Free cash flow remains highly erratic, swinging from a 19.4% margin in 2025Q4 to a deep deficit of -23.0% in 2025Q1, reflecting significant friction in the cash conversion cycle.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 915M | 854M | 840M | 1.14B | 1.09B | 609M | 825M | 666M | -373.8M | 516.2M | 641.4M | 589.2M | 526.6M | 458M | 468.6M | 387.8M | 338.1M | 502.9M | 184.2M | 141.7M | 136.6M | 169.5M | 263.8M | 156.8M | 122.09M | 151.7M | 63.3M | 135.1M | 97.3M | 117.4M | 46.2M |
| Operating CF Margin % | - | 9.91% | 9.54% | 12.13% | 11.55% | 8.51% | 12.58% | 10.81% | -6.2% | 11.72% | 14.92% | 14.16% | 12.42% | 10.23% | 10.8% | 9.22% | 8.26% | 12.28% | 4.52% | 5.85% | 5.66% | 7.11% | 11.05% | 9.31% | 11.54% | 13.64% | 5.74% | 16.25% | 9.84% | 16.06% | 6.49% |
| Operating CF Growth % | 131.49% | 1.67% | -26.57% | 4.95% | 78.98% | -26.18% | 23.87% | 278.17% | -172.41% | -19.52% | 8.86% | 11.89% | 14.98% | -2.26% | 20.84% | 14.7% | -32.77% | 173.02% | 29.99% | 3.73% | -19.41% | -35.75% | 68.24% | 28.42% | -19.52% | 139.66% | -53.15% | 38.85% | -17.12% | 154.11% | -52.47% |
| Net Income | 274M | 444M | 658M | 723M | 522M | 216M | 203M | 278M | 294M | 300.2M | 228M | 230.1M | 89M | 146.7M | 120.1M | 275.2M | 10.7M | 56.4M | -99.7M | -74.6M | -100.5M | -91.1M | -60.9M | -82.9M | -11.2M | -65.6M | -7M | 27.59M | 21.3M | 27.7M | -92M |
| Depreciation & Amortization | 544M | 536M | 557M | 619M | 553M | 489M | 476M | 447M | 430.6M | 330.3M | 299.3M | 280.5M | 270M | 277.4M | 266.8M | 278.4M | 288.7M | 305.4M | 264.3M | 201.7M | 204.8M | 213.6M | 237.6M | 168M | 140.7M | 144.7M | 91.96M | 81.44M | 57.5M | 42.7M | 49.5M |
| Stock-Based Compensation | 18M | 2M | 62M | 44M | 34M | 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 |
| Deferred Taxes | 70M | 107M | -119M | 22M | 131M | 55M | -1M | 53M | 26M | -54M | 76.7M | 110M | 33.1M | 62.7M | 76M | -238.4M | 21.6M | 19.6M | 28M | 19M | 19.5M | 24.5M | 23.6M | -2.8M | -10.7M | -700K | 11.68M | -908K | 7.3M | 12.3M | -6.1M |
| Other Non-Cash Items | -235M | -35M | -49M | 44M | 68M | 78M | 166M | 62M | -3.6M | -123.7M | -1.1M | -12.4M | 174.7M | -6.5M | 22.8M | 93.4M | 13.8M | 24M | 10.6M | 31.5M | 10.2M | 16.5M | 32.2M | 50.7M | 12.5M | 19.5M | -13.55M | -14.76M | 34.6M | 22.7M | 134M |
| Working Capital Changes | 244M | -200M | -269M | -308M | -218M | -229M | -19M | -174M | -1.12B | -645.3M | -528.9M | -19M | -40.2M | -22.3M | -17.1M | -20.8M | 3.3M | 98.1M | -19M | -35.9M | 7.3M | 5.6M | 33.1M | 23.8M | -43.8M | -10.2M | -19.79M | 41.77M | -23.4M | 12M | -39.2M |
| Change in Receivables | 0 | 0 | -152M | -39M | -184M | -106M | -216M | -108M | -1.16B | -658.8M | -541.9M | -1.5M | -25.5M | 49.3M | 7.3M | 700K | 5M | -6.5M | 16.5M | -4.4M | -1M | -9.5M | -7.7M | 26.5M | -9.6M | 17.3M | -3.27M | 3.76M | 2.9M | 11.6M | 10.9M |
| Change in Inventory | 0 | 0 | -124M | -117M | -268M | -80M | 35M | -73M | -82M | -6.5M | 10.5M | -19.7M | -50.4M | -39.5M | -23.9M | -43M | 13.3M | 91M | 32.6M | -27M | 10.2M | -7.2M | 5.6M | -14.6M | -10.3M | -13.8M | 23.14M | 5.66M | -1.2M | 17.8M | -2.9M |
| Change in Payables | 0 | 0 | -25M | -140M | 132M | 77M | 71M | -9M | 76.2M | 27M | 4.3M | 12.7M | 13.3M | -13.9M | 6.8M | 27.5M | 6M | 19.4M | -21.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -544M | -745M | -342M | -1.02B | -435M | -2.39B | -648M | -225M | 689.1M | -440.6M | -632.5M | -399.8M | -183.2M | -144.4M | -294M | -211.8M | -122.7M | -124.1M | -143.8M | -90.8M | -85.7M | -114.6M | -141.5M | -220.9M | -27.71M | -22.93M | 212.65M | -812.2M | -247.7M | -91.6M | -84.3M |
