Company file · PKG

Packaging Corporation of America

Packaging Corporation of America's revenue rose 7.2% in FY2025, to $9.0B, and net income fell 3.9% to $774M

Revenue rose 7.2% to $9.0B in FY2025, from $8.4B in FY2024. Net income fell 3.9% to $774M. Packaging was the largest segment, at 92% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 26, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026) · Data pulled Nov 11, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Packaging Corporation of America (NYSE: PKG) took in $9.0B of revenue (up 7.2% on fiscal 2024); net income was $774M (down 3.9%). The most recent quarter, ended Sep 30, 2026, brought revenue of $2.6B, up 12.5% year over year, with net income of $262M. Sources: 10-K for fiscal 2025 (filed Feb 26, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026).

Revenue$9.0BFY2025 · +7.2% vs FY2024

Net income$774MFY2025 · −3.9% vs FY2024

Operating cash flow$1.6BFY2025 · +30.8% vs FY2024

Cash & equivalents$535Mat Sep 30, 2026 · +1.1% vs FY2025 end

Total debt$4.0Bat Sep 30, 2026 · −0.6% vs FY2025 end

Diluted shares90MFY2025 avg · +0.1% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 26, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 8, 2026 · 10-Q filed Aug 7, 2026 · 10-Q filed Nov 5, 2026

How it makes money

By segment in FY2025: Packaging (92%) and Paper (7%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $9.0B.

By segment, FY2025

Packaging$8.3B92%+7.8%

Paper$615M7%−1.5%

Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$2.6B Q3 2026

$2.3B Q3 2025

12.5% increase

Net income

$262M Q3 2026

$227M Q3 2025

15.6% increase

Source: Packaging Corporation of America 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026

Cash & equivalents $535M at Sep 30, 2026, vs $529M at FY2025 end.
Total debt $4.0B at Sep 30, 2026, vs $4.0B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.2B vs $1.1B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 7.2% in FY2025 to $9.0B, from $8.4B a year earlier. 10-K, FY2025
Operating cash flow rose 30.8% in FY2025 to $1.6B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $2.6B, up 12.5% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $262M, up 15.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Net income fell 3.9% in FY2025 to $774M, from $805M. 10-K, FY2025
Total debt rose 60.2% in FY2025 to $4.0B. 10-K, FY2025
Paper revenue fell 1.5% in FY2025 to $615M. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Packaging Corporation of America is in the paper & plastic packaging products & materials industry, part of the materials sector. The SEC files it under Paperboard Containers & Boxes.

Packaging Corporation of America reports 2 segments: Packaging and Paper.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the paper & plastic packaging products & materials industry. They are not a summary of Packaging Corporation of America’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesPrices of the metals, chemicals or products it sells move revenue and margins.
Demand cyclesCustomers in construction, manufacturing and autos buy less in downturns.
Energy and input costsEnergy, raw material and freight costs can rise faster than prices.
Regulation and environmentEnvironmental and safety rules can raise costs or limit operations.
TradeTariffs and trade policy can shift demand and competition.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$7.8B	$8.4B	$9.0B
Net income	$765M	$805M	$774M
Operating cash flow	$1.3B	$1.2B	$1.6B
Cash & equivalents (year end)	$648M	$685M	$529M
Total debt (year end)	$2.9B	$2.5B	$4.0B
Diluted shares	90M	90M	90M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Long-term debt including the part due within one year, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.

Recent filings

Form	Filed	Period
10-Q	Nov 5, 2026	Sep 30, 2026
10-Q	Aug 7, 2026	Jun 30, 2026
10-Q	May 8, 2026	Mar 31, 2026
DEF 14A	Mar 27, 2026	May 12, 2026
10-K	Feb 26, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Packaging Corporation of America

How does Packaging Corporation of America make money?

In fiscal 2025, revenue totaled $9.0B. By segment in FY2025: Packaging (92%) and Paper (7%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $9.0B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.

What was Packaging Corporation of America's revenue in fiscal 2025?

Revenue came to $9.0B in the year ended Dec 31, 2025. Going back two years, it was $7.8B in fiscal 2023 and $8.4B in fiscal 2024, so the latest year was up 7.2%. Source: 10-K for fiscal 2025, filed Feb 26, 2026.

Is Packaging Corporation of America profitable?

Yes, by US accounting rules (GAAP): net income was $774M in fiscal 2025, down 3.9% from $805M a year earlier. For the quarter ended Sep 30, 2026, net income was $262M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 26, 2026.

What did Packaging Corporation of America report in its latest quarterly filing?

The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $2.6B, against $2.3B in the same quarter a year before (up 12.5%), and net income of $262M, against $227M (up 15.6%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026.

How much cash and debt does Packaging Corporation of America have?

On Sep 30, 2026, cash and cash equivalents stood at $535M and total debt at $4.0B. Total debt here is long-term debt including the part due within one year, at carrying value. Source: 10-Q filed Nov 5, 2026.

What are the main risks Packaging Corporation of America faces?

Packaging Corporation of America's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 26, 2026. Risks that are common among companies in the paper & plastic packaging products & materials industry include Commodity prices; demand cycles; energy and input costs; regulation and environment; trade. The first: Prices of the metals, chemicals or products it sells move revenue and margins. Source: 10-K, Item 1A Risk Factors.

Where do these Packaging Corporation of America numbers come from?

Two filings Packaging Corporation of America made with the SEC: its fiscal 2025 10-K, filed Feb 26, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Packaging Corporation of America

Millennium Management: 1,692,740 shares, reported value $403.3M at Jun 30, 2026 (+51.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 213,281 shares, reported value $50.8M at Jun 30, 2026 (−25.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Two Sigma Investments: 71,476 shares, reported value $17.0M at Jun 30, 2026 (−71.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Point72 Asset Management: 7,866 shares, reported value $1.9M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in PKG: The editor holds no position in Packaging Corporation of America (PKG). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell PKG from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold PKG, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Packaging Corporation of AmericaPKG	FY2025	$9.0B	+7.2%	$774M
Smurfit WestrockSW	FY2025	$31.2B	+47.7%	$699M
AmcorAMCR	FY2026	$23.5B	+56.6%	$1.1B
International PaperIP	FY2025	$23.6B	+49.3%	−$3.5B
Avery DennisonAVY	FY2025	$8.9B	+1.1%	$688M

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.