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Packaging Corp. of AmericaPKG

Sector
Other
Industry
Paperboard Containers & Boxes
Exchange
NYSE

Stock Price $PKG

Latest filings

You are here#20 of 28 in Materials by market cap

Filing record · 2016–202610-K1110-Q328-K91

PKG filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 91 current reports (8-K) between 2016 and 2026.

  1. FY2017 annual report10-K · Feb ’18Feb ’18
  2. Impairment8-K · Jul ’20Jul ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Impairment8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $8.99B
YoY changeLargest recent move+16.1%in FY21Latest +7.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All PKG Financial Metrics59 metrics

Income Statement13

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

Packaging Corp. of America Financial Overview 2021–2025

Updated Nov 4, 2026

Packaging Corporation of America's debt jumped from $2.5 billion to $4.0 billiona in FY2025, and earnings per share still ended the year barely above where they started the cycle's slump. That is the story: PCA bought a $1.8 billion growth leap just as legacy profits plateaued, so investors are now underwriting integration, not just containerboard pricing.

The long arc shows how far the cycle swung. Net sales rose from $7.73 billion in FY2021 to $8.99 billionb in FY2025, but diluted EPS tells a bumpier tale: $8.83 in FY2021, a peak of $11.03 in FY2022, a trough of $8.48 in FY2023, and $8.58 in FY2025. Containerboard prices fell 10.5% domestically in FY2023, and Packaging segment income dropped from $1,424 million to $1,074 million. Volume rescued FY2024, when corrugated shipments climbed 10.5%.

FY2025 was noisier than it looks. Excluding special items, EPS hit $9.84c, up from $9.04, but reported EPS slipped because of $114 million in special charges, including $128.0 million for the Wallula mill restructuring. Operating cash flow rose to $1,557.5 million from $1,191.2 million, though $828.9 million of capital spending absorbed much of it. Dividends and buybacks are still flowing, but liquidity is $1,241 million against a heavier debt load. At the close of FY2025, the shares traded at $206.23, or 24.0x earnings.

Recent Developments (Q1 and Q2 2026)

Q3 2026 showed the Greif integration starting to pay. Excluding special items, EPS rose to $3.04d in Q3 2026 from $2.73, $0.13 above guidance. Packaging segment operating income climbed to $397.8 million from $327.5 million. Greif added $0.13 per share, versus a $0.11 loss a year earlier. Q2 2026 was softer: EPS excluding special items slipped to $2.35 from $2.48 on freight and price/mix. PCA also raised its quarterly dividend to $1.50 from $1.25.

Bull case: two price increases are flowing through, and Greif now contributes to earnings. Bear case: legacy shipments fell 0.5% per day in Q3 2026, costs keep climbing, and a containerboard price-fixing class action is pending. The stock traded at 26.1x earnings as of Aug. 6, 2026, at a $224.23e close. That is not cheap.

What to watch: Q4 2026 EPS guidance of $2.81 against three mill outages; legacy volume recovery

03—Filings

Recent SEC Filings

  1. 8-KPackaging Corp. of America 8-K Report, Financial Results (Oct 22, 2026)Packaging Corporation of America (NYSE: PKG) reported third quarter 2026 net income of $262 million, or $2.93 per diluted share, compared with $226.9 million, or $2.51 per share, in the third quarter of 2025. Excluding special items, diluted EPS was $3.04, versus $2.73 a year earlier and $.13 above the company's third quarter guidance of $2.91. Net sales were $2.6 billion, up from $2.3 billion. The company attributed the year-over-year improvement largely to favorable price and mix in the Packaging segment and to $.24 of higher earnings from the acquired Greif operations, which generated earnings of $.13 per share in the quarter versus a loss of ($.11) a year earlier. Special items in the quarter primarily related to facility closure costs, acquisition and integration costs, a fire at a corrugated products facility, and restructuring charges tied to the Wallula, WA containerboard mill. For the nine months ended September 30, 2026, Wallula-related charges totaled $60.0 million pre-tax. Cost headwinds cited included labor and operating expense, freight, recycled fiber and chemicals. Corrugated products shipments per day rose 10.6% overall, while shipments in the legacy packaging business fell 0.5% per day. For the fourth quarter of 2026, management guided to diluted EPS of $2.81 excluding special items. It expects seasonally weaker corrugated mix, maintenance outages at three mills, significantly higher maintenance outage expenses, and rising freight, recycled fiber, wood fiber, chemicals and energy costs, partly offset by improving containerboard and corrugated prices. Cash, cash equivalents and marketable debt securities were $761.8 million at September 30, 2026, and interest expense, net, rose to $32.3 million in the quarter from $19.3 million a year earlier.
  2. 8-KPackaging Corp. of America 8-K Report, Financial Results (Jul 23, 2026)Packaging Corporation of America reported second quarter 2026 net income of $192.1 million, or $2.15 per diluted share, compared with $241.5 million, or $2.67 per diluted share, in the second quarter of 2025. Excluding special items, net income was $210.1 million, or $2.35 per share, versus $224.2 million, or $2.48 per share, a year earlier. Net sales rose to $2.49 billion from $2.17 billion, and income from operations fell to $291.2 million from $333.7 million. The filing attributes the reported decline mainly to special items for facility closures, restructuring of the Wallula, WA containerboard mill, and acquisition and integration costs. Excluding special items, the company says the acquired Greif operations added $0.14 per share, offsetting a $0.27 decline in legacy business earnings. Higher freight costs ($0.26), higher corporate and other expenses ($0.12), and unfavorable price and mix in the packaging business ($0.11) were the largest legacy headwinds, partly offset by higher packaging production and sales volume ($0.26). The company said second quarter earnings of $2.35 per share, excluding special items, were $0.02 above its guidance of $2.33 per share. Corrugated products shipments rose 24.3% per day and in total versus the second quarter of 2025, and legacy packaging shipments rose 4.1% per day and in total, which management described as an all-time quarterly record for its legacy corrugated operations. Management said it began to realize its first announced price increase in corrugated products. For the third quarter, management expects earnings of $2.91 per share, excluding special items. It expects higher containerboard and corrugated prices, continued strong packaging demand, higher freight and recycled fiber costs, and lower maintenance outage expenses in the Packaging segment, with higher outage expenses in the Paper segment due to a scheduled outage at the International Falls mill. The company also expects further acquisition, integration and facility closure costs in the third quarter.
  3. 8-KPackaging Corp. of America 8-K Report, Shareholder Vote Results (May 13, 2026)Packaging Corporation of America (PCA) reported in this Current Report on Form 8-K (Item 5.07) the results of its 2026 Annual Meeting of Stockholders, held May 12, 2026. Stockholders voted on three proposals: the election of nine directors, ratification of KPMG LLP as the independent registered public accounting firm, and an advisory approval of executive compensation. All nine director nominees were elected. Cheryl K. Beebe received 74,535,448 votes for, 5,009,056 against and 41,399 abstentions. Samuel M. Mencoff and Roger B. Porter drew the largest opposition, with 8,681,658 and 11,849,812 votes against, respectively. Broker non-votes were 3,975,507 for each nominee. Stockholders ratified KPMG LLP as the auditor with 82,796,126 votes for, 744,560 against and 20,724 abstentions. The executive compensation proposal passed with 76,265,206 votes for, 2,299,022 against, 1,021,675 abstentions and 3,975,507 broker non-votes.
  4. 8-KPackaging Corp. of America 8-K Report, Financial Results (Apr 23, 2026)Packaging Corporation of America (NYSE: PKG) reported first quarter 2026 net income of $171 million, or $1.91 per diluted share, compared with $203.8 million, or $2.26 per diluted share, in the first quarter of 2025. Excluding special items, net income was $215 million, or $2.40 per share, up from $2.31 per share a year earlier and $0.20 above the company's first quarter guidance of $2.20 per share. Net sales rose to $2.37 billion from $2.14 billion. Reported results include special items of $0.49 per share, primarily $53.3 million of charges tied to the announced discontinuation of the No. 2 machine and kraft pulping facilities at the Wallula, Washington containerboard mill, along with $3.4 million of acquisition and integration costs and $2.9 million of corrugated facility closure costs. The Packaging segment drove the improvement on an adjusted basis, with segment operating income excluding special items of $316.5 million versus $284.0 million a year earlier. Management attributed the gain mainly to favorable prices and mix, lower fiber costs, and lower maintenance outage expenses, partially offset by higher freight costs and lower legacy volume. The acquired Greif operations generated a loss of $0.06 per share in the quarter. Legacy corrugated shipments per day rose 2.8%, and total shipments including Greif rose 21.8% per day. Interest expense, net, increased to $32.6 million from $12.9 million, and cash, cash equivalents and marketable debt securities were $615.5 million, down from $914.4 million. For the second quarter of 2026, the company expects earnings of $2.33 per share excluding special items, citing higher containerboard and corrugated prices, one additional shipping day, higher maintenance outage expenses at five containerboard mills, and higher freight, fiber and chemical costs. Management also expects a higher tax rate due to tax benefits from share-based compensation vesting in the first quarter. Additional special items related to the Wallula restructuring, acquisition integration and facility closures are anticipated in the second quarter.
  5. 8-KPackaging Corp. of America 8-K Report, Executive Changes (Mar 3, 2026)Packaging Corporation of America (PCA) filed this Form 8-K on March 3, 2026 to report several leadership and compensation changes. Director Paul T. Stecko informed the Board on February 25, 2026 that he will retire and not stand for reelection at the 2026 Annual Meeting of Stockholders. He is not leaving due to any disagreement with the company, and he will serve until his term expires at that meeting. Effective at the Annual Meeting, the Board will shrink from ten to nine directors. Fabian C. Strauss, age 45, was promoted on March 1, 2026 from Vice President, Controller and Treasurer to Senior Vice President – Finance, Controller & Treasurer, and he will serve as principal accounting officer. He will receive an annual base salary of $455,000 and is eligible for annual incentive and long-term equity awards. The filing also reports that Robert Mundy, the former Executive Vice President and Chief Financial Officer, retired as Special Advisor effective March 1, 2026. Under a post-retirement agreement, his 9,928 restricted shares vest as of the retirement date, subject to continued compliance with confidentiality, non-competition and non-solicitation covenants. His 3,900 TSR performance units and 9,928 ROIC performance units continue to vest on their originally scheduled dates. On February 25, 2026, the Compensation Subcommittee approved new forms of equity award agreements under the Second Amended and Restated 1999 Long-Term Equity Incentive Plan for TSR performance units, ROIC performance units and RSUs. These forms apply to awards made on or after that date and will be used beginning with fiscal year 2026 long-term incentive grants. The changes add retirement-based vesting, defined as termination on or after age 55 with age plus service of at least 70, and revise disability and death provisions.
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04—See also

Related Companies

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