Reynolds Consumer Products Inc.
For the period ended Mar 31, 2026. Filed May 6, 2026.
View on SEC.govAbout this filing
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.
Mar 31, 2026 · Filed May 6, 2026
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 2025-09-30; filed 2025-10-29.
0001628280-25-046942
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001628280-26-030951
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 133 previous paragraphs and 110 current paragraphs.
63 unchanged; 29 reworded; 18 added; 31 removed; 10 previous and 0 current paragraphs rearranged.
Tables are not compared: 18 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 (18)
Current report
In January 2026, we reorganized the previous Hefty Waste & Storage and Presto Products segments by consolidating waste bags into the new Hefty Waste & Clean-Up segment and food bags and storage products into the new Hefty Storage & Organization segment in an effort to increase efficiencies, sharpen focus on innovation and establish a structure that can better facilitate entry into adjacent categories. Comparative segment disclosures have been recast to reflect this realignment. Prior periods will be similarly recast in each quarterly update during 2026. These changes had no effect on our previously reported condensed consolidated results of operations. In addition to the segment realignment, we have renamed our existing Reynolds Cooking & Baking segment and Hefty Tableware segment to Reynolds Cooking & Kitchen Essentials and Hefty Home & Tableware, respectively.
Current report
1 Based on internal estimates derived from Circana MULO+point-of-sale data and company analysis, including attribution of branded and private label sales by manufacturer.
Current report
spokesperson for over ten years and originating with our key waste bag business. We also greatly value our partnership with both Arm & Hammer and Fabuloso brands that drive consumer confidence in our Hefty brand odor control and scent.
Current report
•Hefty Storage & Organization: Through our newly focused Hefty Storage & Organization segment, we have consolidated our food bag business to increase efficiencies, sharpen our focus on innovation and unlock incremental growth opportunities. The Hefty Storage & Organization segment produces both branded and store brand food bags and business-to-business closures. Hefty is a well-recognized supplier in the food bag category and our private label products offer brand-equivalent quality and value to our retail partners. Our branded products are sold under the Hefty Slider, Hefty Press to Close and Hefty Compostable brands in the U.S. and select international markets. Our food storage bag portfolio includes a full suite of products across varying size, type of closure and in freezer and storage. We also offer sustainable solutions such as compostable bags and bags made from recycled materials. We are proud to have partnered with John Cena as our Hefty Food Brand Spokesperson.
Current report
Interest Expense, Net. Interest expense, net was flat compared to the prior year period.
Current report
Reynolds Cooking & Kitchen Essentials
Current report
Adjusted EBITDA. Reynolds Cooking & Kitchen Essentials Adjusted EBITDA increased by $6 million, or 16%, to $44 million. The increase was primarily driven by increased volume as the pricing actions were offset higher material costs.
Current report
Hefty Waste & Clean-Up
Current report
Adjusted EBITDA. Hefty Waste & Clean-Up Adjusted EBITDA was flat at $62 million as manufacturing efficiencies offset the impact of lower revenue.
Current report
Hefty Home & Tableware
Current report
Total Segment Net Revenues. Hefty Home & Tableware total segment net revenues increased by $1 million, or 1%, to $180 million. The increase in net revenues was primarily due to higher pricing, including a reduction in certain promotional activities, partially offset by lower foam volume.
Current report
Hefty Storage & Organization
Current report
Total Segment Net Revenues. Hefty Storage & Organization total segment net revenues increased by $6 million, or 4%, to $159 million. The increase in net revenues was due to higher volume.
Current report
Adjusted EBITDA. Hefty Storage & Organization Adjusted EBITDA increased by $6 million, or 29%, to $27 million. The increase in Adjusted EBITDA was primarily driven by higher volume and manufacturing efficiencies.
Current report
Net cash used in financing activities increased by $7 million to $103 million. The increase was primarily attributable to tax withholdings on stock awards.
Current report
External Debt Facilities
Current report
We have an ongoing Supply Chain Finance program (the “SCF”) with a global financial institution (the “SCF Bank”). Under the SCF, qualifying suppliers may elect to sell their receivables from us to the SCF Bank. These participating suppliers negotiate their receivables sales arrangements directly with the SCF Bank. We are not party to those agreements, nor do we provide any security or other forms of guarantees to the SCF Bank. The participation in the program is at the sole discretion of the supplier, we have no economic interest in a supplier’s decision to enter into the agreement and have no direct financial relationship with the SCF Bank, as it relates to the SCF. Once a qualifying supplier elects to participate in the SCF and reaches an agreement with the SCF Bank, they elect which individual invoices they sell to the SCF Bank.
Current report
The terms of our payment obligations are not impacted by a supplier’s participation in the SCF and as such, the SCF has no impact on our balance sheets, cash flows or liquidity. Our payment terms with our suppliers for similar services and materials within individual markets are consistent between suppliers that elect to participate in the SCF and those that do not participate.
Removed paragraphs (31)
Previous report
•Presto Products: Through our Presto Products segment, we primarily sell store brand products in three main categories: food storage bags, trash bags and plastic wrap. Presto Products is a market leader in food storage bags and differentiates itself by providing access to category management, consumer insights, marketing, merchandising and research and development (“R&D”) resources. Presto Products was the first in the U.S. market to offer a store branded sandwich bag made with an approximately 20% proprietary blend of plant and ocean, renewable materials. Our Presto Products segment also includes our specialty business, which serves other consumer products companies by providing Fresh-Lock and Slide-Rite resealable closure systems.
Previous report
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 report
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 report
NM - Percentage change is not meaningful.
Previous report
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 report
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 report
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 report
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 report
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 report
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 report
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 report
Results of Operations – Nine Months Ended September 30, 2025
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Nine Months Ended September 30, 2025 Compared with the Nine Months Ended September 30, 2024
Previous report
Total Reynolds Consumer Products
Previous report
NM - Percentage change is not meaningful.
Previous report
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 report
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 report
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 report
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 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.
Previous 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.
Previous report
Segment Information
Previous report
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 report
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 report
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 report
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 report
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 report
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 report
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 report
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 report
Additionally, during the nine months ended September 30, 2025, we entered into additional interest rate swaps with forward start dates beginning in February 2026, that had an aggregate notional value of $900 million, which fixes the SOFR to an annual rate of 3.33% to 3.41% (for an annual effective interest rate of 5.08% to 5.16%, including margin). These interest rate swaps with forward start dates have maturity dates between March 2028 and March 2031.
Reworded paragraphs (29)
Previous wording
We are a market-leading consumer products company with a presence in 95% of households across the United States. We produce and sell products that people use in their homes for cooking, serving, cleanup and storage. We sell our products under iconic brands such as Reynolds and Hefty and also under store brands that are strategically important to our retail partners. Overall, across both our branded and store brand offerings, we hold the #1 or #2 U.S. market share position in the majority of product categories in which we participate. Over 50% of our revenue comes from products that are #1 in their respective categories. We have developed our market-leading position by investing in our product categories and consistently developing innovative products that meet the evolving needs and preferences of the modern consumer.
Current wording
We are a market-leading consumer products company with a presence in 95% of households across the United States. We produce and sell products that people use in their homes for cooking, serving, clean-up and storage. We sell our products under iconic brands such as Reynolds and Hefty and also under store brands that are strategically important to our retail partners. Overall, across both our branded and store brand offerings, we hold the #1 or #2 U.S. market share position in the majority of product categories in which we participate. Over 50% of our revenue comes from products that are #1 in their respective categories. We have developed our market-leading position by investing in our product categories and consistently developing innovative products that meet the evolving needs and preferences of the modern consumer.
Previous wording
We manage our operations in four operating and reportable segments: Reynolds Cooking & Baking, Hefty Waste & Storage, Hefty Tableware and Presto Products:
Current wording
We manage our operations in four operating and reportable segments: Reynolds Cooking & Kitchen Essentials, Hefty Waste & Clean-Up, Hefty Home & Tableware, and Hefty Storage & Organization:
Previous wording
•Reynolds Cooking & Baking: Through our Reynolds Cooking & Baking segment, we sell both branded and store brand aluminum foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, butcher paper, plastic wrap, baking cups, oven bags and slow cooker liners. Our branded products are sold under the Reynolds Wrap, Reynolds KITCHENS and EZ Foil brands in the United States and selected international markets, under the ALCAN brand in Canada and under the Diamond brand outside of North America. With our flagship Reynolds Wrap products, we hold the #1 market position in the U.S. consumer foil market measured by retail sales and volume. We also hold the #1 market position in the Canadian branded foil market under the ALCAN brand. We have no significant branded competitor in this market. Reynolds is one of the most recognized household brands in the United States and has been the top trusted brand in the consumer foil market for over 75 years, with greater than 50% market share in most of its categories. We also offer more sustainable solutions, such as Reynolds Wrap 100% recycled aluminum, unbleached parchment paper made with a chlorine-free process and coreless wax paper, which uses less packaging materials than traditional wax paper rolls.
Current wording
•Reynolds Cooking & Kitchen Essentials: Through our Reynolds Cooking & Kitchen Essentials segment, we sell both branded and store brand aluminum foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, butcher paper, plastic wrap, baking cups, oven bags and slow cooker liners. Our branded products are sold under the Reynolds Wrap, Reynolds Kitchens and EZ Foil brands in the United States and select international markets, under the ALCAN brand in Canada and under the Diamond brand outside of North America. With our flagship Reynolds Wrap products, we hold the #1 market position in the U.S. consumer foil market measured by retail sales and volume. We also hold the #1 market position in the Canadian branded foil market under the ALCAN brand. We have no significant branded competitor in this market. Reynolds is one of the most recognized household brands in the United States and has been the top trusted brand in the consumer foil market for over 75 years, with greater than 50% market share in most of its categories. We also offer more sustainable solutions, such as Reynolds Wrap 100% recycled aluminum, unbleached parchment paper made with a chlorine-free process and coreless wax paper, which uses less packaging material than traditional wax paper rolls.
Previous wording
•Hefty Waste & Storage: Through our Hefty Waste & Storage segment, we produce both branded and store brand trash and food storage bags. Hefty is a well-recognized leader in the trash bag and food storage bag categories and our private label products offer value to our retail partners. Our branded products are sold under the Hefty Ultra Strong and Hefty Strong brands for trash bags in the U.S. and selected international markets, and as the Hefty and Baggies brands for our food storage bags in the U.S. Our food storage bags are sold internationally as Reynolds, Diamond, or Hefty Basics brands based on the region. We have the #1 branded market share in the U.S. large black trash bag segment, and the #2 branded market share in the slider bag and tall kitchen trash bag segments. Our robust product portfolio in this segment includes a full suite of products, including sustainable solutions such as blue and clear recycling bags, compostable bags, bags made from recycled materials and orange bags through the Hefty ReNew™ Program.
Current wording
•Hefty Waste & Clean-Up: Through our newly focused Hefty Waste & Clean-Up segment, we produce both branded and store brand trash bags. Hefty is a well-recognized leader in the trash bag category and our private label products offer brand equivalent quality and value to our retail partners. Reynolds Consumer Products is the largest U.S. trash bag manufacturer by dollar share across MULO+ retail channels 1. Our branded products are sold under the Hefty Ultra Strong, Hefty Strong, Hefty Essentials, and Brute brands in the U.S. and select international markets. Hefty has the #1 branded market share in the U.S. large black trash bag segment, and the #2 branded market share in the tall kitchen trash bag segment. Our waste bag portfolio includes a full suite of products across varying size, strength, scent, color and closure. We also offer sustainable solutions such as compostable bags and bags made from recycled materials. We are proud to have partnered with John Cena as our Hefty brand
Previous wording
•Hefty Tableware: Through our Hefty Tableware segment, we sell both branded and store brand disposable and compostable plates, bowls, platters, containers, cups and cutlery. Our Hefty branded products include dishes, party cups, cutlery and containers. Hefty branded party cups are the #1 party cup in America measured by market share. Our branded products use our Hefty brand to represent both quality and value, and we bring this same quality and value promise to all of our store brands as well. We sell across a broad range of materials and price points in all retail channels, allowing our consumers to select the product that best suits their price, function and aesthetic needs. These materials include sustainable solutions, such as Hefty ECOSAVE™ and Hefty Compostable Printed Paper Plates.
