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By the numbers: Q4 and Full-Year 2025
2025 net sales: $6.48B
Up 10.7% year over year
2025 net income: $288.4M
Up from $276.4M in 2024
- Overview: Silgan President and CEO Adam Greenlee called 2025 “a very volatile year,” acknowledging consumer affordability challenges and shifting strategies at CPG companies. “While 2025 included some unforeseen challenges, our team adapted during the year to the changing landscape and more importantly, have used the learnings from 2025 to further strengthen our processes,” he said during an earnings call Wednesday.
- Results: Sales in dispensing and specialty closures grew 17%, while metal container volume growth was supported by pet food demand. Silgan also claimed “a record year of profitability” in its custom containers segment, “despite significant destocking in personal and home care products.”
- Metal containers: In Q4, volumes grew 4% in metal containers, led by 7% growth in pet food products. Without naming names, Greenlee noted “a very challenging circumstance” with one of its long-term customers in 2025. One of Silgan’s largest customers is Del Monte Foods, which declared bankruptcy last summer and recently sold its assets. “With the recently announced developments with this customer, we believe we are uniquely positioned to continue to supply this business in the future and at this time do not anticipate any further impact from this situation,” Greenlee said.
- Dispensing and specialty closures: This has grown to become Silgan’s highest-margin and fastest-growing segment, with sales from dispensing products growing 30% in 2025, Silgan reported. This has been helped by the integration of 2024 acquisition Weener Packaging, which in part brought Silgan more healthcare business.
- Tariff impacts: Tariffs certainly added volatility to mid-2025, although Silgan was insulated by being able to pass through costs to customers, who in turn largely passed costs to consumers. In spite of that, items like canned food are “positioned very well even with the tariffs that they've already incurred.”
- Sourcing material: “We're one of the largest buyers for both steel and aluminum can sheet anywhere in the world,” Greenlee said. “Our contracts allow us to pass through those costs whatever they may be to our customers. We take that very seriously, and we fight like crazy to get the lowest cost for ourselves and for our customers,” he said. While Silgan would “love to buy” raw materials in the market where it makes and sells products, “unfortunately, the way the tinplate market in the U.S. has evolved over time, we're no longer able to do that.”
- Outlook: Silgan expects free cash flow in 2026 will tick up slightly to $450 million. Capital expenditures are also slated for a slight increase to $310 million “to support continued dispensing and pet food product growth.” In dispensing and specialty closures, Silgan projects a growth rate in the low- to mid-single digits for 2026. Metal containers are slated for low-single-digit growth, boosted by expected growth in pet food. Silgan expects flat volumes in custom containers, in part due to Q1 impacts from customer destocking. Healthcare is an important growth horizon for Silgan, with intentions to double the size of business there in the next three to five years.
