PACKAGING CORP OF AMERICA

Listed Company

PKGCIK 0000075677NYSELarge AcceleratedPaperboard Containers & BoxesFY ends Dec 31

Period

FY 2025

Revenue

$8.99B

Net Income

$774.10M

Total Assets

$10.73B

Equity

$4.60B

Shares Out

89.21B

Op. Cash Flow

$1.56B

Business

PACKAGING CORP OF AMERICA is a North American manufacturer of containerboard and uncoated freesheet paper, producing materials for corrugated packaging and paper products. It offers linerboard, corrugating medium, a wide range of corrugated packaging products (including shipping containers, multi-color retail displays, honeycomb protective packaging), and commodity and specialty uncoated freesheet papers. The company reports three segments: Packaging, Paper, and Corporate and Other, and operates containerboard mills and corrugated products plants. Its products are sold primarily in the United States through direct sales, regional plants, national account managers, and rail and truck distribution.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	8,989	8,383	7,802	8,478	7,730
Cost of sales	−7,100	−6,600	−6,104	−6,387	−5,857
Gross profit	1,890	1,783	1,699	2,091	1,873
Selling and administrative expenses	−634	−610	−581	−609	−577
Other expense, net	148	72	43	—	—
Income from operations	1,107	1,101	1,075	1,421	1,241
Non-operating pension (expense) income	−100,000	5	−8	15	20
Interest expense, net	−79	−41	−53	−70	−152
Income before taxes	1,028	1,064	1,014	1,365	1,109
Provision for income taxes	−254	−259	−249	−335	−268
Net income	774	805	765	1,030	841
Basic	8.61	8.97	8.52	11.08	8.87
Diluted	8.58	8.93	8.48	11.03	8.83
Dividends declared per common share	5	5	5	4.75	4
Foreign currency translation adjustment	0	0	100,000	0	400,000
Changes in unrealized gains on marketable debt securities, net of tax of $0.0 million, ($0.1) million, and ($0.6) millionfor 2025, 2024, and 2023, respectively	100,000	300,000	2	−2	−500,000
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of ($1.3) million, ($1.4) million, and ($2.1) million for 2025, 2024, and 2023, respectively	4	4	6	5	10
Changes in unfunded employee benefit obligations, net of tax of $0.7 million, ($7.6) million, and ($7.8) million for 2025, 2024, and 2023, respectively	−2	23	23	−30	59
Other comprehensive income	2	28	32	−27	69
Comprehensive income	776	833	797	1,003	910

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	529	685	648	320	619
Short-term marketable debt securities	72	102	494	85	86
Accounts receivable, net of allowance for credit losses and customer deductions of $17.0 million and $20.6 million as of December 31, 2025 and December 31, 2024, respectively	1,256	1,144	1,033	1,032	1,071
Inventories	1,243	1,125	1,013	977	903
Prepaid expenses and other current assets	86	167	62	58	47
Federal and state income taxes receivable	28	10	4	36	7
Total current assets	3,214	3,233	3,254	2,508	2,733
Property, plant and equipment, net	4,985	4,039	3,864	3,900	3,529
Goodwill	1,372	922	922	922	924
Other intangible assets, net	602	192	230	268	308
Operating lease right-of-use assets	376	277	280	298	238
Long-term marketable debt securities	67	65	64	65	60
Other long-term assets	109	105	67	42	45
Total assets	10,726	8,833	8,681	8,004	7,837
Operating lease obligations	100	81	79	72	67
Finance lease obligations	2	2	2	2	2
Accounts payable	471	430	402	410	452
Dividends payable	116	116	116	116	96
Accrued liabilities	302	363	254	264	255
Accrued interest	23	10	14	12	12
Total current liabilities	1,015	1,002	1,266	876	885
Long-term debt	3,967	2,474	2,472	2,474	2,472
Operating lease obligations	291	208	212	235	179
Finance lease obligations	5	7	9	11	13
Deferred income taxes	660	562	558	543	466
Compensation and benefits	106	96	106	142	157
Other long-term liabilities	83	81	61	57	58
Total long-term liabilities	5,112	3,428	3,418	3,461	3,345
Commitments and contingent liabilities (Note 20)	—	—	—	—	—
Common stock, par value $0.01 per share, 300.0 million shares authorized, 89.2 million and 89.8 million shares issued as of December 31, 2025 and December 31, 2024, respectively	900,000	900,000	900,000	900,000	900,000
Additional paid in capital	708	670	620	582	579
Retained earnings	3,931	3,777	3,447	3,187	3,102
Accumulated other comprehensive loss	−42	−43	−71	−102	−75
Total stockholders' equity	4,598	4,404	3,997	3,667	3,607
Total liabilities and stockholders' equity	10,726	8,833	8,681	8,004	7,837

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	774	805	765	1,030	841
Depreciation, depletion, and amortization of intangibles	653	526	518	457	418
Amortization of deferred financing costs	5	2	2	2	4
Share-based compensation expense	45	49	40	36	36
Deferred income tax provision (benefit)	97	−4	5	86	59
Net loss on asset disposals	29	20	9	15	6
Pension and post-retirement benefits expense, net of contributions	8	−20	−31	−47	−51
Other, net	100,000	24	13	2	12
Accounts receivable	−10	−111	−1	39	−227
Inventories	4	−112	−36	−75	−106
Prepaid expenses and other current assets	83	−105	−4	−11	−3
Accounts payable	−43	18	11	−18	12
Accrued liabilities	−71	104	−8	8	38
Federal and state income tax payable / receivable	−18	−6	31	−28	−2
Net cash provided by operating activities	1,558	1,191	1,315	1,495	1,094
Additions to property, plant, and equipment	−829	−670	−470	−824	−605
Acquisition of business, net of cash acquired	−1,804	0	0	0	−195
Additions to other long-term assets	−2	−2	−3	−6	−2
Proceeds from asset disposals	33	1	2	2	8
Purchases of held-to-maturity debt securities	0	0	−400	0	0
Proceeds from maturities of held-to-maturity debt securities	0	400	0	0	—
Purchases of available-for-sale debt securities	−114	−114	−107	−126	−127
Proceeds from sales of available-for-sale debt securities	41	9	6	31	27
Proceeds from maturities of available-for-sale debt securities	102	98	97	88	100
Net cash used for investing activities	−2,573	−278	−875	−834	−794
Repayments of debt and finance lease obligations	−2	−402	−2	−2	−758
Proceeds from issuance of debt, net of discount and lender fees	1,494	0	397	—	—
Financing costs paid	−6	0	−1	0	−2
Common stock dividends paid	−450	−449	−449	−420	−380
Repurchases of common stock	−153	0	−42	−523	−193
Shares withheld to cover employee restricted stock taxes	−24	−26	−16	−15	−13
Net cash provided by (used for) financing activities	859	−876	−112	−960	−656
Net (decrease) increase in cash and cash equivalents	−156	37	328	−299	−356

Filings

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