Operating margins remain constrained between 7% and 9%, as evidenced by the 8.6% margin reported in 2026Q1, suggesting that structural cost pressures continue to offset revenue volatility.
| 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 |
|---|
| Sales/Revenue | 7.49B | 7.52B | 5.31B | 5.44B | 5.86B | 5.59B | 5.24B | 5.37B | 5.39B | 5.04B | 4.78B | 4.96B | 5.02B | 4.86B | 4.81B | 4.5B | 4.12B | 3.6B | 4.12B | 4.04B | 3.66B | 3.53B | 3.16B | 2.76B | 2.7B | 2.61B | 2.71B | 2.55B | 2.56B | 2.85B | 2.79B |
| Revenue Growth % | 39.22% | 41.72% | -2.5% | -7.13% | 4.81% | 6.74% | -2.54% | -0.31% | 7.03% | 5.31% | -3.66% | -1.05% | 3.2% | 1% | 6.99% | 9.09% | 14.64% | -12.74% | 2.04% | 10.48% | 3.64% | 11.83% | 14.4% | 2.11% | 3.65% | -3.88% | 6.47% | -0.44% | -10.18% | 2.14% | 3.03% |
| Cost of Goods Sold | 5.92B | 5.94B | 4.17B | 4.24B | 4.63B | 4.53B | 4.19B | 4.32B | 4.35B | 4.08B | 3.84B | 4.03B | 4.11B | 4B | 3.97B | 3.74B | 3.36B | 2.93B | 3.4B | 3.29B | 2.95B | 2.87B | 2.58B | 2.26B | 2.18B | 2.06B | 1.96B | 1.81B | 1.82B | 2.05B | 2.01B |
| COGS % of Revenue | - | 79.06% | 78.53% | 77.9% | 79.09% | 81% | 80.02% | 80.32% | 80.69% | 80.97% | 80.22% | 81.28% | 81.9% | 82.28% | 82.56% | 83.18% | 81.39% | 81.48% | 82.44% | 81.34% | 80.72% | 81.27% | 81.78% | 81.93% | 80.65% | 79.11% | 72.16% | 70.98% | 71.25% | 72.15% | 71.92% |
| Gross Profit | 1.57B | 1.57B | 1.14B | 1.2B | 1.23B | 1.06B | 1.05B | 1.06B | 1.04B | 958.65M | 946.28M | 929.42M | 907.89M | 861.64M | 839.56M | 756.78M | 767.53M | 666.05M | 724.03M | 753.79M | 705.04M | 660.95M | 574.79M | 498.44M | 522.64M | 544.43M | 754.91M | 738.93M | 735.42M | 793.2M | 782.9M |
| Gross Margin % | 20.92% | 20.94% | 21.47% | 22.1% | 20.91% | 19% | 19.98% | 19.68% | 19.31% | 19.03% | 19.78% | 18.72% | 18.1% | 17.72% | 17.44% | 16.82% | 18.61% | 18.52% | 17.56% | 18.66% | 19.28% | 18.73% | 18.22% | 18.07% | 19.35% | 20.89% | 27.84% | 29.02% | 28.75% | 27.85% | 28.08% |
| Gross Profit Growth % | - | 38.2% | -5.27% | -1.86% | 15.39% | 1.49% | -1.09% | 1.62% | 8.59% | 1.31% | 1.81% | 2.37% | 5.37% | 2.63% | 10.94% | -1.4% | 15.24% | -8.01% | -3.95% | 6.92% | 6.67% | 14.99% | 15.32% | -4.63% | -4% | -27.88% | 2.16% | 0.48% | -7.28% | 1.32% | 7.99% |
| Operating Expenses | 917.91M | 862.18M | 812.65M | 613.52M | 661.96M | 575.06M | 688.53M | 590.75M | 603.38M | 546.24M | 441.64M | 929.42M | 907.89M | 861.64M | 839.56M | 756.78M | 767.53M | 666.05M | 724.03M | 753.79M | 705.04M | 660.95M | 574.79M | 498.44M | 522.64M | 544.43M | 754.91M | 738.93M | 735.42M | 793.2M | 782.9M |
| OpEx % of Revenue | - | 11.47% | 15.32% | 11.28% | 11.3% | 10.29% | 13.15% | 10.99% | 11.19% | 10.85% | 9.23% | 18.72% | 18.1% | 17.72% | 17.44% | 16.82% | 18.61% | 18.52% | 17.56% | 18.66% | 19.28% | 18.73% | 18.22% | 18.07% | 19.35% | 20.89% | 27.84% | 29.02% | 28.75% | 27.85% | 28.08% |
| Selling, General & Admin | 854.65M | 862.18M | 723.83M | 644.54M | 609.58M | 558.18M | 528.44M | 530.87M | 563.31M | 507.82M | 503.05M | 496.24M | 507M | 487.17M | 463.71M | 397.48M | 405.36M | 386.46M | 374.4M | 409.72M | 358.95M | 364.97M | 316.4M | 289.84M | 276.58M | 266.91M | 272.15M | 259.9M | 301.6M | 297.4M | 310.6M |
