Earnings summaries and quarterly performance for PACKAGING CORP OF AMERICA.
Executive leadership at PACKAGING CORP OF AMERICA.
Mark Kowlzan
Detailed
Chief Executive Officer
CEO
CC
Charles Carter
Detailed
Executive Vice President — Mill Operations
KP
Kent Pflederer
Detailed
Executive Vice President and Chief Financial Officer
RS
Ray Shirley
Detailed
Senior Vice President — Corporate Engineering and Process Technology
TH
Thomas Hassfurther
Detailed
Executive Vice President — Corrugated Products
Board of directors at PACKAGING CORP OF AMERICA.
Research analysts who have asked questions during PACKAGING CORP OF AMERICA earnings calls.
AP
Anthony Pettinari
Citigroup Inc.
8 questions for PKG
Also covers: AMBP, AMCR, AVY +26 more
Gabe Hajde
Wells Fargo & Company
8 questions for PKG
Also covers: AMBP, AMCR, ATR +12 more
GS
George Staphos
Bank of America
8 questions for PKG
Also covers: AMBP, AMCR, ATR +18 more
MW
Mark Weintraub
Seaport Research Partners
8 questions for PKG
Also covers: GPK, IP, LPX +5 more
Philip Ng
Jefferies
8 questions for PKG
Also covers: AWI, AZEK, BALL +26 more
CM
Charlie Muir-Sands
BNP Paribas
6 questions for PKG
Also covers: GPK, IP, SW
MR
Michael Roxland
Truist Securities
6 questions for PKG
Also covers: AMBP, AMCR, AVY +16 more
AS
Anojja Shah
UBS Group AG
3 questions for PKG
Also covers: AMBP, BALL, CCK +5 more
MR
Mike Roxland
Truist Securities
2 questions for PKG
Also covers: AMBP, BALL, CCK +4 more
Ryan Fox
Bloomberg
2 questions for PKG
Recent press releases and 8-K filings for PKG.
Packaging Corp. of America reports Q4 2025 results
PKG
Earnings
Guidance Update
New Projects/Investments
- In Q4 2025, net income excluding special items was $209 million ( $2.32 per share) on net sales of $2.4 billion, and adjusted EBITDA was $486 million, versus $222 million ($2.47) on $2.1 billion and $439 million in Q4 2024.
- Packaging segment Q4 EBITDA excluding special items was $476 million on net sales of $2.2 billion (21.7% margin), up from $426 million on $2.0 billion (21.5%) in Q4 2024.
- Acquired Greif containerboard operations incurred a Q4 loss of $0.05 per share due to extended outages, but integration of these mills is underway with reliability improvements at Massillon and Riverville and key systems integration activities in progress.
- For 2026, PCA forecasts $450 million in dividends, $840–$870 million in total CapEx, ~$700 million DD&A, $139 million interest expense, a 25% effective tax rate, and expects annual mill outages to cost $1.39 per share.
- PCA plans $250 million of capex over 2026–28 for gas turbine installations at Jackson, AL and Riverville, VA to achieve energy independence and mid- to high-teen returns, with board approval sought in Q1.
Jan 28, 2026, 2:00 PM
Packaging Corp of America reports Q4 2025 results
PKG
Earnings
Guidance Update
Share Buyback
- Q4 2025 net sales of $2.4 billion; net income excluding special items of $209 million or $2.32 EPS, down from $222 million or $2.47 EPS in Q4 2024
- Full-year 2025 net sales of $9.0 billion and EBITDA excluding special items of $1.86 billion, versus $8.4 billion sales and $1.64 billion EBITDA in 2024
- Q4 packaging segment EBITDA ex-special items of $476 million on $2.2 billion sales (21.7% margin); full-year margin 22.1% on $8.3 billion sales
- Q4 cash from operations of $443 million; CapEx of $319 million; free cash flow of $124 million; repurchased $153 million of shares and paid $112 million in dividends
- 1Q 2026 earnings guidance of $2.20 per share excluding special items
Jan 28, 2026, 2:00 PM
Packaging Corp. of America reports Q4 2025 results
PKG
Earnings
Guidance Update
M&A
- Q4 ex-special items net income of $209 million ($2.32/share) vs $222 million ($2.47) in Q4 2024; net sales of $2.4 billion vs $2.1 billion; EBITDA of $486 million vs $439 million.
- Full-year 2025 ex-special items earnings of $888 million ($9.84/share) vs $815 million ($9.04); sales of $9.0 billion vs $8.4 billion; EBITDA of $1.86 billion vs $1.64 billion.
- Packaging segment Q4 EBITDA of $476 million on $2.2 billion sales (21.7% margin); FY EBITDA $1.83 billion on $8.3 billion (22.1%); Paper segment Q4 EBITDA $37 million on $154 million sales (24.2%); FY EBITDA $148 million on $615 million (24.1%).
- Q1 2026 guidance of $2.20/share excl. special items; expect full-capacity operations, seasonal volume decline, benefit from March price increases, and some winter storm impacts.
- 2026 outlook: CapEx of $840-870 million, $450 million dividends, ~$139 million interest expense; planned outages totalling ~$1.39/share impact.
Jan 28, 2026, 2:00 PM
Packaging Corp of America reports Q4 and Full Year 2025 results
PKG
Earnings
Share Buyback
Guidance Update
- Q4 net sales were $2.4 billion (up from $2.1 billion in Q4 2024) with net income of $102 million ($1.13 EPS) and $209 million ($2.32 EPS) excluding special items.
- For the full year, net sales reached $9.0 billion vs $8.4 billion, with net income of $774 million ($8.58 EPS) and $888 million ($9.84 EPS) excluding special items.
- In Q4, the Packaging segment reported $173.3 million operating income (GAAP) and $309.2 million excluding special items; the Paper segment contributed $32.7 million.
- PCA repurchased 760,000 shares at an average price of $201 per share during Q4 2025.
- The company provided Q1 2026 EPS guidance of $2.20 per share excluding special items, expecting higher volume, prices and increased costs.
Jan 27, 2026, 11:00 PM
Packaging Corp of America reports Q4 and FY2025 results
PKG
Earnings
Guidance Update
- Packaging Corp of America reported Q4 2025 GAAP net income of $102 million (EPS $1.13) and adjusted net income of $209 million (EPS $2.32); Q4 net sales rose to $2.4 billion from $2.1 billion a year ago.
- Full year 2025 GAAP net income was $774 million (EPS $8.58) and adjusted net income was $888 million (EPS $9.84); full year net sales increased to $9.0 billion from $8.4 billion in 2024.
- The company expects Q1 2026 earnings of $2.20 per share, driven by higher packaging volumes and price increases, with seasonally slower demand and scheduled maintenance factored in.
Jan 27, 2026, 10:23 PM
Greif reports Q1 2026 results
PKG
Earnings
Share Buyback
Guidance Update
- Net income of $176.6 million or $3.00 per diluted Class A share, versus $6.6 million or $0.13 in Q1 2025.
- Adjusted EBITDA rose 24.0% to $122.5 million from $98.8 million a year ago.
- Adjusted free cash flow used $41.0 million, compared with a use of $23.3 million in Q1 2025.
- Net debt fell to $700.5 million and leverage ratio improved to 1.2x from 3.6x.
- Repurchased $130.0 million of shares, authorized an additional $300.0 million buyback, and reaffirmed FY 2026 guidance of $630.0 million Adjusted EBITDA and $315.0 million Adjusted free cash flow.
Jan 27, 2026, 9:05 PM
Packaging Corp of America maintains Q4 2025 EPS guidance at $2.40
PKG
Guidance Update
M&A
New Projects/Investments
- PCA continues to forecast $2.40 earnings per share, excluding special items, for Q4 2025 based on operations through end-November, with performance in line with prior guidance.
- Legacy corrugated shipments are down approximately 1.8% per day, while total shipments including the Greif acquisition are up 17.3% per day versus the prior year.
- Acquired Greif operations have outperformed expectations, and additional maintenance at the Massillon mill is planned to boost reliability while managing inventory.
- The Wallula mill reconfiguration is projected to yield $75–85 million in annual savings versus 2025, with 250,000 tons of capacity shifting to Jackson, Counce, and Greif facilities through late 2027.
- PCA’s 2026 capital plan is under development, with expected spending levels comparable to 2025.
Dec 10, 2025, 11:01 AM
Packaging Corp of America reconfigures Wallula mill
PKG
Layoffs
New Projects/Investments
- PCA will permanently shut down the No. 2 paper machine and kraft pulping at its Wallula, WA mill, reducing annual capacity by 250,000 tons and retaining only the No. 3 machine for 285,000 tons of recycled linerboard and corrugating medium production.
- The reconfiguration, to be completed by end of Q1 2026, is expected to lower production costs by approximately $125 per ton and the 250,000-ton reduction will be replaced with enhancements at other PCA mills beginning in Q4 2026.
- PCA estimates $205 million of pre-tax restructuring charges (including $165 million of non-cash impairments and $40 million of cash charges) and plans to eliminate about 200 positions.
Dec 4, 2025, 2:00 PM
Packaging Corp of America completes acquisition of Greif containerboard business
PKG
M&A
Debt Issuance
- Completed acquisition of Greif’s containerboard business for $1.8 billion in cash, effective August 31, 2025.
- Transaction adds two containerboard mills with approximately 800,000 tons of production capacity and eight sheet feeder and corrugated plants across the U.S..
- Financed with $300 million of cash on hand and $1.5 billion of new borrowings under term loan facilities and a senior note offering; term loans fully drawn on September 2, 2025.
Sep 2, 2025, 8:30 PM
Packaging Corp of America prices $500 m senior notes to fund Greif containerboard acquisition
PKG
Debt Issuance
M&A
- Packaging Corporation of America priced an offering of $500 million aggregate principal amount of 5.200% Senior Notes due 2035 under an underwriting agreement with BofA Securities, Mizuho Securities and U.S. Bancorp Investments as leads.
- Net proceeds are expected to be approximately $495.1 million, which, together with term-loan drawings and cash on hand, will finance the acquisition of Greif, Inc.’s containerboard business and related transaction fees.
- The Notes will be unsecured senior obligations, mature on August 15, 2035, and bear interest at 5.200% per annum, payable semi-annually on February 15 and August 15, beginning February 15, 2026.
- Redemption features include a make-whole option prior to May 15, 2035, par redemption thereafter, a mandatory redemption at 101% if the Greif deal is not completed by June 30, 2026, and a 101% repurchase right upon a change of control triggering event.
Aug 15, 2025, 12:00 AM
Quarterly earnings call transcripts for PACKAGING CORP OF AMERICA.
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