Revenue growth has contracted sharply to -22.6% in 2026Q2, while gross margins remain volatile, fluctuating between 18.4% and 33.5% over the last ten quarters.
| Metric | TTM | Sep'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 3.35B | 4.29B | 4.33B | 5.22B | 6.35B | 5.56B | 4.51B | 4.59B | 3.87B | 3.64B | 3.32B | 3.62B | 4.24B | 4.35B | 4.27B | 4.25B | 3.46B | 2.79B | 3.78B | 3.32B | 2.63B | 2.42B | 2.21B | 1.92B | 1.63B | 1.46B | 929.86M | 818.83M | 801.1M | 649M | 637.4M |
| Revenue Growth % | -26.25% | -1% | -16.95% | -17.81% | 14.28% | 23.06% | -1.74% | 18.62% | 6.48% | 9.47% | -8.1% | -14.68% | -2.63% | 1.97% | 0.51% | 22.72% | 23.97% | -26.07% | 13.68% | 26.4% | 8.42% | 9.73% | 15.28% | 17.37% | 12.14% | 56.58% | 13.56% | 2.21% | 23.44% | 1.82% | -11.39% |
| Cost of Goods Sold | 2.59B | 3.34B | 3.44B | 4.07B | 5.06B | 4.46B | 3.6B | 3.64B | 3.08B | 2.92B | 2.64B | 2.95B | 3.43B | 3.52B | 3.49B | 3.45B | 2.76B | 2.29B | 3.08B | 2.72B | 2.15B | 2.03B | 1.84B | 1.57B | 1.3B | 1.15B | 703.39M | 640.47M | 605.2M | 531.8M | 489.4M |
| COGS % of Revenue | - | 77.84% | 79.42% | 78.04% | 79.76% | 80.33% | 79.74% | 79.11% | 79.64% | 80.36% | 79.39% | 81.48% | 80.87% | 80.87% | 81.74% | 81.14% | 79.67% | 82.11% | 81.66% | 81.78% | 81.77% | 83.88% | 83.12% | 81.97% | 79.43% | 79.16% | 75.64% | 78.22% | 75.55% | 81.94% | 76.78% |
| Gross Profit | 756.1M | 950.73M | 892.15M | 1.15B | 1.29B | 1.09B | 914.7M | 959.9M | 788.9M | 714.7M | 684.9M | 669.8M | 811M | 832.6M | 779.7M | 801.2M | 703.7M | 499.64M | 692.77M | 605.4M | 479.2M | 390.79M | 372.85M | 345.55M | 335.81M | 303.38M | 226.47M | 178.35M | 195.9M | 117.2M | 148M |
| Gross Margin % | 22.58% | 22.16% | 20.59% | 21.96% | 20.24% | 19.67% | 20.26% | 20.89% | 20.36% | 19.64% | 20.61% | 18.52% | 19.13% | 19.13% | 18.26% | 18.86% | 20.33% | 17.89% | 18.34% | 18.22% | 18.23% | 16.12% | 16.88% | 18.03% | 20.57% | 20.84% | 24.36% | 21.78% | 24.45% | 18.06% | 23.22% |
| Gross Profit Growth % | - | 6.57% | -22.16% | -10.84% | 17.6% | 19.49% | -4.71% | 21.68% | 10.38% | 4.35% | 2.25% | -17.41% | -2.59% | 6.78% | -2.68% | 13.86% | 40.84% | -27.88% | 14.43% | 26.33% | 22.63% | 4.81% | 7.9% | 2.9% | 10.69% | 33.96% | 26.98% | -8.96% | 67.15% | -20.81% | -18.32% |
| Operating Expenses | 655.2M | 656.62M | 550.58M | 540.6M | 664.2M | 507.8M | 609.8M | 507.4M | 399.2M | 407.5M | 376.8M | 413.2M | 496.7M | 477.3M | 469.4M | 448.4M | 351.6M | 233.16M | 339.16M | 313.38M | 259.12M | 224.73M | 218.82M | 228.12M | 250.76M | 204.72M | 128.3M | 113M | 130M | 110.6M | 94.6M |
| OpEx % of Revenue | - | 15.3% | 12.7% | 10.36% | 10.46% | 9.14% | 13.51% | 11.04% | 10.31% | 11.2% | 11.34% | 11.42% | 11.72% | 10.96% | 10.99% | 10.56% | 10.16% | 8.35% | 8.98% | 9.43% | 9.86% | 9.27% | 9.9% | 11.9% | 15.36% | 14.06% | 13.8% | 13.8% | 16.23% | 17.04% | 14.84% |
| Selling, General & Admin | 599.4M | 656.62M | 0 | 0 | 581M | 565.9M | 516M | 507.4M | 399.2M | 407.5M | 376.8M | 413.2M | 496.7M | 477.3M | 469.4M | 448.4M | 363M | 267.59M | 339.16M | 313.38M | 259.12M | 224.73M | 218.82M | 228.12M | 250.76M | 204.72M | 128.3M | 113M | 90.3M | 78.7M | 68.2M |
