Logo: Packaging Corporation of America, Public domain, via Wikimedia Commons6
Packaging and Logistics Firm
Packaging Corporation of America is an American manufacturing company based in Lake Forest, Illinois. The company has about 15,500 employees, with operations primarily in the United States. The CEO is Mark W. Kowlzan.3 Its shares trade on NYSE under the symbol PKG.1Wikipedia text CC BY-SA 4.0
$236.08up 3.50 (1.50%)Price as of Oct 16, 2026 at 19:58 UTC
Packaging Corporation of America is an American manufacturing company based in Lake Forest, Illinois. The company has about 15,500 employees, with operations primarily in the United States. The CEO is Mark W. Kowlzan.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1112131410$9.0B in 2025+29% since 2019Gross profit1112131410$1.9B in 2025+15% since 2019Operating income1112131410$1.1B in 2025+5% since 2019Net income1112131410$774.1M in 2025+11% since 2019
Revenue1516$2.5B in Q2 FY2026+5% since Q1 FY2026Gross profit1516$512.5M in Q2 FY2026+13% since Q1 FY2026Operating income1516$291.2M in Q2 FY2026+16% since Q1 FY2026Net income1516$192.1M in Q2 FY2026+12% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net sales
$9.0B
$8.4B
$7.8B
Cost of sales
-$7.1B
-$6.6B
-$6.1B
Gross profit
$1.9B
$1.8B
$1.7B
Selling and administrative expenses
-$634.2M
-$610.3M
-$580.9M
Other expense, net
$148.4M
$71.5M
$42.9M
Income from operations
$1.1B
$1.1B
$1.1B
Non-operating pension (expense) income
-$100.0K
$4.5M
-$7.7M
Interest expense, net
-$79.1M
-$41.4M
-$53.3M
Income before taxes
$1.0B
$1.1B
$1.0B
Provision for income taxes
-$253.7M
-$259.3M
-$248.9M
Net income
$774.1M
$805.1M
$765.2M
Basic
$8.61
$8.97
$8.52
Diluted
$8.58
$8.93
$8.48
Dividends declared per common share
$5.00
$5.00
$5.00
Foreign currency translation adjustment
$0
$0
$100.0K
Changes in unrealized gains on marketable debt securities, net of tax of $0.0 million, ($0.1) million, and ($0.6) millionfor 2025, 2024, and 2023, respectively
$100.0K
$300.0K
$1.8M
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of ($1.3) million, ($1.4) million, and ($2.1) million for 2025, 2024, and 2023, respectively
$3.8M
$4.1M
$6.4M
Changes in unfunded employee benefit obligations, net of tax of $0.7 million, ($7.6) million, and ($7.8) million for 2025, 2024, and 2023, respectively
-$2.1M
$23.1M
$23.2M
Other comprehensive income
$1.8M
$27.5M
$31.5M
Comprehensive income
$775.9M
$832.6M
$796.7M
Changes in unrealized gains (losses) on marketable debt securities, tax
$0
-$100.0K
-$600.0K
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax
-$1.3M
-$1.4M
-$2.1M
Changes in unfunded employee benefit obligations, tax
$700.0K
-$7.6M
-$7.8M
No quarter-by-quarter statement was filed.
Total assets1112131410$10.7B in 2025+48% since 2019Shareholders’ equity171112131410$4.6B in 2025+50% since 2019Cash171112131410$529.0M in 2025−22% since 2019Long-term debt171112131410$4.0B in 2025+60% since 2019
Total assets1516$11.0B in Q2 FY2026+3% since Q1 FY2025Shareholders’ equity1516$4.7B in Q2 FY2026+1% since Q1 FY2025Cash1516$442.8M in Q2 FY2026−16% since Q1 FY2025Long-term debt1516$4.0B in Q2 FY2026+0% since Q1 FY2025
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$529.0M
$685.0M
Short-term marketable debt securities
$71.8M
$102.0M
Accounts receivable, net of allowance for credit losses and customer deductions of $17.0 million and $20.6 million as of December 31, 2025 and December 31, 2024, respectively
$1.3B
$1.1B
Inventories
$1.2B
$1.1B
Prepaid expenses and other current assets
$85.8M
$166.9M
Federal and state income taxes receivable
$28.1M
$10.2M
Total current assets
$3.2B
$3.2B
Property, plant and equipment, net
$5.0B
$4.0B
Goodwill
$1.4B
$922.4M
$922.4M
Other intangible assets, net
$602.3M
$191.9M
Operating lease right-of-use assets
$376.0M
$276.9M
Long-term marketable debt securities
$67.0M
$65.2M
Other long-term assets
$109.1M
$104.8M
Total assets
$10.7B
$8.8B
$8.7B
Operating lease obligations
$99.8M
$80.5M
Finance lease obligations
$2.3M
$2.1M
Accounts payable
$471.4M
$430.3M
Dividends payable
$116.1M
$116.3M
