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EARNINGS PER SHARE | 6 Months Ended
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Mar. 31, 2026
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The Company has two classes of common stock and, as such, applies the “two-class method” of computing earnings per share (“EPS”) as prescribed in ASC 260, “Earnings Per Share.” In accordance with this guidance, earnings are allocated in the same fashion as dividends would be distributed. Under the Company’s certificate of incorporation, any distribution of dividends in any year must be made in proportion of one cent a share for Class A Common Stock to one and one-half cents a share for Class B Common Stock, which results in a 40% to 60% split to Class A and B shareholders, respectively. In accordance with this, earnings are allocated first to Class A and Class B Common Stock to the extent that dividends are actually paid and the remainder is allocated assuming all of the earnings for the period have been distributed in the form of dividends. The Company calculates EPS as follows:
Basic Class A EPS | = | 40% * Average Class A Shares Outstanding | * | Undistributed Net Income | + | Class A Dividends Per Share
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding | Average Class A Shares Outstanding
Diluted Class A EPS | = | 40% * Average Class A Shares Outstanding | * | Undistributed Net Income | + | Class A Dividends Per Share
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding | Average Diluted Class A Shares Outstanding
Basic Class B EPS | = | 60% * Average Class B Shares Outstanding | * | Undistributed Net Income | + | Class B Dividends Per Share
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding | Average Class B Shares Outstanding
*Diluted Class B EPS calculation is identical to Basic Class B calculation The following table provides EPS information for each period, respectively:
| Three Months Ended March 31, |  | Six Months Ended March 31,
(in millions) | 2026 |  | 2025 |  | 2026 |  | 2025
Numerator for basic and diluted EPS |  |  |  |  |  |  |
Net income from continuing operations attributable to Greif, Inc. | $ | 12.6 |  |  | $ | 18.6 |  |  | $ | 189.2 |  |  | $ | 25.2 |
Net income (loss) from discontinued operations attributable to Greif, Inc. | — |  |  | 21.3 |  |  | (2.0) |  |  | 36.7 |
Net income attributable to Greif, Inc. | 12.6 |  |  | 39.9 |  |  | 187.2 |  |  | 61.9 |
Dividends declared | (31.9) |  |  | (31.4) |  |  | (63.6) |  |  | (62.4) |
Undistributed earnings attributable to Greif, Inc. | $ | (19.3) |  |  | $ | 8.5 |  |  | $ | 123.6 |  |  | $ | (0.5) |
The Class A Common Stock has no voting rights unless four quarterly cumulative dividends upon the Class A Common Stock are in arrears. The Class B Common Stock has full voting rights. There is no cumulative voting for the election of directors. Common Stock Repurchases In 2017, the Board of Directors authorized the Company to repurchase up to 4,000,000 shares of the Company’s Class A Common Stock or Class B Common Stock, or any combination of the foregoing (the “2017 Authorization”). In the first quarter of 2026, the Company entered into two agreements for open market repurchases. One agreement provides for the repurchase of shares of Class A Common Stock up to an aggregate amount not to exceed $120.0 million in total repurchases, and the other agreement provides for the repurchase of shares of Class B Common Stock up to an aggregate amount not to exceed $30.0 million in total repurchases. For the six months ended March 31, 2026, 1,813,600 shares of Class A Common Stock and 339,729 of Class B Common Stock have been repurchased under the 2017 Authorization. As of March 31, 2026, the remaining number of shares that could be repurchased under the 2017 Authorization was 351,507 shares. Subsequent to the quarter, during April 2026, the Company purchased $2.8 million of shares of Class B Common Stock, or 31,720 shares, which completed the two open market repurchase agreements. On December 9, 2025, the Board of Directors authorized the Company to repurchase shares of Class A Common Stock or Class B Common Stock, or any combination of the foregoing, up to an aggregate amount not to exceed $300.0 million in total purchases (the “2025 Authorization”). Repurchases of shares of Class A Common Stock or Class B Common Stock under the 2025 Authorization will not begin until after the completion of the repurchase of shares of Class A Common Stock or Class B Common Stock, as the case may be, under the 2017 Authorization. The following table summarizes the shares of the Company’s Class A and Class B Common Stock as of the specified dates:
| Authorized Shares |  | Issued Shares |  | Outstanding Shares |  | Treasury Shares
March 31, 2026 |  |  |  |  |  |  |
Class A Common Stock | 128,000,000 |  |  | 42,281,920 |  |  | 24,776,629 |  |  | 17,505,291 |
Class B Common Stock | 69,120,000 |  |  | 34,560,000 |  |  | 21,391,398 |  |  | 13,168,602 |
September 30, 2025 |  |  |  |  |  |  |
Class A Common Stock | 128,000,000 |  |  | 42,281,920 |  |  | 26,169,944 |  |  | 16,111,976 |
Class B Common Stock | 69,120,000 |  |  | 34,560,000 |  |  | 21,331,127 |  |  | 13,228,873 |
The following is a reconciliation of the shares used to calculate basic and diluted earnings per share:
| Three Months Ended March 31, |  | Six Months Ended March 31,
| 2026 |  | 2025 |  | 2026 |  | 2025
Class A Common Stock: |  |  |  |  |  |  |
Basic shares | 24,723,479 |  |  | 26,078,625 |  |  | 25,211,171 |  |  | 25,964,448 |
Assumed conversion of restricted shares | — |  |  | — |  |  | 406,281 |  |  | — |
Diluted shares | 24,723,479 |  |  | 26,078,625 |  |  | 25,617,452 |  |  | 25,964,448 |
Class B Common Stock: |  |  |  |  |  |  |
Basic and diluted shares | 21,485,063 |  |  | 21,331,127 |  |  | 21,400,064 |  |  | 21,331,127 |

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