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GPK

Graphic Packaging Holding Company

GPK

Graphic Packaging Holding Company • NYSE
$16.18 ▲ 0.31% (+0.05)
Market Cap $4.78 B
52w High $30.49
52w Low $14.90
Dividend Yield 0.43%
P/E 9.57
Volume 1.49M
Outstanding Shares 295.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.19B ▼ $179M ▼ $142M ▲ 6.484% ▲ $0.48 ▲ $361M ▲
Q2-2025 $2.204B ▲ $207M ▼ $104M ▼ 4.719% ▼ $0.35 ▼ $323M ▼
Q1-2025 $2.12B ▲ $210M ▲ $127M ▼ 5.991% ▼ $0.42 ▼ $352M ▼
Q4-2024 $2.095B ▼ $197M ▼ $138M ▼ 6.587% ▼ $0.46 ▼ $376M ▼
Q3-2024 $2.216B $201M $165M 7.446% $0.55 $416M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $120M $11.878B ▲ $8.592B ▲ $3.285B ▲
Q2-2025 $120M ▼ $11.795B ▲ $8.576B ▲ $3.218B ▲
Q1-2025 $129M ▼ $11.497B ▲ $8.339B ▲ $3.157B ▲
Q4-2024 $157M ▲ $11.144B ▼ $8.131B ▼ $3.012B ▲
Q3-2024 $126M $11.231B $8.22B $3.009B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $142M ▲ $227M ▼ $-231M ▼ $4M ▲ $0 ▲ $-40M ▼
Q2-2025 $104M ▼ $267M ▲ $-207M ▲ $-77M ▼ $-9M ▲ $39M ▲
Q1-2025 $127M ▼ $-174M ▼ $-298M ▼ $439M ▲ $-28M ▼ $-487M ▼
Q4-2024 $138M ▼ $489M ▲ $-240M ▲ $-209M ▼ $31M ▲ $179M ▲
Q3-2024 $165M $187M $-277M $88M $1M $-126M

Revenue by Products

Product Q3-2023Q1-2024Q2-2024Q3-2024
Paperboard Mills Segment
Paperboard Mills Segment
 $240.00M ▲$220.00M ▼$170.00M ▼$130.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Over the past five years, Graphic Packaging has grown from a modestly profitable business into a more consistently profitable one. Sales rose meaningfully coming out of 2020, then leveled off more recently, suggesting the big growth spurt is behind them for now. The more important story is margin improvement: gross profit, operating profit, and earnings have all moved higher, showing better pricing, cost control, and scale. Earnings per share have increased significantly versus a few years ago, though the last two years show more of a plateau than a sharp climb. Overall, the income statement points to a mature, scale player that has improved its economics, but is now navigating a slower and more competitive demand environment.

Balance Sheet

Balance Sheet The balance sheet shows a capital‑intensive business that has been investing heavily while gradually strengthening its equity base. Total assets have grown as the company has built and upgraded mills and packaging capacity. Debt has also risen over time and remains substantial, which is typical for this type of manufacturing business but does add financial risk, especially in weaker economic conditions or higher‑rate environments. Equity has increased steadily, indicating that retained earnings are building and the company is absorbing its investments over time. Cash on hand is relatively small compared with total debt and assets, so the company relies more on ongoing cash generation and access to credit than on large cash reserves.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has generally been solid, though it has moved up and down from year to year with swings in working capital and the operating environment. Free cash flow has been more volatile, flipping between positive and negative, mainly because capital spending has been heavy. In recent years, large outlays for new mills and equipment have pushed free cash flow into negative territory at times. This pattern is consistent with a company in an investment phase: near‑term cash is being sacrificed to upgrade assets and support long‑term cost advantages. The key watchpoint is whether those investments translate into more stable and stronger free cash flow once the spending cycle normalizes.

Competitive Edge

Competitive Edge Graphic Packaging holds a strong competitive position in fiber‑based consumer packaging, particularly in North America. Its advantages come from scale, cost efficiency in recycled paperboard, and deep relationships with large consumer brands that value reliability and sustainability. Vertical integration—from recycled fiber through to finished cartons—gives the company control over quality, input costs, and supply, which can be a major differentiator when supply chains are tight. Its focus on replacing plastic with paper‑based solutions aligns well with regulatory trends and brand commitments around sustainability. However, the industry remains competitive and price‑sensitive, with other major global packaging players, exposure to consumer demand cycles, and the ever‑present risk that packaging can be treated as a commodity if innovation slows or customers aggressively push for lower prices.

Innovation and R&D

Innovation and R&D Innovation and sustainability are central to Graphic Packaging’s strategy and are a key part of its moat. The company has built a sizable patent portfolio, dedicated innovation centers, and is investing in advanced recycled paperboard mills that it believes are among the most efficient in the world. These assets underpin its push into fiber‑based alternatives to plastic, such as new sushi packaging, redesigned coffee pod cartons, reduced‑plastic produce packs, and platforms like PaperSeal and KeelClip. The emphasis is not just on being “greener,” but on improving performance, logistics efficiency, and branding for customers. The company’s Vision 2030 and circular‑economy focus suggest a long runway of product and material development ahead, though success will depend on execution, continued customer adoption, and staying ahead of competing sustainable solutions.

Summary

Graphic Packaging has evolved into a more profitable, innovation‑driven packaging company with a clear strategic focus on sustainable, fiber‑based solutions. Its income statement reflects stronger margins and earnings than a few years ago, while its balance sheet and cash flows show the strain and opportunity of heavy investment in new mills and technologies. The firm’s vertical integration, cost leadership in recycled board, and alignment with anti‑plastic and pro‑sustainability trends support a solid competitive position in a large and slowly changing industry. Key risks center on high capital intensity, meaningful debt levels, exposure to consumer and commodity cycles, and the need to successfully convert today’s large investment and innovation pipeline into durable, higher free cash flow over time. Overall, the company looks positioned as a scale, sustainability‑focused player in packaging, balancing near‑term investment pressures against long‑term structural opportunities.

NEWS

November 4, 2025 · 6:30 AM UTC

Graphic Packaging Holding Company Reports Third Quarter 2025 Financial Results

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September 30, 2025 · 8:00 AM UTC

Graphic Packaging Holding Company to Host Third Quarter 2025 Earnings Conference Call on November 4

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