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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
CCL Industries
CCL Industries (CCL-B) investor relations material
CCL Industries Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary13 Aug, 2026
Executive summary
Q2 2026 sales rose 9.1% year-over-year to $2,110.2 million, driven by 5% organic growth, 1.8% from acquisitions, and 2.3% from currency translation; six-month sales reached $4.0 billion.
Operating income increased 8.8% year-over-year to $350.6 million, with net earnings at $223.8 million, up from $213.1 million.
Adjusted basic EPS for Q2 was $1.35, up 10.7% year-over-year; YTD adjusted EPS was $2.55.
$455.1 million returned to shareholders YTD, including $331.6 million in share repurchases and $123.5 million in dividends.
Four acquisitions since January 2025 contributed to sales growth.
Financial highlights
Adjusted EBITDA for Q2 was $450.0 million, up 6% year-over-year; operating margin steady at 16.6%.
Free cash flow from operations for Q2 was $226.0 million, with trailing 12-month free cash flow near record levels.
Effective tax rate for Q2 2026 was 26%, up from 25.3% last year.
Leverage ratio at June 30, 2026, was 1.05x Adjusted EBITDA; net debt at $1,741.6 million.
Cash and cash equivalents at June 30, 2026, were $975.6 million.
Outlook and guidance
CCL segment orders remain solid, with close monitoring of memory chip supply impacts.
Avery expects continued direct-to-consumer growth and a strong back-to-school season.
Checkpoint anticipates sequential improvement in H2, though comps remain tough due to last year’s tech rollouts.
Innovia may see some inflation reversal and inventory unwinding in Europe.
Management expects a modest FX tailwind to earnings in Q3 2026 if current rates persist.
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Latest events from CCL Industries
- Q3 growth lifted adjusted EPS 12.4%, while European film destocking persisted into Q4.CCL-B
Q3 2026 - FY adjusted EPS reached $3.76 as Q4 results and early-2024 orders improved.CCL-BQ4 2023
- Sales up 2.8%, adjusted EPS rose, and cash flow strong despite inflationary headwinds.CCL-BQ1 2026
- Record sales, earnings, and free cash flow in 2025, with increased shareholder returns.CCL-BQ4 2025
- Q3 sales and EPS rose, cash flow was strong, and $467.9M was returned to shareholders.CCL-BQ3 2025
- Q3 2024 delivered strong sales and earnings growth, led by RFID and robust liquidity.CCL-BQ3 2024
- Q2 2024 saw double-digit sales and profit growth, led by RFID and a major acquisition gain.CCL-BQ2 2024
- Q1 2025 saw record sales, earnings, and cash flow, with robust shareholder returns.CCL-BQ1 2025
- Record 2024 sales and earnings, strong cash flow, and positive but cautious 2025 outlook.CCL-BQ4 2024
Next CCL Industries earnings date
Q3 202611 Nov, 2026
CCL Industries
Next CCL Industries earnings date
Q3 202611 Nov, 2026
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Frequently asked questions
Labels and Packaging
CCL Industries is an American-Canadian company focused on the production of specialty labels and packaging. The company produces labeling and packaging materials for a variety of sectors, including healthcare, home & personal care, food & beverage, and consumer products. Its product range encompasses pressure-sensitive labels, shrink sleeves, aluminum containers, and more. The company has dual headquarters in Toronto, Canada, and Framingham, Massachusetts, and its shares are listed on the TSX.
Connecticut Chemicals Limited
The company was founded in 1951 as Connecticut Chemicals Limited, eventually changing its name to CCL, and it focused on custom manufacturing for the Canadian consumer products industry. However, the company expanded its scope to include labels and other packaging solutions. This expansion was not just in terms of product lines but also geographically, as it began operations in the United States and the United Kingdom, eventually going public on the Toronto Stock Exchange in 1980. In the 2000s, CCL Industries started shifting its focus from custom manufacturing towards labels and packaging through divestiture of various assets.
The Products
CCL’s product portfolio includes pressure-sensitive labels, which are designed for various applications in a range of sectors. It also produces shrink sleeves, aluminum, and film materials used for both decorative and functional packaging. Additionally, the company produces extruded and labeled plastic tubes, aluminum aerosols, and specialty bottles. Its portfolio also encompasses folded instructional leaflets, precision decorated and die-cut components as well as electronic displays. Some other companies operating in the packaging sector are Avery Dennison, Ball Corporation, and WestRock Company.
The Customers
Its clientele primarily includes companies in the consumer products industry, particularly those in the food and beverage, home and personal care, healthcare, and pharmaceutical sectors. Additionally, CCL caters to businesses in the automotive and electronics sectors, providing high-quality labeling and packaging solutions. Their products are also in demand among companies requiring innovative and secure label solutions for promotional, security, and RFID applications.