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Packaging & containers · Consumer Cyclical · Fiscal year ends Dec 31
Graphic Packaging reported revenue of $8.6B in the fiscal year ended Dec 2025, down 2.2% from the year before. Operating income was $804M, an operating margin of 9.4%, and net income was $444M. Net debt was $5.3B.
Ranks among the 12 packaging & containers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 7,131 | 9,410 | 9,383 | 8,775 | 8,581 |
| Cost of revenue | 6,085 | 7,610 | 7,311 | 6,845 | 7,015 |
| Gross profit | 1,046 | 1,800 | 2,072 | 1,930 | 1,566 |
| Research & development | 10.0 | 14.0 | 16.0 | 17.0 | 19.0 |
| Selling, general & admin | 528 | 774 | 805 | 774 | 704 |
| Operating income | 407 | 906 | 1,174 | 1,119 | 804 |
| Interest expense | 123 | 197 | 239 | 230 | 220 |
| Pre-tax income | 289 | 716 | 932 | 886 | 582 |
| Income tax | 74.0 | 194 | 210 | 229 | 139 |
| Net income | 204 | 522 | 723 | 658 | 444 |
| Diluted EPS | 0.68 | 1.69 | 2.34 | 2.16 | 1.48 |
| Diluted shares | 298 | 310 | 309 | 305 | 300 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 172 | 150 | 162 | 157 | 261 |
| Receivables | 785 | 804 | 716 | 621 | 590 |
| Inventory | 1,387 | 1,606 | 1,754 | 1,754 | 1,766 |
| Current assets | 2,502 | 2,706 | 2,845 | 2,784 | 2,923 |
| Net PP&E | 4,677 | 4,579 | 4,992 | 5,258 | 5,669 |
| Goodwill | 2,015 | 1,979 | 2,103 | 1,993 | 2,065 |
| Total assets | 10,457 | 10,328 | 11,175 | 11,144 | 11,775 |
| Payables | 1,125 | 1,123 | 1,094 | 1,116 | 1,027 |
| Deferred revenue | 61.0 | 65.0 | 60.0 | 69.0 | 59.0 |
| Current liabilities | 2,049 | 1,933 | 2,589 | 1,903 | 2,244 |
| Short-term debt | 263 | 26.0 | 739 | 14.0 | 525 |
| Long-term debt | 5,515 | 5,200 | 4,609 | 5,145 | 5,022 |
| Total liabilities | 8,564 | 8,178 | 8,393 | 8,131 | 8,438 |
| Shareholders' equity | 1,891 | 2,149 | 2,781 | 3,012 | 3,336 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 609 | 1,090 | 1,144 | 840 | 841 |
| Depreciation & amortisation | 489 | 553 | 619 | 557 | 536 |
| Stock-based compensation | 27.0 | 34.0 | 44.0 | 62.0 | 2.0 |
| Acquisitions | 1,704 | 0.0 | 361 | 0.0 | 29.0 |
| Share buybacks | 0.0 | 28.0 | 54.0 | 200 | 150 |
| Dividends paid | 92.0 | 92.0 | 123 | 122 | 128 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 32.0% | −0.3% | −6.5% | −2.2% |
| Operating income growth (YoY) | – | 122.6% | 29.6% | −4.7% | −28.2% |
| EPS growth (YoY) | – | 148.5% | 38.5% | −7.7% | −31.5% |
| Gross margin | 14.7% | 19.1% | 22.1% | 22.0% | 18.2% |
| Operating margin | 5.7% | 9.6% | 12.5% | 12.8% | 9.4% |
| Net margin | 2.9% | 5.5% | 7.7% | 7.5% | 5.2% |
| Return on equityBlank when equity is negative | 10.8% | 24.3% | 26.0% | 21.8% | 13.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.8% | 10.8% | 13.7% | 12.1% | 8.4% |
| Cash conversion (CFO ÷ net income) | 2.99x | 2.09x | 1.58x | 1.28x | 1.89x |
| Receivable days | 40 | 31 | 28 | 26 | 25 |
| Inventory days | 83 | 77 | 88 | 94 | 92 |
| Payable days | 67 | 54 | 55 | 60 | 53 |
| Interest cover | 3.31x | 4.60x | 4.91x | 4.87x | 3.65x |
| Debt ÷ equity | 3.06x | 2.43x | 1.92x | 1.71x | 1.66x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 5,606 | 5,076 | 5,186 | 5,002 | 5,286 |
| Current ratio | 1.22x | 1.40x | 1.10x | 1.46x | 1.30x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.