Rayonier Advanced Materials Reports $52 Million Adjusted EBITDA, $229 Million Loss

What happened

Rayonier Advanced Materials reported third-quarter 2026 sales of $383 million and adjusted EBITDA, a measure of operating earnings before certain costs, of $52 million, up from $40 million in the prior quarter. It recorded a $229 million net loss, including $221 million in non-cash impairments, and said U.S. tariffs led it to idle some Temiscaming production.

Confirmed

Global impact / market context

The large impairments drove the reported loss, while adjusted EBITDA improved from the prior quarter. However, year-to-date operating cash was $66 million and adjusted free cash flow was only $2 million, limiting cash available to fund operations or investment if conditions remain weak.

Analyst inference

Sales rose to $383 million from $353 million a year earlier, but product trends diverged: commodity cellulose shipments grew while specialty cellulose volume fell. Tariff-related idling and weaker specialty demand could shift production and sales toward lower- or higher-earning products, affecting future profit per sale.

Analyst inference

What to watch

1. Watch whether the Temiscaming paperboard and high-yield pulp lines remain idle, since reduced output could lower sales and change operating costs in coming quarters. Analyst inference
2. Track whether specialty cellulose volume recovers from its 18% decline and whether commodity growth continues, as the mix of products can change each product’s contribution to earnings. Analyst inference
3. The company reported $143 million of global liquidity, meaning cash and other readily available funds, at quarter-end; future cash generation will show its ability to absorb operating pressures. Confirmed

Evidence

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