GREIF, INC
For the period ended Jul 31, 2025. Filed Aug 28, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 31, 2025 · Filed Aug 28, 2025
GEF$72.51-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-04-30; filed 2025-06-05.
0000043920-25-000025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-07-31; filed 2025-08-28.
0000043920-25-000048
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 156 previous paragraphs and 162 current paragraphs.
96 unchanged; 47 reworded; 19 added; 12 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
On June 30, 2025, we entered into a definitive agreement to sell our containerboard business, including our CorrChoice sheet feeder system (the “Containerboard Business”), for a purchase price of $1,800.0 million, subject to certain adjustments. The transaction is expected to close effective as of August 31, 2025, subject to customary closing conditions. As a result, the Containerboard Business is presented as discontinued operations beginning in the third quarter of 2025. Our allocation of corporate expenses was updated to reflect how management measures performance and allocates resources with the Containerboard Business being excluded from continuing operations. We have recast data from prior periods to reflect this change to conform to the current year presentation. Unless otherwise noted, the discussion below relates only to our continuing operations.
Current report
On August 5, 2025, we entered into a definitive agreement to sell our Soterra land management business, including approximately 173,000 acres of timberland (the “Soterra Business”), for a purchase price of approximately $462.0 million, subject to certain adjustments. The transaction is expected to close October 1, 2025, subject to customary closing conditions. The intended Soterra Business divestiture does not qualify as discontinued operations.
Current report
As a result of its pending sale, the Containerboard Business is presented as discontinued operations and Sustainable Fiber Solutions – Containerboard & Corrugated is no longer an operating reporting unit beginning in the third quarter of 2025. Goodwill associated with the Sustainable Fiber Solutions – Containerboard & Corrugated reporting unit has been removed from continued operations presentation.
Current report
Third Quarter Results
Current report
As a result of the pending sale, the Containerboard Business, which was previously reported under the Sustainable Fiber Solutions segment, is presented as discontinued operations. Our allocation of corporate expenses to each continued reportable segment was updated to reflect how management measures performance and allocates resources with the Containerboard Business being excluded from continuing operations.
Current report
Net sales were $339.8 million for the third quarter of 2025 compared with $314.7 million for the third quarter of 2024. The $25.1 million increase was primarily due to $10.5 million from higher average selling prices and $7.0 million attributable to higher volumes and positive foreign currency translation impacts.
Current report
Net sales were $399.8 million for the third quarter of 2025 compared with $424.1 million for the third quarter of 2024. The $24.3 million decrease was primarily due to $24.6 million attributable to lower volumes.
Current report
Gross profit was $86.4 million for the third quarter of 2025 compared with $85.7 million for the third quarter of 2024. The $0.7 million increase was primarily due to lower raw material costs, partially offset by the same factors that impacted net sales. Gross profit margin was 21.6 percent and 20.2 percent for the third quarter of 2025 and 2024, respectively.
Current report
Operating profit was $37.6 million for the third quarter of 2025 compared with $36.2 million for the third quarter of 2024. The $1.4 million increase was primarily due to the same factors that impacted gross profit. Adjusted EBITDA was $47.7 million for the third quarter of 2025 compared with $45.6 million for the third quarter of 2024. The $2.1 million increase was primarily due to the same factors that impacted gross profit.
Current report
Operating profit was $23.2 million for the third quarter of 2025 compared with $35.9 million for the third quarter of 2024. The $12.7 million decrease was primarily due to higher restructuring and other charges related to plant closures, partially offset by the same factors that impacted gross profit. Adjusted EBITDA was $65.5 million for the third quarter of 2025 compared with $57.1 million for the third quarter of 2024. The $8.4 million increase was primarily due to the same factors that impacted gross profit.
Current report
Operating profit was $3.5 million for the third quarter of 2025 compared with $55.0 million for the third quarter of 2024. The $51.5 million decrease was primarily due to a $46.1 million gain from the Delta Divestiture during the third quarter of 2024 and the same factors that impacted gross profit. Adjusted EBITDA was $8.1 million for the third quarter of 2025 compared with $13.8 million for the third quarter of 2024. The $5.7 million decrease was primarily due to the same factors that impacted gross profit.
Current report
Income tax expense for the third quarter of 2025 was $11.8 million compared with $33.5 million for the third quarter of 2024. The $21.7 million decrease was primarily due to the gain from the Delta Divestiture in 2024.
Current report
On July 4, 2025, H.R. 1, commonly known as the One Big Beautiful Bill Act (“OBBBA”), was enacted into law. The OBBBA permanently extends several major provisions of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation, domestic research cost expensing, enhanced business interest deductibility, and modifications to the international tax framework. We have evaluated the impact of the OBBBA and determined that it does not have a material effect on the current quarter’s income tax provision. Most provisions of the OBBBA, except for bonus depreciation, will not affect us until the 2026 fiscal year.
Current report
Gross profit was $232.4 million for the first nine months of 2025 compared with $240.8 million for the first nine months of 2024. The $8.4 million decrease was primarily due to the same factors that impacted net sales, partially offset by lower raw material costs. Gross profit margin was 20.7 percent and 19.9 percent for the first nine months of 2025 and 2024, respectively.
Current report
Net sales were $246.4 million for the first nine months of 2025 compared with $287.1 million for the first nine months of 2024. The $40.7 million decrease was primarily due to a $40.8 million impact from the Delta Divestiture.
Current report
Operating profit was $8.4 million for the first nine months of 2025 compared with $72.0 million for the first nine months of 2024. The $63.6 million decrease was primarily due to a $46.1 million gain from the Delta Divestitures during the third quarter of 2024 and the same factors that impacted gross profit. Adjusted EBITDA was $21.5 million for the first nine months of 2025 compared with $36.6 million for the first nine months of 2024. The $15.1 million decrease was primarily due to the same factors that impacted gross profit.
Current report
Income tax expense for the first nine months of 2025 was $38.0 million compared with $16.0 million for the first nine months of 2024, respectively. The $22.0 million increase was primarily attributable to a one-time discrete tax benefit of $48.1 million recognized in 2024 related to the onshoring of certain intangible property and $1.2 million related to other miscellaneous discrete items. This was partially offset by a gain of $17.3 million from the Delta Divestiture in 2024 and a $10.0 million increase in tax expense in 2024 driven by higher pre-tax earnings and changes in the geographic mix of earnings across tax jurisdictions.
Current report
The cash flows related to the Containerboard Business have not been segregated and are included in our Condensed Consolidated Statements of Cash Flows for the nine months ended July 31, 2025 and 2024. The absence of the cash flows from the Containerboard business in future periods is not expected to materially impact our liquidity or capital resources.
Current report
As disclosed above, we have entered into definitive agreements to sell our Containerboard Business for $1,800.0 million and our Soterra Business for approximately $462.0 million, subject in each case to certain adjustments. The net cash proceeds from these sale transactions will be used for debt repayment.
Removed paragraphs (12)
Previous report
Second Quarter Results
Previous report
Net sales were $329.3 million for the second quarter of 2025 compared with $285.6 million for the second quarter of 2024. The $43.7 million increase was primarily due to $38.8 million of contributions from recent acquisitions.
Previous report
Operating profit was $25.8 million for the second quarter of 2025 compared with $6.3 million for the second quarter of 2024. The $19.5 million increase was primarily due to the same factors that impacted gross profit. Adjusted EBITDA was $53.4 million for the second quarter of 2025 compared with $34.9 million for the second quarter of 2024. The $18.5 million increase in Adjusted EBITDA was primarily due to the same factors that impacted gross profit.
Previous report
Gross profit was $82.9 million for the second quarter of 2025 compared with $89.3 million for the second quarter of 2024. The $6.4 million decrease in gross profit was primarily due to the same factors that impacted net sales, partially offset by lower raw material costs. Gross profit margin was 21.9 percent and 21.6 percent for the second quarter of 2025 and 2024, respectively.
Previous report
Operating profit was $25.9 million for the second quarter of 2025 compared with $18.9 million for the second quarter of 2024. The $7.0 million increase was primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses related to higher compensation expenses and costs incurred for strategic investments, higher restructuring and other charges and impairment charges related to plant closures. Adjusted EBITDA was $79.5 million for the second quarter of 2025 compared with $49.5 million for the second quarter of 2024. The $30.0 million increase in Adjusted EBITDA was primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses related to higher compensation expenses and costs incurred for strategic investments.
Previous report
Operating profit was $12.8 million for the second quarter of 2025 compared with $16.4 million for the second quarter of 2024. The $3.6 million decrease was primarily due to the same factors that impacted gross profit. Adjusted EBITDA was $17.3 million for the second quarter of 2025 compared with $20.8 million for the second quarter of 2024. The $3.5 million decrease in Adjusted EBITDA was primarily due to the same factors that impacted gross profit.
Previous report
Income tax expense for the second quarter of 2025 was $29.8 million compared with $17.0 million for the second quarter of 2024. The $12.8 million increase in income tax expense was primarily due to higher pre-tax book earnings, changes in the mix of earnings among tax jurisdictions, and other discrete tax expenses.
Previous report
Net sales were $721.1 million for the first six months of 2025 compared with $784.2 million for the first six months of 2024. The $63.1 million decrease in net sales was primarily due to $29.0 million attributable to lower volumes, $20.9 million of negative foreign currency translation impacts and lower average selling prices.
