Reynolds Consumer Products Inc.
For the period ended Sep 30, 2025. Filed Oct 29, 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.
Sep 30, 2025 · Filed Oct 29, 2025
REYN$24.11-1.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0001628280-25-036571
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001628280-25-046942
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 134 previous paragraphs and 133 current paragraphs.
83 unchanged; 45 reworded; 5 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 18 previous and 18 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 (5)
Current report
Income Tax Expense. We recognized income tax expense of $23 million on income before income taxes of $102 million (an effective tax rate of 22.4%) for the three months ended September 30, 2025 compared to income tax expense of $27 million on income before income taxes of $113 million (an effective tax rate of 24.1%) for the three months ended September 30, 2024.
Current report
Adjusted EBITDA. Reynolds Cooking & Baking Adjusted EBITDA increased by $3 million, or 6%, to $53 million. The increase was driven by lower selling, general and administrative costs. The impact of higher pricing was offset by higher input costs and the impact of lower volume was offset by lower manufacturing costs.
Current report
Results of Operations – Nine Months Ended September 30, 2025
Current report
Income Tax Expense. We recognized income tax expense of $56 million on income before taxes of $240 million (an effective tax rate of 23.3%) for the nine months ended September 30, 2025 compared to income tax expense of $62 million on income before taxes of $293 million (an effective tax rate of 21.1%) for the nine months ended September 30, 2024.
Current report
Adjusted EBITDA. Adjusted EBITDA decreased by $18 million, or 4%, to $447 million. The decrease in Adjusted EBITDA was primarily attributable to lower retail volume and higher material and manufacturing costs, partially offset by higher pricing, lower promotional spend and lower selling, general and administrative expenses.
Removed paragraphs (6)
Previous report
Income Tax Expense. Our effective tax rate increased by 7.7%, from 16.0% for the three months ended June 30, 2024 to 23.7% for the three months ended June 30, 2025. The increase was primarily due to the recognition of a discrete tax benefit for the remeasurement of deferred tax liabilities in the second quarter of 2024.
Previous report
Adjusted EBITDA. Hefty Waste & Storage Adjusted EBITDA was $71 million in both periods. The benefit of higher volume as well as lower selling, general and administrative expenses were fully offset by higher material, manufacturing and logistics costs.
Previous report
Results of Operations – Six Months Ended June 30, 2025
Previous report
Income Tax Expense. Our effective tax rate increased by 4.7%, from 19.2% for the six months ended June 30, 2024 to 23.9% for the six months ended June 30, 2025. The increase was primarily due to the recognition of a discrete tax benefit for the remeasurement of deferred tax liabilities in the second quarter of 2024.
Previous report
Adjusted EBITDA. Hefty Tableware Adjusted EBITDA decreased by $17 million, or 25%, to $52 million. The decrease in Adjusted EBITDA was due to lower foam volume and related costs.
Previous report
External Debt Facilities
Reworded paragraphs (45)
Previous wording
Total net revenues increased 1% in thethree months ended June 30, 2025 compared to the same period in 2024. The revenue increase was due to higher pricing primarily as a result of pass through of higher commodity costs.
Current wording
Total net revenues increased 2% in thethree months ended September 30, 2025 compared to the same period in 2024. The revenue increase was due to higher pricing primarily as a result of pass through of higher input costs, partially offset by lower volume.
Previous wording
Total net revenues were relatively flat in the six months ended June 30, 2025 compared to the same period in 2024 as higher pricing offset lower volume.
Current wording
Total net revenues were relatively flat in the nine months ended September 30, 2025 compared to the same period in 2024 due to higher pricing as a result of pass through of higher input costs offset by lower volume.
Previous wording
During the three months ended June 30, 2025, our net income decreased by 25% compared to the same period in 2024, primarily driven by the timing of pricing actions relative to input cost increases, costs to execute strategic initiatives, CEO transition costs and the lapping of an $10 million one-time tax benefit in the three months ended June 30, 2024. These factors were partially offset by lower selling, general and administrative expenses.
Current wording
During the three months ended September 30, 2025, our net income decreased by 8% compared to the same period in 2024, primarily driven by costs to execute strategic initiatives and CEO transition costs. These factors were partially offset by lower selling, general and administrative expenses, lower interest expense and lower income tax expense.
Previous wording
During thesix months ended June 30, 2025, our net income decreased by 28% compared to the same period in 2024, driven by lower retail volume, the timing of pricing actions relative to input cost increases, costs to execute strategic initiatives, CEO transition costs, debt refinancing expense and the lapping of an $10 million one-time tax benefit in the six months ended June 30, 2024. These factors were partially offset by lower selling, general and administrative expenses and lower interest expense.
Current wording
During thenine months ended September 30, 2025, our net income decreased by 20% compared to the same period in 2024, primarily driven by costs to execute strategic initiatives, CEO transition costs, debt refinancing expense and lower retail volume. These factors were partially offset by lower selling, general and administrative expenses and lower interest expense.
Previous wording
(1) Amounts are after tax, calculated based on the applicable tax treatment of each adjustment, using a normalized effective tax rate of 23.5% for deductible items and 0% for non-deductible items.
Current wording
(1) Amounts are after tax, calculated based on the applicable tax treatment of each adjustment, using a normalized effective tax rate of 23.7% for deductible items and 0% for non-deductible items.
Previous wording
(1) Amounts are after tax, calculated based on the applicable tax treatment of each adjustment, using a normalized effective tax rate of 23.5% for deductible items and 0% for non-deductible items.
Current wording
(1) Amounts are after tax, calculated based on the applicable tax treatment of each adjustment, using a normalized effective tax rate of 23.7% for deductible items and 0% for non-deductible items.
Previous wording
Total Net Revenues. Total net revenues increased by $8 million, or 1%, to $938 million. The increase was primarily drivenby higher pricing related to both the pass through of higher commodity costs and the timing of promotional activities.
Current wording
Total Net Revenues. Total net revenues increased by $21 million, or 2%, to $931 million. The increase was primarily drivenby higher pricing related to the pass through of higher input costs, partially offset by lower retail volume.
Previous wording
Cost of Sales. Cost of sales increased by $35 million, or 3%, to $1,341 million. The increase was primarily driven by higher material, manufacturing and logistics costs.
Current wording
Cost of Sales. Cost of sales increased by $27 million, or 4%, to $698 million. The increase was primarily driven by higher input and manufacturing costs.
Previous wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased by $26 million, or 11%, to $201 million primarily due to lower personnel and advertising costs.
Current wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased by $2 million, or 2%, to $99 million.
Previous wording
Other Expense, Net. Other expense, net was $12 million, reflecting costs to execute strategic initiatives and costs associated with our CEO transition.
Current wording
Other Expense, Net. Other expense, net was $11 million, reflecting costs to execute strategic initiatives and costs associated with our CEO transition.
Previous wording
Interest Expense, Net. Interest expense, net decreased by $3 million, or 12%, to $22 million. The decrease was primarily due to a lower outstanding principal balance as a result of voluntary principal payments made on our term loan facility.
Current wording
Interest Expense, Net. Interest expense, net decreased by $4 million, or 16%, to $21 million. The decrease was primarily due to a lower outstanding principal balance as a result of voluntary principal payments made on our term loan facility.
Previous wording
Adjusted EBITDA. Adjusted EBITDA decreased by $9 million, or 5%, to $163 million. The decrease in Adjusted EBITDA was driven by lower retail volume and the timing of pricing actions relative to input cost increases, which were partially offset by lower selling, general and administrative expenses.
Current wording
Adjusted EBITDA. Adjusted EBITDA decreased by $3 million, or 2%, to $168 million. The decrease in Adjusted EBITDA was driven by lower volume, partially offset by the timing of pricing actions relative to cost increases.
