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Ranpak Holdings (PACK) Q3 2026 Earnings Report
PACK Q3 2026 EPS Results
- Actual EPS
- -$0.08
- Consensus EPS
- -$0.03
- Beat/Miss
- Missed by -$0.06
- One Year Ago EPS
- -$0.12
PACK Q3 2026 Revenue Results
- Actual Revenue
- $101.90M
- Expected Revenue
- $108.85M
- Beat/Miss
- Missed by -$6.95M
- YoY Revenue Growth
- +2.31%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
Ranpak Holdings's next earnings date is estimated for March 16, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive. Revenue, adjusted EBITDA, automation, margins, liquidity, and operating efficiency all improved, while management maintained full-year guidance and outlined growth opportunities in automation and cold chain. These strengths were tempered by a volatile macroeconomic environment, lower overall volumes, continued weakness in APAC, European demand and margin pressure, foreign-exchange headwinds, warrant provisions, and still-elevated leverage.
Ranpak continues to expect to achieve $60 million in net revenue from automation in 2026, which would be 50% growth versus 2025, with strong growth to continue next year; automation is expected to reach overall profitability and $60 million in revenue this year, break even on an adjusted EBITDA basis this year, and provide a positive contribution in 2027, with a profitable year in automation the whole year in 2027. The company expects a traditional step-up from Q3 to Q4 due to seasonality and continues to expect to meet its prior guidance for the year; it expects Q4 will be positive from an adjusted EBITDA perspective, Europe to be better in Q4, and a roughly 2% headwind in the fourth quarter if rates stay where they are. Cash is expected to continue to improve in the fourth quarter, with a goal of achieving net leverage of between 2.5x and 3.0x over the next 24 months. Additional cold chain capacity is on track to come online in early 2027 and is expected to be a meaningful contributor in 2027, probably starting in the second quarter and as the year progresses, while automation and cold chain are expected to drive the bulk of the growth.
- Continued Revenue and Adjusted EBITDA GrowthConsolidated net revenue increased 3.4% year-over-year on a constant-currency basis in the third quarter, or 3.8% excluding the impact of warrants. Reported revenue increased 2.3% in the quarter and 8.9% year to date. Adjusted EBITDA increased $1.1 million to $22.5 million in the quarter, up 6.1% in constant-currency terms and 7.7% excluding warrants. Year-to-date adjusted EBITDA increased $5.3 million to $60.5 million.
- Strong Automation Growth and 2026 Revenue TargetAutomation revenue increased 26.9% year-over-year on a constant-currency basis excluding warrants, while total automation equipment sales increased 23.5% on a constant-currency basis. Management remains on track to achieve approximately $60 million of automation revenue in 2026, representing 50% growth versus 2025, with strong growth expected to continue next year.
- Automation Progressing Toward ProfitabilityThe automation product line was positive from an adjusted EBITDA perspective in the third quarter, and management expects it to remain positive in the fourth quarter. The company expects automation to reach adjusted EBITDA break-even for the full year in 2026 and make a positive contribution in 2027.
- North America Revenue and Volume RecoveryNorth America revenue increased 6.9% in the quarter, or 7.9% excluding warrants, driven by more than 47% growth in automation excluding warrants. North America volumes increased 1.8% as distribution-channel comparisons normalized and new cushioning, void-fill, and wrapping products gained traction.
- Adoption of New North American ProductsThe Guardian 24 cushioning solution experienced strong adoption and success competing against foam in place. Management also cited positive adoption of the FillPak Mini, new Guardian solutions, and the PadPak Multi-Station offering, which are helping the company win accounts through differentiated solutions rather than price alone.
- Gross Margin and Operating Efficiency ImprovementsGross profit increased 7.3% on a constant-currency basis in the quarter, or 8.2% excluding the $1.2 million non-cash provision for warrants. Gross margin improved 110 basis points year-over-year and 280 basis points sequentially from the second quarter. North American PPS margin improved by more than 290 basis points excluding depreciation, supported by efficiency gains and improved mix.
- SG&A Reduction and Cost DisciplineSG&A excluding RSU expense decreased 10.5% on a constant-currency basis versus the prior year, reflecting cost actions and fewer one-time expenses. Management said it remains focused on keeping spending lean, leveraging fixed overhead, and continuing margin expansion.
- Strong Liquidity and Lower Net LeverageCash increased by more than $10 million from the second quarter, ending Q3 with a cash balance of $53.4 million and no drawings on the revolving credit facility. Reported net leverage declined 0.4 turns from the end of Q1 to 4.3x on an LTM basis. Management expects cash to improve further in the fourth quarter through seasonality and working-capital releases.
- Operational Improvement and Procurement InitiativesThe company has implemented operational and continuous-improvement projects, including Lean Six Sigma initiatives, to improve speed, scrap rates, physical footprint efficiency, procurement, and equipment build times. Management said it is approximately in the 'third inning' of the efficiency journey and sees additional opportunities, particularly through increased scale and global reach.
- Element Logic Strategic PartnershipRanpak announced a global strategic partnership with Element Logic that combines Element Logic's warehouse automation, software, and systems-integration expertise with Ranpak's packaging automation capabilities. The partnership is intended to integrate packaging automation into end-to-end warehouse workflows and support customers with cost efficiency, scalability, sustainability, and PPWR compliance.
- Cold Chain Expansion Planned for 2027Additional cold-chain capacity is on track to come online in early 2027. Management expects the cold-chain business, including ClimaLiner Plus, to become a meaningful contributor beginning in the second quarter of 2027 and described sustainable cold chain as another scalable revenue stream alongside automation.
- Enterprise Customer and New-Account MomentumManagement said relationships with Walmart and Amazon remain strong, with both expected to provide very meaningful growth in 2027. Automation growth is coming from both existing large enterprises expanding facilities and new customers; large enterprises are a larger factor in the U.S., while Europe is seeing many new customers purchase smaller numbers of lines.
- APAC Localization ProgressThe company expects local paper sourcing in Asia Pacific to be complete by the end of 2026, with the localization effort approximately 90% complete at the time of the call. Management expects the initiative to reduce the cost profile, improve competitiveness, and support new-business wins in markets such as Australia and Japan starting next year.
- Full-Year Guidance MaintainedManagement continues to expect a traditional seasonal step-up from the third quarter to the fourth quarter and said it expects to meet its prior guidance for the year. The company also expects a decent fourth quarter and believes it is well-positioned heading into peak season and 2027.
PACK Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 16, 2027 | 2026 (Q4) | -0.02- | -0.11 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | -0.03-0.08 | -0.12 | 33.33% (+0.04) | |
| 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 | -0.1 | -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 | 0.08 | -218.42% (-0.17) | |
| May 06, 2025 | 2025 (Q1) | -0.07-0.13 | -0.09 | -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 | -0.04 | -156.41% (-0.06) |
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.