"Against a backdrop of sluggish consumer volumes, we executed well in the quarter, reduced inventory, and saw our innovation engine open new markets for paperboard packaging." – Mike Doss, President and CEO, Graphic Packaging Holding Company.
Nov. 4, 2025 - Graphic Packaging Holding Company today reported third quarter 2025 results.
Net Income in third quarter 2025 was $142 million, or $0.48 per diluted share, versus $165 million, or $0.55 per diluted share in third quarter 2024. Third quarter 2025 and 2024 Net Income were impacted by a net charge from special items and amortization of purchased intangibles of $30 million and $29 million, respectively. Excluding special items and amortization of purchased intangibles, Adjusted Net Income for the third quarter of 2025 was $172 million, or $0.58 per diluted share, and $194 million, or $0.64 per diluted share in third quarter 2024.
Michael Doss, the Company's President and CEO said, "Against a backdrop of sluggish consumer volumes, we executed well in the quarter, reduced inventory, and saw our innovation engine open new markets for paperboard packaging. As food affordability challenges ease, the full power of our business model and its cash generating potential will become even more apparent.
"I am pleased to announce that our Waco, Texas recycled paperboard manufacturing facility produced its first commercially saleable rolls in October, well ahead of plan," Doss said. "I congratulate our team and our contractors for their exceptional work. I also want to thank the Waco community, Governor Abbott, and the state of Texas for their steadfast support. We expect to reach full production in 12 to 18 months.
"Waco will be the world's most efficient producer of recycled paperboard, with the highest quality available anywhere outside of our own Kalamazoo, Michigan facility. This marks the completion of our Vision 2025 transformation, and we now turn our full attention to our Vision 2030 priorities: innovation, execution, reaching investment grade, and returning cash to stockholders," Doss concluded.
Third quarter 2025 Net Sales decreased 1% to $2,190 million, versus $2,216 million in the same quarter last year. The $26 million decline was driven by lower volumes and prices in the Americas, partially offset by modestly positive volumes in International, and a $24 million favorable foreign exchange impact.
Third quarter 2025 EBITDA decreased 13% to $361 million. Excluding the impact of business combinations and other special items, Adjusted EBITDA was $383 million versus $433 million in the same quarter last year. The decline in Adjusted EBITDA was driven by the impact of lower price and volume, as well as input and other cost inflation, partially offset by Net Performance. Foreign exchange was flat in the quarter. Third quarter Adjusted EBITDA Margin was 17.5% in 2025, and 19.5% in 2024.
The Company currently expects full-year 2025 Net Sales, Adjusted EBITDA, and Adjusted EPS, including foreign exchange impact, of $8.4 billion to $8.6 billion, $1.40 billion to $1.45 billion, and $1.80 to $2.00, respectively. Revisions from prior guidance reflect year-to-date performance, further action to match production to orders (~$15 million), and a wider than normal range of potential fourth quarter outcomes. Volume and market uncertainty remain unusually high given a stretched consumer and weakened consumer confidence.
Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, designs and produces consumer packaging made primarily from renewable or recycled materials. Graphic Packaging operates a global network of design and manufacturing facilities serving the world's most widely recognized brands in food, beverage, foodservice, household, and other consumer products.
SOURCE: Graphic Packaging Holding Company