US Market News
2 months ago
Aptar Reports First Quarter 2026 ResultsApril 30, 2026 5:00 PM
Business Wire
AptarGroup, Inc. (NYSE:ATR), a global leader in drug delivery and consumer product dispensing, dosing and protection technologies, today reported the following first quarter results for the period ended March 31, 2026, as compared to the corresponding period of the last fiscal year.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260430601030/en/Aptar Reports First Quarter 2026 Results
First Quarter 2026 Highlights
(Compared to the prior year quarter; see Non-GAAP section for full definitions; see reconciliation for Non-GAAP measures)
Reported sales increased 11% and core sales were flat
Reported net income decreased 8% to $73 million and reported earnings per share decreased 4% to $1.12
Adjusted earnings per share were $1.19, a decrease of 8%, compared to the prior year at constant currency
Adjusted EBITDA margin was 19.2% compared to 20.7% in the prior year
Returned $131 million to shareholders through share repurchases and dividends
Gael Touya named Aptar’s next CEO effective September 1, 2026
“Across the broader Pharma portfolio, we continue to see growing demand in key areas including GLP-1 therapies, biologics, systemic nasal drug delivery, nasal decongestants, ophthalmic dispensing, and active material solutions. As anticipated, first quarter results were impacted by emergency medicine destocking, with comparisons further challenged by the exceptionally strong prior-year quarter for the prescription division. The injectables division delivered another quarter of strong, double-digit growth. Consumer dispensing also contributed positively, with volume growth across Beauty and Closures, supported by robust demand in prestige fragrance and beverage applications,” said Stephan B. Tanda, Aptar President and CEO.
First Quarter Results
For the quarter ended March 31, 2026, reported sales increased 11% to $982.9 million compared to $887.3 million in the prior year period. Core sales were flat compared to the prior year period.
First Quarter Segment Sales Analysis
(Change Over Prior Year)
Pharma
Beauty
Closures
Total AptarGroup
Reported Sales Growth
7%
19%
5%
11%
Currency Effects (1)
(7)%
(9)%
(5)%
(8)%
Acquisitions
(1)%
(7)%
0%
(3)%
Core Sales Growth
(1)%
3%
0%
0%
(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.
Pharma’s reported sales increased 7% when compared to the prior year period, with a currency contribution of 7%. Excluding acquisitions, core sales declined 1% in the quarter when compared to the prior year period. In the prescription division, sales for dispensing systems declined 10% primarily due to reduced sales in the emergency medicine category, as anticipated, while the pipeline for systemic nasal drug delivery continued to build. Consumer healthcare sales increased 4% on strong nasal decongestant and eye care solutions. Sales in the injectables division increased 20%, mainly driven by growth in demand for elastomeric components used for GLP-1, biologics and antithrombotics. Active material science solutions declined 1% due primarily to lower sales for diabetes test strips and probiotics. Adjusted EBITDA margin was 33.3%, a decrease of 150 basis points, reflecting a less favorable product mix, while royalties continued to positively impact margins.
Beauty’s reported sales increased 19% when compared to the prior year period, driven by a 9% benefit from currency changes and a 7% contribution from acquisitions, with core sales growth of 3%. There was increased demand for fragrance dispensing, as well as hair care and body care applications. Adjusted EBITDA margin was 11.1%, a decline of 100 basis points, due to less favorable product mix, primarily in North America and isolated operational disruptions at a supplier as reported last quarter.
Closures’ reported sales rose 5% from the prior year quarter and core sales were flat, with a 5% currency benefit. While product volumes were up, core sales results were negatively impacted by the pass through of lower resin pricing. Adjusted EBITDA margin was 13.1%, a decline of 270 basis points, primarily due to the previously reported maintenance issues, temporary plant closures as a result of extreme weather in North America and certain investment write offs.
Reported first quarter earnings per share were $1.12 compared to $1.17 reported a year ago. Adjusted earnings per share were $1.19, compared to the prior year period’s adjusted earnings per share of $1.30, including comparable exchange rates. The first quarter reported effective tax rate was 22.4% and the adjusted effective tax rate was 22.6%, compared to the prior year period’s reported and adjusted effective tax rates of 25.8%.
Outlook
Regarding Aptar’s outlook, Tanda stated, “Looking ahead to Q2, excluding destocking in emergency medicine within Pharma, we anticipate a solid quarter with growth across each segment. Outside of the emergency medicine end market, our prescription division is expected to return to healthy growth, and we anticipate growth across a number of pharma end markets mainly due to strength in our injectables and consumer healthcare divisions. We also anticipate a strong quarter for Closures and continued growth in Beauty, particularly in fragrance. Heading into the quarter, we remain mindful of potential supply-chain uncertainties as we continue to operate in a dynamic environment.”
Aptar currently expects adjusted earnings per share for the second quarter of 2026 to be in the range of $1.32 to $1.40. This guidance assumes an effective tax rate range of 22.5% to 24.5%. The earnings per share guidance range is assuming a 1.18 Euro to USD exchange rate.
Cash Dividends and Share Repurchases
As previously announced, Aptar’s Board of Directors approved a quarterly cash dividend of $0.48 per share. The payment date is May 27, 2026, to stockholders of record as of May 6, 2026. During the first quarter, Aptar repurchased 707 thousand shares for $100 million. Aptar may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions.
Open Conference Call
There will be a conference call held on Friday, May 1, 2026 at 8:00 a.m. Central Time to discuss the company’s first quarter results for 2026. The call will last approximately one hour. Interested parties are invited to listen to a live webcast by visiting the Investor Relations website at investors.aptar.com. Replay of the conference call can also be accessed for a limited time on the Investor Relations page of the website.
About Aptar
Aptar is a global leader in drug delivery and consumer product dosing, dispensing and protection technologies. Aptar serves a number of attractive end markets including pharmaceutical, beauty, food, beverage, personal care and home care. Using market expertise, proprietary design, engineering and science to create innovative solutions for many of the world’s leading brands, Aptar in turn makes a meaningful difference in the lives, looks, health and homes of millions of patients and consumers around the world. Aptar is headquartered in Crystal Lake, Illinois and has more than 14,000 dedicated employees in 20 countries. For more information, visit www.aptar.com.
