US Market News
2日前
SueWallSt Reminds Graphic Packaging Holding Company Investors of the Pending Class Action Lawsuit With a Lead Plaintiff Deadline of July 6, 2026 - GPKJune 4, 2026 5:33 PM
PR Newswire (US) Graphic Packaging Promised $1.78 Billion in Adjusted EBITDA for 2025; Investors Got $1.43 Billion and a 50% Stock CollapseNEW YORK, June 4, 2026 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE: GPK) told investors in February 2025 it would deliver up to $8.9 billion in net sales and $2.78 in adjusted EPS for the full year. Twelve months later, adjusted EBITDA had been slashed by more than $350 million from the top of its original range, the CEO had resigned, and GPK shares had lost more than half their value. Find out if you qualify to recover losses from GPK's guidance failures. You may also contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.Investors who purchased GPK securities between February 4, 2025 and February 2, 2026 and suffered losses may be entitled to compensation. Shares closed at $12.42 on February 3, 2026, following three successive corrective disclosures.The Promise
On February 4, 2025, management issued FY 2025 guidance projecting:Net Sales: $8.7 billion to $8.9 billionAdjusted EBITDA: $1.68 billion to $1.78 billionAdjusted EPS: $2.53 to $2.78Management characterized these projections as achievable, asserting the Company would "build on" its "consistent" and "profitable" results and "strong and steady" margins. The lawsuit contends these projections were issued at a time when management knew, or should have known, that significant inventory management issues, reduced demand, and rising costs made the guidance unreliable.The Reality
By December 8, 2025, the Company had cut guidance twice. The final revised figures told a starkly different story:Adjusted EBITDA: $1.38 billion to $1.43 billionAdjusted EPS: $1.75 to $1.95Net Sales guidance: reduced to $8.2 billion to $8.5 billion as early as May 2025Then, on February 3, 2026, GPK projected a further $130 million negative EBITDA impact in 2026 from inventory reduction actions, plus $100 million in incentive compensation accruals. The new CEO announced a "comprehensive review of our organization structure, operations, and footprint," confirming what the complaint alleges shareholders were not told: the business model was far weaker than represented.The Numbers: Promised vs. ActualAdjusted EBITDA (top of range): Promised $1.78B vs. Delivered $1.395B — a gap of $385 millionAdjusted EPS (top of range): Promised $2.78 vs. Delivered $1.80 — a gap of $0.98 per shareNet Sales (top of range): Promised $8.9B vs. First revision to $8.5B — a $400 million shortfall within three monthsQ1 2025 EPS: Missed consensus by $0.07, the first signal the guidance was unrealisticQ4 2025 EPS: Missed consensus again by $0.06, confirming the patternStock Price: From approximately $25.31 before the May 1 disclosure to $12.42 on February 3, 2026What the Lawsuit Alleges About the GapThe action claims management knew its FY 2025 guidance was unreliable when issued. The complaint alleges that inventory levels had been rising since 2023, that consumer demand was deteriorating beyond what management publicly acknowledged, and that $80 million in input cost inflation was already foreseeable. Meanwhile, the complaint identifies that CEO Michael Doss sold nearly 1.6 million GPK shares during the Class Period for over $7 million, and CFO Stephen Scherger sold 65,529 shares for nearly $1.8 million before resigning in November 2025."Companies that make specific promises to investors about future performance have an obligation to disclose known risks to those projections. The gap between what GPK projected in February 2025 and what it ultimately delivered raises serious questions about whether material information was withheld from the investing public." -- Joseph E. Levi, Esq.LEAD PLAINTIFF DEADLINE: July 6, 2026Calculate your potential recovery in the GPK securities action or call (888) SueWallSt.SueWallSt is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.Frequently Asked Questions About the GPK LawsuitQ: What specific misstatements does the GPK lawsuit allege? A: The complaint alleges Graphic Packaging made materially false or misleading statements regarding inventory management capabilities, demand trends, cost pressures, and the reliability of its FY 2025 financial guidance during the Class Period. When the true state of affairs was revealed through three corrective disclosures, the stock price declined sharply.Q: How much did GPK stock drop? A: The stock declined from pre-May 2025 levels to close at $12.42 on February 3, 2026, representing a loss of $12.89 per share from pre-disclosure prices. The individual disclosure events triggered losses of $3.94, $1.35, and $2.36, respectively, in the immediate trading day following each event.Q: What do GPK investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact SueWallSt for a free, no-obligation evaluation at jlevi@SueWallSt.com or (888) SueWallSt. No immediate action is required to remain eligible as a class member.Q: What if I already sold my GPK shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold them. Investors who bought during the Class Period and sold at a loss may still participate.Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. You submit a claim form to receive your portion of recovery.Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.Q: What is the GPK lead plaintiff deadline? A: The deadline to apply for lead plaintiff appointment is July 6, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.CONTACT:
SueWallSt
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi @Icons1 View original content to download multimedia:https://www.prnewswire.com/news-releases/suewallst-reminds-graphic-packaging-holding-company-investors-of-the-pending-class-action-lawsuit-with-a-lead-plaintiff-deadline-of-july-6-2026---gpk-302792015.htmlSOURCE SueWallSt.com Original: SueWallSt Reminds Graphic Packaging Holding Company Investors of the Pending Class Action Lawsuit With a Lead Plaintiff Deadline of July 6, 2026 - GPK
US Market News
1月前
Graphic Packaging Holding Company Reports First Quarter 2026 Financial ResultsMay 5, 2026 6:30 AM
PR Newswire (US) Increased Net Sales by 2% with volumes up 1% year-over-yearReduced inventory by $48 million during the quarterCompleted 90-day comprehensive business review; advancing near-term strategic prioritiesExecuted cost reduction and operational efficiency initiativesReaffirming guidance for full year 2026, including delivering Adjusted Cash Flow in the range of $700 million to $800 millionATLANTA, May 5, 2026 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE: GPK) ("Graphic Packaging" or the "Company"), a global leader in sustainable consumer packaging, today reported first quarter 2026 results. Net Sales in first quarter 2026 were $2,156 million, versus $2,120 million in first quarter 2025. Net Loss in first quarter 2026 was ($43) million, or $(0.14) per diluted share, versus Net Income of $127 million, or $0.42 per diluted share in first quarter 2025. First quarter 2026 and 2025 Net (Loss) Income were impacted by a net charge from non-recurring and special items and amortization of purchased intangibles of $71 million and $27 million, respectively. Excluding non-recurring and special items and amortization of purchased intangibles, Adjusted Net Income for the first quarter of 2026 was $28 million, or $0.09 per diluted share, and $154 million, or $0.51 per diluted share in first quarter 2025."First quarter results were strong relative to expectations as we delivered towards the high end of our guidance, driven by the hard work of our talented global team and their disciplined execution" said Robbert Rietbroek, President and Chief Executive Officer. "Our year-over-year improvement in volume and net sales demonstrated the resilience of our business as we successfully navigated weather and other external disruptions to our operations. We also effectively managed the business to mitigate the incremental inflation in the quarter, supporting bottom-line performance.""We completed our 90-day business review and are taking decisive actions to optimize our operational footprint, reduce structural costs, and impose greater discipline across capital and operating decisions. These actions are already reshaping the business. Looking ahead, we are focused on delivering on our commitments including expanding margins, accelerating free cash flow, strengthening the balance sheet, and deploying capital with rigor – while continuing to drive operational excellence and serve customers through innovation, service, and sustainable packaging solutions that support our growth in partnership with our customers."Business Review UpdateFollowing the comprehensive 90-day business review, the Company has identified actions to drive improvements in profitability and overall performance of the business.Driving Cost Discipline and Operational Efficiency Delivering on cost reduction commitment of $60 million.Streamlined the organization through a workforce reduction of over 500 roles – primarily salaried positions - through a combination of employee separations and eliminating vacant roles.Executed actions to drive portfolio simplification, focus on core markets and geographies, and improve cost efficiency, including the pending divestiture of non-core assets in Croatia.Cancelled low-return projects, resulting in over $200 million in capital avoidance over the next few years.Reaffirmed 2026 capital spending guidance of approximately $450 million, down from $922 million in 2025.Advanced working capital efficiency initiatives including reducing inventory, supporting delivery of the 2026 Adjusted Cash Flow target range of $700 million to $800 million.Elevating Commercial Excellence and Innovation to Strengthen Existing Solid FoundationRealignment of the global commercial organization to create a dedicated global and multi-national account team, delivering more seamless engagement, consistent service, and stronger partnership with global customers.Renewed emphasis on service and the strengthening of customer relationships providing early wins.Filed 13 new patents during the quarter, adding to the Company's portfolio of approximately 3,100 patents, strengthening competitive position in intellectual property.Recognized for innovation excellence with two WorldStar 2026 Awards in "Best of the Best" categories and 8 additional awards, including an Award of Distinction, at 2026 PAC