RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Net income		$ 480,413	$ 368,983	$ 178,495
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization from continuing operations		106,454	113,854	136,565
Depreciation, depletion and amortization from discontinued operations		9,081	26,395	21,666
Non-cash cost of land and improved development from continuing operations		43,714	41,368	29,768
Non-cash cost of land and improved development from discontinued operations		0	3,041	0
Gain on sale of discontinued operations		(404,463)	0	0
Stock-based incentive compensation expense		11,004	14,232	14,002
Deferred income taxes		(2,351)	2,639	278
Asset impairment charge		7,048	0	0
Pension settlement charge		0	5,979	2,036
Amortization of (gains) losses from pension and postretirement plans		(6)	1	6
Timber write-offs resulting from casualty events		0	0	2,302
Other		18,815	(601)	13,169
Changes in operating assets and liabilities:
Receivables		6,601	(2,830)	4,404
Inventories		235	2,006	513
Accounts payable		(1,985)	571	1,505
All other operating activities		(17,899)	(22,968)	(1,256)
CASH PROVIDED BY OPERATING ACTIVITIES		256,661	261,592	298,375
INVESTING ACTIVITIES
Real estate development investments		(22,440)	(25,818)	(23,078)
Net proceeds on sale of discontinued operations	[1]	688,300	0	0
Net proceeds on sale of property, plant and equipment		4,473	13	37
Purchase of timberlands		0	(22,753)	(14,062)
Other		1,868	(2,436)	2,739
CASH PROVIDED BY INVESTING ACTIVITIES		615,054	354,013	124,087
FINANCING ACTIVITIES
Dividends paid on common shares	[2]	(292,055)	(200,566)	(169,990)
Distributions to noncontrolling interests in the Operating Partnership	[3]	(3,505)	(2,808)	(2,962)
Proceeds from the issuance of common shares under incentive stock plan		0	0	75
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		0	0	(81)
Repurchase of common shares to pay withholding taxes on vested incentive stock awards		(2,898)	(4,179)	(4,217)
Repurchase of common shares made under repurchase program		(70,547)	(14,687)	0
Distributions to noncontrolling interests in consolidated affiliates		(3,082)	(7,120)	(1,699)
Debt issuance costs		(779)	0	0
Repayment of debt		0	(250,000)	(150,000)
CASH USED FOR FINANCING ACTIVITIES		(372,866)	(479,360)	(328,874)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		1,390	(1,419)	(621)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		500,239	134,826	92,967
Balance from continuing operations, beginning of year		323,107	180,362	104,825
Balance from discontinued operations, beginning of year		20,093	28,012	10,582
Total Balance, beginning of year		343,200	208,374	115,407
Balance from continuing operations, end of year		843,439	323,107	180,362
Balance from discontinued operations, end of year		0	20,093	28,012
Total Balance, end of year		843,439	343,200	208,374
Cash paid during the year:
Interest	[4]	24,810	38,605	48,742
Income taxes	[5]	4,054	5,877	4,816
Non-cash investing and financing activity:
Capital assets purchased on account		5,436	7,657	7,490
Issuance of common shares from special dividends		361,983	0	0
Issuance of Redeemable Operating Partnership Units from special distributions		4,366	0	0
Large Disposition Of Timberlands
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	(291,078)	(105,078)
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		0	484,787	239,898
Continuing Operations
INVESTING ACTIVITIES
Capital expenditures		(50,049)	(62,094)	(64,784)
Discontinued Operations
INVESTING ACTIVITIES
Capital expenditures		$ (7,098)	$ (17,686)	$ (16,663)

[1] The year ended December 31, 2025 includes proceeds from the disposition of our New Zealand joint venture, net of closing adjustments, transaction costs, and $11.1 million of deconsolidated cash.

[2] The year ended December 31, 2025 includes an additional dividend of $1.40 per common share, consisting of a combination of cash and the Company’s common shares. The cash portion of $54.6 million was paid on December 12, 2025, to shareholders of record on October 24, 2025. The year ended December 31, 2025 also includes an additional dividend of $1.80 per common share, consisting of a combination of cash and the Company’s common shares. The cash portion of $67.8 million was paid on January 30, 2025, to shareholders of record on December 12, 2024. The year ended December 31, 2024 includes an additional cash dividend of $0.20 per common share, totaling $29.8 million. The additional dividend was paid on January 12, 2024, to shareholders of record on December 29, 2023.

[3] The year ended December 31, 2025 includes an additional distribution of $1.40 per Redeemable Operating Partnership Unit, consisting of a combination of cash and the Company’s Redeemable Operating Partnership Units. The cash portion of $0.6 million was paid on December 12, 2025, to holders of record on October 24, 2025. The year ended December 31, 2025 also includes an additional distribution of $1.80 per Redeemable Operating Partnership Unit, consisting of a combination of cash and the Company’s Redeemable Operating Partnership Units. The cash portion of $0.9 million was paid on January 30, 2025, to holders of record on December 12, 2024. The year ended December 31, 2024 includes an additional cash distribution of $0.20 per Redeemable Operating Partnership Unit, totaling $0.5 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.

[4] Interest paid is presented net of patronage payments received of $7.9 million, $8.3 million and $6.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. For additional information on patronage payments, see Note 8 — Debt. Interest paid for the years ended December 31, 2025, 2024 and 2023 includes $1.5 million, $3.4 million and $3.2 million, respectively, from discontinued operations.

[5] Income taxes paid for the years ended December 31, 2025, 2024 and 2023 includes $3.8 million, $5.6 million, and $4.6 million, respectively, from discontinued operations.