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Graphic Packaging Holding
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Latest analysis
Updated Nov 3, 2026
GPK Q3 2026: Operating Income Collapses 57% as Commodity Inflation and Covenant Relief Signal Structural Stress
Graphic Packaging's Q3 2026 operating income fell 57% year-over-year to $101 million on flat net sales of $2,192 million, driven by $57 million of commodity inflation and $26 million of labor and benefits inflation that pricing concessions of $15 million failed to offset. The severity of margin compression forced a second credit agreement amendment in nine months — Amendment 2, executed November 2, 2026 — extending covenant relief through September 2028 and raising the maximum leverage ratio to 5.25x, a signal that management does not expect rapid earnings recovery. The $40 million write-off of the cancelled automated roll warehouse project at Kalamazoo and Texarkana, combined with accelerating facility closures and severance charges, marks a decisive shift from growth investment to cost defense.
Tone: defensiveRevenue
$8.6B
GPK 10-K · FY 2025
Employees
23,000
Revenue FY2024
$8.8B
Headquarters
Atlanta, GA
Profile
GPK 10-K Item 1 · Mar 2, 2026Graphic Packaging Holding Company is a leading global producer of consumer goods packaging made from renewable or recycled materials, operating at over 100 locations across 20 countries. The company designs and manufactures paperboard-based packaging solutions including cartons, trays, cups, and bowls, serving food, beverage, foodservice, household, and health and beauty markets. It manufactures most of its own paperboard in the Americas and operates two reportable segments: Americas Paperboard Packaging and International Paperboard Packaging.
Read filing description ↓ Collapse description ↑
Graphic Packaging Holding Company is committed to creating consumer packaging that makes a world of difference. The Company is a leading producer of consumer goods packaging made from renewable or recycled materials. The Company designs and manufactures sustainable packaging solutions including cartons, multipack cartons, trays, carriers, paperboard canisters, as well as cups and bowls made primarily from recycled paperboard, unbleached paperboard and bleached paperboard. The Company serves a wide variety of consumer markets, from food and beverage, to foodservice, household products, beauty and health care. The Company produces packaging solutions at over 100 locations in 20 countries around the world, serving customers ranging from local to multinational consumer products companies and retailers. The Company offers one of the most comprehensive ranges of packaging design, manufacturing and execution capabilities available. The Company currently manufactures most of the paperboard it consumes in the Americas and purchases the majority of the paperboard it consumes in its International Paperboard Packaging operations from third parties. Graphic Packaging works closely with its customers to understand their needs and goals and to create new and innovative designs customized to their specific needs. The Company is organized to bring the full resources of its global and local innovation, design and manufacturing capabilities to all of its customers with the goal of delivering packaging solutions that are more circular, more functional and more convenient.
Primary products
- Cartons
- Multipack cartons
- Trays
- Carriers
- Paperboard canisters
- Cups and bowls
Business segments
End markets
Geographies
Named customers
During 2025, 2024 and 2023, the Company did not have any one customer that represented 10% or more of its net sales.
Named competitors
“Smurfit WestRock plc is the Company's largest competitor within paperboard packaging.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net Sales decreased by $190 million, or 2%, to $8,617 million in 2025 from $8,807 million in 2024, driven by the Augusta divestiture, reduced open market paperboard volumes, and lower bleached paperboard pricing, partially offset by favorable foreign currency exchange of $57 million.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.