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Packaging Corp. of America 8-K Report, Financial Results (Apr 23, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 23, 2026
Period End
April 22, 2026
Security
PKG
In the 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. Impairment8-K · Aug ’17Aug ’17
  2. Leadership change8-K · May ’19May ’19
  3. Material agreement8-K · Jun ’21Jun ’21
  4. Material agreement8-K · Jul ’25Jul ’25

01—Abstract

Summary

Summary of the 8-K filed April 23, 2026. Cited figures are marked; the original filing is the authoritative source.

Packaging Corporation of America (NYSE: PKG) reported first quarter 2026 net income of $171 milliona, 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 millionb, 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 millionc 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 milliond 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.

02—Key points

Key Highlights

  1. Q1 2026 reported diluted EPS was $1.91, down from $2.26 in Q1 2025, reflecting $0.49 per share of special items.
  2. Excluding special items, Q1 2026 diluted EPS was $2.40, up from $2.31 a year earlier and $0.20 above the $2.20 guidance.
  3. Net sales were $2,367.8 million, up from $2,141.0 million, with the acquired Greif operations contributing to growth.
  4. Packaging segment operating income excluding special items rose to $316.5 million from $284.0 million, driven mainly by favorable prices and mix and lower fiber costs.
  5. Special items included $53.3 million of charges for discontinuing the No. 2 machine and kraft pulping facilities at the Wallula, Washington containerboard mill.
  6. Interest expense, net, increased to $32.6 million from $12.9 million, and cash and marketable debt securities declined to $615.5 million from $914.4 million.
  7. Second quarter 2026 EPS guidance is $2.33 per share excluding special items, with higher maintenance outage expenses and a higher tax rate expected.

03—Questions

Frequently Asked Questions

  1. Why did reported EPS decline while adjusted EPS increased?

    Reported diluted EPS fell to $1.91 from $2.26 mainly because of $0.49 per share in special items in Q1 2026, chiefly the $53.3 million Wallula mill restructuring charge. Excluding these items, EPS rose to $2.40 from $2.31 on stronger Packaging segment results.

  2. What drove the improvement in the Packaging segment?

    Management cited favorable prices and mix in the legacy packaging business ($0.17 per share), lower fiber costs ($0.11), lower maintenance outage expenses ($0.09) and lower labor and operating costs ($0.08). These were partially offset by higher freight costs ($0.13) and lower legacy production and sales volume ($0.11).

  3. How did the Greif acquisition affect results?

    The acquired Greif operations generated a loss of $0.06 per share in the quarter, below expectations due to lower volume, higher costs from a January winter storm, and unfavorable mix, freight and recycled fiber costs. Including Greif, total corrugated shipments rose 19.9% and shipments per day rose 21.8% versus Q1 2025.

  4. What is the outlook for the second quarter of 2026?

    The company expects second quarter earnings of $2.33 per share excluding special items. It anticipates higher corrugated volume with one more shipping day, higher containerboard and corrugated prices, higher maintenance outage expenses at five containerboard mills, and a higher tax rate. Additional special items related to the Wallula restructuring, acquisition integration and facility closures are expected.

04—Continue

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