Greif (GEF) Q4 2026 earnings summary

Executive summary

• FY2026 Adjusted EBITDA rose 11.7% to $625.7 million; Adjusted EBITDA margin increased 160 bps to 14.3%, and year-end leverage fell to 1.2x.

• Operating changes delivered $105 million in annual run-rate savings by FY2026; the target rose to $150 million by FY2027-end.

• Portfolio actions included the Containerboard Business divestiture, timberlands sale and exit from coated recycled board; FY2026 share repurchases totaled $225 million.

Financial highlights

• FY2026 net sales were $4,376.8 million versus $4,315.3 million; continuing-operations net income was $261.5 million, or $4.54 per diluted Class A share, and adjusted EPS was $4.04.

• Q4 Adjusted EBITDA was $163.0 million versus $168.2 million, down 3.1%; excluding $18.2 million of favorable prior-year incentive-accrual timing, it rose $13.0 million, or 8.7%.

• Q4 adjusted Class A EPS increased 50% to $0.87, aided by lower interest and tax expense and share repurchases.

• FY2026 Adjusted free cash flow was $279.3 million; Q4 was $83.3 million versus $172.7 million, mainly reflecting prior-year Containerboard cash flows, higher cash taxes and inventory actions.

• FY2026 operating profit was $436.3 million versus $193.5 million; Q4 net loss narrowed to $6.5 million from $24.3 million.

Outlook and guidance

• FY2027 low-end guidance is $645 million of Adjusted EBITDA and $290 million of Adjusted free cash flow; guidance assumes no broader industrial recovery.

• EBITDA guidance includes $60 million favorable price-cost, $20 million transportation and other non-raw-material inflation, $10 million from Envaplast ownership and partial-year Sweetwater benefits, and a $5 million currency headwind.

• FY2027 volume assumptions are flat for Polymer, Fiber and Closures, with Durable Metal down low-single digits; guidance includes an $11 million volume headwind.

• Free cash flow guidance assumes $185 million CapEx, $50 million cash interest, $80 million cash taxes, $40 million restructuring, pension and other costs, and flat working capital.

• Structural savings target is $150 million by FY2027-end, including $45 million beyond savings already delivered; Q1 FY2027 is expected to contribute ~20% of full-year EBITDA, with flat margins.