Graphic Packaging Company
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Graphic Packaging Company (GPK) investor relations material

Graphic Packaging Company Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary3 Feb, 2026

Executive summary

  • New CEO with global CPG experience initiated a comprehensive review of operations, structure, and portfolio to drive operational excellence, cost reduction, and customer-centric growth.

  • Transformation office established, external advisors engaged, and organizational changes implemented to drive productivity, cost savings, and accountability.

  • Focus on innovation, faster commercialization, disciplined organic growth, and aligning resources to high-return opportunities.

  • Emphasis on enhancing profitability, generating free cash flow, and optimizing capital allocation.

Financial highlights

  • Q4 2025 net sales were $2.1B (+0.4% YoY); full-year 2025 net sales $8.6B (-2.2% YoY), primarily due to Augusta divestiture and lower packaging prices.

  • Q4 2025 net income was $71M (-48.6% YoY); full-year 2025 net income $444M (-32.5% YoY).

  • Q4 2025 adjusted EBITDA was $311M (-23.0% YoY); full-year 2025 adjusted EBITDA $1,395M (-17.1% YoY); margin fell to 16.2%.

  • Adjusted EPS for 2025 was $1.80, down from $2.49 in 2024; net leverage ended at 3.8x, up from 3.0x.

  • Returned $281M to shareholders in 2025 via dividends and share repurchases; 6.8M shares repurchased, reducing net shares by 2.3%.

Outlook and guidance

  • 2026 net sales expected at $8.4B–$8.6B, with volumes ranging from -1% to +1%.

  • 2026 Adjusted EBITDA guidance: $1.05B–$1.25B (reported), $1.2B–$1.4B (pro forma, excluding temporary curtailment).

  • Adjusted Free Cash Flow projected at $700M–$800M in 2026, driven by lower capex and inventory reduction.

  • Adjusted EPS expected at $0.75–$1.15 for 2026.

  • Capital spending to drop to ~$450M in 2026, below 5% of sales.

What specific cost savings are targeted from review
Are 2026 EBITDA headwinds recurring in 2027?
How will lower 2026 capex impact debt reduction?
What defines core assets in portfolio review?
What caused Waco project cost overruns?
How does bleached board oversupply affect other grades?
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Q1 20265 May, 2026
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Frequently asked questions

Graphic Packaging Holding Company, together with its subsidiaries, provides fiber-based packaging solutions to food, beverage, foodservice, and other consumer products companies. It operates through three segments: Paperboard Mills, Americas Paperboard Packaging, and Europe Paperboard Packaging. The company offers coated unbleached kraft (CUK) and coated recycled paperboard (CRB) for various food and beverage packaging applications, such as cereal boxes and food trays; coated label paper for label applications; and coated white back duplex and folding carton grades to manufacture directly printed cartons.

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