greeksoup/ stock research
Stock research / United States / GPK / FY2025

Graphic Packaging Holding (GPK) FY2025 results: revenue $8.6 billion, down 2.2% on the year

Graphic Packaging Holding Co. (GPK) reported revenue of $8.6 billion for fiscal 2025, the year ended 31 December 2025, down 2.2% on the year before. Net income was $444 million, down 32.5%, and diluted earnings per share $1.48. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.

Revenue
$8.6 billion
-2.2% on the year
FY2018FY2025
Operating margin
9.3%
12.7% a year earlier
FY2018FY2025
Net income
$444 million
-32.5% on the year
FY2018FY2025
Diluted EPS
$1.48
-31.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 3 new, 2 kept.

  • Fourth-quarter net income declined: Net income was $71 million in the quarter, compared with $138 million a year earlier. Non-recurring and special items and purchased-intangible amortization reduced net income by $14 million.
  • Full-year sales fell 2%: Full-year Net Sales were $8,617 million, down from $8,807 million. The company reported the decline as driven by the divestiture and by packaging operations.
  • Fourth-quarter Adjusted EBITDA fell $93 million: Adjusted EBITDA was $311 million against $404 million, with Adjusted EBITDA margin at 14.8 percent against 19.3 percent. Foreign exchange added $8 million.
  • Full-year Adjusted EBITDA fell $287 million: Full-year Adjusted EBITDA was $1,395 million against $1,682 million, with margin at 16.2 percent against 19.1 percent. Positive Net Performance and $13 million of favorable foreign exchange partly offset the decline.
  • Waco facility substantially complete: Total Waco project cost is expected at about $1.67 billion, including about $80 million of capitalized interest. Spend through year-end 2025 was $1.58 billion.
Read the Q4 FY2025 earnings call summary

From this 10-K

Graphic Packaging designs and makes consumer goods packaging from paperboard: cartons, multipack cartons, trays, carriers, paperboard canisters, cups and bowls, made mainly from recycled, unbleached and bleached paperboard. It serves food and beverage, foodservice, household products, beauty and health care customers from over 100 locations in 20 countries. It makes most of the paperboard it uses in the Americas and buys most of what its international packaging operations use from third parties. Since the first quarter of 2025 it has reported two segments, Americas Paperboard Packaging and International Paperboard Packaging.

Graphic Packaging Holding Co., the 10-K for 2025

Graphic Packaging designs and makes consumer goods packaging from paperboard: cartons, multipack cartons, trays, carriers, paperboard canisters, cups and bowls, made mainly from recycled, unbleached and bleached paperboard. It serves food and beverage, foodservice, household products, beauty and health care customers from over 100 locations in 20 countries. It makes most of the paperboard it uses in the Americas and buys most of what its international packaging operations use from third parties. Since the first quarter of 2025 it has reported two segments, Americas Paperboard Packaging and International Paperboard Packaging.

From paperboard to carton

The company makes paperboard at its mills, then prints, cuts, folds and glues it into cartons, containers and other packaging at its packaging plants. Most of the paperboard it produces is used in its own packaging plants. Its mills in West Monroe, Louisiana, Macon, Georgia and Texarkana, Texas use pine and hardwood pulp and recovered fiber bought from private landowners and the open market, while the Kalamazoo, Michigan and Waco, Texas mills make paperboard from recovered fiber. It also designs and makes its own packaging machines that package bottles and cans, installs them at customer plants and services them. It holds 50% of Rengo Riverwood Packaging, Ltd., a joint venture in Japan.

What the packaging holds

Its end markets are food, including dry, frozen, refrigerated and microwavable foods; beverage, including beer, seltzer, soft drinks, energy drinks, teas, water and juices; foodservice cups, trays and containers for quick-service restaurants; household products such as cleaning products, tissues, home air filters and pet care; and health and beauty products.

Customers

Its beverage customers include Anheuser-Busch Inbev, MillerCoors LLC, PepsiCo, Inc. and The Coca-Cola Company. Consumer product customers include The Kraft Heinz Company, General Mills, Inc., Nestlé USA, Inc., Mars, Inc., Ferrero Group and Kimberly-Clark Corporation. Quick-service restaurant customers include Chick-fil-A, McDonald's, Wendy's, Chipotle and KFC, and health and beauty customers include GlaxoSmithKline, Bayer, Johnson & Johnson, L'Oréal S.A. and Procter & Gamble. It names Smurfit WestRock plc as its largest competitor in paperboard packaging.

Recent changes

In May 2025 it closed its Middletown, Ohio recycled paperboard mill, and in December 2025 its East Angus, Québec recycled paperboard mill. In May 2024 it sold its Augusta, Georgia bleached paperboard mill to Clearwater Paper Corporation. In 2023 it acquired Bell Incorporated, adding three packaging plants in Sioux Falls, South Dakota and Groveport, Ohio, decommissioned the K3 recycled paperboard machine in Kalamazoo and sold its two packaging plants in Russia.

Patents and people

It owns, controls or holds rights to more than 3,100 U.S. and foreign patents, mainly on packaging machinery, manufacturing methods, carton designs, microwave packaging and barrier protection, with trademarks such as KeelClip, MicroFlex-Q and Z-Flute. At December 31, 2025 it had more than 23,000 employees, about 66% in the Americas, and about 59% were represented by labor unions or covered by works councils in Europe.

From Graphic Packaging's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 2 March 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue8,6178,8079,428-2.2%
Cost of revenue7,0156,8457,311+2.5%
Gross profit1,6021,9622,117-18.3%
Gross margin18.6%22.3%22.5%
Research and development19.017.016.0+11.8%
Selling, general and administrative704774805-9.0%
Operating income8041,1191,174-28.2%
Operating margin9.3%12.7%12.5%
Interest expense220230239-4.3%
Pre-tax income582886932-34.3%
Income tax139229210-39.3%
Effective tax rate23.9%25.8%22.5%
Net income444658723-32.5%
Net margin5.2%7.5%7.7%
Diluted EPS$1.48$2.16$2.34-31.5%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow8418401,144+0.1%
Cash from investing-732-342-1,025
Cash from financing-18.0-489-106
Depreciation and amortisation536557619-3.8%
Share-based compensation2.062.044.0-96.8%
Buybacks15020054.0-25.0%
Dividends paid128122123+4.9%
Diluted shares, weighted300m305m309m-1.7%
Shares outstanding at period end295m300m306m-1.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity3,3363,0122,781+10.8%
Non-controlling interest1.01.01.00.0%
Debt5,5715,1845,373+7.5%
Operating lease liabilities228209189+9.1%
Finance lease liabilities134138154-2.9%
Other liabilities2,5052,6002,677-3.7%
Total liabilities and equity11,77511,14411,175+5.7%
Fixed assets5,6695,2584,992+7.8%
Goodwill2,0651,9932,103+3.6%
Intangible assets670667820+0.4%
Cash and equivalents261157162+66.2%
Receivables590621716-5.0%
Inventory1,7661,7541,754+0.7%
Other assets754694628+8.6%
Total assets11,77511,14411,175+5.7%

10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.