Stronger profits at Reynolds Consumer Products (Nasdaq: REYN) in Q2 2026
Rhea-AI Filing Summary
Reynolds Consumer Products Inc. reported solid second-quarter 2026 results, with net revenues of $944 million compared with $938 million a year earlier. Net income rose to $89 million from $73 million, and diluted EPS increased 20% to $0.42. Adjusted EBITDA grew to $171 million from $163 million, driven mainly by manufacturing efficiency gains despite lower volumes and higher SG&A.
Year-to-date, net revenues were $1,821 million versus $1,756 million in 2025, while net income increased to $148 million from $105 million and EPS to $0.70 from $0.50. The Hefty Storage & Organization segment delivered record second-quarter revenues of $176 million on higher volumes, while Hefty Home & Tableware saw lower foam-driven volumes. Cash was $66 million and debt $1,530 million, for net debt of $1,464 million and leverage of 2.1x, after a voluntary $50 million debt repayment.
The company raised its 2026 net revenue outlook to +1% to +3% growth versus 2025, and reaffirmed guidance for full-year net income of $331–$343 million, EPS of $1.57–$1.63, and Adjusted EBITDA of $660–$675 million. Third-quarter 2026 revenues are expected to be roughly flat year over year, with EPS of $0.37–$0.39 and Adjusted EBITDA of $160–$165 million. The board approved a quarterly dividend of $0.23 per share, payable August 31, 2026.
Positive
- Net income up 22% in Q2 2026 to $89 million from $73 million, with diluted EPS rising 20% to $0.42, indicating stronger profitability.
- Year-to-date net income up to $148 million from $105 million and EPS to $0.70 from $0.50, reflecting substantial earnings growth in 2026.
- Leverage held at 2.1x Net Debt to TTM Adjusted EBITDA, at the low end of the company’s target range, after a voluntary $50 million debt repayment.
- Full-year 2026 guidance reaffirmed for net income of $331–$343 million, EPS of $1.57–$1.63, and Adjusted EBITDA of $660–$675 million, alongside a higher net revenue growth outlook.
- Ongoing shareholder returns supported by a quarterly dividend of $0.23 per share payable August 31, 2026.
Negative
- Retail volumes declined 5% in Q2 2026 (2% excluding foam), indicating modest volume pressure despite higher pricing.
- Hefty Home & Tableware segment softness, with Q2 2026 retail volumes down 14% (8% excluding foam) and net revenues decreasing $25 million year over year.
Filing Explained
The July 29 8-K reports second-quarter results and a $50 million debt repayment, with $66 million cash and $1.53 billion debt at June 30.
Form 8-K reports specified material events within four business days; this filing furnishes the company’s second-quarter results under Item 2.02, with the results release attached as Exhibit 99.1.
The Item 2.02 information is expressly furnished rather than filed under Section 18 of the Exchange Act and is not incorporated into other filings unless separately stated.
Effective January 1, the company realigned two operating segments and recast prior-period segment information; it states that the change did not affect previously reported consolidated results.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Net revenues: $944 million
Q2 2026 Net income: $89 million
Q2 2026 Diluted EPS: $0.42
+5 more
8 metrics
Q2 2026 Net revenues
$944 million
Quarter ended June 30, 2026 vs $938 million in Q2 2025
Q2 2026 Net income
$89 million
Increased from $73 million in Q2 2025
Q2 2026 Diluted EPS
$0.42
Up 20% from $0.35 in Q2 2025
Q2 2026 Adjusted EBITDA
$171 million
Compared with $163 million in Q2 2025
Net revenues H1 2026
$1,821 million
Six months ended June 30, 2026 vs $1,756 million in 2025
Net debt as of June 30, 2026
$1,464 million
Long-term debt of $1,530 million less $66 million cash
Net Debt to TTM Adjusted EBITDA
2.1x
As of June 30, 2026, at lower end of target leverage range
Quarterly dividend
$0.23 per share
Approved for payment on August 31, 2026 to holders of record August 17, 2026
Key Terms
Adjusted EBITDA, Adjusted Net Income, Net Debt, Net Debt to Trailing Twelve Months Adjusted EBITDA, +2 more
6 terms
Adjusted EBITDA financial
"We use non-GAAP financial measures “Adjusted EBITDA,” “Adjusted Net Income,”"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted Net Income financial
"We define Adjusted Net Income and Adjusted Earnings Per Share as Net Income"
Adjusted net income is a company's reported profit after removing unusual, one-time, or non-operational items so the number reflects the business’s regular earning power. Investors use it like a cleaned-up scorecard — similar to judging a player’s season performance without a few fluke games — to compare companies or assess trends without being misled by rare gains or losses that won’t affect future cash flow.