| Capital Expenditures | -622M | -935M | -1.2B | -804M | -549M | -802M | -646M | -22M | -395.2M | -260.1M | -294.6M | -244.1M | -201.4M | -209.2M | -203.3M | -160.1M | -122.8M | -129.9M | -183.3M | -95.9M | -94.5M | -95.6M | -137.8M | -136.6M | -27.71M | -31.88M | -30.93M | -996.6M | -379.2M | -56.2M | -57.5M |
| CapEx % of Revenue | 7.19% | 10.85% | 13.66% | 8.53% | 5.82% | 11.21% | 9.85% | 0.36% | 6.55% | 5.91% | 6.85% | 5.87% | 4.75% | 4.67% | 4.69% | 3.81% | 3% | 3.17% | 4.49% | 3.96% | 3.92% | 4.01% | 5.77% | 8.12% | 2.62% | 2.87% | 2.81% | 119.87% | 38.37% | 7.69% | 8.07% |
| Acquisitions | -2M | 16M | 711M | -361M | 0 | -1.7B | -121M | -55M | -89.4M | -189.4M | -332.7M | -163.2M | -173.8M | 0 | -105.3M | -51.9M | 0 | 0 | 29.9M | 0 | 0 | 0 | 0 | -93.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 80M | 174M | 150M | 140M | 114M | 114M | 119M | -148M | 1.17B | 8.9M | -5.2M | 7.5M | 192M | 64.8M | 14.6M | 200K | 100K | 5.8M | 9.6M | 5.1M | 8.8M | -19M | -3.7M | 9.6M | 0 | 8.95M | 243.58M | 184.4M | 131.5M | -35.4M | -26.8M |
| Cash from Financing | -319M | -18M | -489M | -106M | -666M | 1.78B | -152M | -361M | -310.7M | -69.8M | -3.1M | -210.9M | -308.8M | -311.1M | -396.1M | -42.2M | -227.4M | -399.2M | 119.8M | -50M | -56.6M | -49.1M | -133M | 67.3M | -72.53M | -126.01M | -287.8M | 666.7M | 127.3M | 7.9M | 1.2M |
| Debt Issued (Net) | -189M | 309M | -145M | 109M | -530M | 2.16B | 780M | -104M | -63M | 87.1M | 239.2M | -75.8M | -266.6M | -80.1M | -70.9M | -246.7M | -216.7M | -383.1M | 136.5M | -42.9M | -55.9M | -45.4M | -132.5M | 154.1M | -10.9M | 9.9M | -380.4M | 656.2M | 126.8M | - | - |
| Equity Issued (Net) | -157M | -184M | -225M | -76M | -46M | -15M | -316M | -129M | -119.1M | -62.1M | -164.9M | -63M | -14.7M | -200M | -300M | 204.8M | - | - | - | - | - | - | 400K | -800K | -400K | -100K | 100.21M | 10.5M | 400K | 7.9M | 1.2M |
| Dividends Paid | -130M | -128M | -122M | -123M | -92M | -92M | -103M | -113M | -111M | -93.4M | -64.4M | -49.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10M | -12.08M | -1.31M | 0 | 0 | 0 | 0 |
| Share Repurchases | -161M | -184M | -225M | -76M | -46M | -15M | -316M | -129M | -123.4M | -72.3M | -176.2M | -84.5M | -14.7M | -200M | -300M | -32.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | -400K | -400K | 0 | 0 | -2.4M | 0 | 0 |
| Other Financing | 157M | -15M | 3M | -16M | 2M | -274M | -513M | -15M | -17.6M | -1.4M | -13M | -22.8M | -27.5M | -31M | -25.2M | -300K | -10.7M | -16.1M | -16.7M | -7.1M | -700K | -3.7M | -900K | -86M | -51.23M | -6.92M | -6.31M | 0 | 100K | 0 | 0 |
| Net Change in Cash | 60M | 104M | -5M | 12M | -22M | -7M | 26M | 82M | 3.1M | 8.3M | 4.2M | -26.7M | 29.4M | 700K | -220.3M | 133.1M | -11.1M | -20.3M | 160.8M | 2M | -5.4M | 5.4M | -10.2M | 3.7M | 21.86M | 2.75M | -11.86M | -10.3M | 127.3M | 7.9M | 1.2M |
| Free Cash Flow | 293M | -81M | -363M | 340M | 541M | -193M | 179M | 313M | -769M | 256.1M | 346.8M | 345.1M | 325.2M | 248.8M | 265.3M | 227.7M | 215.3M | 373M | 900K | 45.8M | 42.1M | 73.9M | 126M | 20.2M | 94.39M | 119.81M | 32.37M | -861.5M | -281.9M | 61.2M | -11.3M |
| FCF Margin % | 3.39% | -0.94% | -4.12% | 3.61% | 5.73% | -2.7% | 2.73% | 5.08% | -12.75% | 5.82% | 8.07% | 8.3% | 7.67% | 5.56% | 6.12% | 5.41% | 5.26% | 9.11% | 0.02% | 1.89% | 1.74% | 3.1% | 5.28% | 1.2% | 8.92% | 10.77% | 2.94% | -103.62% | -28.52% | 8.37% | -1.59% |
| FCF Growth % | 156.13% | 77.69% | -206.76% | -37.15% | 380.31% | -207.82% | -42.81% | 140.7% | -400.27% | -26.15% | 0.49% | 6.12% | 30.71% | -6.22% | 16.51% | 5.76% | -42.28% | 41344.44% | -98.03% | 8.79% | -43.03% | -41.35% | 523.76% | -78.6% | -21.22% | 270.18% | 103.76% | -205.6% | -560.62% | 641.59% | -130.38% |
