Packaging Corp. of America (PKG) Q4 FY2025 earnings: revenue $2.4 billion, up 10.1% on the year

Packaging Corp. of America (PKG) reported revenue of $2.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.1% on the same quarter a year earlier. Net income was $102 million, down 53.9% on the year, and diluted earnings per share $1.13. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$2.4 billion

+10.1% on the year · +2.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

7.1%

14.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

$102 million

-53.9% on the year · -55.1% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.13

-53.9% on the year · -55.0% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 new.

Q4 EPS excluding special items declined: Fourth quarter EPS excluding special items was $2.32, against $2.47 a year earlier; reported diluted EPS was $1.13, after $1.19 of special items.
Full-year EPS excluding special items rose: Full-year EPS excluding special items was $9.84, against $9.04 in 2024; reported diluted EPS was $8.58, against $8.93.
Q4 came in below guidance: Management said quarter results were lower than the $2.40 per share guided in the prior release, citing unfavorable December volume and mix in the legacy corrugated business and December volume at the acquired Greif business.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,364	2,313	2,146	+2.2%	+10.1%
Cost of revenue	1,916	1,809	1,676	+5.9%	+14.3%
Gross profit	448	504	470	-11.2%	-4.7%
Gross margin	18.9%	21.8%	21.9%
Selling, general and administrative	165	154	147	+7.1%	+12.5%
Operating income	168	324	302	-48.1%	-44.2%
Operating margin	7.1%	14.0%	14.1%
Pre-tax income	135	305	292	-55.9%	-53.8%
Income tax	32.7	78.3	206	-58.2%	-84.1%
Effective tax rate	24.3%	25.7%	70.6%
Net income	102	227	221	-55.1%	-53.9%
Net margin	4.3%	9.8%	10.3%
Diluted EPS	$1.13	$2.51	$2.45	-55.0%	-53.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	447	472	325	-5.4%	+37.2%
Capital expenditure	319	192	201	+66.1%	+58.5%
Free cash flow	128	280	124	-54.4%	+2.8%
Free cash flow margin	5.4%	12.1%	5.8%
Cash from investing	-286	-2,000	-203
Cash from financing	-266	1,374	-114
Depreciation and amortisation	222	153	136	+45.2%	+62.9%
Share-based compensation	8.6	8.5	9.1	+1.2%	-5.5%
Buybacks	153	0.0	n/a
Dividends paid	112	112	112	+0.1%	+0.2%
Dividend per share	n/a	$1.25	n/a
Diluted shares, weighted	90m	90m	90m	-0.1%	+0.1%
Shares outstanding at period end	89m	90m	90m	-0.8%	-0.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	4,598	4,756	4,404	-3.3%	+4.4%
Debt	3,992	3,992	2,492	+0.0%	+60.2%
Operating lease liabilities	291	287	208	+1.3%	+39.7%
Finance lease liabilities	4.9	5.4	6.7	-9.3%	-26.9%
Other liabilities	1,840	1,940	1,722	-5.2%	+6.8%
Total liabilities and equity	10,726	10,980	8,833	-2.3%	+21.4%
Fixed assets	4,985	5,043	4,039	-1.2%	+23.4%
Goodwill	1,372	1,200	922	+14.4%	+48.8%
Intangible assets	602	691	192	-12.8%	+213.9%
Investments	139	172	167	-19.5%	-17.0%
Cash and equivalents	529	634	685	-16.6%	-22.8%
Receivables	1,256	1,352	1,144	-7.1%	+9.8%
Inventory	1,243	1,277	1,125	-2.7%	+10.5%
Other assets	599	610	559	-1.9%	+7.2%
Total assets	10,726	10,980	8,833	-2.3%	+21.4%

Questions

What was Packaging Corp. of America's revenue in Q4 FY2025?

Packaging Corp. of America (PKG) reported revenue of $2.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.1% on the same quarter a year earlier.

How much did Packaging Corp. of America earn in Q4 FY2025?

Net income for Q4 FY2025 was $102 million, down 53.9% on the year, and diluted earnings per share $1.13.

When did Packaging Corp. of America report Q4 FY2025 results?

Packaging Corp. of America filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,043	2,136	2,237	2,126	1,978	1,976	1,952	1,936	1,938	1,980	2,075	2,182	2,146	2,141	2,171	2,313	2,364	2,368	2,490	2,602
Cost of revenue	1,533	1,603	1,648	1,608	1,528	1,545	1,507	1,523	1,528	1,609	1,638	1,677	1,676	1,686	1,688	1,809	1,916	1,915	1,977	1,998
Gross profit	510	533	589	518	450	431	445	413	410	370	438	505	470	455	483	504	448	453	512	604
Gross margin	25%	25%	26%	24%	23%	22%	23%	21%	21%	19%	21%	23%	22%	21%	22%	22%	19%	19%	21%	23%
SG&A	141	161	157	145	146	148	146	144	143	152	150	162	147	161	153	154	165	180	179	183
Operating income	356	356	416	360	288	271	284	259	261	196	276	327	302	280	334	324	168	251	291	385
Operating margin	17%	17%	19%	17%	15%	14%	15%	13%	13%	10%	13%	15%	14%	13%	15%	14%	7%	11%	12%	15%
Pre-tax income	280	340	401	347	276	253	268	244	248	188	267	319	292	267	321	305	135	220	259	354
Tax rate	23%	25%	25%	24%	23%	25%	24%	25%	24%	22%	-25%	25%	71%	24%	25%	26%	24%	22%	26%	26%
Net income	217	254	302	262	212	190	203	183	189	147	199	238	221	204	242	227	102	171	192	262
Net margin	11%	12%	13%	12%	11%	10%	10%	9%	10%	7%	10%	11%	10%	10%	11%	10%	4%	7%	8%	10%
Diluted EPS	$2.28	$2.70	$3.20	$2.80	$2.31	$2.11	$2.24	$2.03	$2.10	$1.63	$2.21	$2.64	$2.45	$2.26	$2.67	$2.51	$1.13	$1.91	$2.15	$2.93
Operating cash flow	391	325	319	431	420	280	360	340	335	260	278	327	325	339	300	472	447	329	376	472
Capital expenditure	239	213	184	180	247	112	126	89.8	141	76.7	245	147	201	148	170	192	319	165	206	247
Free cash flow	152	112	135	251	173	168	234	250	194	184	33.3	180	124	191	130	280	128	165	170	224
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	153	58.8	0.0	0.0
Dividends paid	95.0	93.6	93.6	117	116	112	112	112	112	112	112	112	112	112	112	112	112	112	111	134
Shares outstanding	94m	94m	94m	93m	90m	90m	90m	90m	90m	90m	90m	90m	90m	90m	90m	90m	89m	89m	89m	89m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.