Net Debt financial
"Net Debt is defined as current portion of long-term debt plus long-term debt less cash"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
Net Debt to Trailing Twelve Months Adjusted EBITDA financial
"Net Debt to Trailing Twelve Months Adjusted EBITDA was 2.1x on June 30, 2026"
Debt refinancing expense financial
"Reflects the expense recorded related to our March 2025 Term Loan Facility refinancing"
Non-Retail Revenues financial
"Non-Retail Revenues consist of aluminum sales made to food service and industrial customers"
Earnings Snapshot
Net revenues: $944 million · Guidance included
quarter ended June 30, 2026
Net revenues
$944 million
up from $938 million in Q2 2025
Net income
$89 million
increased 22% from $73 million in Q2 2025
Diluted EPS
$0.42
increased 20% from $0.35 in Q2 2025
Adjusted EBITDA
$171 million
up from $163 million in Q2 2025
Guidance
For full-year 2026, the company expects Net Revenues growth of +1% to +3% versus 2025, Net Income of $331–$343 million, EPS and Adjusted EPS of $1.57–$1.63, and Adjusted EBITDA of $660–$675 million. For Q3 2026, it guides to Net Revenues approximately flat year over year, Net Income of $79–$83 million, EPS and Adjusted EPS of $0.37–$0.39, and Adjusted EBITDA of $160–$165 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Reynolds Consumer Products (REYN) perform in Q2 2026?
Reynolds Consumer Products delivered Q2 2026 net revenues of $944 million, up slightly from $938 million in Q2 2025. Net income rose to $89 million from $73 million and diluted EPS increased 20% to $0.42, supported by efficiency gains and margin expansion.
What were the year-to-date 2026 results for Reynolds Consumer Products (REYN)?
For the first half of 2026, Reynolds reported net revenues of $1,821 million, up from $1,756 million a year earlier. Net income increased to $148 million from $105 million and EPS rose to $0.70 from $0.50, with Adjusted EBITDA improving to $302 million.
What guidance did Reynolds Consumer Products (REYN) give for full-year 2026?
Reynolds raised its 2026 net revenue outlook to +1% to +3% versus 2025. It expects net income of $331–$343 million, EPS of $1.57–$1.63, and Adjusted EBITDA of $660–$675 million, reflecting confidence in sustained earnings performance.
What is the Q3 2026 outlook for Reynolds Consumer Products (REYN)?
For Q3 2026, Reynolds expects net revenues to be approximately flat versus $931 million in Q3 2025. It guides to net income of $79–$83 million, EPS of $0.37–$0.39, and Adjusted EBITDA of $160–$165 million, indicating steady profitability.
What is Reynolds Consumer Products’ (REYN) current leverage and debt position?
As of June 30, 2026, Reynolds held cash of $66 million and debt of $1,530 million, resulting in net debt of $1,464 million. Net Debt to Trailing Twelve Months Adjusted EBITDA was 2.1x, at the low end of its target range after a $50 million voluntary repayment.
Did Reynolds Consumer Products (REYN) declare a dividend with these results?
Yes. The board approved a quarterly dividend of $0.23 per share. The company expects to pay this dividend on August 31, 2026, to shareholders of record as of August 17, 2026, continuing its capital return program.
How did key segments of Reynolds Consumer Products (REYN) perform in Q2 2026?
In Q2 2026, Reynolds Cooking & Kitchen Essentials revenues rose to $314 million, while Hefty Storage & Organization reached a record $176 million. Hefty Home & Tableware revenues fell to $217 million, pressured by foam declines, despite efficiency-driven Adjusted EBITDA growth.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
_______________________________________________
FORM 8-K
_______________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 29, 2026
_______________________________________________
(Exact Name of Registrant as Specified in its Charter)
_______________________________________________
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||
Registrant’s telephone number, including area code: (800) 879-5067
Not Applicable
(Former name or former address, if changed since last report)
_______________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition
On July 29, 2026, Reynolds Consumer Products Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information included in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.
Item 9.01. Financial Statements and Exhibits
(d)Exhibits
| Exhibit No. | Description | ||||
| 99.1 | Press Release issued by Reynolds Consumer Products Inc., dated July 29, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 29, 2026 | ||||||||
| REYNOLDS CONSUMER PRODUCTS INC. | ||||||||
| By: | /s/ Jill E. Barnett | |||||||
| Jill E. Barnett | ||||||||
| Chief Legal Officer and Secretary | ||||||||
Exhibit 99.1
Reynolds Consumer Products Reports
Second Quarter 2026 Financial Results
Delivering Earnings Growth in Dynamic Consumer & Cost Environment
Productivity Initiatives Fueling Investments In The Business
Reiterates Full Year 2026 Earnings Outlook
LAKE FOREST, Ill., July 29, 2026 – (BUSINESSWIRE) – Reynolds Consumer Products Inc. (the “Company”) (Nasdaq: REYN) today reported financial results for the second quarter ended June 30, 2026.
“Our solid second quarter and year-to-date results reflect the consistency of our execution against our priorities," said Scott Huckins, President and Chief Executive Officer. "We held or gained share across the majority of our categories, delivered operational efficiencies, and invested behind our brands, innovation and strategic initiatives. Our trusted brands, compelling consumer value, and strong retail partnerships position us well to execute in a tough operating environment and against our longer-term strategic priorities to drive shareholder value.”
Second Quarter 2026 Highlights
•Net Revenues of $944 million compared to $938 million in Q2 2025
◦Retail Net Revenues of $888 million compared to $887 million in Q2 2025
◦Retail volumes decreased 5%; excluding foam Retail volumes decreased 2%
◦Non-Retail Net Revenues1 of $56 million compared to $51 million in Q2 2025
•Net Income of $89 million compared to $73 million in Q2 2025, and Adjusted Net Income of $89 million compared to $83 million in Q2 2025
•Adjusted EBITDA of $171 million compared to $163 million in Q2 2025
•Earnings Per Share increased 20% to $0.42 compared to $0.35 in Q2 2025, and Adjusted Earnings Per Share increased 8% to $0.42 vs. $0.39 in Q2 2025
Net Income increased 22% to $89 million from $73 million in Q2 2025 and Adjusted Net Income increased $6 million compared to Adjusted Net Income of $83 million for the second quarter of 2025, reflecting improved operating performance. Adjusted EBITDA increased $8 million to $171 million compared to the prior year period, primarily driven by manufacturing efficiency gains, partially offset by the impact of lower volumes and increased selling, general and administrative (SG&A) costs. These results reflect continued margin expansion through productivity initiatives, supporting ongoing investment in growth and other strategic initiatives.
__________________________________________________
1Non-Retail Revenues consist of aluminum sales made to food service and industrial customers.
Second Quarter Key Business Segment Results
As outlined in our first quarter earnings release, effective January 1, the Company realigned its former Hefty Waste & Storage and Presto Products operating segments to enhance efficiency, sharpen its innovation focus, and better support future expansion into adjacent categories. These changes did not impact previously reported consolidated results. All prior periods are recast to conform with current year presentation.
Reynolds Cooking & Kitchen Essentials
•Net Revenues increased $19 million to $314 million, reflecting increases in both Retail and Non-retail Revenues, and includes 19 points of pricing to offset commodity cost increases.
•Retail volumes decreased 8%, in part from promotional timing differences in foil, while Reynolds parchment, oven bags and slow cooker liners drove share gains.
•Adjusted EBITDA increased $4 million to $53 million, primarily driven by manufacturing efficiency gains, partially offset by the impact of lower volumes.
Hefty® Waste & Clean-Up
•Net Revenues decreased $3 million to $233 million. Retail volumes remained flat and branded volume gains offset previously communicated private label distribution losses.
•Hefty® waste maintained share, despite a heightened promotional environment. Hefty® Ultra Strong trash bags were listed as a top 5 selling item on Amazon Prime Day 2026.
•Adjusted EBITDA decreased $3 million to $69 million due to the impact of lower revenues.
Hefty® Home & Tableware
•Net Revenues decreased $25 million to $217 million, due to the impact of lower volumes driven primarily by foam declines, partially offset by reduced promotional activity.
•Retail volumes decreased 14%; excluding foam Retail volumes decreased 8%.
•Adjusted EBITDA increased $8 million to $43 million, driven by manufacturing efficiency gains. The impact of lower volumes was offset by decreased promotional activity.
Hefty® Storage & Organization
•Net Revenues increased $9 million to a record second quarter of $176 million, reflecting stronger volumes.
•Retail volumes increased 8%, driven by strong performance of Hefty® and store brand food bags.
•Adjusted EBITDA decreased $3 million to $27 million, driven primarily by costs associated with the ramp up of new business and promoting behind new distribution.
