Revenue has rebounded from $86.4M to $101.9M over the last ten quarters, yet gross margin volatility between 21.8% and 39.9% and persistent SG&A near $25-30M have kept operating margins negative in most periods, with the 2026Q3 net margin at -7.1%.
Ranpak Holdings Corp. (PACK) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 401.4M | 395M | 368.9M | 336.3M | 326.5M | 383.9M | 298.2M | 269.5M | 267.9M | 244.1M |
| Revenue Growth % | 3.43% | 7.08% | 9.69% | 3% | -14.95% | 28.74% | 10.65% | 0.6% | 9.75% | - |
| Cost of Goods Sold | 277.2M | 300.3M | 229.1M | 213M | 226.9M | 235M | 175.6M | 158.6M | 196.5M | 131.7M |
| COGS % of Revenue | - | 76.03% | 62.1% | 63.34% | 69.49% | 61.21% | 58.89% | 58.85% | 73.35% | 53.95% |
| Gross Profit | 124.2M | 94.7M | 139.8M | 123.3M | 99.6M | 148.9M | 122.6M | 110.9M | 71.4M | 112.4M |
| Gross Margin % | 30.94% | 23.97% | 37.9% | 36.66% | 30.51% | 38.79% | 41.11% | 41.15% | 26.65% | 46.05% |
| Gross Profit Growth % | - | -32.26% | 13.38% | 23.8% | -33.11% | 21.45% | 10.55% | 55.32% | -36.48% | - |
| Operating Expenses | 131.3M | 119M | 152.6M | 130.8M | 142.1M | 136.7M | 110.9M | 108.7M | 3.73M | 80.8M |
| OpEx % of Revenue | - | 30.13% | 41.37% | 38.89% | 43.52% | 35.61% | 37.19% | 40.33% | 1.39% | 33.1% |
| Selling, General & Admin | 109.7M | 114.5M | 102M | 91.8M | 84.4M | 98.3M | 72.5M | 61.5M | 53.2M | 46.3M |
| SG&A % of Revenue | - | 28.99% | 27.65% | 27.3% | 25.85% | 25.61% | 24.31% | 22.82% | 19.86% | 18.97% |
| Research & Development | 0 | 4.1M | 4.4M | 3.7M | 3.6M | 1.7M | 2.3M | 2.1M | 2.4M | 0 |
| R&D % of Revenue | - | 1.04% | 1.19% | 1.1% | 1.1% | 0.44% | 0.77% | 0.78% | 0.9% | - |
| Other Operating Expenses | 3.5M | 400K | 46.2M | 35.3M | 54.1M | 36.7M | 36.1M | 45.1M | -1.5M | 34.5M |
| Operating Income | -7.1M | -24.3M | -12.8M | -7.5M | -42.5M | 12.2M | 11.7M | 2.2M | -3.73M | 31.2M |
| Operating Margin % | -1.77% | -6.15% | -3.47% | -2.23% | -13.02% | 3.18% | 3.92% | 0.82% | -1.39% | 12.78% |
| Operating Income Growth % | - | -89.84% | -70.67% | 82.35% | -448.36% | 4.27% | 431.82% | 158.95% | -111.96% | - |
| EBITDA | 56.3M | 42.4M | 52.5M | 62.1M | 26.5M | 85.8M | 74.4M | 60.5M | 60.77M | 92.3M |
| EBITDA Margin % | 14.03% | 10.73% | 14.23% | 18.47% | 8.12% | 22.35% | 24.95% | 22.45% | 22.68% | 37.81% |
| EBITDA Growth % | 30.63% | -19.24% | -15.46% | 134.34% | -69.11% | 15.32% | 22.98% | -0.44% | -34.16% | - |
| D&A (Non-Cash Add-back) | 63.7M | 66.7M | 65.3M | 69.6M | 69M | 73.6M | 62.7M | 58.3M | 64.5M | 61.1M |
| EBIT | -10.2M | -16.2M | -1.7M | -14.2M | -20.3M | 14M | 16.6M | 9.9M | 16.1M | 17M |
| Net Interest Income | -32.6M | -31.3M | -28.6M | -24.3M | -20.7M | -22.4M | -30.2M | -47.5M | -30.9M | -30.7M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.12M | 0 |
| Interest Expense | 32.6M | 31.3M | 28.6M | 24.3M | 20.7M | 22.4M | 30.2M | 47.5M | 36.02M | 30.7M |
| Other Income/Expense | -35.7M | -23.2M | -10.9M | -23.8M | -14.2M | -17.1M | -36.3M | -46M | -26.7M | -44.9M |
| Pretax Income | -42.8M | -47.5M | -23.7M | -31.3M | -56.7M | -4.9M | -24.6M | -43.8M | 1.39M | -13.7M |
| Pretax Margin % | -10.66% | -12.03% | -6.42% | -9.31% | -17.37% | -1.28% | -8.25% | -16.25% | 0.52% | -5.61% |
| Income Tax | -8M | -9.2M | -2.2M | -4.2M | -15.3M | -2.1M | -1.2M | -7.6M | -5.12M | -41.4M |
| Effective Tax Rate % | 18.69% | 19.37% | 9.28% | 13.42% | 26.98% | 42.86% | 4.88% | 17.35% | -369.1% | 302.19% |
| Net Income | -34.8M | -38.3M | -21.5M | -27.1M | -41.4M | -2.8M | -23.4M | -36.2M | 1.39M | 27.7M |
| Net Margin % | -8.67% | -9.7% | -5.83% | -8.06% | -12.68% | -0.73% | -7.85% | -13.43% | 0.52% | 11.35% |
| Net Income Growth % | 12.12% | -78.14% | 20.66% | 34.54% | -1378.57% | 88.03% | 35.36% | -2710.42% | -94.99% | - |
| Net Income (Continuing) | -34.8M | -38.3M | -21.5M | -27.1M | -41.4M | -2.8M | -23.4M | -36.2M | -8.6M | 27.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.41 | -0.45 | -0.26 | -0.33 | -0.51 | -0.04 | -0.32 | -0.52 | 0.03 | 0.67 |
| EPS Growth % | 14.71% | -73.08% | 21.21% | 35.29% | -1332.58% | 88.88% | 38.46% | -1647.62% | -94.99% | - |
| EPS (Basic) | - | -0.45 | -0.26 | -0.33 | -0.51 | -0.04 | -0.32 | -0.52 | 0.03 | 0.67 |
| Diluted Shares Outstanding | 85.77M | 84.18M | 83.06M | 82.37M | 81.88M | 78.54M | 72.43M | 70.81M | 41.25M | 41.25M |
| Basic Shares Outstanding | 85.77M | 84.18M | 83.06M | 82.37M | 81.88M | 78.54M | 72.43M | 70.81M | 41.25M | 41.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PACK stock.
For fiscal year 2025, Ranpak Holdings Corp. (PACK) reported total revenue of $395.0M. This represents a 61.8% increase compared to $244.1M in 2017.
Ranpak Holdings Corp. (PACK) reported a net loss of $38.3M for the fiscal year ending 2025.
Ranpak Holdings Corp. (PACK) reported an operating income of $-24.3M, resulting in an operating profit margin of -6.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Ranpak Holdings Corp. (PACK) generated $94.7M in gross profit for the year, representing a gross profit margin of 24.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and margin volatility
Metrics are mathematically derived from official filings.
Revenue Recovering From Mid-2024 Dip
Based on reported quarterly figures, PACK's revenue rose from $86.4M in 2024Q2 to $101.9M in 2026Q3, though year-over-year growth has been uneven, swinging between -6.4% and +16.2% across the period.
The sequential rebound suggests demand has stabilized after the 2024 slowdown, but the alternating growth rates point to volume or pricing swings rather than a durable acceleration. The reported figures do not isolate volume from pricing or organic from acquired growth, so investors should monitor whether the recent 2.3% year-over-year gain in 2026Q3 is sustainable. Quarterly revenue has not yet demonstrated a clear upward trend beyond prior peaks.
Gross Margin Compression Versus Peers
As reported in financial statements, PACK's gross margin has ranged from 21.8% to 39.9% over the last ten quarters, a level that trails peer Sealed Air's 29.8% and is volatile relative to Sonoco and Silgan.
The swing from roughly 37-40% margins in 2024 down to the mid-20s through 2025 suggests a meaningful deterioration in cost absorption or pricing realization during that window. The partial recovery to 35.6% in 2026Q3 may indicate improving conditions, but the reported data cannot confirm whether this reflects structural pricing power or temporary input cost relief. Margin durability therefore warrants further investigation.
Operating Losses Despite Gross Profit
According to reported figures, PACK has posted operating losses in most recent quarters, with SG&A of roughly $25-30M consuming gross profit that ranged between $25M and $36M per quarter.
Because SG&A has remained relatively flat near $27-30M while gross profit fluctuated, the company has shown negative operating leverage in the period, with overhead not scaling down alongside revenue dips. This pattern suggests the cost base is not flexible enough to return the business to profitability at current volumes. Operating income data is unavailable for several quarters, which limits the precision of this assessment.
Net Losses Versus Single Positive Quarter
Based on reported EPS, PACK recorded net losses in nine of ten quarters, with diluted EPS ranging from -$0.13 to -$0.08, while one 2024Q2 quarter showed a $5.5M profit.
The single profitable quarter appears to be an outlier, and its driver cannot be determined from the supplied data, so it should not be read as evidence of a return to earnings power. Stock-based compensation of $1.2-2.1M per quarter is modest relative to the losses and does not appear to explain the negative bottom line. The reported figures do not allow assessment of tax or non-operating items, so earnings quality cannot be fully evaluated.
Sustained Losses Challenge Recovery Thesis
Based on reported figures, PACK's ten-quarter record shows losses in nine periods and peer net margins of 4.4% to 9.4%, which highlights a meaningful profitability gap.
The bear case centers on the possibility that the 2026Q3 margin improvement is a temporary bounce rather than a structural turn, given that operating margin was negative in the preceding quarter. Peers such as Sealed Air and Sonoco generate positive net margins on comparable revenue bases, suggesting PACK's cost structure or pricing position may be weaker. Investors should monitor whether gross margin holds above 35% for consecutive quarters before concluding the recovery is durable.