Packaging Corporation of America (PKG) Financials

$219.71 +1.49 (+0.68%)

As of 11:56 AM Eastern

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	185	86	148	200	240	110	205	242	228	101	172
Consolidated Net Income / (Loss)	183	59	147	199	238	86	204	242	227	102	171
Net Income / (Loss) Continuing Operations	183	59	147	199	238	86	204	242	227	102	171
Total Pre-Tax Income	245	249	188	267	319	292	267	321	305	135	220
Total Operating Income	259	261	196	276	327	302	280	334	325	169	251
Total Gross Profit	413	410	370	438	505	470	455	483	504	448	453
Total Revenue	1,936	1,938	1,980	2,075	2,182	2,146	2,141	2,171	2,313	2,364	2,368
Operating Revenue	1,936	1,938	1,980	2,075	2,182	2,146	2,141	2,171	2,313	2,364	2,368
Total Cost of Revenue	1,523	1,528	1,609	1,638	1,677	1,676	1,686	1,688	1,809	1,916	1,915
Operating Cost of Revenue	1,523	1,528	1,609	1,638	1,677	1,676	1,686	1,688	1,809	1,916	1,915
Total Operating Expenses	154	149	174	162	178	168	174	149	180	279	202
Selling, General & Admin Expense	154	149	174	150	162	168	161	153	154	152	180
Other Operating Expenses / (Income)	-	-	-	12	16	-	13	-3.90	26	-	21
Total Other Income / (Expense), net	-14	-13	-8.50	-9.30	-8.50	-11	-13	-13	-19	-34	-32
Interest Expense	12	9.00	9.60	10	9.70	13	13	13	19	34	33
Other Income / (Expense), net	-1.80	-	1.10	1.10	1.20	-	0.00	0.00	0.00	-0.10	1.10
Income Tax Expense	61	190	41	68	81	206	64	79	78	33	49
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-2.40	-	-0.80	-0.90	-3.00	-	-1.20	-0.90	-1.00	1.20	-0.20
Basic Earnings per Share	$2.04	$2.11	$1.64	$2.22	$2.65	$2.46	$2.27	$2.68	$2.52	$1.14	$1.92
Weighted Average Basic Shares Outstanding	89.62M	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M	89.98M	89.98M	89.21B	89.10M
Diluted Earnings per Share	$2.03	$2.10	$1.63	$2.21	$2.64	$2.45	$2.26	$2.67	$2.51	$1.14	$1.91
Weighted Average Diluted Shares Outstanding	89.62M	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M	89.98M	89.98M	89.21B	89.10M
Weighted Average Basic & Diluted Shares Outstanding	89.62M	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M	89.98M	89.98M	89.21B	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	$1.25

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	96	75	44	-79	63	8.40	67	36	-154	-105	-132
Net Cash From Operating Activities	340	335	260	278	327	325	339	300	472	447	329
Net Cash From Continuing Operating Activities	340	335	260	278	327	325	339	300	472	447	329
Net Income / (Loss) Continuing Operations	183	189	147	199	238	221	204	242	227	102	171
Consolidated Net Income / (Loss)	183	189	147	199	238	221	204	242	227	102	171
Depreciation Expense	129	131	128	129	133	136	138	141	153	222	225
Amortization Expense	0.50	0.60	0.60	0.60	0.60	0.50	0.50	0.50	3.50	0.80	0.80
Non-Cash Adjustments To Reconcile Net Income	-36	16	26	14	-8.00	17	24	-11	15	55	17
Changes in Operating Assets and Liabilities, net	62	-1.80	-42	-63	-36	-49	-27	-72	74	68	-85
Net Cash From Investing Activities	-89	-544	-81	-243	249	-203	-144	-143	-2,000	-286	-261
Net Cash From Continuing Investing Activities	-89	-544	-81	-243	249	-203	-144	-143	-2,000	-286	-261
Purchase of Property, Plant & Equipment	-90	-141	-78	-245	-147	-201	-150	-170	-192	-319	-167
Acquisitions	-	-	-	-	-	-	0.00	-	-	-	-15
Purchase of Investments	-20	-431	-33	-30	-29	-22	-32	-40	-27	-14	-107
Sale of Property, Plant & Equipment	1.10	0.10	0.10	0.50	0.20	0.50	0.70	32	0.30	0.10	0.60
Sale and/or Maturity of Investments	21	28	30	32	425	20	36	35	23	48	27
Net Cash From Financing Activities	-155	284	-135	-114	-513	-114	-128	-121	1,374	-266	-200
Net Cash From Continuing Financing Activities	-155	284	-135	-114	-513	-114	-128	-121	1,374	-266	-200
Repayment of Debt	-0.50	-1.60	-0.50	-0.50	-400	-0.50	-0.50	-0.50	-7.10	-0.40	-0.60
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-59
Payment of Dividends	-112	-112	-112	-112	-112	-112	-112	-112	-112	-113	-112
Other Financing Activities, net	-0.10	-	-23	-1.60	-0.70	-0.90	-15	-7.70	-0.30	-0.20	-29

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	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
Total Assets	8,107	8,178	8,681	8,857	8,982	8,754	8,833	8,970	9,041	10,980	10,778
Total Current Assets	2,671	2,773	3,254	3,445	3,484	3,241	3,233	3,303	3,337	3,497	3,258
Cash & Equivalents	477	573	648	692	614	677	685	752	788	634	397
Short-Term Investments	102	104	494	492	491	95	102	91	92	95	147
Accounts Receivable	1,024	1,045	1,033	1,045	1,145	1,216	1,144	1,164	1,195	1,352	1,336
Inventories, net	992	986	1,013	1,004	1,030	1,062	1,125	1,141	1,145	1,277	1,258
Prepaid Expenses	76	65	62	212	205	192	167	155	106	81	104
Current Deferred & Refundable Income Taxes	0.00	0.00	4.30	0.00	0.30	0.00	10	0.00	11	58	15
Plant, Property, & Equipment, net	3,887	3,863	3,864	3,865	3,962	3,982	4,039	4,080	4,116	5,043	4,995
Total Noncurrent Assets	1,549	1,541	1,563	1,547	1,537	1,530	1,561	1,588	1,589	2,439	2,525
Long-Term Investments	51	49	64	69	68	70	65	71	76	78	72
Goodwill	922	922	922	922	922	922	922	922	922	1,200	1,382
Intangible Assets	249	239	230	220	211	201	192	183	173	691	584
Other Noncurrent Operating Assets	328	330	347	336	335	337	382	412	418	471	488
Total Liabilities & Shareholders' Equity	8,107	8,178	8,681	8,857	8,982	8,754	8,833	8,970	9,041	10,980	10,778
Total Liabilities	4,258	4,290	4,684	4,826	4,856	4,490	4,429	4,471	4,409	6,225	6,190
Total Current Liabilities	798	1,279	1,266	1,400	1,432	1,101	1,002	1,008	943	1,108	1,061
Accounts Payable	366	406	402	450	475	460	430	481	491	554	557
Accrued Expenses	220	245	254	304	346	393	363	263	238	298	238
Dividends Payable	115	115	116	115	115	116	116	116	116	116	113
Current Deferred & Payable Income Tax Liabilities	8.00	8.40	-	18	-	15	-	30	0.00	0.00	0.00
Other Current Liabilities	77	79	81	81	82	84	83	86	89	98	104
Other Current Nonoperating Liabilities	12	26	14	33	-	33	9.50	33	9.40	41	48
Total Noncurrent Liabilities	3,460	3,012	3,418	3,426	3,424	3,390	3,428	3,463	3,466	5,117	5,129
Long-Term Debt	2,475	2,076	2,472	2,473	2,473	2,474	2,474	2,475	2,475	3,966	3,968
Noncurrent Deferred & Payable Income Tax Liabilities	539	537	558	567	552	541	562	571	565	672	678
Noncurrent Employee Benefit Liabilities	154	116	106	112	115	99	96	94	98	102	108
Other Noncurrent Operating Liabilities	284	273	282	65	284	270	296	323	328	377	376
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	3,849	3,887	3,997	4,031	4,127	4,264	4,404	4,499	4,632	4,756	4,588
Total Preferred & Common Equity	3,849	3,887	3,997	4,031	4,127	4,264	4,404	4,499	4,632	4,756	4,588
Total Common Equity	3,849	3,887	3,997	4,031	4,127	4,264	4,404	4,499	4,632	4,756	4,588
Common Stock	608	613	621	641	651	662	671	689	700	709	722
Retained Earnings	3,339	3,371	3,447	3,460	3,544	3,669	3,777	3,853	3,974	4,087	3,906
Accumulated Other Comprehensive Income / (Loss)	-99	-97	-71	-70	-69	-67	-43	-42	-41	-40	-41

