GRAPHIC PACKAGING HOLDING CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GRAPHIC PACKAGING HOLDING CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,298	4,406	6,029	6,160	6,560	7,156	9,440	9,428	8,807	8,617
Cost of revenue	3,497	3,696	5,077	5,068	5,460	6,085	7,610	7,311	6,845	7,015
Gross profit	792	720	952	1,093	1,100	1,071	1,830	2,117	1,962	1,602
Research and development	14.9	14.4	8.7	9	10	10	14	16	17	19
Selling, general and administrative	353	348	472	512	513	528	774	805	774	704
Operating income	407	328	458	534	524	407	906	1,174	1,119	804
Interest expense	76.6	89.7	124	141	129	123	197	239	230	220
Pre-tax income	319	253	348	354	244	289	716	932	886	582
Income tax	93.2	-45.5	54.7	76	42	74	194	210	229	139
Net income to minority interests	0	0	72.9	71	36	12	0	0
Net income	228	300	221	207	167	204	522	723	658	444
EBITDA	707	658	889	981	1,000	896	1,459	1,793	1,676	1,340
EPS, basic	0.71	0.97	0.71	0.70	0.60	0.69	1.69	2.35	2.16	1.48
EPS, diluted	0.71	0.96	0.71	0.70	0.60	0.68	1.69	2.34	2.16	1.48
Shares, basic (weighted)	321	311	310	294	279	297	309	308	304	299
Shares, diluted (weighted)	322	312	310	295	280	298	310	309	305	300

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	59.1	67.4	70.5	153	179	172	150	162	157	261
Receivables	363	272	466	451	597	785	804	716	621	590
Inventory	583	634	1,014	1,096	1,128	1,387	1,606	1,754	1,754	1,766
Other current assets	46.1	147	106	52.3	59	84	71	94	99	126
Total current assets	1,115	1,170	1,764	1,806	2,020	2,502	2,706	2,845	2,784	2,923
Property, plant and equipment	1,752	1,867	3,240	3,254	3,560	4,677	4,579	4,992	5,258	5,669
Lease right-of-use assets				203	208	258	245	228	256	279
Goodwill	1,260	1,323	1,461	1,478	1,478	2,015	1,979	2,103	1,993	2,065
Intangible assets	445	437	524	477	437	868	717	820	667	670
Other non-current assets	31	66.4	71.3	275	310	395	347	415	442	448
Total assets	4,603	4,863	7,059	7,290	7,805	10,457	10,328	11,175	11,144	11,775
Accounts payable	467	517	712	716	825	1,125	1,123	1,094	1,116	1,027
Accrued liabilities	107	113	154	168	213	211	295	273	176	180
Deferred revenue	11.4	11.6	14	15.2	21	29	32	30	35	23
Short-term debt	63.4	61.3	52	50.4	497	279	53	764	39	549
Total current liabilities	780	851	1,172	1,199	1,856	2,049	1,933	2,589	1,903	2,244
Long-term debt	2,089	2,213	2,905	2,810	3,147	5,515	5,200	4,609	5,145	5,022
Lease liabilities				152	157	193	184	189	209	228
Other non-current liabilities	68.1	105	118	267	292	282	266	360	376	391
Total liabilities	3,547	3,571	5,042	5,233	5,965	8,564	8,178	8,393	8,131	8,438
Total debt	2,113	2,248	2,833	2,729	3,524	5,676	5,097	5,217	5,046	5,434
Paid-in capital	1,709	1,684	1,944	1,877	1,715	2,046	2,054	2,062	2,054	1,981
Retained earnings	-268	-56	10	56.4	-48	66	469	1,029	1,410	1,614
Other comprehensive income	-388	-339	-378	-366	-246	-224	-377	-313	-455	-262
Shareholders' equity	1,057	1,292	1,580	1,570	1,424	1,891	2,149	2,781	3,012	3,336
Minority interests		0	439	488	416	2	1	1	1	1
Total equity	1,057	1,292	2,017	2,057	1,840	1,893	2,150	2,782	3,013	3,337
Total liabilities and equity	4,603	4,863	7,059	7,290	7,805	10,457	10,328	11,175	11,144	11,775
Shares outstanding	314	310	300	290	268	307	307	306	300	295

