Packaging Corporation of America (NYSE: PKG) manufactures containerboard and converts most of it into corrugated packaging. Its smaller Paper business produces uncoated freesheet communication papers. Operations are primarily in the United States.
Loading the company summary…
A snapshot of what PACKAGING CORP OF AMERICA owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000950170-24-022794 | Feb 29, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000950170-25-028533 | Feb 27, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001193125-26-074129 | Feb 26, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
PCA's larger packaging business is generating higher sales, but acquisition growth, pricing and accounting adjustments make the earnings picture less straightforward. In 2025, the Greif acquisition and improved pricing lifted revenue while restructuring and financing costs reduced GAAP net income. After the February 26, 2026 annual filing, third-quarter results showed a meaningful earnings recovery: better pricing and improved Greif performance outweighed substantial cost increases. Nevertheless, nine-month GAAP profit remained below 2025, and third-quarter legacy corrugated shipments declined despite higher consolidated shipments. Cash generation has supported substantial investment and shareholder distributions, but acquisition debt increased interest exposure. The central operating dependencies are mill reliability, freight and fiber costs, successful acquisition integration, and the concentrated ODP paper relationship. Fourth-quarter earnings guidance remains conditional, not an achieved result.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-10-21
PCA makes linerboard and corrugating medium, then converts most production into shipping containers, protective packaging and retail displays. Internal conversion links mill utilization to customer demand at its corrugated plants. Approximately 70% of corrugated sales were to regional and local accounts in 2025; plants typically serve nearby customers, making freight, delivery reliability and customization important alongside price. The smaller Paper business supplies office, printing and converting applications and faces electronic substitution. By the third quarter of 2026, PCA reported ten mills and 90 corrugated plants and related facilities.
Sources: 10-K · 2023-12-31 · 10-K · 2025-12-31 · EX-99.1 · 2026-10-21
The annual sequence matters. Customer inventory reductions and weaker pricing depressed 2023 results. Higher volumes restored sales in 2024, but pricing pressure and costs limited profit recovery. In 2025, revenue reached $8,989.3 million, while GAAP net income fell to $774.1 million from $805.1 million. Management attributed Packaging sales growth principally to acquired Greif volume and better pricing, with lower legacy volume offsetting part of those benefits. Legacy corrugated shipments were flat. Net income excluding special items rose to $888.0 million, but that non-GAAP improvement excludes substantial Wallula restructuring and acquisition expenses and does not describe the direction of reported profit.
Sources: 10-K · 2023-12-31 · 10-K · 2024-12-31 · 10-K · 2025-12-31
Developments after the latest annual filing were mixed. Third-quarter results, announced October 21 and furnished October 22, 2026, showed sales of $2,601.7 million and GAAP net income of $262.3 million, versus $2,313.4 million and $226.9 million a year earlier. Adjusted EPS increased to $3.04 from $2.73. Management attributed most of that improvement to better Greif earnings; strong legacy price realization was largely absorbed by freight, labor, fiber and other costs. Total corrugated shipments increased 10.6%, but legacy shipments declined 0.5% with equal shipping days. Nine-month GAAP net income remained lower at $625.3 million versus $672.3 million, despite higher adjusted earnings.
Sources: 8-K · 2026-10-21 · EX-99.1 · 2026-10-21
Operating cash flow increased to $1,557.5 million in 2025, helped by depreciation and deferred-tax adjustments and improved working-capital movements, despite lower GAAP earnings. Cash capital expenditures were $828.9 million, separate from $1,804.3 million of acquisition cash outflow net of acquired cash. In the first half of 2026, operating cash flow was $705.3 million and cash capital expenditures were $370.6 million; higher receivables and collection days absorbed cash. PCA also paid $223.2 million in dividends and spent $58.8 million on repurchases. The higher $1.50 quarterly dividend was first paid July 15, outside that half-year cash-flow period.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The Greif acquisition added $1.5 billion of financing in 2025. At June 30, 2026, balance-sheet long-term debt was $3,968.9 million, excluding separately presented lease and other financing obligations. Approximately 75% of debt had fixed rates; net interest expense for the first half rose to $66.0 million from $26.0 million. Cash and equivalents were $442.8 million, while the broader cash-and-investments total was $666.8 million. Separately disclosed unused revolver capacity of approximately $573 million was borrowing availability, not cash. PCA reported year-end 2025 covenant compliance, but that statement does not establish current compliance or a quantified borrowing cushion.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
ODP represented 58% of 2025 Paper revenue and 4% of consolidated revenue. Its agreement runs through December 2026; absent renewal, purchase obligations would phase down over two years starting January 2027. Renewal and guaranteed revenue are not established. Valdosta adds a 25-year minimum log-processing volume commitment, commencing upon construction completion and the start of operations in 2028, requiring at least 1.8 million tons annually and shortfall payments at an annual fixed price per ton. Disclosed minimum obligations are $15.4 million for 2028, $15.9 million for 2029, $16.4 million for 2030 and $508.1 million thereafter, distinct from the construction-financing guarantee whose maximum exposure is not disclosed. These minimum obligations are not current payments, expected losses, a guarantee cap or amounts to add again to already reported purchase obligations; full pricing and termination details remain unestablished. Greif integration, maintenance outages and rising recycled-fiber dependence add execution risk. Management's latest fourth-quarter outlook was $2.81 EPS excluding special items, reflecting expected pricing benefits offset by outages, seasonal mix and higher input costs. Unquantified future special charges prevent treating that forecast as GAAP guidance.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-10-21
USD 8.9893 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 8.9893 bn | 7.2% |
| 2024 | USD 8.3833 bn | 7.4% |
| 2023 | USD 7.8024 bn | — |
Consolidated GAAP net sales, including billed freight and excluding sales taxes and intercompany sales.
Sources: 10-K · 2025-12-31
USD 774.1 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 774.1 m | -3.9% |
| 2024 | USD 805.1 m | 5.2% |
| 2023 | USD 765.2 m | — |
Consolidated GAAP net income before allocation to participating securities for EPS.
Sources: 10-K · 2025-12-31
USD 1.5575 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.5575 bn | 30.8% |
| 2024 | USD 1.1912 bn | -9.4% |
| 2023 | USD 1.3151 bn | — |
GAAP operating cash flow; operating-asset and liability changes exclude acquisitions.
Sources: 10-K · 2025-12-31
Reading times are estimates for the English text. Financial tables and charts may take additional time.