| SG&A % of Revenue | - | 15.3% | - | - | 9.15% | 10.19% | 11.43% | 11.04% | 10.31% | 11.2% | 11.34% | 11.42% | 11.72% | 10.96% | 10.99% | 10.56% | 10.49% | 9.58% | 8.98% | 9.43% | 9.86% | 9.27% | 9.9% | 11.9% | 15.36% | 14.06% | 13.8% | 13.8% | 11.27% | 12.13% | 10.7% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 550.58M | 540.6M | 83.2M | -58.1M | 93.8M | -2.6M | 0 | 0 | 0 | -3.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39.7M | 31.9M | 26.4M |
| Operating Income | 100.9M | 294.11M | 341.56M | 605.5M | 621.2M | 585.2M | 304.9M | 399.1M | 370.5M | 272.4M | 225.6M | 192.8M | 249.3M | 339.6M | 284.5M | 337.1M | 325.4M | 199.9M | 370.29M | 289.58M | 246.16M | 191.93M | 108.71M | 62.26M | 94.36M | 166.8M | 98.17M | 65.36M | 65.9M | 6.6M | 53.4M |
| Operating Margin % | 3.01% | 6.85% | 7.88% | 11.6% | 9.78% | 10.53% | 6.75% | 8.69% | 9.56% | 7.49% | 6.79% | 5.33% | 5.88% | 7.8% | 6.66% | 7.94% | 9.4% | 7.16% | 9.8% | 8.72% | 9.37% | 7.92% | 4.92% | 3.25% | 5.78% | 11.46% | 10.56% | 7.98% | 8.23% | 1.02% | 8.38% |
| Operating Income Growth % | - | -13.89% | -43.59% | -2.53% | 6.15% | 91.93% | -23.6% | 7.72% | 36.01% | 20.74% | 17.01% | -22.66% | -26.59% | 19.37% | -15.6% | 3.6% | 62.78% | -46.02% | 27.87% | 17.64% | 28.25% | 76.56% | 74.59% | -34.01% | -43.43% | 69.91% | 50.2% | -0.82% | 898.48% | -87.64% | -36.8% |
| EBITDA | 322.3M | 552.55M | 568.04M | 836.1M | 837.8M | 819.6M | 547.4M | 614.2M | 494.5M | 392.9M | 353.3M | 327.4M | 405.1M | 496.5M | 439.2M | 481.3M | 441.37M | 302.52M | 476.66M | 391.88M | 336.65M | 287.03M | 208.6M | 152.03M | 191.83M | 248.3M | 143.39M | 107.72M | 105.6M | 38.5M | 79.8M |
| EBITDA Margin % | 9.62% | 12.88% | 13.11% | 16.02% | 13.19% | 14.75% | 12.12% | 13.37% | 12.77% | 10.8% | 10.63% | 9.05% | 9.56% | 11.4% | 10.29% | 11.33% | 12.75% | 10.83% | 12.62% | 11.8% | 12.81% | 11.84% | 9.44% | 7.93% | 11.75% | 17.05% | 15.42% | 13.16% | 13.18% | 5.93% | 12.52% |
| EBITDA Growth % | -45.17% | -2.73% | -32.06% | -0.2% | 2.22% | 49.73% | -10.88% | 24.21% | 25.86% | 11.21% | 7.91% | -19.18% | -18.41% | 13.05% | -8.75% | 9.05% | 45.9% | -36.53% | 21.64% | 16.4% | 17.29% | 37.6% | 37.21% | -20.75% | -22.74% | 73.17% | 33.12% | 2.01% | 174.29% | -51.75% | -25.77% |
| D&A (Non-Cash Add-back) | 221.4M | 258.44M | 226.47M | 230.6M | 216.6M | 234.4M | 242.5M | 215.1M | 124M | 120.5M | 127.7M | 134.6M | 155.8M | 156.9M | 154.7M | 144.2M | 115.97M | 102.63M | 106.38M | 102.3M | 90.49M | 95.1M | 99.89M | 89.77M | 97.48M | 81.51M | 45.22M | 42.36M | 39.7M | 31.9M | 26.4M |
| EBIT | 288.3M | 181.85M | 307.96M | 603.5M | 586.9M | 571.3M | 301.9M | 379.9M | 354.2M | 260.4M | 216.6M | 189.6M | 239.8M | 326.7M | 276.1M | 316.1M | 318.68M | 191.92M | 373.56M | 257.15M | 243.86M | 166.06M | 109.03M | 66.65M | 91.89M | 173.16M | 112.3M | 80.34M | 67.52M | 32.17M | 53.4M |
| Net Interest Income | -3.2M | -56.1M | -134.9M | -96.3M | -61.2M | -92.7M | -115.8M | -112.5M | -51M | -60.1M | -75.4M | -74.8M | -81.8M | -83.8M | -89.9M | -76M | -65.5M | -53.59M | -49.63M | -45.51M | -35.99M | -39.26M | -45.26M | -52.83M | -55.97M | -45.15M | -11.84M | -12.98M | -11.93M | -2.67M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.2M | 56.1M | 134.9M | 96.3M | 61.2M | 92.7M | 115.8M | 112.5M | 51M | 60.1M | 75.4M | 74.8M | 81.8M | 83.8M | 89.9M | 79.5M | 65.8M | 53.59M | 49.63M | 116.99M | 35.99M | 40.89M | 45.26M | 52.83M | 55.97M | 45.15M | 14.48M | 15.84M | 8.7M | 2.67M | 0 |
| Other Income/Expense | 159.6M | -181.75M | -52.36M | -108.6M | -90.1M | -102.4M | -117.3M | -137.1M | -70.7M | -72.1M | -84.4M | -78M | -91.3M | -95.9M | -28.5M | -93.6M | -68.5M | -61.57M | -58.38M | -77.95M | -38.29M | -39.68M | -44.94M | -51.54M | -65.23M | -38.79M | -6.97M | -2.54M | 3.79M | 11.13M | 14.2M |
| Pretax Income | 260.5M | 112.36M | 289.2M | 496.9M | 531.1M | 482.8M | 187.6M | 262M | 299.8M | 200.3M | 141.2M | 114.8M | 158M | 243.7M | 187.1M | 243.5M | 252.5M | 138.33M | 311.91M | 211.63M | 207.87M | 152.25M | 63.77M | 13.81M | 35.93M | 128.01M | 100.45M | 67.36M | 55.6M | 29.5M | 67.6M |
| Pretax Margin % | 7.78% | 2.62% | 6.67% | 9.52% | 8.36% | 8.69% | 4.15% | 5.7% | 7.74% | 5.51% | 4.25% | 3.17% | 3.73% | 5.6% | 4.38% | 5.73% | 7.29% | 4.95% | 8.26% | 6.37% | 7.91% | 6.28% | 2.89% | 0.72% | 2.2% | 8.79% | 10.8% | 8.23% | 6.94% | 4.55% | 10.61% |
| Income Tax | 92M | 70.69M | 20.62M | 117.8M | 137.1M | 69.6M | 63.3M | 70.7M | 73.3M | 67.2M | 66.5M | 48.4M | 115M | 97.6M | 56.8M | 71.1M | 40.5M | 24.06M | 73.61M | 53.54M | 63.82M | 47.05M | 15.62M | 4.25M | 12.93M | 48.51M | 38.03M | 26.74M | 22.5M | 11.4M | 24.9M |
| Effective Tax Rate % | 35.32% | 62.91% | 7.13% | 23.71% | 25.81% | 14.42% | 33.74% | 26.98% | 24.45% | 33.55% | 47.1% | 42.16% | 72.78% | 40.05% | 30.36% | 29.2% | 16.04% | 17.39% | 23.6% | 25.3% | 30.7% | 30.91% | 24.5% | 30.8% | 36% | 37.9% | 37.86% | 39.7% | 40.47% | 38.64% | 36.83% |
| Net Income | 971.3M | 840M | 265.96M | 359.2M | 376.7M | 390.7M | 108.8M | 171M | 209.4M | 118.6M | 74.9M | 71.9M | 91.5M | 147.3M | 126.1M | 176.1M | 210M | 110.65M | 234.35M | 156.37M | 142.12M | 104.66M | 47.77M | 9.5M | 30.98M | 88.77M | 75.79M | 51.37M | 33.1M | 18.1M | 42.7M |
| Net Margin % | 29% | 19.58% | 6.14% | 6.88% | 5.93% | 7.03% | 2.41% | 3.72% | 5.41% | 3.26% | 2.25% | 1.99% | 2.16% | 3.38% | 2.95% | 4.15% | 6.07% | 3.96% | 6.21% | 4.71% | 5.41% | 4.32% | 2.16% | 0.5% | 1.9% | 6.1% | 8.15% | 6.27% | 4.13% | 2.79% | 6.7% |
| Net Income Growth % | 416.37% | 215.83% | -25.96% | -4.65% | -3.58% | 259.1% | -36.37% | -18.34% | 76.56% | 58.34% | 4.17% | -21.42% | -37.88% | 16.81% | -28.39% | -16.14% | 89.79% | -52.79% | 49.87% | 10.03% | 35.8% | 119.09% | 403.04% | -69.35% | -65.1% | 17.13% | 47.54% | 55.21% | 82.87% | -57.61% | -28.95% |
