Silgan (SLGN) Q4 2025 earnings summary

Executive summary

• Achieved record or near-record adjusted earnings, free cash flow, and segment profitability in 2025, returning $160 million to shareholders and reducing leverage to target range post-Weener acquisition.

• Successfully integrated Weener acquisition, completed multi-year cost savings program, and outpaced market in target organic growth products and end markets.

• Dispensing and Specialty Closures and Metal Containers delivered record sales, EBIT, and EBITDA, with margin expansion and strong growth in pet food and fragrance/beauty.

• Net sales reached $6.5 billion in 2025, up 11% year-over-year, with net income of $288.4 million ($2.70 per diluted share).

• Free cash flow for 2025 was $445.2 million, a 14% increase from 2024.

Financial highlights

• Q4 2025 net sales of ~$1.5 billion, up 4% year-over-year; full-year net sales $6.5 billion, up 11%.

• Q4 adjusted EBIT $150.6 million, flat year-over-year; adjusted EPS $0.67, down $0.18 due to higher interest and tax.

• Full-year 2025 adjusted EPS $3.72, up 3% over 2024; 2026 guidance $3.70–$3.90.

• Free cash flow for 2026 estimated at $450 million; CapEx guidance $310 million, focused on dispensing and pet food growth.

• Adjusted EBITDA for 2025 was $977.8 million, up from $881.5 million in 2024.

Outlook and guidance

• 2026 adjusted EBIT and EBITDA expected to exceed 2025 levels at midpoint of guidance.

• 2026 adjusted net income per diluted share projected at $3.70–$3.90, a 2% increase at midpoint over 2025.

• Dispensing and Specialty Closures organic volumes to grow low to mid-single digits; Metal Containers volumes to grow low single digits, led by pet food.

• Q1 2026 adjusted EPS guidance $0.70–$0.80 (vs. $0.82 prior year), reflecting prior year inventory benefits.

• Interest expense to rise to ~$205 million in 2026 due to note maturity; tax rate 25–26%.