What is Packaging Corporation of America's operating income?

Packaging Corporation of America's total operating income in 2025 was $1.11 billion, based on the following breakdown: Total Gross Profit: $1.89 billion Total Operating Expenses: $782.60 million

Packaging Corporation of America (PKG) Financials

$253.03 +3.47 (+1.39%)

As of 08/21/2026 03:58 PM Eastern

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Annual Income Statements for Packaging Corporation of America

This table shows Packaging Corporation of America's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	437	450	669	738	696	461	910	1,003	797	833	776
Consolidated Net Income / (Loss)	437	450	669	738	696	461	841	1,030	765	805	774
Net Income / (Loss) Continuing Operations	437	450	669	738	696	461	841	1,030	765	805	774
Total Pre-Tax Income	665	689	829	971	917	633	1,109	1,365	1,014	1,064	1,028
Total Operating Income	750	783	933	1,068	1,054	724	1,241	1,421	1,075	1,101	1,107
Total Gross Profit	1,208	1,276	1,471	1,645	1,644	1,369	1,873	2,091	1,699	1,783	1,890
Total Revenue	5,742	5,779	6,445	7,015	6,964	6,658	7,730	8,478	7,802	8,383	8,989
Operating Revenue	5,742	5,779	6,445	7,015	6,964	6,658	7,730	8,478	7,802	8,383	8,989
Total Cost of Revenue	4,534	4,503	4,974	5,369	5,320	5,289	5,857	6,387	6,104	6,600	7,100
Operating Cost of Revenue	4,534	4,503	4,974	5,369	5,320	5,289	5,857	6,387	6,104	6,600	7,100
Total Operating Expenses	458	493	538	578	590	646	632	670	624	682	783
Selling, General & Admin Expense	458	493	538	578	590	590	632	670	581	610	634
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	-	43	72	148
Total Other Income / (Expense), net	-86	-95	-104	-97	-137	-91	-133	-56	-61	-37	-79
Interest Expense	-	95	103	95	129	94	152	70	53	41	79
Other Income / (Expense), net	-	-	-1.30	-2.10	-7.90	2.30	20	15	-7.70	4.50	-0.10
Income Tax Expense	228	239	160	233	221	172	268	335	249	259	254
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	-	-69	29	-33	-28	-1.90
Basic Earnings per Share	$4.47	$4.76	$7.09	$7.82	$7.36	$4.86	$8.87	$11.08	$8.52	$8.97	$8.61
Weighted Average Basic Shares Outstanding	96.60M	93.50M	93.50M	93.70M	94.65M	94.83M	93.53M	89.69M	89.62M	89.80M	89.21B
Diluted Earnings per Share	$4.47	$4.75	$7.07	$7.80	$7.34	$4.84	$8.83	$11.03	$8.48	$8.93	$8.58
Weighted Average Diluted Shares Outstanding	96.60M	93.50M	93.50M	93.70M	94.65M	94.83M	93.53M	89.69M	89.62M	89.80M	89.21B
Weighted Average Basic & Diluted Shares Outstanding	96.60M	93.50M	93.50M	93.70M	94.65M	94.83M	93.53M	89.69M	89.62M	89.80M	89.21B
Cash Dividends to Common per Share	$2.20	$2.36	$2.52	$3.00	$3.16	$3.37	$4.00	$4.75	$5.00	$5.00	$5.00

This table shows Packaging Corporation of America's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	86	148	200	240	110	205	242	228	101	172	193
Consolidated Net Income / (Loss)	59	147	199	238	86	204	242	227	102	171	192
Net Income / (Loss) Continuing Operations	59	147	199	238	86	204	242	227	102	171	192
Total Pre-Tax Income	249	188	267	319	292	267	321	305	135	220	259
Total Operating Income	261	196	276	327	302	280	334	325	169	251	291
Total Gross Profit	410	370	438	505	470	455	483	504	448	453	513
Total Revenue	1,938	1,980	2,075	2,182	2,146	2,141	2,171	2,313	2,364	2,368	2,490
Operating Revenue	1,938	1,980	2,075	2,182	2,146	2,141	2,171	2,313	2,364	2,368	2,490
Total Cost of Revenue	1,528	1,609	1,638	1,677	1,676	1,686	1,688	1,809	1,916	1,915	1,977
Operating Cost of Revenue	1,528	1,609	1,638	1,677	1,676	1,686	1,688	1,809	1,916	1,915	1,977
Total Operating Expenses	149	174	162	178	168	174	149	180	279	202	221
Selling, General & Admin Expense	149	174	150	162	168	161	153	154	152	180	179
Other Operating Expenses / (Income)	-	-	12	16	-	13	-3.90	26	-	21	42
Total Other Income / (Expense), net	-13	-8.50	-9.30	-8.50	-11	-13	-13	-19	-34	-32	-32
Interest Expense	9.00	9.60	10	9.70	13	13	13	19	34	33	33
Other Income / (Expense), net	-	1.10	1.10	1.20	-	0.00	0.00	0.00	-0.10	1.10	1.10
Income Tax Expense	190	41	68	81	206	64	79	78	33	49	67
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-0.80	-0.90	-3.00	-	-1.20	-0.90	-1.00	1.20	-0.20	-0.70
Basic Earnings per Share	$2.11	$1.64	$2.22	$2.65	$2.46	$2.27	$2.68	$2.52	$1.14	$1.92	$2.16
Weighted Average Basic Shares Outstanding	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M	89.98M	89.98M	89.21B	89.10M	89.10M
Diluted Earnings per Share	$2.10	$1.63	$2.21	$2.64	$2.45	$2.26	$2.67	$2.51	$1.14	$1.91	$2.15
Weighted Average Diluted Shares Outstanding	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M	89.98M	89.98M	89.21B	89.10M	89.10M
Weighted Average Basic & Diluted Shares Outstanding	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M	89.98M	89.98M	89.21B	89.10M	89.10M
Cash Dividends to Common per Share	$1.25	$1.25	$1.25	$1.25	$1.25	$1.25	$1.25	$1.25	$1.25	$1.25	$1.50

This table details how cash moves in and out of Packaging Corporation of America's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	59	55	-22	145	318	295	-356	-299	328	37	-156
Net Cash From Operating Activities	769	807	856	1,180	1,207	1,033	1,094	1,495	1,315	1,191	1,558
Net Cash From Continuing Operating Activities	769	807	856	1,180	1,207	1,033	1,094	1,495	1,315	1,191	1,558
Net Income / (Loss) Continuing Operations	437	450	669	738	696	461	841	1,030	765	805	774
Consolidated Net Income / (Loss)	437	450	669	738	696	461	841	1,030	765	805	774
Depreciation Expense	357	358	391	411	388	410	418	457	518	526	653
Amortization Expense	7.80	7.80	10	8.60	23	2.60	4.40	2.10	2.20	2.30	5.30
Non-Cash Adjustments To Reconcile Net Income	49	-11	14	37	34	29	47	3.40	18	49	83
Changes in Operating Assets and Liabilities, net	-82	2.30	-228	-14	66	131	-216	2.90	12	-191	43
Net Cash From Investing Activities	-298	-770	-609	-608	-547	-426	-794	-834	-875	-278	-2,573
Net Cash From Continuing Investing Activities	-298	-770	-609	-608	-547	-426	-794	-834	-875	-278	-2,573
Purchase of Property, Plant & Equipment	-327	-285	-351	-556	-403	-428	-607	-830	-472	-672	-831
Acquisitions	0.00	-485	-274	-56	0.00	0.00	-195	-	0.00	0.00	-1,804
Purchase of Investments	-	-	-	0.00	-157	-110	-127	-126	-507	-114	-114
Sale of Property, Plant & Equipment	1.50	0.50	17	1.50	4.10	4.60	7.90	2.20	1.60	1.30	33
Sale and/or Maturity of Investments	-	-	-	0.00	11	107	127	119	103	507	143
Net Cash From Financing Activities	-411	18	-269	-427	-343	-312	-656	-960	-112	-876	859
Net Cash From Continuing Financing Activities	-411	18	-269	-427	-343	-312	-656	-960	-112	-876	859
Repayment of Debt	-47	-40	-1,019	-151	-925	-1.50	-760	-1.70	-3.00	-402	-8.50
Repurchase of Common Equity	-155	-100	-	-	0.00	0.00	-193	-523	-42	0.00	-153
Payment of Dividends	-201	-216	-238	-268	-299	-300	-380	-420	-449	-449	-450
Issuance of Debt	0.00	385	998	0.00	889	0.00	690	0.00	397	0.00	1,494
Other Financing Activities, net	-8.70	-11	-11	-7.90	-8.20	-11	-13	-15	-16	-26	-24

