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PKGPackaging Corporation of America

Materials · Packaging · NYSE
PKG quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 7.2%, free cash flow up to $728.6M

XBRL, from each 10-K
RevenueStatements ↓
$9.0B
from $8.4B in FY2024
FY2016FY2025
Net incomeStatements ↓
$774.1M
from $805.1M in FY2024
FY2016FY2025
Free cash flowStatements ↓
$728.6M
from $521.5M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$8.58
from $8.93 in FY2024
FY2016FY2025
Operating marginStatements ↓
12.3%
from 13.1% in FY2024
FY2016FY2025
Total debtStatements ↓
$4.0B
from $2.5B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)8.11Sales (ttm)9.8BNet income (ttm)727.1MSales growth+7.2%EPS growth-3.9%Sales Q/Q+12.5%
Free cash flow686.6MGross margin20.5%Oper. margin11.2%Net margin7.4%FCF margin7.0%ROE15.1%
ROA6.5%R&D / sales-Dividend5.00Debt/Eq0.83Curr. ratio2.87Cash534.6M
Op. cash flow (ttm)1.6BEBITDA1.8BEBITDA margin19.6%Net debt3.4BQuick ratio1.87ROIC9.5%
Payout ratio58.3%Tax rate24.7%Stock pay / sales0.5%Shares out.89.1MShares Y/Y+0.1%Book / share53.94
Cash / share6.00Sales / share110.25Asset turnover0.87Inventory turns5.71Days sales out.51Sales 3Y CAGR+2.0%
Sales 5Y CAGR+6.2%EPS 3Y CAGR-8.0%EPS 5Y CAGR+12.1%Employees16,800Sales / employee585K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 60%$2.5B → $4.0B · Short-term + long-term debt at year end
  • Free cash flow rose 40%$521.5M → $728.6M · Cash from operations − capital expenditure · 10-K ↗
What management wrote about it → · Every company →

PKG against Materials peers

Ten years, side by side → · All 24 →
GrowthProfitBalanceCleanInsiders
PKGPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.

Sales growth
+7.2%9th of 24 · median +4.4%
Net margin
7.4%15th of 24 · median 8.4%
Return on equity
15.1%10th of 24 · median 13.1%
Free cash flow margin
7.0%12th of 24 · median 6.8%
Debt / equity (less is better)
0.8316th of 24 · median 0.76
PKG and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
PKG Packaging Corporation of America$9.8B +7.2%20.5%7.4%15.1%7.0%0.83
MOS Mosaic$11.9B +8.4%7.4%-9.4%-9.9%-6.8%0.48
IFF International Flavors & Fragrances$10.9B -5.2%36.6%1.7%1.4%4.6%0.51
AVY Avery Dennison$9.4B +1.1%28.8%7.6%29.7%11.1%1.51
VMC Vulcan Materials Company$8.0B +7.1%27.5%13.8%13.1%9.8%0.71
CF CF Industries$7.9B +19.3%42.5%27.5%38.1%26.2%0.56
Where each dollar goes

From $7.7B of sales to $841.1M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.9BRevenue to Cost of revenue: $5.9BGross profit to Operating profit: $1.2BGross profit to Operating expenses: $631.6MOperating profit to Net profit: $841.1MOperating profit to Tax & other: $400.3MOperating expenses to R&D: $14.5MOperating expenses to Sales, admin & other: $617.1M Revenue: $7.7B Revenue$7.7B +16% Y/Y Gross profit: $1.9B · 24% margin Gross profit$1.9B24% margin +37% Y/Y Cost of revenue: $5.9B · 76% of revenue Cost of revenue$5.9B76% of revenue Operating profit: $1.2B · 16% margin Operating profit$1.2B16% margin +71% Y/Y Operating expenses: $631.6M · 8% of revenue Operating expenses$631.6M8% of revenue Net profit: $841.1M · 11% margin Net profit$841.1M11% margin +82% Y/Y Tax & other: $400.3M · 5% of revenue Tax & other$400.3M5% of revenue R&D: $14.5M · 0% of revenue R&D$14.5M0% of revenue Sales, admin & other: $617.1M · 8% of revenue Sales, admin & other$617.1M8% of revenue