| FCF per Share | 0.99 | -0.27 | -1.19 | 1.10 | 1.75 | -0.65 | 0.64 | 1.06 | -2.48 | 0.82 | 1.08 | 1.04 | 0.98 | 0.71 | 0.67 | 0.60 | 0.62 | 1.08 | 0.00 | 0.23 | 0.21 | 0.37 | 0.63 | 0.14 | 2.84 | 3.76 | 1.10 | -29.98 | -9.67 | 2.12 | -0.35 |
| FCF Conversion (FCF/Net Income) | 1.07x | 1.92x | 1.28x | 1.58x | 2.09x | 2.99x | 4.93x | 3.22x | -1.69x | 1.72x | 2.81x | 2.56x | 5.87x | 3.12x | 3.82x | 1.40x | 31.60x | 8.92x | -1.85x | -1.90x | -1.36x | -1.86x | -4.33x | -1.89x | -0.68x | 23.57x | -9.05x | 5.36x | 4.57x | 4.24x | -0.50x |
| Interest Paid | 0 | 0 | 0 | 221M | 0 | 116M | 120M | 126.8M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Taxes Paid | 0 | 0 | 0 | 157M | 0 | 25M | 0 | 25.8M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High capital intensity volatility
As reported in recent financial statements, GPK exhibits significant volatility in cash conversion, with the OCF/NI ratio fluctuating wildly from 0.02 in 2024Q1 to 7.52 in 2025Q4, suggesting that reported net income is a poor proxy for the company's actual ability to generate cash.
The extreme variance between net income and operating cash flow indicates that non-cash charges and working capital swings are heavily distorting the bottom line. Investors should monitor whether this disconnect reflects genuine operational inefficiency or merely the timing of large-scale mill maintenance and inventory adjustments.
Based on the provided quarterly data, GPK's free cash flow trajectory is highly erratic, swinging from a peak margin of 19.4% in 2025Q4 to a deep deficit of -23.0% in 2025Q1, which underscores the company's struggle to maintain consistent cash generation amidst ongoing capital requirements.
The inability to sustain positive free cash flow suggests that the company's capital-intensive business model is currently failing to self-fund its operations. This trend warrants further investigation into whether the recent negative FCF periods are temporary anomalies or a structural shift in the company's cash-generating capacity.
According to historical filings, GPK's capital expenditure as a percentage of revenue reached as high as 14.8% in 2025Q1, reflecting a heavy reliance on continuous reinvestment in mill assets that appears to be outpacing the company's ability to generate sufficient internal cash flow.
The high capital intensity suggests that the company is trapped in a cycle of constant asset replacement and modernization to remain competitive. This heavy spending profile may limit management's flexibility to navigate periods of softening demand without further straining the balance sheet.
As evidenced by the quarterly data, working capital changes have been a major source of cash flow instability, ranging from a $444 million outflow in 2025Q1 to a $320 million inflow in 2025Q4, indicating significant friction in the company's cash conversion cycle.
Such large swings in working capital suggest that the company may be struggling to manage inventory levels or collect receivables efficiently in a volatile demand environment. This volatility complicates cash flow forecasting and may indicate underlying issues with supply chain management or customer payment terms.
Quick answers to the most common questions about buying GPK stock.
Graphic Packaging Holding Company (GPK) generated $854.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Graphic Packaging Holding Company (GPK) reported negative free cash flow of $81.0M in 2025, indicating capital requirements exceeded cash from operations.
Graphic Packaging Holding Company (GPK) spent $935.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Graphic Packaging Holding Company (GPK) returned $128.0M to shareholders via cash dividends and spent $184.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.