Previous wording
Total Segment Net Revenues. Reynolds Cooking & Baking total segment net revenues increased by $4 million, or 1%, to $295 million. The increase in net revenues was primarily due to higher pricing due to the pass through of higher commodity costs, as well as higher non-retail volume, partially offset by lower retail volume.
Current wording
Total Segment Net Revenues. Reynolds Cooking & Baking total segment net revenues increased by $14 million, or 5%, to $308 million. The increase in net revenues was primarily due to higher pricing related to the pass through of higher input costs, partially offset by lower volume.
Previous wording
Total Segment Net Revenues. Hefty Waste & Storage total segment net revenues increased by $11 million, or 5%, to $255 million. The increase in net revenues was primarily due to increased volume.
Current wording
Total Segment Net Revenues. Hefty Waste & Storage total segment net revenues increased by $13 million, or 5%, to $266 million. The increase in net revenues was due to higher volume.
Previous wording
Adjusted EBITDA. Reynolds Cooking & Baking Adjusted EBITDA increased by $1 million, or 1%, to $87 million. The increase in Adjusted EBITDA was primarily driven by the benefit of higher revenue partially offset by higher material, manufacturing and logistics costs.
Current wording
Adjusted EBITDA. Hefty Waste & Storage Adjusted EBITDA increased by $2 million or 3% to $74 million. The increase in Adjusted EBITDA was primarily due to the benefit of higher revenue and lower selling, general and administrative expenses, partially offset by higher input, manufacturing and logistics costs.
Previous wording
Total Segment Net Revenues. Hefty Tableware total segment net revenues decreased by $38 million, or 8%, to $421 million. The decrease in net revenues was due to foam declines.
Current wording
Total Segment Net Revenues. Hefty Tableware total segment net revenues decreased by $22 million, or 10%, to $200 million. The decrease in net revenues was primarily due to lower foam volume, partially offset by higher pricing related to the pass through of higher input costs.
Previous wording
Adjusted EBITDA. Adjusted EBITDA decreased by $15 million, or 5%, to $279 million. The decrease in Adjusted EBITDA was primarily attributable tothe timing of pricing actions relative to input cost increases and lower retail volume, partially offset by lower selling, general and administrative expenses.
Current wording
Adjusted EBITDA. Hefty Tableware Adjusted EBITDA increased by $3 million, or 12%, to $29 million. The increase in Adjusted EBITDA was primarily driven by the timing of pricing actions relative to input cost increases and lower selling, general and administrative expenses, partially offset by lower volume.
Previous wording
Total Segment Net Revenues. Presto Products total segment net revenues increased by $2 million, or 1%, to $153 million. The increase in net revenues was primarily due to increased volume.
Current wording
Total Segment Net Revenues. Presto Products total segment net revenues increased by $13 million, or 9%, to $163 million. The increase in net revenues was due to higher volume.
Previous wording
Adjusted EBITDA. Presto Products Adjusted EBITDA decreased by $7 million, or 11%, to $59 million. The decrease in Adjusted EBITDA was primarily driven by higher operational costs associated with scaling new distribution.
Current wording
Adjusted EBITDA. Presto Products Adjusted EBITDA increased by $2 million, or 6%, to $35 million. The increase in Adjusted EBITDA was primarily driven by higher volume.
Previous wording
Six Months Ended June 30, 2025 Compared with the Six Months Ended June 30, 2024
Current wording
Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024
Previous wording
Components of Change in Net Revenues for the Six Months Ended June 30, 2025 vs. the Six Months Ended June 30, 2024
Current wording
Components of Change in Net Revenues for the Nine Months Ended September 30, 2025 vs. the Nine Months Ended September 30, 2024
Previous wording
Total Net Revenues. Total net revenues decreased by $8 million to $1,756 million. The decrease was primarily driven by lower volume, mostly offset by higher pricing primarily related to the pass through of higher commodity costs and the timing of promotional activities.
Current wording
Total Net Revenues. Total net revenues increased by $12 million to $2,687 million. The increase was primarily driven byhigher pricing related to the pass through of higher input costs and the timing of promotional activities, partially offset by lower retail volume.
