$GEF

GREIF BROTHERS CORP

CIK:0000043920|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net sales	$ 1,165.6	$ 1,125.9	$ 3,233.2	$ 3,221.0
Cost of products sold	893.0	869.9	2,511.0	2,517.1
Gross profit	272.6	256.0	722.2	703.9
Selling, general and administrative expenses	149.5	168.3	487.3	488.4
Acquisition and integration related costs	1.5	2.0	3.6	6.1
Restructuring and other charges	12.1	18.0	42.0	30.4
Non-cash asset impairment charges	1.4	7.2	6.1	24.7
Loss (gain) on disposal of properties, plants and equipment, net	0.2	(3.5)	(217.2)	(5.8)
Loss on disposal of businesses, net	0.0	0.3	0.5	1.6
Operating profit	107.9	63.7	399.9	158.5
Interest expense, net	7.7	15.8	27.4	47.2
Non-cash pension settlement charges	0.3	0.0	1.9	0.0
Debt extinguishment charges	0.0	0.0	2.5	0.0
Other expense, net	0.0	1.4	4.8	2.5
Income from continuing operations before income tax expense and equity earnings of unconsolidated affiliates, net	99.9	46.5	363.3	108.8
Income tax expense	17.9	10.0	82.7	36.8
Equity earnings of unconsolidated affiliates, net of tax	(0.6)	(0.4)	(1.2)	(1.3)
Net income from continuing operations	82.6	36.9	281.8	73.3
Net income (loss) from discontinued operations, net of tax	(1.0)	24.1	(3.0)	60.8
Net income	81.6	61.0	278.8	134.1
Net income attributable to noncontrolling interests	(3.8)	(6.2)	(13.8)	(17.4)
Net income attributable to Greif, Inc.	$ 77.8	$ 54.8	$ 265.0	$ 116.7
Class A Common Stock
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A and Class B common stock (continued operations) - basic (in usd per share)	$ 1.39	$ 0.53	$ 4.70	$ 0.96
Class A and Class B common stock (discontinued operations) - basic (in usd per share)	(0.02)	0.41	(0.05)	1.05
Earnings per Class A and Class B common stock - basic (in usd per share)	1.37	0.94	4.65	2.01
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A and Class B common stock (continued operations) - diluted (in usd per share)	1.37	0.53	4.64	0.96
Class A and Class B common stock (discontinued operations) - diluted (in usd per share)	(0.02)	0.41	(0.05)	1.05
Earnings per Class A and Class B common stock - diluted (in usd per share)	$ 1.35	$ 0.94	$ 4.59	$ 2.01
Weighted-average number of Class A and Class B common shares outstanding:
Basic (in shares)	24,776,629	26,129,971	25,066,324	26,019,622
Diluted (in shares)	25,492,283	26,129,971	25,575,729	26,019,622
Cash dividends declared per common share:
Cash dividends declared per common share (in usd per share)	$ 0.62	$ 0.54	$ 1.74	$ 1.62
Class B Common Stock
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A and Class B common stock (continued operations) - basic (in usd per share)	2.08	0.80	7.04	1.44
Class A and Class B common stock (discontinued operations) - basic (in usd per share)	(0.03)	0.62	(0.08)	1.57
Earnings per Class A and Class B common stock - basic (in usd per share)	2.05	1.42	6.96	3.01
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A and Class B common stock (continued operations) - diluted (in usd per share)	2.08	0.80	7.04	1.44
Class A and Class B common stock (discontinued operations) - diluted (in usd per share)	(0.03)	0.62	(0.08)	1.57
Earnings per Class A and Class B common stock - diluted (in usd per share)	$ 2.05	$ 1.42	$ 6.96	$ 3.01
Weighted-average number of Class A and Class B common shares outstanding:
Basic (in shares)	21,362,305	21,331,127	21,387,478	21,331,127
Diluted (in shares)	21,362,305	21,331,127	21,387,478	21,331,127
Cash dividends declared per common share:
Cash dividends declared per common share (in usd per share)	$ 0.93	$ 0.81	$ 2.60	$ 2.42

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 278.8	$ 134.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	174.9	200.9
Non-cash asset impairment charges	6.1	24.7
Non-cash pension settlement charges	1.9	0.0
Gain on disposals of properties, plants and equipment, net	(217.2)	(5.6)
Loss on disposals of businesses, net	4.5	1.6
Unrealized foreign exchange (gain) loss	(0.4)	0.2
Deferred income tax benefit	(47.0)	(86.1)
Debt extinguishment charges	0.7	0.0
Non-cash special charitable contribution	40.0	0.0
Non-cash lease expense	39.5	39.5
Other, net	1.2	1.3
Increase (decrease) in cash from changes in certain assets and liabilities, net of impacts from acquisitions:
Trade accounts receivable	(83.3)	(7.0)
Inventories	(38.3)	3.9
Accounts payable	67.8	(28.7)
Restructuring reserves	(11.0)	5.6
Operating leases	(40.8)	(39.2)
Pension and post-retirement benefit liabilities	(6.8)	(5.7)
Other, net	(0.6)	46.6
Net cash provided by operating activities	170.0	286.1
Cash flows from investing activities:
Purchases of business, net of cash acquired	(59.9)	(1.2)
Receipts for collection of loans receivable	15.0	0.0
Purchases of properties, plants and equipment	(118.5)	(92.9)
Payments for deferred purchase price of acquisitions	(0.6)	(1.9)
Proceeds from the sale of properties, plants, equipment and other assets	464.0	26.4
Payments for the sale of businesses	0.0	(0.9)
Proceeds from hedging derivatives	0.0	22.5
Other, net	(0.3)	(3.7)
Net cash provided by (used in) investing activities	299.7	(51.7)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	2,175.0	1,548.6
Payments on long-term debt	(2,389.8)	(1,597.5)
Proceeds (payments) on short-term borrowings, net	3.8	(6.6)
Proceeds from trade accounts receivable credit facility	181.3	190.3
Payments on trade accounts receivable credit facility	(139.5)	(165.8)
Dividends paid to Greif, Inc. shareholders	(97.0)	(93.8)
Dividends paid to noncontrolling interests	(11.9)	(17.8)
Payments for debt extinguishment and issuance costs	(2.8)	0.0
Payments for share repurchases	(150.1)	0.0
Tax withholding payments for stock-based awards	(9.8)	(7.4)
Purchases of redeemable noncontrolling interest	0.0	(38.7)
Other, net	(3.5)	(5.4)
Net cash used in financing activities	(444.3)	(194.1)
Effects of exchange rates on cash	6.4	35.3
Net increase in cash and cash equivalents	31.8	75.6
Cash and cash equivalents at beginning of period	256.7	216.4
Cash and cash equivalents at end of period	$ 288.5	$ 292.0

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2026	Sep. 30, 2025
Current assets
Cash and cash equivalents	$ 288.5	$ 256.7
Trade accounts receivable, net of allowance	747.0	655.3
Inventories:
Raw materials	279.1	244.7
Work-in-process	0.1	0.0
Finished goods	100.4	92.1
Current assets held for sale	19.4	21.8
Prepaid expenses	62.8	55.6
Other current assets	137.7	104.2
Total current assets	1,635.0	1,430.4
Long-term assets
Goodwill	1,719.0	1,696.5
Other intangible assets, net of amortization	794.2	840.9
Deferred tax assets	32.2	26.5
Pension assets	69.0	64.1
Noncurrent assets held for sale	0.0	233.5
Operating lease right-of-use assets	175.2	186.5
Finance lease right-of-use assets	25.0	34.1
Other long-term assets	103.3	119.1
Total long term assets	2,917.9	3,201.2
Properties, plants and equipment
Land	121.0	124.7
Buildings	511.3	497.4
Machinery and equipment	1,805.1	1,736.0
Capital projects in progress	182.2	151.2
Properties, plants and equipment, gross	2,619.6	2,509.3
Accumulated depreciation	(1,468.3)	(1,374.1)
Properties, plants and equipment, net	1,151.3	1,135.2
Total assets	5,704.2	5,766.8
Current liabilities
Accounts payable	497.3	429.6
Accrued payroll and employee benefits	120.4	137.9
Restructuring reserves	10.7	21.7
Current portion of long-term debt	12.5	0.0
Short-term borrowings	330.5	287.7
Current liabilities held for sale	0.0	2.1
Current portion of operating lease liabilities	41.6	43.9
Current portion of finance lease liabilities	4.4	5.5
Dividends payable	27.2	25.3
Other current liabilities	223.8	175.9
Total current liabilities	1,268.4	1,129.6
Long-term liabilities
Long-term debt	687.4	914.8
Operating lease liabilities	134.2	143.9
Finance lease liabilities	23.0	29.3
Deferred tax liabilities	224.7	250.2
Pension liabilities	58.0	59.2
Postretirement benefit obligations	5.3	5.4
Contingent liabilities and environmental reserves	16.8	17.3
Other long-term liabilities	156.2	172.4
Total long-term liabilities	1,305.6	1,592.5
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests	92.4	92.3
Equity
Common stock, without par value	295.8	247.3
Treasury stock, at cost	(417.7)	(276.5)
Retained earnings	3,360.5	3,194.9
Accumulated other comprehensive loss, net of tax:
Foreign currency translation	(192.8)	(201.1)
Derivative financial instruments	8.5	8.1
Minimum pension liabilities	(54.9)	(57.8)
Total Greif, Inc. shareholders’ equity	2,999.4	2,914.9
Noncontrolling interests	38.4	37.5
Total shareholders’ equity	3,037.8	2,952.4
Total liabilities and shareholders’ equity	$ 5,704.2	$ 5,766.8