# SONOCO PRODUCTS CO (SON)

Informational only - not investment advice.

CIK: 0000091767
SIC: 2650 Paperboard Containers & Boxes
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 26](/major-group/26/) > [SIC 2650 Paperboard Containers & Boxes](/industry/2650/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=91767
Filing source: https://www.sec.gov/Archives/edgar/data/91767/000009176726000008/son-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0000091767-26-000008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000091767.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 7,518,753,000 USD | 2025 | verified |
| Net income | 1,003,011,000 USD | 2025 | verified |
| Assets | 11,162,334,000 USD | 2025 | verified |
| Free cash flow | 345,759,000 USD | 2025 | computed |
| Net margin | 13.34% | 2025 | computed |
| Operating margin | 13.54% | 2025 | computed |
| Revenue YoY | +41.72% | 2025 | computed |
| ROE | 27.75% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SON | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 13.3% | 3.1% | 100 | 14 |
| Operating margin | 13.5% | 5.5% | 90 | 11 |
| Revenue growth | 41.7% | 4.1% | 77 | 14 |
| FCF margin | 4.6% | 4.2% | 55 | 12 |
| ROE | 27.8% | 8.6% | 85 | 14 |
| ROA | 9.0% | 2.7% | 92 | 14 |
| Liabilities / equity | 2.08 | 1.97 | 54 | 14 |
| Current ratio | 1.05 | 1.54 | 8 | 14 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 26 SIC Major Group 26, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 7518753000 | USD | 2025 | 2026-02-26 |
| Net income | 1003011000 | USD | 2025 | 2026-02-26 |
| Assets | 11162334000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000091767.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 4,892,538,000 | 5,188,107,000 | 5,531,203,000 | 5,501,241,000 | 5,349,083,000 | 5,720,438,000 | 5,859,327,000 | 5,441,426,000 | 5,305,365,000 | 7,518,753,000 |
| Net income | 286,434,000 | 175,345,000 | 313,560,000 | 291,785,000 | 207,463,000 | -85,477,000 | 466,437,000 | 474,959,000 | 163,949,000 | 1,003,011,000 |
| Operating income | 504,643,000 | 412,409,000 | 437,629,000 | 467,082,000 | 357,804,000 | 486,853,000 | 563,355,000 | 589,049,000 | 326,578,000 | 1,017,735,000 |
| Gross profit | 946,283,000 | 958,652,000 | 1,041,006,000 | 1,057,829,000 | 1,046,339,000 | 1,061,910,000 | 1,225,318,000 | 1,202,569,000 | 1,139,233,000 | 1,574,413,000 |
| Diluted EPS | 2.81 | 1.74 | 3.10 | 2.88 | 2.05 | -0.86 | 4.72 | 4.80 | 1.65 | 10.07 |
| Operating cash flow | 398,679,000 | 348,254,000 | 589,898,000 | 425,850,000 | 705,621,000 | 298,672,000 | 509,049,000 | 882,918,000 | 833,845,000 | 689,782,000 |
| Capital expenditures | 186,741,000 | 188,913,000 | 192,574,000 | 195,934,000 | 194,127,000 | 256,019,000 | 328,769,000 | 363,077,000 | 393,235,000 | 344,023,000 |
| Dividends paid |  | 153,137,000 | 161,434,000 | 170,253,000 | 172,626,000 | 178,622,000 | 187,093,000 | 197,416,000 | 203,492,000 | 208,106,000 |
| Share buybacks | 106,739,000 | 6,335,000 | 14,561,000 | 9,608,000 | 8,483,000 | 218,085,000 | 4,547,000 | 10,617,000 | 9,246,000 | 10,930,000 |
| Assets | 3,923,203,000 | 4,557,721,000 | 4,583,465,000 | 5,126,289,000 | 5,277,259,000 | 5,073,235,000 | 7,052,940,000 | 7,191,957,000 | 12,507,790,000 | 11,162,334,000 |
| Liabilities |  |  |  |  |  |  |  | 4,760,122,000 | 10,221,577,000 | 7,530,502,000 |
| Stockholders' equity | 1,532,358,000 | 1,707,066,000 | 1,759,086,000 | 1,802,682,000 | 1,899,605,000 | 1,837,445,000 | 2,065,814,000 | 2,424,340,000 | 2,271,614,000 | 3,613,881,000 |
| Cash and cash equivalents | 257,226,000 | 254,912,000 | 120,389,000 | 145,283,000 | 564,848,000 | 170,978,000 | 227,438,000 | 138,895,000 | 431,010,000 | 378,398,000 |
| Free cash flow | 211,938,000 | 159,341,000 | 397,324,000 | 229,916,000 | 511,494,000 | 42,653,000 | 180,280,000 | 519,841,000 | 440,610,000 | 345,759,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 5.85% | 3.38% | 5.67% | 5.30% | 3.88% | -1.49% | 7.96% | 8.73% | 3.09% | 13.34% |
| Operating margin | 10.31% | 7.95% | 7.91% | 8.49% | 6.69% | 8.51% | 9.61% | 10.83% | 6.16% | 13.54% |
| Return on equity | 18.69% | 10.27% | 17.83% | 16.19% | 10.92% | -4.65% | 22.58% | 19.59% | 7.22% | 27.75% |
| Return on assets | 7.30% | 3.85% | 6.84% | 5.69% | 3.93% | -1.68% | 6.61% | 6.60% | 1.31% | 8.99% |
| Liabilities / equity |  |  |  |  |  |  |  | 1.96 | 4.50 | 2.08 |
| Current ratio | 1.68 | 1.56 | 1.40 | 1.08 | 1.21 | 1.09 | 1.35 | 1.76 | 0.79 | 1.05 |