Swipe sideways for the whole flow →

From $8.5B of sales to $1.0B of profit

FY2022, from the 10-K income statement and revenue by product
Trade to Revenue: $8.5BIntersegment to Revenue: $168.2MRevenue to Gross profit: $2.1BRevenue to Cost of revenue: $6.4BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $669.9MOperating profit to Net profit: $1.0BOperating profit to Tax & other: $390.9M Trade: $8.5B · 98% Trade$8.5B98% Intersegment: $168.2M · 2% Intersegment$168.2M2% Revenue: $8.5B Revenue$8.5B +10% Y/Y Gross profit: $2.1B · 25% margin Gross profit$2.1B25% margin +12% Y/Y Cost of revenue: $6.4B · 75% of revenue Cost of revenue$6.4B75% of revenue Operating profit: $1.4B · 17% margin Operating profit$1.4B17% margin +14% Y/Y Operating expenses: $669.9M · 8% of revenue Operating expenses$669.9M8% of revenue Net profit: $1.0B · 12% margin Net profit$1.0B12% margin +22% Y/Y Tax & other: $390.9M · 5% of revenue Tax & other$390.9M5% of revenue

Swipe sideways for the whole flow →

From $7.8B of sales to $765.2M of profit

FY2023, from the 10-K income statement and revenue by product
Trade to Revenue: $7.8BIntersegment to Revenue: $176.5MRevenue to Gross profit: $1.7BRevenue to Cost of revenue: $6.1BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $623.8MOperating profit to Net profit: $765.2MOperating profit to Tax & other: $309.9M Trade: $7.8B · 98% Trade$7.8B98% Intersegment: $176.5M · 2% Intersegment$176.5M2% Revenue: $7.8B Revenue$7.8B −8% Y/Y Gross profit: $1.7B · 22% margin Gross profit$1.7B22% margin −19% Y/Y Cost of revenue: $6.1B · 78% of revenue Cost of revenue$6.1B78% of revenue Operating profit: $1.1B · 14% margin Operating profit$1.1B14% margin −24% Y/Y Operating expenses: $623.8M · 8% of revenue Operating expenses$623.8M8% of revenue Net profit: $765.2M · 10% margin Net profit$765.2M10% margin −26% Y/Y Tax & other: $309.9M · 4% of revenue Tax & other$309.9M4% of revenue

Swipe sideways for the whole flow →

From $8.4B of sales to $805.1M of profit

FY2024, from the 10-K income statement and revenue by product
Trade to Revenue: $8.4BIntersegment to Revenue: $179.4MRevenue to Gross profit: $1.8BRevenue to Cost of revenue: $6.6BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $681.8MOperating profit to Net profit: $805.1MOperating profit to Tax & other: $296.2M Trade: $8.4B · 98% Trade$8.4B98% Intersegment: $179.4M · 2% Intersegment$179.4M2% Revenue: $8.4B Revenue$8.4B +7% Y/Y Gross profit: $1.8B · 21% margin Gross profit$1.8B21% margin +5% Y/Y Cost of revenue: $6.6B · 79% of revenue Cost of revenue$6.6B79% of revenue Operating profit: $1.1B · 13% margin Operating profit$1.1B13% margin +2% Y/Y Operating expenses: $681.8M · 8% of revenue Operating expenses$681.8M8% of revenue Net profit: $805.1M · 10% margin Net profit$805.1M10% margin +5% Y/Y Tax & other: $296.2M · 4% of revenue Tax & other$296.2M4% of revenue

Swipe sideways for the whole flow →

From $9.0B of sales to $774.1M of profit

FY2025, from the 10-K income statement and revenue by product
Trade to Revenue: $9.0BIntersegment to Revenue: $154.1MRevenue 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 Trade: $9.0B · 98% Trade$9.0B98% Intersegment: $154.1M · 2% Intersegment$154.1M2% Revenue: $9.0B Revenue$9.0B +7% Y/Y Gross profit: $1.9B · 21% margin Gross profit$1.9B21% margin +6% Y/Y Cost of revenue: $7.1B · 79% of revenue Cost of revenue$7.1B79% of revenue Operating profit: $1.1B · 12% margin Operating profit$1.1B12% margin +1% Y/Y Operating expenses: $782.6M · 9% of revenue Operating expenses$782.6M9% of revenue Net profit: $774.1M · 9% margin Net profit$774.1M9% margin −4% Y/Y Tax & other: $332.9M · 4% of revenue Tax & other$332.9M4% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • !
    Net margin below the peer median7.4% vs 8.4%
  • ✓
    Gross margin up over 5 years20.6% → 21.0%
  • ✓
    Return on equity above 15%15.1%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 7.8% → 8.6%

Balance sheet

2 of 3
  • ✓
    Debt smaller than equityDebt / equity 0.83 on the latest balance sheet (peer median 0.76)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.87
  • !
    Net debt over 3 years of free cash flow$3.4B net debt, 4.9 years
Debt / equity at each year end, FY2016 to FY2025: 1.51 → 0.87
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$728.6M last year
  • ✓
    Share count down over 5 years−5.1%
  • ✓
    Dividend per share up over 5 years$3.37 → $5.00
  • ✓
    Cash from operations above net income$1.6B vs $774.1M
Free cash flow, FY2016 to FY2025: 532.6M → 728.6M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$1.5B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 9.0B Net income 774.1M
FY2016 revenue 5.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001564590-19-005284 FY2016 net income 449.6M · NetIncomeLoss, 0001564590-19-005284 5.8B FY2016 FY2017 revenue 6.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001564590-20-006774 FY2017 net income 668.6M · NetIncomeLoss, 0001564590-20-006774 6.4B FY2017 FY2018 revenue 7.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001564590-21-008051 FY2018 net income 738.0M · NetIncomeLoss, 0001564590-21-008051 7.0B FY2018 FY2019 revenue 7.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000950170-22-001913 FY2019 net income 696.4M · NetIncomeLoss, 0000950170-22-001913 7.0B FY2019 FY2020 revenue 6.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000950170-23-003990 FY2020 net income 461.0M · NetIncomeLoss, 0000950170-23-003990 6.7B FY2020 FY2021 revenue 7.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000950170-24-022794 FY2021 net income 841.1M · NetIncomeLoss, 0000950170-24-022794 7.7B FY2021 FY2022 revenue 8.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000950170-25-028533 FY2022 net income 1.0B · NetIncomeLoss, 0000950170-25-028533 8.5B FY2022 FY2023 revenue 7.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-26-074129 FY2023 net income 765.2M · NetIncomeLoss, 0001193125-26-074129 7.8B FY2023 FY2024 revenue 8.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-26-074129 FY2024 net income 805.1M · NetIncomeLoss, 0001193125-26-074129 8.4B FY2024 FY2025 revenue 9.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-26-074129 FY2025 net income 774.1M · NetIncomeLoss, 0001193125-26-074129 9.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

PKG's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue9.0B
FY2016: 5.8BFY2017: 6.4BFY2018: 7.0BFY2019: 7.0BFY2020: 6.7BFY2021: 7.7BFY2022: 8.5BFY2023: 7.8BFY2024: 8.4BFY2025: 9.0B FY2017FY2019FY2021FY2023FY2025
Net income774.1M
FY2016: 449.6MFY2017: 668.6MFY2018: 738.0MFY2019: 696.4MFY2020: 461.0MFY2021: 841.1MFY2022: 1.0BFY2023: 765.2MFY2024: 805.1MFY2025: 774.1M FY2017FY2019FY2021FY2023FY2025
Free cash flow728.6M
FY2016: 532.6MFY2017: 513.1MFY2018: 628.7MFY2019: 807.9MFY2020: 611.6MFY2021: 489.0MFY2022: 670.8MFY2023: 845.4MFY2024: 521.5MFY2025: 728.6M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)8.58
FY2016: 4.75FY2017: 7.07FY2018: 7.80FY2019: 7.34FY2020: 4.84FY2021: 8.83FY2022: 11.03FY2023: 8.48FY2024: 8.93FY2025: 8.58 FY2017FY2019FY2021FY2023FY2025
Dividend per share5.00
FY2016: 2.36FY2017: 2.52FY2018: 3.00FY2019: 3.16FY2020: 3.37FY2021: 4.00FY2022: 4.75FY2023: 5.00FY2024: 5.00FY2025: 5.00 FY2017FY2019FY2021FY2023FY2025
Diluted shares89.6M
FY2016: 93.7MFY2017: 93.7MFY2018: 93.9MFY2019: 94.1MFY2020: 94.4MFY2021: 94.5MFY2022: 92.7MFY2023: 89.5MFY2024: 89.5MFY2025: 89.6M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Packaging 8.3B92.3% +7.8%
Paper 615.4M6.8% -1.5%
Corporate and Other 80.0M0.9% -67.6%

10-K 0001193125-26-074129, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Trade 9.0B100.0% +7.2%
Intersegment 154.1M1.7% -14.1%

10-K 0001193125-26-074129, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue5.8B6.4B7.0B7.0B6.7B7.7B8.5B7.8B8.4B9.0B
Cost of revenue4.5B5.0B5.4B5.3B5.3B5.9B6.4B6.1B6.6B7.1B
Gross profit1.3B1.5B1.6B1.6B1.4B1.9B2.1B1.7B1.8B1.9B
R&D13.3M12.8M14.4M16.0M15.5M14.5M----
SG&A468.5M519.9M536.4M557.6M539.6M576.8M608.6M580.9M610.3M634.2M
Operating income783.3M932.5M1.1B1.1B723.9M1.2B1.4B1.1B1.1B1.1B
Pretax income688.5M828.6M970.5M917.0M632.7M1.1B1.4B1.0B1.1B1.0B
Income tax238.9M160.0M232.5M220.6M171.7M267.6M335.0M248.9M259.3M253.7M
Net income449.6M668.6M738.0M696.4M461.0M841.1M1.0B765.2M805.1M774.1M
EPS (diluted)4.757.077.807.344.848.8311.038.488.938.58
Diluted shares93.7M93.7M93.9M94.1M94.4M94.5M92.7M89.5M89.5M89.6M
Depreciation & amortization358.0M391.4M410.9M387.5M410.0M417.5M456.8M517.7M525.6M652.8M
EBITDA1.1B1.3B1.5B1.4B1.1B1.7B1.9B1.6B1.6B1.8B
Gross margin22.1%22.8%23.5%23.6%20.6%24.2%24.7%21.8%21.3%21.0%
Operating margin13.6%14.5%15.2%15.1%10.9%16.1%16.8%13.8%13.1%12.3%
Net margin7.8%10.4%10.5%10.0%6.9%10.9%12.1%9.8%9.6%8.6%
Revenue growth-+11.5%+8.8%-0.7%-4.4%+16.1%+9.7%-8.0%+7.4%+7.2%
EPS growth-+48.8%+10.3%-5.9%-34.1%+82.4%+24.9%-23.1%+5.3%-3.9%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash239.3M216.9M361.5M679.5M974.6M618.7M320.0M648.0M685.0M529.0M
Short-term investments---87.9M105.6M86.1M85.2M493.5M102.0M71.8M
Receivables689.2M830.7M901.9M845.6M832.4M1.1B1.0B1.0B1.1B1.3B
Inventory723.6M762.5M795.6M794.1M787.9M902.5M977.3M1.0B1.1B1.2B
Current assets1.7B1.9B2.1B2.5B2.8B2.7B2.5B3.3B3.2B3.2B
Property & equipment2.9B2.9B3.1B3.2B3.2B3.5B3.9B3.9B4.0B5.0B
Goodwill737.9M883.2M917.3M918.7M863.5M923.5M922.4M922.4M922.4M1.4B
Total assets5.8B6.2B6.6B7.2B7.4B7.8B8.0B8.7B8.8B10.7B
Accounts payable323.8M402.9M382.2M351.9M387.0M452.4M410.4M402.4M430.3M471.4M
Current liabilities625.4M832.7M693.6M723.8M782.6M884.8M875.5M1.3B1.0B1.0B
Total debt2.7B2.6B2.5B2.5B2.5B2.5B2.5B2.9B2.5B4.0B
Shareholders' equity1.8B2.2B2.7B3.1B3.2B3.6B3.7B4.0B4.4B4.6B
Retained earnings1.4B1.9B2.3B2.7B2.8B3.1B3.2B3.4B3.8B3.9B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow806.9M856.1M1.2B1.2B1.0B1.1B1.5B1.3B1.2B1.6B
Capital spending274.3M343.0M551.4M399.5M421.2M605.1M824.2M469.7M669.7M828.9M
Free cash flow532.6M513.1M628.7M807.9M611.6M489.0M670.8M845.4M521.5M728.6M
Stock-based pay (added back)19.7M20.6M23.5M30.4M30.0M35.5M35.6M40.0M48.8M45.2M
Dividends paid216.1M237.6M268.1M298.7M299.6M379.8M420.3M448.9M448.8M449.6M
Buybacks100.3M--00193.0M522.6M41.5M0153.0M
Acquisitions485.4M273.8M56.3M00194.9M0001.8B
Debt raised385.0M997.8M-889.0M0690.2M0397.1M01.5B
Investing cash flow-769.6M-609.1M-608.2M-546.6M-426.1M-794.4M-833.7M-875.1M-277.8M-2.6B
Financing cash flow17.8M-269.4M-427.3M-342.8M-311.6M-655.6M-960.0M-112.0M-876.4M859.4M
Dividend per share2.362.523.003.163.374.004.755.005.005.00

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)19.7M20.6M23.5M30.4M30.0M35.5M35.6M40.0M48.8M45.2M
Stock-based pay / revenue0.3%0.3%0.3%0.4%0.5%0.5%0.4%0.5%0.6%0.5%
Operating lease cost---70.2M74.4M77.0M81.4M87.7M92.4M104.0M
Operating lease cash paid---60.0M68.2M71.7M73.6M77.6M84.3M91.8M
Finance lease principal paid---1.2M1.1M1.0M900K800K700K500K
Right-of-use assets---234.3M234.2M238.3M298.3M279.6M276.9M376.0M
Operating lease liabilities---240.2M242.5M246.4M306.8M290.7M288.5M390.4M
Finance lease liabilities--19.0M17.5M16.0M14.4M12.7M10.7M8.8M7.2M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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