| Net Income (Continuing) | 168.5M | 41.67M | 268.58M | 379.1M | 394M | 413.2M | 124.3M | 194.2M | 229.5M | 135.1M | 75.5M | 67.2M | 44.9M | 146.1M | 130.3M | 172.34M | 211.92M | 114.27M | 247.36M | 158.09M | 144.06M | 105.2M | 48.15M | 4.67M | 30.98M | 88.77M | 75.79M | 51.37M | 37.44M | 22.53M | 42.7M |
| Discontinued Operations | 1000K | 824.9M | 25.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 131.7M | 129.8M | 165M | 163.7M | 48.8M | 85.4M | 68.5M | 79.3M | 81.9M | 68.1M | 42.3M | 44.3M | 81.1M | 114.8M | 119.6M | 156.82M | 76.71M | 7M | 3.73M | 6.41M | 4.88M | 1.7M | 1.73M | 1.89M | 1.34M | 560K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 17.06 | 15.00 | 4.64 | 7.57 | 7.75 | 8.03 | 2.25 | 3.55 | 4.36 | 2.48 | 1.57 | 1.50 | 1.92 | 3.04 | 2.49 | 3.72 | 4.43 | 1.91 | 4.11 | 2.65 | 2.42 | 1.78 | 0.83 | 0.17 | 0.55 | 1.57 | 1.34 | 0.89 | 0.65 | 0.39 | 0.74 |
| EPS Growth % | 302.8% | 223.28% | -38.71% | -2.32% | -3.49% | 256.89% | -36.62% | -18.58% | 75.81% | 57.96% | 4.67% | -21.88% | -36.84% | 22.09% | -33.06% | -16.03% | 131.94% | -53.53% | 55.09% | 9.5% | 35.96% | 114.46% | 388.24% | -69.09% | -64.97% | 17.16% | 50.56% | 36.92% | 66.67% | -47.3% | -24.49% |
| EPS (Basic) | - | 15.05 | 4.66 | 7.63 | 7.81 | 8.05 | 2.25 | 3.55 | 4.37 | 2.48 | 1.57 | 1.50 | 1.92 | 3.05 | 2.50 | 3.73 | 4.46 | 1.91 | 4.16 | 2.69 | 2.46 | 1.82 | 0.85 | 0.17 | 0.55 | 1.57 | 1.34 | 0.89 | 0.65 | 0.39 | 0.74 |
| Diluted Shares Outstanding | 56.95M | 47.6M | 47.31M | 47.47M | 48.61M | 48.67M | 48.4M | 48.22M | 47.97M | 47.83M | 47.82M | 47.79M | 47.67M | 47.54M | 47.35M | 47.3M | 47.4M | 58.35M | 58.6M | 58.66M | 58.72M | 58.2M | 57.14M | 55.87M | 56.62M | 56.63M | 56.76M | 57.77M | 57.95M | 57.95M | 57.7M |
| Basic Shares Outstanding | 56.95M | 47.4M | 47.31M | 47.47M | 48.61M | 48.67M | 48.4M | 48.22M | 47.97M | 47.83M | 47.82M | 47.79M | 47.67M | 47.54M | 47.35M | 47.2M | 47.1M | 58.05M | 58.1M | 58.09M | 58.72M | 57.53M | 56.61M | 55.87M | 56.48M | 56.57M | 56.67M | 57.73M | 57.82M | 57.82M | 57.7M |
| Dividend Payout Ratio | - | 12.04% | 45.49% | 32.43% | 29.55% | 27.08% | 95.86% | 60.82% | 47.76% | 83.14% | 131.78% | 137.27% | 107.76% | 66.73% | 77.48% | 55.54% | 44.34% | 79.49% | 32.65% | 34.11% | 24.29% | 21.89% | 35.36% | 164.88% | 50.65% | 17.07% | 19.29% | 27.86% | 41.56% | 95.07% | 32.08% |
Cyclical industrial demand volatility
According to the provided quarterly income statements, Greif has experienced significant top-line volatility, with revenue growth reaching a negative 22.6% in 2026Q2, suggesting that the firm is struggling to maintain volume levels amidst a challenging macroeconomic environment for industrial packaging and container demand.
The erratic revenue performance, characterized by sharp quarterly swings, indicates that Greif's business model remains highly sensitive to cyclical industrial production indices. Investors should monitor whether these declines represent a structural loss of market share or merely a temporary adjustment to lower global chemical and petroleum output.
