Packaging Corporation of America income statement
In fiscal 2025, Packaging Corporation of America reported revenue of $8.99bn, up 7.2% on the year before, operating income of $1.11bn (a 12.3% margin) and net income of $774m, or $34.32 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,148 | 2,436 | 2,620 | 2,844 | 3,665 | 5,853 | 5,742 | 5,779 | 6,445 | 7,015 | 6,964 | 6,658 | 7,730 | 8,478 | 7,802 | 8,383 | 8,989 | 9,535 |
| Cost of revenue | — | — | — | — | — | — | — | 4,503 | 4,974 | 5,369 | 5,320 | 5,289 | 5,857 | 6,387 | 6,104 | 6,600 | 7,100 | 7,618 |
| Gross profit | 427 | 532 | 542 | 635 | 868 | 1,230 | 1,208 | 1,276 | 1,471 | 1,645 | 1,644 | 1,369 | 1,873 | 2,091 | 1,699 | 1,783 | 1,890 | 1,917 |
| Research and development | 9 | 11 | 13 | 11 | 12 | 12 | 13 | 13 | 13 | 14 | 16 | 16 | 15 | — | — | — | — | — |
| Selling, general and administrative | 173 | 182 | 259 | 281 | 327 | 470 | 451 | 469 | 520 | 536 | 558 | 540 | 577 | 609 | 581 | 610 | 634 | 679 |
| Operating income | 352 | 185 | 273 | 438 | 482 | 703 | 750 | 783 | 933 | 1,068 | 1,054 | 724 | 1,241 | 1,421 | 1,075 | 1,101 | 1,107 | 1,036 |
| Net interest income | — | — | — | — | — | — | — | — | −103 | −95 | −129 | −94 | −152 | −70 | −53 | −41 | −79 | −119 |
| Income before tax | 317 | 153 | 244 | 375 | 424 | 614 | 665 | 689 | 829 | 971 | 917 | 633 | 1,109 | 1,365 | 1,014 | 1,064 | 1,028 | 919 |
| Income tax | 51 | −52 | 85 | 215 | −18 | 222 | 228 | 239 | 160 | 233 | 221 | 172 | 268 | 335 | 249 | 259 | 254 | 227 |
| Net income | 266 | 205 | 158 | 160 | 441 | 393 | 437 | 450 | 669 | 738 | 696 | 461 | 841 | 1,030 | 765 | 805 | 774 | 692 |
| Diluted EPS | $10.40 | $8.00 | $6.28 | $6.56 | $18.08 | $15.96 | $17.88 | $19.00 | $28.28 | $31.20 | $29.36 | $19.36 | $35.32 | $44.12 | $33.92 | $35.72 | $34.32 | $0.03 |
| Diluted shares (average) | 26m | 26m | 25m | 24m | 24m | 24m | 24m | 23m | 23m | 23m | 24m | 24m | 24m | 23m | 22m | 22m | 22,400m | 22,417m |
| EBITDA | 504 | 342 | 436 | 608 | 684 | 1,084 | 1,107 | 1,141 | 1,324 | 1,479 | 1,441 | 1,134 | 1,659 | 1,878 | 1,593 | 1,627 | 1,760 | 1,811 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,182 | 2,146 | 2,141 | 2,171 | 2,313 | 2,364 | 2,368 | 2,490 |
| Cost of revenue | 1,677 | 1,676 | 1,686 | 1,688 | 1,809 | 1,916 | 1,915 | 1,977 |
| Gross profit | 505 | 470 | 455 | 483 | 504 | 448 | 453 | 513 |
| Selling, general and administrative | 162 | 147 | 161 | 153 | 154 | 165 | 180 | 179 |
| Operating income | 327 | 302 | 280 | 334 | 325 | 169 | 251 | 291 |
| Net interest income | −10 | −12 | −13 | −13 | −19 | −34 | −33 | −33 |
| Income before tax | 319 | 292 | 267 | 321 | 305 | 135 | 220 | 259 |
| Income tax | 81 | 71 | 64 | 79 | 78 | 33 | 49 | 67 |
| Net income | 238 | 221 | 204 | 242 | 227 | 102 | 171 | 192 |
| Diluted EPS | $2.64 | $2.45 | $2.26 | $2.67 | $2.51 | $1.13 | $1.91 | $2.15 |
| EBITDA | 460 | 438 | 418 | 474 | 477 | 390 | 477 | 468 |
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