Accrued liabilities
$302.1M
$362.9M
Accrued interest
$23.4M
$9.5M
Total current liabilities
$1.0B
$1.0B
Long-term debt
$4.0B
$2.5B
Operating lease obligations
$290.6M
$208.0M
Finance lease obligations
$4.9M
$6.7M
Deferred income taxes
$660.1M
$561.9M
Compensation and benefits
$106.2M
$95.9M
Other long-term liabilities
$83.3M
$80.9M
Total long-term liabilities
$5.1B
$3.4B
Common stock, par value $0.01 per share, 300.0 million shares authorized, 89.2 million and 89.8 million shares issued as of December 31, 2025 and December 31, 2024, respectively
$900.0K
$900.0K
Additional paid in capital
$707.7M
$669.8M
Retained earnings
$3.9B
$3.8B
Accumulated other comprehensive loss
-$41.6M
-$43.4M
Total stockholders' equity
$4.6B
$4.4B
Total liabilities and stockholders' equity
$10.7B
$8.8B
Allowance for credit losses and customer deductions
$17.0M
$20.6M
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized
300.0M shares
300.0M shares
Common stock, shares issued
89.2M shares
89.8M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$529.0M
$685.0M
Short-term marketable debt securities
$71.8M
$102.0M
Accounts receivable, net of allowance for credit losses and customer deductions of $17.0 million and $20.6 million as of December 31, 2025 and December 31, 2024, respectively
$1.3B
$1.1B
Inventories
$1.2B
$1.1B
Prepaid expenses and other current assets
$85.8M
$166.9M
Federal and state income taxes receivable
$28.1M
$10.2M
Total current assets
$3.2B
$3.2B
Property, plant and equipment, net
$5.0B
$4.0B
Goodwill
$1.4B
$922.4M
$922.4M
Other intangible assets, net
$602.3M
$191.9M
Operating lease right-of-use assets
$376.0M
$276.9M
Long-term marketable debt securities
$67.0M
$65.2M
Other long-term assets
$109.1M
$104.8M
Total assets
$10.7B
$8.8B
$8.7B
Operating lease obligations
$99.8M
$80.5M
Finance lease obligations
$2.3M
$2.1M
Accounts payable
$471.4M
$430.3M
Dividends payable
$116.1M
$116.3M
Accrued liabilities
$302.1M
$362.9M
Accrued interest
$23.4M
$9.5M
Total current liabilities
$1.0B
$1.0B
Long-term debt
$4.0B
$2.5B
Operating lease obligations
$290.6M
$208.0M
Finance lease obligations
$4.9M
$6.7M
Deferred income taxes
$660.1M
$561.9M
Compensation and benefits
$106.2M
$95.9M
Other long-term liabilities
$83.3M
$80.9M
Total long-term liabilities
$5.1B
$3.4B
Common stock, par value $0.01 per share, 300.0 million shares authorized, 89.2 million and 89.8 million shares issued as of December 31, 2025 and December 31, 2024, respectively
$900.0K
$900.0K
Additional paid in capital
$707.7M
$669.8M
Retained earnings
$3.9B
$3.8B
Accumulated other comprehensive loss
-$41.6M
-$43.4M
Total stockholders' equity
$4.6B
$4.4B
Total liabilities and stockholders' equity
$10.7B
$8.8B
Allowance for credit losses and customer deductions
$17.0M
$20.6M
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized
300.0M shares
300.0M shares
Common stock, shares issued
89.2M shares
89.8M shares
Cash from operations1112131410$1.6B in 2025+29% since 2019Capital spending1112131410$828.9M in 2025+107% since 2019Free cash flow1112131410$728.6M in 2025−10% since 2019Dividends paid1112131410$449.6M in 2025+51% since 2019Share buybacks1112131410$153.0M in 2025
Dividends paid15$111.9M in Q1 FY2026+1% since Q1 FY2026
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$774.1M
$805.1M
$765.2M
Depreciation, depletion, and amortization of intangibles
$652.8M
$525.6M
$517.7M
Amortization of deferred financing costs
$5.3M
$2.3M
$2.2M
Share-based compensation expense
$45.2M
$48.8M
$40.0M
Deferred income tax provision (benefit)
$97.3M
-$4.2M
$5.2M
Net loss on asset disposals
$29.4M
$19.5M
$9.1M
Pension and post-retirement benefits expense, net of contributions
$8.0M
-$19.5M
-$30.8M
Other, net
$100.0K
$24.2M
$13.3M
Accounts receivable
-$10.3M
-$110.7M
-$1.4M
Inventories
$4.4M
-$111.8M
-$35.8M
Prepaid expenses and other current assets
$82.9M
-$104.7M
-$4.2M
Accounts payable
-$42.5M
$18.3M
$11.4M
Accrued liabilities
-$71.2M
$104.2M
-$8.2M
Federal and state income tax payable / receivable
-$18.0M
-$5.9M
$31.4M
Net cash provided by operating activities