As reported in recent financial filings, Greif's gross margin has fluctuated between 18.4% and 33.5% over the last ten quarters, highlighting a lack of consistent pricing power and a high sensitivity to raw material cost inputs like steel and corrugated paperboard.
The wide variance in gross margins suggests that the company's contractual pass-through mechanisms may be lagging behind rapid commodity price shifts. This inconsistency complicates earnings predictability and warrants further investigation into the effectiveness of their current hedging strategies against input cost inflation.
Based on the income statement data, the significant disparity between operating income and net income, exemplified by the 2025Q4 net income of $720.1M against an operating loss, indicates that reported earnings are heavily influenced by non-operating gains rather than core operational performance.
The presence of such large, non-recurring items suggests that investors should rely on normalized EPS models rather than GAAP figures to assess true profitability. These distortions likely stem from asset divestitures or legacy pension adjustments, which do not reflect the underlying health of the packaging business.
Data from the last ten quarters reveals that SG&A expenses have been inconsistently reported, with periods of zero disclosure followed by spikes as high as $191.7M, suggesting potential challenges in maintaining a stable overhead structure during periods of revenue contraction.
The lack of consistent SG&A reporting makes it difficult to evaluate management's expense discipline or their ability to scale costs in alignment with volume. This opacity may indicate that the company is struggling to right-size its administrative footprint in response to the recent top-line volatility.
While the company maintains a seemingly healthy balance sheet, the reliance on non-operating income to bolster net earnings, as seen in the 2025Q4 results, suggests that short-sellers may focus on the sustainability of these one-time gains to support the current valuation.
The disconnect between core operating margins and bottom-line results implies that the company's fundamental profitability may be weaker than the headline EPS suggests. Investors should be cautious of the potential for future earnings misses if these non-recurring tailwinds fail to materialize in subsequent periods.
Quick answers to the most common questions about buying GEF stock.
For fiscal year 2025, Greif, Inc. (GEF) reported total revenue of $4.29B. This represents a 573.2% increase compared to $637.4M in 1996.
Greif, Inc. (GEF) is profitable, generating $840.0M in net income for the fiscal year ending 2025 with a net profit margin of 19.6%.
Greif, Inc. (GEF) reported an operating income of $294.1M, resulting in an operating profit margin of 6.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Greif, Inc. (GEF) generated $950.7M in gross profit for the year, representing a gross profit margin of 22.2%. This demonstrates the company's core pricing power and production efficiency.