Year to Date 2026 Highlights
•Net Revenues of $1,821 million compared to $1,756 million in the comparable prior year period
◦Retail Net Revenues of $1,692 million compared to $1,652 million in the comparable prior year period
◦Retail volumes decreased 1%; excluding foam Retail volumes increased 1%
◦Non-Retail Net Revenues of $129 million compared to $104 million in the comparable prior year period
•Net Income of $148 million compared to $105 million in the comparable prior year period, and Adjusted Net Income of $148 million compared to $132 million in the comparable prior year period
•Adjusted EBITDA of $302 million compared to $279 million in the comparable prior year period
•Earnings Per Share of $0.70 compared to $0.50 in the comparable prior year period, and Adjusted Earnings Per Share of $0.70 vs. $0.63 in the comparable prior year period
Net Income was $148 million compared to $105 million in the comparable period of 2025, which included $27 million of after-tax debt refinancing costs, CEO transition costs, and strategic investments in cost savings and revenue growth initiatives that did not repeat. Adjusted Net Income was $148 million compared to Adjusted Net Income of $132 million in the comparable period of 2025. Adjusted EBITDA was $302 million compared to $279 million in the comparable period of 2025, primarily attributable to the timing of pricing actions in relation to input cost increases and lower operational costs, partially offset by higher SG&A costs.
Balance Sheet and Cash Flow Highlights
Cash and cash equivalents were $66 million at June 30, 2026 and debt was $1,530 million, resulting in Net Debt of $1,464 million. Net Debt to Trailing Twelve Months Adjusted EBITDA1 was 2.1x on June 30, 2026 and at the lower end of the Company’s target leverage range.
During the six months ended June 30, 2026, we made a voluntary principal repayment of $50 million.
“Our second quarter results demonstrate disciplined execution across the business, targeted productivity initiatives and prudent capital deployment,” said Nathan Lowe, Chief Financial Officer. “We grew earnings through improved profitability, maintained leverage at the low end of our target range and continued investing behind initiatives that support long-term growth and cash generation, while remaining focused on managing through a dynamic consumer and cost environment.”
1Net Debt is defined as current portion of long-term debt plus long-term debt less cash and cash equivalents. Net Debt Leverage is defined as Net Debt divided by Trailing Twelve Months Adjusted EBITDA. See “Use of Non-GAAP Financial Measures” for additional information.
Full Year 2026 and Third Quarter Outlook
The Company is increasing its full year 2026 Net Revenues outlook to a range of +1% to +3%, compared to 2025 Net Revenues of $3,721 million, to account for increased pricing net of elasticity. The Company continues to expect Net Income and Adjusted Net Income to be in the range of $331 million to $343 million, full-year EPS and Adjusted EPS to be in the range of $1.57 to $1.63, and full-year Adjusted EBITDA to be in the range of $660 million and $675 million.
Third quarter 2026 Net Revenues are expected to be approximately flat compared to third quarter 2025 Net Revenues of $931 million. Net Income and Adjusted Net Income are expected to be in the range of $79 million to $83 million in the third quarter, with EPS and Adjusted EPS expected to be in the range of $0.37 to $0.39. The Company expects third quarter Adjusted EBITDA to be in the range of $160 million to $165 million.
Quarterly Dividend
The Company’s Board of Directors has approved a quarterly dividend of $0.23 per common share. The Company expects to pay this dividend on August 31, 2026, to shareholders of record as of August 17, 2026.
Earnings Webcast
The Company will host a live webcast this morning at 7:00 a.m. CT (8:00 a.m. ET). A link to the webcast and all related earnings materials will be available on the Company’s Investor Relations website at
https://investors.reynoldsconsumerproducts.com.
About Reynolds Consumer Products Inc.
Reynolds Consumer Products is a leading provider of household essentials designed to simplify daily life, so consumers can enjoy what matters most. Found in 95% of U.S. homes, the Company offers trusted solutions for cooking, serving, clean-up, and storage. Its portfolio features iconic brands like Reynolds® and Hefty®, along with store brand products tailored to retail partners. Reynolds holds the No. 1 or No. 2 market share in most of the categories it serves. Learn more at: investors.reynoldsconsumerproducts.com
Forward Looking Statements
This press release contains statements reflecting our views about our future performance that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on information available to us on the date of this release. These forward-looking statements include, but are not limited to, our priorities to realize benefits from past initiatives and invest in future growth, and our expectations for sustainable earnings growth and long-term shareholder value, and our anticipated Net Revenue, Net Income, Adjusted Net Income, EPS, Adjusted EPS and Adjusted EBITDA for third quarter and fiscal year 2026 guidance. In some cases, you can identify these statements by forward-looking words such as “anticipate,” “believe,” “estimate,” “expect,” “will,” “should,” “may,” “might,” “intends,” “outlook,” “forecast”, “position,” “committed,” “plans,” “predicts,” “model,” “assumes,” “confident,” “look forward,” “potential,” “on track,” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth and profitability, management of costs and other disruptions and other strategies, the impact of the imposition of tariffs, consumer demand trends, retailer inventory and promotional decisions,
inflationary pressures, our ability to recover commodity cost increases through pricing actions, and anticipated trends in our business, including expected levels of commodity costs and volume. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q.
For additional information on these and other factors that could cause our actual results to materially differ from those set forth herein, please see our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent filings. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
REYN-F
Investor Contact
Jill Koval
Jill.Koval@ReynoldsBrands.com
(203) 832-4449
Reynolds Consumer Products Inc.
Consolidated Statements of Income
(amounts in millions, except for per share data)
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net revenues | $ | 944 | $ | 938 | $ | 1,821 | $ | 1,739 | |||||||||||||||
| Related party net revenues | — | — | — | 17 | |||||||||||||||||||
| Total net revenues | 944 | 938 | 1,821 | 1,756 | |||||||||||||||||||
| Cost of sales | (699) | (712) | (1,368) | (1,341) | |||||||||||||||||||
| Gross profit | 245 | 226 | 453 | 415 | |||||||||||||||||||
| Selling, general and administrative expenses | (107) | (96) | (216) | (201) | |||||||||||||||||||
| Other expense, net | — | (12) | — | (21) | |||||||||||||||||||
| Income from operations | 138 | 118 | 237 | 193 | |||||||||||||||||||
| Interest expense, net | (22) | (22) | (44) | (42) | |||||||||||||||||||
| Debt refinancing expense | — | — | — | (13) | |||||||||||||||||||
| Income before income taxes | 116 | 96 | 193 | 138 | |||||||||||||||||||
| Income tax expense | (27) | (23) | (45) | (33) | |||||||||||||||||||
| Net income | $ | 89 | $ | 73 | $ | 148 | $ | 105 | |||||||||||||||
| Earnings per share: | |||||||||||||||||||||||
| Basic | $ | 0.42 | $ | 0.35 | $ | 0.70 | $ | 0.50 | |||||||||||||||
| Diluted | $ | 0.42 | $ | 0.35 | $ | 0.70 | $ | 0.50 | |||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 210.6 | 210.3 | 210.7 | 210.3 | |||||||||||||||||||
| Diluted | 211.9 | 210.3 | 211.9 | 210.3 | |||||||||||||||||||
Reynolds Consumer Products Inc.
Consolidated Balance Sheets
(amounts in millions, except for per share data)
| (Unaudited) | |||||||||||
| As of June 30, 2026 | As of December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 66 | $ | 147 | |||||||
| Accounts receivable (net of allowance for doubtful accounts of $1 and $2) | 357 | 355 | |||||||||
| Other receivables | 17 | 10 | |||||||||
| Inventories | 718 | 584 | |||||||||
| Other current assets | 27 | 20 | |||||||||
| Total current assets | 1,185 | 1,116 | |||||||||
| Property, plant and equipment (net of accumulated depreciation of $1,081 and $1,034) | 855 | 823 | |||||||||
| Operating lease right-of-use assets, net | 111 | 98 | |||||||||
| Goodwill | 1,895 | 1,895 | |||||||||
| Intangible assets, net | 931 | 943 | |||||||||
| Other assets | 102 | 61 | |||||||||
| Total assets | $ | 5,079 | $ | 4,936 | |||||||
| Liabilities | |||||||||||
| Accounts payable | $ | 433 | $ | 387 | |||||||
| Current operating lease liabilities | 27 | 23 | |||||||||
| Income taxes payable | 1 | 14 | |||||||||
| Accrued and other current liabilities | 199 | 153 | |||||||||
| Total current liabilities | 660 | 577 | |||||||||
| Long-term debt | 1,530 | 1,580 | |||||||||
| Long-term operating lease liabilities | 91 | 81 | |||||||||
| Deferred income taxes | 370 | 350 | |||||||||
| Long-term postretirement benefit obligation | 13 | 13 | |||||||||
| Other liabilities | 105 | 82 | |||||||||
| Total liabilities | $ | 2,769 | $ | 2,683 | |||||||
| Stockholders’ equity | |||||||||||
| Common stock, $0.001 par value; 2,000 shares authorized; 210.8 shares issued and outstanding | — | — | |||||||||
| Additional paid-in capital | 1,432 | 1,431 | |||||||||
| Accumulated other comprehensive income | 25 | 20 | |||||||||
| Retained earnings | 853 | 802 | |||||||||
| Total stockholders’ equity | 2,310 | 2,253 | |||||||||
| Total liabilities and stockholders’ equity | $ | 5,079 | $ | 4,936 | |||||||
Reynolds Consumer Products Inc.
Consolidated Statements of Cash Flows
(amounts in millions)
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash provided by operating activities | |||||||||||
| Net income | $ | 148 | $ | 105 | |||||||
| Adjustments to reconcile net income to operating cash flows: | |||||||||||
| Depreciation and amortization | 65 | 65 | |||||||||
| Deferred income taxes | 17 | (8) | |||||||||
| Stock compensation expense | 8 | 11 | |||||||||
| Change in assets and liabilities: | |||||||||||
| Accounts receivable, net | (2) | 11 | |||||||||
| Other receivables | (7) | (4) | |||||||||
| Related party receivables | — | (1) | |||||||||
| Inventories | (133) | (63) | |||||||||
| Accounts payable | 54 | 49 | |||||||||
| Related party payables | — | (9) | |||||||||
| Income taxes payable / receivable | (15) | (4) | |||||||||
| Accrued and other current liabilities | 40 | (18) | |||||||||
| Other assets and liabilities | (2) | 13 | |||||||||
| Net cash provided by operating activities | 173 | 147 | |||||||||
| Cash used in investing activities | |||||||||||
| Acquisition of property, plant and equipment | (101) | (79) | |||||||||
| Net cash used in investing activities | (101) | (79) | |||||||||
| Cash used in financing activities | |||||||||||
| Repayment of long-term debt | (50) | (54) | |||||||||
| Dividends paid | (96) | (96) | |||||||||
| Proceeds from term loan refinancing | — | 743 | |||||||||
| Repayments of existing term loan | — | (743) | |||||||||
| Other financing activities | (7) | 2 | |||||||||
| Net cash used in financing activities | (153) | (148) | |||||||||
| Net decrease in cash and cash equivalents | (81) | (80) | |||||||||
| Cash and cash equivalents at beginning of period | 147 | 137 | |||||||||
| Cash and cash equivalents at end of period | $ | 66 | $ | 57 | |||||||
| Cash paid: | |||||||||||
| Interest - long-term debt, net of interest rate swaps | 40 | 41 | |||||||||
| Income taxes | 43 | 39 | |||||||||
Reynolds Consumer Products Inc.
Segment Results
(amounts in millions)
| Reynolds Cooking & Kitchen Essentials | Hefty Waste & Clean-Up | Hefty Home & Tableware | Hefty Storage & Organization | Unallocated(1) | Total | ||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | $ | 314 | $ | 233 | $ | 217 | $ | 176 | $ | 4 | $ | 944 | |||||||||||||||||||||||
Three Months Ended June 30, 2025(2) | 295 | 236 | 242 | 167 | (2) | 938 | |||||||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | 629 | 457 | 397 | 335 | 3 | 1,821 | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2025 (2) | 554 | 462 | 421 | 320 | (1) | 1,756 | |||||||||||||||||||||||||||||
| Adjusted EBITDA | |||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | $ | 53 | $ | 69 | $ | 43 | $ | 27 | $ | (21) | $ | 171 | |||||||||||||||||||||||
Three Months Ended June 30, 2025(2) | 49 | 72 | 35 | 30 | (23) | 163 | |||||||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | 97 | 131 | 72 | 54 | (52) | 302 | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2025 (2) | 87 | 134 | 52 | 51 | (45) | 279 | |||||||||||||||||||||||||||||
(1)The unallocated net revenues include other revenue adjustments. The unallocated Adjusted EBITDA represents the combination of corporate expenses which are not allocated to our segments and other unallocated revenue adjustments.
(2)During the three and six months ended June 30, 2026, the Company realigned two business segments and renamed all segments to better align with strategic objectives. All prior period segment disclosures have been recast to reflect this realignment. This realignment had no effect on our previously reported consolidated results of operations.
