AptarGroup (ATR) Q4 2025 earnings summary

Executive summary

• Q4 2025 reported sales grew 14% year-over-year to $963 million, with all segments contributing to core sales growth.

• Full-year 2025 sales increased 5% to $3.78 billion, with net income up 5% to $393 million and reported EPS up 7% to $5.89.

• Q4 2025 net income fell 26% to $74 million, while adjusted EPS was $1.25 (down from $1.62); annual adjusted EPS was $5.74, down 1% year-over-year.

• $486 million was returned to shareholders in 2025 via dividends and share repurchases, including the 32nd consecutive year of increasing dividends.

• Board approved a new $600 million share repurchase authorization.

Financial highlights

• Q4 adjusted EBITDA was $191 million, down 2% year-over-year, with a margin of 19.8% (down from 23%).

• Full-year adjusted EBITDA margin was 21.6%, consistent with the prior year.

• Free cash flow for 2025 was $303 million, down from $367 million, mainly due to tax and pension payment timing and higher working capital.

• SG&A as a percentage of sales decreased by 60 basis points to 15.7%.

• FY 2025 ROIC was 12%.

Outlook and guidance

• Q1 2026 adjusted EPS expected between $1.13 and $1.21, with a tax rate of 21–23%.

• 2026 capital investments projected at $260–$280 million; depreciation and amortization at $320–$330 million.

• Emergency medicine portfolio expected to be a $65 million revenue headwind in 2026, mostly in H1.

• Full-year 2026 margins expected to improve sequentially, with H2 stronger than H1 and within long-term target ranges.

• Pharma segment expected to see strong growth outside emergency medicine; Beauty and Closures to show steady performance.