Graphic Packaging Holding Company (NYSE:GPK) filed its third quarter 2026 earnings release on November 3, 2026, reporting net sales of $2,192 million and net income of $22 million for the three months ended September 30, 2026.

Key Highlights

  • Net Sales: $2,192 million in Q3 2026, up from $2,190 million in Q3 2025, driven by a 1% volume/mix increase of $19 million, partially offset by a 1% price decrease of $15 million and $2 million of unfavorable foreign exchange.
  • Net Income: $22 million, or $0.07 per diluted share, compared to $142 million, or $0.48 per diluted share, in Q3 2025.
  • Adjusted EBITDA: $289 million in Q3 2026, down from $383 million in Q3 2025; Adjusted EBITDA margin was 13.2%, compared to 17.5% in Q3 2025.
  • Net Debt: $5,183 million at end of Q3 2026, a decline of $148 million from $5,331 million at year-end 2025 and $300 million from $5,483 million at end of Q2 2026.
  • Year-to-date Adjusted Cash Flow: $314 million for the nine months ended September 30, 2026, an increase of $646 million from the same period in 2025.
  • Full-year 2026 guidance reaffirmed: Net Sales of approximately $8.6 billion, Adjusted EBITDA of approximately $1.05 billion, Adjusted EPS of approximately $0.65, and Adjusted Cash Flow of $600 million to $700 million.
  • Capital expenditures: $64 million in Q3 2026, versus $267 million in Q3 2025; full-year 2026 capital spending expected below $450 million.

Graphic Packaging Third Quarter 2026 Financial Results in Detail

According to the filing, third quarter 2026 net sales of $2,192 million were essentially flat compared to $2,190 million in the prior-year quarter. The company disclosed that the $2 million net increase reflected a 1% volume/mix gain of $19 million, offset by a 1% price decline of $15 million and $2 million of unfavorable foreign exchange and other impacts. Innovation Sales Growth in the quarter was reported at $42 million, though the filing notes this figure was attributed to the second quarter in the net sales discussion.

The filing reported that EBITDA decreased 30% to $254 million in Q3 2026 from $361 million in Q3 2025. Adjusted EBITDA of $289 million fell $94 million year-over-year, with the company attributing $83 million of that decline to increased commodity input and operating cost inflation, $15 million to unfavorable price impact, and $3 million to lower volume/mix, partially offset by $2 million of net performance and $5 million of favorable foreign exchange. Non-recurring and special items and amortization of purchased intangibles impacted Q3 2026 net income by $45 million, compared to $30 million in Q3 2025. Adjusted Net Income for Q3 2026 was $67 million, or $0.23 per diluted share, versus $172 million, or $0.58 per diluted share, in Q3 2025.

On the balance sheet, the company disclosed total debt of $5,520 million at the end of Q3 2026, compared to $5,592 million at year-end 2025 and $5,688 million at the end of Q2 2026. The net leverage ratio was 4.8x in Q3 2026, up from 3.8x at year-end 2025. The company reported returning approximately $98 million to stockholders through regular dividends during the first nine months of 2026. President and CEO Robbert Rietbroek stated in the filing that the company's actions "have created positive operating leverage and better position us to capture benefits from our commercial excellence initiatives and price improvements in the fourth quarter and into 2027," characterizations the company identifies as forward-looking statements subject to its cautionary language.

What Was Disclosed

Graphic Packaging reported Q3 2026 results showing flat net sales year-over-year, a significant decline in net income and Adjusted EBITDA, reduced capital expenditures, lower net debt versus year-end 2025, and reaffirmed full-year 2026 guidance for sales, earnings, and cash flow.