## As-reported value updates

9 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/SON/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000091767.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-07-03 |  |  | 1.33 | reported discrete quarter |
| 2022-Q3 | 2022-10-02 |  |  | 1.24 | reported discrete quarter |
| 2023-Q1 | 2023-04-02 |  |  | 1.50 | reported discrete quarter |
| 2023-Q2 | 2023-07-02 | 1,705,290,000 | 114,649,000 | 1.16 | reported discrete quarter |
| 2023-Q3 | 2023-10-01 | 1,710,419,000 | 130,749,000 | 1.32 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,635,800,000 | 81,242,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,637,543,000 | 65,177,000 | 0.66 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,623,479,000 | 90,811,000 | 0.92 | reported discrete quarter |
| 2024-Q3 | 2024-09-29 | 1,675,866,000 | 50,921,000 | 0.51 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 64,156,000 | -42,960,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-30 | 1,709,228,000 | 54,429,000 | 0.55 | reported discrete quarter |
| 2025-Q2 | 2025-06-29 | 1,910,441,000 | 493,423,000 | 4.96 | reported discrete quarter |
| 2025-Q3 | 2025-09-28 | 2,131,108,000 | 122,918,000 | 1.23 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,767,976,000 | 332,241,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-29 | 1,676,442,000 | 67,601,000 | 0.68 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SON's latest 10-K: [/company/SON/business/](/company/SON/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SON's latest 10-K: [/company/SON/risk-factors/](/company/SON/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/91767/000009176726000038/son-20260628.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-28
Report date: 2026-06-28

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

FORWARD-LOOKING STATEMENTS

Statements included in this Quarterly Report on Form 10-Q that are not historical in nature, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are intended to be, and are hereby identified as, “forward-looking statements” for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In addition, Sonoco Products Company (the “Company” or “Sonoco”) and its representatives may from time to time make other oral or written statements that are also “forward-looking statements.” Words such as “aim,” “achieve,” “anticipate,” “assume,” “believe,” “can,” “commit,” “consider,” “continue,” “could,” “develop,” “estimate,” “expect,” “focus,” “forecast,” “foresee,” “future,” “goal,” “guidance,” “intend,” “is designed to,” “likely,” “maintain,” “may,” “might,” “objective,” “ongoing,” “opportunity,” “outlook,” “persist,” “plan,” “position,” “possible,” “potential,” “predict,” “project,” “remain,” “seek,” “should,” “strategy,” “target,” “will,” “would,” or the negative thereof, and similar expressions identify forward-looking statements. Forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, statements regarding:

•supply chain disruptions and availability and supply of raw materials and energy, and offsetting high raw material, energy, and logistics costs;

•the effects of economic downturns, changing tariffs or trade policy, inflation, volatility and other macroeconomic factors on the Company and its industry, including the Company’s ability to manage such matters and their effects on suppliers, consumers and customers;

•the resiliency of the Company’s operating model;

•consumer and customer actions in connection with political, social, and economic instability, war and other geopolitical tensions;

•the Company’s ability to improve productivity, reduce its cost structure and the effects thereof;

•the Company’s integration of Titan Holdings I B.V. (“Eviosys”) and the Company’s ability to realize the anticipated benefits of the acquisition, and the effects and timing of, and anticipated costs, synergies and gains resulting from any other contemplated, pending, and completed acquisitions;

•effects and anticipated gains and costs of the Company’s portfolio simplification activities, including with respect to streamlining of the Company’s organizational structure and any contemplated, pending, and completed divestitures, including the Company’s sale of its Thermoformed and Flexibles Packaging business and its global Trident business (collectively, “TFP”), and its ThermoSafe business (“ThermoSafe”);

•adequacy and anticipated amounts and uses of cash flows;

•capital allocation, including expected amounts of capital spending;

•the Company’s capital structure, including the incurrence of debt and the repayment of debt;

•the Company’s ability to adhere to restrictive covenants in its debt agreements;

•financial and business strategies and the results expected of them;

•producing improvements in earnings and profitable sales growth and rates of growth;

•market opportunities and anticipated growth thereof;

•expected impact and costs of resolution of legal proceedings;

•expected impact of new and changing regulations;

•extent and adequacy of provisions for, environmental liabilities and the cost of compliance with environmental laws and regulations;

•the Company’s focus on sustainability and reducing its carbon emissions;

•adequacy of income tax provisions, realization of deferred tax assets, outcomes of uncertain tax issues and tax rates;

•goodwill impairment charges and fair values of reporting units;

•future asset impairment charges and fair values of assets;

•anticipated contributions to pension and postretirement benefit plans, fair values of plan assets, and long-term rates of return on plan assets;

•expected impact of implementation of new accounting pronouncements;

•creation of near-term and long-term value and returns for shareholders, including through the continued payment of dividends; and

•planned stock repurchases.

43

SONOCO PRODUCTS COMPANY

Such forward-looking statements are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management. Such information includes, without limitation, discussions as to guidance and other estimates, perceived opportunities, expectations, beliefs, plans, strategies, goals and objectives concerning our future financial and operating performance. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements. Such risks, uncertainties and assumptions include, without limitation:

•ability to manage the mix of business;

•ability to identify suitable acquisitions at the levels needed to meet growth targets;

•ability to satisfy closing conditions and close acquisitions, and to finance such acquisitions on acceptable terms;

•ability to successfully integrate newly acquired businesses, including Eviosys, into the Company’s operations, retain key employees, maintain relationships with customers and other third parties, and realize expected cost savings, synergies and other anticipated benefits relating thereto within the expected time period, or at all;

•availability, transportation and pricing of raw materials, energy and transportation, including the impact of changes in tariffs or sanctions and escalating trade wars, and the impact of war, general regional instability and other geopolitical tensions (such as the ongoing conflicts between Russia and Ukraine and between the United States and Iran and elsewhere in the Middle East, the potential escalation of tensions between China and Taiwan, and recent events in Venezuela), and the Company’s ability to continue to pass raw material, energy and transportation price increases and surcharges through to customers or otherwise manage these commodity pricing risks;

•costs of labor and employment, including costs relating to employee benefits and any labor disputes;

•success of new product development, introduction and sales, including successful timing of new product or product innovation introductions and success of implementation of new manufacturing technologies, installation of manufacturing equipment, the startup of new facilities and lines, and integration of artificial intelligence (“AI”) to drive productivity and efficiency;

•consumer demand for products and changing consumer preferences, including changes related to inflation, tariffs, and other macroeconomic factors, and changes in consumer attitudes toward plastic packaging;

•ability to be the low-cost global leader in customer-preferred packaging solutions within targeted segments;

•competitive pressures, including new product development, and technological market leadership, reputation for quality, industry overcapacity, customer and supplier consolidation, and changes in competitors’ pricing for products;

•financial conditions of customers and suppliers;

•ability to maintain or increase productivity levels, contain or reduce costs, and maintain positive price/cost relationships. including through ongoing organizational efforts;

•ability to negotiate or retain contracts with customers, including in segments with concentration of sales volume;

•inventory management strategies of customers;

•collection of receivables from customers;

•ability to maintain or improve margins and leverage, cash flows and financial position;

•ability to attract and retain talented and qualified employees, managers, and executives;

•ability to profitably maintain and grow existing domestic and international business and market share;

•availability of credit to us, our customers and suppliers in needed amounts and on reasonable terms;

•effects of our indebtedness on our cash flow and business activities;

•fluctuations in interest rates and our borrowing costs;

•fluctuations in obligations and earnings of pension and postretirement benefit plans, including the timing of funding plan obligations, and the accuracy of assumptions of underlying projections of benefit plan obligations and payments, valuation of plan assets, and projections of long-term rates of return;

•foreign currency exchange rate fluctuations, interest rate and commodity price risk and the effectiveness of related hedges;

•resolution of income tax contingencies;

•changes in U.S. and foreign tariffs, tax rates, tax laws, regulations, judicial decisions and interpretations thereof, including income, sales and use, property, value added, employment, and other taxes;

•accuracy in valuation of deferred tax assets;

•the adoption of new, or changes in, accounting standards or interpretations;

•accuracy of assumptions underlying projections related to goodwill impairment testing, and accuracy of management’s assessment of goodwill impairment;

44

SONOCO PRODUCTS COMPANY

•accuracy of assumptions underlying fair value measurements, accuracy of management’s assessments of fair value and fluctuations in fair value;

•ability to maintain effective disclosure controls and internal controls, including with regard to financial reporting, to prevent or detect errors or acts of fraud;

•liability for and anticipated costs of resolution of litigation, regulatory actions or other legal proceedings or environmental remediation actions;

•effects of changing climate and greenhouse gas effects and environmental laws and regulations, including with respect to climate change and emissions reporting;

•operational disruptions at our major facilities;

•failure or disruptions in our information technology (“IT”) systems;

•loss of consumer or investor confidence, including as a result of public concerns about products packaged in our containers, or chemicals or substances used in raw materials or in the manufacturing process;

•ability to protect our intellectual property rights;

•ability to meet environmental, sustainability and other similar goals;

•actions of domestic or foreign government agencies, the impact of new and evolving laws, regulations, rules and standards affecting the Company, including laws and regulations relating to packaging for food products and foods packaged therein, and increased costs of compliance;

•international, national, and local economic and market conditions and levels of unemployment;

•economic disruptions resulting from changing tariff policies and trade wars, the overall uncertainty surrounding international trade relations, war and other geopolitical tensions (such as the ongoing conflicts between Russia and Ukraine and between the United States and Iran and elsewhere in the Middle East, the potential escalation of tensions between China and Taiwan, and recent events in Venezuela), public health events, terrorist activities, and natural disasters, and our ability to successfully mitigate any negative impacts of such disruptions; and

•inflation and the activities and operations in highly inflationary economies.

More information about the risks, uncertainties, and assumptions that may cause actual results to differ materially from those expressed or forecasted in forward-looking statements is provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 under Item 1A - “Risk Factors” and throughout other sections of that report and in other reports filed with the Securities and Exchange Commission (“SEC”). In light of these various risks, uncertainties and assumptions, the forward-

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/91767/000009176726000008/son-20251231.htm
Complete FY 2025 MD&A: /company/SON/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (the “MD&A”) is intended to help the reader understand the Company, its operations and its present business environment. The MD&A is provided as a supplement to, and should be read in conjunction with, the Company’s Consolidated Financial Statements and the accompanying notes thereto contained in Item 8 of this Form 10-K. The MD&A contains forward-looking statements, including, without limitation, statements relating to the Company’s plans, strategies, objectives, expectations, intentions and resources. Such forward-looking statements should be read in conjunction with our disclosures under “Forward-Looking Statements” and under “Item 1A. Risk Factors” of this Annual Report on Form 10-K.

The Company’s financial statements are prepared in conformity with U.S. GAAP. Sonoco’s management considers a variety of both GAAP and non-GAAP financial and operating measures in assessing the Company’s financial performance. The key GAAP measures used are net sales, operating profit, gross profit margin, net income attributable to Sonoco and diluted earnings per share. The key non-GAAP measures used are Adjusted operating profit, Adjusted net income attributable to Sonoco, Adjusted diluted earnings per share, and Adjusted EBITDA. For information about the Company’s use of non-GAAP measures and reconciliations of these measures to the most directly comparable GAAP measures see “Non-GAAP Financial Measures” below.

Management may also assess year-over-year changes in operating performance in terms of productivity savings or usage, which is driven by procurement savings or losses, production efficiencies or inefficiencies and the effect of fixed cost reduction initiatives. Management views productivity as a measure of operational excellence of the business and uses it to evaluate improvements in manufacturing efficiency, including automation, and other fixed and variable cost reduction initiatives. Management provides investors with this information to evaluate Sonoco’s operating results in a manner similar to how management evaluates operating performance. The Company calculates productivity savings as the difference between applicable current period costs and prior year costs, excluding the impact of estimated inflation or deflation, and volume changes where appropriate.

The MD&A in this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Discontinued Operations

The Company’s decision in December 2024 to sell TFP represented a major strategic shift in operations. Therefore, in accordance with applicable accounting guidance, the results of TFP are presented as discontinued operations in the Consolidated Statements of Income and, as such, have been excluded from both continuing operations and segment results for all periods presented in this Annual Report on Form 10-K and the assets and liabilities of TFP are classified as assets and liabilities of discontinued operations in the Consolidated Balance Sheets. The Consolidated Statements of Comprehensive Income, Changes in Total Equity, and Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. All amounts, percentages and disclosures for all periods presented in this Annual Report on Form 10-K reflect only the continuing operations of Sonoco unless otherwise noted. On April 1, 2025, the Company completed the sale of TFP to TOPPAN for approximately $1.8 billion on a cash-free and debt-free basis and subject to customary adjustments. See Note 2 to the Consolidated Financial Statements for additional information.

25 FORM 10-K SONOCO 2025 ANNUAL REPORT

General Overview

Sonoco is a multi-billion dollar global designer, developer, and manufacturer of a variety of highly-engineered and sustainable packaging products serving multiple end markets. As of December 31, 2025, the Company had approximately 265 locations in 37 countries, serving some of the world’s best-known brands around the globe. The Company’s operating and reporting structure consists of two reportable segments, Consumer Packaging and Industrial Paper Packaging, with all remaining businesses reported as All Other. Geographically, in 2025, approximately 48% of sales were generated in the United States, 43% in EMEA, 3% in APAC, 1% in Canada, and 5% in other regions.

Sonoco competes in multiple product categories, with the majority of the Company’s revenues attributable to products and services sold to consumer and industrial products companies for use in the packaging of their products for sale or shipment. The Company also manufactures uncoated recycled paperboard for both internal use and open market sale. Each of the Company’s operating units has its own sales staff and maintains direct sales relationships with its customers.

Sonoco’s goal is to increase its long-term profitability and return capital to shareholders. Over the past several years, we have simplified our portfolio into two core global business segments, which has reduced operating complexity and improved agility. On December 4, 2024, Sonoco completed the acquisition of Eviosys, Europe’s leading food cans, ends and closures manufacturer, from KPS, for net cash consideration of approximately $3.8 billion. The transaction was designed to advance Sonoco’s portfolio transformation strategy to simplify and realign its portfolio. The transaction, the largest in the Company’s history, expanded Sonoco’s global leadership in metal food can and aerosol packaging, facilitating our ability to partner with global customers to advance innovation and sustainability in metal packaging offerings. Eviosys operates under the Consumer Packaging segment as Sonoco Metal Packaging EMEA.

Sonoco’s portfolio transformation strategy also includes significant divestitures. For example, in 2023, the Company completed the divestitures of its U.S. and Mexico Bulksak businesses, which consisted of the manufacture and distribution of flexible intermediate bulk containers, plastic and fiber pallets, and custom fit liners, and its Sonoco Sustainability Solutions (“S3”) business, which provided customized waste and recycling management programs.

In April 2024, Sonoco completed the divestiture of Protexic, which manufactured molded expanded polypropylene and expanded polystyrene foam components serving the automotive, electronics, appliances, and other markets.

On April 1, 2025, the Company completed the sale of TFP to Toppan for a selling price of approximately $1.8 billion on a cash-free and debt-free basis and subject to customary adjustments. On a standalone basis, TFP had revenue of $1.3 billion in 2024.

On November 3, 2025, the Company completed the sale of ThermoSafe to Arsenal, a private equity firm, for net cash consideration of $656 million paid at closing on a cash-free and debt-free basis and subject to customary adjustments. On a standalone basis, ThermoSafe, which was part of the All Other group of businesses, had revenue of approximately $230 million in 2025, through the date of the divestiture. The sale of ThermoSafe substantially concludes the Company’s portfolio transformation goal of streamlining its operations from a large portfolio of diversified businesses into two core global business segments.

