NYSE : GPK
Graphic Packaging Holding Company — Financial statements
Consumer Discretionary · Packaging & Containers · United States
Last price 8.81 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.61B
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Financial statements
Graphic Packaging Holding Company (GPK) reported revenue of 8.64B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 8.64B | 8.62B | 8.81B | 9.43B | 9.44B | 7.16B |
| Cost of Revenue | 7.30B | 7.00B | 6.83B | 7.27B | 7.60B | 6.07B |
| Gross Profit | 1.34B | 1.61B | 1.98B | 2.16B | 1.84B | 1.09B |
| Selling, General & Admin | 688.00M | 706.00M | 777.00M | 808.00M | 767.00M | 523.00M |
| Other Operating Expenses | 63.00M | 53.00M | 59.00M | 58.00M | 16.00M | -5.00M |
| Operating Expenses | 751.00M | 759.00M | 836.00M | 866.00M | 783.00M | 518.00M |
| Operating Income | 587.00M | 854.00M | 1.15B | 1.29B | 1.05B | 570.00M |
| Interest Expense | -248.00M | -220.00M | -230.00M | -239.00M | -197.00M | -123.00M |
| Earnings From Equity Investments | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | |
| Currency Exchange Gain (Loss) | 11.00M | -5.00M | -6.00M | -3.00M | -3.00M | |
| EBT Excluding Unusual Items | 351.00M | 635.00M | 912.00M | 1.05B | 854.00M | 445.00M |
| Merger & Restructuring Charges | -95.00M | -54.00M | -76.00M | -93.00M | -40.00M | -122.00M |
| Gain (Loss) on Sale of Assets | -1.00M | -1.00M | 66.00M | -14.00M | -96.00M | |
| Other Unusual Items | 3.00M | -15.00M | -9.00M | -2.00M | -33.00M | |
| Pretax Income | 255.00M | 583.00M | 887.00M | 933.00M | 716.00M | 290.00M |
| Income Tax Expense | 61.00M | 139.00M | 229.00M | 210.00M | 194.00M | 74.00M |
| Earnings From Continuing Operations | 194.00M | 444.00M | 658.00M | 723.00M | 522.00M | 216.00M |
| Minority Interest in Earnings | -12.00M | |||||
| Net Income | 194.00M | 444.00M | 658.00M | 723.00M | 522.00M | 204.00M |
| Net Income to Common | 194.00M | 444.00M | 658.00M | 723.00M | 522.00M | 204.00M |
| Shares Outstanding (Basic) | 296.75M | 299.30M | 304.00M | 308.20M | 308.80M | 297.10M |
| Shares Outstanding (Diluted) | 296.90M | 299.80M | 305.10M | 309.10M | 309.50M | 297.90M |
| EPS (Basic) | 0.65 | 1.48 | 2.16 | 2.35 | 1.69 | 0.69 |
| EPS (Diluted) | 0.65 | 1.48 | 2.16 | 2.34 | 1.69 | 0.68 |
| Free Cash Flow | 189.00M | -81.00M | -363.00M | 340.00M | 541.00M | -193.00M |
| Free Cash Flow Per Share | 0.64 | -0.27 | -1.19 | 1.10 | 1.75 | -0.65 |
| Dividend Per Share | 0.44 | 0.44 | 0.40 | 0.40 | 0.33 | 0.30 |
| Gross Margin | 15.49% | 18.72% | 22.50% | 22.90% | 19.46% | 15.20% |
| Operating Margin | 6.80% | 9.91% | 13.01% | 13.71% | 11.16% | 7.96% |
| Profit Margin | 2.25% | 5.15% | 7.47% | 7.67% | 5.53% | 2.85% |
| Free Cash Flow Margin | 2.19% | -0.94% | -4.12% | 3.61% | 5.73% | -2.70% |
| EBITDA | 1.14B | 1.38B | 1.68B | 1.87B | 1.60B | 1.04B |
| EBITDA Margin | 13.23% | 16.00% | 19.11% | 19.84% | 16.95% | 14.56% |
| D&A For EBITDA | 556.00M | 525.00M | 537.00M | 577.00M | 546.00M | 472.00M |
| EBIT | 587.00M | 854.00M | 1.15B | 1.29B | 1.05B | 570.00M |
| EBIT Margin | 6.80% | 9.91% | 13.01% | 13.71% | 11.16% | 7.96% |
| Effective Tax Rate | 23.92% | 23.84% | 25.82% | 22.51% | 27.10% | 25.52% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 205.00M | 261.00M | 157.00M | 162.00M | 150.00M | 172.00M |
| Trading Asset Securities | 2.00M | |||||
| Cash & Short-Term Investments | 207.00M | 261.00M | 157.00M | 162.00M | 150.00M | 172.00M |
| Accounts Receivable | 888.00M | 590.00M | 621.00M | 716.00M | 804.00M | 785.00M |
| Other Receivables | 170.00M | 138.00M | 119.00M | 75.00M | 74.00M | |
| Receivables | 888.00M | 760.00M | 759.00M | 835.00M | 879.00M | 859.00M |
| Inventory | 1.69B | 1.77B | 1.75B | 1.75B | 1.61B | 1.39B |
| Other Current Assets | 226.00M | 136.00M | 114.00M | 94.00M | 71.00M | 84.00M |
| Total Current Assets | 3.01B | 2.92B | 2.78B | 2.85B | 2.71B | 2.50B |
| Property, Plant & Equipment | 5.53B | 5.95B | 5.51B | 5.22B | 4.82B | 4.93B |
| Goodwill | 2.05B | 2.06B | 1.99B | 2.10B | 1.98B | 2.02B |
| Other Intangible Assets | 626.00M | 670.00M | 667.00M | 820.00M | 717.00M | 868.00M |
| Other Long-Term Assets | 442.00M | 169.00M | 186.00M | 187.00M | 102.00M | 137.00M |
| Total Assets | 11.66B | 11.78B | 11.14B | 11.18B | 10.33B | 10.46B |
| Accounts Payable | 955.00M | 1.03B | 1.12B | 1.09B | 1.12B | 1.12B |
| Accrued Expenses | 670.00M | 458.00M | 561.00M | 529.00M | 556.00M | 463.00M |
| Short-Term Debt | 12.00M | 17.00M | 18.00M | 18.00M | 16.00M | 9.00M |
| Current Portion of Long-Term Debt | 533.00M | 525.00M | 14.00M | 739.00M | 26.00M | 263.00M |
| Current Portion of Leases | 7.00M | 74.00M | 70.00M | 69.00M | 77.00M | 80.00M |
| Current Income Taxes Payable | 78.00M | 58.00M | 64.00M | 58.00M | 50.00M | |
| Current Unearned Revenue | 23.00M | 35.00M | 30.00M | 32.00M | 29.00M | |
| Other Current Liabilities | 7.00M | 42.00M | 31.00M | 46.00M | 45.00M | 30.00M |
| Total Current Liabilities | 2.18B | 2.24B | 1.90B | 2.59B | 1.93B | 2.05B |
| Long-Term Debt | 5.02B | 4.89B | 5.01B | 4.46B | 5.04B | 5.38B |
| Long-Term Leases | 130.00M | 362.00M | 347.00M | 343.00M | 343.00M | 332.00M |
| Long-Term Unearned Revenue | 8.00M | 8.00M | ||||
| Pension & Post-Retirement Benefits | 88.00M | 93.00M | 94.00M | 104.00M | 129.00M | 158.00M |
| Long-Term Deferred Tax Liabilities | 681.00M | 688.00M | 613.00M | 731.00M | 668.00M | 579.00M |
| Other Long-Term Liabilities | 320.00M | 163.00M | 167.00M | 171.00M | 56.00M | 62.00M |
| Total Liabilities | 8.42B | 8.44B | 8.13B | 8.39B | 8.18B | 8.56B |
| Common Stock | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M |
| Additional Paid-In Capital | 1.99B | 1.98B | 2.05B | 2.06B | 2.05B | 2.05B |
| Retained Earnings | 1.53B | 1.61B | 1.41B | 1.03B | 469.00M | 66.00M |
| Comprehensive Income & Other | -291.00M | -262.00M | -455.00M | -313.00M | -377.00M | -224.00M |
| Total Common Equity | 3.24B | 3.34B | 3.01B | 2.78B | 2.15B | 1.89B |
| Minority Interest | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 2.00M |
| Shareholders' Equity | 3.24B | 3.34B | 3.01B | 2.78B | 2.15B | 1.89B |
| Total Liabilities & Equity | 11.66B | 11.78B | 11.14B | 11.18B | 10.33B | 10.46B |
| Total Debt | 5.70B | 5.87B | 5.46B | 5.62B | 5.50B | 6.06B |
| Net Cash (Debt) | -5.50B | -5.61B | -5.30B | -5.46B | -5.35B | -5.89B |
| Net Cash Per Share | -18.51 | -18.70 | -17.37 | -17.67 | -17.30 | -19.77 |
| Filing Date Shares Outstanding | 296.07M | 295.74M | 300.21M | 306.05M | 307.12M | 307.10M |
| Total Common Shares Outstanding | 296.05M | 295.13M | 300.16M | 306.06M | 307.12M | 307.10M |
| Working Capital | 828.00M | 679.00M | 881.00M | 256.00M | 773.00M | 453.00M |
| Book Value Per Share | 10.93 | 11.30 | 10.03 | 9.09 | 7.00 | 6.16 |
| Tangible Book Value | 562.00M | 601.00M | 352.00M | -142.00M | -547.00M | -992.00M |
| Tangible Book Value Per Share | 1.90 | 2.04 | 1.17 | -0.46 | -1.78 | -3.23 |
| Land | 194.00M | 188.00M | 195.00M | 187.00M | 175.00M | |
| Buildings | 1.41B | 1.07B | 976.00M | 921.00M | 794.00M | |
| Machinery | 8.78B | 7.25B | 7.63B | 7.33B | 6.71B | |
| Construction In Progress | 286.00M | 1.43B | 657.00M | 234.00M | 882.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 194.00M | 444.00M | 658.00M | 723.00M | 522.00M | 204.00M |
| Depreciation & Amortization | 556.00M | 525.00M | 537.00M | 577.00M | 546.00M | 472.00M |
| Other Amortization | 6.00M | 6.00M | 6.00M | 6.00M | 9.00M | 9.00M |
| Loss (Gain) From Sale of Assets | -75.00M | 29.00M | 96.00M | |||
| Asset Writedown & Restructuring Costs | 56.00M | 11.00M | 20.00M | 42.00M | 7.00M | 17.00M |
| Stock-Based Compensation | 21.00M | 2.00M | 62.00M | 44.00M | 34.00M | |
| Other Operating Activities | 53.00M | 66.00M | -99.00M | 31.00M | 94.00M | 136.00M |
| Change in Accounts Receivable | -115.00M | -115.00M | -152.00M | -39.00M | -184.00M | -106.00M |
| Change in Inventory | 51.00M | 51.00M | -124.00M | -117.00M | -268.00M | -80.00M |
| Change in Accounts Payable | 1.00M | 1.00M | -25.00M | -140.00M | 132.00M | 77.00M |
| Change in Income Taxes | -11.00M | -11.00M | 1.00M | 7.00M | -2.00M | -6.00M |
| Change in Other Net Operating Assets | -19.00M | -139.00M | 31.00M | -19.00M | 104.00M | -114.00M |
| Operating Cash Flow | 793.00M | 841.00M | 840.00M | 1.14B | 1.09B | 609.00M |
| Capital Expenditures | -604.00M | -922.00M | -1.20B | -804.00M | -549.00M | -802.00M |
| Cash Acquisitions | -29.00M | -361.00M | -1.70B | |||
| Divestitures | 41.00M | 45.00M | 711.00M | |||
| Other Investing Activities | 12.00M | 3.00M | -2.00M | 1.00M | -5.00M | -5.00M |
| Investing Cash Flow | -360.00M | -732.00M | -342.00M | -1.02B | -435.00M | -2.39B |
| Long-Term Debt Issued | 3.50B | 5.33B | 4.45B | 3.93B | 7.45B | |
| Long-Term Debt Repaid | -3.19B | -5.47B | -4.34B | -4.46B | -5.29B | |
| Net Debt Issued (Repaid) | -143.00M | 311.00M | -136.00M | 109.00M | -530.00M | 2.16B |
| Repurchase of Common Stock | -46.00M | -184.00M | -225.00M | -76.00M | -46.00M | -15.00M |
| Common Dividends Paid | -130.00M | -128.00M | -122.00M | -123.00M | -92.00M | -92.00M |
| Other Financing Activities | -29.00M | -17.00M | -6.00M | -16.00M | 2.00M | -274.00M |
| Financing Cash Flow | -348.00M | -18.00M | -489.00M | -106.00M | -666.00M | 1.78B |
| Foreign Exchange Rate Adjustments | 13.00M | -15.00M | -1.00M | -6.00M | -2.00M | |
| Miscellaneous Cash Flow Adjustments | 1.00M | -5.00M | ||||
| Net Cash Flow | 85.00M | 104.00M | -5.00M | 12.00M | -22.00M | -7.00M |
| Free Cash Flow | 189.00M | -81.00M | -363.00M | 340.00M | 541.00M | -193.00M |
| Free Cash Flow Margin | 2.19% | -0.94% | -4.12% | 3.61% | 5.73% | -2.70% |
| Free Cash Flow Per Share | 0.64 | -0.27 | -1.19 | 1.10 | 1.75 | -0.65 |
| Levered Free Cash Flow | 237.88M | -200.75M | 68.50M | 303.75M | 466.62M | -98.62M |
| Unlevered Free Cash Flow | 386.88M | -69.25M | 206.25M | 447.12M | 580.75M | -30.75M |
| Cash Interest Paid | 213.00M | 213.00M | 215.00M | 221.00M | 176.00M | 116.00M |
| Cash Income Tax Paid | 163.00M | 163.00M | 281.00M | 157.00M | 43.00M | 25.00M |
| Change in Working Capital | -93.00M | -213.00M | -269.00M | -308.00M | -218.00M | -229.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.76B | 4.44B | 8.15B | 7.54B | 6.83B | 5.99B |
| Enterprise Value | 8.26B | 10.28B | 13.47B | 12.98B | 12.25B | 10.08B |
| Last Close Price | 8.95 | 14.57 | 25.71 | 23.01 | 20.42 | 17.63 |
| PE Ratio | 14.27 | 10.01 | 12.39 | 10.44 | 13.09 | 29.36 |
| Forward PE | 11.63 | 8.35 | 10.43 | 8.62 | 8.95 | 11.88 |
| PS Ratio | 0.32 | 0.52 | 0.93 | 0.80 | 0.72 | 0.84 |
| PB Ratio | 0.82 | 1.33 | 2.71 | 2.71 | 3.18 | 3.16 |
| P/TBV Ratio | 4.85 | 7.39 | 23.16 | |||
| P/FCF Ratio | 14.43 | 22.19 | 12.63 | |||
| P/OCF Ratio | 3.44 | 5.29 | 9.71 | 6.59 | 6.27 | 9.83 |
| PEG Ratio | 1.04 | 0.65 | 0.39 | 0.33 | 0.52 | |
| EV/Sales Ratio | 0.95 | 1.19 | 1.53 | 1.38 | 1.30 | 1.41 |
| EV/EBITDA Ratio | 7.19 | 7.46 | 8.00 | 6.94 | 7.66 | 9.67 |
| EV/EBIT Ratio | 14.01 | 12.04 | 11.75 | 10.04 | 11.62 | 17.68 |
| EV/FCF Ratio | 43.50 | 38.19 | 22.64 | |||
| Debt / Equity Ratio | 1.76 | 1.76 | 1.81 | 2.02 | 2.56 | 3.20 |
| Debt / EBITDA Ratio | 4.41 | 3.84 | 2.99 | 2.81 | 3.20 | 5.27 |
| Debt / FCF Ratio | 30.17 | 16.54 | 10.17 | |||
| Net Debt / Equity Ratio | 1.70 | 1.68 | 1.76 | 1.96 | 2.49 | 3.11 |
| Net Debt / EBITDA Ratio | 4.81 | 4.07 | 3.15 | 2.92 | 3.35 | 5.65 |
| Net Debt / FCF Ratio | 29.07 | -69.20 | -14.60 | 16.07 | 9.89 | -30.51 |
| Asset Turnover | 0.74 | 0.75 | 0.79 | 0.88 | 0.91 | 0.78 |
| Inventory Turnover | 4.18 | 3.98 | 3.89 | 4.33 | 5.08 | 4.83 |
| Quick Ratio | 0.50 | 0.46 | 0.48 | 0.39 | 0.53 | 0.50 |
| Current Ratio | 1.38 | 1.30 | 1.46 | 1.10 | 1.40 | 1.22 |
| Return on Equity (ROE) | 6.01% | 13.98% | 22.71% | 29.32% | 25.82% | 11.57% |
| Return on Assets (ROA) | 3.13% | 4.66% | 6.42% | 7.52% | 6.34% | 3.90% |
| Return on Invested Capital (ROIC) | 5.08% | 7.54% | 10.27% | 12.73% | 10.05% | 6.38% |
| Return on Capital Employed (ROCE) | 6.20% | 9.00% | 12.40% | 15.10% | 12.60% | 6.80% |
| Earnings Yield | 7.01% | 9.99% | 8.07% | 9.58% | 7.64% | 3.41% |
| FCF Yield | 6.93% | -1.82% | -4.45% | 4.51% | 7.92% | -3.22% |
| Dividend Yield | 4.72% | 2.92% | 1.47% | 1.62% | 1.46% | 1.54% |
| Payout Ratio | 67.30% | 28.83% | 18.54% | 17.01% | 17.62% | 45.10% |
| Buyback Yield / Dilution | 1.80% | 1.74% | 1.29% | 0.13% | -3.89% | -6.54% |
| Total Shareholder Return | 6.56% | 4.66% | 2.77% | 1.75% | -2.43% | -5.01% |