Winpak (WPK) Q3 2025 earnings summary

Executive summary

• Third quarter 2025 revenue was $283.0 million, down 0.9% year-over-year due to a 3% decline in volumes, with net income attributable to equity holders at $36.4 million, a 5.5% decrease from Q3 2024.

• Year-to-date revenue reached $840.6 million, down 0.6% from the prior year, and net income attributable to equity holders was $101.2 million, a 10.3% decrease year-over-year.

• Gross profit margins declined to 30.6% in Q3 2025 from 32.0% in Q3 2024, impacted by quality-related and depreciation expenses.

Financial highlights

• EBITDA for Q3 2025 was $61.3 million, nearly flat year-over-year; year-to-date EBITDA was $170.5 million, down from $178.6 million in 2024.

• Basic and diluted EPS for Q3 2025 was 60 cents, compared to 61 cents in Q3 2024.

• Cash and cash equivalents at quarter-end were $365.3 million, down from $497.3 million at the end of 2024.

• Operating cash flow before working capital changes was $60.8 million in Q3 2025.

Outlook and guidance

• Flat volume growth is projected for Q4 2025 due to continued restrained customer demand from inflation and trade uncertainty.

• Optimism for 2026 is driven by new extrusion capacity and new business awards, especially in recycle-ready products.

• Capital expenditures for 2025 are forecast at $80–90 million, focused on facility expansion and strategic acquisitions.

• Gross profit margin in Q4 2025 is expected to be comparable to Q3 2025.