slgn-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


			☒						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


			☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________

Commission file number 001-41459

SILGAN HOLDINGS INC.

(Exact name of Registrant as specified in its charter)


Delaware		06-1269834
(State or other jurisdiction		(I.R.S. Employer
of incorporation or organization)		Identification No.)

601 Merritt 7
Norwalk,	Connecticut	06851
(Address of principal executive offices)		(Zip Code)

(203) 975-7110

(Registrant's telephone number, including area code)

(4 Landmark Square, Stamford, CT 06901)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	SLGN	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2025, the number of shares outstanding of the Registrant’s common stock was 106,993,180.

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SILGAN HOLDINGS INC.

TABLE OF CONTENTS

			Page No.


Part I. Financial Information			3

Item 1. Financial Statements			3

Condensed Consolidated Balance Sheets at June 3 0 , 2025 and 2024 and December 31, 2024			3

Condensed Consolidated Statements of Income for the three and six months ended June 3 0 , 2025 and 2024			4

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 3 0 , 2025 and 2024			5

Condensed Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2025 and 2024			6

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 3 0 , 2025 and 2024			7

Notes to Condensed Consolidated Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			18

Item 3. Quantitative and Qualitative Disclosures About Market Risk			28

Item 4. Controls and Procedures			28

Part II. Other Information			29

Item 5. Other Information			29

Item 6. Exhibits			29

Signatures			30

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Part I. Financial Information

Item 1. Financial Statements

SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)


	June 30, 2025		June 30, 2024		Dec. 31, 2024
	(unaudited)		(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	317,462	$	302,795	$	822,854
Trade accounts receivable, net	1,242,066		1,056,785		594,279
Inventories	1,258,511		1,005,589		928,056
Prepaid expenses and other current assets	190,805		173,464		177,494
Total current assets	3,008,844		2,538,633		2,522,683

Property, plant and equipment, net	2,382,104		1,933,591		2,282,903
Goodwill	2,484,557		1,987,284		2,316,031
Other intangible assets, net	906,743		685,043		869,468
Other assets, net	628,145		548,686		593,583
	$	9,410,393	$	7,693,237	$	8,584,668

Liabilities and Stockholders’ Equity
Current liabilities:
Revolving loans and current portion of long-term debt	$	1,937,384	$	1,398,246	$	716,932
Trade accounts payable	757,494		658,118		1,111,607
Accrued payroll and related costs	122,238		100,663		108,834
Accrued liabilities	317,421		238,970		310,159
Total current liabilities	3,134,537		2,395,997		2,247,532

Long-term debt	3,114,693		2,530,718		3,419,921
Deferred income taxes	478,891		425,151		505,616
Other liabilities	460,054		407,681		422,018

Stockholders’ equity:
Common stock	1,751		1,751		1,751
Paid-in capital	374,582		360,344		367,871
Retained earnings	3,516,444		3,298,525		3,402,667
Accumulated other comprehensive loss	(235,379)		(297,530)		(353,357)
Treasury stock	(1,435,180)		(1,429,400)		(1,429,351)
Total stockholders’ equity	2,222,218		1,933,690		1,989,581
	$	9,410,393	$	7,693,237	$	8,584,668

See accompanying notes.

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SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the three and six months ended June 30, 2025 and 2024

(Dollars and shares in thousands, except per share amounts)

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024


Net sales	$	1,539,161	$	1,381,365	$	3,005,822	$	2,698,403
Cost of goods sold	1,240,070		1,125,361		2,436,328		2,218,920
Gross profit	299,091		256,004		569,494		479,483
Selling, general and administrative expenses	121,836		107,701		250,923		208,177
Rationalization charges	9,864		6,859		20,823		18,550
Other pension and postretirement (income)	(140)		(409)		(327)		(816)
Income before interest and income taxes	167,531		141,853		298,075		253,572


Interest and other debt expense	48,699		41,343		91,627		79,990
Income before income taxes	118,832		100,510		206,448		173,582
Provision for income taxes	30,443		24,413		51,259		42,321
Income before equity in earnings of affiliates	88,389		76,097		155,189		131,261
Equity in earnings of affiliates, net of tax	555		—		1,717		—
Net income	$	88,944	$	76,097	$	156,906	$	131,261

Earnings per share:
Basic net income per share	$	0.83	$	0.71	$	1.47	$	1.23
Diluted net income per share	$	0.83	$	0.71	$	1.46	$	1.23

Weighted average number of shares:
Basic	107,051		106,835		106,984		106,740
Effect of dilutive securities	200		180		310		293
Diluted	107,251		107,015		107,294		107,033

See accompanying notes.

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SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three and six months ended June 30, 2025 and 2024

(Dollars in thousands)

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024


Net income	$	88,944	$	76,097	$	156,906	$	131,261
Other comprehensive income (loss), net of tax:
Changes in net prior service credit and actuarial losses	1,425		1,411		2,825		2,814
Change in fair value of derivatives	(5,087)		527		(2,016)		2,952
Foreign currency translation	71,669		(27,478)		117,169		(51,935)
Other comprehensive income (loss)	68,007		(25,540)		117,978		(46,169)
Comprehensive income	$	156,951	$	50,557	$	274,884	$	85,092

See accompanying notes.

