Ranpak Holdings (PACK) Q2 2026 Earnings Report

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Previous Report: Q1 2026

PACK Q2 2026 EPS Results

Actual EPS-$0.09

Consensus EPS-$0.07

Beat/MissMissed by -$0.01

One Year Ago EPS-$0.09

PACK Q2 2026 Revenue Results

Actual Revenue$105.20M

Expected Revenue$100.94M

Beat/MissBeat by +$4.26M

YoY Revenue Growth+13.98%

Earnings Announcement Details

QuarterQ2 2026

Date07/30/2026

TimeBefore Open

Conference CallThursday, July 30, 2026

PACK Upcoming Earnings

Ranpak Holdings's next earnings date is estimated for November 3, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

PACK Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 30, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized strong, recurring positives: exceptional Automation growth, solid consolidated revenue expansion, meaningful gross‑margin and adjusted EBITDA improvement, disciplined capex and liquidity, and a robust commercial pipeline with large customers and partnerships. Near‑term headwinds include distribution softness in North America PPS, timing‑related margin pressure in EMEA, macro/energy volatility, warrant‑related accounting impacts, and an elevated net leverage of 4.5x. Management provided clear actions (surcharges, price opportunity in North America, portfolio pruning, cost and Lean initiatives) and reiterated guidance and targets (Automation ~ $60M in 2026, leverage goal 2.5–3x), indicating confidence that positives outweigh the manageable risks.

Company Guidance

Management reiterated it is on track to hit roughly $60 million of Automation revenue in 2026 and to get Automation to adjusted‑EBITDA breakeven by the end of the year (moving to EBITDA‑positive in 2027), and said it expects to meet full‑year guidance; longer term it is targeting $800 million of revenue by 2030. They closed Q2 with $43.2 million of cash, no revolver borrowings and reported net leverage of 4.5x LTM (down 0.2 turns from Q1) with a goal to reach 2.5–3.0x over the next 24 months, and said cash should improve meaningfully in the back half of 2026. Management highlighted continued margin progress (Q2 gross margin +150 bps YoY; adjusted EBITDA $19.1 million, up $2.6 million YoY and +13.9% in constant currency), emphasized disciplined CapEx ($6.6 million in Q2, down $3.2 million YoY) while noting existing Automation capacity can support $100M+ of revenue so CapEx as a percent of sales should decline as Automation scales, and pointed to strong Automation growth trends (Automation +139% YoY constant‑currency excl. warrants; ~250% growth in North America excl. warrants; 103.7% in EMEA/APAC) as drivers of the outlook.

Automation Revenue Surge

Automation revenue grew 139% year‑over‑year on a constant currency basis (excluding warrants); North America automation grew >250% (excluding warrants) and Europe automation grew 103.7%, driving strong top‑line momentum and pipeline visibility.

Consolidated Revenue Growth

Consolidated net revenue increased 12.2% year‑over‑year on a constant currency basis (12.6% excluding warrants); reported growth was 14% with a 1.8 percentage‑point currency tailwind for the quarter.

Adjusted EBITDA and Profitability Progress

Adjusted EBITDA increased $2.6 million to $19.1 million, up 13.9% on a constant currency basis (15.8% excluding warrants). Company expects Automation to reach breakeven on adjusted EBITDA later in 2026 with line of sight to positive contribution in 2027.

Gross Profit and Margin Improvement

Gross profit rose 17.6% on a constant currency basis (would be 18.6% excluding a $1.7M non‑cash warrant provision). Consolidated gross margin improved ~150 basis points year‑over‑year; North America PPS margins improved >250 bps (ex‑depreciation).

Strong Liquidity Discipline and CapEx Management

Cash balance of $43.2 million with no revolver borrowings. CapEx was $6.6 million (down $3.2M year‑over‑year) and management expects meaningful cash improvement in H2 due to seasonality and working capital actions.

Commercial Momentum and Product Pipeline

Growing traction with large enterprise customers (e.g., Walmart, Medline) plus new customer wins and integrator partnerships; product initiatives (Guardian 24, Climaliner Plus, cold chain) and partnerships (Pickle Robot) positioned to scale and support long‑term targets including a stated $800M revenue goal by 2030.

PACK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 03, 2026	2026 (Q3)	-0.03 / -	-0.12	―
Jul 30, 2026	2026 (Q2)	-0.07 / -0.09	-0.09	0.00% (0.00)
Apr 30, 2026	2026 (Q1)	-0.11 / -0.12	-0.13	7.69% (+0.01)
Mar 05, 2026	2025 (Q4)	-0.03 / -0.11	-0.096	-14.58% (-0.01)
Oct 30, 2025	2025 (Q3)	-0.07 / -0.12	-0.1	-20.00% (-0.02)
Aug 05, 2025	2025 (Q2)	-0.08 / -0.09	0.076	-218.42% (-0.17)
May 06, 2025	2025 (Q1)	-0.07 / -0.13	-0.094	-38.30% (-0.04)
Mar 06, 2025	2024 (Q4)	-0.03 / -0.10	-0.11	12.73% (+0.01)
Oct 31, 2024	2024 (Q3)	-0.04 / -0.10	-0.039	-156.41% (-0.06)
Aug 01, 2024	2024 (Q2)	-0.06 / 0.08	-0.022	445.45% (+0.10)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed