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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.

Revenue
$6.5 billion
+10.7% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$288 million
+4.4% on the year
FY2018FY2025
Diluted EPS
$2.70
+4.7% 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: 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.
Read the Q4 FY2025 earnings call summary

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.

Silgan Holdings Inc., the 10-K for 2025

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.

Dispensing and specialty closures

This business makes dispensing systems and specialty closures for fragrance and beauty, food, beverage, personal and health care, home care and lawn and garden products, along with capping and sealing equipment and detection systems. It has 63 manufacturing facilities serving over 100 countries, three joint ventures in countries it does not serve directly, and licenses for its metal closure technology with five other manufacturers. It forms plastic closures and dispensing parts such as triggers, actuators, valves and overcaps by compression and injection molding, and it makes twist-off, lug style and press-on steel closures and aluminum roll-on closures from 18 to 110 millimeters in diameter. On October 15, 2024 it acquired Weener Packaging, which makes dispensing products for personal and health care and food and had 19 facilities, mainly in Europe and the Americas, and approximately 4,000 employees.

Metal containers

This business has 37 manufacturing facilities in the United States, Europe and Asia serving over 50 countries, and it makes steel and aluminum cans for pet and human food and general line products. The filing states that it is the largest maker of metal food containers in North America, with more than half of the U.S. market by unit volume in 2025, up from approximately ten percent in 1987. It makes two-piece cans by the draw and redraw or drawing and ironing processes and three-piece cans with a welded side seam, along with its Quick Top easy-open ends. Because empty containers are costly to ship, it generally sells to customers within a 300 mile radius of its plants.

Custom containers

This business has 21 manufacturing facilities in the United States and Canada and makes plastic containers for pet and human food, consumer health and pharmaceutical, personal care, home care, lawn and garden and automotive products. It makes bottles by extrusion blowmolding and injection stretch blowmolding, thermoforms bowls, trays and tubs, and decorates containers by in-mold labeling and post-mold methods such as silk screen, pressure sensitive, heat transfer and shrink sleeve labels.

Raw materials

The filing states that supplier consolidation leaves it dependent on a limited number of suppliers for steel, aluminum, certain resins, coatings and compound. Its metal container supply agreements pass through changes in metal costs, and its closures and custom container agreements pass through metal and resin cost changes, in many cases with a lag for resin.

Competitors

In closures it names Amcor, AptarGroup, Bericap, Closures Systems International, Crown Holdings, Sonoco Products, Guala Dispensing, Massilly and Tecnocap. In metal containers it names Crown Holdings, Sonoco Products, Trivium Packaging, Envases Group, Can Corporation of America, Canpack, Massilly and Ideal Can, and customers can also make their own containers or switch to plastic, paper, glass or composite packaging. In custom containers it names Alpla, Amcor, Altium Packaging, Axium Packaging, Graham Packaging, Plastipak, Pretium Packaging and Winpack.

People

As of December 31, 2025 it employed approximately 4,400 salaried and 12,800 hourly employees full-time. Approximately 31 percent of its hourly plant employees in the United States and Canada were represented by unions, as were most of its hourly employees in Europe, Asia, South America and Central America, and its labor contracts expire at various times between 2026 and 2031.

From Silgan Holdings' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 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
Revenue6,4835,8555,988+10.7%
Cost of revenue5,3344,8434,996+10.1%
Gross profit1,1491,012993+13.6%
Gross margin17.7%17.3%16.6%
Selling, general and administrative493438384+12.4%
Interest expense189166173+13.8%
Pre-tax income409348422+17.5%
Income tax12372.096.2+71.2%
Effective tax rate30.2%20.7%22.8%
Net income288276326+4.4%
Net margin4.4%4.7%5.4%
Diluted EPS$2.70$2.58$2.98+4.7%
$ 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 flow730722483+1.1%
Capital expenditure307263227+16.9%
Free cash flow423459256-7.9%
Free cash flow margin6.5%7.8%4.3%
Cash from investing-297-1,176-224
Cash from financing-207663-211
Depreciation and amortisation319276263+15.7%
Share-based compensation18.015.515.6+16.1%
Buybacks74.99.3184+703.9%
Dividends paid85.882.178.9+4.5%
Dividend per share$0.80$0.76$0.72+5.3%
Diluted shares, weighted107m107m109m-0.3%
Shares outstanding at period end105m107m106m-1.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,2741,9901,889+14.3%
Debt4,3654,1503,440+5.2%
Operating lease liabilities220172188+27.9%
Finance lease liabilities35.137.235.7-5.6%
Other liabilities2,5042,2362,058+12.0%
Total liabilities and equity9,3978,5857,611+9.5%
Fixed assets2,3782,2831,962+4.2%
Goodwill2,4872,3162,018+7.4%
Intangible assets900869721+3.5%
Cash and equivalents1,081823643+31.3%
Receivables589594600-0.8%
Inventory1,080928941+16.4%
Other assets882771727+14.4%
Total assets9,3978,5857,611+9.5%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.