Sonoco Reports Third Quarter 2025 Results

HARTSVILLE, S.C., Oct. 22, 2025 (GLOBE NEWSWIRE) -- Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), a global leader in high-value sustainable packaging, today reported financial results for the third quarter ended September 28, 2025.

Summary:

• Entered into an agreement on September 7, 2025, to sell Sonoco’s ThermoSafe business unit, which is one of the leading providers of temperature-assured packaging, to Arsenal Capital Partners for a total purchase price of up to $725 million, with net proceeds expected to be used to repay existing debt

• Grew third quarter net sales to $2.1 billion, up 57.3% from the prior-year quarter, primarily from acquisitions

• Reported third quarter GAAP net income attributable to Sonoco of $122.9 million, up from $50.9 million in the same period in 2024, and diluted earnings per share (“EPS”) attributable to Sonoco of $1.23

• Improved quarterly adjusted net income attributable to Sonoco by 29.3% year over year to $191.2 million, and reported adjusted diluted earnings per share of $1.92

• Achieved third quarter adjusted EBITDA of $386 million, up 37.3% from the prior-year quarter

• Generated $292 million and $277 million of operating cash flow in the third quarter and year-to-date, respectively

• Adjusted full-year adjusted diluted EPS guidance to between $5.65 and $5.75 from previous guidance of approximately $6.00. Full-year adjusted EBITDA is expected to be between $1.30 billion and $1.35 billion, substantially in line with previous guidance of $1.30 billion and $1.40 billion. Cash flows from operating activities are expected to be between $700 million to $750 million from previous guidance of approximately $800 million.
  
  

*Note: References in today’s news release to consolidated “net sales,” “operating profit,” and “adjusted operating profit,” and Consumer Packaging “segment operating profit” and “segment adjusted EBITDA,” along with the corresponding year-over-year comparable results, do not include results of the Company’s Thermoformed and Flexibles Packaging and global Trident businesses (“TFP”), which was sold in April 2025 and is being accounted for as discontinued operations in periods prior to the sale.

• Third quarter net sales of $2.1 billion reflect an increase of 57.3% compared to the corresponding prior-year quarter, driven by sales added from our Metal Packaging Europe, Middle East and Africa (“EMEA”) business following the December 4, 2024 acquisition of Titan Holdings I B.V. (“Eviosys”). Additionally, sales benefited from price increases implemented to offset the effects of inflation and tariffs and from the favorable impact of foreign exchange rates.
  
  

• GAAP operating profit for the third quarter increased to $195 million due to operating profit from our Metal Packaging EMEA business following the acquisition of Eviosys, a positive price/cost environment, solid productivity from certain procurement savings, production efficiencies, and fixed cost reduction initiatives, and the absence of losses on the sale of two production facilities in China. These positive factors were partially offset by a negative product mix in certain businesses and higher restructuring costs.
  
  

• Effective tax rates on GAAP income from continuing operations before income taxes and adjusted income from continuing operations before income taxes, were 6.0% and 22.9%, respectively, in the third quarter, compared to 35.2% and 21.1%, respectively, in the same period in 2024.
  
  

“I’m incredibly proud of our team’s strong operating performance in the third quarter as we achieved record top-line and bottom-line performance along with margin expansion despite challenging market conditions and higher than expected interest costs, said Howard Coker, President and Chief Executive Officer. “Our Consumer Packaging segment sales and operating profit each grew 117% and adjusted EBITDA increased by 112%. Most of the improvement came from the addition of Metal Packaging EMEA and improved results from our Metal Packaging U.S. business. Our Industrial Paper Packaging segment improved operating profit by 28%, adjusted EBITDA by 21%, operating profit margin by approximately 336 basis points and adjusted EBITDA margin by approximately 359 basis points driven by year-over-year improvement in price/cost and productivity.”