| SG&A % of Revenue | - | 11.47% | 13.64% | 11.85% | 10.4% | 9.98% | 10.09% | 9.88% | 10.45% | 10.08% | 10.52% | 10% | 10.11% | 10.02% | 9.63% | 8.83% | 9.83% | 10.74% | 9.08% | 10.14% | 9.82% | 10.34% | 10.03% | 10.51% | 10.24% | 10.24% | 10.04% | 10.21% | 11.79% | 10.44% | 11.14% |
| 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 | 88.82M | -31.02M | 52.38M | 16.88M | 160.1M | 59.88M | 40.07M | 38.42M | -61.41M | 433.18M | 400.89M | 374.47M | 375.85M | 359.31M | 362.18M | 279.59M | 349.63M | 344.07M | 346.09M | 295.98M | 258.39M | 208.6M | 246.06M | 277.52M | 482.76M | 479.03M | 433.82M | 495.8M | 472.3M |
| Operating Income | 648.45M | 712.23M | 326.58M | 589.05M | 563.36M | 486.85M | 357.8M | 467.08M | 437.63M | 412.41M | 504.64M | 433.18M | 400.89M | 374.47M | 375.85M | 359.31M | 362.18M | 279.59M | 349.63M | 344.07M | 346.09M | 295.98M | 258.39M | 208.6M | 246.06M | 277.52M | 331.95M | 333.23M | 288.12M | 342.3M | 329.4M |
| Operating Margin % | 8.66% | 9.47% | 6.16% | 10.83% | 9.61% | 8.71% | 6.83% | 8.69% | 8.12% | 8.19% | 10.55% | 8.73% | 7.99% | 7.7% | 7.81% | 7.99% | 8.78% | 7.77% | 8.48% | 8.52% | 9.46% | 8.39% | 8.19% | 7.56% | 9.11% | 10.65% | 12.24% | 13.08% | 11.26% | 12.02% | 11.81% |
| Operating Income Growth % | - | 118.09% | -44.56% | 4.56% | 15.71% | 36.07% | -23.4% | 6.73% | 6.12% | -18.28% | 16.5% | 8.05% | 7.05% | -0.37% | 4.6% | -0.79% | 29.54% | -20.03% | 1.62% | -0.58% | 16.93% | 14.55% | 23.87% | -15.22% | -11.34% | -16.4% | -0.39% | 15.66% | -15.83% | 3.92% | 6.29% |
| EBITDA | 1.17B | 1.23B | 701.44M | 930.04M | 872.18M | 732.04M | 619.09M | 706.22M | 673.87M | 630.03M | 709.83M | 646.34M | 599.61M | 572.14M | 576.25M | 539.18M | 531.84M | 453.17M | 532.67M | 525.41M | 510.95M | 459.06M | 422.31M | 371.83M | 405.32M | 436.1M | 482.76M | 479.03M | 433.82M | 495.8M | 472.3M |
| EBITDA Margin % | 15.65% | 16.38% | 13.22% | 17.09% | 14.89% | 13.09% | 11.82% | 13.14% | 12.5% | 12.51% | 14.84% | 13.02% | 11.95% | 11.77% | 11.97% | 11.98% | 12.9% | 12.6% | 12.92% | 13.01% | 13.97% | 13.01% | 13.38% | 13.48% | 15% | 16.73% | 17.8% | 18.81% | 16.96% | 17.41% | 16.94% |
| EBITDA Growth % | 56.85% | 75.58% | -24.58% | 6.63% | 19.14% | 18.24% | -12.34% | 4.8% | 6.96% | -11.24% | 9.82% | 7.79% | 4.8% | -0.71% | 6.88% | 1.38% | 17.36% | -14.92% | 1.38% | 2.83% | 11.3% | 8.7% | 13.58% | -8.26% | -7.06% | -9.67% | 0.78% | 10.42% | -12.5% | 4.98% | 8.4% |
| D&A (Non-Cash Add-back) | 522.89M | 519.36M | 374.86M | 340.99M | 308.82M | 245.18M | 261.29M | 239.14M | 236.25M | 217.63M | 205.18M | 213.16M | 198.72M | 197.67M | 200.4M | 179.87M | 169.66M | 173.59M | 183.03M | 181.34M | 164.86M | 163.07M | 163.93M | 163.23M | 159.26M | 158.57M | 150.82M | 145.8M | 145.7M | 153.5M | 142.9M |
| EBIT | 1.02B | 1.01B | 236.11M | 624.42M | 560.81M | -96.99M | 330.64M | 447.61M | 441.68M | 371.77M | 495.45M | 384.92M | 380.85M | 352.62M | 347.12M | 326.24M | 291.87M | 255.21M | 255.78M | 317.07M | 346.09M | 295.98M | 258.39M | 208.6M | 246.06M | 277.52M | 331.95M | 333.23M | 288.12M | 342.3M | 329.4M |
| Net Interest Income | -200.1M | -212.94M | -145.05M | -125.37M | -96.35M | -59.23M | -72.07M | -61.6M | -58.16M | -52.74M | -51.56M | -54.6M | -52.39M | -56.73M | -59.98M | -38.07M | -35.11M | -38.56M | -47.2M | -52.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 21.85M | 20.55M | 27.57M | 10.03M | 4.53M | 4.76M | 2.98M | 5.24M | 4.99M | 4.47M | 2.61M | 2.38M | 2.75M | 3.19M | 4.13M | 3.76M | 2.31M | 2.43M | 6.2M | 9.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 221.95M | 233.49M | 172.62M | 135.39M | 100.88M | 63.99M | 75.05M | 66.84M | 63.15M | 57.22M | 54.17M | 56.97M | 55.14M | 59.91M | 64.11M | 41.83M | 37.41M | 40.99M | 53.4M | 61.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 132.85M | 62.39M | -253.5M | -89.67M | -89.21M | -636.99M | -97.53M | -81.14M | -59.1M | -97.86M | -63.37M | -105.23M | -75.18M | -81.76M | -92.84M | -74.9M | -107.72M | -65.37M | -147.26M | -88.45M | -71.28M | -64.86M | -61.05M | -100.27M | -62.96M | -101.74M | -53.65M | -36.83M | 57.88M | -279.6M | -51.1M |
| Pretax Income | 781.29M | 774.62M | 73.07M | 499.37M | 474.14M | -150.14M | 260.27M | 385.94M | 378.53M | 314.55M | 441.28M | 327.95M | 325.71M | 292.71M | 283.01M | 284.41M | 254.45M | 214.22M | 202.38M | 255.63M | 274.81M | 231.13M | 197.34M | 108.33M | 183.11M | 175.78M | 278.3M | 296.4M | 346M | 62.7M | 278.3M |
| Pretax Margin % | 10.44% | 10.3% | 1.38% | 9.18% | 8.09% | -2.69% | 4.97% | 7.18% | 7.02% | 6.25% | 9.23% | 6.61% | 6.49% | 6.02% | 5.88% | 6.32% | 6.17% | 5.96% | 4.91% | 6.33% | 7.51% | 6.55% | 6.25% | 3.93% | 6.78% | 6.74% | 10.26% | 11.64% | 13.53% | 2.2% | 9.98% |
| Income Tax | 171.95M | 183.59M | 5.51M | 119.73M | 95.73M | -67.43M | 53.03M | 93.27M | 75.01M | 146.59M | 164.63M | 87.74M | 108.76M | 93.63M | 100.4M | 78.42M | 64.48M | 66.82M | 54.8M | 55.19M | 93.33M | 84.17M | 58.86M | 37.7M | 65.08M | 82.96M | 112M | 108.6M | 154M | 60.1M | 107.4M |
| Effective Tax Rate % | 22.01% | 23.7% | 7.54% | 23.98% | 20.19% | 44.91% | 20.37% | 24.17% | 19.82% | 46.6% | 37.31% | 26.75% | 33.39% | 31.99% | 35.48% | 27.57% | 25.34% | 31.19% | 27.08% | 21.59% | 33.96% | 36.42% | 29.83% | 34.8% | 35.54% | 47.19% | 40.24% | 36.64% | 44.51% | 95.85% | 38.59% |
| Net Income | 1.04B | 396.38M | 163.95M | 474.96M | 466.44M | -85.48M | 207.46M | 291.79M | 313.56M | 175.34M | 286.43M | 250.14M | 225.92M | 209.82M | 195.3M | 217.52M | 201.05M | 151.48M | 164.61M | 214.16M | 195.08M | 161.88M | 151.23M | 138.95M | 135.32M | 91.61M | 166.3M | 187.8M | 180.2M | 2.6M | 170.9M |
| Net Margin % | 13.83% | 5.27% | 3.09% | 8.73% | 7.96% | -1.53% | 3.96% | 5.43% | 5.82% | 3.48% | 5.99% | 5.04% | 4.5% | 4.32% | 4.06% | 4.83% | 4.88% | 4.21% | 3.99% | 5.3% | 5.33% | 4.59% | 4.79% | 5.04% | 5.01% | 3.51% | 6.13% | 7.37% | 7.04% | 0.09% | 6.13% |
| Net Income Growth % | 575.79% | 141.77% | -65.48% | 1.83% | 645.69% | -141.2% | -28.9% | -6.94% | 78.82% | -38.78% | 14.51% | 10.72% | 7.67% | 7.44% | -10.21% | 8.19% | 32.72% | -7.97% | -23.14% | 9.78% | 20.51% | 7.04% | 8.84% | 2.68% | 47.71% | -44.91% | -11.45% | 4.22% | 6830.77% | -98.48% | 3.89% |
| Net Income (Continuing) | 609.32M | 591.04M | 67.56M | 379.64M | 378.41M | -82.71M | 207.24M | 292.67M | 314.74M | 177.45M | 287.88M | 250.62M | 226.84M | 211.11M | 195.41M | 218.04M | 201.47M | 155.15M | 157.26M | 214.16M | 195.08M | 161.88M | 151.23M | 78.18M | 125.47M | 91.61M | 166.3M | 187.8M | 192M | 2.6M | 170.9M |
| Discontinued Operations | 2M | -194.28M | 96.38M | 96.26M | 88.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60.77M | 9.85M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 17.95M | 14.6M | 7.5M | 6.98M | 12.1M | 10.92M | 13.02M | 13.19M | 22.99M | 22.35M | 19.94M | 15.65M | 14.59M | 14.23M | 13.61M | 15.9M | 14.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 10.38 | 3.98 | 1.65 | 4.80 | 4.72 | -0.94 | 2.05 | 2.88 | 3.10 | 1.74 | 2.81 | 2.44 | 2.32 | 2.12 | 1.91 | 2.13 | 1.96 | 1.50 | 1.63 | 2.10 | 1.92 | 1.61 | 1.53 | 1.43 | 1.39 | 0.96 | 1.66 | 1.83 | 1.73 | -0.01 | 1.57 |
| EPS Growth % | 574.68% | 141.21% | -65.63% | 1.69% | 602.13% | -145.85% | -28.82% | -7.1% | 78.16% | -38.08% | 15.16% | 5.17% | 9.43% | 10.99% | -10.33% | 8.67% | 30.67% | -7.98% | -22.38% | 9.38% | 19.25% | 5.23% | 6.99% | 2.88% | 44.79% | -42.17% | -9.29% | 5.78% | - | -100.32% | 5.37% |
| EPS (Basic) | - | 3.98 | 1.66 | 4.83 | 4.76 | -0.94 | 2.06 | 2.90 | 3.14 | 1.75 | 2.89 | 2.48 | 2.38 | 2.14 | 1.94 | 2.17 | 2.00 | 1.51 | 1.65 | 2.13 | 1.95 | 1.63 | 1.54 | 1.44 | 1.40 | 0.96 | 1.67 | 1.84 | 1.76 | -0.01 | 1.65 |
| Diluted Shares Outstanding | 99.7M | 99.57M | 99.29M | 98.89M | 98.73M | 99.61M | 101.21M | 101.18M | 101.02M | 100.85M | 101.78M | 102.39M | 103.17M | 103.25M | 102.57M | 102.17M | 102.54M | 101.03M | 100.99M | 101.88M | 101.53M | 100.42M | 98.95M | 97.13M | 97.18M | 95.81M | 99.9M | 102.78M | 104.28M | 104.21M | 108.52M |
| Basic Shares Outstanding | 99.7M | 99.57M | 98.64M | 98.29M | 97.99M | 99.61M | 100.94M | 100.74M | 99.83M | 100.24M | 99.19M | 100.94M | 100.6M | 102.58M | 100.85M | 100.21M | 100.51M | 100.72M | 100.26M | 100.63M | 100.07M | 99.34M | 98.02M | 96.82M | 96.37M | 95.37M | 99.72M | 101.89M | 102.63M | 99.29M | 99.56M |
| Dividend Payout Ratio | - | 52.5% | 124.12% | 41.56% | 40.11% | - | 83.21% | 58.35% | 51.48% | 87.33% | 51.1% | 55.18% | 57.01% | 59.5% | 61.33% | 52.85% | 55.59% | 71.22% | 64.73% | 47.94% | 48.57% | 55.68% | 56.25% | 58.39% | 58.95% | 83.05% | 47.34% | 40.68% | 39.96% | 2603.85% | 38.44% |
Inorganic integration execution risk
As reported in financial statements, Sonoco's revenue trajectory exhibits significant volatility, highlighted by a 27.2% year-over-year growth in 2025Q3, yet this expansion appears heavily reliant on inorganic contributions rather than consistent organic volume growth, which remains challenged by broader cyclical headwinds in the packaging sector.
The sharp revenue fluctuations, including the 77.5% contraction observed in 2024Q4, suggest that the company's top-line performance is highly sensitive to acquisition timing and divestiture activity. Investors should monitor whether the core business can achieve sustainable organic growth once the integration of recent large-scale metal packaging assets stabilizes.
Based on Sonoco's reported figures, operating margins have largely hovered between 7% and 9%, suggesting that the company's value-added converting model faces persistent structural pressure from input cost volatility and the competitive nature of the rigid paper and metal packaging markets relative to higher-margin industry peers.
The inability to consistently expand operating margins beyond the mid-single digits indicates that the company may struggle to fully pass through raw material inflation to CPG customers in a timely manner. This margin profile warrants further investigation into the effectiveness of current pricing escalators and the potential for operational efficiencies.
According to recent SEC filings, Sonoco's net income exhibits significant quarterly variance, such as the $493.4 million profit in 2025Q2, which appears driven by non-operating items rather than core operational performance, necessitating a cautious approach when evaluating the company's true underlying earnings power and sustainable profitability.
The wide swings in net margins, ranging from negative 11.7% in 2024Q4 to over 25% in 2025Q2, suggest that investors should focus on operating income as a more reliable indicator of business health. The impact of restructuring charges and one-time gains appears to frequently obscure the company's recurring earnings trajectory.
As indicated by the income statement data, SG&A expenses have remained elevated relative to gross profit, suggesting that the company's cost structure may be burdened by the integration of recent acquisitions and the ongoing complexity of managing a diverse, global manufacturing footprint across multiple packaging segments.
While gross margins have shown some resilience near 21%, the persistent level of SG&A spending suggests that management has yet to fully realize the anticipated synergies from its recent aggressive M&A strategy. Continued monitoring of overhead discipline is essential to determine if the company can improve its operating leverage.
Quick answers to the most common questions about buying SON stock.
For fiscal year 2025, Sonoco Products Company (SON) reported total revenue of $7.52B. This represents a 169.7% increase compared to $2.79B in 1996.
Sonoco Products Company (SON) is profitable, generating $396.4M in net income for the fiscal year ending 2025 with a net profit margin of 5.3%.
Sonoco Products Company (SON) reported an operating income of $712.2M, resulting in an operating profit margin of 9.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Sonoco Products Company (SON) generated $1.57B in gross profit for the year, representing a gross profit margin of 20.9%. This demonstrates the company's core pricing power and production efficiency.