Packaging Corporation of America
Produces containerboard and converts it into corrugated shipping, display, and protective packaging.
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Profile
Produces containerboard and converts most of it into corrugated shipping containers, retail displays, and protective packaging through a U.S. mill-and-plant network. A smaller Paper segment sells Boise office, printing, and converting papers, while Packaging remains tied to local customer demand, mill output, and freight and fiber costs.
Turns linerboard and corrugating medium from an integrated U.S. mill system into corrugated shipping containers, high-graphic boxes and displays, and Hexacomb honeycomb protective packaging. The Packaging segment also sells some containerboard externally, while the smaller Paper segment supplies Boise-branded office, printing, and converting papers.
Pairs national mill capacity with regional converting plants, local sales teams, and packaging-design engineers. Most containerboard production is consumed internally, and plants sit near customers to support customized products and short delivery routes. The recent Greif containerboard acquisition expanded both mills and converting coverage.
Operates primarily in the United States. Corrugated demand tracks the shipment of food, beverages, agricultural goods, retail merchandise, and manufactured products; results also depend on mill reliability, freight, energy, and virgin and recycled fiber costs. Paper demand faces continued substitution from digital communication and document storage.
Company facts
Categories
Key statistics
Year to date +13.9% · Average volume (30d) 630.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | UBS | Reiterate | Buy | $271 | $292 | |
| Aug 12, 2026 | Seaport Global | Reiterate | Buy | $272 | ||
| Jul 29, 2026 | Argus Research | Target | $251 | $274 | ||
| Jul 28, 2026 | Loop Capital Markets | Target | $312 | |||
| Jul 24, 2026 | UBS | Reiterate | Buy | $248 | $271 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $2.31 | $2.35 | +1.7% | $2.49B | $2.49B | −0.1% | +2.50% |
| Apr 22, 2026Q1 FY26 | $2.17 | $2.40 | +10.6% | $2.43B | $2.37B | −2.4% | +4.77% |
| Jan 27, 2026Q4 FY25 | $2.41 | $2.32 | −3.7% | $2.44B | $2.36B | −3.0% | −2.69% |
| Oct 22, 2025Q3 FY25 | $2.82 | $2.73 | −3.2% | $2.30B | $2.31B | +0.4% | +2.17% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.14B | $2.17B | $2.31B | $2.36B | $2.37B | $2.49B | |
| Gross profit | $454.7M | $483.0M | $504.3M | $447.5M | $452.9M | $512.5M | |
| Operating income | $280.3M | $333.7M | $324.5M | $282.2M | $272.6M | $333.2M | |
| Net income | $203.8M | $241.5M | $226.9M | $101.1M | $170.9M | $192.1M | |
| Diluted EPS | $2.26 | $2.67 | $2.51 | $1.13 | $1.91 | $2.15 | |
| Gross margin | 21.2% | 22.2% | 21.8% | 18.9% | 19.1% | 20.6% | |
| Operating margin | 13.1% | 15.4% | 14.0% | 11.9% | 11.5% | 13.4% |
Fiscal years (4-quarter sums)FY21 $7.73B · FY22 $8.48B · FY23 $7.80B · FY24 $8.38B · FY25 $8.99B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $593.8M · Total debt $4.40B · Total assets $11.02B · Shareholders' equity $4.66B
Dividends
Raised for 16 straight years — most recently to $1.50 from $1.25 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jul 15 | $1.50 | raised from $1.25 |
| Mar 13, 2026 | Mar 13 | Apr 15 | $1.25 | |
| Dec 15, 2025 | Dec 15 | Jan 14 | $1.25 | |
| Sep 15, 2025 | Sep 15 | Oct 15 | $1.25 | |
| Jun 13, 2025 | Jun 13 | Jul 15 | $1.25 | |
| Mar 14, 2025 | Mar 14 | Apr 15 | $1.25 | |
| Dec 20, 2024 | Dec 20 | Jan 15 | $1.25 | |
| Sep 16, 2024 | Sep 16 | Oct 15 | $1.25 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 89.10M · Float 86.91M · 97.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 7.71M | 8.66% | 13F | Aug 7, 2026 |
| T. Rowe Price Associates, Inc. | 6.53M | 7.30% | 13G | May 15, 2026 |
| Price T Rowe Associates Inc /MD/ | 5.82M | 6.54% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 5.80M | 6.51% | 13F | Aug 13, 2026 |
| State Street Corporation | 4.62M | 5.20% | 13G | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 20, 2026 | Donald R. Shirley | officer: Exec. VP | −12,000 | $250.71 |
| Aug 7, 2026 | Thomas A. Hassfurther | officer: President | −7,063 | $254.00 |
| Aug 5, 2026 | Thomas A. Hassfurther | officer: President | −8,797 | $257.00 |
| Aug 3, 2026 | Thomas A. Hassfurther | officer: President | −12,531 | $250.00 |
| May 27, 2026 | Mark W. Kowlzan | director, officer: Chairman & CEO | −9,266 | $217.08 |
Peers
- International Paper
Broad corrugated and containerboard overlap in North America.
- Smurfit Westrock
Large-scale corrugated and consumer-packaging overlap.
- Sylvamo
Direct overlap in uncoated freesheet paper.
- Graphic Packaging
Adjacent consumer paperboard and display-packaging overlap.
- Sonoco Products
Industrial paper and fiber-packaging adjacency.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Packaging Corporation of America | $240.39 | −0.06% | $21.42B | 31.2 | 20.6 | 2.2 | +14.7% |
| International Paper | $39.41 | +0.25% | $20.82B | — | 17.0 | 0.9 | −11.3% |
| Smurfit Westrock | $48.20 | −0.21% | $25.33B | 51.4 | 16.3 | 0.8 | +1.7% |
| Sylvamo | $36.37 | −0.22% | $1.45B | 19.3 | 10.4 | 0.4 | +1.5% |
| Graphic Packaging | $11.58 | +0.22% | $3.42B | 17.5 | 12.4 | 0.4 | −0.7% |
| Sonoco Products | $56.47 | +0.02% | $5.58B | 8.7 | 9.4 | 0.7 | −1.3% |
| Median | 18.4 | 12.4 | 0.7 | −0.7% |