Graphic Packaging Holding (GPK) financial statements
Graphic Packaging Holding reported revenue of $8.6B in fiscal 2025, up 8.0% a year over 9 years.
Net income was $444M and the operating margin 9.3%, against 9.5% in 2016.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Graphic Packaging Holding's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3B | $4.4B | $6.0B | $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 | $7.0B |
| Gross profit | $792M | $720M | $952M | $1.1B | $1.1B | $1.1B | $1.8B | $2.1B | $2.0B | $1.6B |
| Research and development | $15M | $14M | $9M | $9M | $10M | $10M | $14M | $16M | $17M | $19M |
| Selling, general and admin | $353M | $348M | $472M | $512M | $513M | $528M | $774M | $805M | $774M | $704M |
| Operating income | $407M | $328M | $458M | $534M | $524M | $407M | $906M | $1.2B | $1.1B | $804M |
| Interest expense | $77M | $90M | $124M | $141M | $129M | $123M | $197M | $239M | $230M | $220M |
| Pre-tax income | $319M | $253M | $348M | $354M | $244M | $289M | $716M | $932M | $886M | $582M |
| Income tax | $93M | -$46M | $55M | $76M | $42M | $74M | $194M | $210M | $229M | $139M |
| Net income | $228M | $300M | $221M | $207M | $167M | $204M | $522M | $723M | $658M | $444M |
| EPS (diluted) | $0.71 | $0.96 | $0.71 | $0.70 | $0.60 | $0.68 | $1.69 | $2.34 | $2.16 | $1.48 |
| Diluted shares | 322M | 312M | 310M | 295M | 280M | 298M | 310M | 309M | 305M | 300M |
| Gross margin | 18.4% | 16.3% | 15.8% | 17.7% | 16.8% | 15.0% | 19.4% | 22.5% | 22.3% | 18.6% |
| Operating margin | 9.5% | 7.4% | 7.6% | 8.7% | 8.0% | 5.7% | 9.6% | 12.5% | 12.7% | 9.3% |
| Net margin | 5.3% | 6.8% | 3.7% | 3.4% | 2.5% | 2.9% | 5.5% | 7.7% | 7.5% | 5.2% |
Balance sheet
Fiscal years, from Graphic Packaging Holding's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $59M | $67M | $70M | $153M | $179M | $172M | $150M | $162M | $157M | $261M |
| Receivables | $427M | $321M | $573M | $504M | $654M | $859M | $879M | $835M | $759M | $760M |
| Inventory | $583M | $634M | $1.0B | $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 | $2.0B | $2.5B | $2.7B | $2.8B | $2.8B | $2.9B |
| Property, plant and equipment | $1.8B | $1.9B | $3.2B | $3.3B | $3.6B | $4.7B | $4.6B | $5.0B | $5.3B | $5.7B |
| Goodwill | $1.3B | $1.3B | $1.5B | $1.5B | $1.5B | $2.0B | $2.0B | $2.1B | $2.0B | $2.1B |
| Total assets | $4.6B | $4.9B | $7.1B | $7.3B | $7.8B | $10.5B | $10.3B | $11.2B | $11.1B | $11.8B |
| Total current liabilities | $780M | $851M | $1.2B | $1.2B | $1.9B | $2.0B | $1.9B | $2.6B | $1.9B | $2.2B |
| Long-term debt | $2.1B | $2.2B | $2.9B | $2.8B | $3.1B | $5.5B | $5.2B | $4.6B | $5.1B | $5.0B |
| Total liabilities | $3.5B | $3.6B | $5.0B | $5.2B | $6.0B | $8.6B | $8.2B | $8.4B | $8.1B | $8.4B |
| Shareholders' equity | $1.1B | $1.3B | $1.6B | $1.6B | $1.4B | $1.9B | $2.1B | $2.8B | $3.0B | $3.3B |
| Net debt | $2.1B | $2.2B | $2.9B | $2.7B | $3.5B | $5.6B | $5.1B | $5.2B | $5.0B | $5.3B |
Cash flow
Fiscal years, from Graphic Packaging Holding's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $74M | -$192M | -$374M | $666M | $825M | $609M | $1.1B | $1.1B | $840M | $841M |
| Capital spending | $279M | $241M | $379M | — | — | — | — | — | — | — |
| Free cash flow | -$205M | -$433M | -$753M | — | — | — | — | — | — | — |
| Stock-based compensation | $20M | $9M | $14M | $22M | $34M | $27M | $34M | $44M | $62M | $2M |
| Dividends paid | $64M | $93M | $111M | $113M | $103M | $92M | $92M | $123M | $122M | $128M |
| Share buybacks (net) | -$165M | -$62M | -$119M | -$129M | -$316M | $0 | -$28M | -$54M | -$200M | -$150M |
| Net borrowing | -$25M | -$25M | -$152M | $300M | $800M | $1.3B | -$250M | $0 | $50M | $99M |
| Free cash flow margin | -4.8% | -9.8% | -12.5% | — | — | — | — | — | — | — |
| Dividends per share | $0.20 | $0.30 | $0.36 | $0.38 | $0.37 | $0.31 | $0.30 | $0.40 | $0.40 | $0.43 |
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What was Graphic Packaging Holding's revenue in 2025?
$8.6B in fiscal 2025, from its 10-K filing.
From Graphic Packaging Holding's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.