Ranpak Holdings Corp. (PACK) Income Statement
PACK 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPACK revenue and net income
Where PACK's revenue goes
2025Each bar shows an amount and its share of revenue. PACK kept −9.7% of revenue as net income.
PACK profit margins
PACK growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.1% | +6.6% | +5.8% | — |
| Gross profit | −32.3% | −1.7% | −5.0% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PACK quarterly EPS vs estimates
Ranpak beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: October 29, 2026.
PACK income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $395.0M | $368.9M | $336.3M | $326.5M | $383.9M | $298.2M | $269.5M | $267.9M | $244.1M |
| Cost of revenue | $300.3M | $229.1M | $213.0M | $226.9M | $235.0M | $175.6M | $158.6M | $153.3M | $131.7M |
| Gross profit | $94.7M | $139.8M | $123.3M | $99.6M | $148.9M | $122.6M | $110.9M | $114.6M | $112.4M |
| Research & development | $4.1M | $4.4M | $3.7M | $3.6M | $1.7M | $2.3M | $2.1M | $2.4M | — |
| Sales, general & admin | $114.5M | $102.0M | $104.0M | $84.4M | $98.3M | $72.5M | $61.5M | $3.7M | $46.3M |
| Total operating expenses | $119.0M | $152.6M | $130.8M | $142.1M | $136.7M | $110.9M | $108.7M | $3.7M | $80.8M |
| Operating income | −$24.3M | −$12.8M | −$7.5M | −$42.5M | $12.2M | $11.7M | $2.2M | −$3.7M | $31.2M |
| Interest income | — | — | — | — | — | — | $46.0M | $5.1M | — |
| Interest expense | $31.3M | $28.6M | $24.3M | $20.7M | $22.4M | $30.2M | $47.5M | $36.0M | $30.7M |
| Income before taxes | −$47.5M | −$23.7M | −$31.3M | −$56.7M | −$4.9M | −$24.6M | −$43.8M | $1.4M | −$13.7M |
| Income taxes | −$9.2M | −$2.2M | −$4.2M | −$15.3M | −$2.1M | −$1.2M | −$7.6M | −$5.1M | −$41.4M |
| Net income | −$38.3M | −$21.5M | −$27.1M | −$41.4M | −$2.8M | −$23.4M | −$36.2M | $1.4M | $27.7M |
| EBITDA | $50.5M | $63.6M | $55.4M | $48.7M | $87.6M | $79.3M | $68.2M | $1.4M | $104.5M |
| EPS (diluted) | −$0.26 | −$0.11 | −$0.33 | −$0.52 | −$0.04 | −$0.32 | −$0.66 | $0.04 | $0.67 |
| Gross margin | 24.0% | 37.9% | 36.7% | 30.5% | 38.8% | 41.1% | 41.2% | 42.8% | 46.0% |
| Operating margin | −6.2% | −3.5% | −2.2% | −13.0% | 3.2% | 3.9% | 0.8% | −1.4% | 12.8% |
| Net margin | −9.7% | −5.8% | −8.1% | −12.7% | −0.7% | −7.8% | −13.4% | 0.5% | 11.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $86.4M | $101.2M | $111.9M | $99.6M | $92.3M | $91.2M | $105.0M | $92.2M | $86.4M | $85.3M | $90.4M | $82.8M |
| Cost of revenue | $51.9M | $75.3M | $84.4M | $74.4M | $72.2M | $69.3M | $63.6M | $57.8M | $54.7M | $53.0M | $56.3M | $51.3M |
| Gross profit | $34.5M | $25.9M | $27.5M | $25.2M | $20.1M | $21.9M | $41.4M | $34.4M | $31.7M | $32.3M | $34.1M | $31.5M |
| Research & development | — | — | — | — | — | — | $4.4M | — | — | — | $3.7M | — |
| Sales, general & admin | $27.6M | $29.2M | $27.2M | $29.6M | $28.8M | $28.9M | $20.6M | $28.8M | $27.3M | $27.9M | $27.4M | $20.9M |
| Total operating expenses | $36.9M | $29.7M | $28.4M | $30.9M | $29.8M | $29.9M | $40.0M | $38.6M | $36.9M | $37.1M | $38.7M | $29.9M |
| Operating income | −$2.4M | −$3.8M | −$900,000 | −$5.7M | −$9.7M | −$8.0M | $1.4M | −$4.2M | −$5.2M | −$4.8M | −$4.6M | $1.6M |
| Interest expense | $8.1M | $8.6M | $7.2M | $7.9M | $7.9M | $8.3M | $7.8M | $9.3M | $5.3M | $6.2M | $5.9M | $6.8M |
| Income before taxes | −$10.8M | −$13.7M | −$9.3M | −$14.6M | −$9.5M | −$14.1M | −$10.8M | −$10.6M | $7.3M | −$9.6M | −$10.6M | −$4.4M |
| Income taxes | −$2.9M | −$3.5M | $200,000 | −$4.2M | −$2.0M | −$3.2M | −$2.8M | −$2.5M | $1.8M | −$1.5M | −$1.3M | −$1.1M |
| Net income | −$7.9M | −$10.2M | −$9.5M | −$10.4M | −$7.5M | −$10.9M | −$10.8M | −$8.1M | $5.5M | −$8.1M | −$9.3M | −$3.3M |
| EBITDA | $14.2M | $11.7M | $11.9M | $12.2M | $16.2M | $9.3M | $22.3M | $13.2M | $28.7M | $15.8M | $15.5M | $19.5M |
| EPS (diluted) | −$0.09 | −$0.07 | −$0.04 | −$0.06 | −$0.08 | −$0.08 | −$0.00 | −$0.10 | $0.08 | −$0.09 | −$0.11 | −$0.04 |
| Gross margin | 39.9% | 25.6% | 24.6% | 25.3% | 21.8% | 24.0% | 39.4% | 37.3% | 36.7% | 37.9% | 37.7% | 38.0% |
| Operating margin | −2.8% | −3.8% | −0.8% | −5.7% | −10.5% | −8.8% | 1.3% | −4.6% | −6.0% | −5.6% | −5.1% | 1.9% |
| Net margin | −9.1% | −10.1% | −8.5% | −10.4% | −8.1% | −12.0% | −10.3% | −8.8% | 6.4% | −9.5% | −10.3% | −4.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PACK's financial statements (latest annual report filed March 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PACK financial results
In fiscal year 2025 (ended December 31, 2025), Ranpak reported revenue of $395.0 million, up 7.1% from the year before. It had a net loss of $38.3 million, a net profit margin of −9.7%. Diluted earnings per share came to −$0.26. Over five years revenue grew at an average rate of 5.8% a year.
See the PACK stock overview for the latest quote and news, or the PACK chart for price history and technical indicators.
PACK income statement FAQ
What is Ranpak's annual revenue?
Ranpak reported total revenue of $395.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 7.1% from $368.9 million the previous year.
Is Ranpak profitable?
No. Ranpak reported a net loss of $38.3 million in fiscal 2025, a net profit margin of −9.7%; its operating margin was −6.2%.
What is Ranpak's gross margin?
Ranpak's gross margin was 24.0% in fiscal 2025: for every $100 of revenue, Ranpak kept $24 after the direct cost of its products and services.
How much does Ranpak spend on research and development?
Ranpak spent $4.1 million on research and development in fiscal 2025, 1.0% of revenue.
How fast is Ranpak growing?
Revenue grew 5.8% a year on average over the last five fiscal years, from $298.2 million to $395.0 million.
What are Ranpak's earnings per share?
Ranpak earned $-0.26 per diluted share in fiscal 2025, compared with $-0.11 a year earlier.
When will Ranpak report its next earnings?
Ranpak is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Ranpak's fiscal year end?
Ranpak's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 5, 2026.