US Market News
2月前
Packaging Corporation of America Reports First Quarter 2026 ResultsApril 22, 2026 4:52 PM
Business Wire
Packaging Corporation of America (NYSE: PKG) today reported first quarter 2026 net income of $171 million, or $1.91 per share, and net income of $215 million, or $2.40 per share, excluding special items. First quarter net sales were $2.4 billion in 2026 and $2.1 billion in 2025.
Diluted earnings per share attributable to Packaging Corporation of America shareholders
Three Months Ended
March 31,
2026
2025
Change
Reported Diluted EPS
$
1.91
$
2.26
$
(0.35
)
Special Items Expense (1)
0.49
0.05
0.44
Diluted EPS excluding Special Items (2)
$
2.40
$
2.31
$
0.09
(1) For descriptions and amounts of our special items, see the schedules with this release.
(2) Diluted EPS excluding Special Items is a non-GAAP financial measure. For information regarding our use of non-GAAP financial measures and descriptions and amounts of our special items, see the schedules with this release.
Reported earnings in the first quarter of 2026 include special items primarily for restructuring of the Wallula, WA containerboard mill, acquisition and integration-related costs and closure costs related to corrugated products facilities.
Excluding special items, the $.09 per share increase in first quarter 2026 earnings compared to the first quarter of 2025 was driven primarily by favorable prices and mix in the legacy packaging business $.17, lower fiber cost in the legacy packaging business $.11, lower maintenance outage expenses $.09, lower labor and operating costs in the legacy packaging business $.08, favorable price and mix in the paper segment $.02, favorable volume in the paper segment $.01, lower tax rate $.01 and lower share count $.01. These items were partially offset by higher freight costs ($.13), lower production and sales volume in the legacy packaging business ($.11), higher depreciation expense in the legacy packaging business ($.05), higher labor and operating costs in the paper segment ($.03) and higher corporate and other expenses ($.03). The acquired Greif operations generated a loss of ($.06) during the quarter.
Excluding special items, earnings were $.20 above first quarter guidance of $2.20 per share primarily due to favorable volume and mix in the legacy packaging segment, favorable labor and operating costs, and a lower tax rate. These items were partially offset by higher freight costs and lower than expected earnings from the acquired Greif operations due to lower volume and higher costs from the January winter storm and unfavorable mix, freight and recycled fiber costs.
Financial information by segment is summarized below and in the schedules with this release.
(dollars in millions)
Three Months Ended
March 31,
2026
2025
Segment operating income (loss)
Packaging
$
260.3
$
278.1
Paper
32.9
35.6
Corporate and Other
(41.9
)
(33.4
)
$
251.3
$
280.3
Segment operating income (loss) excluding special items (1)
Packaging
$
316.5
$
284.0
Paper
32.9
35.6
Corporate and Other
(38.5
)
(33.4
)
$
310.9
$
286.2
EBITDA excluding special items (1)
Packaging
$
481.8
$
409.3
Paper
37.7
40.2
Corporate and Other
(34.0
)
(28.4
)
$
485.5
$
421.1
(1) Segment operating income (loss) excluding special items and EBITDA excluding special items are non-GAAP financial measures. We provide information regarding our use of non-GAAP financial measures and reconciliations of historical non-GAAP financial measures presented in this press release to the most comparable measure reported in accordance with GAAP in the schedules to this press release.
In the legacy packaging business, total corrugated products shipments were up 1.2% and shipments per day were up 2.8% compared to the first quarter of 2025, with one fewer shipping day in 2026. Including the acquired Greif business, total corrugated products shipments were up 19.9% and shipments per day were up 21.8% compared to the first quarter of 2025. Containerboard production was 1,398,000 tons, and containerboard inventory was down 39,000 tons compared to the fourth quarter of 2025 and up 48,000 tons compared to the first quarter of 2025, primarily due to the acquisition. In the Paper segment, sales volume was up 2.7% from the first quarter of 2025.
Commenting on reported results, Mark W. Kowlzan, Chairman and CEO, said, “We achieved a first quarter record in shipments per day in our legacy corrugated operations. We saw continued demand improvement which, together with improved mix, drove our strong earnings performance for the quarter. Our containerboard mills performed exceptionally well both in terms of production and efficiency, which helped us mitigate the effects of higher freight, recycled fiber and other input costs as well as the weather challenges we faced earlier in the quarter. We continued to make good progress on the integration of our acquired Greif business, and significantly reduced inventories on hand at the corrugated operations. With strong demand and second quarter maintenance outages at five of our containerboard mills, we will need to continue to run the mill system at full capacity to support our containerboard needs. Our Paper segment exceeded our expectations on sales volume and we began to implement our previously announced price increases, driving high margins and profitability. I am very proud of the performance of our people across the entire business, achieving commercial and operating success that is evident in our results.”