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	228	300	294	278	203	216	522	723	658	444
Depreciation and amortization	299	330	431	447	476	489	553	619	557	536
Stock-based compensation	20.2	8.9	13.8	22	34	27	34	44	62	2
Deferred income tax	76.7	-54	26	53	-1	55	131	22	-119	107
Change in receivables	-542	-659	-1,158	-108	-216	-106	-184	-39	-152	-115
Change in inventory	10.5	-6.5	-82	-73	35	-80	-268	-117	-124	51
Change in payables	4.3	27	76.2	-9	71	77	132	-140	-25	1
Cash from operations	74	-193	-374	666	825	609	1,090	1,144	840	841
Capital expenditures	-279	-241	-379
Acquisitions	-333	-189	-89.4	-55	-121	-1,704	0	-361	0	-29
Cash from investing	-65.1	268	689	-225	-648	-2,392	-435	-1,025	-342	-732
Debt issued	300	0	0	300	800	2,965	0	0	750	99
Debt repaid	-25	-25	-152	0	0	-1,626	-250	0	-700	0
Share buybacks	-165	-62.1	-119	-129	-316	0	-28	-54	-200	-150
Dividends paid	-64.4	-93.4	-111	-113	-103	-92	-92	-123	-122	-128
Cash from financing	-3.1	-69.8	-311	-361	-152	1,778	-666	-106	-489	-18
Exchange rate effect	-1.6	2.5	-1.5	2	1	-2	-6	-1	-15	13
Net change in cash	4.2	8.3	3.1	82	26	-7	-22	12	-5	104
Free cash flow	-205	-433	-753
Interest paid	64.9	81.8	125	127	120	116	176	221	215	213
Income taxes paid	14.5	15.9	25.8	26	27	25	43	157	281	163

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	15.5%	Gross profit / revenue.
Operating margin	5.8%	Operating income / revenue.
EBITDA margin	12.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.9%	Pre-tax income / revenue.
Net margin	2.2%	Net income / revenue.
Operating cash flow margin	9.2%	Cash from operations / revenue.
Effective tax rate	24.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.7%	Net income / average total assets.
Return on invested capital (ROIC)	4.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	7.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	6.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-18.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-28.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-3.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-20.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-32.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-5.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	21.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-31.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-4.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	19.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	18.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.38x	Current assets / current liabilities.
Quick ratio	0.50x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.71x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	47.5%	Total debt / total assets.
Liabilities / assets	72.2%	Total liabilities / total assets.
Net debt	$5.33B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.02x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.03x	Operating income / interest expense.
Working capital	$828.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	22.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$562.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.74x	Revenue / average total assets.
Fixed asset turnover	1.56x	Revenue / average property, plant and equipment.
Inventory turnover	4.32x	Cost of revenue / average inventory.
Days inventory	85 days	365 x average inventory / cost of revenue.
Receivables turnover	9.73x	Revenue / average receivables.
Days sales outstanding	38 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	74 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.65	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$29.11	Revenue / diluted weighted shares.
Operating cash flow per share	$2.67	Cash from operations / diluted weighted shares.
Book value per share	$10.93	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.90	Tangible book value / shares outstanding.
Cash per share	$0.69	(Cash + short-term investments) / shares outstanding.
Payout ratio	67.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.78B	Share price x shares outstanding.
Enterprise value	$8.11B	Market cap + total debt - cash - short-term investments.
P/E	14.3x	Market cap / net income. Only when net income is positive.
P/S	0.32x	Market cap / revenue.
P/B	0.86x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.94x	Market cap / tangible book value, when positive.
P/OCF	3.50x	Market cap / cash from operations, when positive.
EV/Sales	0.94x	Enterprise value / revenue.
EV/EBIT	16.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.63x	Enterprise value / EBITDA, when both are positive.
Earnings yield	7.0%	Net income / market cap (the inverse of P/E).
Dividend yield	4.7%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.

What was GRAPHIC PACKAGING HOLDING CO's revenue in fiscal 2025?

GRAPHIC PACKAGING HOLDING CO reported revenue of $8.62B for fiscal 2025, 2.2% lower than the year before.

Was GRAPHIC PACKAGING HOLDING CO profitable in fiscal 2025?

Yes. Net income was $444.0M, a net margin of 5.2%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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