“In addition, we believe the recently announced sale of our ThermoSafe unit will substantially complete Sonoco’s transformation from a large portfolio of diversified businesses into a simplified structure with two core global business segments — Consumer Packaging and Industrial Paper Packaging. Proceeds from the sale, which is expected to close before year-end, are projected to further reduce Sonoco’s net leverage ratio.”

Paul Joachimczyk, Sonoco’s Chief Financial Officer, added, “We generated $292 million in operating cash flow in the quarter which was up 80% over the prior year period due to solid improvement in working capital. We expect further strong cash flow generation in the fourth quarter as the seasonal build of working capital reverses.”

Third Quarter 2025 Segment Results
(Dollars in millions except per share data)

Sonoco reports its financial results in two reportable segments: Consumer Packaging (“Consumer”) and Industrial Paper Packaging (“Industrial”), with all remaining businesses reported as All Other.

• Consumer segment net sales grew 117%, driven by sales attributable to Metal Packaging EMEA following the acquisition of Eviosys, price increases implemented to offset the effects of inflation and tariffs, and the favorable impact of foreign exchange rates. These increases were partially offset by softer volumes in the rigid paper and U.S. metal packaging businesses.

• Segment operating profit and segment adjusted EBITDA grew primarily as a result of profits from Metal Packaging EMEA and a strong price/cost environment in our U.S. metal packaging business.
  
  

• Industrial segment net sales remained flat at $585 million as volume declines across the segment and the loss of net sales related to the 2024 divestiture of two production facilities in China offset year-over-year price increases.

• Segment operating profit margin increased to 15% and adjusted EBITDA margin increased to 21% due to price recovery and productivity from certain procurement savings, production efficiencies, and fixed cost reduction initiatives, which were only partially offset by lower volume/mix.
  
  

• Net sales were relatively flat as volume gains in temperature-assured packaging were essentially offset by lower volume from industrial plastics.

• Operating profit and adjusted EBITDA improved 5% and 2%, respectively, year over year as solid productivity from certain procurement savings, production efficiencies, and fixed cost reduction initiatives offset lower volumes from industrial plastics and negative price/cost.

¹Excludes results of discontinued operations.
²Segment and All Other adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. See the Company’s reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures later in this release.

Balance Sheet and Cash Flow Highlights

• Cash and cash equivalents, including discontinued operations, were $245 million as of September 28, 2025, compared to $443 million as of December 31, 2024, with the decrease primarily related to changes in net working capital and net debt reduction.

• Total debt, including discontinued operations, and net debt were $5.2 billion and $4.9 billion, respectively, as of September 28, 2025, reflecting decreases of $1.9 billion and $1.7 billion, respectively, compared to December 31, 2024, primarily related to the repayment of the outstanding $1.5 billion principal amount of borrowings under the Company’s 364-day term loan facility in 2025 using proceeds from the sale of TFP.

• On September 28, 2025, the Company had available liquidity of $1,405 million, comprising available borrowing capacity under its revolving credit facility of $1,160 million and cash on hand.

• Cash flow from operating activities for the nine months ended September 28, 2025 was an inflow of $277 million, compared to an inflow of $438 million in the same period of 2024. The main driver of the year-over-year change in operating cash flow was the increased seasonal need for working capital during the year related to Metal Packaging EMEA. This working capital build is expected to reverse during the fourth quarter.

• Capital expenditures, net of proceeds from sales of fixed assets, for the first nine months of 2025 were $248 million, compared to $267 million for the same period last year.

• Free Cash Flow for the first nine months of 2025 was $29 million compared to $171 million for the same period of 2024. Free Cash Flow is a non-GAAP financial measure. See the Company’s definition of Free Cash Flow, the explanation as to why it is used, and the reconciliation to net cash provided by operating activities later in this release.

• Dividends paid during the nine months ended September 28, 2025 increased to $156 million compared to $152 million in the same period of the prior year.
  
