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Segment Information (Tables)

12 Months Ended

Dec. 31, 2025


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment total		Unallocated(1)		Total
2025	(in millions)
Net revenues	$	1,259	$	1,003	$	850	$	614	$	3,726	$	(5)	$	3,721
Intersegment revenues	—		8		—		14		22		(22)		—
Total segment net revenues	1,259		1,011		850		628		3,748		(27)		3,721
Other segment items(2)	(1,040)		(732)		(717)		(498)		(2,987)
Adjusted EBITDA	219		279		133		130		761
Depreciation and amortization	39		20		22		20		101		34		135
Capital expenditures	50		48		32		11		141		20		161
Total assets	612		318		242		251		1,423		3,513		4,936


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment total		Unallocated(1)		Total
2024	(in millions)
Net revenues	$	1,206	$	971	$	936	$	585	$	3,698	$	(3)	$	3,695
Intersegment revenues	—		10		—		12		22		(22)		—
Total segment net revenues	1,206		981		936		597		3,720		(25)		3,695
Other segment items(2)	(990)		(704)		(788)		(467)		(2,949)
Adjusted EBITDA	216		277		148		130		771
Depreciation and amortization	33		21		20		21		95		34		129
Capital expenditures	50		19		36		12		117		3		120
Total assets	563		282		259		252		1,356		3,517		4,873


	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment total		Unallocated(1)		Total
2023	(in millions)
Net revenues	$	1,237	$	949	$	984	$	580	$	3,750	$	6	$	3,756
Intersegment revenues	—		11		—		14		25		(25)		—
Total segment net revenues	1,237		960		984		594		3,775		(19)		3,756
Other segment items(2)	(1,060)		(695)		(807)		(482)		(3,044)
Adjusted EBITDA	177		265		177		112		731
Depreciation and amortization	31		19		16		21		87		37		124
Capital expenditures	46		11		28		8		93		11		104


(1)			Unallocated includes the elimination of intersegment revenues, other revenue adjustments and certain corporate costs, depreciation and amortization and assets not allocated to segments. Unallocated assets are comprised of cash, accounts receivable, other receivables, entity-wide property, plant and equipment, entity-wide operating lease ROU assets, goodwill, intangible assets, related party receivables and other assets.
(2)			Other segment items included in Segment Adjusted EBITDA primarily include cost of sales (including material, manufacturing and logistics costs), salaries and benefits, advertising expenses and professional fees. The CODM allocates resources and assesses performance on a consolidated level for these other segment items.

Schedule of Segment Adjusted EBITDA to Consolidated GAAP Income Before Income Taxes

The following table presents a reconciliation of segment Adjusted EBITDA to consolidated GAAP income before income taxes:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Segment Adjusted EBITDA	$	761	$	771	$	731
Corporate / unallocated expenses	(94)		(93)		(95)
	667		678		636
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization	(135)		(129)		(124)
Interest expense, net	(86)		(98)		(119)
Debt refinancing expense(1)	(13)		—		—
Costs to execute strategic initiatives(2)	(25)		—		—
CEO transition costs(3)	(15)		—		—
Consolidated GAAP income before income taxes	$	393	$	451	$	393

(1) Reflects the expense recorded related to our March 2025 Term Loan Facility refinancing.

(2) Reflects costs related to the execution of cost savings and revenue growth strategic initiatives.

(3) Reflects compensation and other costs related to the CEO transition effective January 1, 2025.

Schedule of Net Revenues by Product Line

Net revenues by product line are as follows:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Cooking products	$	1,259	$	1,206	$	1,237
Waste products(1)	936		917		917
Tableware products	850		936		984
Storage products(1)	681		639		612
Unallocated	(5)		(3)		6
Net revenues	$	3,721	$	3,695	$	3,756

(1)Waste and storage products are comprised of our Hefty Waste & Storage and Presto Products segments.

Schedule of Geographic Data for Net Revenues and Long-Lived Assets

Geographic data for net revenues (recognized based on location of our business operations) and long-lived assets (representing property, plant and equipment) are as follows:


	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Net revenues:
United States	$	3,631	$	3,601	$	3,661
Other	90		94		95
Net revenues	$	3,721	$	3,695	$	3,756


	As of December 31,
	2025		2024
	(in millions)
Long-lived assets
United States	$	815	$	751
Other	8		7
Long-lived assets	$	823	$	758