Mr. Kowlzan added, “Looking ahead as we move from the first quarter into the second quarter, we expect demand in the Packaging segment to remain strong and corrugated volume to increase with one more shipping day and some seasonal improvement. Prices for containerboard and corrugated products will move higher with the implementation of our previously announced price increases and improved corrugated mix. Packaging mill production will be slightly higher with one more operating day and production improvements at some of the mills more than offsetting the impact of maintenance outages. Mill maintenance outage expenses will be higher. We expect flat volume and higher prices in the Paper segment as we continue to operate at full capacity and implement our previously announced paper price increases. Costs for freight, fiber and chemicals will be up due to higher prices and energy costs are expected to be seasonally lower. The sequential improvement in expenses for wages and benefits that we normally experience from first quarter to second quarter will be less than in past years due to higher expected stock compensation expenses and benefits costs in the second quarter. Finally, our tax rate will be higher due to the tax-related benefit of share-based compensation awards that vested in the first quarter. Considering these items, we expect second quarter earnings of $2.33 per share, excluding special items.”
We present our earnings expectation for the upcoming quarter excluding special items as special items are difficult to predict and quantify and may reflect the effect of future events. We currently expect to incur costs related to the Wallula mill restructuring, acquisition and integration related costs for our recent acquisitions and charges related to closures of corrugated products facilities during the second quarter; however, additional special items may arise due to second quarter events.
PCA is the third largest producer of containerboard products and a leading producer of uncoated freesheet paper in North America. PCA operates ten mills and 91 corrugated products plants and related facilities.
Some of the statements in this press release are forward-looking statements. Forward-looking statements include statements about our future earnings and financial condition, expected benefits from acquisitions and restructuring activities, our industry and our business strategy. Statements that contain words such as “will”, “should”, “anticipate”, “believe”, “expect”, “intend”, “estimate”, “hope” or similar expressions, are forward-looking statements. These forward-looking statements are based on the current expectations of PCA. Because forward-looking statements involve inherent risks and uncertainties, the plans, actions and actual results of PCA could differ materially. Among the factors that could cause plans, actions and results to differ materially from PCA’s current expectations include the following: the impact of general economic conditions; conditions in the paper and packaging industries, including competition, product demand and product pricing; fluctuations in wood fiber and recycled fiber costs; fluctuations in purchased energy costs; the possibility of unplanned outages or interruptions at our principal facilities; and legislative or regulatory requirements, particularly concerning environmental matters, as well as those identified under Item 1A. Risk Factors in PCA’s Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission and available at the SEC’s website at “www.sec.gov”.
Conference Call Information:
WHAT:
Packaging Corporation of America’s 1st Quarter 2026 Earnings Conference Call
Conference ID: Packaging Corporation of America
WHEN:
Thursday, April 23, 2026 at 9:00am Eastern Time
PRE-REGISTRATION:
https://dpregister.com/sreg/10205353/102faf6c869
CALL-IN NUMBER:
(833) 816-1102 (U.S.); (866) 605-3852 (Canada) or (412) 317-0684 (International)
Dial in by 8:45am Eastern Time
WEBCAST INFO:
www.packagingcorp.com;
REBROADCAST DATES:
April 23, 2026 through May 7, 2026
REBROADCAST NUMBERS:
(855) 669-9658 (U.S. and Canada); (412) 317-0088 (International)
Passcode: 6558573
Packaging Corporation of America
Consolidated Earnings Results
Unaudited
(dollars in millions, except per-share data)
Three Months Ended
March 31,
2026
2025
Net sales
$
2,367.8
$
2,141.0
Cost of sales
(1,914.9
)
(1)
(1,686.3
)
(2)
Gross profit
452.9
454.7
Selling, general, and administrative expenses
(180.3
)
(161.4
)
Other expense, net
(21.3
)
(1)
(13.0
)
(2)
Income from operations
251.3
280.3
Non-operating pension income
1.1
-
Interest expense, net
(32.6
)
(12.9
)
Income before taxes
219.8
267.4
Provision for income taxes
(48.9
)
(63.6
)
Net income
$
170.9
$
203.8
Earnings per share:
Basic
$
1.92
$
2.27
Diluted
$
1.91
$
2.26
Computation of diluted earnings per share under the two class method:
Net income
$
170.9
$
203.8
Less: Distributed and undistributed income available to participating securities
(1.1
)
(1.4
)
Net income attributable to PCA shareholders
$
169.8
$
202.4
Diluted weighted average shares outstanding
89.1
89.6
Diluted earnings per share
$
1.91
$
2.26
Supplemental financial information:
Capital spending
$
164.7
$
148.1
Cash, cash equivalents, and marketable debt securities
$
615.5
$
914.4
(1)
The three months ended March 31, 2026 include the following:
a.
$53.3 million of charges related to the announced discontinuation of the No. 2 machine and kraft pulping facilities at the Wallula, Washington containerboard mill. The costs were recorded in “Cost of sales” and “Other expense, net”, as appropriate.
b.
$3.4 million of charges for acquisition and integration costs related to recent acquisitions. The costs were recorded in “Other expense, net.”
c.
$2.9 million of charges consisting of closure costs related to corrugated products facilities. The costs were recorded in “Other expense, net.”
(2)
The three months ended March 31, 2025 include $5.9 million of charges consisting of closure costs related to corrugated products facilities. The costs were recorded in “Cost of sales” and “Other expense, net”, as appropriate.