  

Guidance⁽¹⁾

Full-Year 2025

• Adjusted EPS⁽²⁾ : Adjusted to $5.65 to $5.75 per diluted share from previous guidance of approximately $6.00

• Adjusted EBITDA⁽²⁾: $1,300 million to $1,350 million, substantially in line with previous guidance

• Cash flow from operating activities: Adjusted to $700 million to $750 million from previous guidance of $800 million
  
  

Commenting on the Company’s outlook, Sonoco’s Joachimczyk said, “We are adjusting full-year earnings guidance in anticipation of continuing volume weakness in the fourth quarter especially from our Metal Packaging and Industrial EMEA businesses due to continuing difficult macroeconomic conditions. To address these shortfalls, we are implementing targeted restructuring activities for operations and supporting functions to enable our businesses to better leverage our market capabilities and generate strong cash flow.”

Coker concluded, “Looking ahead at the remainder of the year, our top priorities are to continue building momentum for growth and improving our competitive position by further reducing our cost structure. We believe both our Consumer and Industrial businesses have solid growth funnels with new product and market launches planned in 2026 and beyond. While we are disappointed that our projected 2025 results fall below our previous expectations, we believe Sonoco is in the best position in our history and we are excited about the market opportunity ahead of us to create long-term shareholder value with our focused, operating vision.”

⁽¹⁾Sonoco’s 2025 guidance includes actual first quarter results from the TFP business. Guidance excludes any impact from the planned divestiture of ThermoSafe in the fourth quarter. Although the Company believes the assumptions reflected in the range of guidance are reasonable, given the uncertainty regarding the future performance of the overall economy, the effects of tariffs, trade policy and inflation, the challenges in global supply chains, potential changes in raw material prices, other costs, and the Company’s effective tax rate, as well as other risks and uncertainties, including those described below, actual results could vary substantially. Further information can be found in the section entitled “Forward-looking Statements” in this release.

⁽²⁾ Full year 2025 GAAP guidance is not provided in this release due to the likely occurrence of one or more of the following, the timing and magnitude of which we are unable to reliably forecast without unreasonable efforts: restructuring costs and restructuring-related impairment charges, acquisition/divestiture-related costs, gains or losses from the sale of businesses and the income tax effects of these items and/or other income tax-related events. These items could have a significant impact on the Company’s future GAAP financial results. Accordingly, quantitative reconciliations of Adjusted EPS and Adjusted EBITDA guidance and net debt/Adjusted EBITDA targets to the nearest comparable GAAP measures have been omitted in reliance on the exception provided by Item 10 of Regulation S-K.

Investor Conference Call Webcast
The Company will host a conference call to discuss the third quarter 2025 results. A live audio webcast of the call along with supporting materials will be available on the Sonoco Investor Relations website at https://investor.sonoco.com/. A webcast replay will be available on the Company’s website for at least 30 days following the call.

Contact Information:
Roger Schrum
Head of Investor Relations and Communications
roger.schrum@sonoco.com 
843-339-6018

About Sonoco
Sonoco (NYSE: SON) is a global leader in high-value sustainable metal and fiber consumer and industrial packaging. The Company is a multi-billion-dollar enterprise with approximately 23,400 employees working in 285 operations in 40 countries, serving some of the world’s best-known brands. Guided by our purpose of Better Packaging. Better Life., we strive to foster a culture of innovation, collaboration and excellence to provide solutions that better serve all our stakeholders and support a more sustainable future. Sonoco was proudly named one of America’s Most Trustworthy and Responsible Companies by Newsweek in 2025. For more information on the Company, visit our website at www.sonoco.com.

Forward-looking Statements
Statements included herein that are not historical in nature, are intended to be, and are hereby identified as “forward-looking statements” for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. In addition, the Company and its representatives may from time to time make other oral or written statements that are also “forward-looking statements.” Words such as “achieve,” “anticipate,” “assume,” “believe,” “can,” “consider,” “commit,” “continue,” “could,” “develop,” “estimate,” “expect,” “forecast,” “focus,” “future,” “goal,” “guidance,” “intend,” “is designed to,” “likely,” “maintain,” “may,” “might,” “objective,” “ongoing,” “opportunity,” “outlook,” “persist,” “plan,” “position,” “possible,” “potential,” “predict,” “project,” “remain,” “seek,” “should,” “strategy,” “target,” “will,” “would,” or the negative thereof, and similar expressions identify forward-looking statements.

Forward-looking statements in this communication include statements regarding, but not limited to: the Company’s future operating and financial performance, including full year 2025 outlook and the anticipated drivers thereof, capital spending in 2025, and cash flow in the fourth quarter of 2025; the pending divestiture of the Company’s ThermoSafe business unit, including the amount of proceeds and the timing thereof; the use of divestiture proceeds to repay debt, and the projected impact thereof on the Company’s net leverage; expectations regarding the need for working capital; the Company’s ability to improve its competitive position and manage costs, including with respect to restructuring of operations and supporting functions; expected growth from planned new product and market launches in 2026 and beyond; opportunities for streamlining the Company’s manufacturing operations to better support its customers; price/cost, customer demand and volume outlook; the effectiveness of and expected benefits from the Company’s strategy and strategic initiatives, including with respect to portfolio simplification and capital allocation priorities; the effects of the changing macroeconomic environment, including trade policies and tariffs, market conditions and interest costs on the Company, its supply chain and its customers, and the Company’s ability to manage risks related thereto; and the Company’s ability to generate long-term shareholder value and return capital to shareholders.

Such forward-looking statements are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management. Such information includes, without limitation, discussions as to guidance and other estimates, perceived opportunities, expectations, beliefs, plans, strategies, goals and objectives concerning our future financial and operating performance. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.

Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements.

Such risks, uncertainties and assumptions include, without limitation, those related to: the Company’s ability to execute on its strategy, including with respect to the integration of the Eviosys operations, divestitures, including the pending divestiture of the Company’s ThermoSafe business unit, cost management, productivity improvements, restructuring and capital expenditures, and achieve the benefits it expects therefrom; conditions in the credit markets; the ability to retain key employees and successfully integrate Eviosys; the ability to realize estimated cost savings, synergies or other anticipated benefits of the Eviosys acquisition, or that such benefits may take longer to realize than expected; diversion of management’s attention; the potential impact of the consummation of the Eviosys acquisition on relationships with clients and other third parties; the operation of new manufacturing capabilities; the Company’s ability to achieve anticipated cost and energy savings; the availability, transportation and pricing of raw materials, energy and transportation, including the impact of changes in tariff or other trade policies or sanctions and escalating trade wars, and the impact of war, general regional instability and other geopolitical tensions (such as the ongoing conflict between Russia and Ukraine, as well as the economic sanctions related thereto, and uncertainty in the Middle East), and the Company’s ability to continue to pass raw material, energy and transportation price increases and surcharges through to customers or otherwise manage these commodity pricing risks; the costs of labor; the effects of inflation, changes related to tariffs or other trade policies and global regulations, as well as the overall uncertainty surrounding international trade relations; fluctuations in consumer demand, volume softness, and other macroeconomic factors on the Company and the industries in which it operates and that it serves; the impact of changing laws and regulations, including the One Big Beautiful Bill Act in the United States, on the Company; the Company’s ability to meet its environmental, sustainability and similar goals and other social and governance goals, including challenges in implementation thereof; and the other risks, uncertainties and assumptions discussed in the Company’s filings with the Securities and Exchange Commission, including its most recent reports on Forms 10-K and 10-Q, particularly under the heading “Risk Factors.” The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur.

References to our Website Address

References to our website address and domain names throughout this release are for informational purposes only, or to fulfill specific disclosure requirements of the Securities and Exchange Commission’s rules or the New York Stock Exchange Listing Standards. These references are not intended to, and do not, incorporate the contents of our website by reference into this release.

NON-GAAP FINANCIAL MEASURES

The Company’s results, determined in accordance with U.S. generally accepted accounting principles, are referred to as “as reported” or “GAAP” results. The Company uses certain financial performance measures, both internally and externally, that are not in conformity with GAAP (referred to as “non-GAAP financial measures”) to assess and communicate the financial performance of the Company. These non-GAAP financial measures, which are identified using the term “adjusted” (for example, “adjusted operating profit,” “adjusted net income attributable to Sonoco,” and “adjusted diluted EPS”), reflect adjustments to the Company’s GAAP operating results to exclude amounts, including the associated tax effects where applicable, relating to:

• restructuring/asset impairment charges¹;

• acquisition, integration and divestiture-related costs;

• gains or losses from the divestiture of businesses;

• losses from the early extinguishment of debt;

• non-operating pension costs;

• amortization expense on acquisition intangibles;

• changes in last-in, first-out (“LIFO”) inventory reserves;

• certain income tax events and adjustments;

• derivative gains/losses;

• other non-operating income and losses; and

• certain other items, if any.
  
  

¹Restructuring and restructuring-related asset impairment charges are a recurring item as the Company’s restructuring programs usually require several years to fully implement, and the Company is continually seeking to take actions that could enhance its efficiency. Although recurring, these charges are subject to significant fluctuations from period to period due to the varying levels of restructuring activity, the inherent imprecision in the estimates used to recognize the impairment of assets, and the wide variety of costs and taxes associated with severance and termination benefits in the countries in which the restructuring actions occur.

The Company’s management believes the exclusion of the amounts related to the above-listed items improves the period-to-period comparability and analysis of the underlying financial performance of the business.

In addition to the “adjusted” results described above, the Company also uses Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA Margin, Net Debt and Net Leverage. Adjusted EBITDA is defined as net income excluding the following: interest expense; interest income; provision for income taxes; depreciation and amortization expense; non-operating pension costs; net income/loss attributable to noncontrolling interests; restructuring/asset impairment charges; changes in LIFO inventory reserves; gains/losses from the divestiture of businesses; acquisition, integration and divestiture-related costs; other income; derivative gains/losses; and other non-GAAP adjustments, if any, that may arise from time to time. Segment Adjusted EBITDA is defined as segment operating profit plus depreciation and amortization expense and equity in earnings of affiliates, net of tax. Segment Adjusted EBITDA Margin is defined as Segment Adjusted EBITDA divided by segment net sales. Net Debt is defined as the total of the Company’s short and long-term debt less cash and cash equivalents.

Segment Adjusted EBITDA is reconciled to the closest GAAP measure of segment profitability, segment operating profit as the Company does not calculate net income by segment. Segment operating profit is the measure of segment profit or loss reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance in accordance with Accounting Standards Codification 280 - “Segment Reporting,” as prescribed by the Financial Accounting Standards Board.

Segment results, which are reviewed by the Company’s management to evaluate segment performance, do not include the following: restructuring/asset impairment charges; amortization of acquisition intangibles; acquisition, integration and divestiture-related costs; changes in LIFO inventory reserves; gains/losses from the sale of businesses; gains/losses from derivatives; or certain other items, if any, the exclusion of which the Company believes improves the comparability and analysis of the ongoing operating performance of the business. Accordingly, the term “segment operating profit” is defined as the segment’s portion of “operating profit” excluding those items. All other general corporate expenses have been allocated as operating costs to each of the Company’s reportable segments and the All Other group of businesses, except for costs related to discontinued operations.

The Company’s non-GAAP financial measures are not calculated in accordance with, nor are they an alternative for, measures conforming to GAAP, and they may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles.

The Company presents these non-GAAP financial measures to provide investors with information to evaluate Sonoco’s operating results in a manner similar to how management evaluates business performance. The Company consistently applies its non-GAAP financial measures presented herein and uses them for internal planning and forecasting purposes, to evaluate its ongoing operations, and to evaluate the ultimate performance of management and each business unit against plans/forecasts. In addition, these same non-GAAP financial measures are used in determining incentive compensation for the entire management team and in providing earnings guidance to the investing community.

