Silgan Holdings Inc 10-Q for FY2025 Q3

Silgan Holdings Inc (SLGN)

10-Q 2025-11-05 For: 2025-09-30

Added on April 06, 2026

About this 10-Q

Silgan Holdings Inc filed this 10-Q on November 5, 2025, covering the quarter ended September 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended September 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.01B; up 15.1% from $1.75B a year earlier
Net income: $113.29M; up 13.2% from net income of $100.05M a year earlier
Diluted EPS: $1.06; up 14.0% from $0.93 a year earlier

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Delaware		06-1269834
(State or other jurisdiction		(I.R.S. Employer
of incorporation or organization)		Identification No.)

601 Merritt 7
Norwalk,	Connecticut	06851
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	SLGN	New York Stock Exchange


SILGAN HOLDINGS INC.

TABLE OF CONTENTS

			Page No.


Part I. Financial Information			3

Item 1. Financial Statements			3

Condensed Consolidated Balance Sheets at September 30, 2025 and 2024 and December 31, 2024			3

Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024			4

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024			5

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024			6

Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024			7

Notes to Condensed Consolidated Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			19

Item 3. Quantitative and Qualitative Disclosures About Market Risk			29

Item 4. Controls and Procedures			29

Part II. Other Information			30

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			30

Item 5. Other Information			30

Item 6. Exhibits			31

Signatures			32


	Sept. 30, 2025		Sept. 30, 2024		Dec. 31, 2024
	(unaudited)		(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	389,170	$	368,507	$	822,854
Trade accounts receivable, net	1,502,810		1,210,331		594,279
Inventories	1,022,365		780,443		928,056
Prepaid expenses and other current assets	197,966		160,207		177,494
Total current assets	3,112,311		2,519,488		2,522,683

Property, plant and equipment, net	2,393,164		1,956,004		2,282,903
Goodwill	2,480,925		2,024,055		2,316,031
Other intangible assets, net	892,253		681,454		869,468
Other assets, net	619,544		566,365		593,583
	$	9,498,197	$	7,747,366	$	8,584,668

Liabilities and Stockholders’ Equity
Current liabilities:
Revolving loans and current portion of long-term debt	$	1,134,984	$	1,254,391	$	716,932
Trade accounts payable	851,523		678,518		1,111,607
Accrued payroll and related costs	129,105		106,367		108,834
Accrued liabilities	335,366		266,486		310,159
Total current liabilities	2,450,978		2,305,762		2,247,532

Long-term debt	3,812,233		2,553,659		3,419,921
Deferred income taxes	510,782		420,921		505,616
Other liabilities	451,753		413,054		422,018

Stockholders’ equity:
Common stock	1,751		1,751		1,751
Paid-in capital	379,743		364,074		367,871
Retained earnings	3,608,075		3,378,093		3,402,667
Accumulated other comprehensive loss	(222,166)		(260,597)		(353,357)
Treasury stock	(1,494,952)		(1,429,351)		(1,429,351)
Total stockholders’ equity	2,272,451		2,053,970		1,989,581
	$	9,498,197	$	7,747,366	$	8,584,668


	Three Months Ended				Nine Months Ended
	Sept. 30, 2025		Sept. 30, 2024		Sept. 30, 2025		Sept. 30, 2024


Net sales	$	2,008,739	$	1,745,124	$	5,014,561	$	4,443,527
Cost of goods sold	1,681,489		1,451,831		4,117,817		3,670,751
Gross profit	327,250		293,293		896,744		772,776
Selling, general and administrative expenses	122,210		106,405		373,133		314,582
Rationalization charges	7,189		19,483		28,012		38,033
Other pension and postretirement (income) expense	(807)		118		(1,134)		(698)
Income before interest and income taxes	198,658		167,287		496,733		420,859


Interest and other debt expense	49,989		41,871		141,616		121,861
Income before income taxes	148,669		125,416		355,117		298,998
Provision for income taxes	36,151		25,363		87,410		67,684
Income before equity in earnings of affiliates	112,518		100,053		267,707		231,314
Equity in earnings of affiliates, net of tax	775		—		2,492		—
Net income	$	113,293	$	100,053	$	270,199	$	231,314

Earnings per share:
Basic net income per share	$	1.06	$	0.94	$	2.53	$	2.17
Diluted net income per share	$	1.06	$	0.93	$	2.52	$	2.16

Weighted average number of shares:
Basic	106,620		106,847		106,861		106,776
Effect of dilutive securities	183		290		268		292
Diluted	106,803		107,137		107,129		107,068


			☒						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


			☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	2025		2024
Cash flows provided by (used in) operating activities:
Net income	$	270,199	$	231,314
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	238,210		198,648
Amortization of debt discount and debt issuance costs	3,911		4,043
Rationalization charges	28,012		38,033
Stock compensation expense	12,916		11,727

Other changes that provided (used) cash:
Trade accounts receivable, net	(861,199)		(614,632)
Inventories	(57,381)		160,756
Trade accounts payable	(183,089)		(213,088)
Accrued liabilities	(1,161)		(6,978)

Other, net	(14,383)		(23,711)
Net cash (used in) operating activities	(563,965)		(213,888)

Cash flows provided by (used in) investing activities:

Capital expenditures	(235,791)		(192,035)
Proceeds from asset sales	9,756		3,221
Other, net	(1,293)		(293)
Net cash (used in) investing activities	(227,328)		(189,107)

Cash flows provided by (used in) financing activities:
Borrowings under revolving loans	1,492,064		802,389
Repayments under revolving loans	(935,832)		(310,827)
Repayment of principal amounts under finance leases	(3,970)		(27,281)
Proceeds from issuance of long-term debt	703,620		—
Repayments of long-term debt	(706,274)		(100,000)
Changes in outstanding checks - principally vendors	(84,971)		(160,576)
Dividends paid on common stock	(64,773)		(61,754)
Debt issuance costs	(8,299)		—

Repurchase of common stock	(66,160)		(7,735)


Net cash provided by financing activities	325,405		134,216

Effect of exchange rate changes on cash and cash equivalents	32,204		(5,637)

Cash and cash equivalents:
Net (decrease)	(433,684)		(274,416)
Balance at beginning of year	822,854		642,923
Balance at end of period	$	389,170	$	368,507

Interest paid, net	$	148,488	$	133,411
Income taxes paid, net	62,063		69,748


	Employee Severance and Benefits		Plant Exit Costs		Non-Cash Asset Write-Downs		Total
	(Dollars in thousands)
Balance at December 31, 2024	$	29,318	$	—	$	—	$	29,318
Charged to expense	9,392		7,368		11,252		28,012
Utilized and currency translation	(8,117)		(7,368)		(11,252)		(26,737)
Balance at September 30, 2025	$	30,593	$	—	$	—	$	30,593


	Unrecognized Net Defined Benefit Plan Costs		Change in Fair Value of Derivatives		Foreign Currency Translation		Total
	(Dollars in thousands)
Balance at December 31, 2024	$	(129,988)	$	(5,039)	$	(218,330)	$	(353,357)
Other comprehensive income before reclassifications	2,204		854		124,890		127,948
Amounts reclassified from accumulated other comprehensive loss	3,837		(594)		—		3,243
Other comprehensive income	6,041		260		124,890		131,191
Balance at September 30, 2025	$	(123,947)	$	(4,779)	$	(93,440)	$	(222,166)


	Carrying Amount		Fair Value
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	389,170	$	389,170


Liabilities:
Bank debt	$	2,534,160	$	2,534,160


4⅛% Senior Notes	599,662		585,636
2¼% Senior Notes	587,500		571,755
4¼% Senior Notes	705,000		708,405
1.4% Senior Secured Notes	499,971		492,140


	Dispensing and Specialty Closures		Metal Containers		Custom Containers		Corporate		Total
	(Dollars in thousands)
Three Months Ended September 30, 2025
Net sales	$	690,382	$	1,158,227	$	160,130	$	—	$	2,008,739
Segment expenses and other (a)	577,639		1,062,367		137,045		11,055		1,788,106
Equity in earnings of affiliates, net of tax	775		—		—		—		775
Adjusted EBIT	113,518		95,860		23,085		(11,055)		221,408
Depreciation	38,458		19,853		8,501		115		66,927
Capital expenditures	54,527		19,331		6,144		96		80,098

Three Months Ended September 30, 2024
Net sales	$	563,669	$	1,022,605	$	158,850	$	—	$	1,745,124
Segment expenses and other (a)	468,453		925,540		138,839		6,704		1,539,536

Adjusted EBIT	95,216		97,065		20,011		(6,704)		205,588
Depreciation	25,755		19,801		8,747		47		54,350
Capital expenditures	24,693		26,056		9,844		—		60,593

Nine Months Ended September 30, 2025
Net sales	$	2,063,672	$	2,462,710	$	488,179	$	—	$	5,014,561
Segment expenses and other (a)	1,745,518		2,246,523		415,581		36,782		4,444,404
Equity in earnings of affiliates, net of tax	2,492		—		—		—		2,492
Adjusted EBIT	320,646		216,187		72,598		(36,782)		572,649
Depreciation	111,946		52,745		25,949		263		190,903
Segment assets	5,865,522		2,763,764		790,925		43,355		9,463,566
Capital expenditures	146,668		68,302		19,809		1,012		235,791

Nine Months Ended September 30, 2024
Net sales	$	1,664,966	$	2,290,530	$	488,031	$	—	$	4,443,527
Segment expenses and other (a)	1,399,193		2,089,998		425,307		22,597		3,937,095

Adjusted EBIT	265,773		200,532		62,724		(22,597)		506,432
Depreciation	76,290		57,606		26,634		115		160,645
Segment assets	4,479,582		2,355,614		828,548		37,416		7,701,160
Capital expenditures	80,707		85,925		25,385		18		192,035



	Sept. 30, 2025	Dec. 31, 2024
	(Dollars in millions)

Current assets	$1,857.1	$1,464.5
Noncurrent assets	4,324.4	4,279.5
Current liabilities	1,970.7	1,826.4
Noncurrent liabilities	4,360.8	3,987.8


ISSUER PURCHASES OF EQUITY SECURITIES


				(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) (1)
	(a) Total Number of Shares Purchased
		(b) Average Price Paid per Share


July 1-31, 2025	—	$	—	—	$	93.3
August 1-31, 2025	515,847	$	46.23	515,847	$	69.4
September 1-30, 2025	809,318	$	43.76	809,318	$	34.0

Total	1,325,165	$	44.72	1,325,165	$	34.0


Exhibit Number						Description


22						Subsidiary Guarantors and Issuers of Guaranteed Securities (incorporated by reference to Exhibit 22 filed with our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025. Commission File No. 001-41459).

4.1						Indenture, dated as of September 12, 2025, with respect to the 4¼% Senior Notes due 2031, by and among Silgan Holdings Inc., certain U.S. subsidiaries of Silgan Holdings Inc., U.S. Bank Trust Company, National Association, as trustee, U.S. Bank Europe DAC, UK Branch, as paying agent, and U.S. Bank Europe DAC, as registrar and transfer agent (incorporated by reference to Exhibit 4.1 filed with our Current Report on Form 8-K, dated September 12, 2025, Commission File 001-41459).

4.2						Form of Silgan Holdings Inc. 4¼% Senior Note due 2031 (incorporated by reference to Exhibit 4.1 filed with our Current Report on Form 8-K, dated September 12, 2025, Commission File 001-41459.

*31.1						Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act.

*31.2						Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act.

*32.1						Certification by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act.

*32.2						Certification by the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act.

101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).


	Sept. 30, 2025		Sept. 30, 2024		Dec. 31, 2024
	(Dollars in thousands)
Raw materials	$	522,583	$	400,916	$	450,389
Work-in-process	221,628		192,986		199,030
Finished goods	529,788		486,641		530,406
Other	17,327		17,282		17,192
	1,291,326		1,097,825		1,197,017
Adjustment to value inventory at cost on the LIFO method	(268,961)		(317,382)		(268,961)
	$	1,022,365	$	780,443	$	928,056


	Three Months Ended				Nine Months Ended
	Sept. 30, 2025		Sept. 30, 2024		Sept. 30, 2025		Sept. 30, 2024

	(Dollars in thousands)
Service cost	$	1,686	$	1,990	$	5,598	$	6,319
Interest cost	8,104		8,592		24,400		25,413
Expected return on plan assets	(10,273)		(10,772)		(30,786)		(32,314)
Amortization of prior service cost	46		22		59		68
Amortization of actuarial losses	1,726		2,232		5,502		5,937

Net periodic benefit cost	$	1,289	$	2,064	$	4,773	$	5,423


	Three Months Ended				Nine Months Ended
	Sept. 30, 2025		Sept. 30, 2024		Sept. 30, 2025		Sept. 30, 2024

	(Dollars in thousands)
Service cost	$	—	$	8	$	10	$	22
Interest cost	20		151		322		483
Amortization of prior service credit	(16)		(5)		(45)		(15)
Amortization of actuarial gains	(414)		(102)		(586)		(270)
Net periodic benefit (credit) cost	$	(410)	$	52	$	(299)	$	220


2.			Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


			SILGAN HOLDINGS INC.



Dated: November 5, 2025			/s/ Kimberly I. Ulmer
			Kimberly I. Ulmer
			Senior Vice President and
			Chief Financial Officer
			(Principal Financial and
			Accounting Officer)


1.			I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2025 of Silgan Holdings Inc.;


3.			Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.			The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


a.			Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


b.			Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c.			Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


d.			Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


a.			All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and


b.			Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 5, 2025			/s/ Adam J. Greenlee
			Adam J. Greenlee
			Chief Executive Officer and President


			(1) The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
			(2) The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.