Ranpak (PACK) Q4 2025 earnings summary

Executive summary

• Finished 2025 with volume growth across all geographies, strong automation momentum, and robust performance from North America enterprise accounts, especially in e-commerce.

• Strengthened partnerships with major global e-commerce and retail leaders, including Amazon, Walmart, and Medline, and expanded automation in healthcare.

• Achieved 9 out of the last 10 quarters of volume growth, with sequential gains in all regions and first volume growth in Europe for the year.

• Automation segment posted record quarterly revenue, growing nearly 40% on a constant currency basis excluding warrants.

• Ended Q4 2025 with $63.0 million in cash and no drawings on the revolving credit facility.

Financial highlights

• Q4 2025 net revenue was $111.9 million, up 6.6% year-over-year; full-year net revenue rose 7.1% (4.7% constant currency) to $395.0 million.

• Q4 gross profit was $36.5 million, with gross margin declining to 32.6% from 39.4% due to higher costs and product mix.

• Q4 Adjusted EBITDA was $24.0 million (21.4% margin), down 5.1% year-over-year; full-year Adjusted EBITDA was $79.2 million (20.1% margin), down 5.5%.

• Q4 net loss was $9.5 million; full-year net loss widened to $38.3 million from $21.5 million.

• Non-cash warrant provisions reduced Q4 revenue and Adjusted EBITDA by $2.3 million and are expected to impact 2026 by $5–$7 million.

Outlook and guidance

• 2026 guidance: net revenue growth of 5.1%–12.7% to $415–$445 million; Adjusted EBITDA growth of 5.4%–19.9% to $83.5–$95 million.

• Automation revenue projected to grow 30%–50%, potentially exceeding $60 million and turning positive on Adjusted EBITDA.

• PPS volume growth expected in low-to-high single digits, with North America leading and Europe more uncertain due to geopolitical risks.

• Free cash flow for 2026 estimated at ~$15M after CapEx, interest, taxes, and working capital needs.

• Guidance incorporates a $5–$7 million non-cash reduction in net revenue and AEBITDA due to warrant impacts.