$1.6B
$1.2B
$1.3B
Additions to property, plant, and equipment
-$828.9M
-$669.7M
-$469.7M
Acquisition of business, net of cash acquired
-$1.8B
$0
$0
Additions to other long-term assets
-$2.4M
-$1.9M
-$2.6M
Proceeds from asset disposals
$33.4M
$1.3M
$1.6M
Purchases of held-to-maturity debt securities
$0
$0
-$400.0M
Proceeds from maturities of held-to-maturity debt securities
$0
$400.0M
$0
Purchases of available-for-sale debt securities
-$113.5M
-$114.3M
-$107.2M
Proceeds from sales of available-for-sale debt securities
$41.1M
$8.6M
$5.5M
Proceeds from maturities of available-for-sale debt securities
$101.7M
$98.2M
$97.3M
Net cash used for investing activities
-$2.6B
-$277.8M
-$875.1M
Repayments of debt and finance lease obligations
-$2.2M
-$401.9M
-$1.9M
Proceeds from issuance of debt, net of discount and lender fees
$1.5B
$0
$397.1M
Financing costs paid
-$6.3M
$0
-$1.1M
Common stock dividends paid
-$449.6M
-$448.8M
-$448.9M
Repurchases of common stock
-$153.0M
$0
-$41.5M
Shares withheld to cover employee restricted stock taxes
-$23.6M
-$25.7M
-$15.7M
Net cash provided by (used for) financing activities
$859.4M
-$876.4M
-$112.0M
Net (decrease) increase in cash and cash equivalents
Packaging Corporation of America sits at the top of its group. 17 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Packaging Corporation of America
State Street CorporationFiled SCHEDULE 13G on Packaging Corporation of America, latest Aug 7, 2026 (3 filings since Jan 29, 2024)
PRICE T ROWE ASSOCIATES INC /MD/Filed SCHEDULE 13G on Packaging Corporation of America, latest May 15, 2026 (3 filings since Jan 10, 2022)
VANGUARD GROUP INCFiled SCHEDULE 13G/A on Packaging Corporation of America, latest Mar 27, 2026 (4 filings since Feb 10, 2022)
BlackRockFiled SCHEDULE 13G/A on Packaging Corporation of America, latest Apr 17, 2025 (6 filings since Feb 1, 2022)
Capital World InvestorsFiled SC 13G/A on Packaging Corporation of America, latest Feb 11, 2022
Packaging Corporation of AmericaLake Forest, Illinois, United States
B C T, Incorporated (100%) Subsidiary · Delaware, United States
Boise White Paper, LLC (100%) Subsidiary · Delaware, United States
CorrChoice LLC (100%) Subsidiary · Delaware, United States
Hexacomb Corporation (100%) Subsidiary · Illinois, United States
International Falls Power Company (100%) Subsidiary · Delaware, United States
Louisiana Timber Procurement Company, LLC (50%) Subsidiary · Delaware, United States
Minnesota, Dakota & Western Railway Company (100%) Subsidiary · Minnesota, United States
Packaging Asset Holdings, LLC (100%) Subsidiary · Delaware, United States
Packaging Corporation of America (100%) Subsidiary · Delaware, United States
Packaging Corporation of Asia, Limited (100%) Subsidiary · Hong Kong
PCA Box-Board Products, LLC (100%) Subsidiary · Delaware, United States
PCA Central California Corrugated, LLC (100%) Subsidiary · Delaware, United States
PCA Hydro Inc. (100%) Subsidiary · Delaware, United States
PCA International Inc. (100%) Subsidiary · Delaware, United States
PCA International Services, LLC (100%) Subsidiary · Delaware, United States
PCA Wisconsin Acquisition LLC (100%) Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Packaging Corporation of America reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We own and lease properties in our business. Primarily all of our leases are non-cancelable and are accounted for as operating leases. These leases are not subject to early termination except for standard nonperformance clauses.
Information regarding our principal operating facilities, the segments that use those facilities, and a map of geographical locations is presented in “Part I, Item 1. Business” of this Form 10-K. We assess the condition and capacity of our manufacturing, distribution, and other facilities needed to meet our operating requirements. Our properties have been generally well maintained and are in good operating condition. In general, our facilities have sufficient capacity and are adequate for our production and distribution requirements.