Global Awards, demonstrating industry leadership in developing sustainable packaging solutions that provide alternative solutions to plastic.Recognized in 2026 as one of the World's Most Ethical Companies® by Ethisphere and named to both the JUST Capital Top 100 and Fortune's World's Most Admired Companies lists.Financial and Operating ResultsNet SalesFirst quarter 2026 Net Sales increased 2% to $2,156 million, versus $2,120 million in the same quarter last year. The $36 million increase was driven by a 1% increase, or $18 million, in higher volumes and a $50 million favorable foreign exchange impact, partially offset by a 2% decrease, or $32 million, in price. Innovation Sales Growth in the first quarter was $42 million.EBITDAFirst quarter 2026 EBITDA decreased 55% to $159 million from $353 million in the same quarter last year. Excluding the impact of business combinations and other non-recurring and special items, Adjusted EBITDA was $232 million versus $365 million in the same quarter last year. The $133 million decline in Adjusted EBITDA was driven by the impact of unfavorable Net Performance of $56 million, lower price, volume, and mix of $46 million, as well as input and other cost inflation of $37 million, partially offset by a foreign exchange benefit of $6 million. First quarter Adjusted EBITDA Margin was 10.8% in 2026, and 17.2% in 2025.Other ResultsTotal Debt (Long-Term, Short-Term and Current Portion) was $5,772 million in first quarter 2026 compared to $5,592 million in fourth quarter 2025. Net Debt (Total Debt less Cash and Cash Equivalents) was $5,583 million in first quarter 2026 compared to $5,331 million in fourth quarter 2025. The Company's first quarter 2026 Net Leverage Ratio was 4.4x compared to 3.8x in fourth quarter 2025.Capital expenditures in first quarter 2026 were $140 million, versus $313 million in the same quarter last year.The Company returned approximately $32 million to stockholders during the first three months of 2026 through regular dividends.Reiterating 2026 Annual GuidanceThe Company is reiterating 2026 Net Sales, Adjusted EBITDA, and Adjusted EPS guidance of $8.4 billion to $8.6 billion, $1.05 billion to $1.25 billion, and $0.75 to $1.15, respectively.The Company continues to expect 2026 Adjusted Cash Flow in the range of $700 million to $800 million, and 2026 capital spending of approximately $450 million.Innovation Sales Growth, Net Performance, and Non-GAAP ReconciliationsWe define Innovation Sales Growth as incremental sales of a product that delivers a significant change in materials used, package functionality or design to a new or existing customer. We define Net Performance as the impact of cost and productivity initiatives, production efficiencies and/or disruptions and other operating impacts. A tabular reconciliation of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted EPS, Adjusted Net Cash Used in Operating Activities, Adjusted Cash Flow, Net Debt and Net Leverage is attached to this release.Earnings CallThe Company will host a conference call at 10:00 a.m. ET today (May 5, 2026) to discuss the results of first quarter 2026. The conference call will be webcast and can be accessed from the Investors website at https://investors.graphicpkg.com. Participants may also listen via telephone by using the following dial-in numbers:Toll-Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 105591Investors: Investor.Relations@graphicpkg.com
Media: Comms@graphicpkg.comForward Looking StatementsAny statements of the Company's expectations in this press release, including but not limited to 2026 Net Sales, Adjusted EBITDA and Adjusted Earnings per Diluted Share guidance, constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's present expectations. These risks and uncertainties include, but are not limited to, inflation of and volatility in raw material and energy costs, continuing pressure for lower cost products, the Company's ability to implement its business strategies, including productivity initiatives, cost reduction plans, as well as the Company's debt level, currency movements and other risks of conducting business internationally, the impact of regulatory and litigation matters, including the continued availability of the Company's U.S. federal income tax attributes to offset U.S. federal income taxes and the timing related to the Company's future U.S. federal income tax payments. Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made and the Company undertakes no obligation to update such statements, except as may be required by law. Additional information regarding these and other risks is contained in the Company's periodic filings with the Securities and Exchange Commission.About Graphic Packaging Holding CompanyGraphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, designs and produces consumer packaging made primarily from renewable or recycled materials. An industry leader in innovation, the Company is committed to reducing the environmental footprint of consumer packaging. Graphic Packaging operates a global network of design and manufacturing facilities serving the world's most widely recognized brands in food, beverage, foodservice, household, and other consumer products. Learn more at www.graphicpkg.com. Graphic Packaging Holding CompanyConsolidated Statements of Operations(Unaudited)