Current wording
•Hefty Home & Tableware: Through our Hefty Home & Tableware segment, we sell both branded and store brand disposable and compostable plates, bowls, platters, containers, cups and cutlery. Our Hefty branded products include dishes, party cups, cutlery and containers. Hefty branded party cups are the #1 party cup in America measured by market share. Our branded products use our Hefty brand to represent both quality and value, and we bring this same quality and value promise to all of our store brands as well. We sell across a broad range of materials and price points in all retail channels, allowing our consumers to select the product that best suits their price, function and aesthetic needs. In 2025, we launched the line of Hefty ECOSAVE Cutlery, a high quality compostable offering. We are also proud to have partnered with John Cena as our Hefty spokesperson.
Previous 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.
Current wording
Total net revenues increased 7% in thethree months ended March 31, 2026 compared to the same period in 2025. The revenue increase wasdue to higher pricing and higher retail volume.
Previous 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.
Current wording
During the three months ended March 31, 2026, our net income increased by 90% compared to the same period in 2025, primarily driven by costs related to strategic initiatives and our CEO transition in the prior year period that did not repeat and higher revenue, partially offset by higher input costs.
Previous wording
(1) Amounts are after tax, calculated based on the applicable tax treatment of each adjustment, using a normalized effective tax rate of 23.7% 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 23.9% for deductible items and 0% for non-deductible items.
Previous wording
Certain discussions in this section provide a breakdown of net revenues between our retail and non-retail businesses. Our retail business net revenues consist of sales to grocery stores, mass merchants, warehouse clubs, discount chains, dollar stores, drug stores, home improvement stores, military outlets and eCommerce retailers. Our non-retail business net revenues consist of aluminum sales to food service customers, which were classified as related party revenues through March 31, 2025, and industrial customers.
Current wording
Certain discussions in this section provide a breakdown of net revenues between our retail and non-retail businesses. Our retail business net revenues consist of sales to grocery stores, mass merchants, warehouse clubs, discount chains, dollar stores, drug stores, home improvement stores, military outlets and eCommerce retailers. Our non-retail business net revenues consist of aluminum sales to food service customers, which were classified as related party revenues during the three months ended March 31, 2025, and industrial customers.
Previous wording
(1)The unallocated net revenues include elimination of intersegment revenues and other revenue adjustments. The unallocated Adjusted EBITDA represents the combination of corporate expenses which are not allocated to our segments and other unallocated revenue adjustments.
Current wording
(1)The unallocated net revenues include other revenue adjustments. The unallocated Adjusted EBITDA represents the combination of corporate expenses which are not allocated to our segments and other unallocated revenue adjustments.
Previous 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.
Current wording
Total Net Revenues. Total net revenues increased by $59 million, or 7%, to $877 million. The increase was drivenby higher pricing, reflecting pricing actions to recover higher input costs, and higher retail volume.
Previous 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.
Current wording
Cost of Sales. Cost of sales increased by $41 million, or 7%, to $670 million. The increase was primarily driven by higher material costs, partially offset by manufacturing efficiencies.
Previous wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased by $2 million, or 2%, to $99 million.
Current wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses increased by $5 million, or 5%, to $109 million, primarily driven by higher professional fees.
Previous wording
Other Expense, Net. Other expense, net was $11 million, reflecting costs to execute strategic initiatives and costs associated with our CEO transition.
Current wording
Other Expense, Net. Other expense, net decreased by $9 million, or 100%, reflecting costs to execute strategic initiatives and costs associated with our CEO transition in the prior year period that did not repeat in the current year.
Previous wording
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 wording
Income Tax Expense. We recognized income tax expense of $18 million on income before income taxes of $77 million (an effective tax rate of 23.6%) for the three months ended March 31, 2026 compared to income tax expense of $11 million on income before income taxes of $42 million (an effective tax rate of 24.5%) for the three months ended March 31, 2025.
Previous wording
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 wording
Adjusted EBITDA. Adjusted EBITDA increased by $14 million, or 12%, to $131 million. The increase in Adjusted EBITDA was driven by higher retail volume and manufacturing efficiencies, partially offset by higher selling, general and administrative costs. The impact of higher pricing was offset by higher material costs.
Previous 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.
Current wording
Total Segment Net Revenues. Reynolds Cooking & Kitchen Essentials total segment net revenues increased by $55 million, or 21%, to $314 million. The increase in net revenues was primarily due to higher pricing, reflecting pricing actions to recover higher input costs, and higher retail volume.
Previous 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.
Current wording
Total Segment Net Revenues. Hefty Waste & Clean-Up total segment net revenues decreased by $2 million, or 1%, to $224 million. The decrease in net revenues was due to slightly lower volume.
Previous 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.
Current wording
Adjusted EBITDA. Hefty Home & Tableware Adjusted EBITDA increased by $11 million, or 65%, to $28 million. The increase in Adjusted EBITDA was primarily driven by the timing of pricing actions relative to input costs and lower logistics costs.
Previous 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.
Current wording
Net cash from operating activities increased by $15 million to $71 million in the three months ended March 31, 2026. The increase was primarily driven by higher net income.
Previous 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.
Current wording
Net cash used in investing activities increased by $5 million to $44 million. The increase was driven by higher cash outlays for capital expenditures.
Previous wording
Our External Debt Facilities consist of a senior secured term loan facility (“Term Loan Facility”) and a $700 million senior secured revolving credit facility (“Revolving Facility”) in a syndicated loan arrangement. During March 2025, we amended the Term Loan Facility, replacing the then-existing facility, which was originally set to mature in February 2027, with a new $1,645 million facility maturing in March 2032 (“Amendment No. 4”). Other than the new maturity date and the recommencement of quarterly amortization payments, the material terms of our External Debt Facilities remain unchanged as a result of Amendment No. 4.
Current wording
Our External Debt Facilities consist of a senior secured term loan facility (“Term Loan Facility”) and a $700 million senior secured revolving credit facility (“Revolving Facility”) in a syndicated loan arrangement. During March 2025, we amended the Term Loan Facility, replacing the then-existing facility, which was originally set to mature in February 2027, with a new $1,645 million facility maturing in March 2032 (“Amendment No. 4”). Other than the new maturity date and the recommencement of quarterly amortization payments, the material terms of our External Debt Facilities as a result of Amendment No. 4 remained unchanged .
Previous 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.
Current wording
As of March 31, 2026, the outstanding balance under the Term Loan Facility was $1,536 million. As of March 31, 2026, 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 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.
Current wording
The aggregate notional amount of interest rate swaps in effect as of March 31, 2026 was $900 million, and the SOFR was fixed at an annual rate of 3.33% to 3.41% (resulting in annual effective interest rates of 5.08% to 5.16%, including margin). These interest rate swaps hedge a portion of the interest rate exposure resulting from borrowings under our Term Loan Facility for between two and five years.
Previous wording
During the nine months ended September 30, 2025, prior to Amendment No. 4, we made voluntary principal payments of $50 million related to our Term Loan Facility, which were applied to the outstanding principal balance due at maturity. Subsequent to September 30, 2025, we made a voluntary principal payment of $50 million related to our Term Loan Facility, which was applied against future quarterly amortization payments.
Current wording
During the three months ended March 31, 2026, we made voluntary principal payments of $50 million related to our Term Loan Facility.
Previous wording
The Term Loan Facility matures in March 2032. The Term Loan Facility amortizes in equal quarterly installments of $4 million, which commenced in June 2025, with the balance payable on maturity.
Current wording
The Term Loan Facility matures in March 2032. The Term Loan Facility amortizes in equal quarterly installments of $4 million, which commenced in June 2025, with the balance payable on maturity. As a result of voluntary principal repayments made, the Term Loan Facility has no quarterly amortization payments due until December 2031, when the quarterly amortization payments will recommence.
Previous wording
We are party to a factoring agreement with JP Morgan Chase Bank, N.A. to sell certain accounts receivable up to $95 million. We had no factored receivables as of September 30, 2025. Transactions under this agreement are accounted for as sales of accounts receivable, and the receivables sold are removed from the condensed consolidated balance sheet at the time of the sales transaction. We classify proceeds received from sales of accounts receivable as an operating cash flow in the condensed consolidated statement of cash flows. We record the discount as other expense, net in the condensed consolidated statement of income.
Current wording
We are party to a factoring agreement with a global financial institution to sell certain accounts receivable up to $95 million. We had no factored receivables as of March 31, 2026. Transactions under this agreement are accounted for as sales of accounts receivable, and the receivables sold are removed from the condensed consolidated balance sheet at the time of the sales transaction. We classify proceeds received from sales of accounts receivable as an operating cash flow in the condensed consolidated statement of cash flows. We record the discount as other expense, net in the condensed consolidated statement of income.
Previous wording
We have a voluntary Supply Chain Finance program (the “SCF”) with a global financial institution. All outstanding amounts related to suppliers participating in the SCF are recorded within accounts payable in our condensed consolidated balance sheet and associated payments are included as an operating cash flow in the condensed consolidated statement of cash flows. As of September 30, 2025 and December 31, 2024, the amount of obligations outstanding that we have confirmed as valid under the SCF was $10 million and $12 million, respectively.
Current wording
All outstanding amounts related to suppliers participating in the SCF are recorded within accounts payable in our condensed consolidated balance sheet and associated payments are included as an operating cash flow in the condensed consolidated statement of cash flows. The amount of obligations outstanding that we have confirmed as valid under the SCF was $9 million as of each of March 31, 2026 and December 31, 2025.
Previous wording
During the three and nine months ended September 30, 2025, cash dividends of $0.23 and $0.69 per share, respectively, were declared and paid. On October 23, 2025, a quarterly cash dividend of $0.23 per share was declared and is to be paid on November 28, 2025. We expect to continue paying cash dividends on a quarterly basis; however, future dividends are at the discretion of our Board of Directors and will depend upon our earnings, capital requirements, financial condition, contractual limitations (including under the External Debt Facilities) and other factors.
Current wording
During the three months ended March 31, 2026, cash dividends of $0.23 per share, were declared and paid. On April 30, 2026, a quarterly cash dividend of $0.23 per share was declared and is to be paid on May 29, 2026. We expect to continue paying cash dividends on a quarterly basis; however, future dividends are at the discretion of our Board of Directors and will depend upon our earnings, capital requirements, financial condition, contractual limitations (including under the External Debt Facilities) and other factors.
Rearranged previous paragraphs (10)
Previous report — wording carried elsewhere
(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 report — wording carried elsewhere
Certain discussions in this section provide a breakdown of net revenues between our retail and non-retail businesses. Our retail business net revenues consist of sales to grocery stores, mass merchants, warehouse clubs, discount chains, dollar stores, drug stores, home improvement stores, military outlets and eCommerce retailers. Our non-retail business net revenues consist of aluminum sales to food service customers and industrial customers.
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
The following discussion should be read in conjunction with our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Detailed comparisons of revenue and results are presented in the discussions of the operating segments, which follow our consolidated results discussion.
Previous report — wording carried elsewhere
Aggregation of Segment Revenue and Adjusted EBITDA
Previous report — wording carried elsewhere
(1)The unallocated net revenues include elimination of intersegment revenues and other revenue adjustments. The unallocated Adjusted EBITDA represents the combination of corporate expenses which are not allocated to our segments and other unallocated revenue adjustments.
Previous report — wording carried elsewhere
(2)Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Measures” for details, including a reconciliation between net income and Adjusted EBITDA.
Previous report — wording carried elsewhere
(1)Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Measures” for details, including a reconciliation between net income and Adjusted EBITDA.
Previous report — wording carried elsewhere
Components of Change in Net Revenues for the Nine Months Ended September 30, 2025 vs. the Nine Months Ended September 30, 2024
Previous report — wording carried elsewhere
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.