Components of Change in Net Revenues for the Three Months Ended June 30, 2026 vs. the Three Months Ended June 30, 2025
| Price | Volume/Mix | Total | ||||||||||||||||||||||||
| Retail | Non-Retail | |||||||||||||||||||||||||
| Reynolds Cooking & Kitchen Essentials | 19 | % | (8) | % | (5) | % | 6 | % | ||||||||||||||||||
| Hefty Waste & Clean-Up | (1) | % | — | % | — | % | (1) | % | ||||||||||||||||||
| Hefty Home & Tableware | 4 | % | (14) | % | — | % | (10) | % | ||||||||||||||||||
| Hefty Storage & Organization | (3) | % | 8 | % | — | % | 5 | % | ||||||||||||||||||
| Total RCP | 7 | % | (5) | % | (1) | % | 1 | % | ||||||||||||||||||
Components of Change in Net Revenues for the Six Months Ended June 30, 2026 vs. the Six Months Ended June 30, 2025
| Price | Volume/Mix | Total | ||||||||||||||||||||||||
| Retail | Non-Retail | |||||||||||||||||||||||||
| Reynolds Cooking & Kitchen Essentials | 18 | % | (1) | % | (3) | % | 14 | % | ||||||||||||||||||
| Hefty Waste & Clean-Up | (1) | % | — | % | — | % | (1) | % | ||||||||||||||||||
| Hefty Home & Tableware | 3 | % | (9) | % | — | % | (6) | % | ||||||||||||||||||
| Hefty Storage & Organization | (2) | % | 7 | % | — | % | 5 | % | ||||||||||||||||||
| Total RCP | 6 | % | (1) | % | (1) | % | 4 | % | ||||||||||||||||||
Use of Non-GAAP Financial Measures
We use non-GAAP financial measures “Adjusted EBITDA,” “Adjusted Net Income,” “Adjusted Earnings Per Share,” “Net Debt,” and “Net Debt to Trailing Twelve Months Adjusted EBITDA” in evaluating our past results and future prospects. We define Adjusted EBITDA as net income calculated in accordance with GAAP, plus the sum of income tax expense, net interest expense, debt refinancing expense, depreciation and amortization, costs to execute strategic initiatives and CEO transition costs. We define Adjusted Net Income and Adjusted Earnings Per Share (“Adjusted EPS”) as Net Income and Earnings Per Share (“EPS”) calculated in accordance with GAAP, plus the after-tax impact of debt refinancing expense, costs to execute strategic initiatives and CEO transition costs. We define Net Debt as the current portion of long-term debt plus long-term debt less cash and cash equivalents. We define Net Debt to Trailing Twelve Months Adjusted EBITDA as Net Debt (as defined above) as of the end of the period to Adjusted EBITDA (as defined above) for the period.
We present Adjusted EBITDA because it is a key measure used by our management team to evaluate our operating performance, generate future operating plans and make strategic decisions. In addition, our chief operating decision maker uses Adjusted EBITDA of each reportable segment to evaluate the operating performance of such segments. We use Adjusted Net Income and Adjusted EPS as supplemental measures to evaluate our business’ performance in a way that also considers our ability to generate profit without the impact of certain items. We use Net Debt as we believe it is a more representative measure of our liquidity. We use Net Debt to Trailing Twelve Months Adjusted EBITDA because it reflects our ability to service our debt obligations. Accordingly, we believe presenting these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors.
Non-GAAP information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be the same as or comparable to similar non-GAAP financial measures presented by other companies.
Guidance for fiscal year and third quarter 2026, where adjusted, is provided on a non-GAAP basis. Please see reconciliations of non-GAAP measures used in this release to the most directly comparable GAAP measures, beginning on the following page.
Reynolds Consumer Products Inc.
Reconciliation of Net Income to Adjusted EBITDA
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in millions) | (in millions) | ||||||||||||||||||||||
| Net income – GAAP | $ | 89 | $ | 73 | $ | 148 | $ | 105 | |||||||||||||||
| Income tax expense | 27 | 23 | $ | 45 | $ | 33 | |||||||||||||||||
| Interest expense, net | 22 | 22 | $ | 44 | $ | 42 | |||||||||||||||||
Debt refinancing expense(1) | — | — | — | 13 | |||||||||||||||||||
| Depreciation and amortization | 33 | 33 | $ | 65 | $ | 65 | |||||||||||||||||
Costs to execute strategic initiatives(2) | — | 8 | — | 13 | |||||||||||||||||||
CEO transition costs(3) | — | 4 | — | 8 | |||||||||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 171 | $ | 163 | $ | 302 | $ | 279 | |||||||||||||||
(1) Reflects the expense recorded related to our March 2025 Term Loan Facility refinancing.
(2) Reflects costs related to the execution of cost savings and revenue growth strategic initiatives.
(3) Reflects compensation and other costs related to the CEO transition effective January 1, 2025.
Reynolds Consumer Products Inc.
