slgn-20260630

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, 2026


			☐						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)

N/A

(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, 2026, the number of shares outstanding of the Registrant’s common stock was 105,682,020.

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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 , 2026 and 2025 and December 31, 2025			3

Condensed Consolidated Statements of Income for the three and six months ended June 3 0 , 2026 and 2025			4

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 3 0 , 2026 and 2025			5

Condensed Consolidated Statements of Cash Flows for the six months ended June 30 , 2026 and 2025			6

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30 , 2026 and 2025			7

Notes to Condensed Consolidated Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			19

Item 3. Quantitative and Qualitative Disclosures About Market Risk			29

Item 4. Controls and Procedures			29

Part II. Other Information			30

Item 5. Other Information			30

Item 6. Exhibits			30

Signatures			31

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Part I. Financial Information

Item 1. Financial Statements

SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)


	June 30, 2026		June 30, 2025		Dec. 31, 2025
	(unaudited)		(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	351,527	$	317,462	$	1,080,659
Trade accounts receivable, net	1,454,664		1,242,066		589,400
Inventories	1,232,090		1,258,511		1,080,134
Prepaid expenses and other current assets	255,594		190,805		241,725
Total current assets	3,293,875		3,008,844		2,991,918

Property, plant and equipment, net	2,334,636		2,382,104		2,378,331
Goodwill	2,456,556		2,484,557		2,486,678
Other intangible assets, net	861,103		906,743		900,083
Other assets, net	654,513		628,145		640,073
	$	9,600,683	$	9,410,393	$	9,397,083

Liabilities and Stockholders’ Equity
Current liabilities:
Revolving loans and current portion of long-term debt	$	1,178,197	$	1,937,384	$	631,632
Trade accounts payable	891,750		757,494		1,251,889
Accrued payroll and related costs	125,159		122,238		121,168
Accrued liabilities	394,748		317,421		447,180
Total current liabilities	2,589,854		3,134,537		2,451,869

Long-term debt	3,655,557		3,114,693		3,715,216
Deferred income taxes	521,226		478,891		501,768
Other liabilities	454,674		460,054		453,929

Stockholders’ equity:
Common stock	1,751		1,751		1,751
Paid-in capital	395,784		374,582		384,847
Retained earnings	3,698,795		3,516,444		3,605,043
Accumulated other comprehensive loss	(207,131)		(235,379)		(213,556)
Treasury stock	(1,509,827)		(1,435,180)		(1,503,784)
Total stockholders’ equity	2,379,372		2,222,218		2,274,301
	$	9,600,683	$	9,410,393	$	9,397,083

See accompanying notes.

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SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the three and six months ended June 30, 2026 and 2025

(Dollars in thousands, except per share amounts)

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025


Net sales	$	1,643,269	$	1,539,161	$	3,204,527	$	3,005,822
Cost of goods sold	1,348,391		1,240,070		2,643,872		2,436,328
Gross profit	294,878		299,091		560,655		569,494
Selling, general and administrative expenses	126,783		121,836		257,958		250,923
Rationalization charges	18,159		9,864		27,206		20,823
Other pension and postretirement (income)	(1,109)		(140)		(2,149)		(327)
Income before interest and income taxes	151,045		167,531		277,640		298,075
Interest and other debt expense before loss on early extinguishment of debt	47,117		48,699		88,549		91,627
Loss on early extinguishment of debt	—		—		1,017		—
Interest and other debt expense	47,117		48,699		89,566		91,627
Income before income taxes	103,928		118,832		188,074		206,448
Provision for income taxes	29,152		30,443		51,457		51,259
Income before equity in earnings of affiliates	74,776		88,389		136,617		155,189
Equity in earnings of affiliates, net of tax	982		555		2,180		1,717
Net income	$	75,758	$	88,944	$	138,797	$	156,906

Earnings per share:
Basic net income per share	$	0.72	$	0.83	$	1.31	$	1.47
Diluted net income per share	$	0.72	$	0.83	$	1.31	$	1.46

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, 2026 and 2025

(Dollars in thousands)

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025


Net income	$	75,758	$	88,944	$	138,797	$	156,906
Other comprehensive income (loss), net of tax:
Changes in net prior service credit and actuarial losses	1,337		1,425		2,673		2,825
Change in fair value of derivatives	(3,785)		(5,087)		3,779		(2,016)
Foreign currency translation	1,526		71,669		(27)		117,169
Other comprehensive (loss) income	(922)		68,007		6,425		117,978
Comprehensive income	$	74,836	$	156,951	$	145,222	$	274,884

See accompanying notes.

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SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six months ended June 30, 2026 and 2025

(Dollars in thousands)

(Unaudited)


	2026		2025
Cash flows provided by (used in) operating activities:
Net income	$	138,797	$	156,906
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	168,681		155,335
Amortization of debt discount and debt issuance costs	3,034		2,617
Rationalization charges	27,206		20,823
Stock compensation expense	12,165		7,755
Loss on early extinguishment of debt	1,017		—
Other changes that provided (used) cash:
Trade accounts receivable, net	(873,968)		(601,838)
Inventories	(159,853)		(293,758)
Trade accounts payable	(235,807)		(279,697)
Accrued liabilities	(55,622)		(19,577)

Other, net	(19,500)		(53,417)
Net cash (used in) operating activities	(993,850)		(904,851)

Cash flows provided by (used in) investing activities:

Capital expenditures	(146,688)		(155,693)
Proceeds from asset sales	4,354		9,552
Other, net	640		297
Net cash (used in) investing activities	(141,694)		(145,844)

Cash flows provided by (used in) financing activities:
Borrowings under revolving loans	1,284,591		1,409,738
Repayments under revolving loans	(182,675)		(51,959)
Repayment of principal amounts under finance leases	(1,950)		(2,427)

Repayments of long-term debt	(542,500)		(706,274)
Changes in outstanding checks - principally vendors	(97,369)		(84,971)
Dividends paid on common stock	(45,071)		(43,362)
Debt issuance costs	(1,449)		—

Repurchase of common stock	(7,844)		(6,873)


Net cash provided by financing activities	405,733		513,872

Effect of exchange rate changes on cash and cash equivalents	679		31,431

Cash and cash equivalents:
Net (decrease)	(729,132)		(505,392)
Balance at beginning of year	1,080,659		822,854
Balance at end of period	$	351,527	$	317,462

Interest paid, net	$	91,816	$	103,432
Income taxes paid, net	51,324		45,259

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, 2026 and 2025

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

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025


Common stock - shares outstanding
Balance at beginning of period	105,680		106,993		105,442		106,795
Net issuance of treasury stock for vested restricted stock units	2		—		240		198

Balance at end of period	105,682		106,993		105,682		106,993

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	389,325		371,207		384,847		367,871
Stock compensation expense	6,466		3,375		12,165		7,755
Net issuance of treasury stock for vested restricted stock units	(7)		—		(1,228)		(1,044)
Balance at end of period	395,784		374,582		395,784		374,582

Retained earnings
Balance at beginning of period	3,645,564		3,448,952		3,605,043		3,402,667
Net income	75,758		88,944		138,797		156,906
Dividends declared on common stock	(22,527)		(21,452)		(45,045)		(43,129)
Balance at end of period	3,698,795		3,516,444		3,698,795		3,516,444

Accumulated other comprehensive loss
Balance at beginning of period	(206,209)		(303,386)		(213,556)		(353,357)
Other comprehensive (loss) income	(922)		68,007		6,425		117,978
Balance at end of period	(207,131)		(235,379)		(207,131)		(235,379)

Treasury stock
Balance at beginning of period	(1,509,834)		(1,435,180)		(1,503,784)		(1,429,351)
Net issuance of treasury stock for vested restricted stock units	7		—		(6,043)		(5,829)

Balance at end of period	(1,509,827)		(1,435,180)		(1,509,827)		(1,435,180)
Total stockholders’ equity	$	2,379,372	$	2,222,218	$	2,379,372	$	2,222,218

Dividends declared on common stock per share	$	0.21	$	0.20	$	0.42	$	0.40

See accompanying notes.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2026 and 2025 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, 2025 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, 2025.

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, 2026		June 30, 2025		June 30, 2026		June 30, 2025

	(Dollars in thousands)
Dispensing and Specialty Closures	$	713,862	$	702,187	$	1,399,184	$	1,373,290
Metal Containers	763,936		676,056		1,488,806		1,304,483
Custom Containers	165,471		160,918