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Packaging Corporation of America manufactures and sells containerboard and uncoated freesheet (UFS) paper products in North America. The company operates through Packaging and Paper segments. The Packaging segment offers various linerboard and corrugated packaging 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, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products. This segment sells its corrugated products through a direct sales and marketing organization. The Paper segment manufactures and sells commodity and specialty papers, as well as communication papers, including cut-size office papers, and printing and converting papers; and white papers. This segment sells papers through its sales and marketing organization. Packaging Corporation of America was founded in 1867 and is headquartered in Lake Forest, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $9.0B | $1.8B | $774M | $729M | 16.8% | 7.2% | -3.9% |
| 2024 | $8.4B | $1.6B | $805M | $522M | 18.3% | 7.4% | 5.2% |
| 2023 | $7.8B | $1.6B | $765M | $845M | 19.1% | -8.0% | -25.7% |
| 2022 | $8.5B | $1.9B | $1.0B | $671M | 28.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 8,478 | 7,802.40 | 8,383.30 | 8,989.30 |
| Operating Revenue | - | 8,478 | 7,802.40 | 8,383.30 | 8,989.30 |
| Cost Of Revenue | - | 6,387.40 | 6,103.50 | 6,600.20 | 7,099.70 |
| Gross Profit | - | 2,090.60 | 1,698.90 | 1,783.10 | 1,889.60 |
| Operating Expense | - | 608.60 | 580.90 | 610.30 | 634.20 |
| Selling General And Administration | - | 608.60 | 580.90 | 610.30 | 634.20 |
| Total Expenses | - | 6,996 | 6,684.40 | 7,210.50 | 7,733.90 |
| Operating Income | - | 1,482 | 1,118 | 1,172.80 | 1,255.40 |
| Total Operating Income As Reported | - | 1,420.70 | 1,075.10 | 1,101.30 | 1,107 |
| EBITDA | - | 1,892 | 1,585.10 | 1,631.40 | 1,759.70 |
| Normalized EBITDA | - | 1,943.30 | 1,626.50 | 1,679.70 | 1,881.40 |
| EBIT | - | 1,435.20 | 1,067.40 | 1,105.80 | 1,106.90 |
| Interest Expense | - | 70.40 | 53.30 | 41.40 | 79.10 |
| Net Interest Income | - | -70.40 | -53.30 | -41.40 | -79.10 |
| Other Non Operating Income Expenses | - | 4.50 | -9.20 | -18.70 | -26.80 |
| Other Income Expense | - | -46.80 | -50.60 | -67 | -148.50 |
| Interest Expense Non Operating | - | 70.40 | 53.30 | 41.40 | 79.10 |
| Net Non Operating Interest Income Expense | - | -70.40 | -53.30 | -41.40 | -79.10 |
| Pretax Income | - | 1,364.80 | 1,014.10 | 1,064.40 | 1,027.80 |
| Tax Provision | - | 335 | 248.90 | 259.30 | 253.70 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -12.59 | -10.14 | -11.79 | -30.06 |
| Net Income Continuous Operations | - | 1,029.80 | 765.20 | 805.10 | 774.10 |
| Net Income From Continuing And Discontinued Operation | - | 1,029.80 | 765.20 | 805.10 | 774.10 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,029.80 | 765.20 | 805.10 | 774.10 |
| Net Income | - | 1,029.80 | 765.20 | 805.10 | 774.10 |
| Net Income Common Stockholders | - | 1,021.90 | 759 | 799.50 | 768.90 |
| Net Income Including Noncontrolling Interests | - | 1,029.80 | 765.20 | 805.10 | 774.10 |
| Normalized Income | - | 1,068.51 | 796.46 | 841.61 | 865.74 |
| Diluted NI Availto Com Stockholders | - | 1,021.90 | 759 | 799.50 | 768.90 |
| Basic Average Shares | - | 92.94 | 89.62 | 89.75 | 89.91 |
| Diluted Average Shares | - | 92.94 | 89.62 | 89.75 | 89.91 |
| Reconciled Depreciation | - | 456.80 | 517.70 | 525.60 | 652.80 |
| Reconciled Cost Of Revenue | - | 6,387.40 | 6,103.50 | 6,600.20 | 7,099.70 |
| Total Unusual Items | - | -51.30 | -41.40 | -48.30 | -121.70 |
| Total Unusual Items Excluding Goodwill | - | -51.30 | -41.40 | -48.30 | -121.70 |
| Special Income Charges | - | -51.30 | -41.40 | -48.30 | -121.70 |
| Gain On Sale Of Business | - | 0.10 | -7.90 | -1 | 19.40 |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | - | 6.90 | 1.80 | 7.60 | 100.30 |
| Gain On Sale Of Ppe | - | -44.50 | -31.70 | -39.70 | -40.80 |
| Otherunder Preferred Stock Dividend | - | 7.90 | 6.20 | 5.60 | 5.20 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Packaging Corporation of Americathis co. | PKG | $20.0B | 25.86↑ premium | 4.35 | 16.8% | 13.56 |
| Lennar Corporation | LEN | $22.6B | 10.89 | 1.03 | 9.5% | 8.58 |
| PulteGroup, Inc. | PHM | $22.5B | 10.15 | 1.73 | 17.1% | 7.55 |
| Rollins, Inc. | ROL | $22.4B | 42.51 | 16.29 | 38.3% | 27.31 |
| Smurfit Westrock Plc | SW |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $22.2B |
| 31.72 |
| 1.21 |
| 3.8% |
| 8.06 |
| Darden Restaurants, Inc. | DRI | $22.2B | 21.11 | 9.59 | 45.4% | 14.96 |
| Ralph Lauren Corporation | RL | $21.8B | 23.19 | 7.68 | 33.1% | 15.60 |
| Ulta Beauty, Inc. | ULTA | $19.9B | 17.24 | 7.09 | 41.1% | 11.70 |
| International Paper Company | IP | $17.9B | -5.10 | 1.21 | -23.7% | 417.11 |
| Peer Median | - | 19.17 | 4.41 | 25.1% | 13.33 | |