Packaging Corporation of America
Segment Information
Unaudited
(dollars in millions)
Three Months Ended
March 31,
2026
2025
Segment sales
Packaging
$
2,188.6
$
1,970.3
Paper
159.9
154.2
Corporate and Other
19.3
16.5
$
2,367.8
$
2,141.0
Segment operating income (loss)
Packaging
$
260.3
$
278.1
Paper
32.9
35.6
Corporate and Other
(41.9
)
(33.4
)
Income from operations
251.3
280.3
Non-operating pension income
1.1
-
Interest expense, net
(32.6
)
(12.9
)
Income before taxes
$
219.8
$
267.4
Segment operating income (loss) excluding special items (1)
Packaging
$
316.5
$
284.0
Paper
32.9
35.6
Corporate and Other
(38.5
)
(33.4
)
$
310.9
$
286.2
EBITDA excluding special items (1)
Packaging
$
481.8
$
409.3
Paper
37.7
40.2
Corporate and Other
(34.0
)
(28.4
)
$
485.5
$
421.1
(1)
Income (loss) from operations excluding special items, segment operating income (loss) excluding special items, earnings before non-operating pension income, interest, income taxes, and depreciation, amortization, and depletion (EBITDA), segment EBITDA, EBITDA excluding special items, and segment EBITDA excluding special items are non-GAAP financial measures. Management excludes special items as it believes these items are not necessarily reflective of the ongoing results of operations of our business. We present these measures because they provide a means to evaluate the performance of our segments and our company on an ongoing basis using the same measures that are used by our management, because these measures assist in providing a meaningful comparison between periods presented and because these measures are frequently used by investors and other interested parties in the evaluation of companies and the performance of their segments. The tables included in "Reconciliation of Non-GAAP Financial Measures" on the following pages reconcile the non-GAAP measures with the most directly comparable GAAP measures. Any analysis of non-GAAP financial measures should be done only in conjunction with results presented in accordance with GAAP. The non-GAAP measures are not intended to be substitutes for GAAP financial measures and should not be used as such.
Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures
Unaudited
(dollars in millions)
Three Months Ended
March 31,
2026
2025
Packaging
Segment operating income
$
260.3
$
278.1
Facilities closure and other costs
2.9
5.9
Wallula mill restructuring
53.3
-
Segment operating income excluding special items (1)
$
316.5
$
284.0
Paper
Segment operating income
$
32.9
$
35.6
Segment operating income excluding special items (1)
$
32.9
$
35.6
Corporate and Other
Segment operating loss
$
(41.9
)
$
(33.4
)
Acquisition and integration-related costs
3.4
-
Segment operating loss excluding special items (1)
$
(38.5
)
$
(33.4
)
Income from operations
$
251.3
$
280.3
Income from operations, excluding special items (1)
$
310.9
$
286.2
(1) See footnote (1) on page 2, for a discussion of non-GAAP financial measures.
Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures
Unaudited
(dollars in millions)
Net Income Excluding Special Items and EPS Excluding Special Items (1)
Three Months Ended March 31,
2026
2025
Income
before
taxes
Income Taxes
Net
Income
Diluted
EPS
Income
before
taxes
Income
Taxes
Net
Income
Diluted EPS
As reported in accordance with GAAP
$
219.8
$
(48.9
)
$
170.9
$
1.91
$
267.4
$
(63.6
)
$
203.8
$
2.26
Special items (2):
Facilities closure and other costs
2.9
(0.7
)
2.2
0.02
5.9
(1.5
)
4.4
0.05
Wallula mill restructuring
53.3
(13.7
)
39.6
0.44
-
-
-
-
Acquisition and integration-related costs
3.4
(0.9
)
2.5
0.03
-
-
-
-
Total special items
59.6
(15.3
)
44.3
0.49
5.9
(1.5
)
4.4
0.05
Excluding special items
$
279.4
$
(64.2
)
$
215.2
$
2.40
$
273.3
$
(65.1
)
$
208.2
$
2.31
(1)
Net income excluding special items and earnings per share excluding special items are non-GAAP financial measures. Management excludes special items as it believes these items are not necessarily reflective of the ongoing results of operations of our business. We present these measures because they provide a means to evaluate the performance of our company on an ongoing basis using the same measures that are used by our management, because these measures assist in providing a meaningful comparison between periods presented and because these measures are frequently used by investors and other interested parties in the evaluation of companies and their performance. Any analysis of non-GAAP financial measures should be done only in conjunction with results presented in accordance with GAAP. The non-GAAP measures are not intended to be substitutes for GAAP financial measures and should not be used as such.
(2)
Pre-tax special items are tax-effected at a combined federal and state income tax rate in effect for the period the special items were recorded and this rate is adjusted for each subsequent quarter to be consistent with the estimated annual effective tax rate, in accordance with ASC 270, Interim Reporting, and ASC 740-270, Income Taxes – Intra Period Tax Allocation. For all periods presented, income taxes on pre-tax special items represent the current amount of tax. For more information related to these items, see the footnotes to the Consolidated Earnings Results on page 1.
Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures
Unaudited
(dollars in millions)
EBITDA and EBITDA Excluding Special Items (1)
EBITDA represents income before non-operating pension income, interest, income taxes, and depreciation, amortization, and depletion. The following table reconciles net income to EBITDA and EBITDA excluding special items:
Three Months Ended
March 31,
2026
2025
Net income
$
170.9
$
203.8
Non-operating pension income
(1.1
)
-
Interest expense, net
32.6
12.9
Provision for income taxes
48.9
63.6
Depreciation, amortization, and depletion
225.2
138.0
EBITDA (1)
$
476.5
$
418.3
Special items:
Facilities closure and other costs
2.9
2.8
Acquisition and integration-related costs
3.4
-
Wallula mill restructuring
2.7
-
EBITDA excluding special items (1)
$
485.5
$
421.1
(1) See footnote (1) on page 2, for a discussion of non-GAAP financial measures.
Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures
Unaudited
(dollars in millions)
The following table reconciles segment operating income (loss) to segment EBITDA and segment EBITDA excluding special items:
Three Months Ended
March 31,
2026
2025
Packaging
Segment operating income
$
260.3
$
278.1
Depreciation, amortization, and depletion
215.9
128.4
EBITDA (1)
476.2
406.5
Facilities closure and other costs
2.9
2.8
Wallula mill restructuring
2.7
-
EBITDA excluding special items (1)
$
481.8
$
409.3
Paper
Segment operating income
$
32.9
$
35.6
Depreciation, amortization, and depletion
4.8
4.6
EBITDA (1)
37.7
40.2
EBITDA excluding special items (1)
$
37.7
$
40.2
Corporate and Other
Segment operating loss
$
(41.9
)
$
(33.4
)
Depreciation, amortization, and depletion
4.5
5.0
EBITDA (1)
(37.4
)
(28.4
)
Acquisition and integration-related costs
3.4
-
EBITDA excluding special items (1)
$
(34.0
)
$
(28.4
)
EBITDA excluding special items (1)
$
485.5
$
421.1
(1) See footnote (1) on page 2, for a discussion of non-GAAP financial measures.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260422557246/en/
Barbara Sessions
Packaging Corporation of America
INVESTOR RELATIONS: (877) 454-2509
PCA’s Website: www.packagingcorp.com
Original: Packaging Corporation of America Reports First Quarter 2026 Results
US Market News
4月前
Packaging Corporation of America Reports Fourth Quarter and Full Year 2025 ResultsJanuary 27, 2026 10:23 PM
Business Wire
Packaging Corporation of America (NYSE: PKG) today reported fourth quarter 2025 net income of $102 million, or $1.13 per share, and net income of $209 million, or $2.32 per share, excluding special items. Fourth quarter net sales were $2.4 billion in 2025 and $2.1 billion in 2024. Full year 2025 net income was $774 million, or $8.58 per share, and net income of $888 million, or $9.84 per share, excluding special items. Full year 2024 net income was $805 million, or $8.93 per share, and $814 million, or $9.04 per share, excluding special items. Full year net sales were $9.0 billion in 2025 and $8.4 billion in 2024.
Diluted earnings per share attributable to Packaging Corporation of America shareholders
Three Months Ended
Full Year Ended
December 31
December 31
2025
2024
Change
2025
2024
Change
Reported Diluted EPS
$
1.13
$
2.45
$
(1.32
)
$
8.58
$
8.93
$
(0.35
)
Special Items Expense(1)
1.19
0.02
1.17
1.26
0.11
1.15
Diluted EPS excluding Special Items(2)
$
2.32
$
2.47
$
(0.15
)
$
9.84
$
9.04
$
0.80
(1) For descriptions and amounts of our special items, see the schedules with this release.
(2) Diluted EPS excluding Special Items is a non-GAAP financial measure. For information regarding our use of non-GAAP financial measures and descriptions and amounts of our special items, see the schedules with this release.
Reported earnings in the fourth quarter and for the full year include special items for the restructuring of the Wallula, WA containerboard mill, costs related to the acquisition and integration of the Greif containerboard business and costs and gains related to the closure and disposal of corrugated products facilities. Excluding special items, the $0.15 per share decrease in fourth quarter 2025 earnings compared to the fourth quarter of 2024 was driven primarily by lower production and sales volume in the legacy PCA packaging business ($0.23), higher operating costs ($0.23), higher maintenance outage expense ($0.14), higher depreciation in the legacy PCA packaging business ($0.07), higher freight expenses ($0.06), lower production and sales volume in the Paper segment ($0.01), and higher interest expense, excluding Greif acquisition indebtedness ($0.01). These items were partially offset by higher prices and mix in the packaging segment $0.50, lower fiber costs $0.10, lower fixed and other expenses $0.04, and higher prices and mix in the Paper segment $0.01. The acquired Greif business, including interest on acquisition indebtedness, generated a loss of ($0.05) during the quarter, due to extended outages at the Massillon containerboard mill during October and December for reliability maintenance activities and inventory management.
Results for the quarter were lower than fourth quarter guidance due to unfavorable December volume and mix in the legacy corrugated business and unfavorable December production and sales volume in the acquired Greif business.
Financial information by segment is summarized below and in the schedules with this release.
(dollars in millions)
Three Months Ended
Full Year Ended
December 31
December 31
2025
2024
2025
2024
Segment operating income (loss)
Packaging
$
173.2
$
297.2
$
1,125.3
1,101.5
Paper
32.7
34.8
129.6
129.7
Corporate and Other
(37.5
)
(29.8
)
(147.9
)
(129.9
)
$
168.5
$
302.2
$
1,107.0
1,101.3
Segment operating income (loss) excluding special items
Packaging
$
309.2
$
298.9
$
1,262.8
1,108.1
Paper
32.7
34.8
129.6
135.5
Corporate and Other
(31.7
)
(29.8
)
(134.6
)
(129.9
)
$
310.2
$
303.9
$
1,257.8
1,113.7
EBITDA excluding special items (1)
Packaging
$
475.9
$
425.7
$
1,829.9
1,597.5
Paper
37.4
39.3
148.1
153.5
Corporate and Other
(27.0
)
(25.7
)
(116.4
)
(113.9
)
$
486.3
$
439.3
$
1,861.6
1,637.1
(1) Segment operating income (loss) excluding special items and EBITDA excluding special items are non-GAAP financial measures. We provide information regarding our use of non-GAAP financial measures and reconciliations of historical non-GAAP financial measures presented in this press release to the most comparable measure reported in accordance with GAAP in the schedules to this press release
In the legacy packaging business, total corrugated product shipments and shipments per day were down 1.7% versus last year’s fourth quarter and up 4.2% versus the third quarter of 2025. Including the acquired Greif business, shipments per day were up 17.0% over last year’s fourth quarter and 16.5% over the third quarter of 2025. Containerboard production was 1,407,000 tons and containerboard inventory was up 84,000 tons from the fourth quarter of 2024, primarily due to the acquisition, and flat compared to the third quarter of 2025. In the Paper segment, sales volume was up 1% compared to the fourth quarter of 2024 and down 4% from the seasonally stronger third quarter of 2025.
Commenting on reported results, Mark W. Kowlzan, Chairman and CEO, said, “Corrugated shipments during the quarter were slightly down from record 2024 levels, and our results reflected a seasonally less rich mix with strong e-commerce volume through the holiday season and continued inventory management from other customers. Our order book strengthened as the fourth quarter progressed and we’ve seen significantly improved demand throughout our customer base so far in January. We made tremendous progress on the integration of the Greif business and have no planned outages at the acquired mills during the first half of the year. Our paper business performed well, with higher year-over-year volumes, strong price realization and exceptional customer service. We repurchased 760,000 shares during the quarter at an average price of $201 per share. On the whole, we had a very strong year with growth in our earnings excluding special items and operating cash flows, driven by the tremendous efforts of our employees and the benefits of our capital investments across our business and we are well positioned for continued profitable growth.”
“Looking ahead as we move from the fourth and into the first quarter,” Mr. Kowlzan continued, “in our Packaging segment, although seasonally slower, we expect higher per-day volume in our legacy corrugated products plants over last year and continued strength in the acquired corrugated operations, reflecting improving demand. We expect to operate our containerboard mills at full capacity but will produce less containerboard than the fourth quarter as we have two fewer operating days in the first quarter, a scheduled maintenance outage at our Counce, TN mill and lower production at the reconfigured Wallula, WA mill. Domestic containerboard and corrugated products prices will be higher with an improved corrugated product mix throughout the quarter and we expect to benefit from our previously announced containerboard price increases beginning in March. Export volume is expected to be slightly higher and prices are expected to be flat to slightly down. In the Paper segment, we forecast slightly lower volume with two less mill operating days and prices and mix to be slightly lower. With the exception of fiber prices, we expect price inflation across most of our direct, indirect and fixed operating and converting costs. In addition, wood, energy, and chemical costs will also increase due to winter conditions that impact usages and yields for these items. Our cost structure will begin to benefit from the Wallula reconfiguration in March. Labor and benefits costs will be higher due to timing-related items that occur at the beginning of a new year for annual increases, the restart of payroll taxes, and share-based compensation expenses. Freight will be slightly higher and we expect slightly lower depreciation expense. Scheduled outage expenses will be lower and we assume a lower corporate tax rate. Considering these items, we expect first quarter earnings of $2.20 per share. We are assessing last weekend’s winter storm across multiple regions, which caused some of our plants to be down earlier in the week and could negatively impact shipments and operating and transportation costs.”
We present our earnings expectation for the upcoming quarter excluding special items as special items are difficult to predict and quantify and may reflect the effect of future events. We currently expect to incur costs related to the Wallula mill restructuring, acquisition and integration related costs for our acquisition of the Greif containerboard business and charges related to closures of corrugated products facilities during the first quarter; however, additional special items may arise due to first quarter events.
PCA is the third largest producer of containerboard products and a leading producer of uncoated freesheet paper in North America. PCA operates ten mills and 91 corrugated products plants and related facilities.
Some of the statements in this press release are forward-looking statements. Forward-looking statements include statements about our future earnings and financial condition, expected benefits from acquisitions and restructuring activities, our industry and our business strategy. Statements that contain words such as “will”, “should”, “anticipate”, “believe”, “expect”, “intend”, “estimate”, “hope” or similar expressions, are forward-looking statements. These forward-looking statements are based on the current expectations of PCA. Because forward-looking statements involve inherent risks and uncertainties, the plans, actions and actual results of PCA could differ materially. Among the factors that could cause plans, actions and results to differ materially from PCA’s current expectations include the following: the impact of general economic conditions; conditions in the paper and packaging industries, including competition, product demand and product pricing; fluctuations in wood fiber and recycled fiber costs; fluctuations in purchased energy costs; the possibility of unplanned outages or interruptions at our principal facilities; and legislative or regulatory requirements, particularly concerning environmental matters, as well as those identified under Item 1A. Risk Factors in PCA’s Annual Report on Form 10-K for the year ended December 31, 2024, and in subsequent quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission and available at the SEC’s website at “www.sec.gov”.