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	89,213,394,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	89,213,394,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.00
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.93%	-2.04%	0.16%	6.31%	12.73%	10.74%	8.16%	4.63%	6.00%	10.13%	10.59%
EBITDA Growth	-19.17%	-4.45%	-18.21%	-1.89%	19.37%	11.66%	28.43%	16.89%	4.12%	-11.14%	14.23%
EBIT Growth	-29.43%	-10.42%	-26.65%	-2.95%	27.84%	15.61%	42.21%	20.43%	-1.16%	-44.48%	-9.95%
NOPAT Growth	-28.83%	-71.85%	-24.41%	-2.09%	26.16%	42.94%	39.12%	22.12%	-1.31%	-44.35%	-8.54%
Net Income Growth	-30.21%	-72.12%	-22.72%	0.48%	29.97%	45.08%	38.73%	21.42%	-4.70%	-53.93%	-16.14%
EPS Growth	-27.50%	-9.87%	-22.75%	-1.34%	30.05%	16.67%	38.65%	20.81%	-4.92%	-53.47%	-15.49%
Operating Cash Flow Growth	-21.16%	-20.19%	-7.13%	-22.67%	-3.65%	-2.95%	30.22%	7.65%	44.36%	37.25%	-2.89%
Free Cash Flow Firm Growth	144.52%	178.00%	117.63%	-24.61%	-110.33%	-186.46%	43.37%	-186.07%	-8,394.74%	-1,257.68%	-13,032.04%
Invested Capital Growth	-0.16%	-4.14%	2.46%	2.15%	4.59%	6.19%	3.34%	5.38%	33.39%	30.64%	30.50%
Revenue Q/Q Growth	-0.82%	0.10%	2.14%	4.84%	5.16%	-1.66%	-0.24%	1.42%	6.54%	2.17%	0.18%
EBITDA Q/Q Growth	-6.35%	1.60%	-16.60%	24.23%	13.95%	-4.96%	-4.54%	13.37%	1.22%	-18.69%	22.42%
EBIT Q/Q Growth	-9.70%	1.79%	-24.05%	40.03%	18.95%	-7.95%	-7.25%	19.05%	-2.76%	-48.10%	49.88%
NOPAT Q/Q Growth	-45.19%	-67.97%	-22.84%	125.43%	-29.38%	-63.71%	140.82%	17.66%	-4.03%	-47.12%	53.17%
Net Income Q/Q Growth	-44.97%	-67.79%	-22.36%	127.71%	-28.82%	-64.05%	138.08%	18.50%	-6.05%	-55.09%	67.71%
EPS Q/Q Growth	-9.38%	3.45%	-22.38%	35.58%	19.46%	-7.20%	-7.76%	18.14%	-5.99%	-54.58%	67.54%
Operating Cash Flow Q/Q Growth	-5.67%	-1.24%	-22.34%	6.87%	17.54%	-0.52%	4.21%	-11.65%	57.61%	-5.42%	-26.27%
Free Cash Flow Firm Q/Q Growth	-30.76%	54.00%	-95.99%	2,310.23%	-109.49%	-1,188.87%	104.86%	-627.21%	-2,470.27%	1.23%	3.38%
Invested Capital Q/Q Growth	-0.76%	0.12%	-0.11%	-0.86%	1.60%	1.66%	0.91%	1.11%	28.61%	-0.44%	0.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.32%	21.16%	18.71%	21.09%	23.15%	21.89%	21.24%	22.24%	21.80%	18.94%	19.13%
EBITDA Margin	19.97%	20.27%	16.47%	19.52%	21.15%	20.44%	19.56%	21.87%	20.77%	16.53%	20.20%
Operating Margin	13.36%	13.49%	9.90%	13.30%	14.99%	14.08%	13.09%	15.37%	14.03%	7.13%	10.61%
EBIT Margin	13.26%	13.49%	9.96%	13.30%	15.04%	14.08%	13.09%	15.37%	14.03%	7.12%	10.66%
Profit (Net Income) Margin	9.46%	3.04%	7.42%	16.12%	10.91%	3.99%	9.52%	11.12%	9.81%	4.31%	7.22%
Tax Burden Percent	74.93%	23.74%	78.35%	125.42%	74.73%	29.36%	76.22%	75.33%	74.34%	75.71%	77.75%
Interest Burden Percent	95.21%	95.07%	95.13%	96.63%	97.05%	96.49%	95.40%	96.07%	94.05%	79.93%	87.08%
Effective Tax Rate	25.07%	76.26%	21.65%	-25.42%	25.27%	70.64%	23.78%	24.67%	25.66%	24.29%	22.25%
Return on Invested Capital (ROIC)	13.56%	4.22%	10.20%	22.44%	15.47%	5.80%	13.96%	16.36%	12.95%	6.84%	10.63%
ROIC Less NNEP Spread (ROIC-NNEP)	12.99%	4.08%	9.88%	21.83%	15.13%	5.63%	13.43%	15.79%	12.39%	5.85%	9.69%
Return on Net Nonoperating Assets (RNNOA)	6.15%	2.22%	5.18%	10.43%	6.84%	2.37%	5.80%	6.26%	7.01%	3.37%	5.57%
Return on Equity (ROE)	19.71%	6.44%	15.38%	32.87%	22.31%	8.18%	19.76%	22.62%	19.97%	10.21%	16.20%
Cash Return on Invested Capital (CROIC)	16.91%	17.94%	10.40%	10.73%	9.17%	7.94%	11.34%	10.10%	-15.37%	-14.82%	-15.07%
Operating Return on Assets (OROA)	12.59%	12.62%	9.19%	12.34%	14.53%	13.48%	12.55%	14.74%	12.47%	6.55%	9.95%
Return on Assets (ROA)	8.98%	2.85%	6.85%	14.96%	10.54%	3.82%	9.13%	10.66%	8.72%	3.96%	6.74%
Return on Common Equity (ROCE)	19.71%	6.44%	15.38%	32.87%	22.31%	8.18%	19.76%	22.62%	19.97%	10.21%	16.20%
Return on Equity Simple (ROE_SIMPLE)	23.61%	0.00%	17.91%	17.54%	18.26%	0.00%	19.16%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	194	62	154	346	244	89	214	251	241	128	195
NOPAT Margin	10.01%	3.20%	7.76%	16.68%	11.20%	4.13%	9.98%	11.58%	10.43%	5.40%	8.25%
Net Nonoperating Expense Percent (NNEP)	0.57%	0.15%	0.33%	0.61%	0.34%	0.18%	0.53%	0.57%	0.56%	0.99%	0.94%
Return On Investment Capital (ROIC_SIMPLE)	-	0.90%	-	-	-	1.29%	3.06%	3.54%	2.77%	1.49%	2.28%
Cost of Revenue to Revenue	78.68%	78.84%	81.29%	78.91%	76.85%	78.11%	78.76%	77.76%	78.20%	81.06%	80.87%
SG&A Expenses to Revenue	7.96%	7.67%	8.81%	7.79%	8.16%	7.81%	8.15%	7.06%	6.67%	6.44%	7.61%
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	7.96%	7.67%	8.81%	7.79%	8.16%	7.81%	8.15%	6.88%	7.77%	11.81%	8.51%
Earnings before Interest and Taxes (EBIT)	257	261	197	276	328	302	280	334	325	168	252
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	387	393	326	405	462	439	419	475	481	391	478
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.46	3.57	4.23	3.98	4.54	4.60	3.96	3.66	4.12	4.03	4.16
Price to Tangible Book Value (P/TBV)	4.93	5.02	5.91	5.48	6.17	6.15	5.25	4.79	6.84	7.07	7.28
Price to Revenue (P/Rev)	1.71	1.83	2.19	2.07	2.37	2.42	2.08	1.96	2.23	2.06	2.07
Price to Earnings (P/E)	15.03	17.93	22.69	21.78	23.95	24.32	20.02	18.18	21.30	23.90	25.70
Dividend Yield	4.18%	3.15%	2.63%	2.74%	2.32%	2.22%	2.53%	2.65%	2.29%	2.42%	2.36%
Earnings Yield	6.65%	5.58%	4.41%	4.59%	4.18%	4.11%	5.00%	5.50%	4.69%	4.18%	3.89%
Enterprise Value to Invested Capital (EV/IC)	2.63	2.75	3.15	3.04	3.47	3.55	3.12	2.94	2.82	2.72	2.77
Enterprise Value to Revenue (EV/Rev)	1.94	2.04	2.42	2.29	2.57	2.61	2.27	2.14	2.59	2.43	2.43
Enterprise Value to EBITDA (EV/EBITDA)	9.44	10.05	12.47	11.99	13.27	13.39	11.22	10.29	12.55	12.38	12.30
Enterprise Value to EBIT (EV/EBIT)	13.79	14.95	18.98	18.26	19.81	19.78	16.29	14.83	18.33	19.74	20.80
Enterprise Value to NOPAT (EV/NOPAT)	15.66	19.67	24.81	23.91	25.99	26.25	21.69	19.67	24.33	26.20	27.53
Enterprise Value to Operating Cash Flow (EV/OCF)	10.86	12.13	14.59	14.93	17.49	18.36	15.25	14.30	15.85	14.03	14.50
Enterprise Value to Free Cash Flow (EV/FCFF)	15.52	15.03	30.61	28.65	38.70	46.11	27.96	29.88	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.64	0.72	0.76	0.70	0.58	0.56	0.55	0.53	0.83	0.86	0.86
Long-Term Debt to Equity	0.54	0.62	0.67	0.60	0.58	0.56	0.55	0.53	0.83	0.86	0.86
Financial Leverage	0.47	0.54	0.52	0.48	0.45	0.42	0.43	0.40	0.57	0.58	0.57
Leverage Ratio	2.10	2.18	2.17	2.14	2.08	2.08	2.09	2.06	2.19	2.17	2.17
Compound Leverage Factor	2.00	2.07	2.06	2.07	2.02	2.01	1.99	1.98	2.06	1.74	1.89
Debt to Total Capital	38.99%	41.81%	43.33%	41.05%	36.78%	35.97%	35.49%	34.83%	45.48%	46.32%	46.38%
Short-Term Debt to Total Capital	6.27%	5.82%	5.62%	5.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	32.72%	35.99%	37.70%	35.33%	36.78%	35.97%	35.49%	34.83%	45.48%	46.32%	46.38%
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	61.01%	58.19%	56.67%	58.95%	63.22%	64.03%	64.51%	65.17%	54.52%	53.68%	53.62%
Debt to EBITDA	1.54	1.81	2.03	1.90	1.57	1.51	1.43	1.38	2.19	2.25	2.17
Net Debt to EBITDA	1.09	1.05	1.21	1.12	1.04	0.99	0.90	0.85	1.74	1.87	1.84
Long-Term Debt to EBITDA	1.30	1.56	1.77	1.64	1.57	1.51	1.43	1.38	2.19	2.25	2.17
Debt to NOPAT	2.56	3.54	4.05	3.79	3.07	2.97	2.77	2.64	4.24	4.76	4.87
Net Debt to NOPAT	1.81	2.05	2.40	2.24	2.03	1.95	1.75	1.62	3.38	3.96	4.11
Long-Term Debt to NOPAT	2.15	3.05	3.52	3.26	3.07	2.97	2.77	2.64	4.24	4.76	4.87
Altman Z-Score	3.74	3.66	3.90	3.84	4.53	4.71	4.35	4.32	3.57	3.47	3.53
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	2.17	2.57	2.46	2.43	2.95	3.23	3.28	3.54	3.16	3.17	3.07
Quick Ratio	1.35	1.72	1.59	1.57	1.81	1.93	1.99	2.20	1.88	1.83	1.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	203	312	9.16	221	-21	-270	13	-69	-1,779	-1,758	-1,698
Operating Cash Flow to CapEx	381.46%	237.63%	333.85%	113.68%	222.97%	162.05%	227.58%	217.57%	245.94%	139.91%	198.37%
Free Cash Flow to Firm to Interest Expense	16.49	34.70	0.95	23.74	-2.16	-21.09	1.02	-5.28	-92.20	-52.00	-52.09
Operating Cash Flow to Interest Expense	27.60	37.26	27.13	29.92	33.72	25.42	26.29	22.87	24.47	13.21	10.10
Operating Cash Flow Less CapEx to Interest Expense	20.37	21.58	19.00	3.60	18.60	9.73	14.74	12.36	14.52	3.77	5.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.95	0.94	0.92	0.93	0.97	0.96	0.96	0.96	0.89	0.92	0.93
Accounts Receivable Turnover	7.27	7.56	7.52	7.31	7.23	7.70	7.74	7.38	6.83	7.49	7.37
Inventory Turnover	6.16	6.13	6.15	6.23	6.30	6.17	6.23	6.19	5.87	6.00	6.11
Fixed Asset Turnover	2.04	2.01	2.01	2.02	2.08	2.12	2.15	2.14	1.94	1.99	2.03
Accounts Payable Turnover	13.70	15.02	14.34	14.99	14.90	15.85	14.35	13.94	13.53	15.75	14.12
Days Sales Outstanding (DSO)	50.22	48.30	48.55	49.93	50.48	47.40	47.18	49.43	53.44	48.72	49.51
Days Inventory Outstanding (DIO)	59.23	59.51	59.39	58.58	57.93	59.12	58.60	58.98	62.23	60.87	59.74
Days Payable Outstanding (DPO)	26.65	24.30	25.45	24.35	24.49	23.02	25.43	26.18	26.98	23.18	25.85
Cash Conversion Cycle (CCC)	82.80	83.51	82.49	84.16	83.92	83.49	80.36	82.22	88.68	86.41	83.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,786	5,793	6,008	5,956	6,052	6,152	6,208	6,277	8,072	8,037	8,102
Invested Capital Turnover	1.35	1.32	1.32	1.35	1.38	1.40	1.40	1.41	1.24	1.27	1.29
Increase / (Decrease) in Invested Capital	-9.00	-250	144	125	265	359	201	321	2,021	1,885	1,894
Enterprise Value (EV)	15,199	15,955	18,896	18,118	21,011	21,868	19,369	18,467	22,759	21,846	22,438
Market Capitalization	13,441	14,288	17,067	16,418	19,371	20,246	17,808	16,948	19,599	18,547	19,085
Book Value per Share	$43.23	$44.60	$44.98	$0.05	$47.47	$49.04	$50.10	$51.48	$52.85	$51.10	$0.05
Tangible Book Value per Share	$30.31	$31.75	$32.23	$0.03	$34.96	$36.63	$37.80	$39.30	$31.84	$29.16	$0.03
Total Capital	6,372	6,869	7,113	7,000	6,745	6,878	6,974	7,107	8,722	8,565	8,556
Total Debt	2,485	2,872	3,082	2,873	2,481	2,474	2,475	2,475	3,966	3,967	3,968
Total Long-Term Debt	2,085	2,472	2,682	2,473	2,481	2,474	2,475	2,475	3,966	3,967	3,968
Net Debt	1,758	1,666	1,828	1,700	1,640	1,622	1,560	1,519	3,160	3,300	3,353
Capital Expenditures (CapEx)	89	141	78	245	147	201	149	138	192	319	166
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,217	1,247	1,260	1,348	1,369	1,444	1,452	1,513	1,661	1,598	1,653
Debt-free Net Working Capital (DFNWC)	1,894	2,388	2,445	2,452	2,141	2,231	2,295	2,394	2,390	2,199	2,197
Net Working Capital (NWC)	1,494	1,989	2,045	2,052	2,141	2,231	2,295	2,394	2,390	2,199	2,197
Net Nonoperating Expense (NNE)	11	3.06	6.66	12	6.35	3.11	9.83	9.87	14	26	24
Net Nonoperating Obligations (NNO)	1,899	1,796	1,977	1,829	1,788	1,748	1,709	1,645	3,317	3,439	3,514
Total Depreciation and Amortization (D&A)	130	132	129	129	133	137	139	141	156	222	226
Debt-free, Cash-free Net Working Capital to Revenue	15.51%	15.98%	16.14%	17.00%	16.75%	17.23%	16.99%	17.51%	18.94%	17.77%	17.94%
Debt-free Net Working Capital to Revenue	24.15%	30.61%	31.32%	30.93%	26.19%	26.62%	26.86%	27.70%	27.25%	24.46%	23.84%
Net Working Capital to Revenue	19.05%	25.49%	26.20%	25.89%	26.19%	26.62%	26.86%	27.70%	27.25%	24.46%	23.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.04	$2.11	$1.64	$2.22	$2.65	$2.46	$2.27	$2.68	$2.52	$1.14	$1.92
Adjusted Weighted Average Basic Shares Outstanding	89.62M	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M	89.98M	89.98M	89.21B	89.10M
Adjusted Diluted Earnings per Share	$2.03	$2.10	$1.63	$2.21	$2.64	$2.45	$2.26	$2.67	$2.51	$1.14	$1.91
Adjusted Weighted Average Diluted Shares Outstanding	89.62M	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M	89.98M	89.98M	89.21B	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	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M	89.98M	89.98M	89.21B	89.10M
Normalized Net Operating Profit after Tax (NOPAT)	194	183	154	193	244	212	214	251	241	128	195
Normalized NOPAT Margin	10.01%	9.44%	7.76%	9.31%	11.20%	9.86%	9.98%	11.58%	10.43%	5.40%	8.25%
Pre Tax Income Margin	12.63%	12.82%	9.47%	12.85%	14.60%	13.59%	12.49%	14.77%	13.19%	5.69%	9.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	20.88	29.04	20.53	29.68	33.85	23.61	21.73	25.47	16.81	4.98	7.74
NOPAT to Interest Expense	15.75	6.90	16.00	37.22	25.20	6.93	16.56	19.19	12.50	3.77	5.99
EBIT Less CapEx to Interest Expense	13.64	13.37	12.41	3.35	18.72	7.92	10.18	14.96	6.87	-4.46	2.65
NOPAT Less CapEx to Interest Expense	8.52	-8.78	7.87	10.90	10.08	-8.76	5.01	8.68	2.55	-5.67	0.90
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	49.34%	58.66%	62.16%	62.00%	57.61%	55.74%	52.10%	49.67%	50.30%	58.08%	60.60%
Augmented Payout Ratio	95.33%	64.09%	67.91%	62.00%	57.61%	55.74%	52.10%	49.67%	50.30%	77.85%	89.18%

Financials Breakdown Chart

Key Financial Trends

MarketBeat summary: Packaging Corp of America (PKG) has shown a generally improving top-line trend through 2025 with solid operating cash flow and a healthy balance sheet, but faced a margin dip in Q4 2025 and some elevated debt levels as it invested in capacity.

Revenue growth in 2025: quarterly operating revenue rose from about $2.14B in Q1 2025 to about $2.36B in Q4 2025 (Q1 2025: 2.141B; Q4 2025: 2.3636B).
Gross margin stability in the 21–23% range: gross margin was generally in the low-to-mid 20s across 2024–2025, with most quarters hovering around the 21–23% area (e.g., Q2 2025 ~22.2%, Q3 2025 ~21.8%, Q4 2024 ~21.9%).
Strong operating cash flow from continuing operations: quarterly cash from continuing operating activities remained robust, e.g., Q4 2025: $446.6M; Q3 2025: $472.2M; Q1 2025: $339.1M.
Earnings power evident in 2025 quarters: diluted EPS ran in the ~$2.5–$2.7 range in most 2025 quarters (Q2 2025 around $2.67; Q3 2025 around $2.51; Q1 2025 around $2.52), indicating solid profitability aside from a softer Q4.
Stable dividends per share: cash dividends per share remained at $1.25, supporting shareholder returns.
Healthy liquidity on the balance sheet: in Q3 2025, total current assets were about $3.50B vs. total current liabilities about $1.11B, yielding a strong working capital cushion (~3.15x current ratio).
Solid equity base: total equity around $4.7B in mid-2025, reflecting a robust balance-sheet cushion alongside long-term liabilities.
Ongoing capital investments: capital expenditures continued at a meaningful pace (PPE purchases: Q2 2025 about $170M; Q3 2025 about $192M; Q4 2025 about $319M), implying capacity expansion and modernization.
Q4 2025 margin compression: operating margin plunged in Q4 2025 to about 7%, with operating income of $168.5M on revenue of $2.36B, and net income of roughly $100.7M—marking a notable temporary compression vs. prior quarters.
Rising debt levels in 2025: long-term debt rose toward roughly $3.97B by Q3 2025, signaling higher leverage as capacity investments progressed.

05/14/26 10:10 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. See where experts think Packaging Corporation of America is headed by visiting Packaging Corporation of America's forecast page.

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%.

Related Companies

Financial statements for NYSE:PKG last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Packaging Corporation of America (PKG) Financials

Financials Breakdown Chart

Key Financial Trends

Packaging Corporation of America Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Packaging Corporation of America (PKG) Financials

Annual Income Statements for Packaging Corporation of America

Quarterly Income Statements for Packaging Corporation of America

Annual Cash Flow Statements for Packaging Corporation of America

Quarterly Cash Flow Statements for Packaging Corporation of America

Annual Balance Sheets for Packaging Corporation of America

Quarterly Balance Sheets for Packaging Corporation of America

Annual Metrics And Ratios for Packaging Corporation of America

Quarterly Metrics And Ratios for Packaging Corporation of America

Financials Breakdown Chart

Key Financial Trends

Packaging Corporation of America Financials - Frequently Asked Questions

When does Packaging Corporation of America's financial year end?

How has Packaging Corporation of America's net income changed over the last 10 years?

What is Packaging Corporation of America's operating income?

How has Packaging Corporation of America's revenue changed over the last 10 years?

How much debt does Packaging Corporation of America have?

How much cash does Packaging Corporation of America have?

How has Packaging Corporation of America's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools