Reynolds Consumer Products Inc.

Q2 2026 revenue was $944 million, up 1% year over year. Adjusted EBITDA was $171 million, up $8 million or approximately 5%, and adjusted EPS was $0.42, up 7%. Management said gross margin improved 200 basis points in the quarter. For the first half of 2026, revenue was $1.8 billion, up 4%, adjusted EBITDA was $302 million, up 8%, and gross profit grew $38 million with margin up 120 basis points. Full-year 2026 net revenues are now expected to grow in the low single digits versus 2025 net revenues of $3.721 billion, compared with a prior midpoint of down 1%. Full-year net income and adjusted net income are still expected to be $331 million to $343 million, EPS and adjusted EPS are still expected to be $1.57 to $1.63, and adjusted EBITDA is still expected to be $660 million to $675 million. For Q3, management expects net revenues to be approximately flat year over year, adjusted EBITDA of $160 million to $165 million, and EPS/adjusted EPS of $0.37 to $0.39.

Scott Huckins said the company delivered a solid quarter by executing pricing actions, improving productivity, and holding or growing share across most categories. He emphasized that the consumer remains value-oriented and pressured, but Reynolds and Hefty are positioned well because they combine functionality, convenience, and affordability. He also pointed to digital momentum, distribution gains, and innovation as evidence that the strategy is working, while noting the company expects the environment to stay pressured in the second half.

Nathan Lowe said second-quarter results were in line with expectations and were driven by supply-chain productivity, especially manufacturing, which helped fund growth investments while expanding profitability. He highlighted a 200 basis point gross margin improvement in Q2, $171 million of adjusted EBITDA, $944 million of revenue, and $0.42 of adjusted EPS, plus first-half operating cash flow of $173 million versus $147 million last year. He also said leverage was 2.1x net debt to EBITDA, capital expenditures were up 25% year to date, and the company is still investing in automation, growth, and cost reduction projects while returning capital through the dividend.

Analysts focused on waste bag share and distribution, pricing and elasticity, foil price thresholds, and how private label and category demand are responding to recent price increases. Management said Hefty waste held share, gained low-double-digit distribution, and posted 2 points of volume and sales growth in the branded business, which supports confidence in the strategy. On pricing, they said the full portfolio has now seen cost-recovery pricing in July, foil has had several smaller increases over multiple quarters, private label gaps remain generally less than $1, and the category has stayed resilient even as pricing moved higher. They also noted aluminum softened late in Q2 but commodity costs ended the quarter above where they started.