Packaging Corporation of America (PKG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.31	$2.35	+1.7%	—	$2.5B	—
Q1 26	$2.13	$2.4	+12.7%	—	$2.4B	—
Q4 25	$2.41	$2.32	-3.7%	—	$2.4B	—
Q3 25	$2.82	$2.73	-3.2%	—	$2.3B	—
Q2 25	$2.44	$2.48	+1.6%	—	$2.2B	—
Q1 25	$2.21	$2.31	+4.5%	—	$2.1B	—
Q4 24	$2.53	$2.47	-2.4%	—	$2.1B	—
Q3 24	$2.5	$2.65	+6.0%	—	$2.2B	—
Q2 24	$2.15	$2.2	+2.3%	—	$2.1B	—
Q1 24	$1.68	$1.72	+2.4%	—	$2B	—
Q4 23	$1.83	$2.13	+16.4%	—	$1.9B	—
Q3 23	$1.93	$2.05	+6.2%	—	$1.9B	—
Q2 23	$1.92	$2.31	+20.3%	—	$2B	—
Q1 23	$2.27	$2.2	-3.1%	—	$2B	—
Q4 22	$2.23	$2.35	+5.4%	—	$2B	—
Q3 22	$2.81	$2.83	+0.7%	—	$2.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.61	—	—	$9B	—
FY24	—	$8.97	—	—	$8.4B	—
FY23	—	$8.52	—	—	$7.8B	—
FY22	—	$11.1	—	—	$8.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.8B	$6.4B	$7B	$7B	$6.7B	$7.7B	$8.5B	$7.8B	$8.4B	$9B
YoY change	+0.65%	+11.5%	+8.84%	-0.72%	-4.4%	+16.1%	+9.67%	-7.97%	+7.45%	+7.23%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.8B	6.4B	7B	7B	6.7B	7.7B	8.5B	7.8B	8.4B	9B
Cost of revenue	4.5B	5B	5.4B	5.3B	5.3B	5.9B	6.4B	6.1B	6.6B	7.1B
Gross profit	1.3B	1.5B	1.6B	1.6B	1.4B	1.9B	2.1B	1.7B	1.8B	1.9B
Gross margin	22.1%	22.8%	23.5%	23.6%	20.6%	24.2%	24.7%	21.8%	21.3%	21%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	468.5M	519.9M	536.4M	557.6M	539.6M	576.8M	608.6M	580.9M	610.3M	634.2M
Operating expenses	468.5M	519.9M	536.4M	557.6M	539.6M	576.8M	608.6M	580.9M	610.3M	634.2M
Operating income	807.6M	950.9M	1.1B	1.1B	829.8M	1.3B	1.5B	1.1B	1.2B	1.3B
Operating margin	14%	14.8%	15.8%	15.6%	12.5%	16.8%	17.5%	14.3%	14%	14%
Non-operating income, net	-24.3M	-19.7M	-43.3M	-40.6M	-103.6M	-35.1M	-46.8M	-50.6M	-67M	-148.5M
Pretax income	688.5M	828.6M	970.5M	917M	632.7M	1.1B	1.4B	1B	1.1B	1B
Income tax	238.9M	160M	232.5M	220.6M	171.7M	267.6M	335M	248.9M	259.3M	253.7M
Net income	449.6M	668.6M	738M	696.4M	461M	841.1M	1B	765.2M	805.1M	774.1M
Net margin	7.78%	10.4%	10.5%	10%	6.92%	10.9%	12.1%	9.81%	9.6%	8.61%
EBITDA	1.2B	1.3B	1.5B	1.5B	1.2B	1.7B	1.9B	1.6B	1.7B	1.9B
EPS	4.76	7.09	7.82	7.36	4.86	8.87	11.1	8.52	8.97	8.61
Diluted EPS	4.75	7.07	7.8	7.34	4.84	8.83	11	8.48	8.93	8.58

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.9B	1.9B	2B	2.1B	2.2B	2.1B	2.1B	2.2B	2.3B	2.4B	2.4B	2.5B
Cost of revenue	1.5B	1.5B	1.6B	1.6B	1.7B	1.7B	1.7B	1.7B	1.8B	1.9B	1.9B	2B
Gross profit	412.7M	410.1M	370.4M	437.7M	505.2M	469.7M	454.7M	483M	504.3M	447.5M	452.9M	512.5M
Gross margin	21.3%	21.2%	18.7%	21.1%	23.1%	21.9%	21.2%	22.2%	21.8%	18.9%	19.1%	20.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	144.2M	142.8M	150.8M	149.5M	162M	147M	161.4M	153.2M	154.3M	165.3M	180.3M	179.3M
Operating expenses	144.2M	142.8M	150.8M	149.5M	162M	147M	161.4M	153.2M	154.3M	165.3M	180.3M	179.3M
Operating income	268.5M	267.3M	219.6M	288.2M	343.2M	322.7M	293.3M	329.8M	350M	282.2M	272.6M	333.2M
Operating margin	13.9%	13.8%	11.1%	13.9%	15.7%	15%	13.7%	15.2%	15.1%	11.9%	11.5%	13.4%
Non-operating income, net	-11.7M	-7.7M	-22.5M	-11.1M	-14.9M	-19.4M	-13M	3.9M	-25.5M	-113.8M	-20.2M	-40.9M
Pretax income	244.5M	248.5M	187.5M	266.7M	318.6M	291.6M	267.4M	320.6M	305.2M	134.5M	219.8M	259M
Income tax	61.3M	59.3M	40.6M	67.8M	80.5M	70.5M	63.6M	79.1M	78.3M	32.7M	48.9M	66.9M
Net income	183.2M	189.2M	146.9M	198.9M	238.1M	221.1M	203.8M	241.5M	226.9M	101.8M	170.9M	192.1M
Net margin	9.46%	9.76%	7.42%	9.58%	10.9%	10.3%	9.52%	11.1%	9.81%	4.31%	7.22%	7.72%
EBITDA	395.1M	401.2M	341.1M	413.1M	472.7M	452.8M	428.8M	461.1M	496.3M	495M	492.6M	498M
EPS	2.04	2.11	1.64	2.22	2.65	2.46	2.27	2.68	2.52	1.13	1.92	2.16
Diluted EPS	2.03	2.1	1.63	2.21	2.64	2.45	2.26	2.67	2.51	1.13	1.91	2.15

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	7.9B	11.3B	7.8B	10.6B	13.1B	12.9B	11.9B	14.6B	20.2B	18.5B	20.9B
Enterprise value	10.4B	13.7B	10B	12.6B	14.7B	14.9B	14.3B	16.6B	22.2B	22.3B	24.8B
Shares outstanding	93.5M	93.5M	93.6M	94.6M	94.9M	94.8M	92.9M	89.6M	89.8M	89.9M	89.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	17.6	16.9	10.6	15.2	28.4	15.3	11.5	19.1	25.1	24	30.5
P/S	1.37	1.75	1.11	1.52	1.96	1.67	1.4	1.87	2.41	2.06	2.2
P/B	4.51	5.16	2.92	3.45	4.03	3.58	3.24	3.65	4.59	4.03	4.47
EV/EBITDA	8.88	10.3	6.59	8.61	11.9	8.68	7.35	10.2	13.2	11.9	12.4
EV/Sales	1.79	2.13	1.42	1.8	2.21	1.93	1.68	2.13	2.65	2.48	2.6
Earnings yield	5.67%	5.93%	9.44%	6.57%	3.52%	6.51%	8.66%	5.24%	3.98%	4.17%	3.27%
FCF yield	6.71%	4.55%	8.04%	7.62%	4.68%	3.79%	5.64%	5.79%	2.58%	3.93%	2.07%
PEG	—	—	—	—	—	—	—	—	—	—	-1.57

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	22.1%	22.8%	23.5%	23.6%	20.6%	24.2%	24.7%	21.8%	21.3%	21%	20.6%
Operating margin	14%	14.8%	15.8%	15.6%	12.5%	16.8%	17.5%	14.3%	14%	14%	13.1%
Net margin	7.78%	10.4%	10.5%	10%	6.92%	10.9%	12.1%	9.81%	9.6%	8.61%	7.26%
ROE	25.5%	30.6%	27.6%	22.7%	14.2%	23.3%	28.1%	19.1%	18.3%	16.8%	14.9%
ROA	7.78%	10.8%	11.2%	9.62%	6.2%	10.7%	12.9%	8.81%	9.11%	7.22%	8.28%
ROIC	12.6%	16.6%	17.5%	16.4%	12.3%	17.5%	18.5%	14%	13.9%	11.3%	11%
Return on tangible assets	12.6%	18.5%	18.5%	14.8%	9.01%	15.7%	18.3%	12%	12.2%	11.4%	9.81%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.71	2.3	3.05	3.42	3.51	3.09	2.86	2.57	3.23	3.17	2.94
Quick ratio	1.56	1.38	1.9	2.33	2.51	2.07	1.75	1.77	2.1	1.94	1.86
Debt / equity	1.52	1.21	0.94	0.89	0.84	0.76	0.76	0.79	0.63	0.95	0.94
Debt / assets	0.46	0.43	0.38	0.38	0.37	0.35	0.35	0.37	0.31	0.41	0.4
Net debt / EBITDA	2.08	1.82	1.42	1.35	1.34	1.18	1.23	1.25	1.18	2	1.92
Interest coverage	8.26	9.08	11.2	8.12	7.77	8.27	20.4	20	26.7	14	8.71
Effective tax rate	34.7%	19.3%	24%	24.1%	27.1%	24.1%	24.5%	24.5%	24.4%	24.7%	24.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	61.8	68.9	74.9	73.6	70.2	81.5	91.2	87.1	93.4	100	107.2
EPS (basic)	4.76	7.09	7.82	7.36	4.86	8.87	11.1	8.52	8.97	8.61	8.61
EPS (diluted)	4.75	7.07	7.8	7.34	4.84	8.83	11	8.48	8.93	8.58	7.71
Book value per share	18.8	23.3	28.5	32.5	34.2	38	39.5	44.6	49.1	51.1	52.6
FCF per share	5.69	5.49	6.71	8.54	6.45	5.16	7.22	9.43	5.81	8.1	8.34
Cash per share	2.56	2.32	3.86	8.11	11.4	7.43	4.36	12.7	8.77	6.68	6.71
Capex per share	2.93	3.67	5.89	4.22	4.44	6.38	8.87	5.24	7.46	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.75%	5.32%	7.86%	5.74%	6.33%	7.83%	9.72%	6.02%	7.99%	—	—
Capex / operating cash flow	32.6%	39.9%	47.3%	33%	40.6%	57.8%	53.9%	34.8%	56.2%	—	—
Payout ratio	48.1%	35.5%	36.3%	42.9%	65%	45.2%	40.8%	58.7%	55.7%	58.1%	68.2%
Dividend yield	2.72%	2.11%	3.43%	2.82%	2.29%	2.94%	3.54%	3.07%	2.22%	2.42%	2.56%

Yield

2.56%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.50

ex-dividend Sep 15, 2026

Payout ratio

68%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$1.50
Jun 15, 2026	$1.50
Mar 13, 2026	$1.25

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.9B	$1.9B	$2B	$2.1B	$2.2B	$2.1B	$2.1B	$2.2B	$2.3B	$2.4B	$2.4B	$2.5B
YoY change	-8.93%	-2.05%	+0.16%	+6.31%	+12.7%	+10.7%	+8.16%	+4.63%	+6%	+10.1%	+10.6%	+14.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	239.3M	216.9M	361.5M	767.4M	1.1B	704.8M	405.2M	1.1B	787M	600.8M
Receivables	689.2M	830.7M	901.9M	845.6M	832.4M	1.1B	1B	1B	1.1B	1.3B
Inventory	723.6M	762.5M	795.6M	794.1M	787.9M	902.5M	977.3M	1B	1.1B	1.2B
Total current assets	1.7B	1.9B	2.1B	2.5B	2.8B	2.7B	2.5B	3.3B	3.2B	3.2B
Property, plant & equipment	2.2B	2.2B	2.3B	2.5B	2.6B	2.8B	3.2B	3.1B	3.2B	4B
Goodwill & intangibles	2.2B	2.6B	2.6B	2.5B	2.3B	2.5B	2.4B	2.3B	2.2B	3.9B
Total assets	5.8B	6.2B	6.6B	7.2B	7.4B	7.8B	8B	8.7B	8.8B	10.7B
Accounts payable	323.8M	402.9M	382.2M	351.9M	387M	452.4M	410.4M	402.4M	430.3M	471.4M
Short-term debt	27.1M	151.3M	1.4M	64.1M	70.5M	68.8M	74.1M	480.2M	82.6M	102.1M
Total current liabilities	625.4M	832.7M	693.6M	723.8M	782.6M	884.8M	875.5M	1.3B	1B	1B
Long-term debt	2.6B	2.5B	2.5B	2.7B	2.7B	2.7B	2.7B	2.7B	2.7B	4.3B
Total liabilities	4B	4B	3.9B	4.2B	4.2B	4.2B	4.3B	4.7B	4.4B	6.1B
Shareholders' equity	1.8B	2.2B	2.7B	3.1B	3.2B	3.6B	3.7B	4B	4.4B	4.6B
Total debt	2.7B	2.7B	2.5B	2.7B	2.7B	2.7B	2.8B	3.2B	2.8B	4.4B
Net debt	2.4B	2.4B	2.1B	2.1B	1.8B	2.1B	2.5B	2.5B	2.1B	3.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	677.2M	1.1B	1.2B	1.1B	771.6M	787M	843.1M	880.3M	728.7M	600.8M	543.7M	593.8M
Receivables	1B	1B	1B	1.1B	1.2B	1.1B	1.2B	1.2B	1.4B	1.3B	1.3B	1.4B
Inventory	986.1M	1B	1B	1B	1.1B	1.1B	1.1B	1.1B	1.3B	1.2B	1.3B	1.3B
Total current assets	2.8B	3.3B	3.4B	3.5B	3.2B	3.2B	3.3B	3.3B	3.5B	3.2B	3.3B	3.4B
Property, plant & equipment	3.1B	3.1B	3B	3.1B	3.1B	3.2B	3.2B	3.2B	4.1B	4B	4B	4B
Goodwill & intangibles	2.3B	2.3B	2.3B	2.3B	2.2B	2.2B	2.2B	2.2B	3.8B	3.9B	3.9B	4B
Total assets	8.2B	8.7B	8.9B	9B	8.8B	8.8B	9B	9B	11B	10.7B	10.8B	11B
Accounts payable	405.9M	402.4M	449.6M	474.5M	459.9M	430.3M	480.9M	490.7M	554.2M	471.4M	557M	616.9M
Short-term debt	478.6M	480.2M	481M	482.3M	83.8M	82.6M	86.3M	88.9M	98.2M	102.1M	104.4M	106.8M
Total current liabilities	1.3B	1.3B	1.4B	1.4B	1.1B	1B	1B	943M	1.1B	1B	1.1B	1.2B
Long-term debt	2.3B	2.7B	2.7B	2.7B	2.7B	2.7B	2.7B	2.7B	4.3B	4.3B	4.3B	4.3B
Total liabilities	4.3B	4.7B	4.8B	4.9B	4.5B	4.4B	4.5B	4.4B	6.2B	6.1B	6.2B	6.4B
Shareholders' equity	3.9B	4B	4B	4.1B	4.3B	4.4B	4.5B	4.6B	4.8B	4.6B	4.6B	4.7B
Total debt	2.8B	3.2B	3.2B	3.2B	2.8B	2.8B	2.8B	2.8B	4.4B	4.4B	4.4B	4.4B
Net debt	2.2B	2.5B	2.5B	2.5B	2.1B	2.1B	2.1B	2B	3.7B	3.8B	4B	4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	449.6M	668.6M	738M	696.4M	461M	841.1M	1B	765.2M	805.1M	774.1M
Depreciation & amortization	358M	391.4M	410.9M	387.5M	409.9M	417.5M	456.8M	517.7M	525.6M	652.8M
Stock-based compensation	19.7M	20.6M	23.5M	30.4M	30M	35.5M	35.6M	40M	48.8M	45.2M
Change in working capital	8.1M	-149.3M	-56.3M	16.3M	80.6M	-322.6M	-82.4M	5.6M	-210.1M	-66.4M
Operating cash flow	840.6M	859.8M	1.2B	1.2B	1B	1B	1.5B	1.3B	1.2B	1.6B
Capital expenditure	-274.3M	-343M	-551.4M	-399.5M	-421.2M	-605.1M	-824.2M	-469.7M	-669.7M	—
Investing cash flow	-769.6M	-609.1M	-608.2M	-546.6M	-426.1M	-794.4M	-833.7M	-875.1M	-277.8M	-1.7B
Dividends paid	-216.1M	-237.6M	-268.1M	-298.7M	-299.6M	-379.8M	-420.3M	-448.9M	-448.8M	-449.6M
Share repurchases	-111.5M	-10.8M	-7.9M	-8.2M	-10.5M	-205.9M	-538M	-57.2M	-25.7M	-176.6M
Financing cash flow	19.8M	-262.6M	-435.2M	-342.8M	-322.1M	-655.6M	-960M	-110.9M	-876.4M	865.7M
Net change in cash	90.8M	-11.9M	121.3M	321.5M	288.8M	-402.8M	-263.8M	363.2M	37.5M	679.2M
Free cash flow	532.6M	513.1M	628.7M	807.9M	611.6M	489M	670.8M	845.4M	521.5M	728.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	183.2M	189.2M	146.9M	199M	238.1M	221.1M	203.8M	241.5M	227M	101.8M	170.9M	192.1M
Depreciation & amortization	129.4M	130.9M	128.4M	128.5M	132.7M	136M	138M	140.6M	152.6M	221.6M	225.2M	176.3M
Stock-based compensation	7.7M	7.5M	19.4M	9.8M	10.4M	9.2M	17.8M	10.3M	8.5M	8.6M	15.3M	17M
Change in working capital	16.4M	-15.2M	20.9M	-92.2M	-104.8M	-34M	30.6M	-72.6M	-132.7M	108.3M	-44.6M	-50.9M
Operating cash flow	333.2M	328.2M	332.8M	245.4M	266.4M	347.1M	398.2M	319.1M	472.2M	446.6M	329.3M	376M
Capital expenditure	-89.8M	-141.1M	-76.7M	-245M	-146.7M	-201.3M	-148.1M	-169.7M	—	—	—	—
Investing cash flow	-88.9M	-544M	-81M	-242.8M	249.3M	-203.3M	-144.2M	-142.8M	-1.8B	33.5M	-96.2M	-10.7M
Dividends paid	-112.4M	-112M	-112M	-112.2M	-112.3M	-112.3M	-112.3M	-112.4M	-112.4M	-112.5M	-111.9M	-111.3M
Share repurchases	-41.6M	0	-22.5M	-1.6M	-700K	-900K	-15.4M	-7.7M	-300K	-153.2M	-87.8M	-800K
Financing cash flow	-154.5M	-112.5M	-135M	-114.3M	-513.4M	-113.7M	-128.2M	-120.6M	-113.3M	-266.3M	-200.3M	-112.5M
Net change in cash	89.8M	-328.3M	116.8M	-111.7M	2.3M	30.1M	125.8M	55.7M	-1.4B	213.8M	32.8M	252.8M
Free cash flow	249.7M	194.2M	183.7M	33.3M	180.4M	124.1M	191M	129.9M	280.1M	127.6M	164.6M	170.1M

Packaging Corporation of America Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement