Greif reported weaker earnings for the fourth quarter and fiscal year 2025, reflecting a transitional period shaped by portfolio changes, tax impacts and accounting effects related to the divestiture of its containerboard business.
The company’s fiscal year now ends on September 30, making the fourth quarter a two-month reporting period covering August and September. Net income for the quarter dropped to a loss of $43.3 million, compared with earnings of $34.0 million a year earlier. When excluding adjustments, net income fell to $0.6 million, down from $34.1 million.
Greif said tax expense, valuation allowances and discontinued-operations accounting amplified the impact of a short quarter with lower pre-tax income. Adjusted EBITDA for the period rose 7.4% to $98.9 million, while combined adjusted EBITDA — including discontinued operations — fell 3.7% to $122.7 million.
Operating cash flow for the quarter decreased sharply, shifting to an outflow of $244.7 million, though adjusted free cash flow improved to $122.6 million.
For the eleven-month fiscal year, Greif reported net income of $15.1 million, a 93% drop from the prior year. Adjusted net income decreased 44% to $115.7 million. Adjusted EBITDA increased slightly to $511.3 million, with combined adjusted EBITDA rising 11% to $702.6 million. Net cash provided by operating activities fell to $58.6 million for the period.
Despite the earnings decline, Greif significantly strengthened its balance sheet over the course of 2025, with total debt reduced by $1.54 billion and net debt falling to $945.8 million. The company’s leverage ratio decreased from 3.48x to 1.63x.
Greif continues to operate in an industrial environment marked by multi-year demand softness, and the company said it is not yet seeing a clear inflection in market conditions. For fiscal 2026, the company issued low-end guidance of $630 million in adjusted EBITDA and $315 million in adjusted free cash flow.
Founded in 1877, Greif is a global leader in industrial packaging with operations in more than 35 countries. The company provides polymer, fiber, metal and integrated packaging solutions to customers worldwide.