Presentation of Non-GAAP Information
This press release refers to certain non-GAAP financial measures, including current year adjusted earnings per share and adjusted EBITDA, which exclude the impact of restructuring initiatives, acquisition-related costs, certain purchase accounting adjustments related to acquisitions and investments and net unrealized investment gains and losses related to observable market price changes on equity securities, and other special items. Core sales and adjusted earnings per share also neutralize the impact of foreign currency translation effects when comparing current results to the prior year. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items. For the quarter ended March 31, 2026, “Other special items” include costs incurred related to non-ordinary-course litigation, specifically: lawsuits between Aptar and ARS Pharmaceuticals, Inc., involving Aptar’s claims of trade-secret misappropriation and contractual breaches and ARS’s lawsuit against Aptar under U.S. antitrust laws; and patent infringement actions filed by Nemera La Verpillière SAS in Germany and France relating to certain of Aptar’s ophthalmic products. These costs are excluded because they do not reflect our core operating performance. Please refer to “Legal Proceedings” within Note 13 - Commitments and Contingencies within Aptar’s Form 10-K for the year ended December 31, 2025 and subsequent SEC filings for more information. Adjusted EBITDA margin is adjusted EBITDA divided by reported net sales. Non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures provided by other companies. Aptar’s management believes these non-GAAP financial measures provide useful information to our investors because they allow for a better period over period comparison of operating results by removing the impact of items that, in management’s view, do not reflect Aptar’s core operating performance. These non-GAAP financial measures also provide investors with certain information used by Aptar’s management when making financial and operational decisions. Free cash flow is calculated as cash provided by operating activities less capital expenditures plus proceeds from government grants related to capital expenditures. We believe that it is meaningful to investors in evaluating our financial performance and measuring our ability to generate cash internally to fund our initiatives. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial results but should be read in conjunction with the unaudited condensed consolidated statements of income and other information presented herein. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included in the accompanying tables. Our outlook is provided on a non-GAAP basis because certain reconciling items are dependent on future events that either cannot be controlled, such as exchange rates and changes in the fair value of equity investments, or reliably predicted because they are not part of the company's routine activities, such as restructuring, acquisition costs and other special items.
This press release contains forward-looking statements, including certain statements set forth under the “Outlook” section of this press release. Words such as “expects,” “anticipates,” “believes,” “estimates,” “future,” “potential,” “continues” and other similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on our beliefs as well as assumptions made by and information currently available to us. Accordingly, our actual results or other events may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist in our operations and business environment including, but not limited to: geopolitical conflicts worldwide and the resulting indirect impact on demand from our customers selling their products into these countries, as well as rising input costs and certain supply chain disruptions; cybersecurity threats against our systems and/or service providers that could impact our networks and reporting systems; the availability of raw materials and components (particularly from sole sourced suppliers for some of our Pharma solutions) as well as the financial viability of these suppliers; our ability to protect and defend our intellectual property rights, as well as litigation involving intellectual property rights; the outcome of any legal proceeding that has been or may be instituted against us and others; lower demand and asset utilization due to an economic recession either globally or in key markets we operate within; economic conditions worldwide, including inflationary conditions and potential deflationary conditions in other regions we rely on for growth; competition, including technological advances; significant tariffs and other restrictions on foreign imports imposed by the U.S. and related countermeasures taken by impacted foreign countries; our ability to successfully implement facility expansions and new facility projects; fluctuations in the cost of materials, components, transportation cost as a result of supply chain disruptions and labor shortages, and other input costs; significant fluctuations in foreign currency exchange rates or our effective tax rate; the impact of tax reform legislation, changes in tax rates and other tax-related events or transactions that could impact our effective tax rate; financial conditions of customers and suppliers; consolidations within our customer or supplier bases; changes in customer and/or consumer spending levels; loss of one or more key accounts; our ability to offset inflationary impacts with cost containment, productivity initiatives and price increases; changes in capital availability or cost, including rising interest rates; loss of royalty revenue due to contract expirations; volatility of global credit markets; our ability to identify potential new acquisitions and to successfully acquire and integrate such operations, including the successful integration of the businesses we have acquired; our ability to build out acquired businesses and integrate the product/service offerings of the acquired entities into our existing product/service portfolio; direct or indirect consequences of acts of war, terrorism or social unrest; the impact of natural disasters and other weather-related occurrences; fiscal and monetary policies and other regulations; changes, difficulties or failures in complying with government regulation, including FDA or similar foreign governmental authorities; changing regulations or market conditions regarding environmental sustainability; our ability to retain key members of management and manage labor costs; work stoppages due to labor disputes; our ability to meet future cash flow estimates to support our goodwill impairment testing; the demand for existing and new products; the success of our customers’ products, particularly in the pharmaceutical industry; our ability to manage worldwide customer launches of complex technical products, particularly in developing markets; difficulties in product development and uncertainties related to the timing or outcome of product development; significant product liability claims; and other risks associated with our operations. For additional information on these and other risks and uncertainties, please see our filings with the Securities and Exchange Commission, including the discussion under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K and Form 10-Qs. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
AptarGroup, Inc.
Condensed Consolidated Financial Statements (Unaudited)
(In Thousands, Except Per Share Data)
Consolidated Statements of Income
Three Months Ended
March 31,
2026
2025
Net Sales
$
982,868
$
887,305
Cost of Sales (exclusive of depreciation and amortization shown below)
630,959
550,891
Selling, Research & Development and Administrative
167,602
155,277
Depreciation and Amortization
75,725
65,647
Restructuring Initiatives
1,086
2,042
Operating Income
107,496
113,448
Other Income (Expense):
Interest Expense
(16,942
)
(11,351
)
Interest Income
3,642
2,814
Net Investment Loss
(1,086
)
(1,096
)
Equity in Results of Affiliates
714
2,086
Miscellaneous (Expense) Income, net
(53
)
114
Income before Income Taxes
93,771
106,015
Provision for Income Taxes
21,004
27,352
Net Income
$
72,767
$
78,663
Net (Income) Loss Attributable to Noncontrolling Interests
(4
)
135
Net Income Attributable to Redeemable Noncontrolling Interests
(89
)
—
Net Income Attributable to AptarGroup, Inc.
$
72,674
$
78,798
Net Income Attributable to AptarGroup, Inc. per Common Share:
Basic
$
1.13
$
1.19
Diluted
$
1.12
$
1.17
Average Numbers of Shares Outstanding:
Basic
64,050
66,271
Diluted
64,834
67,491
AptarGroup, Inc.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
($ In Thousands)
Consolidated Balance Sheets
March 31,
2026
December 31,
2025
ASSETS
Cash and Equivalents
$
222,529
$
402,424
Short-term Investments
6,948
7,109
Accounts and Notes Receivable, Net
833,268
803,830
Inventories
551,482
537,845
Prepaid and Other
154,045
142,354
Total Current Assets
1,768,272
1,893,562
Property, Plant and Equipment, Net
1,660,929
1,676,479
Goodwill
1,072,560
1,077,898
Other Assets
596,022
604,780
Total Assets
$
5,097,783
$
5,252,719
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
Short-Term Obligations
$
222,166
$
343,531
Accounts Payable, Accrued and Other Liabilities
840,867
822,913
Total Current Liabilities
1,063,033
1,166,444
Long-Term Obligations
1,143,370
1,139,433
Deferred Liabilities and Other
217,129
234,617
Total Liabilities
2,423,532
2,540,494
Redeemable Noncontrolling Interests
26,694
26,244
Total Mezzanine Equity
26,694
26,244
AptarGroup, Inc. Stockholders' Equity
2,629,495
2,668,096
Noncontrolling Interests in Subsidiaries
18,062
17,885
Total Stockholders' Equity
2,647,557
2,685,981
Total Liabilities, Mezzanine Equity and Stockholders' Equity
$
5,097,783
$
5,252,719
AptarGroup, Inc.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
($ In Thousands)
Consolidated Statement of Cash Flows
Three Months Ended March 31,
2026
2025
Cash Flows from Operating Activities:
?
?
Net income
$
72,767
$
78,663
Adjustments to reconcile net income to net cash provided by operations:
Depreciation
64,310
54,903
Amortization
11,415
10,744
Stock-based compensation
16,764
19,193
Provision for CECL
644
35
Loss (gain) on disposition of fixed assets
81
(271
)
Net loss on remeasurement of equity securities
1,086
1,096
Deferred income taxes
(4,567
)
(1,860
)
Defined benefit plan expense
3,443
3,277
Equity in results of affiliates
(714
)
(2,086
)
Impairment loss
901
—
Changes in balance sheet items, excluding effects from foreign currency adjustments:
Accounts and other receivables
(33,030
)
(69,247
)
Inventories
(16,943
)
(6,043
)
Prepaid and other current assets
(12,393
)
(12,617
)
Accounts payable, accrued and other liabilities
36,422
33,324
Income taxes payable
103
(7,195
)
Retirement and deferred compensation plan
(15,271
)
(11,751
)
Other changes, net
(6,324
)
(7,423
)
Net Cash Provided by Operations
118,694
82,742
Cash Flows from Investing Activities:
Capital expenditures
(65,396
)
(56,862
)
Proceeds from sale of property, plant and equipment
1,327
79
Purchases of short-term investments, net
(103
)
(88
)
Acquisition of intangible assets, net
(592
)
(2,475
)
Notes receivable, net
(335
)
2,714
Net Cash Used by Investing Activities
(65,099
)
(56,632
)
Cash Flows from Financing Activities:
Proceeds from notes payable and overdrafts
2,930
79
Repayments of notes payable and overdrafts
(2,895
)
—
Proceeds and (repayments) of short term revolving credit facility, net
7,000
(23,880
)
Proceeds from long-term obligations
5,037
124
Repayments of long-term obligations
(127,927
)
(4,552
)
Payment of contingent consideration obligation
(2,197
)
—
Dividends paid
(30,920
)
(29,923
)
Proceeds from stock option exercises
18,516
3,375
Purchase of treasury stock
(99,973
)
(80,000
)
Redeemable noncontrolling interest
89
—
Net Cash Used by Financing Activities
(230,340
)
(134,777
)
Effect of Exchange Rate Changes on Cash
(3,150
)
10,662
Net Decrease in Cash and Equivalents and Restricted Cash
(179,895
)
(98,005
)
Cash and Equivalents and Restricted Cash at Beginning of Period
404,849
223,844
Cash and Equivalents and Restricted Cash at End of Period
$
224,954
$
125,839
AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
Three Months Ended
March 31, 2026
Consolidated
Pharma
Beauty
Closures
Corporate
& Other
Net Interest
Net Sales
$
982,868
$
438,560
$
363,635
$
180,673
$
—
$
—
Reported net income
$
72,767
Reported income taxes
21,004
Reported income before income taxes
93,771
106,658
14,458
9,184
(23,229
)
(13,300
)
Adjustments:
Restructuring initiatives
1,086
5
1,301
249
(469
)
Net investment loss
1,086
—
—
—
1,086
Transaction costs related to acquisitions
45
45
—
—
—
Purchase accounting adjustments related to acquisitions and investments
145
145
—
—
—
Other special items
3,727
3,727
—
—
—
Adjusted earnings before income taxes
99,860
110,580
15,759
9,433
(22,612
)
(13,300
)
Interest expense
16,942
16,942
Interest income
(3,642
)
(3,642
)
Adjusted earnings before net interest and taxes (Adjusted EBIT)
113,160
110,580
15,759
9,433
(22,612
)
—
Depreciation and amortization
75,725
35,643
24,723
14,224
1,135
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)
$
188,885
$
146,223
$
40,482
$
23,657
$
(21,477
)
$
—
Reported net income margins (Reported net income / Reported Net Sales)
7.4
%
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)
19.2
%
33.3
%
11.1
%
13.1
%
Three Months Ended
March 31, 2025
Consolidated
Pharma
Beauty
Closures
Corporate
& Other
Net Interest
Net Sales
$
887,305
$
409,467
$
305,707
$
172,131
$
—
$
—
Reported net income
$
78,663
Reported income taxes
27,352
Reported income before income taxes
106,015
111,112
16,681
12,333
(25,574
)
(8,537
)
Adjustments:
Restructuring initiatives
2,042
190
395
1,352
105
Net investment loss
1,096
—
—
—
1,096
Adjusted earnings before income taxes
109,153
111,302
17,076
13,685
(24,373
)
(8,537
)
Interest expense
11,351
11,351
Interest income
(2,814
)
(2,814
)
Adjusted earnings before net interest and taxes (Adjusted EBIT)
117,690
111,302
17,076
13,685
(24,373
)
—
Depreciation and amortization
65,647
31,148
20,062
13,575
862
—
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)
$
183,337
$
142,450
$
37,138
$
27,260
$
(23,511
)
$
—
Reported net income margins (Reported net income / Reported Net Sales)
8.9
%
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)
20.7
%
34.8
%
12.1
%
15.8
%
AptarGroup, Inc.
Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share Data)
Three Months Ended
March 31,
2026
2025
Income before Income Taxes
$
93,771
$
106,015
Adjustments:
Restructuring initiatives
1,086
2,042
Net investment loss
1,086
1,096
Transaction costs related to acquisitions
45
—
Purchase accounting adjustments related to acquisitions and investments
145
—
Other special items
3,727
—
Foreign currency effects (1)
8,992
Adjusted Earnings before Income Taxes
$
99,860
$
118,145
Provision for Income Taxes
$
21,004
$
27,352
Adjustments:
Restructuring initiatives
279
506
Net investment loss
266
269
Transaction costs related to acquisitions
11
—
Purchase accounting adjustments related to acquisitions and investments
49
—
Other special items
953
—
Foreign currency effects (1)
2,320
Adjusted Provision for Income Taxes
$
22,562
$
30,447
Net (Income) Loss Attributable to Noncontrolling Interests
$
(4
)
$
135
Net Income Attributable to Redeemable Noncontrolling Interests
$
(89
)
$
—
Net Income Attributable to AptarGroup, Inc.
$
72,674
$
78,798
Adjustments:
Restructuring initiatives
807
1,536
Net investment loss
820
827
Transaction costs related to acquisitions
34
—
Purchase accounting adjustments related to acquisitions and investments
96
—
Other special items
2,774
—
Foreign currency effects (1)
6,672
Adjusted Net Income Attributable to AptarGroup, Inc.
$
77,205
$
87,833
Average Number of Diluted Shares Outstanding
64,834
67,491
Net Income Attributable to AptarGroup, Inc. Per Diluted Share
$
1.12
$
1.17
Adjustments:
Restructuring initiatives
0.01
0.02
Net investment loss
0.01
0.01
Transaction costs related to acquisitions
—
—
Purchase accounting adjustments related to acquisitions and investments
—
—
Other special items
0.05
—
Foreign currency effects (1)
0.10
Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share
$
1.19
$
1.30
(1) Foreign currency effects are approximations of the adjustment necessary to state the prior year earnings and earnings per share using current period foreign currency exchange rates.
AptarGroup, Inc.
Reconciliation of Free Cash Flow to Net Cash Provided by Operations (Unaudited)
(In Thousands)
Three Months Ended
March 31,
2026
2025
Net Cash Provided by Operations
$
118,694
$
82,742
Capital Expenditures
(65,396
)
(56,862
)
Free Cash Flow
$
53,298
$
25,880
AptarGroup, Inc.
Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share Data)
Three Months Ending
June 30,
Expected 2026
2025
Income before Income Taxes
$
139,714
Adjustments:
Restructuring initiatives
1,579
Net investment gain
(2,102
)
Transaction costs related to acquisitions
344
Foreign currency effects (1)
919
Adjusted Earnings before Income Taxes
$
140,454
Provision for Income Taxes
$
27,982
Adjustments:
Restructuring initiatives
421
Net investment gain
(515
)
Transaction costs related to acquisitions
86
Foreign currency effects (1)
184
Adjusted Provision for Income Taxes
$
28,158
Net Income Attributable to Noncontrolling Interests
$
(12
)
Net Income Attributable to AptarGroup, Inc.
$
111,720
Adjustments:
Restructuring initiatives
1,158
Net investment gain
(1,587
)
Transaction costs related to acquisitions
258
Foreign currency effects (1)
735
Adjusted Net Income Attributable to AptarGroup, Inc.
$
112,284
Average Number of Diluted Shares Outstanding
67,048
Net Income Attributable to AptarGroup, Inc. Per Diluted Share (3)
$
1.67
Adjustments:
Restructuring initiatives
0.02
Net investment gain
(0.03
)
Transaction costs related to acquisitions
—
Foreign currency effects (1)
0.01
Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share (2)
$1.32 - $1.40
$
1.67
(1) Foreign currency effects are approximations of the adjustment necessary to state the prior year earnings and earnings per share using current spot rates for all applicable foreign currency exchange rates.
(2) AptarGroup’s expected adjusted earnings per share range for the second quarter of 2026, see non-GAAP section for full definition, is based on an effective tax rate range of 22.5% to 24.5%. This tax rate range compares to our second quarter of 2025 effective tax rate of 20.0% on both reported and adjusted earnings per share.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260430601030/en/
Investor Relations Contact:
Mary Skafidas
mary.skafidas@aptar.com
815-479-5530
Media Contact:
Katie Reardon
katie.reardon@aptar.com
815-479-5671
Original: Aptar Reports First Quarter 2026 Results
US Market News
5 months ago
Aptar Reports Fourth Quarter and Annual 2025 ResultsFebruary 5, 2026 5:00 PM
Business Wire
AptarGroup, Inc. (NYSE:ATR), a global leader in drug delivery and consumer product dispensing, dosing and protection technologies, today reported the following fourth quarter results for the period ended December 31, 2025, as compared to the corresponding period of the last fiscal year.
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Fourth Quarter 2025 Highlights
(Compared to the prior year quarter; see Non-GAAP section for full definitions; see reconciliation for Non-GAAP measures)
Reported sales increased 14% and core sales increased 5%—all three segments delivered core sales growth
Reported net income decreased 26% to $74 million and reported earnings per share decreased 24% to $1.13
Adjusted earnings per share were $1.25
Adjusted EBITDA margin was 19.8% compared to 23.0% in the prior year
Returned $206 million to shareholders through share repurchases and dividends
Subsequent to the quarter, the Board of Directors has approved a new authorization for the repurchase of up to $600 million of the Company’s common stock
Annual 2025 Highlights
(Compared to the prior year period; see Non-GAAP section for full definitions; see reconciliation for Non-GAAP measures)
Reported sales increased 5% and core sales increased 2%
Reported net income increased 5% to $393 million and reported earnings per share increased 7% to $5.89
Returned $486 million to shareholders through share repurchases and dividends
Capital expenditures decreased year over year, ending the year at about 7% of sales
2025 was our 32nd consecutive year of paying an annually increasing dividend
“All three segments delivered core sales growth, driving a total increase of 5% in the fourth quarter and underscoring our strong market positions and the benefits of our innovation-led portfolio. Our Pharma segment’s growth was driven by strong demand for our elastomeric components, continued demand for our systemic nasal drug delivery technologies and the return to growth for our consumer healthcare division. Our Beauty segment delivered double-digit growth, driven by healthy demand for our dispensing technologies across all end markets, and our Closures segment had strong product volume growth. A combination of product mix and some higher than expected production costs reduced the impact of our strong top line results on our overall profitability in the quarter. We remain confident in our ability to drive performance and to continue creating value for shareholders,” said Stephan B. Tanda, Aptar President and CEO.
Fourth Quarter Results
For the quarter ended December 31, 2025, reported sales increased 14% to $963 million compared to $848 million in the prior year and core sales increased 5%.
Fourth Quarter Segment Sales Analysis
(Change Over Prior Year)
Pharma
Beauty
Closures
Total AptarGroup
Reported Sales Growth
10%
24%
5%
14%
Currency Effects (1)
(6)%
(7)%
(4)%
(6)%
Acquisitions
0%
(7)%
0%
(3)%
Core Sales Growth
4%
10%
1%
5%
(1)
- Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.
Pharma’s reported sales increased 10% with a currency contribution of 6%, resulting in a 4% increase in core sales in the quarter when compared to the prior year period, with growth primarily driven by injectables. In the prescription division, sales for dispensing systems rose 1% primarily due to strong demand for systemic nasal drug delivery used for central nervous system therapies and pain management. This growth, along with strong demand for asthma treatments, offset lower sales in emergency medicine. Sales in the injectables division increased 24%, mainly driven by growth in GLP-1 elastomeric components and service offerings. Active material science solutions declined 10% due primarily to the challenging comparison of a large tooling sale in the fourth quarter of the previous year. Consumer healthcare sales increased 3%; the division returned to growth after a period of destocking. Adjusted EBITDA margin was 32.4%, a decrease of 330 basis points, reflecting a less favorable product mix primarily due to lower sales in emergency medicine.
Beauty’s reported sales increased 24% driven by a 7% benefit from currency changes and a 7% contribution from acquisitions, with core sales growth of 10%, from a lower prior year comparison. There was increased demand for fragrance dispensing, as well as hair, body and sun care applications. Adjusted EBITDA margin was 10.2%, a decline of 220 basis points, due to lower-margin revenue, including tooling sales; required environmental upgrades at a metal anodization plant; and isolated operational disruptions at a supplier.
Closures’ reported sales rose 5% from the prior year quarter and core sales increased 1%, with a 4% currency benefit. While product sales volumes were up, core sales results were somewhat offset by the pass through of lower resin pricing. Adjusted EBITDA margin was 14.9%, a decline of 120 basis points, due to higher than expected production costs.
Aptar reported fourth quarter earnings per share of $1.13 compared to $1.49 reported a year ago. Adjusted earnings per share were $1.25, compared to the prior year period’s adjusted earnings per share of $1.62, including comparable exchange rates. The fourth quarter reported effective tax rate was 18.9% and the adjusted effective tax rate was 19.4%, compared to the prior year period’s reported effective tax rate of 13.1% and adjusted effective tax rate of 13.5%.
Annual Results
For the year ended December 31, 2025, reported sales increased 5% to $3.78 billion compared to $3.58 billion in the prior year. Core sales also increased 2%.
Annual Segment Sales Analysis
(Change Over Prior Year)
Pharma
Beauty
Closures
Total AptarGroup
Total Reported Sales Growth
6%
7%
2%
5%
Currency Effects (1)
(3)%
(2)%
(1)%
(2)%
Acquisitions
0%
(3)%
0%
(1)%
Core Sales Growth
3%
2%
1%
2%
(1)
- Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.
For the year ended December 31, 2025, Aptar’s reported earnings per share were $5.89, an increase of 7%, compared to $5.53 reported a year ago. For full year 2025, adjusted earnings per share were $5.74 and decreased 1% from prior year adjusted earnings per share of $5.81, including comparable exchange rates. The current year had a reported effective tax rate of 20.1% and an adjusted effective tax rate of 21.4% compared to the prior year reported and adjusted effective tax rates of 20.3% and 20.5%, respectively.
For the year ended December 31, 2025, cash flow from operations was $570 million. Free cash flow was $303 million, with the year-over-year decline primarily driven by higher working capital due to the timing of certain tax payments and pension contributions, partially offset by lower capital expenditures. The company ended December with $410 million in cash and short-term investments, $1.07 billion in net debt, and a leverage ratio of 1.38.
Outlook
Regarding Aptar’s outlook, Tanda stated, “Looking ahead to the first quarter and 2026, we expect strong growth within Pharma outside of emergency medicine, which is going through a period of destocking. Injectables, systemic nasal drug delivery and our consumer healthcare solutions are expected to deliver continued growth. In Beauty, we are seeing early signs of strengthening demand in prestige fragrance, and Closures is expected to deliver steady performance as innovation and category conversion continue to lead the way. We believe that our determination to drive further productivity gains, combined with a strong balance sheet, provides the ability to return capital to shareholders while retaining strategic flexibility and continuing to invest in the business for long-term value creation.”
Aptar currently expects adjusted earnings per share for the first quarter of 2026 to be in the range of $1.13 to $1.21. This guidance assumes an effective tax rate range of 21.0% to 23.0%. The earnings per share guidance range is assuming a 1.18 Euro to USD exchange rate. In 2026, capital investments are expected to be in the range of $260 million to $280 million.
Cash Dividends and Share Repurchases
As previously announced, Aptar’s Board of Directors approved a quarterly cash dividend of $0.48 per share. The payment date is February 26, 2026, to stockholders of record as of February 4, 2026. During the fourth quarter, Aptar repurchased 1.5 million shares for $175 million. Aptar may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions. The Board of Directors has approved a new authorization for the repurchase of up to $600 million of the Company’s common stock. This new authorization replaces all previous authorizations. Aptar may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions. The timing and amounts of any share repurchases will be based on market conditions and other factors including but not limited to share price, regulatory requirements and capital availability. Aptar is not obligated to acquire any minimum dollar amount or number of shares, and the share repurchase program may be modified, suspended or discontinued at any time at Aptar’s discretion.
Open Conference Call
There will be a conference call held on Friday, February 6, 2026 at 8:00 a.m. Central Time to discuss the company’s fourth quarter and annual results for 2025. The call will last approximately one hour. Interested parties are invited to listen to a live webcast by visiting the Investor Relations website at investors.aptar.com. Replay of the conference call can also be accessed for a limited time on the Investor Relations page of the website.
About Aptar
Aptar is a global leader in drug delivery and consumer product dosing, dispensing and protection technologies. Aptar serves a number of attractive end markets including pharmaceutical, beauty, food, beverage, personal care and home care. Using market expertise, proprietary design, engineering and science to create innovative solutions for many of the world’s leading brands, Aptar in turn makes a meaningful difference in the lives, looks, health and homes of millions of patients and consumers around the world. Aptar is headquartered in Crystal Lake, Illinois and has more than 14,000 dedicated employees in 20 countries. For more information, visit www.aptar.com.
Presentation of Non-GAAP Information
This press release refers to certain non-GAAP financial measures, including current year adjusted earnings per share and adjusted EBITDA, which exclude the impact of restructuring initiatives, acquisition-related costs, certain purchase accounting adjustments related to acquisitions and investments and net unrealized investment gains and losses related to observable market price changes on equity securities, and other special items. Core sales and adjusted earnings per share also neutralize the impact of foreign currency translation effects when comparing current results to the prior year. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items. For the quarter and year ended December 31, 2025, “Other special items” include costs incurred related to non-ordinary-course litigation, specifically: lawsuits between Aptar and ARS Pharmaceuticals, Inc., involving Aptar’s claims of trade-secret misappropriation and contractual breaches and ARS’s counterclaims under U.S. antitrust laws; and patent infringement actions filed by Nemera La Verpillière SAS in Germany and France relating to certain of Aptar’s ophthalmic products. These costs are excluded because they do not reflect our core operating performance. Please refer to "Legal Proceedings" within Note 13 - Commitments and Contingencies within Aptar’s Form 10-K for the period ended December 31, 2025 for more information. Adjusted EBITDA margin is adjusted EBITDA divided by reported net sales. Non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures provided by other companies. Aptar’s management believes these non-GAAP financial measures provide useful information to our investors because they allow for a better period over period comparison of operating results by removing the impact of items that, in management’s view, do not reflect Aptar’s core operating performance. These non-GAAP financial measures also provide investors with certain information used by Aptar’s management when making financial and operational decisions. Free cash flow is calculated as cash provided by operating activities less capital expenditures plus proceeds from government grants related to capital expenditures. We believe that it is meaningful to investors in evaluating our financial performance and measuring our ability to generate cash internally to fund our initiatives. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial results but should be read in conjunction with the unaudited condensed consolidated statements of income and other information presented herein. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included in the accompanying tables. Our outlook is provided on a non-GAAP basis because certain reconciling items are dependent on future events that either cannot be controlled, such as exchange rates and changes in the fair value of equity investments, or reliably predicted because they are not part of the company's routine activities, such as restructuring, acquisition costs and other special items.
This press release contains forward-looking statements, including certain statements set forth under the “Outlook” section of this press release. Words such as “expects,” “anticipates,” “believes,” “estimates,” “future,” “potential,” “continues” and other similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on our beliefs as well as assumptions made by and information currently available to us. Accordingly, our actual results or other events may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist in our operations and business environment including, but not limited to: geopolitical conflicts worldwide and the resulting indirect impact on demand from our customers selling their products into these countries, as well as rising input costs and certain supply chain disruptions; cybersecurity threats against our systems and/or service providers that could impact our networks and reporting systems; the availability of raw materials and components (particularly from sole sourced suppliers for some of our Pharma solutions) as well as the financial viability of these suppliers; our ability to protect and defend our intellectual property rights, as well as litigation involving intellectual property rights; the outcome of any legal proceeding that has been or may be instituted against us and others;lower demand and asset utilization due to an economic recession either globally or in key markets we operate within; economic conditions worldwide, including inflationary conditions and potential deflationary conditions in other regions we rely on for growth; competition, including technological advances; significant tariffs and other restrictions on foreign imports imposed by the U.S. and related countermeasures taken by impacted foreign countries; our ability to successfully implement facility expansions and new facility projects; fluctuations in the cost of materials, components, transportation cost as a result of supply chain disruptions and labor shortages, and other input costs; significant fluctuations in foreign currency exchange rates or our effective tax rate; the impact of tax reform legislation, changes in tax rates and other tax-related events or transactions that could impact our effective tax rate; financial conditions of customers and suppliers; consolidations within our customer or supplier bases; changes in customer and/or consumer spending levels; loss of one or more key accounts; our ability to offset inflationary impacts with cost containment, productivity initiatives and price increases; changes in capital availability or cost, including rising interest rates; loss of royalty revenue due to contract expirations; volatility of global credit markets; our ability to identify potential new acquisitions and to successfully acquire and integrate such operations, including the successful integration of the businesses we have acquired; our ability to build out acquired businesses and integrate the product/service offerings of the acquired entities into our existing product/service portfolio; direct or indirect consequences of acts of war, terrorism or social unrest; the impact of natural disasters and other weather-related occurrences; fiscal and monetary policies and other regulations; changes, difficulties or failures in complying with government regulation, including FDA or similar foreign governmental authorities; changing regulations or market conditions regarding environmental sustainability; our ability to retain key members of management and manage labor costs; work stoppages due to labor disputes; our ability to meet future cash flow estimates to support our goodwill impairment testing; the demand for existing and new products; the success of our customers’ products, particularly in the pharmaceutical industry; our ability to manage worldwide customer launches of complex technical products, particularly in developing markets; difficulties in product development and uncertainties related to the timing or outcome of product development; significant product liability claims; and other risks associated with our operations. For additional information on these and other risks and uncertainties, please see our filings with the Securities and Exchange Commission, including the discussion under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K and Form 10-Qs. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
AptarGroup, Inc.
Condensed Consolidated Financial Statements (Unaudited)
(In Thousands, Except Per Share Data)
Consolidated Statements of Income
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net Sales
$
962,736
$
848,088
$
3,777,181
$
3,582,890
Cost of Sales (exclusive of depreciation and amortization shown below)
624,515
518,674
2,372,446
2,227,381
Selling, Research & Development and Administrative
151,321
138,512
606,497
582,226
Depreciation and Amortization
76,578
67,452
287,363
263,784
Restructuring Initiatives
4,048
3,343
9,837
13,002
Operating Income
106,274
120,107
501,038
496,497
Other Income (Expense):
Interest Expense
(17,004
)
(11,372
)
(52,737
)
(43,898
)
Interest Income
4,582
3,079
11,676
12,101
Net Investment (Loss) Gain
(1,328
)
218
(483
)
1,713
Equity in Results of Affiliates
1,251
255
7,393
87
Gain from Remeasurement of Equity Method Investment
—
—
26,518
—
Miscellaneous Income, net
(2,253
)
3,783
(2,027
)
3,265
Income before Income Taxes
91,522
116,070
491,378
469,765
Provision for Income Taxes
17,252
15,205
98,881
95,587
Net Income
$
74,270
$
100,865
$
392,497
$
374,178
Net Loss Attributable to Noncontrolling Interests
130
79
206
363
Net (Income) Loss Attributable to Redeemable Noncontrolling Interests
(56
)
—
86
—
Net Income Attributable to AptarGroup, Inc.
$
74,344
$
100,944
$
392,789
$
374,541
Net Income Attributable to AptarGroup, Inc. per Common Share:
Basic
$
1.14
$
1.52
$
5.97
$
5.65
Diluted
$
1.13
$
1.49
$
5.89
$
5.53
Average Numbers of Shares Outstanding:
Basic
65,001
66,511
65,740
66,334
Diluted
65,796
67,923
66,725
67,691
AptarGroup, Inc.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
($ In Thousands)
Consolidated Balance Sheets
December 31,
2025
December 31,
2024
ASSETS
Cash and Equivalents
$
402,424
$
223,844
Short-term Investments
7,109
2,337
Accounts and Notes Receivable, Net
803,830
658,057
Inventories
537,845
461,807
Prepaid and Other
142,354
132,338
Total Current Assets
1,893,562
1,478,383
Property, Plant and Equipment, Net
1,676,479
1,447,150
Goodwill
1,077,898
936,256
Other Assets
604,780
570,489
Total Assets
$
5,252,719
$
4,432,278
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
Short-Term Obligations
$
343,531
$
338,285
Accounts Payable, Accrued and Other Liabilities
822,913
729,996
Total Current Liabilities
1,166,444
1,068,281
Long-Term Obligations
1,139,433
688,066
Deferred Liabilities and Other
234,617
190,007
Total Liabilities
2,540,494
1,946,354
Redeemable Noncontrolling Interests
26,244
—
Total Mezzanine Equity
26,244
—
AptarGroup, Inc. Stockholders' Equity
2,668,096
2,471,888
Noncontrolling Interests in Subsidiaries
17,885
14,036
Total Stockholders' Equity
2,685,981
2,485,924
Total Liabilities, Mezzanine Equity and Stockholders' Equity
$
5,252,719
$
4,432,278
AptarGroup, Inc.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
($ In Thousands)
Consolidated Statement of Cash Flows
Year Ended December 31,
2025
2024
Cash Flows from Operating Activities:
?
?
Net income
$
392,497
$
374,178
Adjustments to reconcile net income to net cash provided by operations:
Depreciation
242,312
219,667
Amortization
45,051
44,117
Stock-based compensation
43,941
47,650
Provision for CECL
1,301
1,016
Loss (gain) on disposition of fixed assets
712
(52
)
Net loss (gain) on remeasurement of equity securities
483
(1,713
)
Deferred income taxes
(11,689
)
(21,406
)
Defined benefit plan expense
12,554
12,049
Equity in results of affiliates
(7,393
)
(87
)
Gain on remeasurement of equity method investment
(26,518
)
—
Impairment loss
2,197
254
Changes in balance sheet items, excluding effects from foreign currency adjustments and acquisitions:
Accounts and other receivables
(73,888
)
(18,079
)
Inventories
(10,646
)
21,901
Prepaid and other current assets
4,956
(2,368
)
Accounts payable, accrued and other liabilities
(18,274
)
(23,705
)
Income taxes payable
(9,073
)
4,064
Retirement and deferred compensation plan liabilities
(6,477
)
(14,259
)
Retirement and deferred compensation plan assets
(12,582
)
—
Other changes, net
535
186
Net Cash Provided by Operations
569,999
643,413
Cash Flows from Investing Activities:
Capital expenditures
(270,419
)
(276,481
)
Proceeds from government grants
3,308
—
Proceeds from sale of property, plant and equipment
3,547
1,506
Maturities and (purchases) of short-term investments
3,369
(2,242
)
Acquisition of business, net of cash acquired and release of escrow
(60,204
)
—
Acquisition of intangible assets, net
(5,020
)
(17,709
)
Investment in equity securities
(8,664
)
(99,055
)
Proceeds from sale of investment in equity securities
2,401
—
Notes receivable, net
256
(2,740
)
Net Cash Used by Investing Activities
(331,426
)
(396,721
)
Cash Flows from Financing Activities:
Proceeds from notes payable and overdrafts
31,015
22,302
Repayments of notes payable and overdrafts
(28,218
)
(23,344
)
(Repayments) and proceeds of short term revolving credit facility, net
(42,380
)
108,848
Proceeds from long-term obligations
600,206
168,581
Repayments of long-term obligations
(166,562
)
(373,847
)
Dividends paid
(120,784
)
(114,055
)
Bond issuance costs
(5,424
)
—
Proceeds from stock option exercises
18,891
54,809
Purchase of treasury stock
(365,005
)
(68,638
)
Redeemable noncontrolling interest
790
—
Net Cash Used by Financing Activities
(77,471
)
(225,344
)
Effect of Exchange Rate Changes on Cash
19,403
(21,147
)
Net Increase in Cash and Equivalents and Restricted Cash
180,505
201
Cash and Equivalents and Restricted Cash at Beginning of Period
224,344
224,143
Cash and Equivalents and Restricted Cash at End of Period
$
404,849
$
224,344
AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
Three Months Ended
December 31, 2025
Consolidated
Pharma
Beauty
Closures
Corporate
& Other
Net Interest
Net Sales
$
962,736
$
440,015
$
341,113
$
181,608
$
—
$
—
Reported net income
$
74,270
Reported income taxes
17,252
Reported income before income taxes
91,522
102,608
6,141
11,717
(16,522
)
(12,422
)
Adjustments:
Restructuring initiatives
4,048
(97
)
2,898
622
625
Curtailment gain related to restructuring initiatives
(115
)
—
—
(115
)
—
Net investment loss
1,328
—
—
—
1,328
Transaction costs related to acquisitions
368
368
—
—
—
Purchase accounting adjustments related to acquisitions and investments
645
70
575
—
—
Other special items
3,960
3,960
—
—
—
Adjusted earnings before income taxes
101,756
106,909
9,614
12,224
(14,569
)
(12,422
)
Interest expense
17,004
17,004
Interest income
(4,582
)
(4,582
)
Adjusted earnings before net interest and taxes (Adjusted EBIT)
114,178
106,909
9,614
12,224
(14,569
)
—
Depreciation and amortization
76,578
35,687
25,197
14,773
921
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)
$
190,756
$
142,596
$
34,811
$
26,997
$
(13,648
)
$
—
Reported net income margins (Reported net income / Reported Net Sales)
7.7
%
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)
19.8
%
32.4
%
10.2
%
14.9
%
Three Months Ended
December 31, 2024
Consolidated
Pharma
Beauty
Closures
Corporate
& Other
Net Interest
Net Sales
$
848,088
$
400,732
$
274,064
$
173,292
$
—
$
—
Reported net income
$
100,865
Reported income taxes
15,205
Reported income before income taxes
116,070
111,944
10,989
11,949
(10,519
)
(8,293
)
Adjustments:
Restructuring initiatives
3,343
(64
)
2,170
1,305
(68
)
Net investment gain
(218
)
—
—
—
(218
)
Adjusted earnings before income taxes
119,195
111,880
13,159
13,254
(10,805
)
(8,293
)
Interest expense
11,372
11,372
Interest income
(3,079
)
(3,079
)
Adjusted earnings before net interest and taxes (Adjusted EBIT)
127,488
111,880
13,159
13,254
(10,805
)
—
Depreciation and amortization
67,452
31,231
20,757
14,629
835
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)
$
194,940
$
143,111
$
33,916
$
27,883
$
(9,970
)
$
—
Reported net income margins (Reported net income / Reported Net Sales)
11.9
%
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)
23.0
%
35.7
%
12.4
%
16.1
%
AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
Year Ended
December 31, 2025
Consolidated
Pharma
Beauty
Closures
Corporate
& Other
Net Interest
Net Sales
$
3,777,181
$
1,737,481
$
1,309,437
$
730,263
$
—
$
—
Reported net income
$
392,497
Reported income taxes
98,881
Reported income before income taxes
491,378
461,073
87,523
56,310
(72,467
)
(41,061
)
Adjustments:
Restructuring initiatives
9,837
1,080
4,469
3,566
722
Curtailment gain related to restructuring initiatives
(115
)
—
—
(115
)
—
Net investment loss
483
—
—
—
483
Gain from remeasurement of equity method investment
(26,518
)
—
(26,518
)
—
—
Transaction costs related to acquisitions
1,460
952
508
—
—
Purchase accounting adjustments related to acquisitions and investments
1,793
70
1,723
—
—
Other special items
8,360
8,360
—
—
—
Adjusted earnings before income taxes
486,678
471,535
67,705
59,761
(71,262
)
(41,061
)
Interest expense
52,737
52,737
Interest income
(11,676
)
(11,676
)
Adjusted earnings before net interest and taxes (Adjusted EBIT)
527,739
471,535
67,705
59,761
(71,262
)
—
Depreciation and amortization
287,363
136,111
91,066
56,716
3,470
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)
$
815,102
$
607,646
$
158,771
$
116,477
$
(67,792
)
$
—
Reported net income margins (Reported net income / Reported Net Sales)
10.4
%
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)
21.6
%
35.0
%
12.1
%
16.0
%
AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
Year Ended
December 31, 2024
Consolidated
Pharma
Beauty
Closures
Corporate
& Other
Net Interest
Net Sales
$
3,582,890
$
1,643,152
$
1,225,730
$
714,008
$
—
$
—
Reported net income
$
374,178
Reported income taxes
95,587
Reported income before income taxes
469,765
447,353
68,797
54,832
(69,420
)
(31,797
)
Adjustments:
Restructuring initiatives
13,002
589
8,041
3,835
537
Curtailment gain related to restructuring initiatives
(1,851
)
—
—
(1,851
)
—
Net investment gain
(1,713
)
—
—
—
(1,713
)
Transaction costs related to acquisitions
140
—
140
—
—
Adjusted earnings before income taxes
479,343
447,942
76,978
56,816
(70,596
)
(31,797
)
Interest expense
43,898
43,898
Interest income
(12,101
)
(12,101
)
Adjusted earnings before net interest and taxes (Adjusted EBIT)
511,140
447,942
76,978
56,816
(70,596
)
—
Depreciation and amortization
263,784
120,429
82,931
57,326
3,098
—
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)
$
774,924
$
568,371
$
159,909
$
114,142
$
(67,498
)
$
—
Reported net income margins (Reported net income / Reported Net Sales)
10.4
%
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)
21.6
%
34.6
%
13.0
%
16.0
%
AptarGroup, Inc.
Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share Data)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Income before Income Taxes
$
91,522
$
116,070
$
491,378
$
469,765
Adjustments:
Restructuring initiatives
4,048
3,343
9,837
13,002
Curtailment gain related to restructuring initiatives
(115
)
—
(115
)
(1,851
)
Net investment loss (gain)
1,328
(218
)
483
(1,713
)
Gain from remeasurement of equity method investment
—
—
(26,518
)
—
Transaction costs related to acquisitions
368
—
1,460
140
Purchase accounting adjustments related to acquisitions and investments
645
—
1,793
—
Other special items
3,960
—
8,360
—
Foreign currency effects (1)
7,953
14,523
Adjusted Earnings before Income Taxes
$
101,756
$
127,148
$
486,678
$
493,866
Provision for Income Taxes
$
17,252
$
15,205
$
98,881
$
95,587
Adjustments:
Restructuring initiatives
1,015
926
2,503
3,397
Curtailment gain related to restructuring initiatives
(30
)
—
(30
)
(478
)
Net investment loss (gain)
325
(54
)
118
(420
)
Gain from remeasurement of equity method investment
—
—
—
—
Transaction costs related to acquisitions
125
—
393
35
Purchase accounting adjustments related to acquisitions and investments
110
—
282
—
Other special items
970
—
2,048
—
Foreign currency effects (1)
1,042
2,955
Adjusted Provision for Income Taxes
$
19,767
$
17,119
$
104,195
$
101,076
Net Loss Attributable to Noncontrolling Interests
$
130
$
79
$
206
$
363
Net (Income) Loss Attributable to Redeemable Noncontrolling Interests
$
(56
)
$
—
$
86
$
—
Net Income Attributable to AptarGroup, Inc.
$
74,344
$
100,944
$
392,789
$
374,541
Adjustments:
Restructuring initiatives
3,033
2,417
7,334
9,605
Curtailment gain related to restructuring initiatives
(85
)
—
(85
)
(1,373
)
Net investment loss (gain)
1,003
(164
)
365
(1,293
)
Gain from remeasurement of equity method investment
—
—
(26,518
)
—
Transaction costs related to acquisitions
243
—
1,067
105
Purchase accounting adjustments related to acquisitions and investments
535
—
1,511
—
Other special items
2,990
—
6,312
—
Foreign currency effects (1)
6,911
11,568
Adjusted Net Income Attributable to AptarGroup, Inc.
$
82,063
$
110,108
$
382,775
$
393,153
Average Number of Diluted Shares Outstanding
65,796
67,923
66,725
67,691
Net Income Attributable to AptarGroup, Inc. Per Diluted Share
$
1.13
$
1.49
$
5.89
$
5.53
Adjustments:
Restructuring initiatives
0.05
0.03
0.11
0.15
Curtailment gain related to restructuring initiatives
—
—
—
(0.02
)
Net investment loss (gain)
0.01
—
0.01
(0.02
)
Gain from remeasurement of equity method investment
—
—
(0.40
)
—
Transaction costs related to acquisitions
—
—
0.02
—
Purchase accounting adjustments related to acquisitions and investments
0.01
—
0.02
—
Other special items
0.05
—
0.09
—
Foreign currency effects (1)
0.10
0.17
Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share
$
1.25
$
1.62
$
5.74
$
5.81
(1)
Foreign currency effects are approximations of the adjustment necessary to state the prior year earnings and earnings per share using current period foreign currency exchange rates.
AptarGroup, Inc.
Reconciliation of Free Cash Flow to Net Cash Provided by Operations (Unaudited)
(In Thousands)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net Cash Provided by Operations
$
183,693
$
178,239
$
569,999
$
643,413
Capital Expenditures
(86,819
)
(66,065
)
(270,419
)
(276,481
)
Proceeds from Government Grants
—
—
3,308
—
Free Cash Flow
$
96,874
$
112,174
$
302,888
$
366,932
AptarGroup, Inc.
Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share Data)
Three Months Ending
March 31,
Expected 2026
2025
Income before Income Taxes
$
106,015
Adjustments:
Restructuring initiatives
2,042
Net investment loss
1,096
Transaction costs related to acquisitions
—
Foreign currency effects (1)
9,203
Adjusted Earnings before Income Taxes
$
118,356
Provision for Income Taxes
$
27,352
Adjustments:
Restructuring initiatives
506
Net investment loss
269
Transaction costs related to acquisitions
—
Foreign currency effects (1)
2,374
Adjusted Provision for Income Taxes
$
30,501
Net Loss Attributable to Noncontrolling Interests
$
135
Net Income Attributable to AptarGroup, Inc.
$
78,798
Adjustments:
Restructuring initiatives
1,536
Net investment loss
827
Transaction costs related to acquisitions
—
Foreign currency effects (1)
6,829
Adjusted Net Income Attributable to AptarGroup, Inc.
$
87,990
Average Number of Diluted Shares Outstanding
67,491
Net Income Attributable to AptarGroup, Inc. Per Diluted Share (3)
$
1.17
Adjustments:
Restructuring initiatives
0.02
Net investment loss
0.01
Transaction costs related to acquisitions
—
Foreign currency effects (1)
0.10
Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share (2)
$1.13 - $1.21
$
1.30
(1)
Foreign currency effects are approximations of the adjustment necessary to state the prior year earnings and earnings per share using current spot rates for all applicable foreign currency exchange rates.
(2)
AptarGroup’s expected adjusted earnings per share range for the first quarter of 2026, see non-GAAP section for full definition, is based on an effective tax rate range of 21.0% to 23.0%. This tax rate range compares to our first quarter of 2025 effective tax rate of 25.8% on both reported earnings and adjusted earnings per share.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260205227722/en/
Investor Relations Contact:
Mary Skafidas
mary.skafidas@aptar.com
815-479-5530
Media Contact:
Katie Reardon
katie.reardon@aptar.com
815-479-5671
Original: Aptar Reports Fourth Quarter and Annual 2025 Results
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