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Packaging Corporation of America
Packaging Corporation of America (PKG) investor relations material
Packaging Corporation of America Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Fourth quarter 2025 net income was $102 million ($1.13/share); excluding special items, net income was $209 million ($2.32/share), on net sales of $2.4 billion, up from $2.1 billion in Q4 2024.
Full-year 2025 net sales reached $9 billion, up from $8.4 billion in 2024; adjusted full-year earnings were $888 million ($9.84/share), up from $815 million ($9.04/share) in 2024.
Special items included Wallula mill restructuring, Greif acquisition and integration costs, and facility closures.
Integration of the Greif acquisition progressed well, with operational improvements and system integration underway.
Share repurchases totaled 760,000 shares at an average price of $201 per share in Q4.
Financial highlights
Q4 2025 net sales were $2.4 billion, up from $2.1 billion in Q4 2024; full-year net sales rose to $9.0 billion from $8.4 billion.
Adjusted Q4 EBITDA was $486 million, up from $439 million in Q4 2024; full-year adjusted EBITDA was $1.86 billion, up from $1.64 billion.
Q4 included $1.19/share in special items, mainly from Wallula Mill restructuring and Greif acquisition costs.
Capital spending for 2025 was $829 million, up from $670 million in 2024.
Year-end cash and marketable securities totaled $668 million; liquidity was about $1.25 billion.
Outlook and guidance
Q1 2026 earnings expected at $2.20/share, excluding special items.
Corrugated volume and demand are forecasted to grow year-over-year in Q1, with seasonal improvement in mix.
Full-year 2026 CapEx estimated at $840–$870 million; dividend payments expected at $450 million.
Annual maintenance outages in 2026 will impact earnings by $1.39/share, spread across quarters.
Anticipated benefits from Wallula restructuring and containerboard price increases starting in March.
Greif business Q1 profitability drivers
Impact of Wallula reconfiguration on Q1 production
Q1 cost inflation drivers beyond fiber prices
Greif acquisition: How are initial challenges resolved
January demand strength: Is it sustainable?
Post-Greif, how will PCA meet future capacity needs
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Next Packaging Corporation of America earnings date
Q1 202622 Apr, 2026
Packaging Corporation of America
Next Packaging Corporation of America earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Packaging Corporation of America (PCA) operates as a paper & packaging company in the United States. The company's Packaging segment offers various corrugated products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products. It also manufactures gypsum wallboard; and containerboard, which is used as a raw material by the company's packaging plants to produce corrugated products and by other manufacturers of paperboard products, including noncorrugated boxes, liquid or food containers, cartons, sacks, and envelopes. The company's Paper segment produces communication-based papers including coated paperboard used for packaging products such as cereal boxes and four-color printing for magazines and catalogs; whitetop liner used in the production of corrugated containers; recycled linerboard for use in the production of corrugated containers; and containerboard. As of December 31, 2018, it operated eight pulp mills, five paper mills, two converted facilities, two container plants, one heavy duty box plant, fifteen corrugated product plants, twenty-seven shipping/converting facilities.
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