Ranpak Holdings Corp. income statement
In fiscal 2025, Ranpak Holdings Corp. reported revenue of $395m, up 7.1% on the year before, operating income of −$24.3m (a -6.2% margin) and net income of −$38.3m, or −$0.45 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2017Dec 2017 | 2018Dec 2018 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 244 | 268 | 298 | 384 | 327 | 336 | 369 | 395 | 420 |
| Cost of revenue | 132 | 153 | 176 | 235 | 227 | 213 | — | — | — |
| Gross profit | 112 | 115 | 123 | 149 | 100 | 123 | 140 | 131 | 142 |
| Research and development | 2 | 2 | 2 | 2 | 4 | 4 | 4 | 4 | — |
| Selling, general and administrative | 46 | 53 | 73 | 98 | 106 | 92 | 112 | 115 | 110 |
| Operating income | 31 | 11 | 12 | 12 | −43 | −8 | −13 | −24 | −7 |
| Interest expense | 31 | 31 | 30 | 22 | 21 | 24 | 29 | 34 | 34 |
| Income before tax | −14 | −16 | −25 | −5 | −57 | −31 | −24 | −48 | −43 |
| Income tax | −41 | −7 | −1 | −2 | −15 | −4 | −2 | −9 | −8 |
| Net income | 28 | −9 | −23 | −3 | −41 | −27 | −22 | −38 | −35 |
| Diluted EPS | $27801.44 | −$8697.61 | −$0.32 | −$0.04 | −$0.51 | −$0.33 | −$0.26 | −$0.45 | −$0.41 |
| Diluted shares (average) | — | — | 72m | 79m | 82m | 82m | 83m | 84m | 85m |
| EBITDA | 92 | 76 | 74 | 86 | 27 | 62 | 53 | 42 | 44 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 105 | 91 | 92 | 100 | 112 | 101 | 105 | 102 |
| Gross profit | 41 | 31 | 29 | 34 | 37 | 35 | 35 | 36 |
| Selling, general and administrative | 28 | 29 | 29 | 30 | 27 | 29 | 28 | 26 |
| Operating income | 1 | −8 | −10 | −6 | −1 | −4 | −2 | 0 |
| Interest expense | 8 | 9 | 8 | 9 | 9 | 9 | 8 | 9 |
| Income before tax | −11 | −14 | −10 | −15 | −9 | −14 | −11 | −9 |
| Income tax | 0 | −3 | −2 | −4 | 0 | −4 | −3 | −2 |
| Net income | −11 | −11 | −8 | −10 | −10 | −10 | −8 | −7 |
| Diluted EPS | −$0.13 | −$0.13 | −$0.09 | −$0.12 | −$0.11 | −$0.12 | −$0.09 | −$0.08 |
| EBITDA | 17 | 7 | −1 | 4 | 16 | 13 | 6 | 9 |
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