Packaging Corp of America (PKG) financial statements
Packaging Corp of America reported revenue of $9.0B in fiscal 2025, up 5.0% a year over 9 years.
Net income was $774M and the operating margin 12.3%, against 13.6% in 2016.
Free cash flow was $729M, and the company returned $450M in dividends and $153M in net buybacks.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Packaging Corp of America's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.8B | $6.4B | $7.0B | $7.0B | $6.7B | $7.7B | $8.5B | $7.8B | $8.4B | $9.0B |
| Cost of revenue | $4.5B | $5.0B | $5.4B | $5.3B | $5.3B | $5.9B | $6.4B | $6.1B | $6.6B | $7.1B |
| Gross profit | $1.3B | $1.5B | $1.6B | $1.6B | $1.4B | $1.9B | $2.1B | $1.7B | $1.8B | $1.9B |
| Research and development | $13M | $13M | $14M | $16M | $16M | $14M | — | — | — | — |
| Selling, general and admin | $468M | $520M | $536M | $558M | $540M | $577M | $609M | $581M | $610M | $634M |
| Operating income | $783M | $932M | $1.1B | $1.1B | $724M | $1.2B | $1.4B | $1.1B | $1.1B | $1.1B |
| Pre-tax income | $688M | $829M | $970M | $917M | $633M | $1.1B | $1.4B | $1.0B | $1.1B | $1.0B |
| Income tax | $239M | $160M | $232M | $221M | $172M | $268M | $335M | $249M | $259M | $254M |
| Net income | $450M | $669M | $738M | $696M | $461M | $841M | $1.0B | $765M | $805M | $774M |
| EPS (diluted) | $4.75 | $7.07 | $7.80 | $7.34 | $4.84 | $8.83 | $11.03 | $8.48 | $8.93 | $8.58 |
| Diluted shares | 94M | 94M | 94M | 94M | 94M | 94M | 93M | 90M | 90M | 90M |
| Gross margin | 22.1% | 22.8% | 23.5% | 23.6% | 20.6% | 24.2% | 24.7% | 21.8% | 21.3% | 21.0% |
| Operating margin | 13.6% | 14.5% | 15.2% | 15.1% | 10.9% | 16.1% | 16.8% | 13.8% | 13.1% | 12.3% |
| Net margin | 7.8% | 10.4% | 10.5% | 10.0% | 6.9% | 10.9% | 12.1% | 9.8% | 9.6% | 8.6% |
Balance sheet
Fiscal years, from Packaging Corp of America's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $239M | $217M | $362M | $767M | $1.1B | $705M | $405M | $1.1B | $787M | $601M |
| Receivables | $689M | $831M | $902M | $846M | $832M | $1.1B | $1.0B | $1.0B | $1.1B | $1.3B |
| Inventory | $724M | $762M | $796M | $794M | $788M | $902M | $977M | $1.0B | $1.1B | $1.2B |
| Total current assets | $1.7B | $1.9B | $2.1B | $2.5B | $2.8B | $2.7B | $2.5B | $3.3B | $3.2B | $3.2B |
| Property, plant and equipment | $2.9B | $2.9B | $3.1B | $3.2B | $3.2B | $3.5B | $3.9B | $3.9B | $4.0B | $5.0B |
| Goodwill | $738M | $883M | $917M | $919M | $864M | $924M | $922M | $922M | $922M | $1.4B |
| Total assets | $5.8B | $6.2B | $6.6B | $7.2B | $7.4B | $7.8B | $8.0B | $8.7B | $8.8B | $10.7B |
| Total current liabilities | $625M | $833M | $694M | $724M | $783M | $885M | $876M | $1.3B | $1.0B | $1.0B |
| Long-term debt | $2.6B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $4.0B |
| Total liabilities | $4.0B | $4.0B | $3.9B | $4.2B | $4.2B | $4.2B | $4.3B | $4.7B | $4.4B | $6.1B |
| Shareholders' equity | $1.8B | $2.2B | $2.7B | $3.1B | $3.2B | $3.6B | $3.7B | $4.0B | $4.4B | $4.6B |
| Net debt | $2.4B | $2.4B | $2.1B | $1.8B | $1.5B | $1.9B | $2.2B | $2.2B | $1.8B | $3.4B |
Cash flow
Fiscal years, from Packaging Corp of America's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $807M | $856M | $1.2B | $1.2B | $1.0B | $1.1B | $1.5B | $1.3B | $1.2B | $1.6B |
| Capital spending | $274M | $343M | $551M | $400M | $421M | $605M | $824M | $470M | $670M | $829M |
| Free cash flow | $533M | $513M | $629M | $808M | $612M | $489M | $671M | $845M | $522M | $729M |
| Stock-based compensation | $20M | $21M | $24M | $30M | $30M | $36M | $36M | $40M | $49M | $45M |
| Dividends paid | $216M | $238M | $268M | $299M | $300M | $380M | $420M | $449M | $449M | $450M |
| Share buybacks (net) | -$100M | — | — | $0 | $0 | -$193M | -$523M | -$42M | $0 | -$153M |
| Net borrowing | $385M | $998M | — | $889M | $0 | $690M | $0 | $397M | $0 | $1.5B |
| Free cash flow margin | 9.2% | 8.0% | 9.0% | 11.6% | 9.2% | 6.3% | 7.9% | 10.8% | 6.2% | 8.1% |
| Dividends per share | $2.31 | $2.54 | $2.86 | $3.17 | $3.17 | $4.02 | $4.53 | $5.02 | $5.01 | $5.02 |
Questions
What was Packaging Corp of America's revenue in 2025?
$9.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Packaging Corp of America generate?
$729M in fiscal 2025 (operating cash flow minus capital spending).
From Packaging Corp of America's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.