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SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six months ended June 30, 2025 and 2024

(Dollars in thousands)

(Unaudited)


	2025		2024
Cash flows provided by (used in) operating activities:
Net income	$	156,906	$	131,261
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	155,335		131,932
Amortization of debt discount and debt issuance costs	2,617		2,695
Rationalization charges	20,823		18,550
Stock compensation expense	7,755		7,948

Other changes that provided (used) cash:
Trade accounts receivable, net	(601,838)		(474,482)
Inventories	(293,758)		(74,498)
Trade accounts payable	(279,697)		(227,429)
Accrued liabilities	(19,577)		(27,008)

Other, net	(53,417)		(15,882)
Net cash (used in) operating activities	(904,851)		(526,913)

Cash flows provided by (used in) investing activities:

Capital expenditures	(155,693)		(131,442)
Proceeds from asset sales	9,552		2,984
Other, net	297		50
Net cash (used in) investing activities	(145,844)		(128,408)

Cash flows provided by (used in) financing activities:
Borrowings under revolving loans	1,409,738		739,385
Repayments under revolving loans	(51,959)		(75,408)
Repayment of principal amounts under finance leases	(2,427)		(25,267)

Repayments of long-term debt	(706,274)		(100,000)
Changes in outstanding checks - principally vendors	(84,971)		(160,576)
Dividends paid on common stock	(43,362)		(41,453)


Repurchase of common stock	(6,873)		(7,735)


Net cash provided by financing activities	513,872		328,946

Effect of exchange rate changes on cash and cash equivalents	31,431		(13,753)

Cash and cash equivalents:
Net (decrease)	(505,392)		(340,128)
Balance at beginning of year	822,854		642,923
Balance at end of period	$	317,462	$	302,795

Interest paid, net	$	103,432	$	90,832
Income taxes paid, net	45,259		43,618

See accompanying notes.

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SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the three and six months ended June 30, 2025 and 2024

(Dollars and shares in thousands, except per share amounts)

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024


Common stock - shares outstanding
Balance at beginning of period	106,993		106,775		106,795		106,500
Net issuance of treasury stock for vested restricted stock units	—		4		198		279

Balance at end of period	106,993		106,779		106,993		106,779

Common stock - par value
Balance at beginning and end of period	$	1,751	$	1,751	$	1,751	$	1,751

Paid-in capital
Balance at beginning of period	371,207		356,529		367,871		353,848
Stock compensation expense	3,375		3,833		7,755		7,948
Net issuance of treasury stock for vested restricted stock units	—		(18)		(1,044)		(1,452)
Balance at end of period	374,582		360,344		374,582		360,344

Retained earnings
Balance at beginning of period	3,448,952		3,242,914		3,402,667		3,208,237
Net income	88,944		76,097		156,906		131,261
Dividends declared on common stock	(21,452)		(20,486)		(43,129)		(40,973)
Balance at end of period	3,516,444		3,298,525		3,516,444		3,298,525

Accumulated other comprehensive loss
Balance at beginning of period	(303,386)		(271,990)		(353,357)		(251,361)
Other comprehensive income (loss)	68,007		(25,540)		117,978		(46,169)
Balance at end of period	(235,379)		(297,530)		(235,379)		(297,530)

Treasury stock
Balance at beginning of period	(1,435,180)		(1,429,358)		(1,429,351)		(1,423,117)
Net issuance of treasury stock for vested restricted stock units	—		(42)		(5,829)		(6,283)

Balance at end of period	(1,435,180)		(1,429,400)		(1,435,180)		(1,429,400)
Total stockholders’ equity	$	2,222,218	$	1,933,690	$	2,222,218	$	1,933,690

Dividends declared on common stock per share	$	0.20	$	0.19	$	0.40	$	0.38

See accompanying notes.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2025 and 2024 and for the

three and six months then ended is unaudited)

Note 1. Significant Accounting Policies

Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of Silgan Holdings Inc., or Silgan, have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. The results of operations for any interim period are not necessarily indicative of the results of operations for the full year.

The Condensed Consolidated Balance Sheet at December 31, 2024 has been derived from our audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements.

You should read the accompanying condensed consolidated financial statements in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Note 2. Revenue

The following tables present our revenues disaggregated by reportable segment and geography as they best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Revenues by segment were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024

	(Dollars in thousands)
Dispensing and Specialty Closures	$	702,187	$	565,377	$	1,373,290	$	1,101,297
Metal Containers	676,056		650,796		1,304,483		1,267,925
Custom Containers	160,918		165,192		328,049		329,181
	$	1,539,161	$	1,381,365	$	3,005,822	$	2,698,403

Revenues by geography were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024

	(Dollars in thousands)
North America	$	1,041,051	$	1,034,401	$	2,058,621	$	2,016,364
Europe and other	498,110		346,964		947,201		682,039
	$	1,539,161	$	1,381,365	$	3,005,822	$	2,698,403

Our contract assets primarily consist of unbilled accounts receivable related to over time revenue recognition and were $121.7 million, $101.4 million, and $115.6 million as of June 30, 2025 and 2024 and December 31, 2024, respectively. Unbilled receivables are included in trade accounts receivable, net on our Condensed Consolidated Balance Sheets.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2025 and 2024 and for the

three and six months then ended is unaudited)

Note 3. Rationalization Charges

We continually evaluate cost reduction opportunities across each of our segments, including rationalizations of our existing facilities through plant closings and downsizings. We use a disciplined approach to identify opportunities that generate attractive cash returns. Rationalization charges by segment were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024

	(Dollars in thousands)
Dispensing and Specialty Closures	$	3,275	$	3,191	$	7,646	$	9,748
Metal Containers

SEC Form 10-Q filed by Silgan Holdings Inc.