This table details how cash moves in and out of Packaging Corporation of America's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	75	44	-79	63	8.40	67	36	-154	-105	-132	46
Net Cash From Operating Activities	335	260	278	327	325	339	300	472	447	329	376
Net Cash From Continuing Operating Activities	335	260	278	327	325	339	300	472	447	329	376
Net Income / (Loss) Continuing Operations	189	147	199	238	221	204	242	227	102	171	192
Consolidated Net Income / (Loss)	189	147	199	238	221	204	242	227	102	171	192
Depreciation Expense	131	128	129	133	136	138	141	153	222	225	176
Amortization Expense	0.60	0.60	0.60	0.60	0.50	0.50	0.50	3.50	0.80	0.80	0.80
Non-Cash Adjustments To Reconcile Net Income	16	26	14	-8.00	17	24	-11	15	55	17	29
Changes in Operating Assets and Liabilities, net	-1.80	-42	-63	-36	-49	-27	-72	74	68	-85	-22
Net Cash From Investing Activities	-544	-81	-243	249	-203	-144	-143	-2,000	-286	-261	-217
Net Cash From Continuing Investing Activities	-544	-81	-243	249	-203	-144	-143	-2,000	-286	-261	-217
Purchase of Property, Plant & Equipment	-141	-78	-245	-147	-201	-150	-170	-192	-319	-167	-206
Acquisitions	-	-	-	-	-	0.00	-	-	-	-15	-6.40
Purchase of Investments	-431	-33	-30	-29	-22	-32	-40	-27	-14	-107	-29
Sale of Property, Plant & Equipment	0.10	0.10	0.50	0.20	0.50	0.70	32	0.30	0.10	0.60	0.70
Sale and/or Maturity of Investments	28	30	32	425	20	36	35	23	48	27	23
Net Cash From Financing Activities	284	-135	-114	-513	-114	-128	-121	1,374	-266	-200	-114
Net Cash From Continuing Financing Activities	284	-135	-114	-513	-114	-128	-121	1,374	-266	-200	-114
Repayment of Debt	-1.60	-0.50	-0.50	-400	-0.50	-0.50	-0.50	-7.10	-0.40	-0.60	-1.60
Payment of Dividends	-112	-112	-112	-112	-112	-112	-112	-112	-113	-112	-111
Other Financing Activities, net	-	-23	-1.60	-0.70	-0.90	-15	-7.70	-0.30	-0.20	-29	-0.80

This table presents Packaging Corporation of America's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	5,272	5,777	6,198	6,570	7,236	7,433	7,837	8,004	8,681	8,833	10,726
Total Current Assets	1,555	1,696	1,915	2,115	2,478	2,750	2,733	2,508	3,254	3,233	3,214
Cash & Equivalents	184	239	217	362	680	975	619	320	648	685	529
Short-Term Investments	-	-	-	-	88	106	86	85	494	102	72
Accounts Receivable	637	689	831	902	846	832	1,071	1,032	1,033	1,144	1,256
Inventories, net	677	724	763	796	794	788	903	977	1,013	1,125	1,243
Prepaid Expenses	29	30	36	39	45	45	47	58	62	167	86
Current Deferred & Refundable Income Taxes	28	14	70	17	27	5.10	7.40	36	4.30	10	28
Plant, Property, & Equipment, net	2,832	2,896	2,925	3,109	3,152	3,193	3,529	3,900	3,864	4,039	4,985
Total Noncurrent Assets	886	1,185	1,358	1,346	1,606	1,490	1,575	1,596	1,563	1,561	2,527
Long-Term Investments	-	-	-	-	58	43	60	65	64	65	67
Goodwill	544	738	883	917	919	864	924	922	922	922	1,372
Intangible Assets	271	367	410	378	339	296	308	268	230	192	602
Other Noncurrent Operating Assets	71	80	64	51	290	287	283	340	347	382	485
Total Liabilities & Shareholders' Equity	5,272	5,777	6,198	6,570	7,236	7,433	7,837	8,004	8,681	8,833	10,726
Total Liabilities	3,639	4,017	4,015	3,897	4,165	4,187	4,230	4,337	4,684	4,429	6,128
Total Current Liabilities	562	625	833	694	724	783	885	876	1,266	1,002	1,015
Accounts Payable	294	324	403	382	352	387	452	410	402	430	471
Accrued Expenses	194	201	203	222	218	216	255	264	254	363	302
Dividends Payable	53	60	61	76	77	97	96	116	116	116	116
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	0.00	-	-	0.00
Other Current Liabilities	-	-	-	1.40	64	71	69	74	81	83	102
Other Current Nonoperating Liabilities	13	13	15	12	14	12	12	12	14	9.50	23
Total Noncurrent Liabilities	3,077	3,392	3,182	3,204	3,441	3,404	3,345	3,461	3,418	3,428	5,112
Long-Term Debt	2,290	2,620	2,480	2,484	2,477	2,479	2,472	2,474	2,472	2,474	3,967
Noncurrent Deferred & Payable Income Tax Liabilities	347	335	240	285	340	379	466	543	558	562	660
Noncurrent Employee Benefit Liabilities	359	357	373	358	376	298	157	142	106	96	106
Other Noncurrent Operating Liabilities	60	60	71	60	233	233	250	57	282	296	379
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,633	1,760	2,183	2,672	3,071	3,246	3,607	3,667	3,997	4,404	4,598
Total Preferred & Common Equity	1,633	1,760	2,183	2,672	3,071	3,246	3,607	3,667	3,997	4,404	4,598
Total Common Equity	1,633	1,760	2,183	2,672	3,071	3,246	3,607	3,667	3,997	4,404	4,598
Common Stock	441	452	472	495	526	555	580	583	621	671	709
Retained Earnings	1,317	1,447	1,867	2,316	2,705	2,836	3,102	3,187	3,447	3,777	3,931
Accumulated Other Comprehensive Income / (Loss)	-125	-140	-157	-139	-160	-145	-75	-102	-71	-43	-42

