Graphic Packaging Holding Company reported its third‑quarter 2025 earnings. Net income was $142 million, or $0.48 per diluted share, and adjusted net income was $172 million, or $0.58 per diluted share. Net sales were $2.190 billion, down 1% year‑over‑year. Adjusted EBITDA was $383 million, a 16% decline from the same period last year.
The company revised its full‑year 2025 outlook, lowering adjusted EPS guidance to $1.90 while maintaining net sales guidance of $8.4 billion to $8.6 billion and adjusted EBITDA guidance of $1.40 billion to $1.45 billion. The revised guidance reflects ongoing market uncertainty and input‑cost inflation.
Capital expenditures for the quarter were $267 million. Net debt increased to $5.821 billion, giving a net leverage ratio of 3.9×. Share repurchases totaled $39 million for 1.8 million shares in the quarter, bringing year‑to‑date repurchases to $150 million for 6.8 million shares. Dividends paid were $33 million for the first and second quarters and $32 million for the third quarter.
The Waco, Texas recycled paperboard facility produced its first commercially saleable rolls in October, ahead of schedule. Management expects the plant to reach full production in 12 to 18 months, completing the Vision 2025 transformation and positioning the company for Vision 2030 priorities of innovation, sustainability, and shareholder returns.
Prior‑period comparison: In Q3 2024, the company reported net income of $165 million, or $0.55 per diluted share, and adjusted net income of $194 million, or $0.64 per diluted share. Net sales were $2.216 billion. The decline in adjusted EBITDA was driven by lower price and volume, as well as input and other cost inflation.
Segment performance: The packaging solutions segment accounted for 70% of net sales, while the specialty packaging segment contributed 30%. The packaging solutions segment saw a 2% decline in sales, while the specialty segment grew 3% due to increased demand from the food and beverage industry.
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