RAYONIER ADVANCED MATERIALS INC.

For the period ended Dec 31, 2025. Filed Mar 5, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 5, 2026

RYAM$5.61-1.4%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	Year Ended December 31,
	2025	2024	2023
Operating activities
Net loss	$(420,513)	$(38,707)	$(101,835)
Adjustments to reconcile net loss to cash provided by operating activities:
Income from discontinued operations	(2,670)	(3,217)	(312)
Depreciation and amortization	133,958	137,173	139,983
Asset impairment	—	25,169	62,300
Stock-based compensation expense	5,496	7,101	6,507
Amortization of debt premium, discount and issuance costs	8,551	8,559	6,050
Deferred income tax expense (benefit)	321,925	(9,606)	(27,713)
Increase in environmental liabilities	20,178	6,417	4,764
Change in fair value of put option liability	2,841	—	—
Loss on investment in AGE	2,000	—	—
(Gain) loss on debt extinguishment	—	4,363	(361)
Net periodic benefit cost of pension and other postretirement plans	4,263	2,268	3,578
Unrealized (gain) loss on foreign currency	4,039	(5,613)	1,900
Loss on disposal of property, plant and equipment	893	1,790	731
Changes in operating assets and liabilities:
Accounts receivable	24,779	(24,392)	19,979
Inventory	(23,284)	(2,134)	58,949
Income tax receivable	1,096	19,859	(7,137)
Accounts payable	2,897	8,068	13,757
Accrued and other current liabilities	(38,922)	20,505	(12,219)
Duty refund rights	—	40,111	(1,946)
Other	(9,518)	20,315	(13,783)
Contributions to pension and other postretirement plans	(7,365)	(8,514)	(11,533)
Expenditures for environmental liabilities	(6,733)	(5,905)	(5,385)
Cash provided by operating activities	23,911	203,610	136,274
Investing activities
Capital expenditures, net of proceeds from sale of property, plant and equipment	(115,599)	(107,944)	(127,670)
Proceeds related to insurance claims	3,500	—	—
Investment in equity method investments	(2,000)	—	(780)
Cash used in investing activities-continuing operations	(114,099)	(107,944)	(128,450)
Cash provided by investing activities-discontinued operations	—	—	1,169
Cash used in investing activities	(114,099)	(107,944)	(127,281)
Financing activities
Borrowings of long-term debt	547,400	672,200	465,030
Repayments of long-term debt	(512,091)	(701,885)	(537,845)
Short-term financing, net	(2,029)	(2,740)	1,369
Debt issuance costs	(196)	(23,790)	(10,082)
Repurchase of common stock	(3,025)	(914)	(5,419)
Contribution from redeemable noncontrolling interest	—	15,843	—
Preferred equity issuance costs	—	(1,192)	—
Cash provided by (used in) financing activities	30,059	(42,478)	(86,947)
Net increase (decrease) in cash and cash equivalents	(60,129)	53,188	(77,954)
Net effect of foreign exchange on cash and cash equivalents	10,300	(3,734)	1,919
Balance, beginning of period	125,222	75,768	151,803
Balance, end of period	$75,393	$125,222	$75,768

	Year Ended December 31,
	2025	2024	2023
Supplemental cash flow information:
Interest paid	$(99,389)	$(95,050)	$(51,017)
Income taxes (paid) refunded, net	$(510)	$19,003	$(7,239)
Capital assets purchased on account	$29,450	$39,163	$37,363

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