Graphic Packaging Holding (GPK) FY2024 results: revenue $8.8 billion, down 6.6% on the year

Graphic Packaging Holding Co. (GPK) reported revenue of $8.8 billion for fiscal 2024, the year ended 31 December 2024, down 6.6% on the year before. Net income was $658 million, down 9.0%, and diluted earnings per share $2.16. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2025.

Revenue

$8.8 billion

-6.6% on the year

FY2017FY2024

Operating margin

12.7%

12.5% a year earlier

FY2017FY2024

Net income

$658 million

-9.0% on the year

FY2017FY2024

Diluted EPS

$2.16

-7.7% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	8,807	9,428	9,440	-6.6%
Cost of revenue	6,845	7,311	7,610	-6.4%
Gross profit	1,962	2,117	1,830	-7.3%
Gross margin	22.3%	22.5%	19.4%
Research and development	17.0	16.0	14.0	+6.2%
Selling, general and administrative	774	805	774	-3.9%
Operating income	1,119	1,174	906	-4.7%
Operating margin	12.7%	12.5%	9.6%
Interest expense	230	239	197	-3.8%
Pre-tax income	886	932	716	-4.9%
Income tax	229	210	194	+9.0%
Effective tax rate	25.8%	22.5%	27.1%
Net income	658	723	522	-9.0%
Net margin	7.5%	7.7%	5.5%
Diluted EPS	$2.16	$2.34	$1.69	-7.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	840	1,144	1,090	-26.6%
Cash from investing	-342	-1,025	-435
Cash from financing	-489	-106	-666
Depreciation and amortisation	557	619	553	-10.0%
Share-based compensation	62.0	44.0	34.0	+40.9%
Buybacks	200	54.0	28.0	+270.4%
Dividends paid	122	123	92.0	-0.8%
Diluted shares, weighted	305m	309m	310m	-1.3%
Shares outstanding at period end	300m	306m	307m	-1.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	3,012	2,781	2,149	+8.3%
Non-controlling interest	1.0	1.0	1.0	0.0%
Debt	5,184	5,373	5,253	-3.5%
Operating lease liabilities	209	189	184	+10.6%
Finance lease liabilities	138	154	159	-10.4%
Other liabilities	2,600	2,677	2,582	-2.9%
Total liabilities and equity	11,144	11,175	10,328	-0.3%
Fixed assets	5,258	4,992	4,579	+5.3%
Goodwill	1,993	2,103	1,979	-5.2%
Intangible assets	667	820	717	-18.7%
Cash and equivalents	157	162	150	-3.1%
Receivables	621	716	804	-13.3%
Inventory	1,754	1,754	1,606	0.0%
Other assets	694	628	493	+10.5%
Total assets	11,144	11,175	10,328	-0.3%

10-K for the year ended 31 December 2024, filed 12 February 2025: the filing.