Silgan Holdings (SLGN) FY2025 results: revenue $6.5 billion, up 10.7% on the year
Silgan Holdings Inc. (SLGN) reported revenue of $6.5 billion for fiscal 2025, the year ended 31 December 2025, up 10.7% on the year before. Net income was $288 million, up 4.4%, and diluted earnings per share $2.70. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 8 new.
- Full-year net sales and net income rose: Full-year net sales were $6.5 billion, up 11%. Net income was $288.4 million, or $2.70 per diluted share, against $2.58 in 2024.
- Full-year adjusted EPS rose 3%: Adjusted net income per diluted share was $3.72, against $3.62 in 2024, after adjustments adding $1.02 per diluted share.
- Dispensing segment set record profit: Dispensing and Specialty Closures net sales were $2.7 billion, up 17%, helped by Weener and organic dispensing growth. Adjusted EBIT reached a record.
- Dispensing sales grew over 30%: Management said sales from dispensing products grew by more than 30% in 2025, with Weener and organic growth in fragrance and beauty.
- Free cash flow up 14%: Free cash flow was $445.2 million, a 14% increase, on higher operating earnings including Weener, partly offset by higher capital expenditures and cash interest.
From this 10-K
Silgan Holdings makes rigid packaging for consumer goods: dispensing and specialty closures, steel and aluminum containers for food and general line products, and custom designed plastic containers. It is a Delaware holding company that works through operating subsidiaries, founded in 1987 by R. Philip Silver and D. Greg Horrigan, and it has acquired forty-one businesses since then. As of February 1, 2026 it operated 121 manufacturing facilities in 25 countries across North America, Europe, Asia and South America. It reports three businesses, dispensing and specialty closures, metal containers and custom containers.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 6,483 | 5,855 | 5,988 | +10.7% | |
| Cost of revenue | 5,334 | 4,843 | 4,996 | +10.1% | |
| Gross profit | 1,149 | 1,012 | 993 | +13.6% | |
| Gross margin | 17.7% | 17.3% | 16.6% | ||
| Selling, general and administrative | 493 | 438 | 384 | +12.4% | |
| Interest expense | 189 | 166 | 173 | +13.8% | |
| Pre-tax income | 409 | 348 | 422 | +17.5% | |
| Income tax | 123 | 72.0 | 96.2 | +71.2% | |
| Effective tax rate | 30.2% | 20.7% | 22.8% | ||
| Net income | 288 | 276 | 326 | +4.4% | |
| Net margin | 4.4% | 4.7% | 5.4% | ||
| Diluted EPS | $2.70 | $2.58 | $2.98 | +4.7% |
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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 | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 730 | 722 | 483 | +1.1% | |
| Capital expenditure | 307 | 263 | 227 | +16.9% | |
| Free cash flow | 423 | 459 | 256 | -7.9% | |
| Free cash flow margin | 6.5% | 7.8% | 4.3% | ||
| Cash from investing | -297 | -1,176 | -224 | ||
| Cash from financing | -207 | 663 | -211 | ||
| Depreciation and amortisation | 319 | 276 | 263 | +15.7% | |
| Share-based compensation | 18.0 | 15.5 | 15.6 | +16.1% | |
| Buybacks | 74.9 | 9.3 | 184 | +703.9% | |
| Dividends paid | 85.8 | 82.1 | 78.9 | +4.5% | |
| Dividend per share | $0.80 | $0.76 | $0.72 | +5.3% | |
| Diluted shares, weighted | 107m | 107m | 109m | -0.3% | |
| Shares outstanding at period end | 105m | 107m | 106m | -1.3% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 2,274 | 1,990 | 1,889 | +14.3% | |
| Debt | 4,365 | 4,150 | 3,440 | +5.2% | |
| Operating lease liabilities | 220 | 172 | 188 | +27.9% | |
| Finance lease liabilities | 35.1 | 37.2 | 35.7 | -5.6% | |
| Other liabilities | 2,504 | 2,236 | 2,058 | +12.0% | |
| Total liabilities and equity | 9,397 | 8,585 | 7,611 | +9.5% | |
| Fixed assets | 2,378 | 2,283 | 1,962 | +4.2% | |
| Goodwill | 2,487 | 2,316 | 2,018 | +7.4% | |
| Intangible assets | 900 | 869 | 721 | +3.5% | |
| Cash and equivalents | 1,081 | 823 | 643 | +31.3% | |
| Receivables | 589 | 594 | 600 | -0.8% | |
| Inventory | 1,080 | 928 | 941 | +16.4% | |
| Other assets | 882 | 771 | 727 | +14.4% | |
| Total assets | 9,397 | 8,585 | 7,611 | +9.5% |
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.