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Packaging & containers · Consumer Cyclical · Fiscal year ends Dec 31
Reynolds Consumer Products reported revenue of $3.7B in the fiscal year ended Dec 2025, up 0.7% from the year before. Operating income was $479M, an operating margin of 12.9%, and net income was $301M. Operating cash flow of $477M less capital expenditure of $161M left free cash flow of $316M. Net debt was $1.4B.
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 | 3,445 | 3,817 | 3,756 | 3,695 | 3,721 |
| Cost of revenue | 2,745 | 3,041 | 2,814 | 2,717 | 2,807 |
| Gross profit | 811 | 776 | 942 | 978 | 914 |
| Research & development | 36.0 | 38.0 | 44.0 | 45.0 | 48.0 |
| Selling, general & admin | 320 | 340 | 430 | 429 | 382 |
| Operating incomederived: pre-tax income + interest | 478 | 414 | 512 | 549 | 479 |
| Interest expense | 48.0 | 76.0 | 119 | 98.0 | 86.0 |
| Pre-tax income | 430 | 338 | 393 | 451 | 393 |
| Income tax | 106 | 80.0 | 95.0 | 99.0 | 92.0 |
| Net income | 324 | 258 | 298 | 352 | 301 |
| Diluted EPS | 1.54 | 1.23 | 1.42 | 1.67 | 1.43 |
| Diluted shares | 210 | 210 | 210 | 210 | 210 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 164 | 38.0 | 115 | 137 | 147 |
| Receivables | 316 | 348 | 347 | 337 | 355 |
| Inventory | 583 | 722 | 524 | 567 | 584 |
| Current assets | 1,104 | 1,171 | 1,041 | 1,101 | 1,116 |
| Net PP&E | 677 | 722 | 732 | 758 | 823 |
| Goodwill | 1,879 | 1,879 | 1,895 | 1,895 | 1,895 |
| Total assets | 4,812 | 4,929 | 4,780 | 4,873 | 4,936 |
| Payables | 261 | 252 | – | – | 387 |
| Current liabilities | 484 | 496 | 478 | 539 | 577 |
| Short-term debt | 25.0 | 25.0 | 0.0 | 0.0 | 0.0 |
| Long-term debt | 2,087 | 2,066 | 1,832 | 1,686 | 1,580 |
| Total liabilities | 3,056 | 3,061 | 2,797 | 2,731 | 2,683 |
| Shareholders' equity | 1,756 | 1,868 | 1,983 | 2,142 | 2,253 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 310 | 219 | 644 | 489 | 477 |
| Capital expenditure | 141 | 128 | 104 | 120 | 161 |
| Free cash flow | 169 | 91.0 | 540 | 369 | 316 |
| Depreciation & amortisation | 109 | 117 | 124 | 129 | 135 |
| Stock-based compensation | 4.0 | 5.0 | 14.0 | 19.0 | 21.0 |
| Acquisitions | 0.0 | 0.0 | 6.0 | 0.0 | 0.0 |
| Dividends paid | 192 | 192 | 192 | 192 | 192 |
| Dividend per share | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.8% | −1.6% | −1.6% | 0.7% |
| Operating income growth (YoY) | – | −13.4% | 23.7% | 7.2% | −12.8% |
| EPS growth (YoY) | – | −20.1% | 15.4% | 17.6% | −14.4% |
| Gross margin | 23.5% | 20.3% | 25.1% | 26.5% | 24.6% |
| Operating margin | 13.9% | 10.8% | 13.6% | 14.9% | 12.9% |
| Net margin | 9.4% | 6.8% | 7.9% | 9.5% | 8.1% |
| Return on equityBlank when equity is negative | 18.5% | 13.8% | 15.0% | 16.4% | 13.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.0% | 9.3% | 11.9% | 12.7% | 11.0% |
| Free cash flow margin | 4.9% | 2.4% | 14.4% | 10.0% | 8.5% |
| Cash conversion (CFO ÷ net income) | 0.96x | 0.85x | 2.16x | 1.39x | 1.58x |
| Receivable days | 33 | 33 | 34 | 33 | 35 |
| Inventory days | 78 | 87 | 68 | 76 | 76 |
| Payable days | 35 | 30 | – | – | 50 |
| Interest cover | 9.96x | 5.45x | 4.30x | 5.60x | 5.57x |
| Debt ÷ equity | 1.20x | 1.12x | 0.92x | 0.79x | 0.70x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,948 | 2,053 | 1,717 | 1,549 | 1,433 |
| Current ratio | 2.28x | 2.36x | 2.18x | 2.04x | 1.93x |
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.