Conference Call Information:
WHAT:
Packaging Corporation of America’s 4th Quarter and Full Year 2025 Earnings Conference Call
Conference ID: Packaging Corporation of America
WHEN:
Wednesday, January 28, 2026 at 9:00am Eastern Time
PRE-REGISTRATION:
https://dpregister.com/sreg/10205351/102fa57bc40
OR
CALL-IN NUMBER:
(833) 816-1102 (U.S.); (866) 605-3852 (Canada) or (412) 317-0684 (International)
Dial in by 8:45am Eastern Time
WEBCAST INFO:
www.packagingcorp.com;
REBROADCAST DATES:
January 28, 2026 through February 11, 2026
REBROADCAST NUMBERS:
(855) 669-9658 (U.S. and Canada); (412) 317-0088 (International)
Passcode: 9224969
Packaging Corporation of America
Consolidated Earnings Results
Unaudited
(dollars in millions, except per-share data)
Three Months Ended
Full Year Ended
December 31,
December 31,
2025
2024
2025
2024
Net sales
$
2,363.6
$
2,146.1
$
8,989.3
$
8,383.3
Cost of sales
(1,916.1
)
(1)
(1,676.4
)
(2)
(7,099.7
)
(1)
(6,600.2
)
(2)(3)
Gross profit
447.5
469.7
1,889.6
1,783.1
Selling, general, and administrative expenses
(165.3
)
(147.0
)
(634.2
)
(610.3
)
(2)
Other expense, net
(113.7
)
(1)
(20.5
)
(2)
(148.4
)
(1)
(71.5
)
(2)(3)
Income from operations
168.5
302.2
1,107.0
1,101.3
Non-operating pension (expense) income
(0.1
)
1.1
(0.1
)
4.5
Interest expense, net
(33.8
)
(11.7
)
(79.1
)
(41.4
)
Income before taxes
134.6
291.6
1,027.8
1,064.4
Provision for income taxes
(32.8
)
(70.5
)
(253.7
)
(259.3
)
Net income
$
101.8
$
221.1
$
774.1
$
805.1
Earnings per share:
Basic
$
1.13
$
2.46
$
8.61
$
8.97
Diluted
$
1.13
$
2.45
$
8.58
$
8.93
Computation of diluted earnings per share under the two class method:
Net income
$
101.8
$
221.1
$
774.1
$
805.1
Less: Distributed and undistributed income available to participating securities
(0.7
)
(1.5
)
(5.2
)
(5.6
)
Net income attributable to PCA shareholders
$
101.1
$
219.6
$
768.9
$
799.5
Diluted weighted average shares outstanding
89.6
89.5
89.6
89.5
Diluted earnings per share
$
1.13
$
2.45
$
8.58
$
8.93
Supplemental financial information:
Capital spending
$
319.0
$
201.3
$
828.9
$
669.7
Cash, cash equivalents, and marketable debt securities
$
667.8
$
852.2
$
667.8
$
852.2
(1)
The three and twelve months ended December 31, 2025 include the following:
a.
$7.0 million of charges and $10.4 million of income, respectively, related to the closure of certain corrugated products facilities. For the twelve months ended December 31, 2025, the charges were completely offset by gains from the sales of closed corrugated products facilities during the second quarter of 2025 and a gain on an asset disposal related to a closed corrugated products facility during the third quarter of 2025. These items were recorded in “Cost of sales” and “Other expense, net”, as appropriate.
b.
$6.7 million and $33.2 million, respectively, of charges for acquisition and integration costs related to the September 2025 Greif, Inc. acquisition, which were recorded in “Cost of sales” and “Other expense, net”, as appropriate.
c.
$128.0 million of charges related to the announced discontinuation of the No. 2 machine and kraft pulping activities at the Wallula, Washington containerboard mill. The costs were recorded in “Cost of sales” and “Other expense, net”, as appropriate.
(2)
The three and twelve months ended December 31, 2024 include $1.7 million and $2.7 million of charges, respectively, consisting of closure costs related to corrugated products facilities. For the twelve months ended December 31, 2024, these charges were partially offset by income primarily related to a favorable lease buyout for a closed corrugated products facility during the first quarter of 2024. These items were recorded in "Cost of sales", "Selling, general, and administrative expenses", and "Other expense, net", as appropriate.
(3)
The twelve months ended December 31, 2024 include $9.7 million of charges related to the announced discontinuation of production of uncoated freesheet paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. The costs were recorded in “Cost of sales” and “Other expense, net”, as appropriate.
Packaging Corporation of America
Segment Information
Unaudited
(dollars in millions)
Three Months Ended
Full Year Ended
December 31,
December 31,
2025
2024
2025
2024
Segment sales
Packaging
$
2,189.5
$
1,975.6
$
8,293.9
$
7,690.9
Paper
154.3
151.5
615.4
624.7
Corporate and Other
19.8
19.0
80.0
67.7
$
2,363.6
$
2,146.1
$
8,989.3
$
8,383.3
Segment operating income (loss)
Packaging
$
173.3
$
297.2
$
1,125.3
$
1,101.5
Paper
32.7
34.8
129.6
129.7
Corporate and Other
(37.5
)
(29.8
)
(147.9
)
(129.9
)
Income from operations
168.5
302.2
1,107.0
1,101.3
Non-operating pension (expense) income
(0.1
)
1.1
(0.1
)
4.5
Interest expense, net
(33.8
)
(11.7
)
(79.1
)
(41.4
)
Income before taxes
$
134.6
$
291.6
$
1,027.8
$
1,064.4
Segment operating income (loss) excluding special items (1)
Packaging
$
309.2
$
298.9
$
1,262.8
$
1,108.1
Paper
32.7
34.8
129.6
135.5
Corporate and Other
(31.7
)
(29.8
)
(134.6
)
(129.9
)
$
310.2
$
303.9
$
1,257.8
$
1,113.7
EBITDA excluding special items (1)
Packaging
$
475.9
$
425.7
$
1,829.9
$
1,597.5
Paper
37.4
39.3
148.1
153.5
Corporate and Other
(27.0
)
(25.7
)
(116.4
)
(113.9
)
$
486.3
$
439.3
$
1,861.6
$
1,637.1
(1)
Income (loss) from operations excluding special items, segment operating income (loss) excluding special items, earnings before non-operating pension (expense) income, interest, income taxes, and depreciation, amortization, and depletion (EBITDA), segment EBITDA, EBITDA excluding special items, and segment EBITDA excluding special items are non-GAAP financial measures. Management excludes special items as it believes these items are not necessarily reflective of the ongoing results of operations of our business. We present these measures because they provide a means to evaluate the performance of our segments and our company on an ongoing basis using the same measures that are used by our management, because these measures assist in providing a meaningful comparison between periods presented and because these measures are frequently used by investors and other interested parties in the evaluation of companies and the performance of their segments. The tables included in "Reconciliation of Non-GAAP Financial Measures" on the following pages reconcile the non-GAAP measures with the most directly comparable GAAP measures. Any analysis of non-GAAP financial measures should be done only in conjunction with results presented in accordance with GAAP. The non-GAAP measures are not intended to be substitutes for GAAP financial measures and should not be used as such.
Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures
Unaudited
(dollars in millions)
Three Months Ended
Full Year Ended
December 31,
December 31,
2025
2024
2025
2024
Packaging
Segment operating income
$
173.3
$
297.2
$
1,125.3
$
1,101.5
Facilities closure and other costs (income)
7.0
1.7
(10.4
)
2.7
Wallula mill restructuring
128.0
-
128.0
-
Acquisition and integration-related costs
0.9
-
19.9
-
Jackson mill conversion-related activities
-
-
-
3.9
Segment operating income excluding special items (1)
$
309.2
$
298.9
$
1,262.8
$
1,108.1
Paper
Segment operating income
$
32.7
$
34.8
$
129.6
$
129.7
Jackson mill conversion-related activities
-
-
-
5.8
Segment operating income excluding special items (1)
$
32.7
$
34.8
$
129.6
$
135.5
Corporate and Other
Segment operating loss
$
(37.5
)
$
(29.8
)
$
(147.9
)
$
(129.9
)
Acquisition and integration-related costs
5.8
-
13.3
-
Segment operating loss excluding special items (1)
$
(31.7
)
$
(29.8
)
$
(134.6
)
$
(129.9
)
Income from operations
$
168.5
$
302.2
$
1,107.0
$
1,101.3
Income from operations, excluding special items (1)
$
310.2
$
303.9
$
1,257.8
$
1,113.7
(1) See footnote (1) on page 2, for a discussion of non-GAAP financial measures.
Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures
Unaudited
(dollars in millions)
Net Income Excluding Special Items and EPS Excluding Special Items (1)
Three Months Ended December 31,
2025
2024
Income before taxes
Income Taxes
Net Income
Diluted EPS
Income before taxes
Income Taxes
Net Income
Diluted EPS
As reported in accordance with GAAP
$
134.6
$
(32.8
)
$
101.8
$
1.13
$
291.6
$
(70.5
)
$
221.1
$
2.45
Special items (2):
Facilities closure and other costs
7.0
(1.7
)
5.3
0.06
1.7
(0.4
)
1.3
0.02
Wallula mill restructuring
128.0
(31.3
)
96.7
1.07
-
-
-
-
Acquisition and integration-related costs
6.7
(1.6
)
5.1
0.06
-
-
-
-
Total special items
141.7
(34.6
)
107.1
1.19
1.7
(0.4
)
1.3
0.02
Excluding special items
$
276.3
$
(67.4
)
$
208.9
$
2.32
$
293.3
$
(70.9
)
$
222.4
$
2.47
Full Year Ended December 31,
2025
2024
Income before taxes
Income Taxes
Net Income
Diluted EPS
Income before taxes
Income Taxes
Net Income
Diluted EPS
As reported in accordance with GAAP
$
1,027.8
$
(253.7
)
$
774.1
$
8.58
$
1,064.4
$
(259.3
)
$
805.1
$
8.93
Special items (2):
Facilities closure and other (income) costs
(10.4
)
2.5
(7.9
)
(0.09
)
2.7
(0.6
)
2.1
0.03
Wallula mill restructuring
128.0
(31.3
)
96.7
1.07
-
-
-
-
Acquisition and integration-related costs
33.2
(8.1
)
25.1
0.28
-
-
-
-
Jackson mill conversion-related activities
-
-
-
-
9.7
(2.4
)
7.3
0.08
Total special items
150.8
(36.9
)
113.9
1.26
12.4
(3.0
)
9.4
0.11
Excluding special items
$
1,178.6
$
(290.6
)
$
888.0
$
9.84
$
1,076.8
$
(262.3
)
$
814.5
$
9.04
(1)
Net income excluding special items and earnings per share excluding special items are non-GAAP financial measures. Management excludes special items as it believes these items are not necessarily reflective of the ongoing results of operations of our business. We present these measures because they provide a means to evaluate the performance of our company on an ongoing basis using the same measures that are used by our management, because these measures assist in providing a meaningful comparison between periods presented and because these measures are frequently used by investors and other interested parties in the evaluation of companies and their performance. Any analysis of non-GAAP financial measures should be done only in conjunction with results presented in accordance with GAAP. The non-GAAP measures are not intended to be substitutes for GAAP financial measures and should not be used as such.
(2)
Pre-tax special items are tax-effected at a combined federal and state income tax rate in effect for the period the special items were recorded and this rate is adjusted for each subsequent quarter to be consistent with the estimated annual effective tax rate, in accordance with ASC 270, Interim Reporting, and ASC 740-270, Income Taxes – Intra Period Tax Allocation. For all periods presented, income taxes on pre-tax special items represent the current amount of tax. For more information related to these items, see the footnotes to the Consolidated Earnings Results on page 1.
Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures
Unaudited
(dollars in millions)
EBITDA and EBITDA Excluding Special Items (1)
EBITDA represents income before non-operating pension expense (income), interest, income taxes, and depreciation, amortization, and depletion. The following table reconciles net income to EBITDA and EBITDA excluding special items:
Three Months Ended
Full Year Ended
December 31,
December 31,
2025
2024
2025
2024
Net income
$
101.8
$
221.1
$
774.1
$
805.1
Non-operating pension expense (income)
0.1
(1.1
)
0.1
(4.5
)
Interest expense, net
33.8
11.7
79.1
41.4
Provision for income taxes
32.8
70.5
253.7
259.3
Depreciation, amortization, and depletion
221.6
136.0
652.8
525.6
EBITDA (1)
$
390.1
$
438.2
$
1,759.8
$
1,626.9
Special items:
Facilities closure and other costs (income)
2.5
1.1
(18.5
)
1.9
Wallula mill restructuring
87.0
-
87.0
-
Acquisition and integration-related costs
6.7
-
33.3
-
Jackson mill conversion-related activities
-
-
-
8.3
EBITDA excluding special items (1)
$
486.3
$
439.3
$
1,861.6
$
1,637.1
(1) See footnote (1) on page 2, for a discussion of non-GAAP financial measures.
Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures
Unaudited
(dollars in millions)
The following table reconciles segment operating income (loss) to segment EBITDA and segment EBITDA excluding special items:
Three Months Ended
Full Year Ended
December 31,
December 31,
2025
2024
2025
2024
Packaging
Segment operating income
$
173.3
$
297.2
$
1,125.3
$
1,101.5
Depreciation, amortization, and depletion
212.2
127.4
616.1
490.1
EBITDA (1)
385.5
424.6
1,741.4
1,591.6
Facilities closure and other costs (income)
2.5
1.1
(18.5
)
1.9
Wallula mill restructuring
87.0
-
87.0
-
Acquisition and integration-related costs
0.9
-
20.0
-
Jackson mill conversion-related activities
-
-
-
4.0
EBITDA excluding special items (1)
$
475.9
$
425.7
$
1,829.9
$
1,597.5
Paper
Segment operating income
$
32.7
$
34.8
$
129.6
$
129.7
Depreciation, amortization, and depletion
4.7
4.5
18.5
19.5
EBITDA (1)
37.4
39.3
148.1
149.2
Jackson mill conversion-related activities
-
-
-
4.3
EBITDA excluding special items (1)
$
37.4
$
39.3
$
148.1
$
153.5
Corporate and Other
Segment operating loss
$
(37.5
)
$
(29.8
)
$
(147.9
)
$
(129.9
)
Depreciation, amortization, and depletion
4.7
4.1
18.2
16.0
EBITDA (1)
(32.8
)
(25.7
)
(129.7
)
(113.9
)
Acquisition and integration-related costs
5.8
-
13.3
-
EBITDA excluding special items (1)
$
(27.0
)
$
(25.7
)
$
(116.4
)
$
(113.9
)
EBITDA excluding special items (1)
$
486.3
$
439.3
$
1,861.6
$
1,637.1
(1) See footnote (1) on page 2, for a discussion of non-GAAP financial measures.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260127537087/en/
Barbara Sessions
Packaging Corporation of America
INVESTOR RELATIONS: (877) 454-2509
PCA’s Website: www.packagingcorp.com
Original: Packaging Corporation of America Reports Fourth Quarter and Full Year 2025 Results
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