See “Acquisitions and Divestitures—Divestitures” below for more information.

The Company is focused on efficient capital deployment into these larger, core business units to improve economic returns and improve integration effectiveness and speed for acquired strategic assets. For example, in July 2025 the Company announced plans to invest $30 million of capital into three rigid paper can facilities in the United States to increase its production capacity in the adhesives and sealants sector. The investment is intended to improve supply chain reliability and ensure consistent access to materials for customers.

Effective January 1, 2024, the Company began conducting its recycling operations, part of the Industrial Paper Packaging segment, as a procurement function. As a result, no recycling net sales were recorded and the margin from the Company’s recycling operations reduced “Cost of sales” in the Company’s Consolidated Statements of Income for the year ended December 31, 2025 and 2024 as these activities are no longer a part of ongoing major operations.

In addition, the Company is consolidating its global metal packaging and rigid paper containers businesses under one structure based on two geographies - Consumer Packaging, EMEA/APAC and Consumer Packaging, Americas. The Company believes the new geographically integrated structure creates a simpler and more efficient operating model that will lead to further innovation, collaboration and growth opportunities.

Throughout 2025, the Company continued to work on commercial, operational, and supply chain excellence programs to shift the mix of its business towards higher-valued products and increase overall productivity from procurement savings, production efficiencies, and fixed cost reduction initiatives, as well as strategic pricing initiatives intended to better capture input costs and the value of the services provided. In addition, the Company continued to focus on improving its competitive position by reducing its cost structure through targeted restructuring activities for operations and support functions intended to enable the Company’s businesses to better leverage market capabilities and generate cash flow. The Company plans to continue its focus on driving significant costs savings through implementing a profitability performance plan focused on operational improvement, commercial excellence, and structural transformation in 2026.

The Company believes that its simplified structure will enable greater strategic and operational focus, help generate proceeds to fund deleveraging and further focus capital investments in the Company’s core Consumer Packaging and Industrial Paper Packaging businesses, and deliver on its strategic priorities by driving sustainable growth, further expanding margins and efficiently allocating capital, maintaining a strong balance sheet and returning capital to shareholders. By transforming into a simpler, stronger and more sustainable company, the Company believes it is positioned to grow through 2026 and beyond.

Global Trade Developments

Recent developments in U.S. and foreign trade policy have increased uncertainty for the global economy and the Company’s business. On March 4, 2025, the U.S. government imposed a 25% tariff on all imports from Canada or Mexico. After imposing this tariff, the U.S. government allowed for the temporary exemption from the tariff for any goods that comply with the USMCA, which has helped mitigate the impact of the tariff on the Company’s operations in North America. On February 10, 2025, the United States announced the expansion of Section 232 Tariffs on steel and aluminum imported into the United States, effective March 12, 2025, and the termination of the granting of new exclusions to mitigate these tariffs. As a result, imported steel and aluminum originating from most countries is currently subject to a 50% duty.

The United States also imposed reciprocal tariffs at a baseline rate of 10%, effective April 5, 2025, and later set firmly established tariff rates for various countries at the beginning of August 2025. For the most part, these reciprocal tariffs were incremental increases over the pre

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SON/mda/fy2025/
All MD&A years: /company/SON/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SON/mda/fy2024/): filed 2025-02-28; accession 0000091767-25-000014 (https://www.sec.gov/Archives/edgar/data/91767/000009176725000014/son-20241231.htm)
- [FY 2023 MD&A](/company/SON/mda/fy2023/): filed 2024-02-28; accession 0000091767-24-000012 (https://www.sec.gov/Archives/edgar/data/91767/000009176724000012/son-20231231.htm)
- [FY 2022 MD&A](/company/SON/mda/fy2022/): filed 2023-02-28; accession 0000091767-23-000008 (https://www.sec.gov/Archives/edgar/data/91767/000009176723000008/son-20221231.htm)
- [FY 2021 MD&A](/company/SON/mda/fy2021/): filed 2022-02-28; accession 0000091767-22-000014 (https://www.sec.gov/Archives/edgar/data/91767/000009176722000014/son-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2650 Paperboard Containers & Boxes) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SON.md · JSON record: /company/SON.json · verified financials: /company/SON/financials.json / /company/SON/financials.csv · machine TOC for the whole site: /llms.txt