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Graphic Packaging Holding cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$250M in Q3 2026 · $816M over twelve months

Operating cash flow$250M
Free cash flow+$250M
Cash / net income11.4×
Cash conversion cycle71 days

Analysis

In Q3 2026, Graphic Packaging Holding generated $250M of operating cash flow. That is $23.0M more than in Q3 2025 ($227M).

Over the twelve months to Sep 30, 2026, operating cash flow was $816M; the largest uses were net borrowing (+) / repaid (−) ($367M), dividends ($130M), other investing ($82.0M); besides operations, cash came from asset & business sales ($38.0M); the cash balance rose by $217M.

Operating cash flow was $250M against net income of $22.0M — 11.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$152M, impairments +$16.0M, stock-based pay +$4.0M.

Its cash conversion cycle was 71 days (receivables 35 + inventory 83 − payables 47).

Free cash flow

Graphic Packaging Holding: free cash flow by quarterGraphic Packaging Holding: free cash flow by quarter$489MQ4 2024−$174MQ1 2025$267MQ2 2025$227MQ3 2025$521MQ4 2025−$113MQ1 2026$158MQ2 2026$250MQ3 2026
Operating cash flow less capital spending.
Graphic Packaging Holding: operating cash flow against capital spendingGraphic Packaging Holding: operating cash flow against capital spendingOperating cash flowCapital spending$489M$0Q4 2024−$174M$0Q1 2025$267M$0Q2 2025$227M$0Q3 2025$521M$0Q4 2025−$113M$0Q1 2026$158M$0Q2 2026$250M$0Q3 2026
Latest (Q3 2026): Operating cash flow $250M, Capital spending $0.

Capital allocation, year by year

Graphic Packaging Holding: where the cash came from (up) and went (down), by fiscal yearGraphic Packaging Holding: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesAcquisitionsBuybacksDividendsFY2021: Operating cash flow $609MFY2021: Net borrowing $2.2BFY2021: Acquisitions −$1.7BFY2021: Dividends −$92.0M$2.8BFY2021FY2022: Operating cash flow $1.1BFY2022: Net borrowing −$530MFY2022: Buybacks −$28.0MFY2022: Dividends −$92.0M$1.1BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing $109MFY2023: Acquisitions −$361MFY2023: Buybacks −$54.0MFY2023: Dividends −$123M$1.3BFY2023FY2024: Operating cash flow $840MFY2024: Net borrowing −$170MFY2024: Asset sales $711MFY2024: Buybacks −$200MFY2024: Dividends −$122M$1.6BFY2024FY2025: Operating cash flow $841MFY2025: Net borrowing $318MFY2025: Asset sales $45.0MFY2025: Acquisitions −$29.0MFY2025: Buybacks −$150MFY2025: Dividends −$128M$1.2BFY2025
Over these 5 years operating cash flow totalled $4.5B; the largest uses were acquisitions ($2.1B) and net borrowing ($700M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$337M
Debt$5.4B
Net debt$5.0B
Due within a year$525M

Graphic Packaging Holding funds itself: free cash flow was $816M over the last twelve months, and $337M of cash and investments stands against $5.4B of debt ($525M due within a year, 0.6× covered by cash).

Graphic Packaging Holding: debt maturities by year (FY2025)Graphic Packaging Holding: debt maturities by year (FY2025)$525MYear 1$338MYear 2$1.2BYear 3$2.4BYear 4$500MYear 5$500MAfter year 5
Principal due in each year as disclosed in the annual report, against $337M of cash and investments now.

Where the cash came from and went

Graphic Packaging Holding: sources (+) and uses (−) of cash, Q3 2026Graphic Packaging Holding: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$250MNet borrowing (+) / repaid (−)−$156MCash drawn (+) / kept (−)−$132MOther investing$85.0MDividends−$33.0MOther financing−$10.0MExchange rates−$3.0MTaxes on employees’ shares−$1.0M
Graphic Packaging Holding: sources (+) and uses (−) of cash, TTM to Q3 2026Graphic Packaging Holding: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$816MNet borrowing (+) / repaid (−)−$367MCash drawn (+) / kept (−)−$217MDividends−$130MOther investing−$82.0MOther financing−$50.0MAsset & business sales$38.0MTaxes on employees’ shares−$5.0MExchange rates−$3.0M

From profit to cash

Graphic Packaging Holding: net income to operating cash flow, Q3 2026Graphic Packaging Holding: net income to operating cash flow, Q3 2026Net income$22.0MDepreciation & amortization$152MStock-based pay$4.0MDeferred taxes−$1.0MImpairments$16.0MOther non-cash$4.0MOperating cash flow$250M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202635834771
Q2 202636824474
Q1 202634854772
Q4 202536914879
Q3 202537944883
Q2 202536924880
Q1 202534965476
Q4 202438985879

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$250M——−$33.0M−$156M−$132M$250M
Q2 2026$158M——−$33.0M−$221M−$16.0M$158M
Q1 2026−$113M——−$32.0M$194M$72.0M−$113M
Q4 2025$521M——−$32.0M−$342M−$141M$521M
Q3 2025$227M—−$40.0M−$33.0M$82.0M—$227M
Q2 2025$267M−$17.0M—−$33.0M$71.0M$9.0M$267M
Q1 2025−$174M−$12.0M—−$30.0M$500M$28.0M−$174M
Q4 2024$489M——−$31.0M−$174M−$31.0M$489M

Graphic Packaging Holding: income statement and cash flow

Graphic Packaging Holding, Q3 2026: revenue $2.2B (+0.1% year over year), operating margin 4.6%. The chart follows the revenue to costs, profit and cash.

Graphic Packaging Holding: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.