Three Months Ended March 31,In millions, except per share amounts20262025Net Sales$ 2,156$ 2,120Cost of Sales1,8501,675Selling, General and Administrative202196Other Expense, Net1416Business Combinations, Exit Activities and Other Special Items, Net7112Income from Operations19221Interest Expense, Net(64)(51)(Loss) Income before Income Taxes(45)170Income Tax Benefit (Expense)2(43)Net (Loss) Income$ (43)$ 127
Net (Loss) Income Per Share - Basic$ (0.14)$ 0.42Net (Loss) Income Per Share - Diluted$ (0.14)$ 0.42
Weighted Average Number of Shares Outstanding - Basic296.7302.2Weighted Average Number of Shares Outstanding - Diluted296.7303.2 Graphic Packaging Holding CompanyCondensed Consolidated Balance Sheets(Unaudited)
In millions, except share and per share amountsMarch 31, 2026December 31, 2025Assets
Current Assets:
Cash and Cash Equivalents$ 189$ 261Receivables, Net861760Inventories, Net1,7181,766Assets Held for Sale 1910Other Current Assets168126Total Current Assets2,9552,923Property, Plant and Equipment, Net5,5815,669Goodwill2,0522,065Intangible Assets, Net644670Other Assets458448Total Assets$ 11,690$ 11,775
Liabilities
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt$ 549$ 549Accounts Payable8951,027Liabilities Held for Sale6—Other Accrued Liabilities648668Total Current Liabilities2,0982,244Long-Term Debt5,2035,022Deferred Income Tax Liabilities675688Other Noncurrent Liabilities466484
Shareholders' Equity
Preferred Stock, par value $0.01 per share; 100,000,000 shares authorized; no shares issued or
outstanding——Common Stock, par value $0.01 per share; 1,000,000,000 shares authorized; 295,881,137 and
295,128,049 shares issued and outstanding at March 31, 2026 and December 31, 2025,
respectively33Capital in Excess of Par Value1,9891,981Retained Earnings1,5391,614Accumulated Other Comprehensive Loss(284)(262)Total Graphic Packaging Holding Company Shareholders' Equity3,2473,336Noncontrolling Interest11Total Equity3,2483,337Total Liabilities and Shareholders' Equity$ 11,690$ 11,775 Graphic Packaging Holding CompanyCondensed Consolidated Statements of Cash Flows(Unaudited)
Three Months Ended March 31,In millions20262025Cash Flows from Operating Activities:
Net (Loss) Income$ (43)$ 127Adjustments to Reconcile Net (Loss) Income to Net Cash Used in Operating Activities:
Depreciation and Amortization139131Amortization of Deferred Debt Issuance Costs21Deferred Income Taxes(12)9Amount of Postretirement Expense Less Than Funding(1)—Share-Based Compensation Expense, Net12(4)Asset Impairment Charges53—Other, Net(5)6Changes in Operating Assets and Liabilities(258)(444)Net Cash Used in Operating Activities(113)(174)Cash Flows from Investing Activities:
Capital Spending(140)(313)Acquisition of Businesses—(12)Beneficial Interest on Sold Receivables13758Beneficial Interest Obtained in Exchange for Proceeds(92)(30)Other, Net(2)(1)Net Cash Used in Investing Activities(97)(298)Cash Flows from Financing Activities:
Payments on Debt(5)(3)Borrowings under Revolving Credit Facilities8171,203Payments on Revolving Credit Facilities(618)(700)Repurchase of Common Stock related to Share-Based Payments(4)(27)Debt Issuance Costs(3)—Dividends Paid(32)(30)Other, Net(17)(4)Net Cash Provided by Financing Activities138439Decrease in Cash and Cash Equivalents(72)(33)Effect of Exchange Rate Changes on Cash—5Net Decrease in Cash and Cash Equivalents(72)(28)Cash and Cash Equivalents at Beginning of Period261157Cash and Cash Equivalents at End of Period$ 189$ 129
Graphic Packaging Holding Company
Reconciliation of Non-GAAP Financial MeasuresThe tables below set forth the calculation of the Company's earnings before interest expense, income tax expense, depreciation and amortization, including pension amortization ("EBITDA"), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Used in Operating Activities, Adjusted Cash Flow, Net Leverage Ratio, and Total Net Debt. Adjusted EBITDA and Adjusted Net Income exclude charges associated with: the Company's business combinations, facility shutdowns, certain extended mill outages, sales of assets, non-recurring and other special items. The Company's management believes that the presentation of EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Used in Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio provides useful information to investors because these measures are regularly used by management in assessing the Company's performance. EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Used in Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio are financial measures not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), and are not measures of net income, operating income, operating performance, liquidity or net sales presented in accordance with GAAP.EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Used in Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio should be considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for or superior to GAAP results. In addition, our EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Used in Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio may not be comparable to Adjusted EBITDA or similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as we do.
Three Months Ended March 31,In millions, except per share amounts20262025Net (Loss) Income$ (43)$ 127Add (Subtract):
Income Tax (Benefit) Expense(2)43Interest Expense, Net6451Depreciation and Amortization140132EBITDA159353Charges Associated with Business Combinations, Exit Activities and Other Special Items, Net(a)7112Other Non-Recurring Items(a)2—Adjusted EBITDA$ 232$ 365
Adjusted EBITDA Margin (Adjusted EBITDA/Net Sales)10.8 %17.2 %
Net (Loss) Income$ (43)$ 127Charges Associated with Business Combinations, Exit Activities and Other Special Items, Net(a)7112Other Non-Recurring Items(a)2—Accelerated Depreciation Related to Exit Activities—4Amortization Related to Purchased Intangible Assets1619Tax Impact of Adjustments(18)(8)Adjusted Net Income$ 28$ 154
Adjusted Earnings Per Share - Basic$ 0.09$ 0.51Adjusted Earnings Per Share - Diluted$ 0.09$ 0.51
(a)Represents items management believes are not indicative of ongoing operating performance. Graphic Packaging Holding CompanyReconciliation of Non-GAAP Financial Measures(Continued)
Twelve Months EndedIn millionsMarch 31, 2026March 31, 2025December 31, 2025Net Income$ 274$ 620$ 444Add (Subtract):
Income Tax Expense 94219139Equity Income of Unconsolidated Entity(1)(1)(1)Interest Expense, Net233222220Depreciation and Amortization548544540EBITDA$ 1,148$ 1,604$ 1,342Charges Associated with Business Combinations, Exit Activities and Other Special Items, Net(a)100—41Other Non-Recurring Items(a)14—12Adjusted EBITDA$ 1,262$ 1,604$ 1,395
Calculation of Net Debt:March 31, 2026March 31, 2025December 31, 2025Short-Term Debt and Current Portion of Long-Term Debt$ 549$ 41$ 549Long-Term Debt (b)5,2235,6945,043Less:
Cash and Cash Equivalents(189)(129)(261)Net Debt$ 5,583$ 5,606$ 5,331
Net Leverage Ratio (Net Debt/Adjusted EBITDA)4.43.53.8
(a)Represents items management believes are not indicative of ongoing operating performance.(b)Excludes unamortized deferred debt issue costs.
Three Months Ended March 31,In millions20262025Net Cash Used in Operating Activities$ (113)$ (174)Net Cash Receipts from Receivables Sold included in Investing Activities4528Cash Payments Associated with Business Combinations, Exit Activities and Other Special Items, Net2517Adjusted Net Cash Used in Operating Activities$ (43)$ (129)Capital Spending(140)(313)Adjusted Cash Flow$ (183)$ (442) View original content to download multimedia:https://www.prnewswire.com/news-releases/graphic-packaging-holding-company-reports-first-quarter-2026-financial-results-302761951.htmlSOURCE Graphic Packaging Holding Company Original: Graphic Packaging Holding Company Reports First Quarter 2026 Financial Results
US Market News
4月前
Graphic Packaging Holding Company Reports Fourth Quarter and Full-Year 2025 ResultsFebruary 3, 2026 6:30 AM
PR Newswire (US)
2025 Net Sales $8.6 billion, versus $8.8 billion in 2024
2025 Net Income $444 million, versus $658 million in 2024
Waco substantially complete; total projected spend $1.67 billion, $1.58 billion through year-end 2025
Affirming 2026 Adjusted Free Cash Flow target of $700 million to $800 million
Initiated comprehensive review of operations and footprint, and selective review of portfolioATLANTA, Feb. 3, 2026 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE: GPK) ("Graphic Packaging" or the "Company"), a global leader in sustainable consumer packaging, today reported fourth quarter and full-year 2025 results.
Net Income in fourth quarter 2025 was $71 million, or $0.24 per diluted share, versus $138 million, or $0.46 per diluted share in fourth quarter 2024. Fourth quarter 2025 and 2024 Net Income were impacted by a net charge from non-recurring and special items and amortization of purchased intangibles of $14 million and $41 million, respectively. Excluding non-recurring and special items and amortization of purchased intangibles, Adjusted Net Income for the fourth quarter of 2025 was $85 million, or $0.29 per diluted share, and $179 million, or $0.59 per diluted share in fourth quarter 2024.Net Income for full-year 2025 was $444 million, or $1.48 per diluted share, versus $658 million, or $2.16 per diluted share for full-year 2024. Full-year 2025 and 2024 Net Income were impacted by a net charge from non-recurring and special items and amortization of purchased intangibles of $95 million and $101 million, respectively. Excluding non-recurring and special items and amortization of purchased intangibles, Adjusted Net Income for full-year 2025 was $539 million, or $1.80 per diluted share, and $759 million, or $2.49 per diluted share for full-year 2024.Robbert Rietbroek, the Company's President and CEO said, "Consumer affordability created a challenging market for our customers and competitive pressure remains a near-term headwind. As we move into 2026, our priorities are clear: drive operational excellence; deliver exceptional customer service; improve our cost structure; and drive substantial free cash flow to strengthen the balance sheet and return capital to shareholders. I have initiated a comprehensive review of our organization structure, operations, and footprint, and a selective review of our portfolio to ensure that our resources are focused where we can create the greatest value for our shareholders."Operating ResultsNet SalesFourth quarter 2025 Net Sales were basically flat at $2,103 million, versus $2,095 million in the same quarter last year. A $32 million decline in sales from packaging operations reflected an approximately 1% decline in price and volume, offset by a $40 million favorable impact from foreign exchange. Innovation Sales Growth in the fourth quarter was $56 million.Full-year 2025 Net Sales decreased 2% to $8,617 million, versus $8,807 million in the prior year. The decline was driven by a $150 million negative impact from the 2024 divestiture of the Augusta, Georgia bleached paperboard manufacturing facility and related bleached paperboard price and volume declines, and a $97 million net decline in sales from packaging operations, where price declined approximately 1% and volume was flat. Foreign exchange had a $57 million favorable impact. Full-year Innovation Sales Growth was $213 million, or approximately 2.5% of Net Sales.EBITDAFourth quarter EBITDA decreased 19% to $305 million, versus $376 million in the same quarter last year. Excluding the impact of business combinations and other non-recurring and special items, Adjusted EBITDA was $311 million versus $404 million in the same quarter last year. The $93 million decline in Adjusted EBITDA was driven primarily by the impact of lower packaging price and volume, commodity and non-commodity costs, and negative Net Performance as a result of decisions taken to curtail production to reduce inventory, partially offset by an $8 million favorable foreign exchange impact. Fourth quarter Adjusted EBITDA Margin was 14.8% in 2025, and 19.3% in 2024.Full-year EBITDA decreased 20% to $1,342 million, versus $1,677 million in the prior year. Excluding the impact of business combinations and other non-recurring and special items, Adjusted EBITDA was $1,395 million versus $1,682 million in the prior year. The $287 million decline in Adjusted EBITDA was driven primarily by the impact of lower packaging price and volume-related issues, commodity and non-commodity costs, and the 2024 divestiture of the Augusta, Georgia bleached paperboard manufacturing facility and related bleached paperboard price and volume declines ($30 million), partially offset by positive Net Performance and a $13 million favorable foreign exchange impact. Full-year Adjusted EBITDA Margin was 16.2% in 2025, and 19.1% in 2024.Other ResultsTotal Debt (Long-Term, Short-Term and Current Portion) was $5,592 million for full-year 2025 compared to $5,209 million for full-year 2024. Net Debt (Total Debt less Cash and Cash Equivalents) was $5,331 million for full-year 2025 compared to $5,052 million for full-year 2024. The Company's 2025 Net Leverage Ratio was 3.8x compared to 3.0x for full-year 2024.Capital expenditures in fourth quarter 2025 were $127 million, versus $310 million in the same quarter last year. Capital expenditures for full-year 2025 were $935 million, versus $1,203 million in the prior year. The Waco, Texas greenfield recycled paperboard manufacturing facility is substantially complete. Total costs for the project are expected to be approximately $1.67 billion, including approximately $80 million of capitalized interest. Waco project spending through the end of 2025 totaled $1.58 billion.The Company returned approximately $281 million to stockholders during the twelve months of 2025 through regular dividends and share repurchase activity. Year-to-date, the Company repurchased approximately 6.8 million shares of common stock for $150 million, and has reduced net shares outstanding by approximately 2.3%. Regular dividends declared were $33 million for the fourth quarter and $131 million for the full year 2025.2026 Annual Guidance and CommentaryThe Company currently expects 2026 Net Sales, Adjusted EBITDA, and Adjusted EPS of $8.4 billion to $8.6 billion, $1.05 billion to $1.25 billion, and $0.75 to $1.15, respectively. The decline in expected Adjusted EBITDA reflects a $130 million negative impact from actions taken to reduce inventory and generate free cash flow, an approximately $100 million accrual (non-cash in 2026) for a return to more normal incentive compensation, January weather and production impacts, and other largely offsetting operating items.The Company continues to expect 2026 Adjusted Free Cash Flow in the range of $700 million to $800 million, and 2026 capital spending of approximately $450 million.Innovation Sales Growth, Net Performance and Non-GAAP ReconciliationsWe define Innovation Sales Growth as incremental sales of a product that delivers a significant change in materials used, package functionality or design to a new or existing customer. We define Net Performance as the impact of cost and productivity initiatives, production efficiencies and/or disruptions, and other operating impacts. A tabular reconciliation of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted EPS, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, Net Debt and Net Leverage is attached to this release.Earnings CallThe Company will host a conference call at 10:00 a.m. ET today (February 3, 2026) to discuss the results of fourth quarter and full-year 2025. The conference call will be webcast and can be accessed from the Investors website at https://investors.graphicpkg.com. Participants may also listen via telephone by using the following dial-in numbers:Toll-Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 492614Investors: Investor.Relations@graphicpkg.comMedia: Comms@graphicpkg.comForward Looking StatementsAny statements of the Company's expectations in this press release, including, but not limited to volume and cash generation increases, 2026 Net Sales, Adjusted EBITDA and Adjusted Earnings per Diluted Share guidance, impact of actions taken to reduce inventory and generate free cash flow, 2026 Adjusted Free Cash Flow and capital spending, constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and its present expectations. These risks and uncertainties include, but are not limited to, inflation of and volatility in raw material and energy costs, changes in consumer buying habits and product preferences, competition with other paperboard manufacturers and product substitution, the Company's ability to implement its business strategies, including strategic acquisitions, productivity initiatives, cost reduction plans and integration activities, as well as the Company's debt level, currency movements and other risks of conducting business internationally, the impact of regulatory and litigation matters, including the continued availability of the Company's U.S. federal income tax attributes to offset U.S. federal income taxes and the timing related to the Company's future U.S. federal income tax payments. Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made and the Company undertakes no obligation to update such statements, except as may be required by law. Additional information regarding these and other risks is contained in the Company's periodic filings with the Securities and Exchange Commission.About Graphic Packaging Holding CompanyGraphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, designs and produces consumer packaging made primarily from renewable or recycled materials. An industry leader in innovation, the Company is committed to reducing the environmental footprint of consumer packaging. Graphic Packaging operates a global network of design and manufacturing facilities serving the world's most widely recognized brands in food, beverage, foodservice, household, and other consumer products. Learn more at www.graphicpkg.com. Graphic Packaging Holding Company
Consolidated Statements of Operations
(Unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,In millions, except per share amounts2025202420252024Net Sales$ 2,103$ 2,095$ 8,617$ 8,807Cost of Sales1,8001,6427,0156,845Selling, General and Administrative141171704774Other Expense, Net12155364Business Combinations, Exit Activities and Other Special Items,
Net(6)28415Income from Operations1562398041,119Nonoperating Pension and Postretirement Benefit Expense(1)(1)(2)(3)Interest Expense, Net(63)(53)(220)(230)Income before Income Taxes and Equity Income of
Unconsolidated Entity92185582886Income Tax Expense(21)(47)(139)(229)Income before Equity Income of Unconsolidated Entity71138443657Equity Income of Unconsolidated Entity——11Net Income$ 71$ 138$ 444$ 658
Net Income Per Share - Basic$ 0.24$ 0.46$ 1.48$ 2.16Net Income Per Share - Diluted$ 0.24$ 0.46$ 1.48$ 2.16
Weighted Average Number of Shares Outstanding - Basic296.6301.5299.3304.0Weighted Average Number of Shares Outstanding - Diluted296.9302.7299.8305.1 Graphic Packaging Holding Company
Condensed Consolidated Balance Sheets
(Unaudited) In millions, except share and per share amountsDecember 31, 2025December 31, 2024Assets
Current Assets:
Cash and Cash Equivalents$ 261$ 157Receivables, Net760759Inventories, Net1,7531,754Assets Held for Sale1015Other Current Assets12699Total Current Assets2,9102,784Property, Plant and Equipment, Net5,6825,258Goodwill2,0651,993Intangible Assets, Net670667Other Assets448442Total Assets$ 11,775$ 11,144
Liabilities
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt$ 549$ 39Accounts Payable1,0271,116Other Accrued Liabilities665748Total Current Liabilities2,2411,903Long-Term Debt5,0225,145Deferred Income Tax Liabilities688613Other Noncurrent Liabilities487470
Shareholders' Equity
Preferred Stock, par value $0.01 per share; 100,000,000 shares authorized; no shares issued or
outstanding——Common Stock, par value $0.01 per share; 1,000,000,000 shares authorized; 295,128,049 and
300,163,372 shares issued and outstanding at December 31, 2025 and December 31, 2024,
respectively33Capital in Excess of Par Value1,9812,054Retained Earnings1,6141,410Accumulated Other Comprehensive Loss(262)(455)Total Graphic Packaging Holding Company Shareholders' Equity3,3363,012Noncontrolling Interest11Total Equity3,3373,013Total Liabilities and Shareholders' Equity$ 11,775$ 11,144 Graphic Packaging Holding Company
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Twelve Months Ended December 31,In millions20252024Cash Flows from Operating Activities:
Net Income$ 444$ 658
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization536557Amortization of Deferred Debt Issuance Costs66Deferred Income Taxes107(119)Amount of Postretirement Expense Less Than Funding(5)(3)Gain on Disposal of Business—(75)Share-Based Compensation Expense262Other, Net(36)23Changes in Operating Assets and Liabilities(200)(269)Net Cash Provided by Operating Activities854840
Cash Flows from Investing Activities:
Capital Spending(935)(1,203)Acquisition of Businesses(29)—Proceeds from the Sale of Business and Properties45711Beneficial Interest on Sold Receivables275250Beneficial Interest Obtained in Exchange for Proceeds(104)(98)Other, Net3(2)Net Cash Used in Investing Activities(745)(342)
Cash Flows from Financing Activities:
Repurchase of Common Stock(150)(200)Payments on Debt(14)(23)Proceeds from Issuance of Debt99750Retirement of Long-Term debt—(700)Borrowings under Revolving Credit Facilities3,3974,584Payments on Revolving Credit Facilities(3,171)(4,747)Debt Issuance Costs(2)(9)Repurchase of Common Stock related to Share-Based Payments(34)(25)Dividends Paid(128)(122)Other, Net(15)3Net Cash Used in Financing Activities(18)(489)Increase in Cash and Cash Equivalents, including cash classified within assets held for sale919Less: Cash reclassified to Assets Held for Sale—1Effect of Exchange Rate Changes on Cash13(15)Net Increase (Decrease) in Cash and Cash Equivalents104(5)Cash and Cash Equivalents at Beginning of Year157162Cash and Cash Equivalents at End of Year$ 261$ 157Graphic Packaging Holding Company
Reconciliation of Non-GAAP Financial MeasuresThe tables below set forth the calculation of the Company's earnings before interest expense, income tax expense, depreciation and amortization, including pension amortization ("EBITDA"), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, Net Leverage Ratio, and Total Net Debt. Adjusted EBITDA and Adjusted Net Income exclude charges associated with: the Company's business combinations, facility shutdowns, non-recurring and other special items. The Company's management believes that the presentation of EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio provides useful information to investors because these measures are regularly used by management in assessing the Company's performance. EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio, are financial measures not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), and are not measures of net income, operating income, operating performance, liquidity or net sales presented in accordance with GAAP.EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio should be considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for or superior to GAAP results. In addition, our EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio may not be comparable to Adjusted EBITDA or similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as we do.
Three Months Ended December 31,Twelve Months Ended December 31,In millions, except per share amounts2025202420252024Net Income$ 71$ 138$ 444$ 658Add (Subtract):
Income Tax Expense 2147139229Equity Income of Unconsolidated Entity——(1)(1)Interest Expense, Net6353220230Depreciation and Amortization150138540561EBITDA3053761,3421,677(Gains) Charges Associated with Business Combinations, Exit
Activities and Other Special Items, Net(6)28415Other Non-Recurring Items(a)12—12—Adjusted EBITDA$ 311$ 404$ 1,395$ 1,682
Adjusted EBITDA Margin (Adjusted EBITDA/Net Sales)14.8 %19.3 %16.2 %19.1 %
Net Income $ 71$ 138$ 444$ 658(Gains) Charges Associated with Business Combinations, Exit
Activities and Other Special Items, Net(6)28415Other Non-Recurring Items(a)12—12—Accelerated Depreciation Related to Exit Activities231120Amortization Related to Purchased Intangible Assets16216682Tax Impact of Adjustments(10)(11)(35)(6)Adjusted Net Income$ 85$ 179$ 539$ 759
Adjusted Earnings Per Share - Basic$ 0.29$ 0.59$ 1.80$ 2.50Adjusted Earnings Per Share - Diluted$ 0.29$ 0.59$ 1.80$ 2.49
(a)Represents items management believes are not indicative of ongoing operating performance, including CEO severance expense and one-time charges for software licenses related to reduction in usage tied to cost optimization initiatives and write-offs of implementation costs related to software that is no longer in use. Graphic Packaging Holding Company
Reconciliation of Non-GAAP Financial Measures
(Continued)
Twelve Months EndedIn millionsDecember 31, 2025December 31, 2024December 31, 2023Net Income$ 444$ 658$ 723Add (Subtract):
Income Tax Expense 139229210Equity Income of Unconsolidated Entity(1)(1)(1)Interest Expense, Net220230239Depreciation and Amortization540561624EBITDA1,3421,6771,795Charges Associated with Business Combinations, Exit Activities and Other
Special Items, Net41581Other Non-Recurring Items (a)12——Adjusted EBITDA$ 1,395$ 1,682$ 1,876
Calculation of Net Debt:202520242023Short-Term Debt and Current Portion of Long-Term Debt$ 549$ 39$ 764Long-Term Debt (b)5,0435,1704,632Less:
Cash and Cash Equivalents(261)(157)(162)Net Debt$ 5,331$ 5,052$ 5,234
Net Leverage Ratio (Total Net Debt/Adjusted EBITDA)3.83.02.8
(a)Represents items management believes are not indicative of ongoing operating performance, including CEO severance expense and one-time charges for software licenses related to reduction in usage tied to cost optimization initiatives and write-offs of implementation costs related to software that is no longer in use.(b)Excludes unamortized deferred debt issue costs.
Twelve Months Ended December 31,In millions20252024Net Cash Provided by Operating Activities$ 854$ 840Net Cash Receipts from Receivables Sold included in Investing Activities171152Cash Payments Associated with Business Combinations, Exit Activities and Other Special Items,
Net79184Adjusted Net Cash Provided by Operating Activities$ 1,104$ 1,176Capital Spending(935)(1,203)Adjusted Cash Flow$ 169$ (27)
View original content to download multimedia:https://www.prnewswire.com/news-releases/graphic-packaging-holding-company-reports-fourth-quarter-and-full-year-2025-results-302676888.htmlSOURCE Graphic Packaging Holding Company
Original: Graphic Packaging Holding Company Reports Fourth Quarter and Full-Year 2025 Results
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