SEE earnings analysis
What we found in SEE's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Sealed Air reported 2025 net sales of $5.4 billion, net earnings from continuing operations of $441 million, and net cash provided by operating activities of $628 million while pursuing a definitive merger with CD&R that values the company at $10.3 billion ($42.15 per share). The business emphasizes a strategy of automated, sustainable packaging solutions across two reportable segments (Food and Protective), global scale (49% of 2025 net sales outside the U.S.) and a balanced capital-allocation philosophy focused on debt repayment and profitable organic growth.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Merger agreed at $42.15/share ($10.3B)
- Sealed Air entered a definitive merger agreement under which CD&R will acquire the company for a total purchase price of $10.3 billion, with each share to receive $42.15 in cash; the transaction is expected to close in mid-2026 and was approved by stockholders on February 25, 2026.
- Solid 2025 top-line and earnings
- The Company reported net sales of $5.4 billion and net earnings from continuing operations of $441 million for 2025 (Part I, Item 1 Business).
- Strong operating cash generation
- Net cash provided by operating activities was $628 million in 2025 (Part I, Item 1 Business).
- International mix provides geographic diversification
- In 2025, 49% of net sales were from outside the U.S., with a sales and distribution network reaching 119 countries/territories (Part I, Item 1 Business).
- R&D spend trending lower
- Research and development expense declined to $82 million in 2025 from $93 million in 2024 and $97 million in 2023 (Part I, Item 1 Business).
- Protective distribution channel scale
- Approximately 60% of Protective segment sales were sold through distributors in 2025 (Part I, Item 1 Business).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Merger completion and litigation risk
- The filing identifies risks relating to the Merger, including failure to satisfy closing conditions, the occurrence of a Company Material Adverse Effect, and the risk of any litigation relating to the Merger; the Merger consideration is $42.15 per share and the total purchase price is $10.3 billion, and closing is subject to regulatory approvals and other customary conditions (Part I, Business; Cautionary Notice Regarding Forward-Looking Statements).
- Raw-material cost exposure
- The Company states that principal raw materials typically represent approximately one-third of consolidated cost of sales, exposing margins to resin, pulp and other commodity price and availability changes (Part I, Item 1 Business).
- Labor / collective bargaining exposure
- About 5,200 employees (close to 32% of total employees) were covered by collective bargaining agreements as of December 31, 2025, and approximately 31% of such agreements will expire during 2026, creating negotiation and labor relation risk (Part I, Item 1 Business).
- Geopolitical and foreign-revenue concentration risks
- With 49% of net sales coming from outside the U.S. in 2025, the Company highlights exposure to currency translation, foreign investment laws and approvals, trade policies and tariffs, and other foreign regulatory risks (Part I, Business; Cautionary Notice Regarding Forward-Looking Statements).
- Potential underinvestment in innovation
- R&D expense fell to $82 million in 2025 from $97 million in 2023, which could constrain new product and automation development if the trend continues (Part I, Item 1 Business).
- Sole-source supplier dependence in some regions
- The filing notes that in some regions the Company relies on sole-source suppliers and seeks to mitigate risk via global inventory and supply agreements, indicating localized supplier concentration risk (Part I, Item 1 Business).
What they reported.
What the company itself reported, taken out of the document.
- Segment
- Food (reportable segment) — integrated food packaging materials, automation and services (Part I, Item 1 Business).
- Segment
- Protective (reportable segment) — protective packaging and automation; ~60% of Protective sales sold through distributors in 2025 (Part I, Item 1 Business).
What they said about what is next.
The Form 10-K does not provide forward numeric revenue or EPS guidance; the filing discusses strategic outlook and merger timing but defers specific annual outlook to earnings releases and the Company’s public guidance (Cautionary Notice Regarding Forward-Looking Statements; Item 1 Business).
The filing reads about the same as the one before it.
What came before.
- 10-Q · November 4, 2025
- Sealed Air reported Q3 net sales of $1,351.3 million (vs $1,345.1M in Q3 2024), essentially flat year-over-year, with slight pressure on margins. Net EPS (diluted) was $1.73 for the quarter versus $0.63 a year ago,…
- 10-Q · November 7, 2024
- Sealed Air reported Q3 net sales of $1,345.1 million and diluted EPS of $0.63, with operating profit improving to $186.3 million. Revenue and gross profit were modestly down versus the prior-year quarter, while…
- 10-K · February 21, 2023
- Sealed Air generated net sales of $5.6 billion, net earnings from continuing operations of $491 million and net cash provided by operating activities of $613 million in 2022. The company completed its Reinvent SEE…
- 10-Q · November 2, 2021
- Sealed Air reported Q3 net sales of $1,406.7M (up from $1,237.2M a year ago) and generated operating profit of $201.3M. Segment revenue expanded: Food to $797.4M and Protective to $609.3M. Cash generation remains…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing SEE makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever