CCL Industries (CCL-B) Q3 2026 earnings summary

Executive summary

• Q3 sales were $2,219.9 million, up 12.9% reported, 11% excluding FX and 6.9% organically; operating income rose 10.7% reported and 8% excluding FX to $356.3 million.

• Q3 net earnings were $223.6 million versus $210.8 million; adjusted basic EPS was $1.36, up 12.4%.

• Nine-month sales were $6,269.1 million, up 8.3% reported and 7% excluding FX; operating income rose 6.6% reported and 5% excluding FX to $1,024.4 million.

• Nine-month net earnings increased 3.3% to $652.3 million; adjusted basic EPS was $3.91, up 8.3%.

Financial highlights

• Q3 EBITDA was $461.7 million, up 8%; nine-month EBITDA was $1,326.7 million, up 5%.

• Q3 gross profit increased to $648.3 million from $595.0 million; restructuring and other items were $5.2 million versus $1.6 million.

• Q3 free cash flow from operations was $236.5 million versus $333.4 million; nine-month free cash flow was $463.0 million and operating cash flow was $765.0 million.

• Q3 effective tax rate was 27.7% versus 25.5%, reflecting higher income in higher-tax jurisdictions and higher withholding taxes.

Segment performance

• CCL segment Q3 sales were $1,446.7 million, up 14.8% reported and 12% excluding FX; operating income was $228.9 million, up 5.8% reported and 3% excluding FX, with a 15.8% margin.

• Avery sales were $299.7 million, up 7.3% reported and 5% excluding FX; operating income rose 14.7% to $60.9 million, with margin expanding 130 bps to 20.3%.

• Checkpoint sales were $260.0 million, up 1.8% reported and 1% excluding FX; operating income rose 2.1% to $39.6 million, with margin unchanged at 15.2%.

• Innovia sales were $213.5 million, up 25.1% reported and 24% excluding FX; operating income rose 97.8% to $26.9 million, with margin expanding 460 bps to 12.6%.

• CCL gained in Healthcare, Food & Beverage and HPC labels; Avery benefited from direct-to-consumer growth, Checkpoint from RFID, and Innovia from EcoFloat, Americas gains and productivity; memory-chip constraints weighed on design demand.