This table presents Packaging Corporation of America's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	8,178	8,681	8,857	8,982	8,754	8,833	8,970	9,041	10,980	10,778	11,016
Total Current Assets	2,773	3,254	3,445	3,484	3,241	3,233	3,303	3,337	3,497	3,258	3,424
Cash & Equivalents	573	648	692	614	677	685	752	788	634	397	443
Short-Term Investments	104	494	492	491	95	102	91	92	95	147	151
Accounts Receivable	1,045	1,033	1,045	1,145	1,216	1,144	1,164	1,195	1,352	1,336	1,433
Inventories, net	986	1,013	1,004	1,030	1,062	1,125	1,141	1,145	1,277	1,258	1,262
Prepaid Expenses	65	62	212	205	192	167	155	106	81	104	104
Current Deferred & Refundable Income Taxes	0.00	4.30	0.00	0.30	0.00	10	0.00	11	58	15	30
Plant, Property, & Equipment, net	3,863	3,864	3,865	3,962	3,982	4,039	4,080	4,116	5,043	4,995	5,011
Total Noncurrent Assets	1,541	1,563	1,547	1,537	1,530	1,561	1,588	1,589	2,439	2,525	2,581
Long-Term Investments	49	64	69	68	70	65	71	76	78	72	73
Goodwill	922	922	922	922	922	922	922	922	1,200	1,382	1,416
Intangible Assets	239	230	220	211	201	192	183	173	691	584	566
Other Noncurrent Operating Assets	330	347	336	335	337	382	412	418	471	488	527
Total Liabilities & Shareholders' Equity	8,178	8,681	8,857	8,982	8,754	8,833	8,970	9,041	10,980	10,778	11,016
Total Liabilities	4,290	4,684	4,826	4,856	4,490	4,429	4,471	4,409	6,225	6,190	6,354
Total Current Liabilities	1,279	1,266	1,400	1,432	1,101	1,002	1,008	943	1,108	1,061	1,164
Accounts Payable	406	402	450	475	460	430	481	491	554	557	617
Accrued Expenses	245	254	304	346	393	363	263	238	298	238	272
Dividends Payable	115	116	115	115	116	116	116	116	116	113	137
Current Deferred & Payable Income Tax Liabilities	8.40	-	18	-	15	-	30	0.00	0.00	0.00	0.00
Other Current Liabilities	79	81	81	82	84	83	86	89	98	104	107
Other Current Nonoperating Liabilities	26	14	33	-	33	9.50	33	9.40	41	48	32
Total Noncurrent Liabilities	3,012	3,418	3,426	3,424	3,390	3,428	3,463	3,466	5,117	5,129	5,190
Long-Term Debt	2,076	2,472	2,473	2,473	2,474	2,474	2,475	2,475	3,966	3,968	3,969
Noncurrent Deferred & Payable Income Tax Liabilities	537	558	567	552	541	562	571	565	672	678	681
Noncurrent Employee Benefit Liabilities	116	106	112	115	99	96	94	98	102	108	115
Other Noncurrent Operating Liabilities	273	282	65	284	270	296	323	328	377	376	424
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,887	3,997	4,031	4,127	4,264	4,404	4,499	4,632	4,756	4,588	4,662
Total Preferred & Common Equity	3,887	3,997	4,031	4,127	4,264	4,404	4,499	4,632	4,756	4,588	4,662
Total Common Equity	3,887	3,997	4,031	4,127	4,264	4,404	4,499	4,632	4,756	4,588	4,662
Common Stock	613	621	641	651	662	671	689	700	709	722	739
Retained Earnings	3,371	3,447	3,460	3,544	3,669	3,777	3,853	3,974	4,087	3,906	3,963
Accumulated Other Comprehensive Income / (Loss)	-97	-71	-70	-69	-67	-43	-42	-41	-40	-41	-40

