Reynolds Consumer Products Inc.

The quarterly comparison

Quarters ended September 30. Dollar amounts in millions. Revenue, operating income and net income are GAAP; adjusted measures are non-GAAP.

Measure	2026	2025
Revenue	$944	$931
Operating income	$98	$123
Net income	$58	$79
Adjusted net income	$83	$88
Adjusted EBITDA	$163	$168

Adjusted earnings exclude the environmental reserve and other specified items. Adjusted EBITDA also removes interest, taxes, depreciation and amortization. The current annual adjusted EPS forecast is $1.57 to $1.63, with adjusted EBITDA of $660 million to $675 million; reported net income is forecast at $307 million to $320 million.

Cash and funding

Nine-month operating cash flow was $224 million and capital spending $143 million. Inventory grew to $775 million from $584 million at the previous year-end, absorbing cash. The company also paid $145 million in dividends and made $50 million of voluntary term-loan repayments during the first nine months.

Cash and cash equivalents were $25 million at September 30, compared with $147 million at the previous year-end. Debt principal was $1.536 billion, with $1.531 billion recorded after financing costs. Its $700 million revolving facility was undrawn, with $8 million of letters of credit reducing available capacity.

The subsequent $110 million Owl’s Head Alloys (OHA) acquisition added specialized aluminum-processing capabilities to Reynolds' manufacturing network. It was funded with revolving credit, after the September balance sheet.

The cleanup estimate

The $25 million reserve relates to historical contamination at an unnamed facility. Technical work and regulatory review are still shaping the remediation plan, and possible costs above the reserve cannot yet be estimated. The charge changes reported profit before it establishes a final cash timetable.

Read our analysis of Reynolds' cleanup reserve and profit forecasts.