Sealed Air Corp

Latest Results (04.04.2026):

Sealed Air Corporation reported results for the fourth quarter and full year 2025. In Q4 2025, Sealed Air posted net sales of $1.401 billion (reported +2.1%; constant currency -0.7%), GAAP net earnings of $44 million ($0.30 diluted EPS) and Adjusted EBITDA of $278 million. For full year 2025, net sales were $5.36 billion (reported -0.6%), GAAP net earnings were $441 million ($2.99 diluted EPS) and Adjusted EBITDA was $1,134 million. Results were influenced by tax-related items, one-time special items and ongoing productivity benefits; the company also remains subject to a pending acquisition by funds affiliated with CD&R.

Q4 2025 — Top-line and profitability

Q4 net sales: $1.401B (reported +2.1%, constant currency down ~1%). GAAP net earnings were $44M ($0.30 diluted EPS) versus a small loss in Q4 2024. Adjusted EBITDA: $278M (19.8% margin), up 2.7% year-over-year (0.5% on a constant-currency comparable basis). Adjusted diluted EPS: $0.77 (vs. $0.75).

Full Year 2025 — Annual performance

Full year net sales: $5.360B (down 0.6% reported, -1.2% constant currency). GAAP net earnings: $441M ($2.99 diluted EPS), up materially from $270M in 2024. Adjusted EBITDA: $1,134M (21.2% margin), up ~2.1% year-over-year; adjusted diluted EPS: $3.34 (vs. $3.14).

Special items and taxes

Special Items: $69M pre-tax in Q4 2025 and $52M pre-tax for full year 2025 (lower than 2024, which included larger tax-related charges). Q4 GAAP effective tax rate was unusually high at 56.6% (impacted by audit estimate updates and uncertain tax position accruals); Q4 adjusted tax rate was 30.0%. Full year adjusted tax rate was 26.0%.

Segment performance

Food segment Q4 sales: $937M (+2% reported; constant-currency -1%); Adjusted EBITDA $202M (21.6% margin), down vs. prior year due to lower volumes and net price realization. Protective segment Q4 sales: $464M (+3% reported; constant-currency +1%); Adjusted EBITDA $80.5M (17.3% margin), up ~21% driven by lower operating costs.

Cash flow and balance sheet

Operating cash flow for full year 2025: $628M (down from $728M in 2024). Capital expenditures: $170M. Free cash flow: $459M (2024 adjusted $454M excluding a $54M IRS refund). Net debt declined to ~$3.7B at 12/31/2025 (net leverage 3.2x vs. 3.6x a year earlier); available liquidity ~ $1.4B (cash $344M + $1.06B unused credit).

CD&R acquisition update

Sealed Air has a definitive agreement to be acquired by funds affiliated with Clayton, Dubilier & Rice for an enterprise value of $10.3B; Sealed Air stockholders approved the merger on Feb. 25, 2026. Consideration: $42.15 per share in cash; closing expected mid-2026, subject to regulatory approvals and customary conditions. After closing, Sealed Air will become privately held.