This table displays calculated financial ratios and metrics derived from Packaging Corporation of America's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.89%	0.65%	11.52%	8.84%	-0.72%	-4.40%	16.10%	9.67%	-7.97%	7.45%	7.23%
EBITDA Growth	1.90%	3.12%	15.97%	11.44%	-1.91%	-21.83%	47.80%	12.54%	-16.20%	2.92%	8.04%
EBIT Growth	6.73%	4.44%	18.88%	14.43%	-1.86%	-30.56%	73.66%	13.81%	-25.63%	3.60%	0.10%
NOPAT Growth	9.78%	3.75%	47.10%	7.90%	-1.44%	-34.09%	78.55%	13.83%	-24.32%	2.69%	0.09%
Net Income Growth	11.26%	2.93%	48.71%	10.38%	-5.64%	-33.80%	82.45%	22.43%	-25.69%	5.21%	-3.85%
EPS Growth	12.03%	6.26%	48.84%	10.33%	-5.90%	-34.06%	82.44%	24.92%	-23.12%	5.31%	-3.92%
Operating Cash Flow Growth	4.42%	4.98%	6.10%	37.85%	2.31%	-14.46%	5.94%	36.64%	-12.03%	-9.42%	30.75%
Free Cash Flow Firm Growth	19.25%	-82.40%	276.07%	87.56%	44.32%	-27.71%	-61.05%	83.88%	135.26%	-55.31%	-321.68%
Invested Capital Growth	0.17%	11.10%	10.10%	4.44%	-1.45%	-2.12%	14.74%	11.45%	-4.14%	6.19%	30.64%
Revenue Q/Q Growth	-0.75%	1.51%	3.33%	0.90%	-0.38%	-0.09%	4.44%	-0.76%	-0.52%	2.55%	2.48%
EBITDA Q/Q Growth	1.27%	2.23%	5.64%	1.36%	-2.45%	-4.81%	12.98%	-2.19%	-1.39%	3.18%	-2.70%
EBIT Q/Q Growth	0.36%	2.62%	6.30%	3.12%	-4.82%	-5.64%	17.32%	-3.57%	-3.12%	4.27%	-10.86%
NOPAT Q/Q Growth	1.17%	1.84%	30.12%	-8.93%	-4.48%	-7.46%	16.37%	-4.72%	-16.40%	3.05%	-10.88%
Net Income Q/Q Growth	1.32%	1.47%	31.00%	-8.01%	-8.94%	-2.68%	12.45%	-0.48%	-16.63%	3.42%	-13.35%
EPS Q/Q Growth	1.82%	1.93%	30.93%	-7.91%	-9.05%	-2.81%	12.48%	0.46%	-2.64%	4.08%	-13.25%
Operating Cash Flow Q/Q Growth	6.54%	-1.61%	7.46%	6.57%	-1.34%	-5.33%	12.27%	2.01%	-6.06%	-0.82%	8.44%
Free Cash Flow Firm Q/Q Growth	2.31%	-42.68%	-27.53%	56.27%	45.35%	-33.08%	-45.48%	13.52%	8.38%	-12.65%	3.11%
Invested Capital Q/Q Growth	-0.37%	1.40%	8.20%	1.21%	-4.94%	0.38%	7.01%	4.28%	0.12%	1.66%	-0.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.04%	22.08%	22.82%	23.46%	23.61%	20.57%	24.23%	24.66%	21.77%	21.27%	21.02%
EBITDA Margin	19.41%	19.88%	20.68%	21.17%	20.92%	17.10%	21.77%	22.34%	20.34%	19.49%	19.63%
Operating Margin	13.06%	13.55%	14.47%	15.22%	15.13%	10.87%	16.06%	16.76%	13.78%	13.14%	12.31%
EBIT Margin	13.06%	13.55%	14.45%	15.19%	15.02%	10.91%	16.31%	16.93%	13.68%	13.19%	12.31%
Profit (Net Income) Margin	7.61%	7.78%	10.37%	10.52%	10.00%	6.92%	10.88%	12.15%	9.81%	9.60%	8.61%
Tax Burden Percent	65.73%	65.30%	80.69%	76.04%	75.94%	72.86%	75.86%	75.45%	75.46%	75.64%	75.32%
Interest Burden Percent	88.60%	87.90%	88.98%	91.08%	87.68%	87.12%	87.92%	95.09%	95.01%	96.26%	92.85%
Effective Tax Rate	34.27%	34.70%	19.31%	23.96%	24.06%	27.14%	24.14%	24.55%	24.54%	24.36%	24.68%
Return on Invested Capital (ROIC)	12.87%	12.64%	16.81%	16.93%	16.45%	11.04%	18.56%	18.70%	13.71%	13.95%	11.75%
ROIC Less NNEP Spread (ROIC-NNEP)	10.37%	10.00%	13.46%	13.81%	11.24%	6.94%	12.45%	16.69%	11.50%	12.37%	9.45%
Return on Net Nonoperating Assets (RNNOA)	14.83%	13.87%	17.11%	13.47%	7.80%	3.55%	5.99%	9.61%	6.26%	5.22%	5.45%
Return on Equity (ROE)	27.69%	26.50%	33.92%	30.40%	24.25%	14.59%	24.55%	28.31%	19.97%	19.17%	17.20%
Cash Return on Invested Capital (CROIC)	12.69%	2.11%	7.19%	12.59%	17.91%	13.19%	4.84%	7.87%	17.94%	7.94%	-14.82%
Operating Return on Assets (OROA)	14.22%	14.18%	15.55%	16.69%	15.15%	9.90%	16.52%	18.12%	12.79%	12.63%	11.32%
Return on Assets (ROA)	8.28%	8.14%	11.17%	11.56%	10.09%	6.29%	11.02%	13.00%	9.17%	9.19%	7.92%
Return on Common Equity (ROCE)	27.69%	26.50%	33.92%	30.40%	24.25%	14.59%	24.55%	28.31%	19.97%	19.17%	17.20%
Return on Equity Simple (ROE_SIMPLE)	26.74%	25.55%	30.63%	27.62%	22.68%	14.20%	23.32%	28.08%	19.14%	18.28%	0.00%
Net Operating Profit after Tax (NOPAT)	493	512	752	812	800	527	942	1,072	811	833	834
NOPAT Margin	8.59%	8.85%	11.67%	11.57%	11.49%	7.92%	12.18%	12.64%	10.40%	9.94%	9.27%
Net Nonoperating Expense Percent (NNEP)	2.49%	2.63%	3.35%	3.12%	5.21%	4.11%	6.11%	2.01%	2.21%	1.58%	2.30%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	16.79%	11.81%	12.11%	9.73%
Cost of Revenue to Revenue	78.96%	77.92%	77.18%	76.54%	76.39%	79.43%	75.77%	75.34%	78.23%	78.73%	78.98%
SG&A Expenses to Revenue	7.98%	8.53%	8.35%	8.23%	8.48%	8.87%	8.17%	7.90%	8.00%	8.13%	7.06%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.98%	8.53%	8.35%	8.23%	8.48%	9.69%	8.17%	7.90%	8.00%	8.13%	8.71%
Earnings before Interest and Taxes (EBIT)	750	783	931	1,066	1,046	726	1,261	1,435	1,067	1,106	1,107
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,114	1,149	1,333	1,485	1,457	1,139	1,683	1,894	1,587	1,634	1,765
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.93	3.67	4.31	2.51	3.03	3.65	3.34	3.04	3.57	4.60	4.03
Price to Tangible Book Value (P/TBV)	5.84	9.86	10.58	4.87	5.13	5.68	5.07	4.50	5.02	6.15	7.07
Price to Revenue (P/Rev)	0.83	1.12	1.46	0.96	1.33	1.78	1.56	1.31	1.83	2.42	2.06
Price to Earnings (P/E)	10.95	14.37	14.08	9.09	13.35	25.69	13.23	11.12	17.93	24.32	23.90
Dividend Yield	4.46%	3.44%	2.53%	5.11%	3.22%	2.70%	3.15%	3.94%	3.15%	2.22%	2.42%
Earnings Yield	9.14%	6.96%	7.10%	11.00%	7.49%	3.89%	7.56%	9.00%	5.58%	4.11%	4.18%
Enterprise Value to Invested Capital (EV/IC)	1.80	2.09	2.52	1.81	2.27	2.80	2.54	2.22	2.75	3.55	2.72
Enterprise Value to Revenue (EV/Rev)	1.20	1.54	1.84	1.26	1.57	1.98	1.78	1.58	2.04	2.61	2.43
Enterprise Value to EBITDA (EV/EBITDA)	6.21	7.73	8.89	5.96	7.53	11.61	8.17	7.07	10.05	13.39	12.38
Enterprise Value to EBIT (EV/EBIT)	9.22	11.35	12.72	8.30	10.48	18.20	10.91	9.33	14.95	19.78	19.74
Enterprise Value to NOPAT (EV/NOPAT)	14.03	17.38	15.74	10.90	13.70	25.05	14.60	12.50	19.67	26.25	26.20
Enterprise Value to Operating Cash Flow (EV/OCF)	9.00	11.01	13.84	7.50	9.08	12.80	12.57	8.96	12.13	18.36	14.03
Enterprise Value to Free Cash Flow (EV/FCFF)	14.22	103.82	36.79	14.65	12.58	20.98	56.06	29.69	15.03	46.11	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.42	1.52	1.21	0.94	0.81	0.77	0.69	0.74	0.72	0.56	0.86
Long-Term Debt to Equity	1.42	1.50	1.15	0.94	0.81	0.77	0.69	0.74	0.62	0.56	0.86
Financial Leverage	1.43	1.39	1.27	0.98	0.69	0.51	0.48	0.58	0.54	0.42	0.58
Leverage Ratio	3.34	3.26	3.04	2.63	2.40	2.32	2.23	2.18	2.18	2.08	2.17
