GRAPHIC PACKAGING HOLDING (GPK) Company Report

Graphic Packaging reported Q3 2025 sales of $2.2 billion, Adjusted EBITDA of $383 million, and Adjusted EPS of $0.58.
Chuck Leisher has been appointed Interim Chief Financial Officer, succeeding Steve Scherger who is departing.
The Waco recycled paperboard manufacturing facility produced its first commercially saleable roll on October 24th, earlier than planned, marking the end of the Vision 2025 transformation program. This facility is expected to contribute an $80 million EBITDA uplift in 2026 and another $80 million in 2027, with capital spending projected to decline significantly to approximately 5% of sales, enabling targeted free cash flow of $700-$800 million in 2026.
The company repurchased approximately 6.8 million shares for $150 million year-to-date, reducing shares outstanding by 2.3% in 2025.
Q3 volumes were down 2% year-on-year amidst a bifurcated consumer market and competitive pricing pressures, leading to a modest revision in guidance and an expected $15 million impact on Q4 Adjusted EBITDA due to actions to balance production with demand.

Nov 4, 2025, 3:00 PM

Transcript

Graphic Packaging Reports Q3 2025 Results, Announces CFO Transition, and Waco Facility Startup

GPK

Earnings

CFO Change

New Projects/Investments

Graphic Packaging reported Q3 2025 sales of $2.2 billion, Adjusted EBITDA of $383 million, Adjusted EBITDA margin of 17.5%, and Adjusted EPS of $0.58.
Steve Scherger has departed as Chief Financial Officer, with Chuck Leisher appointed as Interim Chief Financial Officer.
The company successfully produced the first commercially saleable roll of paperboard at its Waco Recycled Paperboard Manufacturing facility on October 24th, ahead of schedule, marking the completion of its Vision 2025 transformation program.
Capital spending is expected to decline significantly to approximately 5% of sales, with Graphic Packaging targeting $700 million-$800 million in free cash flow for 2026.
To address upcoming debt maturities, the company entered into a $400 million delayed draw term loan in October to repay bonds due in April 2026, with a current cost of debt of approximately 4.5%.

Nov 4, 2025, 3:00 PM

Transcript

Graphic Packaging Reports Q3 2025 Results, Announces Interim CFO, and Waco Facility Startup

GPK

Earnings

CFO Change

New Projects/Investments

Graphic Packaging reported Q3 2025 financial results, with sales of $2.2 billion, Adjusted EBITDA of $383 million, Adjusted EBITDA margin of 17.5%, and adjusted EPS of $0.58.
Chuck Leisher has been appointed Interim Chief Financial Officer, succeeding Steve Scherger.
The Waco recycled paperboard manufacturing facility commenced production on October 24th, earlier than planned, and is expected to ramp up to full production over 12-18 months, adding 550,000 tons of capacity.
The company modestly revised its guidance due to an unpredictable volume outlook, anticipating a $15 million impact on Q4 Adjusted EBITDA from production adjustments.
Management is confident in generating $700-$800 million in free cash flow in 2026, primarily due to capital spending declining to approximately 5% of sales. The company also repurchased approximately 6.8 million shares for $150 million year-to-date in 2025.

Nov 4, 2025, 3:00 PM

Transcript

Graphic Packaging Reports Q3 2025 Results and Updates Full-Year Guidance

GPK

Earnings

Guidance Update

Share Buyback

Graphic Packaging reported Q3 2025 Net Sales of $2,190 million, a 1% decrease year-over-year, with packaging sales down 2% due to a 2% volume decline and 1% price decline. Adjusted EBITDA for the quarter was $383 million, and Adjusted EPS was $0.58.
The company updated its 2025 guidance, revising Adjusted EBITDA to $1.4B to $1.45B (from $1.45B to $1.55B) and Adjusted EPS to $1.80 to $2.00 (from $1.90 to $2.20). Assumed volume for 2025 was also updated to -1% to Flat.
Year-to-date, Graphic Packaging returned $248 million to stockholders, including $98 million in cash dividends and $150 million in share repurchases, resulting in a 2.3% reduction in shares.
The Waco facility began commercial production in October 2025, and the company is on track to achieve greater than 2% Innovation Sales Growth in 2025.

Nov 4, 2025, 3:00 PM

Presentation

Graphic Packaging Holding Company Reports Third Quarter 2025 Financial Results and Updates Full-Year Guidance

GPK

Earnings

Guidance Update

Share Buyback

Graphic Packaging Holding Company reported Q3 2025 Net Sales of $2,190 million, a 1% decrease from Q3 2024, with Adjusted EBITDA of $383 million and Adjusted Diluted EPS of $0.58.
The company provided full-year 2025 guidance, expecting Net Sales between $8.4 billion and $8.6 billion, Adjusted EBITDA between $1.40 billion and $1.45 billion, and Adjusted EPS between $1.80 and $2.00.
Net Debt increased to $5,821 million in Q3 2025 from $5,052 million in Q4 2024, resulting in a Net Leverage Ratio of 3.9x compared to 3.0x in Q4 2024.
Graphic Packaging repurchased $39 million of common stock in Q3 2025, contributing to a year-to-date net share reduction of 2.3%. The Waco, Texas recycled paperboard manufacturing facility began producing commercially saleable rolls in October, marking the completion of the Vision 2025 transformation.

Nov 4, 2025, 1:44 PM

8-K

Graphic Packaging Holding Company Reports Q3 2025 Financial Results and Updates Full-Year Guidance

GPK

Earnings

Guidance Update

Demand Weakening

Graphic Packaging Holding Company reported Q3 2025 Net Sales of $2,190 million, a 1% decrease from Q3 2024, and Adjusted EBITDA of $383 million, down 13% year-over-year, primarily due to lower volumes and prices in the Americas.
Adjusted Diluted EPS for Q3 2025 was $0.58, compared to $0.64 in Q3 2024.
The company repurchased $39 million of common stock in Q3 2025, contributing to a 2.3% net share reduction year-to-date.
Net Debt increased to $5,821 million in Q3 2025 from $5,052 million in Q4 2024, with the Net Leverage Ratio rising to 3.9x from 3.0x.
For full-year 2025, the company expects Net Sales between $8.4 billion and $8.6 billion, Adjusted EBITDA between $1.40 billion and $1.45 billion, and Adjusted EPS between $1.80 and $2.00, noting revisions due to year-to-date performance and market uncertainty.

Nov 4, 2025, 11:30 AM

Press Release

Graphic Packaging Holding Company Discusses Strategic Vision, Investments, and Market Headwinds

GPK

New Projects/Investments

Guidance Update

Demand Weakening

Graphic Packaging has undergone a significant transformation over the past seven years, now generating nearly $9 billion in sales primarily across North America (70%) and Europe (30%), with a strong focus on innovation, particularly in plastic and foam replacement.
Major capital expenditures are concluding with the Waco, Texas facility expected to come online in Q4 2025, after which capital expenditures are projected to decrease from over 12% of sales to approximately 5% of sales or below starting in 2026, driving significant cash flow generation.
The company is navigating near-term, temporary headwinds, including consumer affordability challenges impacting customer volumes, the MAHA movement and GLP-1 drugs prompting customer reformulations, and overcapacity in the SBS paperboard market. As a result, Q3 2025 volumes are down about 2% volumetrically through mid-August.
Despite these challenges, Graphic Packaging remains confident in its long-term financial algorithm, aiming for low single-digit annual sales growth, mid-single-digit adjusted EBITDA growth, and high single-digit EPS growth. Capital allocation priorities include reinvestment, dividend growth, and share repurchases, with a target leverage ratio of around 3.5 times by year-end 2025.

Sep 3, 2025, 2:34 PM

Graphic Packaging outlines capacity changes, Waco build, results update

GPK

Guidance Update

New Projects/Investments

Share Buyback

Graphic Packaging is focusing on expanding its consumer packaging business across food, beverage, foodservice, household and health & beauty, producing billions of end packages and raw material paperboard.
In coated recycled paperboard, 390,000 tons (14% of a 2.7 million-ton market) will close by Q3 2025 (including GPK’s Middletown plant), and GPK will add 550,000 tons via its Waco greenfield plant, with 490,000 tons net closures before full ramp-up over 12–24 months.
Q2 volumes are running flattish vs. prior guidance of –2%, inflation is modestly below expectations, and Q2 EBITDA is projected at $330 million–$340 million, supporting an unchanged full-year outlook.
The Waco facility (~$1 billion CapEx) will complete in late 2025 and is expected to drive $160 million of EBITDA improvement (+$80 million in 2026, +$80 million in 2027), with $100 million from lower costs and $60 million volume-contingent.
GPK authorized a $1.5 billion share repurchase program, maintaining 2025 year-end leverage at 3.5× to enable opportunistic buybacks.

Jun 11, 2025, 9:06 PM

GPK Amends Governance Documents in Q1 2025

GPK

Proxy Vote Outcomes

Stockholders approved key amendments at the May 21, 2025 Annual Meeting to remove the supermajority voting provisions from the Charter and by-laws, effective immediately upon filing (see ).
The updated by-laws, now restated as of May 21, 2025, detail significant changes to meeting procedures and board structure, ensuring streamlined corporate governance (see ).
Voting outcomes at the Annual Meeting showed substantial shareholder participation with 288+ million shares represented, reflecting strong proxy vote outcomes for the proposed changes (see ).

May 22, 2025, 12:00 AM

8-K

Graphic Packaging Holding Co Leadership Update and Compensation Adjustment

GPK

Management Change

Executive Compensation

Ms. Maggie Bidlingmaier resigned as Executive Vice President and President, Americas effective May 1, 2025, with her employment ending on June 2, 2025.
Mr. Joseph P. Yost assumed the role of Executive Vice President and President, Americas effective May 1, 2025, with a 5.1% base salary increase to $765,000 and enhancements to his cash and long-term incentive plans.

May 5, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for GRAPHIC PACKAGING HOLDING.

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