01—Abstract
Summary
Summary of the 8-K filed December 10, 2025. Cited figures are marked; the original filing is the authoritative source.
Packaging Corporation of America (PKG) filed a Form 8-K on December 10, 2025 under Item 7.01 (Regulation FD Disclosure) to furnish a slide presentation (Exhibit 99.1) for investor meetings held December 10 and 11, 2025 with Chairman and CEO Mark W.
Kowlzan and EVP and CFO Kent A. Pflederer. The filing is furnished rather than filed, so it is not subject to Section 18 liability unless specifically incorporated by reference.
The presentation reiterates that, based on operations through the end of November, PCA continues to forecast fourth-quarter 2025 earnings of $2.40a per share, excluding special items. Legacy PCA corrugated shipments are down approximately 1.8% per day for 4Q through November versus the same period in 2024, while including the acquired Greif business, shipments are up 17.3% per day. The company says the acquired Greif business has performed better than expected so far in Q4, and it is performing additional maintenance at the Massillon mill in December.
The presentation also details the Wallula mill reconfiguration, which management expects to yield annual savings of $75 to $85 millionb compared to 2025 actual, with roughly 250,000 tons of annual capacity to be replaced at other mills. The 2026 capital plan is still being developed, with an estimate to be provided on the Q4 earnings call; management currently expects spending similar to 2025. Q3 2025 results showed EPS of $2.73 excluding special items versus $2.65 in Q3 2024, with net sales of $2.1 billion for the Packaging segment and EBITDA excluding special items up to $503 million.
02—Key points
Key Highlights
- Q4 2025 EPS forecast reaffirmed at $2.40 per share, excluding special items, based on operations through end of November.
- Legacy PCA corrugated shipments down approximately 1.8% per day for 4Q through November versus 2024; including acquired Greif business, shipments up 17.3% per day.
- Acquired Greif business has performed better than expected so far in Q4 2025; additional maintenance at Massillon mill planned for December.
- Wallula mill reconfiguration expected to deliver annual savings of $75 to $85 million compared to 2025 actual, with roughly 250,000 tons of annual capacity replaced at Jackson, Counce and acquired Greif facilities.
- Q3 2025 EPS of $2.73 excluding special items versus $2.65 in Q3 2024; net sales up 6.0% to $2.3 billion; EBITDA excluding special items up 9.3% to $503 million.
- Greif containerboard acquisition completed August 31, 2025 for $1.8 billion cash, with $60 million of expected synergy benefits and an acquisition multiple of 7.9X LTM EBITDA.
- 2026 capital plan under development; estimate to be provided on the Q4 earnings call, with spending expected to be similar to 2025.
03—Questions
Frequently Asked Questions
What earnings does PCA expect for the fourth quarter of 2025?
Based on operations through the end of November, PCA continues to forecast earnings of $2.40 per share, excluding special items, for 4Q 2025. The company states that performance has been consistent with the forecast and commentary provided in its Q3 earnings release and conference call.
How is the acquired Greif business affecting corrugated shipments?
Legacy PCA corrugated shipments were down approximately 1.8% per day for 4Q through November compared to the same period in 2024. Including the acquired Greif business, shipments were up 17.3% per day compared to PCA shipments in the prior year. PCA is shifting some legacy corrugated business to the acquired Greif operations as it integrates the business.
What savings are expected from the Wallula mill reconfiguration?
PCA expects annual savings of $75 to $85 million compared to 2025 actual, including lower production cost at the reconfigured Wallula mill and the benefit of shifting production to lower cost facilities. Approximately 250,000 tons of annual capacity are expected to replace Wallula capacity: 140,000 tons at Jackson in 4Q 2026, 35,000 tons at Counce in 1H 2027 and 75,000 tons at acquired Greif facilities throughout late 2026 and 2027.
What special items should investors expect in the fourth quarter?
The company expects special items to include acquisition and integration costs, facilities closure costs and costs relating to the announced Wallula mill reconfiguration.
What is the company's expected capital spending for 2026?
The 2026 capital plan is still being developed, and an estimate will be provided on the Q4 earnings call. The company currently expects a level of spend similar to 2025.
04—Continue