What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-04 compared with 2025-02-05 · 43 added, 36 removed, 145 unchanged (35% of the section changed)

15 unchanged sentences

Our mix of branded and store brand products is a key competitive advantage that aligns our goal of growing the overall product categories where we have offerings.

Our retail partners also measure their success in category growth, which positions us as a trusted strategic partner.

Our retail partners also generally measure their success in category growth, which positions us as a trusted strategic partner.

Our products are typically used in the homes of consumers among all demographics on a frequent basis and meet the convenience-oriented preferences of consumers across a broad range of household activities.

12 unchanged sentences

Aluminum foil (U.S.)

Aluminum foil (Canada)

Parchment paper

1 unchanged sentence

Freezer paper

Aluminum foil (Canada)

_____________________________________

4 unchanged sentences

Through our Reynolds Cooking & Baking segment, we sell both branded and store brand aluminum foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, butcher paper, plastic wrap, baking cups, oven bags and slow cooker liners.

Our branded products are sold under the Reynolds Wrap, Reynolds KITCHENS and EZ Foil brands in the United States and selected international markets, under the ALCAN brand in Canada and under the Diamond brand outside of North America.

Our branded products are sold under the Reynolds Wrap, Reynolds Kitchens and EZ Foil brands in the United States and select international markets, under the ALCAN brand in Canada and under the Diamond brand outside of North America.

With our flagship Reynolds Wrap products, we hold the #1 market position in the U.S.

7 unchanged sentences

Hefty is a well-recognized leader in the trash bag and food storage bag categories and our private label products offer value to our retail partners.

Our branded products are sold under the Hefty Ultra Strong and Hefty Strong brands for trash bags, and as the Hefty and Baggies brands for our food storage bags.

Our branded products are sold under the Hefty Ultra Strong and Hefty Strong brands for trash bags in the U.S.

and select international markets, and as the Hefty brand for our food storage bags in the U.S.

Our food storage bags are sold internationally as Reynolds, Diamond, or Hefty Basics brands based on the region.

Hefty has 98% brand awareness and is most commonly identified with the Brand’s famous “Hefty!

1 unchanged sentence

We have the #1 branded market share in the U.S.

large black trash bag segment, and the #2 branded market share in the slider bag and tall kitchen trash bag segments.

Our robust product portfolio in this segment includes a full suite of products, including sustainable solutions such as blue and clear recycling bags, compostable bags, bags made from recycled materials and orange bags through the Hefty ReNew Program.

large black trash bag segment, and the #2 branded market share in the food storage bag and tall kitchen trash bag segments.

Our robust product portfolio includes a full suite of products, including sustainable solutions such as compostable bags and bags made from recycled materials.

• Hefty Tableware :

4 unchanged sentences

We sell across a broad range of materials and price points in all retail channels, allowing our consumers to select the product that best suits their price, function and aesthetic needs.

These materials include sustainable solutions, such as Hefty ECOSAVE and Hefty Compostable Printed Paper Plates.

In 2024, we increased the post-consumer recycled content in some of our cups and we added compostable party cups to our assortment.

In 2025, we launched the line of Hefty ECOSAVE Cutlery, a high quality compostable offering.

• Presto Products :

Through our Presto Products segment, we primarily sell store brand products in four main categories:

food storage bags, trash bags, reusable storage containers and plastic wrap.

Through our Presto Products segment, we primarily sell store brand products in three main consumer categories:

food storage bags, trash bags, and plastic wrap.

Presto Products is a market leader in food storage bags and differentiates itself by providing access to category management, consumer insights, marketing, merchandising and research and development (“R&D”) resources.

2 unchanged sentences

Our Presto Products segment also includes our specialty business, which serves other consumer products companies by providing Fresh-Lock and Slide-Rite resealable closure systems.

Our portfolio consists of three main product groups:

waste and storage products, cooking products and tableware.

Our portfolio consists of four main product groups:

cooking products, waste products, tableware products and storage products.

Our consolidated net revenues by product line for fiscal years 2025, 2024 and 2023 were as follows:

1 unchanged sentence

(in millions) 2025 2024 2023

Waste and storage (1)

$ 1,555 $ 1,535 $ 1,550

Cooking products $ 1,259 $ 1,206 $ 1,237

Tableware 918 967 1,000

Waste products (1)

Tableware products 850 936 984

Storage products (1)

Unallocated (5) (3) 6

4 unchanged sentences

We generally sell our branded products pursuant to informal trading policies and our store brand products under one year or multi-year agreements.

Walmart accounted for 31%, 30% and 30% and Sam’s Club accounted for 17%, 18% and 18% of our total net revenue in fiscal years 2024, 2023 and 2022, respectively.

Walmart and Sam’s Club are affiliated entities.

Sales to Walmart are concentrated more heavily in our Hefty Waste & Storage segment, and sales to Sam’s Club are concentrated more heavily in our Hefty Tableware segment.

Three customers each accounted for sales greater than 10% of our total net revenue for fiscal year 2025.

Customers A, B and C accounted for 31%, 17% and 11%, respectively, of our total net revenue in fiscal year 2025.

Customer A and Customer B are affiliated entities.

Sales to Customer A are concentrated more heavily in our Hefty Waste & Storage segment, and sales to Customer B are concentrated more heavily in our Hefty Tableware segment.

Sales to Customer C are in our Reynolds Cooking & Baking, Hefty Tableware and Presto Products segments.

During fiscal year 2025, sales in North America and the United States represented 99% and 98% of our total sales, respectively.

2 unchanged sentences

We believe that our dedicated sales representatives, category management teams and our participation in both branded and store brand products create a significant competitive advantage.

We have a direct sales force organized by customer type, including national accounts, regional accounts and eCommerce.

We have a direct sales force organized by channel, including mass merchants, warehouse clubs, grocery stores/all other and eCommerce retailers.

Our sales force is responsible for sales across each of our segments and our portfolio of branded and store brand products.

We complement our internal sales platform by selectively utilizing third-party brokers for certain products and customers.

In addition to sales professionals, each of our top 20 customers has a dedicated customer support team, including category management, production planning and transportation teams, as well as customer service representatives.

We utilize two routes of distribution to deliver our products to our customers.

In addition to sales professionals, each of our top customers has a dedicated customer support team, including category management, production planning, demand planning and transportation planning teams, as well as dedicated customer service representatives.

We utilize two routes of distribution to deliver our products to our customers in cases where customer pickup is not their preferred choice.

In many cases, we ship directly from our manufacturing plants to the customer’s distribution center.

Given the breadth of our product offerings, we are also able to optimize truckloads and reduce inventory for our retail partners by shipping trucks from mixing centers filled with SKUs across all of our product categories.

Given the breadth of our product offerings, we are also able to optimize truckloads and reduce inventory for our retail partners by shipping trucks from our mixing centers filled with SKUs across all of our product categories.

household consumer products market is mature and highly competitive.

28 unchanged sentences

Our objectives related to an engaged team include successfully identifying, recruiting, onboarding, retaining and incentivizing both new and existing employees.

Our talent management and succession planning process includes the identification of primary succession roles based on current and future business strategies, the identification of potential successors, a list of action items and a plan for talent development.

As of December 31, 2025, we employed approximately 6,000 people, most of whom are located in our U.S.

1 unchanged sentence

Approximately 23% of our employees are covered by collective bargaining agreements.

We have not experienced any significant union-related work stoppages over the last ten years.

We believe our relationships with our employees and labor unions are satisfactory.

Environmental, Health & Safety:

1 unchanged sentence

We are firm in our policy that we will not compromise employee health and safety or the environment for profit or production.

We are passionate about health and safety and pride ourselves on our strategy of prevention through proactive risk elimination and reduction.

Our cross-functional leaders and team members work collaboratively to identify risks and to develop and implement control measures leveraging engineering solutions and new technology for mitigation.

We are passionate about health and safety and pride ourselves on our strategy of prevention through proactive hazard identification and risk mitigation.

Our cross-functional leaders and team members work collaboratively to identify hazards and to develop and implement control measures leveraging engineering solutions and new technology designed for risk elimination and reduction.

Our safety performance continues to outperform the industry’s average safety performance by a significant margin, and we continue to progress toward our goal of zero incidents through increasing awareness of opportunities for improvement and implementing effective solutions to reduce risks associated with contact with equipment, slips, trips, and falls, as well as ergonomic hazards.

5 unchanged sentences

We are committed to communicating our goals, offering training and development opportunities and integrating an inclusive approach to talent management into our overall business strategy.

We will continue to promote a culture that values inclusion and belonging and sees unique experiences and viewpoints as growing our understanding of how we can work better together.

We will continue to promote a culture that values our unique experiences and viewpoints as growing our understanding of how we can work better together.

We will continue our efforts to build and retain a robust workforce that welcomes talent and capability to strengthen all aspects of our business.

Talent Acquisition:

We are committed to a workplace environment in which individual differences are recognized, respected and appreciated.

We provide job opportunities for individual growth in our exciting, dynamic and fast-paced manufacturing plants and offices.

Our management and Talent Acquisition teams use data from workforce planning and recruiting.

In 2024, we updated our applicant tracking system to better enable us to source and recruit talent in today’s challenging labor market, assist in a great candidate experience and provide a welcoming new-hire onboarding.

To support our plants, we have also created a comprehensive hourly employee recruiting strategy for a consistent and efficient approach to identifying and onboarding diverse talent.

Making Reynolds Consumer Products a great place to work is always at the forefront through our focus on continuously improving our recruitment processes and engaging our employees by providing a great candidate and welcoming new-hire experience.

To support our plants, we have also created a comprehensive hourly employee recruiting strategy for a consistent and efficient approach to identifying and onboarding talent.

We strongly believe in providing opportunities for individual growth and advancement in our exciting, dynamic and fast-paced manufacturing plants and offices.

We are committed to continuing to build robust talent processes in the areas of workforce and succession planning, and a performance driven culture where people are recognized and rewarded for their contributions.

In 2025, we implemented a people analytics platform connecting all of our human resources information systems to drive and enhance our data-driven decision-making capability.

As many of our products are used in food packaging, our business is subject to regulations governing products that may contact food in all the countries in which we have operations.

5 unchanged sentences

Many of our manufacturing facilities require environmental permits, such as those limiting air emissions.

In addition, a number of governmental authorities, at the federal, state and local level in the United States and abroad, have implemented, considered, or are expected to consider, legislation aimed at reducing the amount of plastic waste, regulating product content and regulating environmental claims.

Our business is subject to regulations that govern matters such as post-consumer recycled content, extended producer responsibility, compostability and recyclability claims, and use of Per- and Polyfluorinated Substances (“PFAS”).

We have implemented compliance programs and procedures designed to achieve compliance with applicable laws and regulations.

In addition, increased scrutiny of the environmental impact of single-use plastic products, particularly expanded polystyrene (foam), has led to new regulations and bans or restrictions on their sale in some jurisdictions.

These regulations often focus on food ware items and could limit the products and materials we can sell in certain markets.

Governmental authorities in the United States and abroad continue to adopt or propose legislation governing packaging and “packaging-like products.” These laws such as Extended Producer Responsibility (“EPR”) laws, post-consumer recycled (“PCR”) content laws and product labeling laws such as California SB 343, are intended to promote a circular economy, reduce plastic waste, mandate the use of recycled materials, regulate environmental marketing claims and prohibit certain substances in packaging and packaging-like products.

EPR laws, enacted in several U.S.

states and most Canadian provinces, aim to transfer the financial responsibility for disposing of packaging and, in several instances, packaging-like products, such as storage items, to the producers.

These laws require producers to submit reports on packaging and packaging-like product supply, pay fees based on prior-year supply data and comply with state-specific policies to meet recyclability, compostability or reusability criteria.

The lack of a uniform regulatory framework across the United States has created a complex and fragmented compliance environment.

This variability adds complexity to our national marketing, product development and sales strategies.

We have implemented compliance programs and procedures designed to ensure adherence with applicable laws and regulations.

Moreover, as environmental issues, such as climate change, have become more prevalent, governments have responded, and are expected to continue to respond, with increased legislation and regulation, which could negatively affect us.

13 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business