10-K · March 5, 2026
Ranpak grew net revenue 7.1% year-over-year to $395.0M in 2025 but saw gross profit decline to $130.7M and a wider net loss of $38.3M (loss per share $0.45). Growth was driven by void-fill (+$16.3M) and Automation…
Earnings analysis · 10-Q
PACK earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Ranpak Holdings Corp. reported a strong Q1 2026 with net revenue of $101.2 million, marking an 11.0% increase compared to $91.2 million in Q1 2025, significantly surpassing earlier estimates. The net loss narrowed to…
Read full summary
Ranpak Holdings Corp. reported a strong Q1 2026 with net revenue of $101.2 million, marking an 11.0% increase compared to $91.2 million in Q1 2025, significantly surpassing earlier estimates. The net loss narrowed to $10.2 million, slightly better than expectations of a $9.0 million loss, resulting in an EPS of -$0.09. Management cited inflationary pressures and foreign currency volatility as key challenges ahead but expressed optimism about growth in automation sales.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.09
- Gross margin
- 34.5%
What stood out
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Strong Revenue Growth
Net revenue increased 11.0% year-over-year to $101.2 million from $91.2 million.
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Narrowed Net Loss
Net loss decreased to $10.2 million from $10.9 million, a 6.4% improvement.
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Significant Increase in Automation Sales
Sales in the automation segment surged by 112.7%, contributing $13.4 million.
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Positive EBITDA Performance
EBITDA improved to $11.7 million, a 20.6% year-over-year increase.
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Healthy Gross Margin
Gross profit margin expanded to 34.5%, up from 33.9% in the prior-year quarter.
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Controlled SG&A Expenses
SG&A expenses rose modestly by 1.0% to $29.2 million, indicating effective cost management.
What to watch
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Currency Fluctuation Exposure
Approximately 58% of net revenue was denominated in currencies other than USD, impacting reported results due to volatility.
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Inflationary Pressures Persist
Management highlighted ongoing inflation that could pressure margins and revenue.
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Dependence on Automation Sales Growth
Continued reliance on automation sales for growth may introduce risks if market demand fluctuates.
Management's outlook
No numeric guidance changes provided; management anticipates navigating current economic challenges.
Earlier filings 4
10-K · March 14, 2024
Ranpak describes a razor/razor-blade, recurring-consumables model focused on paper-based protective packaging with an installed base of ~141,200 systems and $336.3 million of net revenue in 2023. The company highlights…
10-Q · August 3, 2023
Ranpak reported Q2 2023 net revenue of $81.9 million, down $4.9 million versus Q2 2022 but essentially flat vs Q1 2023 (Q1 implied $81.2 million). Gross profit improved to $30.2 million (36.9% gross margin) and the…
10-K · March 31, 2023
Ranpak positions itself as a systems-based, paper-first protective packaging and end-of-line automation provider with a razor/razor-blade model that drives recurring consumable revenue. The 10-K highlights a 139,100…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.