Packaging Corp of America
PKG · NYSEPaperboard Containers & Boxes · Fiscal year ends Dec 31
Packaging Corp of America reported revenue of $9B in the fiscal year ended Dec 2025, up 7.2% from the year before. Operating income was $1.1B, an operating margin of 12.3%, and net income was $774M. Operating cash flow of $1.6B less capital expenditure of $829M left free cash flow of $729M. Net debt was $3.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $7.7B | $8.5B | $7.8B | $8.4B | $9B |
| Cost of revenue | $5.9B | $6.4B | $6.1B | $6.6B | $7.1B |
| Gross profit | $1.9B | $2.1B | $1.7B | $1.8B | $1.9B |
| Research & development | $15M | – | – | – | – |
| Selling, general & admin | $577M | $609M | $581M | $610M | $634M |
| Operating income | $1.2B | $1.4B | $1.1B | $1.1B | $1.1B |
| Net interest incomeBanks | −$152M | −$70M | −$53M | −$41M | −$79M |
| Pre-tax income | $1.1B | $1.4B | $1B | $1.1B | $1B |
| Income tax | $268M | $335M | $249M | $259M | $254M |
| Net income | $841M | $1B | $765M | $805M | $774M |
| Diluted EPS | 8.83 | 11.03 | 8.48 | 8.93 | 8.58 |
| Diluted shares | 95M | 93M | 90M | 90M | 90M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $619M | $320M | $648M | $685M | $529M |
| Receivables | $1.1B | $1B | $1B | $1.1B | $1.3B |
| Inventory | $903M | $977M | $1B | $1.1B | $1.2B |
| Current assets | $2.7B | $2.5B | $3.3B | $3.2B | $3.2B |
| Net PP&E | $3.5B | $3.9B | $3.9B | $4B | $5B |
| Goodwill | $924M | $922M | $922M | $922M | $1.4B |
| Total assets | $7.8B | $8B | $8.7B | $8.8B | $10.7B |
| Payables | $452M | $410M | $402M | $430M | $471M |
| Current liabilities | $885M | $876M | $1.3B | $1B | $1B |
| Short-term debt | – | $0 | $400M | $0 | – |
| Long-term debt | $2.5B | $2.5B | $2.5B | $2.5B | $4B |
| Shareholders' equity | $3.6B | $3.7B | $4B | $4.4B | $4.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $1.5B | $1.3B | $1.2B | $1.6B |
| Capital expenditure | $605M | $824M | $470M | $670M | $829M |
| Free cash flow | $489M | $671M | $845M | $522M | $729M |
| Depreciation & amortisation | $418M | $457M | $518M | $526M | $653M |
| Stock-based compensation | $36M | $36M | $40M | $49M | $45M |
| Acquisitions | $195M | $0 | $0 | $0 | $1.8B |
| Share buybacks | $193M | $523M | $42M | $0 | $153M |
| Dividends paid | $380M | $420M | $449M | $449M | $450M |
| Dividend per share | 4.00 | 4.75 | 5.00 | 5.00 | 5.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.7% | −8.0% | 7.4% | 7.2% |
| Operating income growth (YoY) | – | 14.4% | −24.3% | 2.4% | 0.5% |
| EPS growth (YoY) | – | 24.9% | −23.1% | 5.3% | −3.9% |
| Gross margin | 24.2% | 24.7% | 21.8% | 21.3% | 21.0% |
| Operating margin | 16.1% | 16.8% | 13.8% | 13.1% | 12.3% |
| Net margin | 10.9% | 12.1% | 9.8% | 9.6% | 8.6% |
| Return on equityBlank when equity is negative | 23.3% | 28.1% | 19.1% | 18.3% | 16.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.9% | 19.9% | 14.5% | 14.1% | 11.4% |
| Free cash flow margin | 6.3% | 7.9% | 10.8% | 6.2% | 8.1% |
| Cash conversion (CFO ÷ net income) | 1.30x | 1.45x | 1.72x | 1.48x | 2.01x |
| Receivable days | 51 | 44 | 48 | 50 | 51 |
| Inventory days | 56 | 56 | 61 | 62 | 64 |
| Payable days | 28 | 23 | 24 | 24 | 24 |
| Debt ÷ equity | 0.69x | 0.67x | 0.72x | 0.56x | 0.86x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.9B | $2.2B | $2.2B | $1.8B | $3.4B |
| Current ratio | 3.09x | 2.86x | 2.57x | 3.23x | 3.17x |
Recent filings
More in Paperboard Containers & Boxes
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.