SILGAN ANNOUNCES THIRD QUARTER 2026 RESULTS
SILGAN HOLDINGS INC (SLGN) filed an SEC Form 8-K — Results of Operations and Financial Condition. Silgan Holdings Inc. Exhibit 99.1 SILGAN ANNOUNCES THIRD QUARTER 2026 RESULTS; RAISES FULL YEAR EARNINGS ESTIMATE MIDPOINT H ighlights • Announced transformative portfolio acceleration through the acquisition of Trivium • Achieved double digit growth in dispensing products for ph
How this was made
The 30-second read
Why it matters
The earnings beat and issued outlook may attract short-covering and new buying, especially from investors focused on industrials with stable cash flow.
Market read
The fresh earnings data and issued guidance provide a clear catalyst for SLGN, likely prompting short-term price appreciation.
What to watch
Higher corporate expenses and rationalization charges may offset some of the earnings upside.
Silgan announces third quarter 2026 results; raises full year earnings estimate midpoint
Third-quarter adjusted diluted EPS reached a record $1.31 and grew 7% year over year, while reported net sales rose 2% and the full-year adjusted EPS range was raised at the low end. However, GAAP net income, EBIT, Dispensing and Specialty Closures Adjusted EBIT, and nine-month earnings declined versus the prior-year periods amid muted consumer demand, lower volumes in several markets, acquisition costs and higher rationalization charges.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales, third quarterGAAP | $2.04B | – | 2% |
| Cost of goods sold, third quarterGAAP | $1.71B | – | – |
| Gross profit, third quarterGAAP | $328.6M | – | – |
| Selling, general and administrative expenses, third quarterGAAP | $120.8M | – | – |
| Rationalization charges, third quarterGAAP | $17.1M | – | – |
| Income before interest and income taxes (EBIT), third quarterGAAP | $191.7M | – | – |
| Total Adjusted EBIT, third quarternon-GAAP | $235M | – | – |
| Total Adjusted EBITDA, third quarternon-GAAP | $302.8M | – | – |
| Interest and other debt expense, third quarterGAAP | $47.3M | – | – |
| Income before income taxes, third quarterGAAP | $144.4M | – | – |
| Provision for income taxes, third quarterGAAP | $40.2M | – | – |
| Effective tax rate, third quarterGAAP | 27.9% | – | – |
| Adjusted effective tax rate, third quarternon-GAAP | 26.4% | – | – |
| Net income, third quarterGAAP | $105M | – | – |
| Diluted net income per share, third quarterGAAP | $0.99 | – | – |
| Adjusted net income, third quarternon-GAAP | $138.4M | – | – |
| Adjusted diluted EPS, third quarternon-GAAP | $1.31 | – | 7% |
| Net sales, nine monthsGAAP | $5.24B | – | – |
| Gross profit, nine monthsGAAP | $889.2M | – | – |
| Income before interest and income taxes (EBIT), nine monthsGAAP | $469.3M | – | – |
| Total Adjusted EBIT, nine monthsnon-GAAP | $572.2M | – | – |
| Total Adjusted EBITDA, nine monthsnon-GAAP | $776.5M | – | – |
| Net income, nine monthsGAAP | $243.8M | – | – |
| Diluted net income per share, nine monthsGAAP | $2.30 | – | – |
| Adjusted net income, nine monthsnon-GAAP | $324.6M | – | – |
| Adjusted diluted EPS, nine monthsnon-GAAP | $3.06 | – | – |
| Cash dividends per common share, third quarterGAAP | $0.21 | – | – |
| Cash dividends per common share, nine monthsGAAP | $0.63 | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $325M | – | – |
| Current and long-term debt, September 30, 2026GAAP | $4.55B | – | – |
| Total assets, September 30, 2026GAAP | $9.40B | – | – |
| Stockholders' equity, September 30, 2026GAAP | $2.48B | – | – |
| Net cash used in operating activities, nine monthsGAAP | −$646.4M | – | – |
| Capital expenditures, nine monthsGAAP | −$229.5M | – | – |
| Net cash used in investing activities, nine monthsGAAP | −$224.2M | – | – |
| Net cash provided by financing activities, nine monthsGAAP | $115.5M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Dispensing and Specialty ClosuresHigher raw material and other-cost pass through of 3% was partially offset by less favorable mix of 1% and unfavorable foreign currency translation. Unit volumes were comparable, as mid-single digit fragrance dispensing growth and double digit prescription pharma dispensing growth in North America offset softer food and beverage closures demand in Europe and North America. | $699.2M | – | 1% |
| Metal ContainersImproved price/mix reflected contractual pass through of higher raw material and other manufacturing costs. Metal container volume was 4% below the prior-year period, with lower soup volumes partly offset by higher fruit and vegetable and pet food volumes. | $1.17B | – | 1% |
| Custom ContainersMore favorable price/mix from higher raw material and other manufacturing-cost pass through was partly offset by lower volumes of 8%. The 2025 exit of lower-margin business under footprint optimization plans impacted volumes by approximately 3%. | $166.8M | – | 4% |
Full year 2026 and fourth quarter 2026 outlook
- NoteFull-year adjusted net income per diluted share: $3.83 to $3.93
- NoteFull-year adjusted net income per diluted share: a 4% increase at the midpoint of the range over adjusted net income per diluted share of $3.72 in 2025
- NoteFull-year Adjusted EBIT: expected to be higher than 2025 levels in all segments
- NoteFull-year free cash flow: approximately $450 million
- NoteFull-year free cash flow in 2025: $445.2 million
- NoteCapital expenditures: approximately $310 million in 2026
- NoteFourth-quarter adjusted net income per diluted share: $0.76 to $0.86
- NoteFourth-quarter adjusted net income per diluted share: a 21% increase at the midpoint of the range over adjusted net income per diluted share of $0.67 in the fourth quarter of 2025
- NoteFourth-quarter U.S. GAAP diluted EPS as estimated for 2026: $0.58 to $0.68
- NoteFull-year U.S. GAAP diluted EPS as estimated for 2026: $2.89 to $2.99
Capital returns
- Cash dividends per common share were $0.21 for the third quarter of 2026 and $0.63 for the nine months ended September 30, 2026.
- Dividends paid on common stock were $(67.3) million for the nine months ended September 30, 2026, compared with $(64.8) million for the nine months ended September 30, 2025.
- Shares repurchased under the authorized repurchase program were — for the nine months ended September 30, 2026, compared with $(59.3) million for the nine months ended September 30, 2025.
What drove it
- Third-quarter net sales increased primarily from contractual pass through of higher raw material costs.
- Metal Containers Adjusted EBIT increased $9.4 million, or 10%, to $105.2 million, primarily due to more favorable price/cost including mix, partly offset by lower volumes.
- Custom Containers Adjusted EBIT was $23.7 million, a 3% increase from $23.1 million, driven by favorable price/cost including mix and benefits from previously announced cost-reduction activities.
- Dispensing and Specialty Closures Adjusted EBIT was $111.2 million, a 2% decrease from $113.5 million, affected by less favorable price/cost and less favorable manufacturing efficiency.
- Interest and other debt expense decreased $2.7 million, primarily due to lower weighted average outstanding borrowings.
- Costs attributed to announced acquisitions were $10.3 million in the third quarter of 2026.
Concerns
- Management cited challenging consumer conditions and more muted volumes than initially anticipated during the quarter.
- Metal container volume was 4% below the prior-year period, reflecting lower soup-market volumes.
- Custom Containers volumes declined 8%, including an approximately 3% impact from the 2025 exit of lower-margin business.
- Third-quarter GAAP EBIT decreased to $191.7 million from $198.7 million, and GAAP net income decreased to $105.0 million from $113.3 million.
- Rationalization charges increased to $17.1 million from $7.2 million in the third quarter.
- The effective tax rate increased to 27.9% from 24.3% in the third quarter.
What to watch
- Fourth-quarter adjusted diluted EPS guidance of $0.76 to $0.86.
- Delivery of approximately $450 million of full-year 2026 free cash flow and approximately $310 million of capital expenditures.
- Whether Adjusted EBIT becomes higher than 2025 levels in all segments, as guided.
- Price/cost recovery and manufacturing efficiency in Dispensing and Specialty Closures.
- Consumer-demand conditions, soup-market volumes, and the pace of fragrance and prescription pharma dispensing growth.
- Execution of the announced acquisition of Trivium and associated acquisition costs.
Balance sheet and cash flow
- Cash and cash equivalents were $325.0 million at September 30, 2026, compared with $389.2 million at September 30, 2025 and $1,080.7 million at December 31, 2025.
- Trade accounts receivable, net was $1,627.7 million at September 30, 2026, compared with $1,502.8 million at September 30, 2025 and $589.4 million at December 31, 2025.
- Inventories were $916.9 million at September 30, 2026, compared with $1,022.4 million at September 30, 2025 and $1,080.1 million at December 31, 2025.
- Current and long-term debt was $4,548.0 million at September 30, 2026, compared with $4,947.2 million at September 30, 2025 and $4,346.8 million at December 31, 2025.
- Net cash used in operating activities was $(646.4) million for the nine months ended September 30, 2026, compared with $(564.0) million in the prior-year period.
- Trade accounts receivable, net used $(1,050.1) million of cash during the nine months ended September 30, 2026, compared with $(861.2) million in the prior-year period.
- Inventories provided $152.9 million of cash during the nine months ended September 30, 2026, compared with using $(57.4) million in the prior-year period.
- Net borrowings and other financing activities were $280.2 million for the nine months ended September 30, 2026, compared with $534.5 million in the prior-year period.
Analysis
Silgan delivered $2,040.2 million of third-quarter net sales, up 2% from $2,008.7 million, with the increase primarily attributed to contractual raw-material cost pass through. The operating picture was more mixed. GAAP EBIT declined to $191.7 million from $198.7 million and net income declined to $105.0 million from $113.3 million. In contrast, non-GAAP adjusted diluted EPS increased to a record $1.31 from $1.22, reflecting $0.32 of adjustments in 2026 compared with $0.16 in 2025.
Segment demand and mix varied materially. Dispensing and Specialty Closures sales increased 1% to $699.2 million, but Adjusted EBIT fell 2% to $111.2 million because of delayed recovery of manufacturing-cost inflation, including freight and surcharges, and less favorable manufacturing efficiency. Growth in fragrance dispensing and North American prescription pharma products offset softer food and beverage closures demand. Metal Containers sales increased 1% to $1.17 billion despite volume declining 4%, and Adjusted EBIT increased 10% to $105.2 million on more favorable price/cost including mix. Custom Containers posted 4% sales growth and a 3% Adjusted EBIT increase despite an 8% volume decline.
Nine-month results show the same divergence between reported and adjusted operating measures. Net sales were $5,244.7 million versus $5,014.6 million, while GAAP EBIT declined to $469.3 million from $496.7 million and GAAP net income declined to $243.8 million from $270.2 million. Total Adjusted EBIT was essentially unchanged at $572.2 million compared with $572.6 million, while Adjusted EBITDA increased to $776.5 million from $763.5 million. Higher rationalization charges and announced-acquisition costs affected the reported results.
Cash flow was heavily affected by working capital through nine months. Net cash used in operating activities was $(646.4) million, including $(1,050.1) million used by trade accounts receivable, net. Cash and cash equivalents ended at $325.0 million, while current and long-term debt was $4,548.0 million. The company paid $(67.3) million of dividends and made no share repurchases under its authorized program in the nine-month period.
Management raised the low end of full-year adjusted diluted EPS guidance to $3.83 to $3.93 from $3.73 to $3.93, while confirming approximately $450 million of free cash flow and approximately $310 million of capital expenditures. Fourth-quarter adjusted diluted EPS is estimated at $0.76 to $0.86. The guide rests on Adjusted EBIT being higher than 2025 levels in all segments, continued cost discipline and price/cost execution, while muted consumer demand and lower volumes remain the principal operating risks identified in the release.
Management, verbatim
We are pleased to have delivered record third quarter adjusted EPS that grew 7% year over year and was at the top of our estimated range for the quarter. The strength of our results continued to exhibit the success of our strategic growth initiatives, the long-term resilience of our business through challenging customer and end market conditions, and the power of our operating model.
Adam Greenlee, President and CEO
Our third quarter operating performance was consistent with our expectations, and, while challenging consumer conditions have led to more muted volumes than we initially anticipated during the quarter, our operating performance and strong focus on costs delivered earnings at the high end of our estimated range.
Adam Greenlee, President and CEO
Our business continues to display strong resilience despite market conditions reflecting more muted consumer demand. As we came into the year, our plan was to deliver adjusted EPS growth irrespective of end market demand growth, and we are on track to deliver adjusted EPS at the higher end of our initial guidance for 2026.
Adam Greenlee, President and CEO
Not in the filing
stated, not guessed- Prior-release outlook document was not provided; therefore, no comparison of actual results with prior guidance is included.
- Third-quarter gross margin was not reported.
- Nine-month gross margin was not reported.
- Third-quarter operating cash flow was not reported.
- Third-quarter free cash flow was not reported.
- Nine-month free cash flow was not reported.
- Full-year 2026 revenue guidance was not reported.
- Full-year 2026 gross-margin guidance was not reported.
- Full-year 2026 operating-expense guidance was not reported.
- Full-year 2026 tax-rate guidance was not reported.
- Third-quarter share repurchases were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Silgan Holdings (NYSE: SLGN) is a leading supplier of rigid packaging solutions for consumer goods, reporting its Q3 2026 results via an SEC Form 8‑K.
Ticker impact
Silgan Holdings reported Q3 2026 results with record adjusted EPS and raised full-year earnings estimate midpoint.
likely upward pressure as the market prices in the issued earnings guidance
The earnings beat and issued guidance provide fresh, material information that can move the stock in the near term.
Market effects
Strengthens the packaging sector outlook, highlighting demand resilience in pharma and fragrance segments.
Positive for North American packaging suppliers, modest impact on broader US industrials.
Limited to investors tracking consumer goods packaging; no broad macro effect.
Counterpoint
The modest revenue growth and higher raw material costs could pressure margins, suggesting caution despite the raised guidance.
Key entities
- ExecutiveAdam Greenlee
President and CEO of Silgan Holdings, quoted on the results and outlook.