Reconciliation of Net Income and EPS to Adjusted Net Income and Adjusted EPS
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||||
| (in millions, except for per share data) | Net Income | Diluted Shares | Diluted EPS | Net Income | Diluted Shares | Diluted EPS | |||||||||||||||||||||||||||||
| As Reported - GAAP | $ | 89 | 211.9 | $ | 0.42 | $ | 73 | 210.3 | $ | 0.35 | |||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||
Debt refinancing expense(1) | — | 211.9 | — | — | 210.3 | — | |||||||||||||||||||||||||||||
Costs to execute strategic initiatives(1) | — | 211.9 | — | 6 | 210.3 | 0.03 | |||||||||||||||||||||||||||||
CEO transition costs(1) | — | 211.9 | — | 4 | 210.3 | 0.02 | |||||||||||||||||||||||||||||
| Adjusted (Non-GAAP) | $ | 89 | 211.9 | $ | 0.42 | $ | 83 | 210.3 | $ | 0.39 | |||||||||||||||||||||||||
(1) Amounts are after tax, calculated based on the applicable tax treatment of each adjustment, using a normalized effective tax rate of 23.5% for deductible items and 0% for non-deductible items.
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||||
| (in millions, except for per share data) | Net Income | Diluted Shares | Diluted EPS | Net Income | Diluted Shares | Diluted EPS | |||||||||||||||||||||||||||||
| As Reported - GAAP | $ | 148 | 211.9 | $ | 0.70 | $ | 105 | 210.3 | $ | 0.50 | |||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||
Debt refinancing expense(1) | — | 211.9 | — | 10 | 210.3 | 0.05 | |||||||||||||||||||||||||||||
Costs to execute strategic initiatives(1) | — | 211.9 | — | 10 | 210.3 | 0.05 | |||||||||||||||||||||||||||||
CEO transition costs(1) | — | 211.9 | — | 7 | 210.3 | 0.03 | |||||||||||||||||||||||||||||
| Adjusted (Non-GAAP) | $ | 148 | 211.9 | $ | 0.70 | $ | 132 | 210.3 | $ | 0.63 | |||||||||||||||||||||||||
(1) Amounts are after tax, calculated based on the applicable tax treatment of each adjustment, using a normalized effective tax rate of 23.5% for deductible items and 0% for non-deductible items.
Reynolds Consumer Products Inc.
Reconciliation of Trailing Twelve Months Net Income to Trailing Twelve Months Adjusted EBITDA
(amounts in millions)
| Twelve Months Ended June 30, 2026 | Twelve Months Ended December 31, 2025 | ||||||||||
| Net income – GAAP | $ | 344 | $ | 301 | |||||||
| Income tax expense | 104 | 92 | |||||||||
| Interest expense, net | 87 | 86 | |||||||||
| Debt refinancing expense | — | 13 | |||||||||
| Depreciation and amortization | 135 | 135 | |||||||||
| Costs to execute strategic initiatives | 12 | 25 | |||||||||
| CEO transition costs | 7 | 15 | |||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 689 | $ | 667 | |||||||
Reynolds Consumer Products Inc.
Reconciliation of Total Debt to Net Debt and Calculation of Net Debt to Trailing Twelve Months Adjusted EBITDA
(amounts in millions, except for Net Debt to Trailing Twelve Months Adjusted EBITDA)
| As of June 30, 2026 | |||||
| Long-term debt | 1,530 | ||||
| Total debt | 1,530 | ||||
| Cash and cash equivalents | $ | (66) | |||
| Net debt (Non-GAAP) | $ | 1,464 | |||
| For the twelve months ended June 30, 2026 | |||||
| Adjusted EBITDA (Non-GAAP) | $ | 689 | |||
| Net Debt to Trailing Twelve Months Adjusted EBITDA | 2.1x | ||||
| As of December 31, 2025 | |||||
| Long-term debt | 1,580 | ||||
| Total debt | 1,580 | ||||
| Cash and cash equivalents | (147) | ||||
| Net debt (Non-GAAP) | $ | 1,433 | |||
| For the twelve months ended December 31, 2025 | |||||
| Adjusted EBITDA (Non-GAAP) | $ | 667 | |||
| Net Debt to Trailing Twelve Months Adjusted EBITDA | 2.1x | ||||
Reynolds Consumer Products Inc.
Reconciliation of Q3 2026 and FY2026 Net Income Guidance to Adjusted EBITDA Guidance
(amounts in millions)
| Three Months Ended September 30, 2026 | Year Ended December 31, 2026 | ||||||||||||||||||||||
| Low | High | Low | High | ||||||||||||||||||||
| Net income (GAAP) | $ | 79 | $ | 83 | $ | 331 | $ | 343 | |||||||||||||||
| Income tax expense | 26 | 27 | 108 | 111 | |||||||||||||||||||
| Interest expense, net | 22 | 22 | 86 | 86 | |||||||||||||||||||
| Depreciation and amortization | 33 | 33 | 135 | 135 | |||||||||||||||||||
| Adjusted EBITDA | $ | 160 | $ | 165 | $ | 660 | $ | 675 | |||||||||||||||