Previous wording
Cost of Sales. Cost of sales increased by $38 million to $712 million. The increase was primarily driven by higher material, manufacturing and logistics costs.
Current wording
Cost of Sales. Cost of sales increased by $62 million, or 3%, to $2,039 million. The increase was primarily driven by higher input, manufacturing and logistics costs, partially offset by lower sales volume.
Previous wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased by $20 million, or 17%, to $96 million, primarily due to lower personnel and advertising costs.
Current wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased by $29 million, or 9%, to $300 million primarily due to lower personnel and advertising costs.
Previous wording
Other Expense, Net. Other expense, net was $21 million in the six months ended June 30, 2025, reflecting costs to execute strategic initiatives and costs associated with our CEO transition.
Current wording
Other Expense, Net. Other expense, net was $32 million in the nine months ended September 30, 2025, reflecting costs to execute strategic initiatives and costs associated with our CEO transition.
Previous wording
Interest Expense, Net. Interest expense, net decreased by $9 million, or 18%, to $42 million. The decrease was primarily due to a lower outstanding principal balance as a result of voluntary principal payments made on our term loan facility.
Current wording
Interest Expense, Net. Interest expense, net decreased by $13 million, or 17%, to $63 million. The decrease was primarily due to lower outstanding principal balance as a result of voluntary principal payments made on our term loan facility.
Previous wording
Debt Refinancing Expense. In connection with the refinancing of our senior secured term loan facility in March 2025, we recorded debt refinancing expense of $13 million in the six months ended June 30, 2025.
Current wording
Debt Refinancing Expense. In connection with the refinancing of our senior secured term loan facility in March 2025, we recorded debt refinancing expense of $13 million in the nine months ended September 30, 2025.
Previous wording
Total Segment Net Revenues. Reynolds Cooking & Baking total segment net revenues increased by $7 million, or 1%, to $554 million. The increase in net revenues was primarily due to higher pricing driven by the pass through of higher commodity costs and higher non-retail volume, partially offset by lower retail volume.
Current wording
Total Segment Net Revenues. Reynolds Cooking & Baking total segment net revenues increased by $21 million, or 2%, to $862 million. The increase in net revenues was primarily due to higher pricing driven by the pass through of higher input costs and higher non-retail volume, partially offset by lower retail volume.
Previous wording
Adjusted EBITDA. Reynolds Cooking & Baking Adjusted EBITDA decreased by $5 million, or 9%, to $49 million. The decrease was driven by lower retail volumes and the timing of pricing actions relative to input cost increases.
Current wording
Adjusted EBITDA. Reynolds Cooking & Baking Adjusted EBITDA increased by $4 million, or 3%, to $140 million. The increase in Adjusted EBITDA was primarily driven by the timing of pricing actions to recover higher input costs and lower selling, general and administrative expenses.
Previous wording
Total Segment Net Revenues. Hefty Waste & Storage total segment net revenues increased by $17 million, or 4%, to $496 million. The increase in net revenues was primarily driven by increased volume, partially offset by lower pricing driven by the timing of promotional activities.
Current wording
Total Segment Net Revenues. Hefty Waste & Storage total segment net revenues increased by $29 million, or 4%, to $761 million. The increase in net revenues was primarily driven by increased volume.
Previous wording
Adjusted EBITDA. Hefty Waste & Storage Adjusted EBITDA decreased by $9 million, or 7%, to $129 million. The decrease in Adjusted EBITDA was primarily driven by higher material, manufacturing and logistics costs, partially offset by higher volume as well as lower selling, general and administrative expenses.
Current wording
Adjusted EBITDA. Hefty Waste & Storage Adjusted EBITDA decreased by $7 million, or 3%, to $203 million. The decrease in Adjusted EBITDA was primarily driven by higher input, manufacturing and logistics costs, partially offset by higher volume and lower selling, general and administrative expenses.
Previous wording
Total Segment Net Revenues. Hefty Tableware total segment net revenues decreased by $9 million, or 4%, to $242 million. The decrease in net revenues was due to foam declines.
Current wording
Total Segment Net Revenues. Hefty Tableware total segment net revenues decreased by $59 million, or 9%, to $622 million. The decrease in net revenues was due to lower foam volume, partially offset by higher pricing primarily due to lower promotional activities.
Previous wording
Adjusted EBITDA. Hefty Tableware Adjusted EBITDA decreased by $4 million, or 10%, to $35 million. The decrease in Adjusted EBITDA was due to lower foam volume and related costs.
Current wording
Adjusted EBITDA. Hefty Tableware Adjusted EBITDA decreased by $14 million, or 15%, to $81 million. The decrease in Adjusted EBITDA was primarily due to lower foam volume and higher related costs, partially offset by lower selling, general and administrative expenses.
Previous wording
Total Segment Net Revenues. Presto Products total segment net revenues increased by $2 million, to $296 million. The increase in net revenues was primarily driven by higher pricing largely as a result of the pass through of higher commodity costs.
Current wording
Total Segment Net Revenues. Presto Products total segment net revenues increased by $16 million, or 4%, to $460 million. The increase in net revenues was primarily driven by higher volume.
Previous wording
Adjusted EBITDA. Presto Products Adjusted EBITDA decreased by $4 million, or 11%, to $33 million. The decrease in Adjusted EBITDA was primarily driven by higher operational costs associated with scaling new distribution.
Current wording
Adjusted EBITDA. Presto Products Adjusted EBITDA decreased by $5 million, or 5%, to $94 million. The decrease in Adjusted EBITDA was primarily driven by higher operational costs associated with scaling new distribution.
Previous wording
Net cash from operating activities decreased by $36 million to $147 million in the six months ended June 30, 2025. The decrease was primarily driven by lower net income.
Current wording
Net cash from operating activities decreased by $67 million to $240 million in the nine months ended September 30, 2025. The decrease was primarily driven by lower net income and changes in working capital accounts.
Previous wording
Net cash used in investing activities increased by $31 million to $79 million. The increase was driven by an increase in cash outlays for capital expenditures.
Current wording
Net cash used in investing activities increased by $45 million to $124 million. The increase was driven by an increase in cash outlays for capital expenditures.
Previous wording
Net cash used in financing activities decreased by $1 million to $148 million.
Current wording
Net cash used in financing activities decreased by $47 million to $200 million. The decrease was primarily attributable to $50 million of voluntary principal payments made on our Term Loan Facility during the nine months ended September 30, 2025, compared to $100 million of voluntary principal payments made on our Term Loan Facility during the nine months ended September 30, 2024.
Previous wording
As of June 30, 2025, the outstanding balance under the Term Loan Facility was $1,640 million. As of June 30, 2025, we had no outstanding borrowings under the Revolving Facility, and we had $7 million of letters of credit outstanding, which reduces the borrowing capacity under the Revolving Facility.
Current wording
As of September 30, 2025, the outstanding balance under the Term Loan Facility was $1,636 million. As of September 30, 2025, we had no outstanding borrowings under the Revolving Facility, and we had $7 million of letters of credit outstanding, which reduces the borrowing capacity under the Revolving Facility.
Previous wording
The aggregate notional amount of interest rate swaps in effect as of June 30, 2025 was $1,150 million, and the SOFR is fixed at an annual rate of 0.40% to 3.40% (for an annual effective interest rate of 2.15% to 5.15%, including margin). These interest rate swaps hedge a portion of the interest rate exposure resulting from borrowings under our Term Loan Facility for less than one year.
Current wording
The aggregate notional amount of interest rate swaps in effect as of September 30, 2025 was $1,000 million, and the SOFR was fixed at an annual rate of 2.66% to 3.40% (for an annual effective interest rate of 4.41% to 5.15%, including margin). These interest rate swaps hedge a portion of the interest rate exposure resulting from borrowings under our Term Loan Facility for less than one year.
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