Graphic Packaging Holding Company (GPK) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.12	$0.14	+16.7%	—	$2.2B	—
Q1 26	$0.06	$0.09	+50.0%	—	$2.2B	—
Q4 25	$0.35	$0.29	-17.1%	—	$2.1B	—
Q3 25	$0.57	$0.58	+1.8%	—	$2.2B	—
Q2 25	$0.4	$0.42	+5.0%	—	$2.2B	—
Q1 25	$0.58	$0.51	-12.1%	—	$2.1B	—
Q4 24	$0.63	$0.59	-6.3%	—	$2.1B	—
Q3 24	$0.69	$0.64	-7.2%	—	$2.2B	—
Q2 24	$0.57	$0.6	+5.3%	—	$2.2B	—
Q1 24	$0.64	$0.66	+3.1%	—	$2.3B	—
Q4 23	$0.7	$0.75	+7.1%	—	$2.2B	—
Q3 23	$0.71	$0.74	+4.2%	—	$2.3B	—
Q2 23	$0.75	$0.66	-12.0%	—	$2.4B	—
Q1 23	$0.63	$0.77	+22.2%	—	$2.4B	—
Q4 22	$0.58	$0.59	+1.7%	—	$2.4B	—
Q3 22	$0.57	$0.67	+17.5%	—	$2.5B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.48	—	—	$8.6B	—
FY24	—	$2.16	—	—	$8.8B	—
FY23	—	$2.35	—	—	$9.4B	—
FY22	—	$1.69	—	—	$9.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.3B	$4.4B	$6B	$6.2B	$6.6B	$7.2B	$9.4B	$9.4B	$8.8B	$8.6B
YoY change	+3.31%	+2.5%	+36.9%	+2.17%	+6.49%	+9.09%	+31.9%	-0.13%	-6.59%	-2.16%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.3B	4.4B	6B	6.2B	6.6B	7.2B	9.4B	9.4B	8.8B	8.6B
Cost of revenue	3.5B	3.7B	5.1B	5.1B	5.5B	6.1B	7.6B	7.3B	6.8B	7B
Gross profit	801M	709.5M	952.4M	1.1B	1.1B	1.1B	1.8B	2.1B	2B	1.6B
Gross margin	18.6%	16.1%	15.8%	17.7%	16.8%	15%	19.4%	22.5%	22.3%	18.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	353.4M	347.5M	472.1M	512M	513M	528M	774M	805M	774M	704M
Operating expenses	356.5M	350.5M	479.3M	520M	515M	526M	793M	869M	838M	757M
Operating income	444.5M	359M	473.1M	572M	585M	545M	1B	1.2B	1.1B	845M
Operating margin	10.3%	8.15%	7.85%	9.29%	8.92%	7.62%	11%	13.2%	12.8%	9.81%
Non-operating income, net	-48.5M	-16.3M	-1.9M	-77M	-212M	-133M	-124M	-77M	-8M	-43M
Pretax income	319.4M	253M	347.5M	354M	244M	289M	716M	932M	886M	582M
Income tax	93.2M	-45.5M	54.7M	76M	42M	74M	194M	210M	229M	139M
Net income	228M	300.2M	294M	278M	203M	216M	522M	723M	658M	444M
Net margin	5.3%	6.81%	4.88%	4.51%	3.09%	3.02%	5.53%	7.67%	7.47%	5.15%
EBITDA	732.4M	704.1M	918.6M	980M	910M	1B	1.6B	1.9B	1.7B	1.4B
EPS	0.71	0.97	0.71	0.7	0.6	0.69	1.69	2.35	2.16	1.48
Diluted EPS	0.71	0.96	0.71	0.7	0.6	0.68	1.69	2.34	2.16	1.48

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.3B	2.2B	2.3B	2.2B	2.2B	2.1B	2.1B	2.2B	2.2B	2.1B	2.2B	2.2B
Cost of revenue	1.8B	1.7B	1.7B	1.8B	1.7B	1.6B	1.7B	1.8B	1.8B	1.8B	1.9B	1.9B
Gross profit	550M	501M	526M	481M	502M	453M	445M	420M	434M	303M	306M	292M
Gross margin	23.4%	22.3%	23.3%	21.5%	22.7%	21.6%	21%	19.1%	19.8%	14.4%	14.2%	13.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	220M	183M	215M	197M	191M	171M	196M	204M	163M	141M	202M	180M
Operating expenses	235M	199M	231M	213M	208M	186M	212M	214M	178M	153M	216M	191M
Operating income	315M	302M	295M	268M	294M	267M	233M	206M	256M	150M	90M	101M
Operating margin	13.4%	13.4%	13.1%	12%	13.3%	12.7%	11%	9.35%	11.7%	7.13%	4.17%	4.62%
Non-operating income, net	-29M	-13M	-18M	56M	-17M	-29M	-12M	-14M	-22M	5M	-71M	-7M
Pretax income	224M	230M	218M	264M	219M	185M	170M	139M	181M	92M	-45M	26M
Income tax	54M	35M	53M	74M	55M	47M	43M	35M	40M	21M	-2M	2M
Net income	170M	196M	165M	190M	165M	138M	127M	104M	142M	71M	-43M	24M
Net margin	7.24%	8.71%	7.3%	8.49%	7.45%	6.59%	5.99%	4.72%	6.48%	3.38%	-1.99%	1.1%
EBITDA	475M	455M	442M	401M	432M	403M	364M	335M	382M	298M	229M	245M
EPS	0.55	0.64	0.54	0.62	0.55	0.46	0.42	0.35	0.48	0.24	-0.14	0.08
Diluted EPS	0.55	0.64	0.53	0.62	0.55	0.46	0.42	0.34	0.48	0.24	-0.14	0.08

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4B	4.8B	3.3B	4.9B	4.7B	5.8B	6.9B	7.6B	8.3B	4.5B	2.7B
Enterprise value	6.1B	7B	6.2B	7.8B	8.4B	11.7B	12.2B	13.1B	13.3B	9.9B	8.3B
Shares outstanding	320.9M	311.1M	309.5M	294.1M	278.8M	297.1M	308.8M	308.2M	304M	299.3M	299.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	17.6	16	11.2	17.6	23.3	26.8	13.2	10.5	12.5	10.2	14.4
P/S	0.93	1.09	0.55	0.79	0.72	0.81	0.73	0.81	0.94	0.52	0.32
P/B	3.79	3.72	1.44	2.07	2.57	3.06	3.2	2.73	2.74	1.35	0.86
EV/EBITDA	8.33	9.96	6.73	7.97	9.24	11.2	7.65	7.01	7.95	7.17	7.24
EV/Sales	1.42	1.59	1.02	1.27	1.28	1.63	1.29	1.39	1.52	1.15	0.96
Earnings yield	5.69%	6.25%	8.93%	5.68%	4.3%	3.73%	7.6%	9.52%	7.97%	9.85%	6.93%
FCF yield	-5.51%	-9.42%	-23.4%	6.39%	3.79%	-3.33%	7.87%	4.48%	-4.4%	-1.8%	8.69%
PEG	—	—	—	—	—	—	—	—	—	—	-0.19

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	18.6%	16.1%	15.8%	17.7%	16.8%	15%	19.4%	22.5%	22.3%	18.6%	13.3%
Operating margin	10.3%	8.15%	7.85%	9.29%	8.92%	7.62%	11%	13.2%	12.8%	9.81%	4.53%
Net margin	5.3%	6.81%	4.88%	4.51%	3.09%	3.02%	5.53%	7.67%	7.47%	5.15%	2.25%
ROE	21.6%	23.2%	12.8%	11.8%	11%	11.4%	24.3%	26%	21.8%	13.3%	6.01%
ROA	4.95%	6.17%	4.16%	3.81%	2.6%	2.07%	5.05%	6.47%	5.9%	3.77%	3.13%
ROIC	10%	10.3%	7.69%	8.51%	8.77%	5.21%	10.1%	11.7%	10.3%	7.38%	5.21%
Return on tangible assets	19.1%	22.3%	9.51%	8.23%	5.11%	4.6%	10.6%	13.6%	11.3%	7.04%	3.07%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.43	1.37	1.5	1.51	1.09	1.22	1.4	1.1	1.46	1.3	1.38
Quick ratio	0.68	0.63	0.64	0.59	0.48	0.54	0.57	0.42	0.54	0.52	0.6
Debt / equity	2.04	1.76	1.29	1.3	2.1	3.2	2.56	2.02	1.74	1.69	1.76
Debt / assets	0.47	0.47	0.42	0.42	0.49	0.58	0.53	0.5	0.47	0.48	0.49
Net debt / EBITDA	2.86	3.13	3.14	2.97	4.05	5.67	3.35	2.93	3.03	3.9	4.73
Interest coverage	5.17	3.82	3.81	3.51	2.89	3.35	4.63	4.9	4.85	3.65	2.02
Effective tax rate	29.2%	0%	15.7%	21.5%	17.2%	25.6%	27.1%	22.5%	25.8%	23.9%	24%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	13.4	14.2	19.5	20.9	23.5	24.1	30.6	30.6	29	28.8	29.1
EPS (basic)	0.71	0.97	0.71	0.7	0.6	0.69	1.69	2.35	2.16	1.48	1.48
EPS (diluted)	0.71	0.96	0.71	0.7	0.6	0.68	1.69	2.34	2.16	1.48	0.65
Book value per share	3.29	4.15	7.41	8.03	6.6	6.37	6.96	9.03	9.91	11.1	10.9
FCF per share	-0.69	-1.45	-2.48	1.06	0.64	-0.65	1.75	1.1	-1.19	-0.27	0.64
Cash per share	0.18	0.22	0.23	0.52	0.64	0.58	0.49	0.53	0.52	0.87	0.7
Capex per share	0.05	0.06	0.05	0.07	0.11	0.09	0.09	0.07	0.11	3.08	2.04

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.37%	0.44%	0.27%	0.36%	0.46%	0.38%	0.29%	0.24%	0.39%	10.7%	6.99%
Capex / operating cash flow	18.3%	-28.8%	-4.85%	3.6%	4.68%	4.31%	2.68%	2.04%	4.33%	109.6%	76.2%
Payout ratio	28.2%	31.1%	37.8%	40.6%	50.7%	42.6%	17.6%	17%	18.5%	28.8%	67.7%
Dividend yield	1.61%	1.94%	3.37%	2.31%	2.18%	1.59%	1.34%	1.62%	1.48%	2.84%	4.76%

Yield

4.76%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.11

ex-dividend Sep 15, 2026

Payout ratio

68%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.11
Jun 15, 2026	$0.11
Mar 13, 2026	$0.11
Dec 15, 2025	$0.11
Sep 15, 2025	$0.11
Jun 13, 2025

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.3B	$2.2B	$2.3B	$2.2B	$2.2B	$2.1B	$2.1B	$2.2B	$2.2B	$2.1B	$2.2B	$2.2B
YoY change	-4.16%	-5.74%	-7.34%	-6.48%	-5.66%	-6.85%	-6.15%	-1.48%	-1.17%	+0.38%	+1.7%	-0.73%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	59.1M	67.4M	70.5M	152.9M	179M	172M	150M	162M	157M	261M
Receivables	363.3M	272M	465.5M	451.2M	597M	785M	804M	716M	621M	590M
Inventory	582.9M	634M	1B	1.1B	1.1B	1.4B	1.6B	1.8B	1.8B	1.8B
Total current assets	1.1B	1.2B	1.8B	1.8B	2B	2.5B	2.7B	2.8B	2.8B	2.9B
Property, plant & equipment	1.3B	1.4B	2.6B	2.8B	2.9B	3.8B	3.5B	3.9B	4.2B	4.3B
Goodwill & intangibles	3.4B	3.5B	4B	3.9B	3.8B	5.8B	5.4B	5.8B	5.3B	5.5B
Total assets	4.6B	4.9B	7.1B	7.3B	7.8B	10.5B	10.3B	11.2B	11.1B	11.8B
Accounts payable	466.5M	516.5M	711.6M	716.1M	825M	1.1B	1.1B	1.1B	1.1B	1B
Short-term debt	63.4M	61.3M	52M	105.2M	558M	352M	119M	826M	102M	616M
Total current liabilities	779.8M	851.4M	1.2B	1.2B	1.9B	2B	1.9B	2.6B	1.9B	2.2B
Long-term debt	2.1B	2.2B	2.9B	3B	3.3B	5.7B	5.4B	4.8B	5.1B	5B
Total liabilities	3.5B	3.6B	4.8B	4.9B	6B	8.6B	8.2B	8.4B	8.1B	8.4B
Shareholders' equity	1.1B	1.3B	2.3B	2.4B	1.8B	1.9B	2.1B	2.8B	3B	3.3B
Total debt	2.2B	2.3B	3B	3.1B	3.9B	6.1B	5.5B	5.6B	5.2B	5.6B
Net debt	2.1B	2.2B	2.9B	2.9B	3.7B	5.9B	5.4B	5.5B	5.1B	5.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	146M	162M	136M	125M	126M	157M	129M	120M	120M	261M	189M	205M
Receivables	881M	716M	878M	875M	971M	621M	863M	866M	908M	590M	861M	888M
Inventory	1.7B	1.8B	1.7B	1.7B	1.7B	1.8B	1.8B	1.8B	1.8B	1.8B	1.7B	1.7B
Total current assets	2.9B	2.8B	2.9B	2.8B	3B	2.8B	3B	3B	3B	2.9B	3B	3B
Property, plant & equipment	—	3.9B	—	—	—	4.2B	—	—	—	4.3B	—	—
Goodwill & intangibles	5.8B	5.8B	5.5B	5.5B	5.5B	5.3B	5.4B	5.5B	5.5B	5.5B	5.4B	5.3B
Total assets	10.9B	11.2B	11.3B	10.8B	11.2B	11.1B	11.5B	11.8B	11.9B	11.8B	11.7B	11.7B
Accounts payable	944M	1.1B	940M	973M	937M	1.1B	910M	977M	857M	1B	895M	955M
Short-term debt	762M	826M	756M	327M	31M	102M	41M	443M	446M	616M	549M	552M
Total current liabilities	2.4B	2.6B	2.4B	2B	1.7B	1.9B	1.6B	2.1B	2B	2.2B	2.1B	2.2B
Long-term debt	4.8B	4.8B	4.9B	4.9B	5.4B	5.1B	5.7B	5.4B	5.5B	5B	5.2B	5.1B
Total liabilities	8.4B	8.4B	8.5B	8B	8.2B	8.1B	8.3B	8.6B	8.6B	8.4B	8.4B	8.4B
Shareholders' equity	2.5B	2.8B	2.9B	2.8B	3B	3B	3.2B	3.2B	3.3B	3.3B	3.2B	3.2B
Total debt	5.6B	5.6B	5.7B	5.3B	5.4B	5.2B	5.7B	5.8B	5.9B	5.6B	5.8B	5.7B
Net debt	5.4B	5.5B	5.5B	5.1B	5.3B	5.1B	5.6B	5.7B	5.8B	5.4B	5.6B	5.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	228M	300.2M	294M	278M	203M	216M	522M	723M	658M	444M
Depreciation & amortization	299.3M	330.3M	430.6M	447M	476M	489M	553M	619M	557M	536M
Stock-based compensation	—	—	—	—	—	—	—	—	62M	2M
Change in working capital	-546.7M	-650.3M	-1.1B	-187M	-56M	-236M	-223M	-298M	-401M	-113M
Operating cash flow	87.5M	-66.7M	-338.2M	611M	641M	626M	1B	1.1B	786M	841M
Capital expenditure	-16M	-19.2M	-16.4M	-22M	-30M	-27M	-27M	-23M	-34M	-922M
Investing cash flow	-353.9M	-199.7M	-63.3M	-82M	-159M	-1.7B	-32M	-383M	675M	-903M
Dividends paid	-64.4M	-93.4M	-111M	-113M	-103M	-92M	-92M	-123M	-122M	-128M
Share repurchases	-164.9M	-62.1M	-119.1M	-129M	-316M	0	-28M	-54M	-225M	-184M
Financing cash flow	-27.6M	52.5M	-217M	-724M	-126M	-1.9B	-4.8B	-4.4B	-489M	-18M
Net change in cash	-294M	-213.9M	-618.5M	-195M	356M	-3B	-3.9B	-3.7B	972M	-80M
Free cash flow	-220.6M	-452.6M	-769M	313M	179M	-193M	541M	340M	-363M	-81M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	170M	196M	165M	190M	165M	138M	127M	104M	142M	71M	-43M	24M
Depreciation & amortization	161M	154M	148M	133M	139M	137M	131M	130M	126M	149M	139M	145M
Stock-based compensation	—	—	—	—	—	—	-4M	3M	1M	2M	12M	6M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	337M	357M	311M	285M	315M	251M	270M	267M	227M	521M	-113M	158M
Capital expenditure	-4M	-6M	-7M	-9M	-8M	-10M	-4M	-228M	-267M	-114M	-140M	-83M
Investing cash flow	-267M	0	-7M	702M	-9M	-9M	-17M	-235M	-266M	-76M	-142M	-67M
Dividends paid	-31M	-31M	-31M	-30M	-30M	-31M	-30M	-33M	-33M	-32M	-32M	-33M
Share repurchases	-8M	-17M	0	-200M	0	-25M	—	—	-40M	-34M	—	—
Financing cash flow	59M	-4.7B	309M	-646M	89M	-233M	466M	38M	6M	-418M	142M	-106M
Net change in cash	129M	-4.4B	613M	341M	395M	9M	719M	70M	-33M	27M	-113M	-15M
Free cash flow	204M	230M	-328M	-88M	-126M	179M	-487M	39M	-40M	407M	-253M	75M

Date	Ratio
Jan 3, 2000	9:5
Sep 19, 1995	2:1

Graphic Packaging Holding Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history