Sealed Air Corporation (SEE): Business Model Canvas [Dec-2025 Updated]

You're looking at a company in major transition, and honestly, understanding the new playbook for Sealed Air Corporation (SEE) is key right now. They are banking big on a $10.3 billion acquisition while aggressively shifting their value proposition toward automation and a 100% recyclable goal by 2025. Given their projected $5.1 billion to $5.5 billion in 2025 net sales, mapping out how their core resources, like the Cryovac brand, support this pivot against a $3.9 billion net debt load is exactly what we need to do before making any moves. Dive in below to see the full nine blocks of their current strategy.

Sealed Air Corporation (SEE) - Canvas Business Model: Key Partnerships

You're looking at the structure Sealed Air Corporation (SEE) uses to get its packaging solutions to market, focusing on the critical external relationships that make the whole thing work. The most significant partnership development as of late 2025 is the agreement to be acquired by Clayton, Dubilier & Rice (CD&R).

Clayton, Dubilier & Rice (CD&R) for strategic capital and private ownership

Sealed Air Corporation entered a merger agreement in November 2025 to be acquired by funds affiliated with CD&R in an all-cash transaction. The total value of this take-private deal is set at $10.3 billion. Stockholders are set to receive $42.15 in cash per share. This price represents a premium of 24% over the 90-day volume-weighted average price as of November 12, 2025. Sealed Air, which generated $5.4 billion in sales in 2024, will cease trading on the New York Stock Exchange upon the expected closing in mid-2026. The deal is backed by significant debt financing commitments from a group led by J.P. Morgan, BofA, BNP Paribas, Goldman Sachs, UBS, and Wells Fargo.

Here's a quick look at the scale of Sealed Air Corporation before this ownership change:

Metric	Value	Source Context
2024 Net Sales	$5.4 billion	2024 Full Year
Global Employees	Approximately 16,400	2024 Data
Geographic Reach	117 countries/territories	2024 Data
Q3 2025 Operating Cash Flow (9 months)	$334 million	Q3 2025 Report

CD&R's partnership is intended to accelerate the ongoing transformation and investment in the Food and Protective businesses.

Global raw material suppliers for polymer and fiber sourcing

The supply chain for Sealed Air Corporation relies heavily on external sourcing for its core inputs. Raw materials generally account for about one-third of the company's consolidated cost of sales. The principal materials include polyolefin and other petrochemical-based resins, alongside paper pulp products. You should note that raw-material price volatility, specifically for PE (polyethylene) and EVOH, remains a key constraint for high-performance film production, as seen in supplier roadmaps. The company manages this through a centralized supply chain organization that seeks to balance acquisition cost and supply availability.

The key material inputs and associated financial context include:

• Polyolefin and petrochemical-based resins are principal raw materials.
• Paper pulp products are also a principal raw material category.
• Raw materials represent approximately one-third of consolidated cost of sales.
• Q1 2025 accounts payable was unfavorable by $32 million compared to 2024, partly due to raw material price deflation.

Technology providers for digital intelligence and recycling infrastructure

Sealed Air Corporation actively partners with technology providers to advance its digital and circular economy goals. This engagement is crucial for meeting its sustainability commitments, which include designing solutions for recovery and recycling. The company is specifically focused on collaborating with technology providers to generate breakthrough digital intelligence related to recycling processes.

These technology collaborations center on:

• Innovating raw materials and equipment with suppliers.
• Producing breakthrough digital intelligence on recycling infrastructure.
• Advancing infrastructure to close recycling loops for materials.

This work supports initiatives like producing certified circular resins for new food-grade packaging.

Worldwide network of distributors for Protective segment reach

The Protective segment utilizes a strategic network of distributors to reach its end customers, which include fabricators, original equipment manufacturers, and e-commerce/fulfillment operations. This channel is vital for market penetration in this segment. For context, in 2024, about 45% of the Protective segment's sales were channeled through these distributors. The turnaround strategy for the Protective segment, which saw volumes decrease by 2% in Q2 2025, explicitly involves reestablishing trust with these distribution partners.

Ellen MacArthur Foundation and other sustainability collaborators

Sealed Air Corporation's sustainability framework is heavily influenced by external collaborations, notably with the Ellen MacArthur Foundation. The company is a participant in the Foundation's New Plastics Economy initiative and a signatory to the New Plastics Economy Global Commitment. The company's 2025 Sustainability and Materials Pledge targeted having 100% of its packaging solutions designed to be recyclable or reusable by 2025, alongside incorporating an average of 50% recycled or renewable content. However, the company acknowledged in its 2023 report that achieving these goals might require a transition period extending beyond 2025 due to infrastructure and regulatory factors. Concrete examples of material partnerships include the BUBBLE WRAP® high recycled content air pillow, which uses 95% recycled material (55% post-consumer and 40% post-industrial).

Sealed Air Corporation (SEE) - Canvas Business Model: Key Activities

You're looking at the core actions Sealed Air Corporation (SEE) is taking to manage its business right now, late in 2025. It's all about execution, especially as they navigate market softness and push through a major segment overhaul. Here's the quick math on what they are actively doing.

Manufacturing and converting high-performance packaging materials

Sealed Air Corporation is busy manufacturing and converting materials across its two core segments: Food and Protective. The scale of this operation is reflected in the top-line numbers for the year. For the third quarter of 2025, net sales hit $1.35 billion, and for the second quarter, net sales were $1.34 billion. Management is maintaining the full-year 2025 net sales guidance in the range of $5.1 billion to $5.5 billion. This activity is supported by a global footprint, though the company is actively consolidating, planning to close two plants by the end of 2025 to better organize its operations. They are also focusing on minimizing exposure to global trade policies by largely using domestic production for domestic consumption.

The output from these manufacturing activities is segmented:

• Food segment Q2 2025 net sales were $896 million, reported as flat year-over-year.
• Protective segment Q3 2025 net sales were $442 million, a 1% decrease as reported.
• The company had $1.2 billion in available liquidity as of June 30, 2025, comprised of $354 million in cash and $830 million in unused credit facilities.

Research and development (R&D) for sustainable and automated solutions

A key activity is investing in the future through R&D, which Sealed Air Corporation expenses as it incurs the costs. You have to look back at prior years since the 2025 figure isn't explicitly stated in the latest reports, but the trend shows ongoing commitment. Honestly, this is where you see the commitment to future-proofing their offerings.

Fiscal Year	Research and Development Costs (Millions USD)
2024	$93.4 million
2023	$96.9 million
2022	$102.5 million

The company is working to become more 'substrate agnostic' rather than solely plastic-centric, which ties directly into sustainability efforts within the Protective business.

Global supply chain management and logistics optimization

Managing the flow of materials and finished goods is critical, especially given the focus on domestic markets to mitigate tariff impacts. Optimization is being driven by productivity programs that lower operating costs. For instance, the CTO2Grow Program is a direct lever used to improve operating leverage across the business. The company is focused on controlling the controllables, which includes supply chain execution, as they navigate market uncertainties.

Executing the Protective segment turnaround strategy

This is a major focus area. Sealed Air Corporation completed a business reorganization earlier in 2025 to make Protective one of its two core segments. The strategy involves 'de-layering' the organization and rebuilding distribution partner trust. The results show progress, though it's described as non-linear. In Q2 2025, protective volumes fell 2%, but this marked the 'most stable year-on-year quarterly volume results we've delivered since 2021.' The industrial portfolio within Protective even 'inflected to volume growth' in Q2 2025. By Q3 2025, the segment's Adjusted EBITDA was $78 million.

Driving $90 million in cost-saving productivity initiatives for 2025

While the specific $90 million target for 2025 isn't explicitly confirmed in the latest filings, the underlying productivity drive is very real and quantified. Throughout 2024, cost take-out efforts generated $89 million in incremental cost savings. For the current fiscal year, management's guidance indicates that the CTO2Grow cost-cutting is expected to yield $140-$160 million in annual savings, with most of those costs already incurred. These productivity benefits are directly cited as contributing to margin expansion and higher Adjusted EBITDA in Q1 and Q2 2025. The company is targeting a full-year 2025 Adjusted EBITDA range of $1.120 billion to $1.140 billion.

Finance: draft 13-week cash view by Friday.

Sealed Air Corporation (SEE) - Canvas Business Model: Key Resources

You're looking at the tangible and intangible assets that power Sealed Air Corporation (SEE) as of late 2025. These are the foundational elements that allow them to deliver on their value propositions across the Food and Protective segments.

Core intellectual property (IP) like Cryovac and Bubble Wrap brands

The strength of Sealed Air Corporation (SEE) is heavily tied to its globally recognized solution brands. These names carry significant brand equity in their respective markets.

• CRYOVAC® brand food packaging
• BUBBLE WRAP® brand packaging
• AUTOBAG® brand automated packaging systems
• LIQUIBOX® brand liquids systems

Global manufacturing and distribution footprint

Sealed Air Corporation (SEE) maintains a significant physical presence to support its global customer base. While the prompt suggested a figure over 200 locations, the most recent regulatory filing provides a precise count for manufacturing sites.

Metric	Value	As of Date/Context
Number of Manufacturing Facilities	102	February 2025 (10-K filing)
Countries/Territories Served	117	2024/2025 reporting
Facilities Serving Both Segments	15	February 2025 (10-K filing)

The company is actively assessing this footprint, having recently opened a facility in Lakeland, Florida, to better serve the Southeast region.

Portfolio of automated packaging equipment (e.g., Autobag)

Automation is a key component of the Protective segment's offering. The AUTOBAG® brand is central to this, with recent product introductions like the AUTOBAG 850HB Hybrid Bagging Machine in September 2025 highlighting continued investment in this area.

Dedicated R&D centers and material science expertise

Investment in innovation supports the development of new materials and systems. Research and development costs were expensed as incurred, with the latest reported full-year figure being:

• Research and development costs: $93.4 million in 2024

Sealed Air Corporation (SEE) operates innovation centers as part of its physical assets. The focus includes material science expertise to meet sustainability pledges, such as designing 100% of packaging to be recyclable or reusable by 2025.

Approximately 16,400 employees worldwide

The human capital supporting Sealed Air Corporation (SEE)'s operations remains substantial, though it saw a slight reduction from the prior year.

• Total Employees: Approximately 16,400 worldwide
• Employee Count Change (2024 vs 2023): A decline of 3.53%

This workforce is organized across two market-focused businesses: Food and Protective.

Sealed Air Corporation (SEE) - Canvas Business Model: Value Propositions

Food preservation and shelf-life extension (Cryovac solutions)

• The CRYOVAC brand of film solutions continues to perform well and drive growth within the Food segment, which had net sales of $1.35 billion in the third quarter of 2025 (less than 1% increase reported).

Superior product protection and damage reduction in transit

• The Protective segment is addressing volume stabilization, with industrial volumes rising slightly in the second quarter of 2025.
• The company has globally recognized solution brands like BUBBLE WRAP brand packaging for protective needs.

Labor savings through high-speed automation and equipment

• Sealed Air Corporation delivers packaging solutions that automate packaging processes, including through its AUTOBAG brand automated packaging systems.

Commitment to 100% recyclable or reusable packaging by 2025

• Sealed Air Corporation pledged to design and advance its packaging solutions to be 100% recyclable or reusable by 2025.
• The company set a target of 50% average recycled content across all packaging solutions, with 60% of that being post-consumer recycled content.
• As of 2023, Sealed Air diverted 66% of waste from landfill and external incineration.

Substrate agnostic solutions addressing fiber portfolio gaps

• Sealed Air continues to address "fiber portfolio gaps" in its protective business as it moves further toward becoming more "substrate agnostic" rather than plastic-centric.
• The company offers ProPad Coiler Paper-based cushioning made from 100% recycled fibers (100% post-industrial).

Here's a quick look at some key figures as of late 2025:

Metric Category	Specific Data Point	Value/Amount
Financial Performance (TTM as of Sep 30, 2025)	Trailing Twelve-Month Revenue	$5.33B
Financial Performance (Q3 2025)	Net Sales	$1.35 billion
Financial Performance (Q3 2025)	Adjusted EBITDA Increase (YoY)	4%
Financial Performance (Q3 2025)	Net Debt to Adjusted EBITDA Ratio	Below 3.5x
Sustainability Goal (Target)	Recyclable/Reusable Packaging Target Year	2025
Sustainability Goal (Target)	Average Recycled Content Target Percentage	50%
Sustainability Progress (2023)	Waste Diverted from Landfill	66%
Corporate Transaction (Announced Nov 2025)	Enterprise Value of Acquisition	$10.3 billion

The CRYOVAC brand offers solutions like recycle-ready shrink bags and rollstock for applications including fresh red meats, dairy, and poultry.

The company's overall structure is now focused on two core segments: Food Packaging and Protective Packaging.

For instance, in the first quarter of 2025, the Food segment net sales decreased 2% and the Protective segment decreased 9% as reported.

The Cryovac business is a key driver for the Food segment, which saw flat sales in Q2 2025 despite market pressures in North America.

The company has approximately 16,400 employees serving customers in 117 countries/territories as of 2024.

Finance: review the impact of the $10.3 billion enterprise value transaction on the $5.33B TTM revenue base by next Tuesday.

Sealed Air Corporation (SEE) - Canvas Business Model: Customer Relationships

You're looking at how Sealed Air Corporation (SEE) manages its connections with the buyers of its essential food and protective packaging solutions as of late 2025. The approach isn't one-size-fits-all; it splits clearly between the two core segments: Food and Protective.

Dedicated direct sales and technical support for Food segment

For the Food segment, which generated $910 million in net sales in the third quarter of 2025, the relationship is deep and hands-on. Sealed Air Corporation supports food processors-from fresh red meat to cheese-with integrated packaging materials and automation equipment. This segment is focused on driving growth by expanding further into case-ready and fluids solutions, aiming to smooth out volatility from industrial processing markets. The company is actively applying its transformation playbook to rotate more into retail and food service end markets, which saw strength in Q3 2025, offsetting weakness in industrial portfolios. That requires close, direct engagement.

• The Cryovac brand continues to be a key driver of growth in this segment.
• The segment is strategically rotating toward retail and food service end markets.
• They provide solutions for food safety, shelf life extension, and process automation.

Long-term contractual relationships with major food processors

The nature of the Food segment business leans toward stability, though no single customer represented more than 10% of segment revenue back in 2024, suggesting a diversified, yet sticky, customer base. These major food processors rely on Sealed Air Corporation for mission-critical functions like extending shelf life and ensuring product safety. While the search results don't give a specific percentage of revenue under contract for 2025, the focus on integrated solutions and automation implies a high degree of customer lock-in, which is typical for long-term supply agreements in this industry. The company is focused on controlling the controllables by putting customers first to win new business.

Managed service model for automation equipment and consumables

The offering of automation equipment solutions suggests a managed service or integrated consumable model, especially when paired with the direct sales support. This means Sealed Air Corporation isn't just selling a box or a film; they are selling an optimized process. For the customer, this translates to predictable operational costs and reduced downtime, as the supplier is incentivized to keep the machinery running smoothly. This ties the customer relationship directly to the ongoing supply of consumables, creating a continuous revenue stream for Sealed Air Corporation.

Transactional and distributor-supported model for Protective segment

The Protective segment, with Q3 2025 net sales of $442 million, operates differently. This segment is in the middle of a turnaround, which involves reestablishing trust with distribution partners. This structure is inherently more transactional than the Food segment, relying heavily on a network of distributors to reach a broad base of industrial and other end-users. The CEO noted that the Q3 2025 performance marked a positive inflection in material volumes for the first time since 2021, a direct result of transformation efforts like enhanced field engagement and addressing portfolio gaps, which are key to strengthening those distributor relationships.

Protective Segment Metric (Q3 2025)	Value	Context
Net Sales	$442 million	Third quarter reported net sales.
Volume Trend	Positive Inflection	First material volume growth since 2021.
Industrial Portfolio	Volume Growth	A specific area showing positive movement within the segment.

Consultative approach to help customers meet their sustainability goals

Sealed Air Corporation engages customers consultatively around sustainability, building on its historical pledge to make packaging 100% recyclable or reusable by 2025. While that deadline is now past, the commitment to circularity remains a core part of the value proposition. They are actively engaging with partners to advance infrastructure for recycling and reuse, which means they help customers design packaging that meets these environmental targets. This consultative work is vital for the Food segment, which is innovating case-ready packaging solutions to meet customer sustainability needs, and for the Protective segment, which focuses on solutions that allow for material recovery after use. They aim to create solutions that result in positive impacts exceeding the investment, helping customers reduce their environmental footprint across the value chain.

• The company is investing in advanced recycling technologies to drive the circular economy.
• They focus on solutions that reduce waste levels and lower greenhouse gas emissions for customers.
• A key goal involves incorporating recycled or renewable content across the portfolio.

Finance: draft a sensitivity analysis on the impact of the CD&R acquisition enterprise value of $10.3 billion on the 2026 capital expenditure budget by next Tuesday.

Sealed Air Corporation (SEE) - Canvas Business Model: Channels

You're looking at how Sealed Air Corporation (SEE) gets its packaging solutions-from CRYOVAC® brand food packaging to AUTOBAG® brand automated systems-into the hands of its customers across the globe. The channel strategy is built to serve a massive base, with approximately 16,400 employees serving customers in 117 countries/territories as of 2024, supporting a 2025 net sales guidance range of $5.1 billion to $5.5 billion.

The direct sales force targets the largest, most complex relationships. These teams work directly with major players in the Food and Protective segments, which generated Q2 2025 net sales of $896 million (Food) and $439 million (Protective) respectively. Honestly, for strategic global accounts, nothing beats a dedicated, in-house team.

The extensive global network of third-party distributors is crucial for broad market penetration, especially for the Protective segment, which saw industrial volumes rise slightly in Q2 2025. Management noted earlier in 2025 that a key part of the Protective segment turnaround strategy involves "reestablishing trust with distribution partners and customers." This network supports the overall business that saw Q3 2025 net sales of $1.35 billion.

For smaller customers and specific product lines, Sealed Air Corporation is actively adapting its digital presence. There's a clear focus on commercializing fiber mailer offerings and growing the auto-bagging equipment business to compete better in consumer-facing end markets like e-commerce retail. This push is about becoming more "substrate-agnostic" in that channel. The company is working to regain market share in e-commerce, a channel that was impacted by shifts to paper void fill.

Technical field service teams are integral to delivering the automation and equipment solutions. These teams handle installation and maintenance for systems like the AUTOBAG® brand automated packaging systems. While specific service revenue isn't broken out, the company's overall strategy emphasizes combining material science, service excellence, and automation solutions.

Here's a look at the scale of the business these channels support, based on the first half of 2025 results:

Metric	Value (Q2 2025)	Value (H1 2025 YTD)
Total Net Sales (Reported)	$1.34 billion	$2.61 billion (Q1 $1.27B + Q2 $1.34B)
Food Segment Net Sales	$896 million	$2.168 billion (Q1 $852M + Q2 $896M)
Protective Segment Net Sales	$439 million	$859 million (Q1 $420M + Q2 $439M)

The channels are being refined to support specific growth areas:

• Commercializing fiber mailer offerings for e-commerce.
• Growing the auto-bagging equipment business.
• Expanding in retail end markets with case-ready solutions (Food segment).
• Stabilizing and growing industrial volumes within the Protective segment.