Compound Leverage Factor	2.96	2.86	2.70	2.40	2.11	2.02	1.96	2.07	2.07	2.01	2.02
Debt to Total Capital	58.68%	60.25%	54.84%	48.35%	44.80%	43.45%	40.66%	42.58%	41.81%	35.97%	46.32%
Short-Term Debt to Total Capital	0.19%	0.61%	3.13%	0.00%	0.00%	0.00%	0.00%	0.00%	5.82%	0.00%	0.00%
Long-Term Debt to Total Capital	58.49%	59.64%	51.71%	48.35%	44.80%	43.45%	40.66%	42.58%	35.99%	35.97%	46.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	41.32%	39.75%	45.16%	51.65%	55.20%	56.55%	59.34%	57.42%	58.19%	64.03%	53.68%
Debt to EBITDA	2.08	2.32	1.99	1.68	1.71	2.19	1.47	1.44	1.81	1.51	2.25
Net Debt to EBITDA	1.92	2.11	1.83	1.44	1.14	1.20	1.01	1.19	1.05	0.99	1.87
Long-Term Debt to EBITDA	2.07	2.30	1.88	1.68	1.71	2.19	1.47	1.44	1.56	1.51	2.25
Debt to NOPAT	4.71	5.21	3.52	3.08	3.12	4.73	2.62	2.54	3.54	2.97	4.76
Net Debt to NOPAT	4.33	4.75	3.23	2.64	2.08	2.60	1.81	2.10	2.05	1.95	3.96
Long-Term Debt to NOPAT	4.69	5.16	3.32	3.08	3.12	4.73	2.62	2.54	3.05	2.97	4.76
Altman Z-Score	2.92	2.99	3.57	3.39	3.59	3.77	4.06	4.00	3.97	5.01	3.75
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.77	2.71	2.30	3.05	3.42	3.51	3.09	2.87	2.57	3.23	3.17
Quick Ratio	1.46	1.48	1.26	1.82	2.23	2.44	2.01	1.64	1.72	1.93	1.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	486	86	322	604	871	630	245	451	1,061	474	-1,051
Operating Cash Flow to CapEx	236.27%	283.92%	256.16%	212.86%	302.45%	244.16%	182.65%	180.51%	279.39%	177.71%	195.20%
Free Cash Flow to Firm to Interest Expense	0.00	0.90	3.14	6.35	6.77	6.74	1.61	6.41	19.91	11.46	-13.29
Operating Cash Flow to Interest Expense	0.00	8.51	8.34	12.41	9.37	11.05	7.18	21.24	24.67	28.77	19.69
Operating Cash Flow Less CapEx to Interest Expense	0.00	5.51	5.09	6.58	6.27	6.52	3.25	9.47	15.84	12.58	9.60
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.09	1.05	1.08	1.10	1.01	0.91	1.01	1.07	0.94	0.96	0.92
Accounts Receivable Turnover	8.95	8.72	8.48	8.10	7.97	7.94	8.12	8.06	7.56	7.70	7.49
Inventory Turnover	6.76	6.43	6.69	6.89	6.69	6.69	6.93	6.80	6.13	6.17	6.00
Fixed Asset Turnover	2.02	2.02	2.21	2.33	2.22	2.10	2.30	2.28	2.01	2.12	1.99
Accounts Payable Turnover	14.51	14.57	13.69	13.68	14.49	14.32	13.96	14.81	15.02	15.85	15.75
Days Sales Outstanding (DSO)	40.77	41.87	43.04	45.08	45.79	45.99	44.94	45.27	48.30	47.40	48.72
Days Inventory Outstanding (DIO)	54.01	56.76	54.53	52.96	54.53	54.59	52.67	53.71	59.51	59.12	60.87
Days Payable Outstanding (DPO)	25.15	25.05	26.66	26.69	25.18	25.50	26.15	24.65	24.30	23.02	23.18
Cash Conversion Cycle (CCC)	69.63	73.58	70.90	71.35	75.14	75.09	71.45	74.32	83.51	83.49	86.41
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,835	4,261	4,692	4,900	4,829	4,726	5,423	6,043	5,793	6,152	8,037
Invested Capital Turnover	1.50	1.43	1.44	1.46	1.43	1.39	1.52	1.48	1.32	1.40	1.27
Increase / (Decrease) in Invested Capital	6.60	426	431	208	-71	-103	696	621	-250	359	1,885
Enterprise Value (EV)	6,917	8,887	11,845	8,847	10,962	13,215	13,755	13,395	15,955	21,868	21,846
Market Capitalization	4,781	6,459	9,411	6,707	9,295	11,844	12,048	11,146	14,288	20,246	18,547
Book Value per Share	$16.84	$18.68	$23.13	$28.28	$32.44	$34.23	$37.97	$39.63	$44.60	$49.04	$51.10
Tangible Book Value per Share	$8.44	$6.95	$9.43	$14.57	$19.16	$22.01	$25.01	$26.77	$31.75	$36.63	$29.16
Total Capital	3,953	4,427	4,833	5,174	5,564	5,740	6,079	6,386	6,869	6,878	8,565
Total Debt	2,320	2,667	2,651	2,501	2,493	2,494	2,472	2,719	2,872	2,474	3,967
Total Long-Term Debt	2,312	2,640	2,499	2,501	2,493	2,494	2,472	2,719	2,472	2,474	3,967
Net Debt	2,136	2,428	2,434	2,140	1,667	1,371	1,707	2,249	1,666	1,622	3,300
Capital Expenditures (CapEx)	325	284	334	554	399	423	599	828	471	670	798
Debt-free, Cash-free Net Working Capital (DFCFNWC)	816	859	1,017	1,060	987	888	1,143	1,228	1,247	1,444	1,598
Debt-free Net Working Capital (DFNWC)	1,000	1,098	1,234	1,422	1,755	1,968	1,848	1,633	2,388	2,231	2,199
Net Working Capital (NWC)	993	1,071	1,082	1,422	1,755	1,968	1,848	1,633	1,989	2,231	2,199
Net Nonoperating Expense (NNE)	56	62	84	74	104	66	101	42	46	28	60
Net Nonoperating Obligations (NNO)	2,202	2,501	2,509	2,227	1,758	1,480	1,815	2,376	1,796	1,748	3,439
Total Depreciation and Amortization (D&A)	364	366	401	420	411	413	422	459	520	528	658
Debt-free, Cash-free Net Working Capital to Revenue	14.21%	14.86%	15.78%	15.11%	14.18%	13.33%	14.79%	14.48%	15.98%	17.23%	17.77%
Debt-free Net Working Capital to Revenue	17.42%	19.00%	19.14%	20.26%	25.19%	29.55%	23.90%	19.26%	30.61%	26.62%	24.46%
Net Working Capital to Revenue	17.29%	18.53%	16.79%	20.26%	25.19%	29.55%	23.90%	19.26%	25.49%	26.62%	24.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.47	$4.76	$7.09	$7.82	$7.36	$4.86	$8.87	$11.08	$8.52	$8.97	$8.61
Adjusted Weighted Average Basic Shares Outstanding	94.25M	94.21M	94.35M	94.50M	94.65M	94.83M	93.53M	89.69M	89.62M	89.80M	89.21B
Adjusted Diluted Earnings per Share	$4.47	$4.75	$7.07	$7.80	$7.34	$4.84	$8.83	$11.03	$8.48	$8.93	$8.58
Adjusted Weighted Average Diluted Shares Outstanding	94.25M	94.21M	94.35M	94.50M	94.65M	94.83M	93.53M	89.69M	89.62M	89.80M	89.21B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	94.25M	94.21M	94.35M	94.50M	94.65M	94.83M	93.53M	89.69M	89.62M	89.80M	89.21B
Normalized Net Operating Profit after Tax (NOPAT)	493	512	752	812	800	568	942	1,072	811	833	834
Normalized NOPAT Margin	8.59%	8.85%	11.67%	11.57%	11.49%	8.53%	12.18%	12.64%	10.40%	9.94%	9.27%
Pre Tax Income Margin	11.57%	11.91%	12.86%	13.84%	13.17%	9.50%	14.34%	16.10%	13.00%	12.70%	11.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	8.26	9.08	11.21	8.12	7.77	8.27	20.39	20.03	26.71	13.99
NOPAT to Interest Expense	0.00	5.40	7.33	8.54	6.21	5.64	6.18	15.23	15.22	20.12	10.54
EBIT Less CapEx to Interest Expense	0.00	5.26	5.82	5.38	5.02	3.24	4.34	8.62	11.20	10.52	3.91
NOPAT Less CapEx to Interest Expense	0.00	2.40	4.08	2.71	3.11	1.12	2.25	3.46	6.39	3.93	0.45
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.97%	48.06%	35.54%	36.33%	42.89%	64.99%	45.16%	40.81%	58.66%	55.74%	58.08%
Augmented Payout Ratio	81.39%	70.37%	35.54%	36.33%	42.89%	64.99%	68.10%	91.56%	64.09%	55.74%	77.85%

This table displays calculated financial ratios and metrics derived from Packaging Corporation of America's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	89,213,394,000.00	89,098,647.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	89,213,394,000.00	89,098,647.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.00	2.17
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.04%	0.16%	6.31%	12.73%	10.74%	8.16%	4.63%	6.00%	10.13%	10.59%	14.67%
EBITDA Growth	-4.45%	-18.21%	-1.89%	19.37%	11.66%	28.43%	16.89%	4.12%	-11.14%	14.23%	-1.14%
EBIT Growth	-10.42%	-26.65%	-2.95%	27.84%	15.61%	42.21%	20.43%	-1.16%	-44.48%	-9.95%	-12.41%
NOPAT Growth	-71.85%	-24.41%	-2.09%	26.16%	42.94%	39.12%	22.12%	-1.31%	-44.35%	-8.54%	-14.08%
Net Income Growth	-72.12%	-22.72%	0.48%	29.97%	45.08%	38.73%	21.42%	-4.70%	-53.93%	-16.14%	-20.46%
EPS Growth	-9.87%	-22.75%	-1.34%	30.05%	16.67%	38.65%	20.81%	-4.92%	-53.47%	-15.49%	-19.48%
Operating Cash Flow Growth	-20.19%	-7.13%	-22.67%	-3.65%	-2.95%	30.22%	7.65%	44.36%	37.25%	-2.89%	25.50%
Free Cash Flow Firm Growth	178.00%	117.63%	-24.61%	-110.33%	-186.46%	43.37%	-186.07%	-8,394.74%	-1,257.68%	-13,032.04%	-2,268.58%
Invested Capital Growth	-4.14%	2.46%	2.15%	4.59%	6.19%	3.34%	5.38%	33.39%	30.64%	30.50%	29.57%
Revenue Q/Q Growth	0.10%	2.14%	4.84%	5.16%	-1.66%	-0.24%	1.42%	6.54%	2.17%	0.18%	5.16%
EBITDA Q/Q Growth	1.60%	-16.60%	24.23%	13.95%	-4.96%	-4.54%	13.37%	1.22%	-18.69%	22.42%	-1.88%
EBIT Q/Q Growth	1.79%	-24.05%	40.03%	18.95%	-7.95%	-7.25%	19.05%	-2.76%	-48.10%	49.88%	15.81%
NOPAT Q/Q Growth	-67.97%	-22.84%	125.43%	-29.38%	-63.71%	140.82%	17.66%	-4.03%	-47.12%	53.17%	10.54%
Net Income Q/Q Growth	-67.79%	-22.36%	127.71%	-28.82%	-64.05%	138.08%	18.50%	-6.05%	-55.09%	67.71%	12.40%
EPS Q/Q Growth	3.45%	-22.38%	35.58%	19.46%	-7.20%	-7.76%	18.14%	-5.99%	-54.58%	67.54%	12.57%
Operating Cash Flow Q/Q Growth	-1.24%	-22.34%	6.87%	17.54%	-0.52%	4.21%	-11.65%	57.61%	-5.42%	-26.27%	14.18%
Free Cash Flow Firm Q/Q Growth	54.00%	-95.99%	2,310.23%	-109.49%	-1,188.87%	104.86%	-627.21%	-2,470.27%	1.23%	3.38%	3.44%
Invested Capital Q/Q Growth	0.12%	-0.11%	-0.86%	1.60%	1.66%	0.91%	1.11%	28.61%	-0.44%	0.80%	0.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.16%	18.71%	21.09%	23.15%	21.89%	21.24%	22.24%	21.80%	18.94%	19.13%	20.58%
EBITDA Margin	20.27%	16.47%	19.52%	21.15%	20.44%	19.56%	21.87%	20.77%	16.53%	20.20%	18.85%
Operating Margin	13.49%	9.90%	13.30%	14.99%	14.08%	13.09%	15.37%	14.03%	7.13%	10.61%	11.70%
EBIT Margin	13.49%	9.96%	13.30%	15.04%	14.08%	13.09%	15.37%	14.03%	7.12%	10.66%	11.74%
Profit (Net Income) Margin	3.04%	7.42%	16.12%	10.91%	3.99%	9.52%	11.12%	9.81%	4.31%	7.22%	7.72%
Tax Burden Percent	23.74%	78.35%	125.42%	74.73%	29.36%	76.22%	75.33%	74.34%	75.71%	77.75%	74.17%
Interest Burden Percent	95.07%	95.13%	96.63%	97.05%	96.49%	95.40%	96.07%	94.05%	79.93%	87.08%	88.61%
Effective Tax Rate	76.26%	21.65%	-25.42%	25.27%	70.64%	23.78%	24.67%	25.66%	24.29%	22.25%	25.83%
Return on Invested Capital (ROIC)	4.22%	10.20%	22.44%	15.47%	5.80%	13.96%	16.36%	12.95%	6.84%	10.63%	11.48%
ROIC Less NNEP Spread (ROIC-NNEP)	4.08%	9.88%	21.83%	15.13%	5.63%	13.43%	15.79%	12.39%	5.85%	9.69%	10.55%
Return on Net Nonoperating Assets (RNNOA)	2.22%	5.18%	10.43%	6.84%	2.37%	5.80%	6.26%	7.01%	3.37%	5.57%	5.80%
Return on Equity (ROE)	6.44%	15.38%	32.87%	22.31%	8.18%	19.76%	22.62%	19.97%	10.21%	16.20%	17.28%
Cash Return on Invested Capital (CROIC)	17.94%	10.40%	10.73%	9.17%	7.94%	11.34%	10.10%	-15.37%	-14.82%	-15.07%	-14.93%
Operating Return on Assets (OROA)	12.62%	9.19%	12.34%	14.53%	13.48%	12.55%	14.74%	12.47%	6.55%	9.95%	11.16%
Return on Assets (ROA)	2.85%	6.85%	14.96%	10.54%	3.82%	9.13%	10.66%	8.72%	3.96%	6.74%	7.34%
Return on Common Equity (ROCE)	6.44%	15.38%	32.87%	22.31%	8.18%	19.76%	22.62%	19.97%	10.21%	16.20%	17.28%
Return on Equity Simple (ROE_SIMPLE)	0.00%	17.91%	17.54%	18.26%	0.00%	19.16%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	62	154	346	244	89	214	251	241	128	195	216
NOPAT Margin	3.20%	7.76%	16.68%	11.20%	4.13%	9.98%	11.58%	10.43%	5.40%	8.25%	8.67%
Net Nonoperating Expense Percent (NNEP)	0.15%	0.33%	0.61%	0.34%	0.18%	0.53%	0.57%	0.56%	0.99%	0.94%	0.93%
Return On Investment Capital (ROIC_SIMPLE)	0.90%	-	-	-	1.29%	3.06%	3.54%	2.77%	1.49%	2.28%	2.50%
Cost of Revenue to Revenue	78.84%	81.29%	78.91%	76.85%	78.11%	78.76%	77.76%	78.20%	81.06%	80.87%	79.42%
SG&A Expenses to Revenue	7.67%	8.81%	7.79%	8.16%	7.81%	8.15%	7.06%	6.67%	6.44%	7.61%	7.20%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.67%	8.81%	7.79%	8.16%	7.81%	8.15%	6.88%	7.77%	11.81%	8.51%	8.89%
Earnings before Interest and Taxes (EBIT)	261	197	276	328	302	280	334	325	168	252	292
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	393	326	405	462	439	419	475	481	391	478	469
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.57	4.23	3.98	4.54	4.60	3.96	3.66	4.12	4.03	4.16	4.60
Price to Tangible Book Value (P/TBV)	5.02	5.91	5.48	6.17	6.15	5.25	4.79	6.84	7.07	7.28	8.00
Price to Revenue (P/Rev)	1.83	2.19	2.07	2.37	2.42	2.08	1.96	2.23	2.06	2.07	2.25
Price to Earnings (P/E)	17.93	22.69	21.78	23.95	24.32	20.02	18.18	21.30	23.90	25.70	30.92
Dividend Yield	3.15%	2.63%	2.74%	2.32%	2.22%	2.53%	2.65%	2.29%	2.42%	2.36%	2.20%
Earnings Yield	5.58%	4.41%	4.59%	4.18%	4.11%	5.00%	5.50%	4.69%	4.18%	3.89%	3.23%
Enterprise Value to Invested Capital (EV/IC)	2.75	3.15	3.04	3.47	3.55	3.12	2.94	2.82	2.72	2.77	3.04
Enterprise Value to Revenue (EV/Rev)	2.04	2.42	2.29	2.57	2.61	2.27	2.14	2.59	2.43	2.43	2.59
Enterprise Value to EBITDA (EV/EBITDA)	10.05	12.47	11.99	13.27	13.39	11.22	10.29	12.55	12.38	12.30	13.59
Enterprise Value to EBIT (EV/EBIT)	14.95	18.98	18.26	19.81	19.78	16.29	14.83	18.33	19.74	20.80	23.83
Enterprise Value to NOPAT (EV/NOPAT)	19.67	24.81	23.91	25.99	26.25	21.69	19.67	24.33	26.20	27.53	31.71
Enterprise Value to Operating Cash Flow (EV/OCF)	12.13	14.59	14.93	17.49	18.36	15.25	14.30	15.85	14.03	14.50	15.23
Enterprise Value to Free Cash Flow (EV/FCFF)	15.03	30.61	28.65	38.70	46.11	27.96	29.88	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.72	0.76	0.70	0.58	0.56	0.55	0.53	0.83	0.86	0.86	0.85
Long-Term Debt to Equity	0.62	0.67	0.60	0.58	0.56	0.55	0.53	0.83	0.86	0.86	0.85
Financial Leverage	0.54	0.52	0.48	0.45	0.42	0.43	0.40	0.57	0.58	0.57	0.55
Leverage Ratio	2.18	2.17	2.14	2.08	2.08	2.09	2.06	2.19	2.17	2.17	2.16
Compound Leverage Factor	2.07	2.06	2.07	2.02	2.01	1.99	1.98	2.06	1.74	1.89	1.91
Debt to Total Capital	41.81%	43.33%	41.05%	36.78%	35.97%	35.49%	34.83%	45.48%	46.32%	46.38%	45.99%
Short-Term Debt to Total Capital	5.82%	5.62%	5.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	35.99%	37.70%	35.33%	36.78%	35.97%	35.49%	34.83%	45.48%	46.32%	46.38%	45.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	58.19%	56.67%	58.95%	63.22%	64.03%	64.51%	65.17%	54.52%	53.68%	53.62%	54.01%
Debt to EBITDA	1.81	2.03	1.90	1.57	1.51	1.43	1.38	2.19	2.25	2.17	2.18
Net Debt to EBITDA	1.05	1.21	1.12	1.04	0.99	0.90	0.85	1.74	1.87	1.84	1.82
Long-Term Debt to EBITDA	1.56	1.77	1.64	1.57	1.51	1.43	1.38	2.19	2.25	2.17	2.18
Debt to NOPAT	3.54	4.05	3.79	3.07	2.97	2.77	2.64	4.24	4.76	4.87	5.09
Net Debt to NOPAT	2.05	2.40	2.24	2.03	1.95	1.75	1.62	3.38	3.96	4.11	4.23
Long-Term Debt to NOPAT	3.05	3.52	3.26	3.07	2.97	2.77	2.64	4.24	4.76	4.87	5.09
Altman Z-Score	3.66	3.90	3.84	4.53	4.71	4.35	4.32	3.57	3.47	3.53	3.73
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.57	2.46	2.43	2.95	3.23	3.28	3.54	3.16	3.17	3.07	2.94
Quick Ratio	1.72	1.59	1.57	1.81	1.93	1.99	2.20	1.88	1.83	1.77	1.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	312	9.16	221	-21	-270	13	-69	-1,779	-1,758	-1,698	-1,640
Operating Cash Flow to CapEx	237.63%	333.85%	113.68%	222.97%	162.05%	227.58%	217.57%	245.94%	139.91%	198.37%	183.15%
Free Cash Flow to Firm to Interest Expense	34.70	0.95	23.74	-2.16	-21.09	1.02	-5.28	-92.20	-52.00	-52.09	-49.24
Operating Cash Flow to Interest Expense	37.26	27.13	29.92	33.72	25.42	26.29	22.87	24.47	13.21	10.10	11.29
Operating Cash Flow Less CapEx to Interest Expense	21.58	19.00	3.60	18.60	9.73	14.74	12.36	14.52	3.77	5.01	5.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.94	0.92	0.93	0.97	0.96	0.96	0.96	0.89	0.92	0.93	0.95
Accounts Receivable Turnover	7.56	7.52	7.31	7.23	7.70	7.74	7.38	6.83	7.49	7.37	7.26
Inventory Turnover	6.13	6.15	6.23	6.30	6.17	6.23	6.19	5.87	6.00	6.11	6.33
Fixed Asset Turnover	2.01	2.01	2.02	2.08	2.12	2.15	2.14	1.94	1.99	2.03	2.09
Accounts Payable Turnover	15.02	14.34	14.99	14.90	15.85	14.35	13.94	13.53	15.75	14.12	13.75
Days Sales Outstanding (DSO)	48.30	48.55	49.93	50.48	47.40	47.18	49.43	53.44	48.72	49.51	50.30
Days Inventory Outstanding (DIO)	59.51	59.39	58.58	57.93	59.12	58.60	58.98	62.23	60.87	59.74	57.67
Days Payable Outstanding (DPO)	24.30	25.45	24.35	24.49	23.02	25.43	26.18	26.98	23.18	25.85	26.54
Cash Conversion Cycle (CCC)	83.51	82.49	84.16	83.92	83.49	80.36	82.22	88.68	86.41	83.40	81.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,793	6,008	5,956	6,052	6,152	6,208	6,277	8,072	8,037	8,102	8,132
Invested Capital Turnover	1.32	1.32	1.35	1.38	1.40	1.40	1.41	1.24	1.27	1.29	1.32
Increase / (Decrease) in Invested Capital	-250	144	125	265	359	201	321	2,021	1,885	1,894	1,856
Enterprise Value (EV)	15,955	18,896	18,118	21,011	21,868	19,369	18,467	22,759	21,846	22,438	24,731
Market Capitalization	14,288	17,067	16,418	19,371	20,246	17,808	16,948	19,599	18,547	19,085	21,429
Book Value per Share	$44.60	$44.98	$0.05	$47.47	$49.04	$50.10	$51.48	$52.85	$51.10	$0.05	$52.32
Tangible Book Value per Share	$31.75	$32.23	$0.03	$34.96	$36.63	$37.80	$39.30	$31.84	$29.16	$0.03	$30.08
Total Capital	6,869	7,113	7,000	6,745	6,878	6,974	7,107	8,722	8,565	8,556	8,631
Total Debt	2,872	3,082	2,873	2,481	2,474	2,475	2,475	3,966	3,967	3,968	3,969
Total Long-Term Debt	2,472	2,682	2,473	2,481	2,474	2,475	2,475	3,966	3,967	3,968	3,969
Net Debt	1,666	1,828	1,700	1,640	1,622	1,560	1,519	3,160	3,300	3,353	3,302
Capital Expenditures (CapEx)	141	78	245	147	201	149	138	192	319	166	205
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,247	1,260	1,348	1,369	1,444	1,452	1,513	1,661	1,598	1,653	1,666
Debt-free Net Working Capital (DFNWC)	2,388	2,445	2,452	2,141	2,231	2,295	2,394	2,390	2,199	2,197	2,260
Net Working Capital (NWC)	1,989	2,045	2,052	2,141	2,231	2,295	2,394	2,390	2,199	2,197	2,260
Net Nonoperating Expense (NNE)	3.06	6.66	12	6.35	3.11	9.83	9.87	14	26	24	24
Net Nonoperating Obligations (NNO)	1,796	1,977	1,829	1,788	1,748	1,709	1,645	3,317	3,439	3,514	3,471
Total Depreciation and Amortization (D&A)	132	129	129	133	137	139	141	156	222	226	177
Debt-free, Cash-free Net Working Capital to Revenue	15.98%	16.14%	17.00%	16.75%	17.23%	16.99%	17.51%	18.94%	17.77%	17.94%	17.47%
Debt-free Net Working Capital to Revenue	30.61%	31.32%	30.93%	26.19%	26.62%	26.86%	27.70%	27.25%	24.46%	23.84%	23.70%
Net Working Capital to Revenue	25.49%	26.20%	25.89%	26.19%	26.62%	26.86%	27.70%	27.25%	24.46%	23.84%	23.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.11	$1.64	$2.22	$2.65	$2.46	$2.27	$2.68	$2.52	$1.14	$1.92	$2.16
Adjusted Weighted Average Basic Shares Outstanding	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M	89.98M	89.98M	89.21B	89.10M	89.10M
Adjusted Diluted Earnings per Share	$2.10	$1.63	$2.21	$2.64	$2.45	$2.26	$2.67	$2.51	$1.14	$1.91	$2.15
Adjusted Weighted Average Diluted Shares Outstanding	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M	89.98M	89.98M	89.21B	89.10M	89.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M	89.98M	89.98M	89.21B	89.10M	89.10M
Normalized Net Operating Profit after Tax (NOPAT)	183	154	193	244	212	214	251	241	128	195	216
Normalized NOPAT Margin	9.44%	7.76%	9.31%	11.20%	9.86%	9.98%	11.58%	10.43%	5.40%	8.25%	8.67%
Pre Tax Income Margin	12.82%	9.47%	12.85%	14.60%	13.59%	12.49%	14.77%	13.19%	5.69%	9.28%	10.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	29.04	20.53	29.68	33.85	23.61	21.73	25.47	16.81	4.98	7.74	8.78
NOPAT to Interest Expense	6.90	16.00	37.22	25.20	6.93	16.56	19.19	12.50	3.77	5.99	6.49
EBIT Less CapEx to Interest Expense	13.37	12.41	3.35	18.72	7.92	10.18	14.96	6.87	-4.46	2.65	2.61
NOPAT Less CapEx to Interest Expense	-8.78	7.87	10.90	10.08	-8.76	5.01	8.68	2.55	-5.67	0.90	0.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	58.66%	62.16%	62.00%	57.61%	55.74%	52.10%	49.67%	50.30%	58.08%	60.60%	64.77%
Augmented Payout Ratio	64.09%	67.91%	62.00%	57.61%	55.74%	52.10%	49.67%	50.30%	77.85%	89.18%	95.39%

Financials Breakdown Chart

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Packaging Corporation of America (NYSE: PKG) continued to show solid profitability and strong cash generation in Q1 2026, but the quarter also reflected a few balance sheet and cash flow pressures that investors should watch.

Revenue in Q1 2026 was $2.37 billion, up slightly from $2.36 billion in Q4 2025 and $2.14 billion in Q1 2025. Net income came in at $170.9 million, down from $203.8 million a year ago but up from $101.8 million in the prior quarter. Earnings remained healthy, with diluted EPS of $1.91.

Operating performance stayed strong. Gross margin in Q1 2026 was roughly 19.1% ($452.9 million gross profit on $2.37 billion revenue), and operating income was $251.3 million, or about 10.6% of sales. That’s a good result for a capital-intensive packaging business.

Cash flow from operations was also robust at $329.3 million, though it was below the $446.6 million generated in Q4 2025 and $339.1 million in Q1 2025. The company spent $166.6 million on capital expenditures in the quarter, indicating ongoing investment in the business.

On the balance sheet, PKG ended Q1 2026 with $543.7 million in cash and short-term investments, versus $698.0 million at the end of Q4 2025. Total debt was $3.97 billion, while total equity was $4.59 billion. Debt remains meaningful, but liquidity appears manageable.

One notable trend is the company’s continued commitment to returning capital. PKG paid $111.9 million in dividends and repurchased $58.8 million of stock in Q1 2026. That supports shareholder returns, but it also contributed to a negative financing cash flow of $200.3 million.

Strong quarterly profitability: Q1 2026 net income of $170.9 million and diluted EPS of $1.91 remained solid.
Healthy operating margin: Operating income of $251.3 million showed the business continues to convert revenue into earnings efficiently.
Solid operating cash flow: The company generated $329.3 million from operations in Q1 2026.
Consistent dividend policy: PKG paid $1.25 per share in dividends, reinforcing its income appeal.
Long history of profitability: Across the last four years shown, PKG has posted profitable quarters almost every period, suggesting a resilient business model.
Revenue was stable sequentially: Sales were basically flat versus Q4 2025, indicating steady demand rather than rapid acceleration.
Capital spending remains elevated: Q1 2026 capex of $166.6 million supports the business, but also limits free cash flow in the near term.
Debt load is still significant: Long-term debt of $4.0 billion means interest and refinancing conditions matter.
Cash declined in the quarter: Net cash and equivalents fell by $131.9 million during Q1 2026.
Share buybacks plus dividends were costly: Combined capital returns and investment spending used a large share of operating cash.

Looking at the broader trend, PKG’s quarterly revenue has generally ranged between about $1.98 billion and $2.37 billion over the last four years, while quarterly net income has mostly stayed in the $100 million to $260 million range, with some stronger periods in 2024 and 2025. That suggests a mature, cyclical company with dependable earnings power rather than fast growth.

Bottom line: PKG appears financially healthy, with strong margins, good cash generation, and a shareholder-friendly capital return program. The main watch items are its debt level, ongoing capex, and whether revenue and cash flow can continue holding near current levels if industry conditions soften.

08/23/26 11:10 AM ETAI Generated. May Contain Errors.

Packaging Corporation of America Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Packaging Corporation of America's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Packaging Corporation of America's net income appears to be on an upward trend, with a most recent value of $774.10 million in 2025, rising from $436.80 million in 2015. The previous period was $805.10 million in 2024. Check out Packaging Corporation of America's forecast to explore projected trends and price targets.

Packaging Corporation of America's total operating income in 2025 was $1.11 billion, based on the following breakdown:

Total Gross Profit: $1.89 billion
Total Operating Expenses: $782.60 million

Over the last 10 years, Packaging Corporation of America's total revenue changed from $5.74 billion in 2015 to $8.99 billion in 2025, a change of 56.6%.

Packaging Corporation of America's total liabilities were at $6.13 billion at the end of 2025, a 38.3% increase from 2024, and a 68.4% increase since 2015.

In the past 10 years, Packaging Corporation of America's cash and equivalents has ranged from $184.20 million in 2015 to $974.60 million in 2020, and is currently $529 million as of their latest financial filing in 2025.

Over the last 10 years, Packaging Corporation of America's book value per share changed from 16.84 in 2015 to 51.10 in 2025, a change of 203.5%.

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Financial statements for NYSE:PKG last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Packaging Corporation of America (PKG) Financials

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Packaging Corporation of America (PKG) Financials

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