCI in consolidated affiliates | 192 |  |  | (5,002) |  |  | (2,097) |
Net income attributable to Rayonier Inc. before net income attributable to NCI in the Operating Partnership | $480,605 |  |  | $363,981 |  |  | $176,398 |
Denominator: |  |  |  |  |
Denominator for basic earnings per common share - weighted average shares | 154,760,442 |  |  | 148,839,858 |  |  | 148,046,673 |
Add: Dilutive effect of: |  |  |  |  |
Stock options | — |  |  | 41 |  |  | 472 |
Performance shares, restricted shares and restricted stock units | 183,081 |  |  | 362,352 |  |  | 401,351 |
Noncontrolling interests in Operating Partnership units | 1,909,803 |  |  | 2,066,102 |  |  | 2,618,699 |
Contingently issuable shares and units from special dividends | 1,856,440 |  |  | 827,150 |  |  | — |
Denominator for diluted earnings per common share - adjusted weighted average shares | 158,709,766 |  |  | 152,095,503 |  |  | 151,067,195 |
Diluted earnings per common share attributable to Rayonier Inc.: |  |  |  |  |
Continuing operations | $0.47 |  |  | $2.24 |  |  | $1.05 |
Discontinued operations | $2.56 |  |  | $0.16 |  |  | $0.11 |
Diluted earnings per common share | $3.03 |  |  | $2.39 |  |  | $1.17 |
| 2025 |  | 2024 |  | 2023
Anti-dilutive shares excluded from computations of diluted earnings per common share: |  |  |  |  |
Stock options, performance shares, restricted shares and restricted stock units | 241,487 |  |  | 147,514 |  |  | 164,865 |
Basic earnings per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding during the year. Diluted EPU is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding adjusted to include the potentially dilutive effect of outstanding unit equivalents, including stock options, performance shares, restricted shares, restricted stock units and contingently issuable shares and units. The following table provides details of the calculation of basic earnings per unit of the Operating Partnership for the three years ended December 31:
| 2025 |  | 2024 |  | 2023
Basic earnings per unit |  |  |  |  |
Numerator: |  |  |  |  |
Net income from continuing operations | $74,067 |  |  | $340,860 |  |  | $159,314 |
Less: Net (income) loss from continuing operations attributable to NCI in consolidated affiliates | — |  |  | (510) |  |  | 47 |
Net income from continuing operations available to unitholders | $74,067 |  |  | $340,350 |  |  | $159,361 |
Net income from discontinued operations | $406,346 |  |  | $28,123 |  |  | $19,181 |
Less: Net loss (income) from discontinued operations attributable to NCI in consolidated affiliates | 192 |  |  | (4,492) |  |  | (2,144) |
Net income from discontinued operations available to unitholders | $406,538 |  |  | $23,631 |  |  | $17,037 |
Net income | $480,413 |  |  | $368,983 |  |  | $178,495 |
Less: Net loss (income) attributable to NCI in consolidated affiliates | 192 |  |  | (5,002) |  |  | (2,097) |
Net income available to unitholders | $480,605 |  |  | $363,981 |  |  | $176,398 |
Denominator: |  |  |  |  |
Denominator for basic earnings per unit - weighted average units | 156,670,245 |  |  | 150,905,960 |  |  | 150,665,372 |
Basic earnings per unit attributable to Rayonier, L.P.: |  |  |  |  |
Continuing operations | $0.47 |  |  | $2.26 |  |  | $1.06 |
Discontinued operations | $2.59 |  |  | $0.16 |  |  | $0.11 |
Basic earnings per unit | $3.07 |  |  | $2.41 |  |  | $1.17 |
The following table provides details of the calculation of diluted earnings per unit of the Operating Partnership for the three years ended December 31:
| 2025 |  | 2024 |  | 2023
Diluted earnings per unit |  |  |  |  |
Numerator: |  |  |  |  |
Net income from continuing operations | $74,067 |  |  | $340,860 |  |  | $159,314 |
Less: Net (income) loss from continuing operations attributable to NCI in consolidated affiliates | — |  |  | (510) |  |  | 47 |
Net income from continuing operations available to unitholders | $74,067 |  |  | $340,350 |  |  | $159,361 |
Net income from discontinued operations | $406,346 |  |  | $28,123 |  |  | $19,181 |
Less: Net loss (income) from discontinued operations attributable to NCI in consolidated affiliates | 192 |  |  | (4,492) |  |  | (2,144) |
Net income from discontinued operations available to unitholders | $406,538 |  |  | $23,631 |  |  | $17,037 |
Net income | $480,413 |  |  | $368,983 |  |  | $178,495 |
Less: Net loss (income) attributable to NCI in consolidated affiliates | 192 |  |  | (5,002) |  |  | (2,097) |
Net income available to unitholders | $480,605 |  |  | $363,981 |  |  | $176,398 |
Denominator: |  |  |  |  |
Denominator for basic earnings per unit - weighted average units | 156,670,245 |  |  | 150,905,960 |  |  | 150,665,372 |
Add: Dilutive effect of unit equivalents: |  |  |  |  |
Stock options | — |  |  | 41 |  |  | 472 |
Performance shares, restricted shares and restricted stock units | 183,081 |  |  | 362,352 |  |  | 401,351 |
Contingently issuable shares and units from special dividends | 1,856,440 |  |  | 827,150 |  |  | — |
Denominator for diluted earnings per unit - adjusted weighted average units | 158,709,766 |  |  | 152,095,503 |  |  | 151,067,195 |
Diluted earnings per unit attributable to Rayonier, L.P.: |  |  |  |  |
Continuing operations | $0.47 |  |  | $2.24 |  |  | $1.05 |
Discontinued operations | $2.56 |  |  | $0.16 |  |  | $0.11 |
Diluted earnings per unit | $3.03 |  |  | $2.39 |  |  | $1.17 |
| 2025 |  | 2024 |  | 2023
Anti-dilutive unit equivalents excluded from computations of diluted earnings per unit: |  |  |  |  |
Stock options, performance shares, restricted shares and restricted stock units | 241,487 |  |  | 147,514 |  |  | 164,865 |

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