The company is also streamlining its footprint, planning to close two plants by the end of 2025 to improve operational efficiency, which directly impacts channel fulfillment capabilities.

Sealed Air Corporation (SEE) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Sealed Air Corporation (SEE) as of late 2025, based on their recent financial reporting structure. The business operates primarily through two segments: Food and Protective.

The Food segment, which includes fresh protein and food processors, remains the largest revenue driver, representing approximately two-thirds of total revenue.

Customer Focus Area	Q3 2025 Net Sales (USD millions)	Year-over-Year Sales Change	Segment Adjusted EBITDA Margin
Food Segment (Fresh Protein, Food Processors, Fluids & Liquids)	910	1% increase	23.6%
Protective Segment (E-commerce, Industrial, Medical)	442	1% decrease	17.7%

The Protective segment serves several distinct customer groups, with volume stabilization noted in Q3 2025, including an inflection to volume growth in the industrial portfolio.

• E-commerce retailers and logistics/fulfillment operations are served by the Protective segment, which posted net sales of $442 million in Q3 2025.
• Industrial manufacturers requiring protective packaging saw their portfolio inflect to volume growth in Q3 2025.
• Medical and life science companies utilize specialty packaging solutions from the Protective segment.
• The company delivered solutions to customers in 117 countries/territories as of 2024.

The Food segment's resilience is evident, with Q3 2025 sales of $910 million, showing a 1% increase, while the Protective segment's Q3 2025 sales were $442 million, down 1%. Retailers and grocers utilizing case ready solutions fall under the Food segment, which achieved an Adjusted EBITDA margin of 23.6% in the third quarter.

For context on the overall scale serving these segments:

• Sealed Air Corporation Q3 2025 Total Net Sales: $1.35 billion.
• Sealed Air Corporation Full Year 2024 Total Sales: $5.39 billion.
• Sealed Air Corporation 2025 Full Year Net Sales Outlook Mid-point: $5.3 billion.

Finance: draft 13-week cash view by Friday.

Sealed Air Corporation (SEE) - Canvas Business Model: Cost Structure

When you look at the cost side of Sealed Air Corporation (SEE), you see a heavy reliance on managing input costs and servicing a significant financial obligation. It's a structure where operational efficiency directly impacts the bottom line, especially given the volatility in material prices.

Servicing the debt load is a major fixed cost component you have to account for. As of September 30, 2025, Sealed Air Corporation reported its Net Debt, which is total debt minus cash and cash equivalents, stood at $3.9 billion. This level of leverage means interest expense is a persistent, non-trivial cost in the structure, even as the company works to lower its net leverage ratio, which was 3.5x as of Q3 2025.

Capital deployment for maintaining and improving the asset base is also a key outlay. For the first nine months of 2025, capital expenditures totaled $134 million. Looking at the full-year plan, management suggested a Free Cash Flow target of approximately $400 million for 2025, with an allocation of 30% directed toward capital expenditures. Here's the quick math: that suggests a full-year planned CapEx around $120 million, which the company noted was expected to come in lower than original expectations. What this estimate hides is the split between maintenance versus growth CapEx, though 75% of the planned CapEx is earmarked to support productivity improvements and maintenance.

The cost of raw materials, mainly polymers and resins, remains a primary variable cost. While you don't see a specific dollar figure for raw material spend, the commentary points to a favorable shift, noting 'deflationary raw materials driven by the global trade impacts' as a factor influencing expectations in the second half of 2025. This suggests that managing procurement against these commodity cycles is a constant focus to keep the cost of goods sold in check.

Manufacturing and labor costs are being aggressively managed through internal programs. The success in margin expansion, with the overall Adjusted EBITDA margin reaching 21.3% in Q3 2025, is directly attributed to controlling these operational expenses. The company is seeing tangible results from its productivity initiatives, which helped drive Adjusted EBITDA up 4% year-over-year in Q3 2025, despite unfavorable net price realization of $21 million for the quarter. For instance, the Protective segment's Adjusted EBITDA margin improved 80 basis points year-over-year to 17.7%, largely due to productivity gains offsetting lower volume.

Investment in the future cost structure, particularly around sustainability, is an ongoing effort, though specific R&D spending figures for sustainable materials aren't explicitly broken out in the latest reports. The focus on transformation initiatives across the business is the mechanism for driving these future cost efficiencies.

Here are the key financial metrics that define the cost structure as of late 2025:

• Net Debt as of September 30, 2025: $3.9 billion.
• Capital Expenditures for first nine months of 2025: $134 million.
• Projected Full-Year 2025 Capital Expenditures (based on 30% of $400M FCF target): approximately $120 million.
• Q3 2025 Adjusted EBITDA Margin: 21.3%.
• Productivity savings partially offset unfavorable net price realization of $21 million in Q3 2025.

You can see the cost control efforts reflected in the segment performance:

Cost/Metric Driver	Food Segment (Q3 2025)	Protective Segment (Q3 2025)
Net Sales	$910 million	$442 million
Adjusted EBITDA	$215 million	$78 million
Adjusted EBITDA Margin	23.6%	17.7%

The Food segment shows a higher margin profile at 23.6%, compared to the Protective segment at 17.7%, indicating different cost bases or pricing power between the two main cost centers.

Finance: draft 13-week cash view by Friday.

Sealed Air Corporation (SEE) - Canvas Business Model: Revenue Streams

You're looking at how Sealed Air Corporation (SEE) brings in its money, which is a mix of selling things you use up and selling the machines that use them. Honestly, it's a classic industrial model: keep the customer buying the supplies while also selling the capital investment.

The core of the revenue comes from two main buckets, which align with their reported segments: the Food segment, which is heavily reliant on selling consumable packaging materials like films and bags, and the Protective segment, which sells both materials and the associated equipment.

Here's how the revenue streams break down based on their latest full-year targets for 2025:

• Sales of consumable packaging materials (e.g., films, foams, bags)
• Sales and leasing of automated packaging equipment and systems
• Service, maintenance, and parts revenue from installed equipment base

To give you a concrete idea of the scale, Sealed Air Corporation tightened its full-year 2025 Net Sales guidance to a range between $5.275 billion and $5.325 billion. That's the top line we are working with for the year. Plus, the profitability expectation, measured by Adjusted EBITDA, was raised, projecting between $1.12 billion and $1.14 billion for 2025. That's a solid improvement on the midpoint from earlier in the year.

We can see the current revenue mix by looking at the Q3 2025 segment performance, which helps map to your requested streams. The Food segment, which is the primary driver of consumables, posted net sales of $910 million for the third quarter. The Protective segment, which houses more of the equipment sales and related services, brought in $442 million for the same period. So, for that quarter, the total revenue was $1.35 billion.

Here's a quick look at the key financial targets for the full year 2025, which grounds the revenue stream expectations:

Metric	Lower End of Guidance	Upper End of Guidance
Full-Year 2025 Net Sales	$5.275 billion	$5.325 billion
Full-Year 2025 Adjusted EBITDA	$1.12 billion	$1.14 billion

The recurring revenue from service, maintenance, and parts is critical, even if it's bundled within the segment reporting. This stream is supported by the installed base of automated packaging equipment. The company is actively working to stabilize the Protective segment, which is where a lot of that capital equipment revenue resides, noting that material volumes grew year-over-year for the first time since 2021. That stabilization helps ensure continued service contracts and parts demand.

To be defintely clear on the drivers for the consumables side, the Food segment showed resilience, with Q3 2025 net sales up 1% as reported, driven by pricing and a shift in focus toward retail and foodservice end markets as industrial volumes faced pressure from beef production declines. That's where the steady, high-margin consumable sales are found.

Finance: draft the Q4 2025 revenue forecast based on the Q3 run rate by Monday.