The rest of Item 2
As of December 31, 2025, we own buildings and land for our ten mills. Additionally, we have 91 corrugated manufacturing operations, of which the buildings and land for 56 are owned, including 44 combining operations, or corrugated plants, five corrugated sheet-only manufacturers, and seven sheet plants. We lease the buildings for 12 corrugated plants, two corrugated sheet-only manufacturers, and 21 sheet plants. We own warehouses and miscellaneous other properties, including sales offices and woodlands management offices. We lease space for regional design centers and numerous other distribution centers, warehouses, and facilities. The equipment in these leased facilities is, in virtually all cases, owned by us, except for forklifts and other rolling stock, which are generally leased.
We own our corporate headquarters building, which is located in Lake Forest, Illinois.
The company was founded in 1959 by the consolidation of three companies and was eventually acquired by Tenneco in 1965. In November 1995, the company's name was changed to Tenneco Packaging Inc.; in 1999, a new entity re-established the name Packaging Corporation of America
In 2009, the company opened a new design center and project-management facility in Hong Kong, operating under the name Packaging Corporation of Asia Limited.
The company has acquired many companies, including Boise Inc. in 2013, TimBar Corporation and Columbus Container, Inc. in 2016, Sacramento Container Corporation in 2017, and Englander Container and Display in 2018.
The company's network consists of 6 containerboard mills, 2 white paper mills, 95 converting facilities, 10 creative design centers, 3 fulfillment centers, 8 packaging and supply centers, 2 training and resource centers, and 1 technical center.
Oct 21, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $2.73 a share, on Oct 22, 2025.74
When it reported results
Jul 23, 2026Reported quarterly or annual results62
Apr 23, 2026Reported quarterly or annual results64
Jan 28, 2026Reported quarterly or annual results66
Oct 23, 2025Reported quarterly or annual results69
Jul 24, 2025Reported quarterly or annual results73
Apr 23, 2025Reported quarterly or annual results75
Jan 29, 2025Reported quarterly or annual results76
Oct 23, 2024Reported quarterly or annual results77
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
374 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 37 major events, 238 insider forms, 18 large holders, 61 other. The latest 20:
34 open-market trades by officers, directors and large owners since October 2021: 2 buys and 32 sales. Grants, option exercises and gifts are left out.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Packaging Corporation of America is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Packaging Corporation of America names in Item 1A of its 10-K filed Feb 26, 2026: 18 risks under these headings, as written.18
Forward Looking Statements
Risks Related to our Operations, Business and Industry
General Economic Conditions – A deterioration in general economic conditions may harm our business, results of operations, cash flows, and financial position.
Industry Cyclicality – Changes in the prices of our products could materially affect our financial condition, results of operations, and liquidity.
Competition – The intensity of competition in the industries in which we operate could result in downward pressure on pricing and volume, which could lower earnings and operating cash flows.
Cost of Fiber – An increase in the cost of fiber could increase our manufacturing costs and lower our earnings.
Cost of Purchased Fuels and Chemicals – An increase in the cost of purchased fuels and chemicals could lead to higher manufacturing costs, resulting in reduced earnings.
Customer Concentration – We rely on certain large customers.
Transportation Costs – Reduced truck and rail availability could lead to higher costs or poorer service, resulting in lower earnings, and harm our ability to distribute our products.
Material Disruption of Operations – A material disruption at one of our manufacturing facilities could prevent us from meeting customer demand, reduce our sales, and/or negatively affect our results of operations and financial condition.
Extreme Weather Events – Our facilities are susceptible to extreme weather events, which could disrupt our business.
ESG – We may not achieve or make satisfactory progress on our goals and targets to reduce emissions and satisfy other ESG metrics.
The other 8 risks
Reliance on Personnel – We may fail to attract and retain qualified personnel, including key management personnel.
Cybersecurity – Risks related to security breaches of company, customer, employee, and vendor information, as well as the technology that manages our operations and other business processes, could adversely affect our business.
Environmental Matters – PCA may incur significant environmental liabilities with respect to both past and future operations.
Labor Relations – If we experience strikes or other work stoppages, our business will be harmed.
Acquisition Integration – The business may underperform relative to our expectations, and we may not be able to successfully integrate the business into our existing business.
Financial Risks
Debt obligations – Our debt service obligations may reduce our operating flexibility.
Pension Plans – Our pension plans may require additional funding.
Market Price of our Common Stock - The market price of our common stock may be volatile, which could cause the value of the stock to decline.
Legal proceedings
Information concerning legal proceedings can be found in Note 20, Commitments, Guarantees, Indemnifications, and Legal Proceedings, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of this Form 10-K.