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Screener / SEC EDGAR /CIK 0000075677 /10-K filed Feb 26, 2026, compared with Feb 27, 2025 /Numbers from the XBRL of the 10-Ks
Materials peers:
IFFCFMOSPKGAVYVMC
NYSE Materials · Packaging

Packaging Corporation of America PKG

PKG quote by TradingView

Packaging Corporation of America (“we,” “us,” “our,” “PCA,” or the “Company”) is the third largest producer of containerboard products and a leading producer of uncoated freesheet (UFS) paper in North America. 10-K, Item 1

Employees
16,800
Headquarters
Lake Forest, IL
CEO
Mark W. Kowlzan
Next results
around Jan 27, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $9.0B through the costs to a net profit of $774.1M · income statement of the 10-K

12% operating margin
Revenue to Gross profit: $1.9BRevenue to Cost of revenue: $7.1BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $782.6MOperating profit to Net profit: $774.1MOperating profit to Tax & other: $332.9M Revenue: $9.0B REVENUE $9.0B +7% Y/Y Gross profit: $1.9B · 21% margin GROSS PROFIT $1.9B 21% margin · +6% Y/Y Cost of revenue: $7.1B · 79% of revenue COST OF REVENUE $7.1B 79% of revenue Operating profit: $1.1B · 12% margin OPERATING PROFIT $1.1B 12% margin · +1% Y/Y Operating expenses: $782.6M · 9% of revenue OPERATING EXPENSES $782.6M 9% of revenue Net profit: $774.1M · 9% margin NET PROFIT $774.1M 9% margin · −4% Y/Y Tax & other: $332.9M · 4% of revenue TAX & OTHER $332.9M 4% of revenue
Gross profit $1.9B 21% margin · +6% Y/Y
Operating profit $1.1B 12% margin · +1% Y/Y
Net profit $774.1M 9% margin · −4% Y/Y
The full income statement, year by year

PKG among Materials peers

Six ratios from the latest 10-K. Each corner is the share of 23 peers the company is above, not a score.

Compare
Revenue growth: 7.2%, above 65% of 23 peers (their median 3.6%) REVENUE GROWTH 7.2% · above 65% Gross margin: 20.5%, above 37% of 19 peers (their median 27.5%) GROSS MARGIN 20.5% · above 37% Operating margin: 11.2%, above 47% of 15 peers (their median 11.5%) OPERATING MARGIN 11.2% · above 47% Net margin: 7.4%, above 39% of 23 peers (their median 9.2%) NET MARGIN 7.4% · above 39% FCF margin: 7.0%, above 52% of 23 peers (their median 6.8%) FCF MARGIN 7.0% · above 52% Return on capital: 9.5%, above 55% of 11 peers (their median 8.8%) RETURN ON CAPITAL 9.5% · above 55%
PKG Peer median Below the median

What changed

3 new risk paragraphs and 2 accounting facts worth reading about. 10-K filed Feb 26, 2026 against Feb 27, 2025.

Risk factors
3 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Critical audit matters changed
New this year: Fair value of acquired customer relationships intangible asset (“As discussed in Note 5 to the consolidated financial statements, the Company acquired the containerboard business of Greif, Inc. on September 2, 2025, for a total purchase consideration of $1.8 billion. In connection with the acquisition, the Company recorded intangible assets with an acquisition-da”). Same as last year: Evaluation of the value of the pension benefit obligation
10-K · XBRL
Material impairment (8-K item 2.06)
8-K item 2.06 (material impairments) filed Dec 4, 2025
10-K · XBRL
Accounting checks
9 other checks clear, 2 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

2facts worth reading about the other 9 checks found nothing to note

  • Critical audit matters changed
    New this year: Fair value of acquired customer relationships intangible asset (“As discussed in Note 5 to the consolidated financial statements, the Company acquired the containerboard business of Greif, Inc. on September 2, 2025, for a total purchase consideration of $1.8 billion. In connection with the acquisition, the Company recorded intangible assets with an acquisition-da”). Same as last year: Evaluation of the value of the pension benefit obligation
  • Material impairment (8-K item 2.06)
    8-K item 2.06 (material impairments) filed Dec 4, 2025
  • Receivables +9.8% vs revenue +7.2% (+2.5 pts)
8 more checks with nothing to note
  • Cash from operations $1.6B vs net income $774.1M (FY ending Dec 31, 2025)
  • Inventory +10.5% vs revenue +7.2% (+3.3 pts)
  • Same auditor in both 10-Ks: KPMG LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 1.03 in the last 2 years

In their words

3 paragraphs in Risk Factors that were not in the 10-K filed Feb 27, 2025. Quoted as filed.

All 3 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    Acquisition Integration – The business may underperform relative to our expectations, and we may not be able to successfully integrate the business into our existing business. On September 2, 2025, we completed the acquisition of the containerboard business of Greif, Inc. The business may underperform relative to our expectations, which…

New risk paragraphs, against peers

Latest 10-K of each, Materials companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$8.5B$7.8B$8.4B$9.0B
Net income$1.0B$765.2M$805.1M$774.1M
Operating cash flow$1.5B$1.3B$1.2B$1.6B
Free cash flow$670.8M$845.4M$521.5M$728.6M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$9.0B ▲ 7.2% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Packaging Corporation of America, Lake Forest, IL · from the 10-K filed Feb 26, 2026

Packaging Corporation of America (“we,” “us,” “our,” “PCA,” or the “Company”) is the third largest producer of containerboard products and a leading producer of uncoated freesheet (UFS) paper in North America. We operate ten mills and 91 corrugated products plants and related facilities. We are headquartered in Lake Forest, Illinois and operate in the United States. We report in three reportable segments: Packaging, Paper and Corporate and Other. For segment financial information see Note 19, Segment Information, of the Notes to Consolidated Financial Statements in “Part II, Item 8, Financial Statements and Supplementary Data” of this Form 10-K.

Headquarters
Lake Forest, IL
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 22, 2026

Employees, at the top of the page: "As of December 31, 2025, we had approximately 16,800 employees, including 4,600 salaried and 12,200 hourly employees" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 26, 2026 (open at SEC), compared with the 10-K filed Feb 27, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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