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Dec 31, 2025
Rayonier AM Q4 2025 Earnings Report
Rayonier AM Q4 2025 Earnings Report
Key Takeaways
Rayonier Advanced Materials reported a challenging fourth quarter with a net loss of $21 million and a slight decline in net sales to $417 million. The company is undergoing a strategic shift to focus on cash generation and disciplined execution following a year of volume and earnings pressure, aiming for positive free cash flow in 2026.
Net sales for Q4 2025 were $417 million, a slight decrease from $422 million in the prior year quarter.
Reported a net loss of $21 million ($0.32 per diluted share) compared to a $16 million loss in Q4 2024.
Adjusted EBITDA for the quarter was $46 million, down $5 million from the prior year period.
The company reorganized its High Purity Cellulose segment into three new businesses: Cellulose Specialties, Biomaterials, and Cellulose Commodities.
Revenue by Segment
Forward Guidance
For 2026, RYAM is focusing on positive free cash flow, disciplined execution, and EBITDA improvement across all businesses.
Positive Outlook
- Targeting positive free cash flow in 2026
- Asserting leadership in Cellulose Specialties with value-based pricing
- Prioritizing and reducing CapEx relative to 2025
- Tightening working capital and addressing fixed cost structure
- Focusing spend on essential maintenance and highest-return projects
Challenges Ahead
- Expectation of pressured volumes early in 2026 due to customer inventory adjustments
- Continued pressure in Paperboard from new U.S. capacity
- Low demand for market pulp in China affecting High-Yield Pulp
- Ongoing macroeconomic and geopolitical instability risks
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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