Material limitations associated with the use of such measures include that they do not reflect all period costs included in operating expenses and may not be comparable with similarly named financial measures of other companies. Furthermore, the calculations of these non-GAAP financial measures are based on subjective determinations of management regarding the nature and classification of events and circumstances that the investor may find material and view differently.

To compensate for any limitations in such non-GAAP financial measures, management believes that it is useful in evaluating the Company’s results to review both GAAP information, which includes all of the items impacting financial results, and the related non-GAAP financial measures that exclude certain elements, as described above. Further, Sonoco management does not, nor does it suggest that investors should, consider any non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Whenever reviewing a non-GAAP financial measure, investors are encouraged to review and consider the related reconciliation to understand how it differs from the most directly comparable GAAP measure.

Free Cash Flow

The Company uses the non-GAAP financial measure of “Free Cash Flow,” which it defines as cash flow from operations minus net capital expenditures. Net capital expenditures are defined as capital expenditures minus proceeds from the disposition of capital assets. Free Cash Flow may not represent the amount of cash flow available for general discretionary use because it excludes non-discretionary expenditures, such as mandatory debt repayments and required settlements of recorded and/or contingent liabilities not reflected in cash flow from operations.

QUARTERLY RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

The following tables reconcile the Company’s non-GAAP financial measures to their most directly comparable GAAP financial measures in the Company’s Condensed Consolidated Statements of Income for the three-month periods ended September 28, 2025 and September 29, 2024.

Adjusted Operating Profit, Adjusted Income from Continuing Operations Before Income Taxes, Adjusted Provision for Income Taxes, Adjusted Net Income Attributable to Sonoco, and Adjusted Diluted EPS

¹ Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys and April 2025 divestiture of TFP.
² Loss/(Gain) on divestiture of business includes the recognition of a deferred tax benefit on the outside basis difference related to the ThermoSafe business being classified as held for sale.
³ Other adjustments include an adjustment to deferred taxes from post-acquisition restructuring of the partitions business, provision-to-return adjustments related to the divested TFP business, and an increase in the valuation allowance on foreign tax credits.

¹ Operating profit, income from continuing operations before income taxes, and provision for income taxes exclude results related to discontinued operations of $26,023, $25,453 and $5,635, respectively.
² Acquisition, integration and divestiture-related costs include losses on treasury lock derivative instruments and amortization of financing fees totaling $30,181 related to debt instruments associated with the financing of the Eviosys acquisition. These amortization costs are included in “Interest expense” in the Company’s Condensed Consolidated Statements of Income.

¹Adjusted EBITDA is calculated on a total Company basis, including both continuing operations and discontinued operations.

¹Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $43,397, the Industrial segment of $5,485, and the All Other group of businesses of $152.
²These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle primarily within the Consumer segment.
³Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $35,027, and the Industrial segment of $11,181.
⁴Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $1,293 and the Industrial segment of $97.
⁵Included in Corporate is a $31 loss on the sale of a recycling facility in Asheville, North Carolina associated with the Industrial segment and a $3,000 charge related to the pending divestiture of ThermoSafe, part of the All Other group of businesses.
⁶Included in Corporate are net losses from derivatives associated with the Consumer segment of $196, the Industrial segment of $1,760, and the All Other group of businesses of $79.

¹Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $11,110, the Industrial segment of $6,306, and the All Other group of businesses of $208.
²Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $2,468 and the Industrial segment of $3,798.
³Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $758 and the Industrial segment of $32.
⁴Included in Corporate are acquisition, integration and divestiture-related costs associated with the Industrial segment of $4,529 and the Consumer segment of $(137).
⁵Included in Corporate are losses from the divestiture of business associated with the Industrial segment of $29,965 related to the sale of two production facilities in China and the All Other group of businesses of $1,805 related to the sale of the Protective Solutions business (“Protexic”).
⁶Included in Corporate are net gains from derivatives associated with the Consumer segment of $(41), the Industrial segment of $(160), and the All Other group of businesses of $(9).

YEAR-TO-DATE RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES