NYSE: PKG
Packaging Corporation of America
Materials · Paperboard Containers & Boxes
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$21.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.99B |
| FY2017, ended Dec 31, 2017 | $11.4B |
| FY2018, ended Dec 31, 2018 | $7.89B |
| FY2019, ended Dec 31, 2019 | $10.6B |
| FY2020, ended Dec 31, 2020 | $13.1B |
| FY2021, ended Dec 31, 2021 | $12.7B |
| FY2022, ended Dec 31, 2022 | $11.5B |
| FY2023, ended Dec 31, 2023 | $14.6B |
| FY2024, ended Dec 31, 2024 | $20.2B |
| FY2025, ended Dec 31, 2025 | $18.4T |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $21.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$9.53B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.78B |
| FY2017, ended Dec 31, 2017 | $6.44B |
| FY2018, ended Dec 31, 2018 | $7.01B |
| FY2019, ended Dec 31, 2019 | $6.96B |
| FY2020, ended Dec 31, 2020 | $6.66B |
| FY2021, ended Dec 31, 2021 | $7.73B |
| FY2022, ended Dec 31, 2022 | $8.48B |
| FY2023, ended Dec 31, 2023 | $7.80B |
| FY2024, ended Dec 31, 2024 | $8.38B |
| FY2025, ended Dec 31, 2025 | $8.99B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $9.53B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $450M | $533M |
| FY2017, ended Dec 31, 2017 | $669M | $513M |
| FY2018, ended Dec 31, 2018 | $738M | $629M |
| FY2019, ended Dec 31, 2019 | $696M | $808M |
| FY2020, ended Dec 31, 2020 | $461M | $612M |
| FY2021, ended Dec 31, 2021 | $841M | $489M |
| FY2022, ended Dec 31, 2022 | $1.03B | $671M |
| FY2023, ended Dec 31, 2023 | $765M | $845M |
| FY2024, ended Dec 31, 2024 | $805M | $522M |
| FY2025, ended Dec 31, 2025 | $774M | $729M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $692M | $742M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$443M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $239M |
| FY2017, ended Dec 31, 2017 | $217M |
| FY2018, ended Dec 31, 2018 | $362M |
| FY2019, ended Dec 31, 2019 | $680M |
| FY2020, ended Dec 31, 2020 | $975M |
| FY2021, ended Dec 31, 2021 | $619M |
| FY2022, ended Dec 31, 2022 | $320M |
| FY2023, ended Dec 31, 2023 | $648M |
| FY2024, ended Dec 31, 2024 | $685M |
| FY2025, ended Dec 31, 2025 | $529M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $443M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.97B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.66B |
| FY2017, ended Dec 31, 2017 | $2.65B |
| FY2018, ended Dec 31, 2018 | $2.50B |
| FY2019, ended Dec 31, 2019 | $2.49B |
| FY2020, ended Dec 31, 2020 | $2.49B |
| FY2021, ended Dec 31, 2021 | $2.49B |
| FY2022, ended Dec 31, 2022 | $2.49B |
| FY2023, ended Dec 31, 2023 | $2.89B |
| FY2024, ended Dec 31, 2024 | $2.49B |
| FY2025, ended Dec 31, 2025 | $3.99B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.97B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 5.4% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.89.1M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 94.2M |
| FY2017, ended Dec 31, 2017 | 94.3M |
| FY2018, ended Dec 31, 2018 | 94.5M |
| FY2019, ended Dec 31, 2019 | 94.7M |
| FY2020, ended Dec 31, 2020 | 94.8M |
| FY2021, ended Dec 31, 2021 | 93.5M |
| FY2022, ended Dec 31, 2022 | 89.7M |
| FY2023, ended Dec 31, 2023 | 89.6M |
| FY2024, ended Dec 31, 2024 | 89.8M |
| FY2025, ended Dec 31, 2025 | 89.2B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 89.1M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $162M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $100M | $19.7M |
| FY2017, ended Dec 31, 2017 | — | $20.6M |
| FY2018, ended Dec 31, 2018 | — | $23.5M |
| FY2019, ended Dec 31, 2019 | $0 | $30.4M |
| FY2020, ended Dec 31, 2020 | $0 | $30.0M |
| FY2021, ended Dec 31, 2021 | $193M | $35.5M |
| FY2022, ended Dec 31, 2022 | $523M | $35.6M |
| FY2023, ended Dec 31, 2023 | $41.5M | $40.0M |
| FY2024, ended Dec 31, 2024 | $0 | $48.8M |
| FY2025, ended Dec 31, 2025 | $153M | $45.2M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $212M | $49.4M |
Revenue (TTM)
$9.53B
+10.3% YoY
Net income (TTM)
$692M
−23.5% YoY
Cash
$443M
−43.8% YoY
Total debt
$3.97B
+60.3% YoY
Valuation
At current price- Market Cap
- $22.9B
- P/E
- 33.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.4×
- Price / Book
- 4.9×
- EV / EBITDA
- 14.6×
Growth
Trailing 12 months- Revenue (TTM)
- $9.53B
- Revenue Growth YoY
- 10.3%
- Revenue CAGR 3Y
- 2.0%
- Revenue CAGR 5Y
- 6.2%
- EPS Growth YoY
- −23.2%
- Net Income Growth YoY
- −23.5%
Profitability
Trailing 12 months- Gross Margin
- 20.1%
- Operating Margin
- 10.9%
- Net Margin
- 7.3%
- FCF Margin
- 7.8%
- Return on Equity
- 14.9%
Earnings
Trailing 12 months- Net Income
- $692M
- EPS (diluted)
- $7.70
- EBITDA
- $1.81B
- Operating Income
- $1.04B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $443M
- Total Debt
- $3.97B
- Net Debt
- $3.53B
- Total Assets
- $11.0B
- Total Liabilities
- $6.35B
- Shareholders' Equity
- $4.66B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.62B
- Capital Expenditure
- $882M
- Free Cash Flow
- $742M
Dividends and risk
Last 12 months- Dividend Yield
- 2.1%
- Dividend / Share
- $5.50
- Beta (5Y)
- 0.75
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 10.3% year over year, at $9.53B.
Watch
Operating margin narrowed 3.5 pts in a year, to 10.9%.
Note
Net debt of $3.53B is 1.9× EBITDA.
Note
Free cash flow of $742M, 7.8% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 26, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K63Mildly positive
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 27, 2025 · Read the filing on EDGAR
- Sales rose 7.4% to $8.4 billion and net income rose 5% to $805 million, as higher volumes outweighed lower prices and cost inflation.
- Corrugated box shipments rose 10.5% while the wider industry was roughly flat, with record third and fourth quarters.
- PCA announced January 2025 price increases but expects first-quarter earnings below the fourth quarter because of higher costs and fewer operating days.
- Capital spending rose to $670 million and is planned at $840 million to $870 million in 2025; $400 million of notes were repaid.
Business momentum
Improving
“Net sales increased $581 million, or 7.4%, to $8,383 million in 2024, compared to $7,802 million in 2023.”
Outlook
Cautious
“Considering these items, we expect first quarter earnings to be lower than the fourth quarter of 2024.”
Financial stress
Low
“We ended the year with $685 million of cash and cash equivalents, $167 million of marketable debt securities, and $323 million of unused borrowing capacity under the revolving credit facility, net of letters of credit.”
Tone against the previous report
More positive
Red flags
- Minor
Major lawsuit
“a net unfavorable change in prepaid expenses and other current assets in 2024 compared to 2023 primarily due to an increase in accrued receivables for the insurance recoveries related to pending litigation in 2024”
Positives
Packaging volumes grew strongly, well ahead of a flat industry
“Overall, total corrugated products shipments were up 10.5% for the year.”
New containerboard price increases took effect in January 2025
“We notified customers of a $70 per ton price increase for linerboard and a $90 per ton price increase for medium effective January 1, 2025.”
Strong liquidity, with over $1 billion available
“PCA ended the year with $852 million of cash and marketable debt securities and, including borrowing availability under its revolving credit facility, $1,175 million in liquidity.”
Concerns
Cost inflation is expected to continue across most of the business
“With the exception of recycled fiber prices, we expect inflation across most of our direct, indirect and fixed operating and converting costs along with a higher cost mix of mill operations.”
The ODP paper supply agreement runs only through 2025 and needs renewal
“If the agreement is not renewed by the parties, ODP’s obligation to purchase paper would phase down over a two-year period beginning January 1, 2026.”
Lower prices and mix took back part of the packaging sales gain from volume
“due to higher volumes ($735 million), partially offset by lower prices and mix ($180 million)”
New risks since the previous report
Tariffs and changes in US trade policy could hurt demand and raise capital project costs
“the imposition of tariffs or retaliatory tariffs from other nations, could impact global markets and demand for our and our customers’ products”
EPA review of pulp mill air pollution standards could bring testing and added compliance costs
“EPA is requiring companies, including PCA, to undertake extensive pollutant testing scheduled to begin Spring 2025.”
Tighter particulate emissions standards could make air permits harder and costlier to keep
“the EPA recently enacted more stringent particulate matter emissions standards, which may make it more difficult to obtain or maintain air permits”
Biggest risks named
- Weak economy or recession reducing packaging demand
- Volatile containerboard and paper prices
- Inflation in fiber, energy, chemical, labor and freight costs
- Declining paper demand and reliance on ODP, at 58% of paper sales
- Tariffs and stricter environmental rules raising costs
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | −2 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −1.2 | |
| New risks | −1.5 | |
| Score | 63 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 26, 2026 | Pro | |||
| 10-K | Feb 27, 2025 | 63 | Improving | 1 minor | |
| 10-K | Feb 29, 2024 | 52 | Weakening | None | |
| 10-K | Feb 23, 2023 | 60 | Improving | None | |
| 10-K | Feb 24, 2022 | 71 | Strong improvement | None | |
| 10-K | Feb 24, 2021 | 50 | Weakening | 1 medium | |
| 10-K | Feb 26, 2020 | 50 | Weakening | None | |
| 10-K | Feb 28, 2019 | 62 | Improving | None | |
| 10-K | Feb 28, 2018 | 70 | Strong improvement | 1 minor | |
| 10-K | Feb 28, 2017 | 64 | Stable | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 7, 2026. View filings on SEC EDGAR