Previous report
Gross profit was $146.0 million for the first six months of 2025 compared with $155.1 million for the first six months of 2024. The $9.1 million decrease in gross profit was primarily due to the same factors that impacted net sales, partially offset by lower raw material costs. Gross profit margin was 20.2 percent and 19.8 percent for the first six months of 2025 and 2024, respectively.
Previous report
Net sales were $145.5 million for the first six months of 2025 compared with $170.1 million for the first six months of 2024. The $24.6 million decrease in net sales was primarily due to a $26.5 million impact from the Delta Divestiture.
Previous report
Operating profit was $17.7 million for the first six months of 2025 compared with $28.5 million for the first six months of 2024. The $10.8 million decrease in operating profit was primarily due to the same factors that impacted gross profit. Adjusted EBITDA was $26.2 million for the first six months of 2025 compared with $34.3 million for the first six months of 2024. The $8.1 million decrease in Adjusted EBITDA was primarily due to the same factors that impacted gross profit.
Previous report
Income tax expense for the first six months of 2025 was $37.6 million compared with $21.2 million income tax benefit for the first six months of 2024, respectively. The $58.8 million increase in income tax expense was primarily due to a significant one-time discrete tax benefit in 2024 from recognizing deferred tax assets related to the onshoring of certain intangible property.
Reworded paragraphs (47)
Previous wording
The discussion and analysis presented below relates to the material changes in financial condition and results of operations for the interim condensed consolidated balance sheet as of April 30, 2025 and the condensed consolidated balance sheet as of October 31, 2024, and for the interim condensed consolidated statements of income for the three and six months ended April 30, 2025 and 2024. This discussion and analysis should be read in conjunction with the interim condensed consolidated financial statements that appear elsewhere in this Form 10-Q and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 (the “2024 Form 10-K”). Readers are encouraged to review the entire 2024 Form 10-K, as it includes information regarding Greif not discussed in this Form 10-Q. This information will assist in your understanding of the discussion of our current period financial results.
Current wording
The discussion and analysis presented below relates to the material changes in financial condition and results of operations for the interim condensed consolidated balance sheet as of July 31, 2025 and the condensed consolidated balance sheet as of October 31, 2024, and for the interim condensed consolidated statements of income for the three and nine months ended July 31, 2025 and 2024. This discussion and analysis should be read in conjunction with the interim condensed consolidated financial statements that appear elsewhere in this Form 10-Q and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 (the “2024 Form 10-K”). Readers are encouraged to review the entire 2024 Form 10-K, as it includes information regarding Greif not discussed in this Form 10-Q. This information will assist in your understanding of the discussion of our current period financial results.
Previous wording
In the Sustainable Fiber Solutions reportable segment, we produce and sell fiber-based packaging products, including fiber drums, containerboard, corrugated sheets, corrugated containers, uncoated recycled board, coated recycled board, tubes and cores and specialty partitions made from containerboard, uncoated recycled board and coated recycled board. Our fiber-based packaging products are sold in North America in industries such as packaging, automotive, construction, food and beverage and building products. In addition, this reportable segment is involved in the management and sale of timber, timberland and special use properties in the southeastern United States.
Current wording
In the Sustainable Fiber Solutions reportable segment, we produce and sell fiber-based packaging products, including fibre drums, uncoated recycled board, coated recycled board, tubes and cores and specialty partitions made from containerboard, uncoated recycled board and coated recycled board. Our fiber-based packaging products are sold in North America in industries such as packaging, automotive, construction, food and beverage and building products. In addition, this reportable segment is involved in the management and sale of timber, timberland and special use properties in the southeastern United States.
Previous wording
The discussion and analysis of our financial condition and results of operations are based upon our interim condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these interim condensed consolidated financial statements, in accordance with these principles, require us to make estimates and assumptions that affect the reported amount of assets and liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities as of the date of our interim condensed consolidated financial statements.
Current wording
The discussion and analysis of our financial condition and results of operations are based upon our interim condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these interim condensed consolidated financial statements, in accordance with these principles, requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities as of the date of our interim condensed consolidated financial statements.
Previous wording
In December 2024, we announced changes to our reporting structure, effective November 1, 2024, moving to a material solution-based structure. This internal re-alignment has resulted in a change in our reportable segments from three: Global
Current wording
In December 2024, we announced changes to our reporting structure, effective November 1, 2024, moving to a material solution-based structure. This internal re-alignment has resulted in a change in our reportable segments from three: Global Industrial Packaging; Paper Packaging & Services; and Land Management; to four: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Integrated Solutions.
Previous wording
For the Customized Polymer Solutions – Small Plastics/Jerrycans reporting unit, the fair value of the reporting unit exceeded the carrying value by 2%, so no impairment was deemed to exist. The low headroom is expected due to various acquisitions related to this reporting unit in recent years. We expect the headroom of this reporting unit to grow after synergies from those acquisitions are realized and the acquired businesses are fully integrated into our network.
Current wording
For the Customized Polymer Solutions – Small Plastics/Jerrycans reporting unit, the fair value of the reporting unit exceeded the carrying value by 2%, so no impairment was deemed to exist. The low headroom is due to various acquisitions related to this reporting unit in recent years. We expect the headroom of this reporting unit to grow after synergies from those acquisitions are realized and the acquired businesses are fully integrated into our network.
Previous wording
The following table summarizes the carrying amount of goodwill by reporting unit as of April 30, 2025 and October 31, 2024 (recasted from the 2024 10-K by allocating goodwill to reporting units under the new organizational structure on a relative fair value basis):
Current wording
The following table summarizes the carrying amount of goodwill by reporting unit as of July 31, 2025 and October 31, 2024 (recasted from the 2024 10-K by allocating goodwill to reporting units under the new organizational structure on a relative fair value basis, with goodwill associated with discontinued operations removed from presentation):
Previous wording
The following comparative information is presented for the three and six months ended April 30, 2025 and 2024. Historical revenues and earnings may or may not be representative of future operating results as a result of various economic and other factors.
Current wording
The following comparative information is presented for the three and nine months ended July 31, 2025 and 2024. Historical revenues and earnings may or may not be representative of future operating results as a result of various economic and other factors.
Previous wording
Net sales were $1,385.7 million for the second quarter of 2025 compared with $1,371.0 million for the second quarter of 2024. The $14.7 million increase was primarily due to $15.2 million from higher average selling prices. See the “Segment Review” below for additional information on net sales by segment.
Current wording
Net sales were $1,134.7 million for the third quarter of 2025 compared with $1,164.9 million for the third quarter of 2024. The $30.2 million decrease was primarily due to $40.1 million attributable to lower volumes, partially offset by positive foreign currency translation impacts. See the “Segment Review” below for additional information on net sales by segment.
Previous wording
Gross profit was $319.5 million for the second quarter of 2025 compared with $270.1 million for the second quarter of 2024. The $49.4 million increase was primarily due to the same factors that impacted net sales and lower raw material costs. See the “Segment Review” below for additional information on gross profit by segment. Gross profit margin was 23.1 percent and 19.7 percent for the second quarter of 2025 and 2024, respectively.
Current wording
Gross profit was $257.3 million for the third quarter of 2025 compared with $244.9 million for the third quarter of 2024. The $12.4 million increase was primarily due to lower raw material costs, partially offset by the same factors that impacted net sales. See the “Segment Review” below for additional information on gross profit by segment. Gross profit margin was 22.7 percent and 21.0 percent for the third quarter of 2025 and 2024, respectively.
Previous wording
Selling, general and administrative (“SG&A”) expenses were $172.6 million for the second quarter of 2025 compared with $167.2 million for the second quarter of 2024. The $5.4 million increase was primarily related to recent acquisitions. SG&A expenses were 12.5 percent and 12.2 percent of net sales for the second quarter of 2025 and 2024, respectively.
Current wording
Selling, general and administrative (“SG&A”) expenses were $157.0 million for the third quarter of 2025 compared with $152.8 million for the third quarter of 2024. The $4.2 million increase was primarily due to higher compensation expenses. SG&A expenses were 13.8 percent and 13.1 percent of net sales for the third quarter of 2025 and 2024, respectively.
Previous wording
Operating profit was $118.6 million for the second quarter of 2025 compared with $98.1 million for the second quarter of 2024. Net income was $54.5 million for the second quarter of 2025 compared with $52.0 million for the second quarter of 2024. Adjusted EBITDA was $213.9 million for the second quarter of 2025 compared with $169.7 million for the second quarter of 2024. The reasons for the changes in operating profit, net income, and Adjusted EBITDA for each segment are described below in the “Segment Review.”
Current wording
Operating profit was $73.1 million for the third quarter of 2025 compared with $136.7 million for the third quarter of 2024. Net income was $44.7 million for the third quarter of 2025 compared with $84.5 million for the third quarter of 2024. Adjusted EBITDA was $160.7 million for the third quarter of 2025 compared with $157.0 million for the third quarter of 2024. The reasons for the changes in operating profit, net income, and Adjusted EBITDA for each segment are described below in the “Segment Review.”
Previous wording
While volumes have improved year over year across some geographies and product groups, we have not identified, and do not anticipate, any compelling customer demand inflection on the horizon. We expect prices for steel and resin to be relatively stable for the remainder of the year, apart from any potential tariff impact. We also expect prices for old corrugated containers and other direct materials, as well as prices for transportation, labor and utilities, to remain relatively stable through the remainder of the year.
Current wording
While volumes in small plastics have improved due to increased demand in growth end markets, overall we have not identified, and do not anticipate, any compelling customer demand inflection during the remainder of the year. We expect prices for steel and resin to be relatively stable for the remainder of the year, apart from any potential tariff impact. We also expect prices for old corrugated containers and other direct materials, as well as prices for transportation, labor and utilities, to remain relatively stable through the remainder of the year.
Previous wording
Gross profit was $76.7 million for the second quarter of 2025 compared with $55.5 million for the second quarter of 2024. The $21.2 million increase in gross profit was primarily due to the same factors that impacted net sales, partially offset by higher raw material costs and higher manufacturing costs. Gross profit margin was 23.3 percent and 19.4 percent for the second quarter of 2025 and 2024, respectively.
Current wording
Gross profit was $70.7 million for the third quarter of 2025 compared with $60.6 million for the third quarter of 2024. The $10.1 million increase was primarily due to the same factors that impacted net sales, partially offset by higher raw material costs and higher manufacturing costs. Gross profit margin was 20.8 percent and 19.3 percent for the third quarter of 2025 and 2024, respectively.
Previous wording
Operating profit was $54.1 million for the second quarter of 2025 compared with $56.5 million for the second quarter of 2024. The $2.4 million decrease was primarily due to the same factors that impacted gross profit and higher restructuring and other charges, partially offset by lower SG&A expenses related to lower incentive expenses due to performance. Adjusted EBITDA was $63.7 million for the second quarter of 2025 compared with $64.5 million for the second quarter of 2024. The $0.8 million decrease in Adjusted EBITDA was primarily due to the same factors that impacted gross profit, partially offset by lower SG&A expenses related to lower incentive expenses due to performance.
Current wording
Operating profit was $8.8 million for the third quarter of 2025 compared with $9.6 million for the third quarter of 2024. The $0.8 million decrease was primarily due to higher SG&A expenses related to higher compensation expenses and higher restructuring and other charges, partially offset by the same factors that impacted gross profit. Adjusted EBITDA was $39.4 million for the third quarter of 2025 compared with $40.5 million for the third quarter of 2024. The $1.1 million decrease was primarily due to the same factors that impacted operating profit.
Previous wording
Our Sustainable Fiber Solutions segment produces and sells fiber-based packaging products, including fiber drums, containerboard, corrugated sheets, corrugated containers, uncoated recycled board, coated recycled board, tubes and cores and specialty partitions made from containerboard, uncoated recycled board and coated recycled board. In addition, this reportable segment is involved in the management and sale of timber, timberland and special use properties in the southeastern United States.
Current wording
Our Sustainable Fiber Solutions segment produces and sells fiber-based packaging products, including fibre drums, uncoated recycled board, coated recycled board, tubes and cores and specialty partitions made from containerboard, uncoated recycled board and coated recycled board. In addition, this reportable segment is involved in the management and sale of timber, timberland and special use properties in the southeastern United States.
Previous wording
Net sales were $599.1 million for the second quarter of 2025 compared with $580.1 million for the second quarter of 2024. The $19.0 million increase was primarily due to $29.0 million from higher published containerboard and boxboard prices, partially offset by $9.1 million attributable to lower volumes.
Current wording
Net sales were $308.0 million for the third quarter of 2025 compared with $325.6 million for the third quarter of 2024. The $17.6 million decrease was primarily due to $24.5 million attributable to lower volumes, partially offset by $6.8 million from higher published containerboard and boxboard prices.
Previous wording
Gross profit was $132.7 million for the second quarter of 2025 compared with $93.7 million for the second quarter of 2024. The $39.0 million increase in gross profit was primarily due to the same factors that impacted net sales, along with lower raw material costs and lower manufacturing costs. Gross profit margin was 22.1 percent and 16.2 percent for the second quarter of 2025 and 2024, respectively.
Current wording
Gross profit was $75.4 million for the third quarter of 2025 compared with $67.9 million for the third quarter of 2024. The $7.5 million increase in gross profit was primarily due to lower raw material costs and lower manufacturing costs, partially offset by the same factors that impacted net sales. Gross profit margin was 24.5 percent and 20.9 percent for the third quarter of 2025 and 2024, respectively.
Previous wording
Net sales were $78.4 million for the second quarter of 2025 compared with $91.6 million for the second quarter of 2024. The $13.2 million decrease was primarily due to a $15.2 million impact from the divestiture of Delta Petroleum Company, Inc. (the “Delta Divestiture”) during the third quarter of 2024.
Current wording
Net sales were $87.1 million for the third quarter of 2025 compared with $100.5 million for the third quarter of 2024. The $13.4 million decrease was primarily due to a $14.3 million impact from the divestiture of Delta Petroleum Company, Inc. (the “Delta Divestiture”) during the third quarter of 2024.
Previous wording
Gross profit was $27.2 million for the second quarter of 2025 compared with $31.6 million for the second quarter of 2024. The $4.4 million decrease in gross profit was primarily due to the Delta Divestiture. Gross profit margin was 34.7 percent and 34.5 percent for the second quarter of 2025 and 2024, respectively.
Current wording
Gross profit was $24.8 million for the third quarter of 2025 compared with $30.7 million for the third quarter of 2024. The $5.9 million decrease in gross profit was primarily due to the Delta Divestiture. Gross profit margin was 28.5 percent and 30.5 percent for the third quarter of 2025 and 2024, respectively.
Previous wording
The following table sets forth the net sales, operating profit and Adjusted EBITDA for each of our business segments for the six months ended April 30, 2025 and 2024:
Current wording
The following table sets forth the net sales, operating profit and Adjusted EBITDA for each of our business segments for the nine months ended July 31, 2025 and 2024:
Previous wording
The following table sets forth Adjusted EBITDA, reconciled to net income and operating profit, for our consolidated results for the six months ended April 30, 2025 and 2024:
Current wording
The following table sets forth Adjusted EBITDA, reconciled to net income and operating profit, for our consolidated results for the nine months ended July 31, 2025 and 2024:
Previous wording
The following table sets forth Adjusted EBITDA for our business segments, reconciled to the operating profit for each segment, for the six months ended April 30, 2025 and 2024:
Current wording
The following table sets forth Adjusted EBITDA for our business segments, reconciled to the operating profit for each segment, for the nine months ended July 31, 2025 and 2024:
Previous wording
Net sales were $2,651.5 million for the first six months of 2025 compared with $2,576.8 million for the first six months of 2024. The $74.7 million increase was primarily due to $97.2 million contributions from recent acquisitions, partially offset by a $26.5 million impact from the Delta Divestiture. See the “Segment Review” below for additional information on net sales by segment.
Current wording
Net sales were $3,231.8 million for the first nine months of 2025 compared with $3,247.9 million for the first nine months of 2024. The $16.1 million decrease was primarily due to $57.1 million attributable to lower volumes, a $40.8 million impact from the Delta Divestiture and $11.3 million of negative foreign currency translation impacts, partially offset by $97.2 million contributions from recent acquisitions. See the “Segment Review” below for additional information on net sales by segment.
Previous wording
Gross profit was $565.0 million for the first six months of 2025 compared with $491.7 million for the first six months of 2024. The $73.3 million increase was primarily due to the same factors that impacted net sales and lower raw material costs, partially offset by higher manufacturing costs. See “Segment Review” below for additional information on gross profit by segment. Gross profit margin was 21.3 percent and 19.1 percent for first six months of 2025 and 2024, respectively.
Current wording
Gross profit was $711.9 million for the first nine months of 2025 compared with $671.2 million for the first nine months of 2024. The $40.7 million increase was primarily due to lower raw material costs, partially offset by the same factors that impacted net sales. See “Segment Review” below for additional information on gross profit by segment. Gross profit margin was 22.0 percent and 20.7 percent for first nine months of 2025 and 2024, respectively.
Previous wording
SG&A expenses were $340.3 million for the first six months of 2025 compared with $313.0 million for the first six months of 2024. The $27.3 million increase in SG&A expenses was primarily related to higher compensation expenses and amortization expenses due to recent acquisitions. SG&A expenses were 12.8 percent and 12.1 percent of net sales for first six months of 2025 and 2024, respectively.
Current wording
SG&A expenses were $475.9 million for the first nine months of 2025 compared with $443.6 million for the first nine months of 2024. The $32.3 million increase was primarily related to higher compensation expenses and amortization expenses due to recent acquisitions. SG&A expenses were 14.7 percent and 13.7 percent of net sales for first nine months of 2025 and 2024, respectively.
Previous wording
Operating profit was $178.5 million for the first six months of 2025 compared with $167.0 million for the first six months of 2024. Net income was $68.9 million for the first six months of 2025 compared with $126.3 million for the first six months of 2024. Adjusted EBITDA was $359.0 million for the first six months of 2025 compared with $306.7 million for the first six months of 2024. The reasons for the changes in operating profit, net income, and Adjusted EBITDA for each segment are described below in the “Segment Review.”
Current wording
Operating profit was $162.6 million for the first nine months of 2025 compared with $260.5 million for the first nine months of 2024. Net income was $76.8 million for the first nine months of 2025 compared with $207.7 million for the first nine months of 2024. Adjusted EBITDA was $412.4 million for the first nine months of 2025 compared with $403.8 million for the first nine months of 2024. The reasons for the changes in operating profit, net income, and Adjusted EBITDA for each segment are described below in the “Segment Review.”
Previous wording
Net sales were $624.4 million for the first six months of 2025 compared with $513.6 million for the first six months of 2024. The $110.8 million increase in net sales was primarily due to $97.2 million of contributions from recent acquisitions.
Current wording
Net sales were $964.2 million for the first nine months of 2025 compared with $828.3 million for the first nine months of 2024. The $135.9 million increase was primarily due to $97.2 million of contributions from recent acquisitions, $19.7 million attributable to higher volumes and $17.9 million from higher average selling prices.
Previous wording
Gross profit was $137.3 million for the first six months of 2025 compared with $99.7 million for the first six months of 2024. The $37.6 million increase in gross profit was primarily due to the same factors that impacted net sales, partially offset by higher raw material, transportation and manufacturing costs. Gross profit margin was 22.0 percent and 19.4 percent for the first six months of 2025 and 2024, respectively.
Current wording
Gross profit was $208.0 million for the first nine months of 2025 compared with $160.3 million for the first nine months of 2024. The $47.7 million increase was primarily due to the same factors that impacted net sales, partially offset by higher raw material, transportation and manufacturing costs. Gross profit margin was 21.6 percent and 19.4 percent for the first nine months of 2025 and 2024, respectively.
Previous wording
Operating profit was $39.6 million for the first six months of 2025 compared with $18.0 million for the first six months of 2024. The $21.6 million increase in operating profit was primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses related to higher compensation expenses and amortization expenses from recent acquisitions. Adjusted EBITDA was $92.9 million for the first six months of 2025 compared with $60.7 million for the first six months of 2024. The $32.2 million increase in Adjusted EBITDA was primarily due to the same factors that impacted gross profit.
Current wording
Operating profit was $28.8 million for the first nine months of 2025 compared with $26.9 million for the first nine months of 2024. The $1.9 million increase was primarily due to the same factors that impacted gross profit and lower integration costs from recent acquisitions, partially offset by higher SG&A expenses related to higher compensation expenses and amortization expenses from recent acquisitions. Adjusted EBITDA was $112.7 million for the first nine months of 2025 compared with $100.5 million for the first nine months of 2024. The $12.2 million increase was primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses related to higher compensation expenses and amortization expenses from recent acquisitions.
Previous wording
Net sales were $378.9 million for the second quarter of 2025 compared with $413.7 million for the second quarter of 2024. The $34.8 million decrease was primarily due to $18.6 million attributable to lower volumes, $12.3 million from lower average selling prices and negative foreign currency translation impacts.
Current wording
Net sales were $1,120.9 million for the first nine months of 2025 compared with $1,208.3 million for the first nine months of 2024. The $87.4 million decrease was primarily due to $53.6 million attributable to lower volumes, $24.6 million from lower average selling prices and negative foreign currency translation impacts.
Previous wording
Operating profit was $91.7 million for the first six months of 2025 compared with $93.4 million for the first six months of 2024. The $1.7 million decrease in operating profit was primarily due to the same factors that impacted gross profit and higher restructuring and other charges, partially offset by lower SG&A expenses related to lower incentive expenses due to performance. Adjusted EBITDA was $108.9 million for the first six months of 2025 compared with $109.2 million for the first six months of 2024. The $0.3 million decrease in Adjusted EBITDA was primarily due to the same factors that impacted gross profit, partially offset by lower SG&A expenses related to lower incentive expenses due to performance.
Current wording
Operating profit was $95.1 million for the first nine months of 2025 compared with $99.8 million for the first nine months of 2024. The $4.7 million decrease was primarily due to the same factors that impacted gross profit and higher restructuring and other charges, partially offset by lower SG&A expenses related to lower incentive expenses due to performance. Adjusted EBITDA was $122.4 million for the first nine months of 2025 compared with $125.0 million for the first nine months of 2024. The $2.6 million decrease was primarily due to the same factors that impacted gross profit, excluding impacts from depreciation and amortization, partially offset by lower SG&A expenses related to lower incentive expenses due to performance.
Previous wording
Net sales were $1,160.5 million for the first six months of 2025 compared with $1,108.9 million for the first six months of 2024. The $51.6 million increase in net sales was primarily due to $54.8 million from higher published containerboard and boxboard prices, partially offset by lower volume.
Current wording
Net sales were $900.3 million for the first nine months of 2025 compared with $924.2 million for the first nine months of 2024. The $23.9 million decrease was primarily due to $38.3 million from lower published containerboard and boxboard prices, partially offset by $15.6 million attributable to lower volumes.
Previous wording
Gross profit was $236.1 million for the first six months of 2025 compared with $182.0 million for the first six months of 2024. The $54.1 million increase in gross profit was primarily due to the same factor that impacted net sales. Gross profit margin was 20.3 percent and 16.4 percent for the first six months of 2025 and 2024, respectively.
Current wording
Gross profit was $201.1 million for the first nine months of 2025 compared with $184.5 million for the first nine months of 2024. The $16.6 million increase was primarily due to lower raw material costs and lower manufacturing costs, partially offset by the same factor that impacted net sales. Gross profit margin was 22.3 percent and 20.0 percent for the first nine months of 2025 and 2024, respectively.
Previous wording
Operating profit was $29.5 million for the first six months of 2025 compared with $27.1 million for the first six months of 2024. The $2.4 million increase in operating profit was primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses related to higher compensation expenses and costs incurred for strategic investments, higher restructuring and other charges and impairment charges related to plant closures. Adjusted EBITDA was $131.0 million for the first six months of 2025 compared with $102.5 million for the first six months of 2024. The $28.5 million increase in Adjusted EBITDA was primarily due to the same factors that impacted gross profit, excluding impacts from depreciation and amortization, partially offset by higher SG&A expenses.
Current wording
Operating profit was $30.3 million for the first nine months of 2025 compared with $61.8 million for the first nine months of 2024. The $31.5 million decrease was primarily due to higher restructuring and other charges and impairment charges related to plant closures, partially offset by the same factors that impacted gross profit. Adjusted EBITDA was $155.8 million for the first nine months of 2025 compared with $141.7 million for the first nine months of 2024. The $14.1 million increase was primarily due to the same factors that impacted gross profit.
Previous wording
Gross profit was $45.6 million for the first six months of 2025 compared with $54.9 million for the first six months of 2024. The $9.3 million decrease in gross profit was primarily due to the Delta Divestiture. Gross profit margin was 31.3 percent and 32.3 percent for the first six months of 2025 and 2024, respectively.
Current wording
Gross profit was $70.4 million for the first nine months of 2025 compared with $85.6 million for the first nine months of 2024. The $15.2 million decrease was primarily due to the Delta Divestiture. Gross profit margin was 28.6 percent and 29.8 percent for the first nine months of 2025 and 2024, respectively.
Previous wording
During the first six months of 2025 and 2024, cash used in change in accounts receivable was $(42.7) million and $(65.9) million, respectively. The favorable change in accounts receivable levels was primarily due to increased collection contributed from an increase in net sales.
Current wording
During the first nine months of 2025 and 2024, cash used in change in accounts receivable was $(31.8) million and $(82.0) million, respectively. The favorable change in accounts receivable levels was primarily due to increased collections.
Previous wording
During the first six months of 2025 and 2024, cash used in change in inventories was $(23.6) million and $(37.5) million, respectively. The favorable change in inventories was primarily due to decrease in raw material prices.
Current wording
During the first nine months of 2025 and 2024, cash used in change in inventories was $(13.0) million and $(46.4) million, respectively. The favorable change in inventories was primarily due to decreased raw material prices.
Previous wording
During the first six months of 2025 and 2024, cash provided by change in accounts payable was $3.3 million and $49.1 million, respectively. The unfavorable change in accounts payable levels was primarily due to increase in purchases primarily related to acquisitions and timing of payments.
Current wording
During the first nine months of 2025 and 2024, cash (used in) provided by change in accounts payable was $(13.3) million and $26.1 million, respectively. The unfavorable change in accounts payable levels was primarily due to increase in purchases primarily related to acquisitions and timing of payments.
Previous wording
During the first six months of 2025 and 2024, we invested $65.7 million and $96.6 million, respectively, of cash in capital expenditures.
Current wording
During the first nine months of 2025 and 2024, we invested $106.5 million and $141.4 million, respectively, of cash in capital expenditures. $21.0 million and $37.1 million relates to cash in capital expenditures from the Containerboard Business.
Previous wording
During the first six months of 2025, we received $22.5 million proceeds from a cash settlement of certain cross-currency swap contracts, of which $11.5 million related to cross-currency swap contracts designated as net investment hedges and $11.0 million related to cross-currency swap contracts designated as cash flow hedges.
Current wording
During the first nine months of 2025, we received $22.5 million proceeds from a cash settlement of certain cross-currency swap contracts, of which $11.5 million related to cross-currency swap contracts designated as net investment hedges and $11.0 million related to cross-currency swap contracts designated as cash flow hedges.
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Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Industrial Packaging; Paper Packaging & Services; and Land Management; to four: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Integrated Solutions.